UNITED STATES | |||||
SECURITIES AND EXCHANGE COMMISSION | |||||
Washington, DC 20549 | |||||
FORM 10-K | |||||
(mark one) | |||||
ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2015 | ||||
OR | |||||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ | ||||
Commission File Number 001-12762 (Mid-America Apartment Communities, Inc.) | |||||
Commission File Number 333-190028-01 (Mid-America Apartments, L.P.) | |||||
MID-AMERICA APARTMENT COMMUNITIES, INC. | |||||
MID-AMERICA APARTMENTS, L.P. | |||||
(Exact name of registrant as specified in its charter) | |||||
Tennessee (Mid-America Apartment Communities, Inc.) | 62-1543819 | ||||
Tennessee (Mid-America Apartments, L.P.) | 62-1543816 | ||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) | ||||
6584 Poplar Avenue, Memphis, Tennessee, 38138 | |||||
(Address of principal executive offices) (Zip Code) | |||||
Registrant's telephone number, including area code (901) 682-6600 | |||||
Securities registered pursuant to Section 12(b) of the Act: | |||||
Title of each class | Name of each exchange on which registered | ||||
Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.) | New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None. | |||
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | |||
Mid-America Apartment Communities, Inc. | YES ý | No o | |
Mid-America Apartments, L.P. | YES o | No ý | |
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. | |||
Mid-America Apartment Communities, Inc. | YES o | No ý | |
Mid-America Apartments, L.P. | YES o | No ý | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding | |||
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | |||
Mid-America Apartment Communities, Inc. | YES ý | No o | |
Mid-America Apartments, L.P. | YES ý | No o | |
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and | |||
posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and | |||
post such files). | |||
Mid-America Apartment Communities, Inc. | YES ý | No o | |
Mid-America Apartments, L.P. | YES ý | No o | |
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's | |||
knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. R | |||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large | |||
accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Act. (Check one) |
Mid-America Apartment Communities, Inc. | ||||
Large accelerated filer ý | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |
(Do not check if a smaller reporting company) | ||||
Mid-America Apartments, L.P. | ||||
Large accelerated filer o | Accelerated filer o | Non-accelerated filer ý | Smaller reporting company o | |
(Do not check if a smaller reporting company) |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | |||
Mid-America Apartment Communities, Inc. | YES o | No ý | |
Mid-America Apartments, L.P. | YES o | No ý |
MID-AMERICA APARTMENT COMMUNITIES, INC. MID-AMERICA APARTMENTS, L.P. | |||
TABLE OF CONTENTS | |||
Item | Page | ||
PART I | |||
1. | Business. | 5 | |
1A. | Risk Factors. | 13 | |
1B. | Unresolved Staff Comments. | 24 | |
2. | Properties. | 24 | |
3. | Legal Proceedings. | 33 | |
4. | Mine Safety Disclosures. | 34 | |
PART II | |||
5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. | 35 | |
6. | Selected Financial Data. | 38 | |
7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 41 | |
7A. | Quantitative and Qualitative Disclosures About Market Risk. | 58 | |
8. | Financial Statements and Supplementary Data. | 58 | |
9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. | 58 | |
9A. | Controls and Procedures. | 58 | |
9B. | Other Information. | 60 | |
PART III | |||
10. | Directors, Executive Officers and Corporate Governance. | 61 | |
11. | Executive Compensation. | 61 | |
12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. | 61 | |
13. | Certain Relationships and Related Transactions, and Director Independence. | 61 | |
14. | Principal Accountant Fees and Services. | 61 | |
PART IV | |||
15. | Exhibits and Financial Statement Schedules. | 62 |
• | enhances investors' understanding of MAA and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business; |
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in this report applies to both MAA and the Operating Partnership; and |
• | creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
• | the selected financial data in Item 6 of this Report; |
• | the consolidated financial statements in Item 8 of this report; |
• | certain accompanying notes to the financial statements, including Note 3 - Earnings per Common Share of MAA and Note 4 - Earnings per OP Unit of MAALP; Note 10 - Shareholders' Equity of MAA and Note 11 - Partners' Capital of MAALP; and Note 19 - Selected Quarterly Financial Information of MAA (Unaudited) and Note 20 - Selected Quarterly Financial Information of MAALP (Unaudited); |
• | the controls and procedures in Item 9A of this report; and |
• | the certifications of the Chief Executive Officer and Chief Financial Officer of MAA included as Exhibits 31 and 32 to this report. |
• | inability to generate sufficient cash flows due to market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws, or other factors; |
• | exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry and sector; |
• | adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns; |
• | failure of new acquisitions to achieve anticipated results or be efficiently integrated; |
• | failure of development communities to be completed, if at all, within budget and on a timely basis or to lease-up as anticipated; |
• | unexpected capital needs; |
• | changes in operating costs, including real estate taxes, utilities and insurance costs; |
• | losses from catastrophes in excess of our insurance coverage; |
• | ability to obtain financing at favorable rates, if at all, and refinance existing debt as it matures; |
• | level and volatility of interest or capitalization rates or capital market conditions; |
• | loss of hedge accounting treatment for interest rate swaps or interest rate caps; |
• | the continuation of the good credit of our interest rate swap and cap providers; |
• | price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on financing; |
• | the effect of any rating agency actions on the cost and availability of new debt financing; |
• | significant decline in market value of real estate serving as collateral for mortgage obligations; |
• | significant change in the mortgage financing market that would cause single-family housing, either as an owned or rental product, to become a more significant competitive product; |
• | our ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of the Operating Partnership to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules; |
• | inability to attract and retain qualified personnel; |
• | potential liability for environmental contamination; |
• | adverse legislative or regulatory tax changes; |
• | litigation and compliance costs; and |
• | other risks identified in this Annual Report on Form 10-K including under the caption "Item 1A. Risk Factors" and, from time to time, in other reports we file with the Securities and Exchange Commission, or the SEC, or in other documents that we publicly disseminate. |
Multifamily: | |||||||
Consolidated Properties | Units | Unconsolidated Properties | Units | Total Properties | Total Units | ||
254 | 79,496 | — | — | 254 | 79,496 | ||
Commercial: | |||||||
Consolidated Properties | Sq. Ft. (1) | Unconsolidated Properties | Sq. Ft. | Total Properties | Total Sq. Ft. | ||
1 | 208,037 | 1 | 29,971 | 2 | 238,008 |
• | Large market same store communities are generally communities in markets with a population of at least 1 million and at least 1% of the total public multifamily REIT units that we have owned and that have been stabilized for at least a full 12 months. |
• | Secondary market same store communities are generally communities in markets with populations of more than 1 million but less than 1% of the total public multifamily REIT units or markets with populations of less than 1 million that we have owned and that have been stabilized for at least a full 12 months. |
• | Non same store communities and other includes recent acquisitions, communities in development or lease-up, communities that have been identified for disposition, and communities that have undergone a significant casualty loss. Also included in non same store communities are non-multifamily activities which represent less than 1% of our portfolio. |
• | effectively and efficiently operate our existing properties with an intense property and asset management focus and a decentralized structure; |
• | manage real estate cycles by taking an opportunistic approach to buying, selling, renovating and developing apartment communities; |
• | diversify investment capital across both large and secondary markets to achieve a growing and less volatile operating performance; and |
• | actively manage our capital structure to help enhance predictability of earnings to fund our dividends and distributions. |
• | Core Funds From Operations, or Core FFO, which excludes certain non-routine items, grew 10% over the previous year to $5.51 per diluted share and unit. |
• | Average revenue per occupied unit for the same store portfolio increased 4.9% for the year ended December 31, 2015 to $1,109, primarily driven by an increase in average effective rent per unit of 4.4%. |
• | Acquired seven multifamily communities, totaling 1,782 units, and sold 21 multifamily communities, totaling 5,105 units. |
• | Completed the construction of two development communities, and had five communities, totaling 748 units, under construction at the end of the year. |
• | Completed an unsecured public bond offering through the Operating Partnership. The Operating Partnership issued $400 million of ten year senior unsecured notes at a coupon rate of 4.00% and an issuance price of 98.990%. |
• | Completed the refinancing of an unsecured revolving credit facility, increasing borrowing capacity to $750 million. |
• | providing management information and improved customer services through technology innovations; |
• | utilizing systems to enhance property managers’ ability to optimize revenue by adjusting rental rates in response to local market conditions and individual unit amenities; |
