Real Estate Activity

6 Months Ended

Jun. 30, 2013

Real Estate [Abstract]

Real Estate Activity

2. REAL ESTATE ACTIVITY

Acquisitions / Dispositions

In May 2012, the Company acquired a 300-unit apartment community located in Orlando, Florida for a purchase price of approximately $48,500. The purchase price of this community was allocated to land ($4,377), building, improvements and equipment ($43,724) and identified lease related intangible assets ($399) based on their estimated fair values. The Company also acquired a land parcel in Houston, Texas during the second quarter of 2013 for a purchase price of approximately $13,100. The Company did not acquire any apartment communities during the six months ended June 30, 2012.

Other than the sale of an apartment community held by an unconsolidated entity during the first quarter of 2012 (see note 3), there were no other sales of apartment communities or land parcels during the three and six months ended June 30, 2013 and 2012. At June 30, 2013, the Company did not have any apartment communities or land parcels classified as held for sale.

Condominium activities

During the first half of 2013, the Company continued to sell condominium homes at its two wholly owned condominium communities. The Company’s condominium community in Austin, Texas (the “Austin Condominium Project”), originally consisting of 148 condominium units, completed the sell out of its remaining condominium units during the second quarter of 2013. The Company’s condominium community in Atlanta, Georgia (the “Atlanta Condominium Project”), originally consisting of 126 condominium units, had an aggregate carrying value of $3,745 at June 30, 2013 and was 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 and six months ended June 30, 2013 and 2012 were as follows:

	Three months ended						Six months ended
	June 30,						Year ended June 30,
	2013			2012			2013			2012
Condominium revenues	$	38,123		$	22,945		$	55,598		$	40,526
Condominium costs and expenses		(24,142	)		(14,415	)		(33,423	)		(25,704	)
Net gains on sales of residential condominiums, before income tax		13,981			8,530			22,175			14,822
Income tax benefit		—			—			—			612
Net gains on sales of condominiums	$	13,981		$	8,530		$	22,175		$	15,434

The Company closed 30 and 26 condominium homes for the three months and 50 and 45 condominium homes for the six months ended June 30, 2013 and 2012, respectively, at these condominium communities. For the six months ended June 30, 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 11).