AVALONBAY COMMUNITIES INC | 2013 | FY | 3

7. Real Estate Disposition Activities

        During 2013, the Company sold eight communities, containing an aggregate of 3,299 apartment homes for an aggregate gross sales price of $932,800,000 and an aggregate gain in accordance with GAAP of $278,231,000. Details regarding the real estate sales are summarized in the following table (dollars in thousands):

Community Name
  Location   Period
of sale		   Apartment
homes		   Debt   Gross
sales price		   Net
proceeds		  

Crystal House I & II

   Arlington, VA     Q113     827   $ —   $ 197,150   $ 196,583  

Avalon at Decoverly

   Rockville, MD     Q113     564     —     135,250     131,338  

Avalon at Dublin Station I

   Dublin, CA     Q213     305     —     105,400     104,218  

Archstone Vanoni Ranch

   Ventura, CA     Q413     316     —     82,000     80,668  

Avalon on the Sound East

   New Rochelle, NY     Q413     588     —     210,000     206,138  

Archstone Wheaton Station

   Wheaton, MD     Q413     243     —     57,000     56,306  

Avalon Rosewalk

   San Jose, CA     Q413     456     —     146,000     144,191  
                             
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Total of 2013 asset sales(1)

               3,299   $ —   $ 932,800   $ 919,442  
                             
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Total of 2012 asset sales

               1,578   $ —   $ 280,550   $ 274,018  
                             
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Total of 2011 asset sales

               1,038   $ —   $ 292,965   $ 287,358  
                             
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(1)
Total of 2013 asset sales excludes the disposition of development rights located in Hingham, MA and Brooklyn, NY, for total net proceeds of $1,313.

        As of December 31, 2013, the Company had one community that qualified as held for sale.

        The operations for any real estate assets sold from January 1, 2013 through December 31, 2013 and the real estate assets that qualified as discontinued operations and held for sale as of December 31, 2013 have been presented as income from discontinued operations in the accompanying Consolidated Statements of Comprehensive Income. Accordingly, certain reclassifications have been made to prior years to reflect discontinued operations consistent with current year presentation.

        The following is a summary of income from discontinued operations for the periods presented (dollars in thousands):

 
   For the year ended  
 
   12-31-13   12-31-12   12-31-11  

Rental income

   $ 42,874   $ 63,406   $ 89,290  

Operating and other expenses

     (12,661 )   (19,437 )   (36,996 )

Interest expense, net

     —     (133 )   (4,808 )

Loss on extinguishment of debt

     —     (602 )   (3,880 )

Depreciation expense

     (13,500 )   (16,414 )   (23,541 )
               
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Income (loss) from discontinued operations

   $ 16,713   $ 26,820   $ 20,065  
               
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