5. Acquisitions, Dispositions and Discontinued Operations and Assets Held for Sale

Acquisitions of Land. In September 2016, we acquired approximately 2.4 acres of land in Denver, Colorado for $15.0 million. This acquisition was funded with cash on hand and from the use of $13.0 million which we had placed with a qualified intermediary in the second quarter of 2016 in connection with a like-kind exchange related to the sale of one of the Las Vegas properties discussed below. In 2016, we also acquired approximately 2.2 acres of land in Charlotte, North Carolina for approximately $4.9 million.

In 2015, we acquired approximately 49.6 acres of land located in Phoenix, Arizona and approximately 2.7 acres of land located in Los Angeles, California for an aggregate of approximately $45.8 million.

Sale of Operating Properties. During the three months ended September 30, 2016, we sold one dual-phased operating property and five other operating properties comprised of an aggregate of 2,906 apartment homes located in Landover and Frederick, Maryland, Fullerton, California, and Tampa, Altamonte Springs, and St. Petersburg, Florida for an aggregate of approximately $484.4 million, and recognized a gain of approximately $262.7 million. 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 January 2015, we sold two operating properties, comprised of an aggregate of 1,116 apartment homes located in Tampa, Florida and Austin, Texas for an aggregate of approximately $114.4 million and we recognized a gain of approximately $85.1 million relating to these property sales.

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.

Discontinued Operations and Assets Held for Sale. In April 2016, we sold 15 operating properties, comprised of an aggregate 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 an aggregate of approximately $630.0 million and recognized a gain of approximately $375.2 million. We placed $13.0 million of the proceeds from this disposition with a qualified intermediary for use in a like-kind exchange, which was classified as restricted cash at June 30, 2016. In September 2016, the exchange was successfully completed and the proceeds were released from escrow.

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
Discontinued operations 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 months ended September 30, 2015 and the nine months ended September 30, 2016 and 2015 relating to the 15 operating properties and the retail center sold in April 2016. There were no discontinued operations during the three months ended September 30, 2016.



	Three Months Ended September 30,			Nine Months Ended September 30,
(in thousands)	2015			2016			2015
Property revenues	$	14,592		19,184			42,637
Property expenses	(5,442		)	(6,898		)	(15,364		)
	$	9,150		12,286			27,273
Property management expense	(184		)	(242		)	(505		)
Depreciation and amortization	(4,059		)	(4,327		)	(11,936		)
Income tax expense	—			(112		)	—
Income from discontinued operations	$	4,907		$	7,605		$	14,832