11.	Individually Significant Dispositions

The Company executed an agreement with controlled affiliates of Starwood Capital Group ("Starwood") on October 23, 2015 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 (the "Starwood Transaction" or “Starwood Portfolio”). The Starwood Portfolio represented substantially all of the assets in the Company’s South Florida and Denver markets and certain suburban assets in the Washington D.C., Seattle and Los Angeles markets. On January 26 and 27, 2016, the Company closed on the sale of the entire portfolio described above.

The Company concluded that the Starwood Transaction did not qualify for discontinued operations reporting as it did not represent a strategic shift that had a major effect on the Company’s operations and financial results. The Company has been investing only in its six coastal markets (Boston, New York, Washington D.C., Southern California, San Francisco and Seattle) and has not been acquiring or developing any new assets in its other markets. Over the past several years, the Company has been repositioning its portfolio by selling its suburban assets located in markets outside its six core coastal markets. The sale of the Starwood Portfolio represented the continuation of the above strategy. However, the Company concluded that the Starwood Transaction did qualify as an individually significant component of the Company as the amount received upon disposal exceeded 10% of total assets, and NOI (see definition in Note 13) of the Starwood Portfolio represented approximately 1.6% of consolidated NOI (for the approximate one-month period owned in 2016) for the nine months ended September 30, 2016 and approximately 15.7% of consolidated NOI for the year ended December 31, 2015. As a result, the following table summarizes the results of operations attributable to the Starwood Transaction for the nine months and quarter ended September 30, 2016 (amounts in thousands):

	Nine Months Ended			Quarter Ended
	September 30, 2016			September 30, 2016
REVENUES
Rental income	$	30,660		$	239
Total revenues		30,660			239
EXPENSES
Property and maintenance		7,839			(84	)
Real estate taxes and insurance		2,933			1
Property management		2			—
General and administrative		19			4
Total expenses		10,793			(79	)
Operating income		19,867			318
Interest and other income		21			10
Interest:
Expense incurred, net		(380	)		(6	)
Amortization of deferred financing costs		(707	)		—
Income and other tax (expense) benefit		(1	)		—
Net gain (loss) on sales of real estate properties		3,161,097			(103	)
Income from operations attributable to controlling interests – Operating Partnership		3,179,897			219
Income from operations attributable to Noncontrolling Interests – Operating Partnership		(122,146	)		(8	)
Income from operations attributable to controlling interests – Company	$	3,057,751		$	211