Individually Significant Dispositions

12 Months Ended

Dec. 31, 2018

Discontinued Operations And Disposal Groups [Abstract]

Individually Significant Dispositions

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 included substantially all of the assets in the Company’s South Florida and Denver (primarily suburban portfolio) markets and certain suburban assets in the Washington D.C., Seattle and Los Angeles markets.  The sale of the Starwood Portfolio represented the continuation of the Company’s strategy, which started over ten years ago, to focus on the urban and high-density suburban markets where we do business today.  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. 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 17) represented approximately 1.2% of consolidated NOI (for the approximate one-month period owned in 2016) for the year ended December 31, 2016.  As a result, the following table summarizes the results of operations attributable to the Starwood Transaction for the year ended December 31, 2016 (amounts in thousands):

	Year Ended December 31,
	2016
REVENUES
Rental income	$	30,785
Total revenues		30,785
EXPENSES
Property and maintenance		7,838
Real estate taxes and insurance		2,912
Property management		2
General and administrative		23
Depreciation		—
Total expenses		10,775
Operating income		20,010
Interest and other income		21
Other expenses		—
Interest:
Expense incurred, net		(380	)
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
Income from operations attributable to controlling    interests – Operating Partnership		3,180,040
Income from operations attributable to Noncontrolling    Interests – Operating Partnership		(122,152	)
Income from operations attributable to controlling    interests – Company	$	3,057,888