XML 43 R24.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Individually Significant Dispositions | 12 Months Ended
--- | ---
Dec. 31, 2018
Discontinued Operations And Disposal Groups [Abstract] |
Individually Significant Dispositions |
11. | Individually Significant Dispositions
The Company executed an agreement with controlled affiliates of Starwood Capital Group (“Starwood”) on October 23, 2015 to sell a portfolio of 72 operating properties consisting of 23,262 apartment units located in five markets across the United States for $5.365 billion (the “Starwood Transaction” or “Starwood Portfolio”). The Starwood Portfolio included substantially all of the assets in the Company’s South Florida and Denver (primarily suburban portfolio) markets and certain suburban assets in the Washington D.C., Seattle and Los Angeles markets. The sale of the Starwood Portfolio represented the continuation of the Company’s strategy, which started over ten years ago, to focus on the urban and high-density suburban markets where we do business today. On January 26 and 27, 2016, the Company closed on the sale of the entire portfolio described above. The Company concluded that the Starwood Transaction did not qualify for discontinued operations reporting as it did not represent a strategic shift that had a major effect on the Company’s operations and financial results. However, the Company concluded that the Starwood Transaction did qualify as an individually significant component of the Company as the amount received upon disposal exceeded 10% of total assets, and NOI (see definition in Note 17) represented approximately 1.2% of consolidated NOI (for the approximate one-month period owned in 2016) for the year ended December 31, 2016. As a result, the following table summarizes the results of operations attributable to the Starwood Transaction for the year ended December 31, 2016 (amounts in thousands):
|  | Year Ended December 31, |
|  | 2016 |
REVENUES |  |  |  |
Rental income |  | $ | 30,785 |
Total revenues |  |  | 30,785 |
EXPENSES |  |  |  |
Property and maintenance |  |  | 7,838 |
Real estate taxes and insurance |  |  | 2,912 |
Property management |  |  | 2 |
General and administrative |  |  | 23 |
Depreciation |  |  | — |
Total expenses |  |  | 10,775 |
Operating income |  |  | 20,010 |
Interest and other income |  |  | 21 |
Other expenses |  |  | — |
Interest: |  |  |  |
Expense incurred, net |  |  | (380 | )
Amortization of deferred financing costs |  |  | (707 | )
Income and other tax (expense) benefit |  |  | (1 | )
Net gain (loss) on sales of real estate properties |  |  | 3,161,097 |
Income from operations attributable to controlling interests – Operating Partnership |  |  | 3,180,040 |
Income from operations attributable to Noncontrolling Interests – Operating Partnership |  |  | (122,152 | )
Income from operations attributable to controlling interests – Company |  | $ | 3,057,888 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration