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Property Acquisitions, Discontinued Operations, And Assets Held For Sale | 6 Months Ended
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Jun. 30, 2012
Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract] |
Property Acquisitions Dispositions Discontinued Operations And Assets Held For Sale Disclosure [Text Block] | 6. Property Acquisitions, Discontinued Operations, and Assets Held for Sale Acquisitions. In May 2012, we acquired approximately 4.7 acres of land located in Dallas, Texas for approximately $13.4 million. We intend to utilize this land holding for development of a multifamily apartment community. On June 28, 2012, we acquired one operating property comprised of 477 units located in Dallas, Texas for approximately $76.0 million. As of December 31, 2011, we held a 20% ownership interest in twelve unconsolidated joint ventures that owned twelve apartment communities, containing 4,034 apartment homes located in Dallas, Houston, Las Vegas, Phoenix, and Southern California. In January 2012, we acquired the remaining 80% ownership interests in these joint ventures, resulting in these entities being wholly-owned by us. Selected data regarding this acquisition is presented below (in millions):
Cash consideration |  | $ | 99.5 |
Fair value of our 20% ownership interest held before the acquisition |  | 24.9 |
Debt assumed |  | 272.6 |
Net other assets/liabilities acquired |  | 1.1 |
Acquisition date fair value |  | $ | 398.1 |
The following table summarizes the fair values of the assets acquired and liabilities assumed for the acquisitions of the twelve joint ventures and one operating property described above as of the respective acquisition/consolidation dates (in millions):
Assets acquired: |
| Buildings and improvements | $ | 353.9 |
| Land | 108.7 |
| Cash | 3.4 |
| Restricted cash | 0.7 |
| Intangible and other assets | 12.1 |
Total assets acquired | $ | 478.8 |
Liabilities assumed: |
| Mortgage debt (1) | $ | 272.6 |
| Other liabilities | 5.5 |
Total liabilities assumed | $ | 278.1 |
| Net assets acquired | $ | 200.7 |
(1) Mortgage debt assumed was subsequently repaid in January 2012 at face value. The related assets, liabilities, and results of operations for these acquisitions are included in the consolidated financial statements from the respective dates of acquisition. There was no contingent consideration associated with these acquisitions. As a result of acquiring the remaining 80% interest in these twelve joint ventures, our previously held equity interest was remeasured at fair value, resulting in a gain of approximately $40.2 million. The fair value of the equity interest was determined utilizing the consideration paid for the acquired 80% ownership interest. The twelve former joint ventures and the one operating property acquired as discussed above contributed revenues of approximately $20.5 million and property expenses of approximately $8.3 million, from their respective acquisition/consolidation dates through June 30, 2012. The following unaudited pro forma summary presents consolidated information assuming the acquisitions/consolidation of the twelve former joint ventures and one operating property described above had occurred on January 1, 2011. The information for the three and six months ended June 30, 2012, includes pro forma results for the portion of the period prior to the respective acquisition/consolidation dates and actual results from the respective dates of acquisition/consolidation through the end of the period.
| Pro Forma Three Months Ended June 30, |  | Pro Forma Six Months Ended June 30,
(in thousands) | 2012 |  | 2011 |  | 2012 |  | 2011
| (unaudited)
Property revenues | $ | 187,884 |  |  | $ | 174,260 |  |  | $ | 371,315 |  |  | $ | 344,464 |
Property expenses | 71,234 |  |  | 69,623 |  |  | 140,751 |  |  | 137,521 |
| $ | 116,650 |  |  | $ | 104,637 |  |  | $ | 230,564 |  |  | $ | 206,943 |
In July 2012, we acquired one operating property comprised of 223 units located in Atlanta, Georgia for approximately $25.3 million. Discontinued Operations and Assets Held for Sale. For the three and six months ended June 30, 2012, income from discontinued operations included the results of operations of three operating properties, containing 1,033 apartment homes, sold in the first quarter of 2012. We had no assets classified as held for sale as of June 30, 2012. For the three and six months ended June 30, 2011, income from discontinued operations also included the results of operations of two operating properties, containing 788 apartment homes, sold in December 2011. The following is a summary of income from discontinued operations for the three and six months ended June 30, 2012 and 2011:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2012 |  | 2011 |  | 2012 |  | 2011
Property revenues | $ | — |  |  | $ | 3,704 |  |  | $ | 1,209 |  |  | $ | 7,249 |
Property expenses | — |  |  | 1,832 |  |  | 670 |  |  | 3,614 |
| — |  |  | 1,872 |  |  | 539 |  |  | 3,635 |
Depreciation and amortization | — |  |  | 977 |  |  | 186 |  |  | 1,948 |
Income from discontinued operations | $ | — |  |  | $ | 895 |  |  | $ | 353 |  |  | $ | 1,687 |

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- Definition The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, and assets held for sale. The tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregated would be included in this disclosure. Additionally, the entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References No definition available. + Details
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