Property Acquisitions and Discontinued Operations

6 Months Ended

Jun. 30, 2013

Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract]

Property Acquisitions and Discontinued Operations

5. Property Acquisitions and Discontinued Operations

Acquisitions. During April 2013, we acquired one operating property, Camden Post Oak, comprised of 356 apartment homes, located in Houston, Texas for approximately $108.5 million. During June 2013, we acquired approximately 38.8 acres in three land parcels located in Scottsdale, Chandler, and Tempe, Arizona, for approximately $25.8 million.

The following table summarizes the fair values of the assets acquired and liabilities assumed for the acquisition of the operating property described above as of the acquisition date (in millions):



Assets acquired:
	Buildings and improvements	$	93.3
	Land	14.3
	Intangible and other assets	1.1
Total assets acquired		$	108.7

Liabilities assumed:
	Other liabilities	$	1.2
Total liabilities assumed		$	1.2
	Net assets acquired	$	107.5

The operating property acquired as discussed above contributed revenues of approximately $2.4 million and property expenses of approximately $1.0 million from the acquisition date through June 30, 2013.

Discontinued Operations. For the three and six months ended June 30, 2013, income from discontinued operations included the results of operations of one operating property, Camden Reserve, comprised of 526 apartment homes sold in April 2013. Discontinued operations for the six months ended June 30, 2013 also included the results of operations of one additional operating property, Camden Live Oaks, comprised of 770 apartment homes sold in January 2013.

For the three and six months ended June 30, 2012, income from discontinued operations included the results of operations of Camden Reserve and Camden Live Oaks discussed above and also included the results of operations of eleven operating properties, Camden Vista Valley, Camden Landings, Camden Creek, Camden Laurel Ridge, Camden Steeplechase, Camden Sweetwater, Camden Valleybrook, Camden Park Commons, Camden Forest, Camden Baytown, and Camden Westview, comprised of 3,213 apartment homes, sold during 2012.

The following is a summary of income from discontinued operations for the three and six months ended June 30, 2013 and 2012:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2013			2012			2013			2012
Property revenues	$	164		$	9,127		$	1,896		$	19,288
Property expenses	(102		)	(4,159		)	(871		)	(8,932		)
	$	62		$	4,968		$	1,025		$	10,356
Depreciation and amortization	—			2,223			215			4,621
Income from discontinued operations	$	62		$	2,745		$	810		$	5,735

Gain on sale of discontinued operations, net of tax	$	24,866		$	—		$	56,649		$	32,541

During the six months ended June 30, 2013, we sold two land holdings comprised of an aggregate of approximately 3.7 acres, adjacent to current development communities in Atlanta, Georgia and Houston, Texas, for approximately $6.6 million. We recognized a gain of approximately $0.7 million relating to these land sales.

- 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+ Details