Real Estate Activity

3 Months Ended

Mar. 31, 2012

Real Estate Activity [Abstract]

Real Estate Activity

2. REAL ESTATE ACTIVITY

Acquisitions / Dispositions

The Company did not acquire any apartment communities during the three months ended March 31, 2012 or 2011. Other than the sale of an apartment community held by an unconsolidated entity in the three months ended March 31, 2012 (see note 3), there were no other sales of apartment communities or land parcels during the three months ended March 31, 2012 and 2011. At March 31, 2012, the Company did not have any apartment communities or land parcels classified as held for sale.

Condominium activities

At March 31, 2012, the Company was selling condominium homes in two wholly owned condominium communities. The Company's condominium community in Austin, Texas (the "Austin Condominium Project"), originally consisting of 148 condominium units, had an aggregate carrying value of $32,246 at March 31, 2012. The Austin Condominium Project commenced closings of condominium units in the second quarter of 2010. The Company's condominium community in Atlanta, Georgia (the "Atlanta Condominium Project"), originally consisting of 129 condominium units, had an aggregate carrying value of $16,521 at March 31, 2012. The Atlanta Condominium Project commenced closings of condominium units in the fourth quarter of 2010. These amounts were included in the accompanying balance sheet under the caption, "For-sale condominiums."

The revenues, costs and expenses associated with consolidated condominium activities for the three months ended March 31, 2012 and 2011 were as follows:

	Three months ended March 31,
	2012				2011
Condominium revenues		$	17,581			$	13,675
Condominium costs and expenses			(11,289	)			(12,931	)
Gains on sales of condominiums, before income taxes			6,292				744
Income tax benefit			612				-
Net gains on sales of condominiums		$	6,904			$	744

The Company closed 19 and 12 condominium homes for the three months ended March 31, 2012 and 2011, respectively, at these condominium communities. For the three months ended March 31, 2012, the Company recognized an income tax benefit of $612 related to the expected recovery of income taxes paid in prior years by the Company's taxable REIT subsidiaries (see note 12).