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Real Estate Disposition Activities
 3 Months Ended
Mar. 31, 2014
Real Estate Disposition Activities  
Real Estate Disposition Activities

7.  Real Estate Disposition Activities

 

During the three months ended March 31, 2014, the Company sold Avalon Valley located in Danbury, CT.  Avalon Valley, containing 268 homes, was sold for $53,325,000.  The Company’s gain in accordance with GAAP for the disposition was $37,869,000.

 

During the three months ended March 31, 2014, the limited partnership that owned Arna Valley View, a 101 apartment home community in Arlington, VA, sold the apartment community.  In conjunction with the sale of Arna Valley View, the Company received amounts due for its residual ownership interest of approximately $2,195,000, reported as a component of equity in income (loss) of unconsolidated entities on its Condensed Consolidated Statements of Comprehensive Income, included in this Form 10-Q.

 

The operations for any real estate assets sold from January 1, 2013 through March 31, 2014, which were classified as held for sale and discontinued operations as of and for the period ended December 31, 2013, have been presented as income from discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income. Accordingly, certain reclassifications have been made to prior years to reflect discontinued operations consistent with current year presentation.

 

The following is a summary of income from discontinued operations for the periods presented (dollars in thousands):

 

 

 

For the three months ended

 

 

 

(unaudited)

 

 

 

3-31-14

 

3-31-13

 

 

 

 

 

 

 

Rental income

 

$

579

 

$

14,002

 

Operating and other expenses

 

(269

)

(3,986

)

Depreciation expense

 

—

 

(4,270

)

Income from discontinued operations

 

$

310

 

$

5,746