In December 2012, the company purchased two apartment communities with an average age of seven years for a total purchase price of $67.3 million. The following properties were acquired: the 306-unit Colonial Reserve at Las Colinas in Dallas, Texas, and the 272-unit Colonial Grand at Canyon Ranch in Austin, Texas.
In October 2012, the company sold the 612,000-square-foot retail center Colonial Promenade Alabaster located in Birmingham, Alabama, for $37.4 million.
In December 2012, the company sold four apartment communities with an average age of 31 years for total proceeds of $95.4 million. The following properties were sold: the 425-unit Autumn Hill in Charlottesville, Virginia; the 229-unit Colonial Village at Canyon Hills in Austin, Texas; the 250-unit Colonial Village at Highland Hills in Raleigh, North Carolina; and the 476-unit Heatherwood in Charlotte, North Carolina.
In December 2012, the company sold its remaining 10 percent ownership interest in the Bluerock office portfolio, which consisted of nine office assets located in Huntsville, Alabama comprising 1.7 million square feet of leasable space. The company received $2.0 million in cash and no longer has responsibility for $10.7 million of associated mortgage debt and $7.9 million of other liabilities, which represented the company’s pro-rata share of such debt and liabilities.
In January 2013, the company sold its remaining 10 percent ownership interest in the 388,000-square-foot retail center Colonial Promenade at Hoover in Birmingham, Alabama. The company received $0.5 million in cash and no longer has responsibility for $1.5 million of associated mortgage debt, which represented the company’s pro-rata share of such debt.
In the fourth quarter 2012, the company recorded charges of $8.2 million related to a proposed settlement with respect to the previously disclosed UCO litigation. The charges are comprised of an increase in the loss contingency accrual of $4.9 million and $3.3 million non-cash impairment charge on certain for-sale residential lots. The loss contingency accrual and impairment are reflected in Impairment and Other Losses on the company’s consolidated statement of operations.