Subsequent Events/Other

12 Months Ended

Dec. 31, 2016


18.	Subsequent Events/Other

Subsequent Events

There have been no material subsequent events occurring since December 31, 2016.

Other

During the year ended December 31, 2014, the Operating Partnership issued the 3.00% Series P Cumulative Redeemable Preference Units with a liquidation value of approximately $18.4 million in conjunction with the buyout of its partner's 95% interest in a previously unconsolidated development property. The Series P Preference Units were classified as a liability due in part to the fact that the holder could put the units back to the Operating Partnership for cash. Dividends were paid quarterly on the Series P Preference Units. During the year ended December 31, 2016, the Company purchased all of the issued and outstanding Series P Preference Units at a par value of $18.4 million and retired these units in conjunction with the purchase. In conjunction with this transaction, the Company reduced other liabilities by $18.4 million.

During the year ended December 31, 2016, the Company sold its entire interest in the management contracts and related rights associated with the military housing ventures at Joint Base Lewis McChord consisting of 5,161 apartment units for approximately $63.3 million and recognized a gain on sale of approximately $52.4 million, which is included in interest and other income in the accompanying consolidated statements of operations and comprehensive income.

During the years ended December 31, 2016, 2015 and 2014, the Company incurred charges of $1.5 million, $1.0 million and $0.4 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties and $4.1 million, $3.2 million and $3.6 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $5.6 million, $4.2 million and $4.0 million, respectively, are included in other expenses in the accompanying consolidated statements of operations and comprehensive income.

During the years ended December 31, 2016, 2015 and 2014 the Company received $3.2 million, $6.0 million and $2.8 million, respectively, for the settlement of various litigation/insurance claims, which are included in interest and other income in the accompanying consolidated statements of operations and comprehensive income.