18.	Subsequent Events/Other

Subsequent Events

Subsequent to December 31, 2017, the Company:

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Sold two partially owned properties consisting of 331 apartment units for $113.0 million;

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Entered into $250.0 million of forward starting swaps to hedge changes in interest rates related to future secured or unsecured debt issuances;

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Repaid $550.0 million of 6.08% mortgage debt prior to the March 1, 2020 maturity date, incurred a prepayment penalty of approximately $22.1 million and wrote-off unamortized deferred financing costs of approximately $0.4 million;

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Repaid $43.4 million of 5.75% mortgage debt prior to the April 1, 2018 maturity date;

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Issued $500.0 million of ten-year 3.50% unsecured notes, receiving net proceeds of approximately $497.0 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 3.61%; and

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Received approximately $1.6 million to settle two forward starting swaps in conjunction with the issuance of the $500.0 million unsecured notes discussed above.

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.