Significant Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Significant Transactions [Abstract]

Summary of Apartment Community Sold

Sold apartment communities during the years ended December 31, 2020, 2019, and 2018, are summarized below (dollars in thousands):

	2020		2019		2018
Number of apartment communities sold		2		12		4
Number of apartment homes sold		485		3,596		1,334
Gain on dispositions of real estate (1)	$	119,215	$	503,168	$	175,213

(1) During the year ended December 31, 2019, gain on dispositions of real estate includes the gain recognized upon the expiration of indemnification liabilities related to the sale of our Asset Management business.

Major assets and liabilities related to discontinued operations at December 31, 2019 are shown below (in thousands):

	2019
ASSETS:
Net real estate	$	936,168
Cash and cash equivalents		6,443
Restricted cash		4,717
Investment in unconsolidated real estate partnerships		12,741
Other assets		62,627
Total assets of discontinued operations	$	1,022,696
LIABILITIES:
Non-recourse property debt, net	$	492,785
Deferred tax liability		144,033
Accrued liabilities and other		26,571
Total liabilities of discontinued operations	$	663,389

Summarized results of discontinued operations for the years ended December 31, 2020, 2019, and 2018 are shown below (in thousands):

	2020			2019			2018
REVENUES:
Rental and other property revenues	$	144,757		$	143,692		$	132,163
OPERATING EXPENSES:
Property operating expenses		51,710			49,502			45,372
Depreciation and amortization		72,729			62,887			48,392
Other expenses (income), net		1,897			257			(1,208	)
Total operating expenses		126,336			112,646			92,556
Interest income		2,076			2,125			1,592
Interest expense		(17,972	)		(17,918	)		(20,829	)
Income from unconsolidated real estate partnerships		764			802			940
Income before income tax benefit (expense)		3,289			16,055			21,310
Income tax benefit (expense)		7,939			3,440			(319	)
Income from discontinued operations, net of tax		11,228			19,495			20,991
Net loss (income) attributable to noncontrolling interests in         consolidated real estate partnerships		404			189			(5	)
Net income from discontinued operations attributable to AIR	$	11,632		$	19,684		$	20,986