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Acquisitions, Dispositions, Discontinued Operations and Assets Held for Sale | 6 Months Ended
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Jun. 30, 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 June and February 2016, we acquired approximately 0.2 and 2.0 acres of land in Charlotte, North Carolina for approximately $0.8 million and $4.1 million, respectively. In May 2015, we acquired approximately 49.6 acres of land located in Phoenix, Arizona for approximately $36.3 million and in June 2015, we acquired approximately 2.7 acres of land located in Los Angeles, California for approximately $9.5 million. 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 and Assets Held for Sale. In June 2016, we sold one operating property comprised of 278 apartment homes located in Tampa, Florida for approximately $39.0 million, and recognized a gain of approximately $32.2 million. In July 2016, we sold one dual-phase property and one operating property which were included in operating properties held for sale at June 30, 2016, comprised of 775 apartment homes located in Landover and Frederick, Maryland for approximately $171.0 million. In January 2015, we sold two operating properties, 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. In April 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 and recognized a gain of approximately $375.2 million. Our restricted cash balances at June 30, 2016 included $13.0 million in proceeds from this disposition, which was placed with a qualified intermediary for use in a like-kind exchange. The operating properties, retail center, and land discussed above were classified as held for sale in the condensed consolidated balance sheet at December 31, 2015, and were made up of the following:
(in thousands) |  | December 31, 2015
Land |  | $ | 59,438 |
Buildings and improvements |  | 373,419 |
|  | $ | 432,857 |
Accumulated depreciation |  | (197,996 | )
Net operating real estate assets |  | $ | 234,861 |
Properties under development, including land |  | 4,202 |
Properties held for sale, including land |  | $ | 239,063 |
Other assets related to properties held for sale |  | 1,191 |
Total assets held for sale |  | $ | 240,254 |
Liabilities related to assets held for sale |  | $ | 1,654 |
The following is a summary of income from discontinued operations for the three and six months ended June 30, 2016 and 2015 relating to the 15 operating properties and retail center sold in April 2016:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Property revenues |  | $ | 4,357 |  |  | $ | 14,219 |  |  | 19,184 |  |  | 28,045 |
Property expenses |  | (1,750 | ) |  | (5,039 | ) |  | (6,898 | ) |  | (9,922 | )
|  | $ | 2,607 |  |  | $ | 9,180 |  |  | 12,286 |  |  | 18,123 |
Property management expense |  | (66 | ) |  | (151 | ) |  | (242 | ) |  | (321 | )
Depreciation and amortization |  | — |  |  | (3,973 | ) |  | (4,327 | ) |  | (7,877 | )
Income tax expense |  | (12 | ) |  | — |  |  | (112 | ) |  | — |
Income from discontinued operations |  | $ | 2,529 |  |  | $ | 5,056 |  |  | $ | 7,605 |  |  | $ | 9,925 |

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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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