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Acquisitions, Dispositions, Discontinued Operations and Assets Held for Sale
 3 Months Ended
Mar. 31, 2016
Property, Plant and Equipment [Abstract]  
Acquisitions, Dispositions, Assets Held For Sale and Impairment [Text Block]
5. Acquisitions, Dispositions, Discontinued Operations and Assets Held for Sale
Acquisitions of Land. In February 2016, we acquired approximately 2.0 acres of land in Charlotte, North Carolina for approximately $4.1 million. We did not acquire any land during the three months ended March 31, 2015.

Land Holding Dispositions. In February 2016, we sold approximately 6.3 acres of land adjacent to an operating property in Tampa, Florida for approximately $2.2 million and recognized a gain of approximately $0.4 million. In March 2015, we sold a land holding adjacent to an operating property in Dallas, Texas for approximately $0.4 million and recognized a gain of approximately $0.1 million.

Sale of Operating Properties. We did not sell any operating properties during the three months ended March 31, 2016. In January 2015, we sold two operating properties, which were included in properties held for sale at December 31, 2014, comprised of 1,116 apartment homes located in Tampa, Florida and Austin, Texas for approximately $114.4 million and we recognized a gain of approximately $85.1 million relating to these property sales.

Discontinued Operations and Assets Held for Sale. We intend to continue our practice of seeking to make selective dispositions as market conditions warrant and opportunities arise. In accordance with this practice, on April 26, 2016, we sold 15 operating properties, comprised of 4,918 apartment homes, with an average age of 23 years, a retail center and approximately 19.6 acres of land, all located in Las Vegas, Nevada to an unaffiliated third party for approximately $630.0 million. For each of the three months ended March 31, 2016 and 2015, income from discontinued operations included the results of operations of the 15 operating properties and the retail center.

The following is a summary of the operating properties, retail center and land classified as held for sale in the condensed consolidated balance sheets at March 31, 2016 and December 31, 2015, which consisted of the 15 operating properties, retail center and land sold subsequent to March 31, 2016:
(in thousands)
 
March 31, 2016
 
December 31, 2015
Land
 
$
59,438

 
$
59,438

Buildings and improvements
 
377,100

 
373,419

 
 
$
436,538

 
$
432,857

Accumulated depreciation
 
(202,323
)
 
(197,996
)
Net operating real estate assets
 
$
234,215

 
$
234,861

Properties under development, including land
 
4,202

 
4,202

Properties held for sale, including land
 
$
238,417

 
$
239,063

Other assets related to properties held for sale, including land
 
1,139

 
1,191

Total assets held for sale
 
$
239,556

 
$
240,254

 
 
 
 
 
Liabilities related to assets held for sale
 
$
1,371

 
$
1,654




The following is a summary of income from discontinued operations for the three months ended March 31, 2016 and 2015 relating to the 15 operating properties and retail center held for sale at March 31, 2016, which were sold subsequent to March 31, 2016:
 
 
Three Months Ended March 31,
(in thousands)
 
2016
 
2015
Property revenues
 
$
14,827

 
$
13,826

Property expenses
 
(5,148
)
 
(4,883
)
 
 
$
9,679

 
$
8,943

Property management expense
 
(176
)
 
(170
)
Depreciation and amortization
 
(4,327
)
 
(3,904
)
Income tax expense
 
(100
)
 
—

Income from discontinued operations
 
$
5,076

 
$
4,869