Real Estate Disposition Activities

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

The following activity took place during the year ended December 31, 2019:


•	The Company sold six wholly-owned operating communities, containing an aggregate of 1,660 apartment homes for an aggregate sales price of $427,600,000 and an aggregate gain in accordance with GAAP of $166,105,000.


•	The Company sold other real estate for an aggregate sales price of $3,680,000, resulting in an aggregate gain in accordance with GAAP of $439,000.

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
Oakwood Arlington	Arlington, VA	Q119	184	$	—	$	70,000	$	68,317
Archstone Toscano (1)	Houston, TX	Q219	474	—		98,000		95,975
AVA Stamford	Stamford, CT	Q319	306	—		105,000		102,485
Archstone Lexington	Flower Mound, TX	Q319	222	21,700		45,100		44,524
Memorial Heights Villages (1)	Houston, TX	Q319	318	—		65,250		63,298
Avalon Orchards	Marlborough, MA	Q319	156	—		44,250		43,448
Other real estate dispositions (2)	multiple	2019	N/A	—		3,680		3,995

Total of 2019 asset sales			1,660	$	21,700	$	431,280	$	422,042

Total of 2018 asset sales			3,099	$	395,939	$	1,378,289	$	883,313

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

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(1)	The Company held its investment in, and sold these real estate assets from, a wholly-owned TRS.


(2)	Primarily composed of the sale of two undeveloped land parcels, located in Houston, TX, and Bronxville, NY.

As of December 31, 2019, the Company had one community that qualified as held for sale.

The Park Loggia

As of December 31, 2019, the Company has completed the construction of The Park Loggia, located in New York, NY, which contains 172 for-sale residential condominiums and 67,000 square feet of retail space for a total capitalized cost of $626,000,000. The Company incurred $3,812,000 and $1,044,000 for the years ended December 31, 2019 and 2018, respectively, in marketing and administrative costs associated with The Park Loggia, included in for-sale condominium marketing and administrative costs, on the accompanying Consolidated Statements of Comprehensive Income. As of December 31, 2019, the for-sale residential condominiums have an aggregate carrying value of $457,809,000, presented as for-sale condominium inventory on the accompanying Consolidated Balance Sheets. The Company recognized a net deferred tax liability of $5,782,000 during the year ended December 31, 2019 for the GAAP to tax basis differences of The Park Loggia and the associated 67,000 square feet of retail space. See Note 1, "Organization, Basis of Presentation and Significant Accounting Policies," for further discussion of the income tax associated to The Park Loggia.