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Acquisitions, Dispositions, Discontinued Operations and Assets Held for Sale

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Acquisitions, Dispositions, Assets Held For Sale and Impairment [Text Block]

5. Acquisitions, Dispositions and Discontinued Operations

Acquisitions of Land. In April 2017, we acquired approximately 8.2 acres of land in San Diego, California for $20.0 million. There were no acquisitions of land during the three months ended March 31, 2017. In February 2016, we acquired approximately 2.0 acres of land in Charlotte, North Carolina for approximately $4.1 million.

Land Holding Dispositions. We did not sell any land during the three months ended March 31, 2017. 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.

Discontinued Operations. We did not have any discontinued operations for the three months ended March 31, 2017. In April 2016, we sold 15 operating properties, comprised of an aggregate 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 an aggregate of approximately $630.0 million and recognized a gain of approximately $375.2 million.

The following is a summary of income from discontinued operations for the three months ended March 31, 2016 relating to the 15 operating properties and the retail center held for sale at March 31, 2016, which were subsequently sold in April 2016.

		Three Months Ended March 31,
(in thousands)		2016
Property revenues		$	14,827
Property expenses		(5,148		)
		$	9,679
Property management expense		(176		)
Depreciation and amortization		(4,327		)
Income tax expense		(100		)
Income from discontinued operations		$	5,076

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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

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- References

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