7. Acquisitions, Dispositions, Impairment, Assets Held for Sale, and Discontinued Operations

Acquisitions of Operating Properties. During the year ended December 31, 2014, we completed the acquisition of one operating property as follows:




($ in millions) Acquisitions of Operating Properties	Location	Number of Apartment Homes	Date of Acquisition	Purchase Price
Camden Fourth Ward	Atlanta, GA	276	10/29/2014	$62.6

During 2013, we acquired three operating properties comprised of 1,118 units located in Houston, Texas, Tempe, Arizona, and Atlanta, Georgia for approximately $225.0 million.

The following table summarizes the fair values of the assets acquired and liabilities assumed for the acquisition of the operating properties described above as of the respective acquisition dates:



(in millions)		2014		2013
Assets acquired:
	Buildings and improvements	$	51.3	$	192.0
	Land	10.5		29.5
	Intangible and other assets	0.9		4.5
Total assets acquired		$	62.7	$	226.0

Liabilities assumed:
	Other liabilities	$	0.4	$	1.9
Total liabilities assumed		$	0.4	$	1.9
	Net assets acquired	$	62.3	$	224.1

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 operating property acquired in 2014 as discussed above contributed revenues of approximately $0.8 million and property expenses of approximately $0.3 million from its acquisition date through December 31, 2014. The three operating properties acquired in 2013 contributed revenues of approximately $10.8 million and property expenses of approximately $4.5 million from their respective acquisition dates through December 31, 2013. The 13 former joint ventures and seven operating properties acquired in 2012 contributed revenues of approximately $52.8 million and property expenses of approximately $21.0 million from their respective acquisition/consolidation dates through December 31, 2012. Operating properties from three of these former joint ventures acquired in 2012 were sold during the fourth quarter of 2013. The operating properties sold contributed revenues and property expenses of approximately $6.4 million and $3.1 million, respectively, from their respective acquisitions dates through December 31, 2012, and is included in income from discontinued operations discussed below.

Acquisitions of Land. 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 June 2013, we acquired approximately 38.8 acres in three land parcels located in Scottsdale, Chandler, and Tempe, Arizona for approximately $25.8 million.

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. During the year ended December 31, 2014, we also sold approximately 26.9 acres of land adjacent to current development and operating communities located in Atlanta, Georgia and Houston and Dallas, Texas for approximately $22.9 million and recognized a gain of approximately $3.6 million related to these land sales. During the year ended December 31, 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, and recognized a gain of approximately $0.7 million.

Sale of Operating Properties. During the year ended December 31, 2014, we sold five operating properties comprised of 1,847 apartment homes located in Atlanta, Georgia, Dallas, Texas, Orlando and Tampa, Florida and Charlotte, North Carolina for approximately $218.3 million and we recognized a gain of approximately $155.7 million relating to these property sales.

Operating Properties Held for Sale. In January 2015, we sold two operating properties, which were included in properties held for sale at December 31, 2014, comprised of 1,116 apartment homes located in Tampa, Florida and Austin, Texas for approximately $114.4 million.

Discontinued Operations. For the years ended December 31, 2013 and 2012, income from discontinued operations included the results of operations of 12 operating properties, comprised of 3,931 apartment homes, sold during 2013. For the year ended December 31, 2012, income from discontinued operations also included the results of operations of 11 operating properties, comprised of 3,213 apartment homes, sold during 2012. There were no discontinued operations during the year ended December 31, 2014.

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



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

Gain on sale of discontinued operations, net of tax	$	182,160		$	115,068
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations	(5,905		)	(3,200		)
Income from discontinued operations, including gain on sale, attributable to common shareholders	$	184,770		$	129,274