
14.	Subsequent Events/Other

Subsequent Events

Subsequent to September 30, 2015, the Company:


•	Acquired two properties consisting of 343 apartment units for $132.3 million;


•	Sold one property consisting of 150 apartment units for $48.5 million; and


•	Repaid $150.0 million of mortgage loans.

On October 23, 2015, the Company executed an agreement with a controlled affiliate of Starwood Capital Group to sell a portfolio of 72 operating properties consisting of 23,262 apartment units located in five markets across the United States for $5.365 billion. On October 22, 2015, the Company's Board of Trustees approved the sale of this portfolio. The sale, which is subject to certain closing conditions, is expected to close in the first quarter of 2016. The Company intends to use the majority of the proceeds to pay a special dividend to its shareholders and holders of OP Units of between $9.00 and $11.00 per share/unit and anticipates that dividend being paid in the second quarter of 2016. The Company expects to use the majority of the remaining proceeds to reduce aggregate indebtedness in order to make the transaction leverage neutral. All future dividends remain subject to the discretion of the Board of Trustees.

Other

During the nine months ended September 30, 2015 and 2014, the Company incurred charges of $0.2 million and $0.3 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties and $2.3 million and $2.1 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 $2.5 million and $2.4 million, respectively, are included in other expenses in the accompanying consolidated statements of operations and comprehensive income.

Effective January 1, 2015, the Company has revised its executive compensation program. The long-term incentive portion of the revised program will be performance based and determined by the Company’s absolute and relative total shareholder return over a three year performance period. During the nine months ended September 30, 2015, the Company expensed approximately $7.0 million under the long-term incentive portion of the revised program, of which $1.0 million and $6.0 million was recorded to property management expense and general and administrative expense, respectively.

During the nine months ended September 30, 2015 and 2014, the Company received $5.8 million and $2.8 million, respectively, 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.