Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations [Abstract]

Discontinued Operations

(6) Discontinued Operations

The Company classifies real estate as “held for sale” when the sale is considered probable and expected to sell within a year.  During 2013, the Company sold Linden Square, a 183 unit community located in Seattle, Washington for $25.3 million, resulting in a gain of $12.7 million. Also during 2013, the Company sold Cambridge, a 40 unit property located in Chula Vista, California for $4.7 million, resulting in a gain of $2.5 million, and Brentwood, a 140 unit property located in Santa Ana, California for $27.5 million, resulting in a gain of $14.0 million. As of December 31, 2013 and 2012, no communities were held for sale.

During 2012, the Company sold two communities, Tierra Del Sol/Norte and Alpine Country, for a total of $28.3 million resulting in gains totaling $10.9 million.

During 2011, the Company sold one apartment community, Woodlawn Colonial, and one office building, Clarendon, for a total of $23.4 million resulting in gains totaling $8.4 million.

The Company has recorded the gains on sales and operations for these various assets sold described above as part of discontinued operations in the accompanying consolidated statements of operations.  The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets, as described above ($ in thousands):

	2013			2012			2011
Revenues	$	4,454		$	5,848		$	9,133
Property operating expenses		(1,406	)		(2,181	)		(3,584	)
Depreciation and amortization		(1,098	)		(1,513	)		(2,534	)
Expenses		(2,504	)		(3,694	)		(6,118	)
Operating income from real estate sold		1,950			2,154			3,015
Gain on sale of real estate		29,223			10,870			8,382
Internal disposition costs		-			(1,087	)		(839	)
Income from discontinued operations	$	31,173		$	11,937		$	10,558