• | implementing programs to control expenses through investment in cost-saving initiatives; |
• | analyzing individual asset productivity performances to identify best practices and improvement areas; |
• | proactively maintaining the physical condition of each property through ongoing capital investments; |
• | improving the “curb appeal” of the apartment communities through extensive landscaping and exterior improvements, and repositioning apartment communities from time-to-time to enhance or maintain market positions; |
• | aggressively managing lease expirations to align with peak leasing traffic patterns and to maximize productivity of property staffing; |
• | allocating additional capital, including capital for selective interior and exterior improvements; |
• | compensating employees through performance-based compensation and stock ownership programs; and |
• | maintaining a hands-on management style and “flat” organizational structure that emphasizes property level decision making coupled with asset management and senior management's monitoring. |
Multifamily Acquisitions | Location | Apartment Units | Year Built | Closing Date | ||||
Residences at Burlington Creek | Kansas City, Missouri-Kansas MSA | 298 | 2014 | January 15, 2015 | ||||
SkySong | Scottsdale, Arizona | 325 | 2014 | June 11, 2015 | ||||
Retreat at West Creek | Richmond, Virginia | 254 | 2015 | June 15, 2015 | ||||
Radius | Norfolk/Hampton/Virgina Beach, Virginia MSA | 252 | 2012 | July 28, 2015 | ||||
Haven at Prairie Trace | Kansas City, Missouri-Kansas MSA | 280 | 2015 | July 30, 2015 | ||||
Cityscape at Market Center II | Dallas, Texas | 318 | 2015 | November 19, 2015 | ||||
The Denton | Kansas City, Missouri-Kansas MSA | 55 | 2014 | December 17, 2015 | ||||
Total Multifamily Acquisitions | 1,782 |
Land Acquisitions | Location | Acres | Closing Date | |||||
River's Walk | Charleston, South Carolina | 2.5 | Q1/Q2 2015 - various | |||||
Retreat at West Creek II | Richmond, Virginia | 4.4 | October 14, 2015 | |||||
The Denton II | Kansas City, Missouri-Kansas MSA | 4.5 | December 17, 2015 | |||||
Total Land Acquisitions | 11.4 |
Project: | Location | Total Units | Units Completed | Cost to Date | Budgeted Cost | Estimated Cost Per Unit | Expected Completion | |||||||||||
Station Square at Cosner's Corner II | Fredericksburg, Virginia | 120 | 37 | $ | 18,325 | $ | 19,900 | $ | 166 | 1st Quarter 2016 | ||||||||
River's Walk Phase II | Charleston, South Carolina | 78 | — | $ | 8,887 | $ | 14,900 | $ | 191 | 3rd Quarter 2016 | ||||||||
Retreat at West Creek II | Richmond, Virginia | 82 | — | $ | 3,547 | $ | 15,100 | $ | 184 | 2nd Quarter 2017 | ||||||||
CG at Randal Lakes Phase II | Orlando, Florida | 314 | — | $ | 10,517 | $ | 41,300 | $ | 132 | 2nd Quarter 2017 | ||||||||
The Denton II | Kansas City, Missouri-Kansas MSA | 154 | — | $ | 1,039 | $ | 25,400 | $ | 165 | 4th Quarter 2017 | ||||||||
748 | 37 | $ | 42,315 | $ | 116,600 |
Number of Shares Sold | Net Proceeds | Net Average Sales Price | Gross Proceeds | Gross Average Sales Price | |||||||||||||||
2006 | 194,000 | $ | 11,481,292 | $ | 59.18 | $ | 11,705,010 | $ | 60.34 | ||||||||||
2007 | 323,700 | $ | 18,773,485 | $ | 58.00 | $ | 19,203,481 | $ | 59.32 | ||||||||||
2008 | 1,955,300 | $ | 103,588,759 | $ | 52.98 | $ | 105,554,860 | $ | 53.98 | ||||||||||
2009 | 763,000 | $ | 32,774,757 | $ | 42.96 | $ | 33,283,213 | $ | 43.62 | ||||||||||
2010 | 5,077,201 | $ | 274,576,677 | $ | 54.08 | $ | 278,468,323 | $ | 54.85 | ||||||||||
2011 | 3,303,273 | $ | 204,534,677 | $ | 61.92 | $ | 207,650,656 | $ | 62.86 | ||||||||||
2012 | 1,155,511 | $ | 75,863,040 | $ | 65.65 | $ | 77,019,121 | $ | 66.65 | ||||||||||
2013 | 365,011 | $ | 24,753,492 | $ | 67.82 | $ | 25,067,009 | $ | 68.67 | ||||||||||
2014 | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
2015 | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Total | 13,136,996 | $ | 746,346,179 | $ | 56.81 | $ | 757,951,673 | $ | 57.70 |
• | a fully integrated organization with property management, development, redevelopment, acquisition, marketing, sales and financing expertise; |
• | scalable operating and support systems, which include automated systems to meet the changing electronic needs of our residents; |
• | access to a wide variety of debt and equity capital sources; |
• | geographic diversification with a presence in approximately 40 defined Metropolitan Statistical Areas across the Southeast and Southwest regions of the United States; and |
• | significant presence in many of our major markets that allows us to be a local operating expert. |
• | local conditions, such as an oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; |
• | low mortgage interest rates and home pricing, making alternative housing more affordable; |
• | government or builder incentives which enable home buyers to put little or no money down, making alternative housing options more attractive; and |
• | regional economic downturns which affect one or more of our geographical markets. |
• | competition from other apartment communities; |
