Property Acquisitions, Discontinued Operations, And Assets Held For Sale

9 Months Ended

Sep. 30, 2011

Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract]

Property Acquisitions, Discontinued Operations, And Assets Held For Sale

13. Property Acquisitions, Discontinued Operations, and Assets Held for Sale

Acquisitions. In August 2011, we acquired 30.1 acres of land located in Atlanta, Georgia for approximately $40.1 million. We intend to utilize this land for development of multiple multifamily apartment communities.

Discontinued Operations and Assets Held for Sale. For the three and nine months ended September 30, 2010, income from discontinued operations included the results of operations of two operating properties comprised of an aggregate of 1,066 apartment homes sold during the fourth quarter 2010. We had no assets classified as held for sale as of and for the three or nine months ended September 30, 2011.

The following is a summary of income from discontinued operations for the three and nine months ended September 30, 2010:

	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2010		2010
Property revenues	$	2,954	$	8,534
Property expenses		1,222		3,515
		1,732		5,019
Depreciation and amortization		651		2,276
Income from discontinued operations	$	1,081	$	2,743