Significant Transactions

3 Months Ended

Mar. 31, 2020

Significant Transactions [Abstract]

Significant Transactions

Note 3 — Significant Transactions

Financing Activity

On April 20, 2020, we secured a $350.0 million term loan. The loan matures on April 20, 2021, includes a one-year extension option, and currently bears interest at a 30-day LIBOR plus 1.85%, with a 50-basis point LIBOR floor. Proceeds from the loan were used primarily to repay borrowings on our revolving credit facility.

Dispositions of Apartment Communities

During the three months ended March 31, 2020, no apartment communities were sold. During the three months ended March 31, 2019 we sold apartment communities as summarized below (dollars in thousands):

	2019
Number of apartment communities sold		7
Number of apartment homes sold		2,206
Gain on dispositions of real estate	$	291,473

The apartment communities sold were predominantly located outside of our primary markets or in lower-rated locations within our primary markets and had average revenues per apartment home significantly below those of our retained portfolio.

From time to time we may be marketing for sale certain apartment communities that are inconsistent with our long-term investment strategy. At the end of each reporting period we evaluate whether such communities meet the criteria to be classified as held for sale. As of March 31, 2020, no apartment communities were classified as held for sale.