• | overbuilding of new apartments or oversupply of available apartments in our markets, which might adversely affect occupancy or rental rates and/or require rent concessions in order to lease apartments; |
• | conversion of condominiums and single family houses to rental use or the sale of excess for-sale condominiums and single family homes; |
• | weakness in the overall economy which lowers job growth and the associated demand for apartment housing; |
• | increases in operating costs (including real estate taxes, utilities and insurance premiums) due to inflation and other factors, which may not be offset by increased rental rates; |
• | inability to initially, or subsequently after lease terminations, rent apartments on favorable economic terms; |
• | failure of development communities to be completed, if at all, within budget and on a timely basis or to lease up as anticipated; |
• | changes in governmental regulations and the related costs of compliance; |
• | changes in laws including, but not limited to, tax laws and housing laws including the enactment of rent control laws or other laws regulating multifamily housing; |
• | withdrawal of government support of apartment financing through its financial backing of the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation; |
• | an uninsured loss, including those resulting from a catastrophic storm, earthquake, or act of terrorism; |
• | changes in interest rate levels and the availability of financing, borrower credit standards, and down-payment requirements which could lead renters to purchase homes (if interest rates decrease and home loans are more readily available) or increase our acquisition and operating costs (if interest rates increase and financing is less readily available); and |
• | the relative illiquidity of real estate investments. |
• | we may be unable to obtain financing for acquisitions on favorable terms or at all; |
• | even if we are able to finance the acquisition, cash flow from the acquisition may be insufficient to meet our required principal and interest payments on the acquisition; |
• | even if we enter into an acquisition agreement for an apartment community, we may be unable to complete the acquisition after incurring certain acquisition-related costs; |
• | we may incur significant costs and divert management attention in connection with the evaluation and negotiation of potential acquisitions, including potential acquisitions that we are subsequently unable to complete; |
• | when we acquire an apartment community, we may invest additional amounts in it with the intention of increasing profitability, and these additional investments may not produce the anticipated improvements in profitability; |
• | we may be unable to quickly and efficiently integrate acquired apartment communities and new personnel into our existing operations, and the failure to successfully integrate such apartment communities or personnel will result in inefficiencies that could adversely affect our expected return on our investments and our overall profitability; and |
• | we may acquire properties that are subject to liabilities or that have problems relating to environmental condition, state of title, physical condition or compliance with zoning laws, building codes or other legal requirements and in each case, our acquisition may be without any, or with only limited, recourse with respect to unknown liabilities or conditions and we may be obligated to pay substantial sums to settle or cure it, which could adversely affect our cash flow and operating results. |
• | a significant portion of the proceeds from our overall property sales may be held by intermediaries in order for some sales to qualify as like-kind exchanges under Section 1031 of the Code, so that any related capital gain can be deferred for federal income tax purposes. As a result, we may not have immediate access to all of the cash proceeds generated from our property sales; and |
• | federal tax laws applicable to REITs limit our ability to profit on the sale of communities, and this limitation may prevent us from selling communities when market conditions are favorable. |
• | all or the full extent of potential environmental liabilities; |
• | that any prior owner or operator of a property did not create any material environmental condition unknown to us; |
• | that a material environmental condition does not otherwise exist as to any one or more of such communities; or |
• | that environmental matters will not have a material adverse effect on us and our ability to make distributions to our shareholders and pay amounts due on our debt. |
• | we may be unable to obtain, or face delays in obtaining, necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations, which could result in increased development costs, could delay initial occupancy dates for all or a portion of a development community, and could require us to abandon our activities entirely with respect to a project for which we are unable to obtain permits or authorizations; |
• | yields may be less than anticipated as a result of delays in completing projects, costs that exceed budget and/or higher than expected concessions for lease up and lower rents than pro forma; |
• | bankruptcy of developers in our development projects could impose delays and costs on us with respect to the development of our communities and may adversely affect our financial condition and results of operations; |
• | we may abandon development opportunities that we have already begun to explore, and we may fail to recover expenses already incurred in connection with exploring such opportunities; |
• | we may be unable to complete construction and lease-up of a community on schedule, or incur development or construction costs that exceed our original estimates, and we may be unable to charge rents that would compensate for any increase in such costs; |
• | occupancy rates and rents at a newly developed community may fluctuate depending on a number of factors, including market and economic conditions, preventing us from meeting our profitability goals for that community; and |
• | when we sell to third parties communities or properties that we developed or renovated, we may be subject to warranty or construction defects that are uninsured or exceed the limit of our insurance. |
• | we may be required to dedicate a substantial portion of our funds from operations to servicing our debt and our cash flow may be insufficient to make required payments of principal and interest; |
• | we may be subject to prepayment penalties if we elect to repay our indebtedness prior to the stated maturity date; |
• | debt service obligations will reduce funds available for distribution to our shareholders and funds available for acquisitions, development and redevelopment; |
• | we may be more vulnerable to economic and industry downturns than our competitors that have less debt; |
• | we may be limited in our ability to respond to changing business and economic conditions; and |
• | we may default on our indebtedness, which could result in acceleration of those obligations, assignment of rents and leases and loss of properties to foreclosure. |
• | will consider the transfer to be null and void; |
• | will not reflect the transaction on its books; |
• | may institute legal action to enjoin the transaction; |
• | will not pay dividends or other distributions with respect to those shares; |
• | will not recognize any voting rights for those shares; |
• | will consider the shares held in trust for its benefit; and |
• | will either direct you to sell the shares and turn over any profit to MAA, or MAA will redeem the shares. If MAA redeems the shares, you will be paid a price equal to the lesser of: |
◦ | the principal price paid for the shares by the holder, |
◦ | a price per share equal to the market price (as determined in the manner set forth in its charter) of the applicable capital stock, |
◦ | the market price (as so determined) on the date such holder would, but for the restrictions on transfers set forth in its charter, be deemed to have acquired ownership of the shares and |
◦ | the maximum price allowed under Tennessee Greenmail Act (such price being the average of the highest and lowest closing market price for the shares during the 30 trading days preceding the purchase of such shares or, if the holder of such shares has commenced a tender offer or has announced an intention to seek control of MAA, during the 30 trading days preceding the commencement of such tender offer or the making of such announcement). |
• | you may lose your power to dispose of the shares; |
• | you may not recognize profit from the sale of such shares if the market price of the shares increases; and |
• | you may be required to recognize a loss from the sale of such shares if the market price decreases. |
• | our financial condition and operating performance and the performance of other similar companies; |
• | actual or anticipated differences in our quarterly and annual operating results; |
• | changes in our revenues or earnings estimates or recommendations by securities analysts; |
• | publication of research reports about us or our industry by securities analysts; |
• | additions and departures of key personnel; |
• | inability to access the capital markets; |
• | strategic decisions by us or our competitors, such as acquisitions, dispositions, spin-offs, joint ventures, strategic investments or changes in business strategy; |
• | the issuance of additional shares of MAA's common stock, or the perception that such sales may occur, including under MAA's at-the-market offering programs; |
• | the reputation of REITs generally and the reputation of REITs with portfolios similar to ours; |
• | the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies); |
• | an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for MAA's common stock; |
• | the passage of legislation or other regulatory developments that adversely affect us or our industry; |
• | speculation in the press or investment community; |
• | actions by institutional shareholders or hedge funds; |
• | changes in accounting principles; |
• | terrorist acts; and |
• | general market conditions, including factors unrelated to our performance. |
