REAL ESTATE ACTIVITY (Tables)

9 Months Ended

Sep. 30, 2014

Real Estate [Abstract]

Net Income Attributable to Noncontrolling Interest

The net income and net income attributable to the Company, including gains on sales of real estate assets and debt extinguishment losses related to these communities, for the three and nine months ended September 30, 2014 and 2013 is as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
Net income	$	138,365	$	577	$	176,041	$	2,131
Net income, net of noncontrolling interest	$	115,918	$	545	$	153,456	$	2,044

Summary of Revenues and Expenses of Income from Discontinued Operations

For the three and nine months ended September 30, 2013, income from discontinued operations included the results of operations of one apartment community, containing 342 units (this community was subsequently sold in October 2013) as follows:

	Three months ended September 30, 2013		Nine months ended September 30, 2013
Revenues
Rental	$	1,113	$	3,272
Other property revenues		111		327
Total revenues		1,224		3,599
Expenses
Property operating and maintenance		540		1,509
Depreciation		175		527
Interest		88		266
Total expenses		803		2,302
Income from discontinued property operations	$	421	$	1,297

Revenues Costs and Expenses Associated with Consolidated Condominium Activities

The revenues, costs and expenses associated with consolidated condominium activities for the three and nine months ended September 30, 2014 and 2013 were as follows:

	Three months ended September 30,					Nine months ended September 30,
	2014		2013			2014			2013
Condominium revenues	$	—	$	12,550		$	2,442		$	68,148
Condominium costs and expenses		771		(7,257	)		(861	)		(40,680	)
Net gains on sales of residential condominiums		771		5,293			1,581			27,468
Net gain on sale of retail condominium		281		—			281			—
Net gains on sales of condominiums	$	1,052	$	5,293		$	1,862		$	27,468