Acquisitions, Dispositions, Discontinued Operations and Assets Held for Sale

9 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Acquisitions, Dispositions, Assets Held For Sale and Impairment [Text Block]

5. Acquisitions, Dispositions, and Discontinued Operations

Asset Acquisition of Operating Property. In June 2017, we purchased one operating property, Camden Buckhead Square, comprised of 250 apartment homes, located in Atlanta, Georgia, for approximately $58.3 million.

Acquisitions of Land. In April 2017, we acquired approximately 8.2 acres of land in San Diego, California for $20.0 million. In September 2016, we acquired approximately 2.4 acres of land in Denver, Colorado for $15.0 million. In 2016, we also acquired approximately 0.2 and 2.0 acres of land in Charlotte, North Carolina, for approximately $0.8 million and $4.1 million, respectively.

Land Holding Dispositions. We did not sell any land during the three or nine months ended September 30, 2017. In February 2016, we sold approximately6.3acres of land adjacent to an operating property in Tampa, Florida, for approximately$2.2 millionand recognized a gain of approximately$0.4 million.

Sale of Operating Properties. In July 2017, we entered into a sales contract for the sale of one operating property, comprised of 1,005 apartment homes, located in Corpus Christi, Texas. Closing of this potential sale is not guaranteed and is subject to, among other items, the completion of satisfactory due diligence and financing by the purchaser.

We did not have any sale of operating properties for the three or nine months ended September 30, 2017. 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. 

Discontinued Operations. We did not have any discontinued operations for the three or nine months ended September 30, 2017. In April 2016, we sold 15 operating properties, comprised of an aggregate of 4,918 apartment homes, a retail center, and approximately 19.6 acres of undeveloped 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.

The following is a summary of income from discontinued operations for the nine months ended September 30, 2016 relating to the 15 operating properties sold in April 2016. There were no discontinued operations during the three months ended September 30, 2016.

	Nine Months Ended September 30,
(in thousands)	2016
Property revenues	$	19,184
Property expenses	(6,898		)
	$	12,286
Property management expense	(242		)
Depreciation and amortization	(4,327		)
Income tax expense	(112		)
Income from discontinued operations	$	7,605