• | MAA would be required to pay U.S. federal income tax on Colonial’s prior net income at regular corporate rates for the years Colonial did not qualify for taxation as a REIT (and, for such years, Colonial would not be allowed a deduction for dividends paid to its former shareholders in computing its taxable income); |
• | Colonial could be subject to the federal alternative minimum tax and possibly increased state and local taxes for such periods; and |
• | unless Colonial is entitled to relief under applicable statutory provisions, neither it nor any “successor” company could elect to be taxed as a REIT until the fifth taxable year following the year during which it was disqualified. |
Approx-imate Rentable Area (Square Footage) | Aver-age Unit Size (Square Foot-age) | Monthly Average Rent per Unit at December 31, 2015 (1) | Average Occupancy Percent at December 31, 2015 (2) | Monthly Effective Rent per Unit at December 31, 2015 (3) | ||||||||||||||||||||
Property | Location | Year Complete | Year Manage-ment Commenced | Report-able Seg-ment | Number of Units | |||||||||||||||||||
Birchall at Ross Bridge | Birmingham, AL | 2009 | 2011 | (5) | 240 | 283,680 | 1,182 | $ | 1,153.13 | 96.25 | % | $ | 1,131.79 | |||||||||||
CG at Riverchase Trails | Birmingham, AL | 1996 | 2013 | (5) | 346 | 328,008 | 948 | $ | 861.21 | 96.53 | % | $ | 858.07 | |||||||||||
CV at Trussville | Birmingham, AL | 1996 | 2013 | (5) | 376 | 410,216 | 1,091 | $ | 831.61 | 96.54 | % | $ | 831.21 | |||||||||||
Eagle Ridge | Birmingham, AL | 1986 | 1998 | (5) | 200 | 181,600 | 908 | $ | 786.18 | 95.00 | % | $ | 777.43 | |||||||||||
CG at Traditions | Gulf Shores, AL | 2008 | 2013 | (5) | 324 | 321,732 | 993 | $ | 815.62 | 97.22 | % | $ | 808.09 | |||||||||||
Abbington Place | Huntsville, AL | 1987 | 1998 | (5) | 152 | 162,792 | 1,071 | $ | 638.97 | 96.71 | % | $ | 638.31 | |||||||||||
CG at Edgewater | Huntsville, AL | 1990/99 | 2013 | (5) | 500 | 543,000 | 1,086 | $ | 751.42 | 97.60 | % | $ | 745.89 | |||||||||||
TPC at Providence | Huntsville, AL | 1989/98 | 1997 | (5) | 392 | 441,000 | 1,125 | $ | 750.88 | 95.66 | % | $ | 741.60 | |||||||||||
CG at Madison | Madison, AL | 1999 | 2013 | (5) | 336 | 354,480 | 1,055 | $ | 809.88 | 96.13 | % | $ | 808.09 | |||||||||||
TPC Montgomery | Montgomery, AL | 1999 | 1998 | (5) | 208 | 246,272 | 1,184 | $ | 813.77 | 99.04 | % | $ | 804.52 | |||||||||||
Cypress Village | Orange Beach, AL | 2008 | 2013 | (6) | 96 | 206,016 | 2,146 | $ | 1,509.06 | 94.79 | % | $ | 1,498.29 | |||||||||||
CG at Liberty Park | Vestavia Hills, AL | 2000 | 2013 | (5) | 300 | 338,700 | 1,129 | $ | 1,097.03 | 97.00 | % | $ | 1,089.44 | |||||||||||
Subtotal Alabama | 3,470 | 3,817,496 | 1,100 | $ | 862.09 | 96.66 | % | $ | 855.49 | |||||||||||||||
Sky View Ranch | Gilbert, AZ | 2007 | 2009 | (4) | 232 | 225,272 | 971 | $ | 967.52 | 97.84 | % | $ | 944.19 | |||||||||||
CG at Inverness Commons | Mesa, AZ | 2002 | 2013 | (4) | 300 | 306,000 | 1,020 | $ | 908.36 | 95.67 | % | $ | 906.52 | |||||||||||
Edge at Lyon's Gate | Phoenix, AZ | 2007 | 2008 | (4) | 312 | 299,208 | 959 | $ | 972.68 | 98.08 | % | $ | 953.96 | |||||||||||
Talus Ranch at Sonoran Foothills | Phoenix, AZ | 2005 | 2006 | (4) | 480 | 437,280 | 911 | $ | 817.25 | 96.04 | % | $ | 811.41 | |||||||||||
CG at Scottsdale | Scottsdale, AZ | 1999 | 2013 | (4) | 180 | 201,600 | 1,120 | $ | 1,143.13 | 98.33 | % | $ | 1,137.58 | |||||||||||
CG at OldTown Scottsdale South | Scottsdale, AZ | 1995 | 2013 | (4) | 472 | 470,584 | 997 | $ | 1,058.52 | 97.25 | % | $ | 1,052.13 | |||||||||||
SkySong | Scottsdale, AZ | 2014 | 2015 | (6) | 325 | 315,900 | 972 | $ | 1,339.74 | 95.08 | % | $ | 1,253.11 | |||||||||||
Subtotal Arizona | 2,301 | 2,255,844 | 980 | $ | 1,014.14 | 96.74 | % | $ | 993.81 | |||||||||||||||
Calais Forest | Little Rock, AR | 1987 | 1994 | (5) | 260 | 195,000 | 750 | $ | 727.12 | 97.31 | % | $ | 720.79 | |||||||||||
Napa Valley Apartments | Little Rock, AR | 1984 | 1996 | (5) | 240 | 183,120 | 763 | $ | 693.03 | 97.92 | % | $ | 691.90 | |||||||||||
Palisades at Chenal Valley | Little Rock, AR | 2006 | 2011 | (5) | 248 | 319,672 | 1,289 | $ | 1,093.86 | 93.55 | % | $ | 1,082.74 | |||||||||||
Ridge at Chenal Valley | Little Rock, AR | 2012 | 2011 | (5) | 312 | 340,080 | 1,090 | $ | 1,059.42 | 95.83 | % | $ | 1,043.09 | |||||||||||
Westside Creek | Little Rock, AR | 1984/86 | 1997 | (5) | 308 | 304,612 | 989 | $ | 801.75 | 96.43 | % | $ | 798.34 | |||||||||||
Subtotal Arkansas | 1,368 | 1,342,484 | 981 | $ | 880.21 | 96.20 | % | $ | 872.31 | |||||||||||||||
Tiffany Oaks | Altamonte Springs, FL | 1985 | 1996 | (4) | 288 | 232,704 | 808 | $ | 913.87 | 96.18 | % | $ | 913.40 | |||||||||||
Indigo Point | Brandon, FL | 1989 | 2000 | (4) | 240 | 194,640 | 811 | $ | 943.23 | 96.25 | % | $ | 935.75 | |||||||||||
TPC Brandon | Brandon, FL | 1998 | 1997 | (4) | 440 | 528,440 | 1,201 | $ | 1,079.54 | 94.32 | % | $ | 1,078.10 | |||||||||||
CG at Lakewood Ranch | Bradenton, FL | 1999 | 2013 | (4) | 288 | 301,536 | 1,047 | $ | 1,312.73 | 97.22 | % | $ | 1,312.45 | |||||||||||
Preserve at Coral Square | Coral Springs, FL | 1996 | 2004 | (4) | 480 | 570,720 | 1,189 | $ | 1,526.60 | 96.25 | % | $ | 1,524.47 | |||||||||||
