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Acquisitions, Dispositions, Impairments and Discontinued Operations | 9 Months Ended
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Sep. 30, 2014
Acquisitions and Discontinued Operations [Abstract] |
Acquisitions and Discontinued Operations | 5. Acquisitions, Dispositions, Impairment and Discontinued Operations Acquisitions. In January 2014, we acquired approximately 2.9 acres of land located in Houston, Texas for approximately $15.6 million. In April 2014, we acquired approximately 7.6 acres of land in Rockville, Maryland for approximately $23.8 million. In October 2014, we acquired one operating property, Camden Fourth Ward, which had recently completed construction in September 2014 and is comprised of 276 apartment homes, located in Atlanta, Georgia for approximately $62.6 million. As of the date of this filing, the initial accounting for the purchase price allocation has not been finalized as our analysis of the net assets acquired is not complete. Our purchase price allocation is expected to be complete by the end of the fourth quarter 2014. Land Holding Dispositions and Impairment. In July 2014, we sold approximately 2.4 acres of land adjacent to an operating property in Dallas, Texas for approximately $0.8 million. We recognized a $1.2 million impairment charge related to this land parcel in June 2014, which represented the difference between the land holding’s carrying value and the fair value based upon the sales contract. In August 2014, we sold approximately 19.2 acres of land adjacent to an operating property in Houston, Texas for approximately $8.3 million and recognized a gain of approximately $1.8 million. During the nine months ended September 30, 2014, we also sold approximately 3.0 acres of land adjacent to a current development community located in Atlanta, Georgia, and sold approximately 4.7 acres of land adjacent to an operating property located in Dallas, Texas for an aggregate of $14.6 million and recognized a gain of approximately $1.8 million related to these land sales. During the nine months ended September 30, 2013, we sold two land parcels 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 and recognized a gain of approximately $0.7 million. Discontinued Operations. For the three and nine months ended September 30, 2013, income from discontinued operations included the results of operations of 12 operating properties, comprised of 3,931 apartment homes, sold during 2013. There were no discontinued operations during the nine months ended September 30, 2014. The following is a summary of income from discontinued operations for the three and nine months ended September 30, 2013:
| Three Months Ended |  | Nine Months Ended
(in thousands) | September 30, 2013
Property revenues | $ | 6,671 |  |  | $ | 21,490 |
Property expenses | (2,849 | ) |  | (9,209 | )
| $ | 3,822 |  |  | $ | 12,281 |
Depreciation and amortization | (1,503 | ) |  | (5,056 | )
Income from discontinued operations | $ | 2,319 |  |  | $ | 7,225 |
Gain on sale of discontinued operations, net of tax | $ | 34,410 |  |  | $ | 91,059 |

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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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