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Subsequent Events/Other | 12 Months Ended
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Dec. 31, 2015
Subsequent Events Other [Abstract] |
Subsequent Events/Other |
18. | Subsequent Events/Other
Subsequent Events Subsequent to December 31, 2015, the Company:
• | Completed the sale of 72 properties consisting of 23,262 apartment units to controlled affiliates of Starwood Capital Group for $5.365 billion on January 26 and 27, 2016 (see Note 4 for further discussion);
• | Sold River Tower in New York, NY consisting of 323 apartment units for $390.0 million;
• | Sold Woodland Park in East Palo Alto, CA consisting of 1,811 apartment units for $412.5 million;
• | In addition to the Starwood Transaction and the sales discussed above, sold six other properties consisting of 766 apartment units and one land parcel for $162.7 million;
• | Retired approximately $1.7 billion in debt principal prior to scheduled maturity using proceeds from the Starwood Transaction and other sales discussed above and incurred approximately $112.4 million in prepayment penalties associated with these debt extinguishments. The payoffs included the following secured and unsecured debt:
◦ | Repaid $440.8 million of 6.256% mortgage debt held in a Fannie Mae loan pool maturing in 2017 and incurred a prepayment penalty of approximately $29.3 million;
◦ | Repaid $41.8 million of various tax-exempt mortgage bonds maturing in 2026 through 2034 and incurred a prepayment penalty of approximately $0.2 million;
◦ | Repaid $228.9 million of 5.125% unsecured notes maturing in 2016 and incurred a prepayment penalty of approximately $1.4 million;
◦ | Repaid $400.0 million of 5.375% unsecured notes maturing in 2016 and incurred a prepayment penalty of approximately $9.5 million;
◦ | Repaid $255.9 million of 5.750% unsecured notes maturing in 2017 and incurred a prepayment penalty of approximately $16.5 million;
◦ | Repaid $46.1 million of 7.125% unsecured notes maturing in 2017 and incurred a prepayment penalty of approximately $4.6 million;
◦ | Repaid $250.0 million of 4.625% unsecured notes maturing in 2021 and incurred a prepayment penalty of approximately $31.6 million;
◦ | Repaid $48.0 million of 7.570% unsecured notes maturing in 2026 and incurred a prepayment penalty of approximately $19.3 million; and
• | Declared a special dividend of $8.00 per share/unit on February 22, 2016 that will be paid on March 10, 2016 to shareholders/unitholders of record as of March 3, 2016 using proceeds from the Starwood Transaction and other sales discussed above.
Other During the years ended December 31, 2015, 2014 and 2013, the Company incurred charges of $1.0 million, $0.4 million and $0.3 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties (excluding the Archstone Transaction) and $3.2 million, $3.6 million and $5.2 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $4.2 million, $4.0 million and $5.5 million, respectively, are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. See Note 4 for details on the property acquisition costs related to the Archstone Transaction. During the years ended December 31, 2015 and 2014, the Company received $6.0 million and $2.8 million, respectively, for the settlement of various litigation/insurance claims, which are included in interest and other income in the accompanying consolidated statements of operations and comprehensive income. During the year ended December 31, 2013, the Company sold a technology investment it had previously written off, receiving proceeds of $2.1 million that were recorded as a realized gain on sale and are included in interest and other income in the accompanying consolidated statements of operations and comprehensive income. During the year ended December 31, 2011, the Company disposed of its corporate housing business for a sales price of approximately $4.0 million, of which the Company provided $2.0 million of seller financing to the buyer. At the time of sale, the full amount of the seller financing was reserved against and the related gain was deferred. During the year ended December 31, 2013, the Company collected $1.5 million, which represented its final reimbursement of the $2.0 million of seller financing. The Company has recognized a cumulative net gain on the sale of approximately $2.9 million.

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- Definition Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, changes in authorized or issued debt (SEC), substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. Also describes significant other events that took place during the reporting period that were not otherwise disclosed in other footnotes. + References No definition available. + Details
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- Definition Subsequent events other. + References No definition available. + Details
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