
18.	Subsequent Events/Other

Subsequent Events

Subsequent to December 31, 2014, the Company:


•	Sold three properties consisting of 550 apartment units for $145.4 million;


•	Repaid $61.5 million in mortgage loans;


•	Entered into $50.0 million of forward starting swaps to hedge changes in interest rates related to future secured or unsecured debt issuances; and


•	Repurchased and retired 196,400 Series K Preferred Shares with a par value of $9.82 million for total cash consideration of approximately $12.7 million, incurring a cash charge of approximately $2.8 million which will be recorded as a premium on the redemption of preferred shares.

On February 2, 2015, the Operating Partnership entered into an unsecured commercial paper note program in the United States. Under the terms of this program, the Operating Partnership may issue, from time to time, unsecured commercial paper notes up to a maximum aggregate outstanding of $500.0 million. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Operating Partnership's other unsecured senior indebtedness.

Other

During the years ended December 31, 2014, 2013 and 2012, the Company incurred charges of $0.4 million, $0.3 million and $7.0 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties (excluding the Archstone Transaction) and $3.6 million, $5.2 million and $9.0 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $4.0 million, $5.5 million and $16.0 million, respectively, are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. See Note 4 for details on the property acquisition costs related to the Archstone Transaction.

During the year ended December 31, 2014, the Company received $2.8 million for the settlement of various litigation/insurance claims, which are included in interest and other income in the accompanying consolidated statements of operations and comprehensive income.

During the year ended December 31, 2013, the Company sold a technology investment it had previously written off, receiving proceeds of $2.1 million that were recorded as a realized gain on sale and are included in interest and other income in the accompanying consolidated statements of operations and comprehensive income.

During the year ended December 31, 2012, the Company settled a dispute with the owners of a land parcel for $4.2 million, which is included in other expenses in the accompanying consolidated statements of operations and comprehensive income.

In June 2012, the Company received $150.0 million in Archstone-related termination fees subject to certain contingencies. Consistent with the resolution of these contingencies, the Company recognized $70.0 million of these fees as interest and other income in July 2012 and recognized the remaining $80.0 million as interest and other income in October 2012.

During the year ended December 31, 2011, the Company disposed of its corporate housing business for a sales price of approximately $4.0 million, of which the Company provided $2.0 million of seller financing to the buyer. At the time of sale, the full amount of the seller financing was reserved against and the related gain was deferred. During the year ended December 31, 2013, the Company collected $1.5 million, which represented its final reimbursement of the $2.0 million of seller financing. During the year ended December 31, 2012, the Company collected $0.3 million on the note receivable. The Company has recognized a cumulative net gain on the sale of approximately $2.9 million.