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. In August 2012, we acquired approximately 12.0 acres of land located in Austin, Texas for approximately $3.3 million. In November 2012, we acquired approximately 2.4 acres of land located in Plantation, Florida for approximately $9.0 million. We intend to utilize these land holdings for development of multifamily apartment communities.

In June 2012, we acquired Camden Belmont comprised of 477 units located in Dallas, Texas for approximately $76.0 million. In July 2012, we acquired Camden Creekstone comprised of 223 units located in Atlanta, Georgia for approximately $25.3 million. In September 2012, we acquired Camden Landmark comprised of 469 units located in Ontario, California for approximately $90.5 million and we acquired Camden Henderson comprised of 106 units located in Dallas, Texas for approximately $19.2 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 for approximately $99.5 million and assumed approximately $272.6 million in mortgage debt associated with these joint ventures, which was subsequently repaid in January 2012. As a result of acquiring a controlling interest in the former unconsolidated joint ventures, our previously held equity interest was remeasured at fair value, resulting in a gain of approximately $40.2 million. The equity was remeasured utilizing the consideration paid for the acquired 80% ownership interest.

The following table summarizes the fair values of the assets acquired and liabilities assumed for the acquisitions of the twelve joint ventures and four operating properties described above as of the respective acquisition/consolidation dates (in millions):



Assets acquired:
	Buildings and improvements	$	460.4
	Land	134.9
	Cash	3.4
	Restricted cash	0.7
	Intangible and other assets	14.5
Total assets acquired		$	613.9

Liabilities assumed:
	Mortgage debt (1)	$	272.6
	Other liabilities	6.6
Total liabilities assumed		$	279.2
	Net assets acquired	$	334.7

(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.

The twelve former joint ventures and the four operating properties acquired as discussed above contributed revenues of approximately $35.3 million and property expenses of approximately $14.3 million, from their respective acquisition/consolidation dates through September 30, 2012.

The following unaudited pro forma summary presents consolidated information assuming the acquisitions/consolidation of the twelve former joint ventures and four operating properties described above had occurred on January 1, 2011. The information below for the three and nine months ended September 30, 2012, contains pro forma results for the respective portions of the periods prior to the respective acquisition/consolidation dates and actual results from the respective dates of acquisition/consolidation through the end of the periods.



	Pro Forma Three Months Ended September 30,				Pro Forma Nine Months Ended September 30,
(in thousands)	2012		2011		2012		2011
	(unaudited)
Property revenues	$	196,396	$	179,665	$	571,048	$	526,824
Property expenses	74,060		72,541		216,160		211,034
	$	122,336	$	107,124	$	354,888	$	315,790

We owned one apartment community, containing 253 apartment homes, located in Houston, Texas, in a fully-consolidated joint venture, Camden Travis Street, in which we held a 25% ownership interest. On September 30, 2012, we acquired the remaining 75% noncontrolling ownership interest in this joint venture for approximately $10.2 million. The acquisition of the remaining ownership interest was recorded as an equity transaction and, as a result, the carrying balance of the noncontrolling interest was eliminated and the remaining difference between the purchase price and carrying balance was recorded as a reduction in additional-paid-in-capital. See Note 15, "Noncontrolling interests" for the effect of changes in ownership interests of this joint venture on the equity attributable to common shareholders.

Discontinued Operations and Assets Held for Sale. For the three and nine months ended September 30, 2012, income from discontinued operations included the results of operations of three operating properties, Camden Vista Valley, Camden Landings, and Camden Creek, containing 1,033 apartment homes, sold in the first quarter of 2012. Income from discontinued operations for the three and nine months ended September 30, 2012 and 2011 also included the results of operations of two operating properties, Camden Laurel Ridge and Camden Steeplechase, containing 473 apartment homes, classified as held for sale as of September 30, 2012. These properties were sold in October 2012 for approximately $26.6 million.

For the three and nine months ended September 30, 2011, income from discontinued operations also included the results of operations of two operating properties, Camden Valley Creek and Camden Valley Ridge, containing 788 apartment homes, sold in December 2011.

The following is a summary of income from discontinued operations for the three and nine months ended September 30, 2012 and 2011:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2012		2011		2012		2011
Property revenues	$	1,104	$	4,710	$	4,390	$	13,788
Property expenses	540		2,421		2,284		7,028
	564		2,289		2,106		6,760
Depreciation and amortization	221		1,191		844		3,564
Income from discontinued operations	$	343	$	1,098	$	1,262	$	3,196