TPC Gainesville | Gainesville, FL | 1999 | 1998 | (5) | 264 | 326,304 | 1,236 | $ | 1,025.31 | 94.32 | % | $ | 1,019.08 | |||||||||||
The Retreat at Magnolia Parke | Gainesville, FL | 2009 | 2011 | (5) | 204 | 206,244 | 1,011 | $ | 1,103.11 | 97.55 | % | $ | 1,092.11 | |||||||||||
CG at Heathrow | Heathrow, FL | 1997 | 2013 | (4) | 312 | 353,184 | 1,132 | $ | 1,194.50 | 97.76 | % | $ | 1,189.65 | |||||||||||
Atlantic Crossing | Jacksonville, FL | 2008 | 2011 | (5) | 200 | 248,200 | 1,241 | $ | 1,221.74 | 97.00 | % | $ | 1,213.93 | |||||||||||
Coopers Hawk | Jacksonville, FL | 1987 | 1995 | (5) | 208 | 218,400 | 1,050 | $ | 919.92 | 97.60 | % | $ | 919.92 | |||||||||||
Hunters Ridge Deerwood | Jacksonville, FL | 1987 | 1997 | (5) | 336 | 295,008 | 878 | $ | 892.18 | 97.62 | % | $ | 887.02 | |||||||||||
Lakeside Apartments | Jacksonville, FL | 1985 | 1996 | (5) | 416 | 346,112 | 832 | $ | 813.39 | 98.08 | % | $ | 811.51 | |||||||||||
Lighthouse at Fleming Island | Jacksonville, FL | 2003 | 2003 | (5) | 501 | 556,110 | 1,110 | $ | 1,034.08 | 97.01 | % | $ | 1,024.44 |
Approx-imate Rentable Area (Square Footage) | Aver-age Unit Size (Square Foot-age) | Monthly Average Rent per Unit at December 31, 2015 (1) | Average Occupancy Percent at December 31, 2015 (2) | Monthly Effective Rent per Unit at December 31, 2015 (3) | ||||||||||||||||||||
Property | Location | Year Complete | Year Manage-ment Commenced | Report-able Seg-ment | Number of Units | |||||||||||||||||||
TPC Mandarin | Jacksonville, FL | 1998 | 1998 | (5) | 288 | 334,656 | 1,162 | $ | 987.33 | 97.57 | % | $ | 983.89 | |||||||||||
St. Augustine at the Lake I | Jacksonville, FL | 1987 | 1995 | (5) | 400 | 319,600 | 799 | $ | 812.11 | 97.50 | % | $ | 810.99 | |||||||||||
St. Augustine at the Lake II | Jacksonville, FL | 2008 | 1995 | (5) | 124 | 118,544 | 956 | $ | 1,056.69 | 96.77 | % | $ | 1,054.44 | |||||||||||
Tattersall at Tapestry Park | Jacksonville, FL | 2009 | 2011 | (5) | 279 | 307,458 | 1,102 | $ | 1,243.64 | 96.42 | % | $ | 1,233.68 | |||||||||||
Woodhollow | Jacksonville, FL | 1986 | 1997 | (5) | 450 | 379,350 | 843 | $ | 846.52 | 96.44 | % | $ | 846.40 | |||||||||||
TPC Lakeland | Lakeland, FL | 1988/90 | 1997 | (5) | 464 | 502,048 | 1,082 | $ | 843.72 | 96.12 | % | $ | 840.24 | |||||||||||
CG at Town Park | Lake Mary, FL | 2002 | 2013 | (4) | 456 | 535,344 | 1,174 | $ | 1,191.54 | 98.03 | % | $ | 1,189.65 | |||||||||||
CG at TownPark Reserve | Lake Mary, FL | 2004 | 2013 | (4) | 80 | 77,440 | 968 | $ | 1,259.16 | 100.00 | % | $ | 1,259.16 | |||||||||||
CG at Lake Mary I&II | Lake Mary, FL | 2012 | 2013 | (6) | 340 | 348,500 | 1,025 | $ | 1,280.26 | 97.94 | % | $ | 1,275.48 | |||||||||||
CG at Lake Mary III | Lake Mary, FL | 2014 | 2013 | (6) | 132 | 139,920 | 1,060 | $ | 1,323.45 | 95.45 | % | $ | 1,316.58 | |||||||||||
Retreat at Lake Nona | Orlando, FL | 2006 | 2012 | (4) | 394 | 421,186 | 1,069 | $ | 1,161.86 | 95.94 | % | $ | 1,159.38 | |||||||||||
CG at Heather Glen | Orlando, FL | 2000 | 2013 | (4) | 448 | 523,264 | 1,168 | $ | 1,262.90 | 97.99 | % | $ | 1,256.96 | |||||||||||
CG at Randal Lakes | Orlando, FL | 2014 | 2013 | (6) | 462 | 435,666 | 943 | $ | 1,174.88 | 95.67 | % | $ | 1,169.48 | |||||||||||
Park Crest at Innisbrook | Palm Harbor, FL | 2000 | 2009 | (4) | 432 | 461,808 | 1,069 | $ | 1,117.43 | 96.99 | % | $ | 1,111.18 | |||||||||||
The Club at Panama Beach | Panama City, FL | 2000 | 1998 | (5) | 254 | 283,718 | 1,117 | $ | 1,119.53 | 94.09 | % | $ | 1,111.14 | |||||||||||
CV at Twin Lakes | Sanford, FL | 2005 | 2013 | (4) | 460 | 417,680 | 908 | $ | 989.56 | 97.39 | % | $ | 985.13 | |||||||||||
TPC Tallahassee | Tallahassee, FL | 1992 | 1997 | (5) | 304 | 329,536 | 1,084 | $ | 919.37 | 95.72 | % | $ | 903.88 | |||||||||||
Verandas at Southwood | Tallahassee, FL | 2003 | 2011 | (6) | 300 | 341,700 | 1,139 | $ | 1,045.16 | 95.67 | % | $ | 1,035.35 | |||||||||||
Belmere | Tampa, FL | 1984 | 1994 | (4) | 210 | 202,440 | 964 | $ | 946.79 | 97.62 | % | $ | 942.83 | |||||||||||
Links at Carrollwood | Tampa, FL | 1980 | 1998 | (4) | 230 | 213,210 | 927 | $ | 1,008.17 | 96.96 | % | $ | 1,007.74 | |||||||||||
Village Oaks | Tampa, FL | 2005 | 2008 | (4) | 234 | 279,864 | 1,196 | $ | 1,147.09 | 95.73 | % | $ | 1,135.22 | |||||||||||
CG at Hampton Preserve | Tampa, FL | 2012 | 2013 | (4) | 486 | 515,160 | 1,060 | $ | 1,132.87 | 96.09 | % | $ | 1,130.90 | |||||||||||
CG at Seven Oaks | Wesley Chapel, FL | 2004 | 2013 | (4) | 318 | 301,782 | 949 | $ | 1,085.24 | 97.17 | % | $ | 1,083.35 | |||||||||||
CG at Windermere | Windermere, FL | 2009 | 2013 | (4) | 280 | 283,920 | 1,014 | $ | 1,285.74 | 98.93 | % | $ | 1,285.31 | |||||||||||
Subtotal Florida | 12,002 | 12,451,396 | 1,037 | $ | 1,081.98 | 96.74 | % | $ | 1,077.51 | |||||||||||||||
Allure at Brookwood | Atlanta, GA | 2008 | 2012 | (4) | 349 | 344,463 | 987 | $ | 1,384.35 | 95.99 | % | $ | 1,385.98 | |||||||||||
Allure in Buckhead Village | Atlanta, GA | 2002 | 2012 | (4) | 228 | 222,756 | 977 | $ | 1,416.06 | 97.37 | % | $ | 1,407.57 | |||||||||||
