Acquisitions, Dispositions and Other Significant Transactions

3 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Disposals and Other Significant Transactions

Dispositions of Apartment Communities and Assets Held for Sale

During the three months ended March 31, 2017, one of the partnerships served by the Asset Management business sold an apartment community with 52 apartment homes, resulting in a gain of $0.6 million and related tax expense of $0.5 million.

We are currently marketing for sale certain apartment communities that are inconsistent with our long-term investment strategy. Additionally, the consolidated partnerships served by our Asset Management business are marketing for sale certain of their apartment communities. At the end of each reporting period, we evaluate whether any consolidated apartment communities meet the criteria to be classified as held for sale. As of March 31, 2017, one apartment community with 200 apartment homes owned by a partnership served by the Asset Management business was classified as held for sale.