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Acquisitions, Dispositions, Discontinued Operations and Assets Held for Sale
 6 Months Ended
Jun. 30, 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 June and February 2016, we acquired approximately 0.2 and 2.0 acres of land in Charlotte, North Carolina for approximately $0.8 million and $4.1 million, respectively. In May 2015, we acquired approximately 49.6 acres of land located in Phoenix, Arizona for approximately $36.3 million and in June 2015, we acquired approximately 2.7 acres of land located in Los Angeles, California for approximately $9.5 million.

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 and Assets Held for Sale. In June 2016, we sold one operating property comprised of 278 apartment homes located in Tampa, Florida for approximately $39.0 million, and recognized a gain of approximately $32.2 million. In July 2016, we sold one dual-phase property and one operating property which were included in operating properties held for sale at June 30, 2016, comprised of 775 apartment homes located in Landover and Frederick, Maryland for approximately $171.0 million.

In January 2015, we sold two operating properties, 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. In April 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 and recognized a gain of approximately $375.2 million. Our restricted cash balances at June 30, 2016 included $13.0 million in proceeds from this disposition, which was placed with a qualified intermediary for use in a like-kind exchange.

The operating properties, retail center, and land discussed above were classified as held for sale in the condensed consolidated balance sheet at December 31, 2015, and were made up of the following:

(in thousands)
 
December 31, 2015
Land
 
$
59,438

Buildings and improvements
 
373,419

 
 
$
432,857

Accumulated depreciation
 
(197,996
)
Net operating real estate assets
 
$
234,861

Properties under development, including land
 
4,202

Properties held for sale, including land
 
$
239,063

Other assets related to properties held for sale
 
1,191

Total assets held for sale
 
$
240,254

 
 
 
Liabilities related to assets held for sale
 
$
1,654


The following is a summary of income from discontinued operations for the three and six months ended June 30, 2016 and 2015 relating to the 15 operating properties and retail center sold in April 2016:
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands)
 
2016
 
2015
 
2016
 
2015
Property revenues
 
$
4,357

 
$
14,219

 
19,184

 
28,045

Property expenses
 
(1,750
)
 
(5,039
)
 
(6,898
)
 
(9,922
)
 
 
$
2,607

 
$
9,180

 
12,286

 
18,123

Property management expense
 
(66
)
 
(151
)
 
(242
)
 
(321
)
Depreciation and amortization
 
—

 
(3,973
)
 
(4,327
)
 
(7,877
)
Income tax expense
 
(12
)
 
—

 
(112
)
 
—

Income from discontinued operations
 
$
2,529

 
$
5,056

 
$
7,605

 
$
9,925