Acquisitions and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2013

Significant Acquisitions and Disposals [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

During the year ended December 31, 2013, we completed the acquisition of three operating properties as follows:



Acquisitions of Operating Properties	Location	Number of Apartment Homes	Date of Acquisition	Purchase Price
Camden Post Oak	Houston, TX	356	4/10/2013	$108.5
Camden Sotelo	Tempe, AZ	170	9/11/2013	34.0
Camden Vantage	Atlanta, GA	592	9/18/2013	82.5
Consolidated total		1,118		$225.0

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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



		2013		2012
Assets acquired:
	Buildings and improvements	$	192.0	$	622.9
	Land	29.5		174.6
	Cash	—		3.9
	Restricted cash	—		0.7
	Intangible and other assets	4.5		16.0
Total assets acquired (1)		$	226.0	$	818.1

Liabilities assumed:
	Mortgage debt (2)	$	—	$	298.8
	Other liabilities	1.9		8.2
Total liabilities assumed		$	1.9	$	307.0
	Net assets acquired	$	224.1	$	511.1

(1) Represents 100% of the fair value of assets of operating properties acquired which includes our previously held investments in the joint ventures acquired in 2012. Upon acquisition, we revalued our investments in these joint ventures which resulted in a fair value adjustment of assets of approximately $42.1 million for the year ended December 31, 2012.

(2) Mortgage debt assumed in the amount of $272.6 million was subsequently repaid in January 2012 at face value

Unaudited pro forma summary for consolidated information

The information below for the year ended December 31, 2012 contains pro forma results for the respective portions of the periods prior to the respective acquisition dates and actual results from the respective acquisition dates through the end of the periods.



	Pro Forma Year Ended December 31,
(in thousands)	2012		2011
	(unaudited)
Property revenues	$	727,152	$	668,498
Property expenses	266,795		257,225
	$	460,357	$	411,273

Summary of income from discontinued operations

The following is a summary of income from discontinued operations for the years presented below:



	Year Ended December 31,
(in thousands)	2013			2012			2011
Property revenues	$	24,322		$	60,198		$	65,673
Property expenses	(10,552		)	(27,557		)	(31,163		)
	$	13,770		$	32,641		$	34,510
Interest	—			(36		)	—
Depreciation and amortization	(5,255		)	(15,199		)	(16,679		)
Income from discontinued operations	$	8,515		$	17,406		$	17,831

Gain on sale of discontinued operations, net of tax	$	182,160		$	115,068		$	24,621

- Definition

Tabular disclosure of disposal groups, which may include 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 classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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