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Acquisitions, Dispositions, Discontinued Operations and Assets Held for Sale | 3 Months Ended
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Mar. 31, 2016
Property, Plant and Equipment [Abstract] |
Acquisitions, Dispositions, Assets Held For Sale and Impairment [Text Block] | 5. Acquisitions, Dispositions, Discontinued Operations and Assets Held for Sale Acquisitions of Land. In February 2016, we acquired approximately 2.0 acres of land in Charlotte, North Carolina for approximately $4.1 million. We did not acquire any land during the three months ended March 31, 2015. Land Holding Dispositions. In February 2016, we sold approximately 6.3 acres of land adjacent to an operating property in Tampa, Florida for approximately $2.2 million and recognized a gain of approximately $0.4 million. In March 2015, we sold a land holding adjacent to an operating property in Dallas, Texas for approximately $0.4 million and recognized a gain of approximately $0.1 million. Sale of Operating Properties. We did not sell any operating properties during the three months ended March 31, 2016. 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 and we recognized a gain of approximately $85.1 million relating to these property sales. Discontinued Operations and Assets Held for Sale. We intend to continue our practice of seeking to make selective dispositions as market conditions warrant and opportunities arise. In accordance with this practice, on April 26, 2016, we sold 15 operating properties, comprised of 4,918 apartment homes, with an average age of 23 years, a retail center and approximately 19.6 acres of land, all located in Las Vegas, Nevada to an unaffiliated third party for approximately $630.0 million. For each of the three months ended March 31, 2016 and 2015, income from discontinued operations included the results of operations of the 15 operating properties and the retail center. The following is a summary of the operating properties, retail center and land classified as held for sale in the condensed consolidated balance sheets at March 31, 2016 and December 31, 2015, which consisted of the 15 operating properties, retail center and land sold subsequent to March 31, 2016:
(in thousands) |  | March 31, 2016 |  | December 31, 2015
Land |  | $ | 59,438 |  |  | $ | 59,438 |
Buildings and improvements |  | 377,100 |  |  | 373,419 |
|  | $ | 436,538 |  |  | $ | 432,857 |
Accumulated depreciation |  | (202,323 | ) |  | (197,996 | )
Net operating real estate assets |  | $ | 234,215 |  |  | $ | 234,861 |
Properties under development, including land |  | 4,202 |  |  | 4,202 |
Properties held for sale, including land |  | $ | 238,417 |  |  | $ | 239,063 |
Other assets related to properties held for sale, including land |  | 1,139 |  |  | 1,191 |
Total assets held for sale |  | $ | 239,556 |  |  | $ | 240,254 |
Liabilities related to assets held for sale |  | $ | 1,371 |  |  | $ | 1,654 |
The following is a summary of income from discontinued operations for the three months ended March 31, 2016 and 2015 relating to the 15 operating properties and retail center held for sale at March 31, 2016, which were sold subsequent to March 31, 2016:
|  | Three Months Ended March 31,
(in thousands) |  | 2016 |  | 2015
Property revenues |  | $ | 14,827 |  |  | $ | 13,826 |
Property expenses |  | (5,148 | ) |  | (4,883 | )
|  | $ | 9,679 |  |  | $ | 8,943 |
Property management expense |  | (176 | ) |  | (170 | )
Depreciation and amortization |  | (4,327 | ) |  | (3,904 | )
Income tax expense |  | (100 | ) |  | — |
Income from discontinued operations |  | $ | 5,076 |  |  | $ | 4,869 |

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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), 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. + References No definition available. + Details
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- References No definition available. + Details
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