Real Estate Disposition Activities

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

During 2017, the Company sold six wholly-owned operating communities, containing an aggregate of 1,624 apartment homes for an aggregate sales price of $475,500,000 and an aggregate gain of $251,163,000. In addition during 2017, the Company sold other real estate, including three undeveloped land parcels, one of which the Company recorded an impairment during 2017 as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” for an aggregate sales price of $39,154,000, resulting in an aggregate gain of $1,682,000.

Details regarding the real estate sales are summarized in the following table (dollars in thousands):



Community Name	Location	Period of sale	Apartment homes	Debt		Gross sales price		Net cash proceeds
Avalon Pines (1)	Coram, NY	Q117	450	$	—	$	140,000	$	138,689
AVA University District	Seattle, WA	Q217	283	—		112,500		108,511
Avalon Danbury	Danbury, CT	Q317	234	—		52,000		51,000
Avalon Run East	Lawrenceville, NJ	Q417	312	—		87,500		85,033
Avalon Huntington	Shelton, CT	Q417	99	—		33,000		32,173
Avalon Milford	Milford, CT	Q417	246	—		50,500		49,161
Other real estate dispositions (2)	multiple	Q1-Q417	N/A	—		39,154		38,472

Total of 2017 asset sales			1,624	$	—	$	514,654	$	503,039

Total of 2016 asset sales			2,051	$	—	$	564,028	$	532,717

Total of 2015 asset sales			851	$	—	$	289,320	$	282,163

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(1)	Includes the sale of the adjacent golf course.


(2)	Primarily composed of the sale of two undeveloped land parcels, located in Newcastle, WA, that are adjacent to a completed Development Community, 421-a tax certificates representing the right to qualify for certain property tax exemptions in New York City and one undeveloped land parcel, located in Vienna, VA.

As of December 31, 2017, the Company had no real estate assets that qualified as held for sale.