Sanctuary at Oglethorpe | Atlanta, GA | 1994 | 2008 | (4) | 250 | 287,500 | 1,150 | $ | 1,634.89 | 96.80 | % | $ | 1,614.89 | |||||||||||
Terraces at Fieldstone | Conyers, GA | 1999 | 1998 | (4) | 316 | 375,092 | 1,187 | $ | 939.39 | 94.94 | % | $ | 939.24 | |||||||||||
CG at Berkeley Lake | Duluth, GA | 1998 | 2013 | (4) | 180 | 244,260 | 1,357 | $ | 1,163.25 | 95.00 | % | $ | 1,161.17 | |||||||||||
CG at McDaniel Farm | Duluth, GA | 1997 | 2013 | (4) | 425 | 450,925 | 1,061 | $ | 983.77 | 97.65 | % | $ | 981.30 | |||||||||||
CG at Pleasant Hill | Duluth, GA | 1996 | 2013 | (4) | 502 | 502,000 | 1,000 | $ | 904.57 | 98.41 | % | $ | 903.17 | |||||||||||
CG at River Oaks | Duluth, GA | 1992 | 2013 | (4) | 216 | 276,264 | 1,279 | $ | 1,090.39 | 98.61 | % | $ | 1,080.07 | |||||||||||
CG at River Plantation | Duluth, GA | 1994 | 2013 | (4) | 232 | 310,416 | 1,338 | $ | 1,101.64 | 97.41 | % | $ | 1,096.90 | |||||||||||
Prescott | Duluth, GA | 2001 | 2004 | (4) | 384 | 411,648 | 1,072 | $ | 989.39 | 95.31 | % | $ | 986.40 | |||||||||||
CG at Mount Vernon | Dunwoody, GA | 1997 | 2013 | (4) | 213 | 257,091 | 1,207 | $ | 1,346.62 | 97.65 | % | $ | 1,344.43 | |||||||||||
Lake Lanier Club I | Gainesville, GA | 1998 | 2005 | (4) | 344 | 396,288 | 1,152 | $ | 1,001.87 | 97.38 | % | $ | 994.94 | |||||||||||
Lake Lanier Club II | Gainesville, GA | 2001 | 2005 | (4) | 313 | 359,950 | 1,150 | $ | 934.84 | 96.81 | % | $ | 933.72 | |||||||||||
CG at Shiloh | Kennesaw, GA | 2002 | 2013 | (4) | 498 | 533,358 | 1,071 | $ | 985.98 | 96.18 | % | $ | 983.17 | |||||||||||
Milstead Village | Kennesaw, GA | 1998 | 2008 | (4) | 310 | 356,190 | 1,149 | $ | 1,067.55 | 97.10 | % | $ | 1,066.75 | |||||||||||
CG at Barrett Creek | Marietta, GA | 1999 | 2013 | (4) | 332 | 310,088 | 934 | $ | 987.36 | 96.08 | % | $ | 986.61 | |||||||||||
CG at Godley Lake | Pooler, GA | 2008 | 2013 | (5) | 288 | 269,568 | 936 | $ | 964.56 | 97.92 | % | $ | 961.93 | |||||||||||
CG at Godley Station | Pooler, GA | 2005 | 2013 | (5) | 312 | 337,272 | 1,081 | $ | 989.83 | 96.15 | % | $ | 976.16 | |||||||||||
Avala at Savannah Quarters | Savannah, GA | 2009 | 2011 | (5) | 256 | 278,016 | 1,086 | $ | 1,010.02 | 97.27 | % | $ | 997.92 |
Approx-imate Rentable Area (Square Footage) | Aver-age Unit Size (Square Foot-age) | Monthly Average Rent per Unit at December 31, 2015 (1) | Average Occupancy Percent at December 31, 2015 (2) | Monthly Effective Rent per Unit at December 31, 2015 (3) | ||||||||||||||||||||
Property | Location | Year Complete | Year Manage-ment Commenced | Report-able Seg-ment | Number of Units | |||||||||||||||||||
CG at Hammocks | Savannah, GA | 1997 | 2013 | (5) | 308 | 323,708 | 1,051 | $ | 1,160.38 | 96.43 | % | $ | 1,155.94 | |||||||||||
CV at Greentree | Savannah, GA | 1984 | 2013 | (5) | 194 | 165,288 | 852 | $ | 779.60 | 93.30 | % | $ | 754.57 | |||||||||||
CV at Huntington | Savannah, GA | 1986 | 2013 | (5) | 147 | 121,128 | 824 | $ | 892.07 | 100.00 | % | $ | 883.29 | |||||||||||
CV at Marsh Cove | Savannah, GA | 1983 | 2013 | (5) | 188 | 197,212 | 1,049 | $ | 857.35 | 97.87 | % | $ | 833.13 | |||||||||||
Georgetown Grove | Savannah, GA | 1997 | 1998 | (5) | 220 | 239,800 | 1,090 | $ | 956.19 | 94.55 | % | $ | 948.76 | |||||||||||
The Oaks at Wilmington Island | Savannah, GA | 1999 | 2006 | (5) | 306 | 333,846 | 1,091 | $ | 1,085.03 | 98.04 | % | $ | 1,065.60 | |||||||||||
Highlands of West Village I | Smyrna, GA | 2006 | 2014 | (6) | 292 | 368,504 | 1,262 | $ | 1,435.76 | 93.84 | % | $ | 1,431.72 | |||||||||||
Highlands of West Village II | Smyrna, GA | 2012 | 2014 | (6) | 188 | 188,000 | 1,000 | $ | 1,374.53 | 95.21 | % | $ | 1,358.20 | |||||||||||
Terraces at Towne Lake | Woodstock, GA | 1999 | 1998 | (4) | 502 | 568,264 | 1,132 | $ | 903.83 | 94.22 | % | $ | 894.67 | |||||||||||
Subtotal Georgia | 8,293 | 9,028,895 | 1,089 | $ | 1,068.12 | 96.50 | % | $ | 1,061.52 | |||||||||||||||
Haven at Prairie Trace | Kansas City, KS | 2015 | 2015 | (6) | 280 | 257,880 | 921 | $ | 1,088.79 | 95.00 | % | $ | 1,037.18 | |||||||||||
Subtotal Kansas | 280 | 257,880 | 921 | $ | 1,088.79 | 95.00 | % | $ | 1,037.18 | |||||||||||||||
Grand Reserve at Pinnacle | Lexington, KY | 2000 | 1999 | (5) | 370 | 432,900 | 1,170 | $ | 1,007.01 | 94.86 | % | $ | 993.41 | |||||||||||
Lakepointe | Lexington, KY | 1986 | 1994 | (5) | 118 | 90,742 | 769 | $ | 692.71 | 100.00 | % | $ | 692.71 | |||||||||||
The Mansion | Lexington, KY | 1989 | 1994 | (5) | 184 | 138,736 | 754 | $ | 736.47 | 99.46 | % | $ | 732.34 | |||||||||||
The Village | Lexington, KY | 1989 | 1994 | (5) | 252 | 182,700 | 725 | $ | 723.43 | 97.62 | % | $ | 717.00 | |||||||||||
Stonemill Village | Louisville, KY | 1985 | 1994 | (5) | 384 | 324,864 | 846 | $ | 803.78 | 96.61 | % | $ | 799.47 | |||||||||||
Subtotal Kentucky | 1,308 | 1,169,942 | 894 | $ | 826.30 | 97.02 | % | $ | 819.37 | |||||||||||||||
Crosswinds | Jackson, MS | 1989 | 1996 | (5) | 360 | 443,160 | 1,231 | $ | 865.67 | 96.11 | % | $ | 847.96 | |||||||||||
Pear Orchard | Jackson, MS | 1985 | 1994 | (5) | 389 | 337,263 | 867 | $ | 866.41 | 96.14 | % | $ | 862.94 | |||||||||||
Reflection Pointe | Jackson, MS | 1986 | 1988 | (5) | 296 | 248,344 | 839 | $ | 885.86 | 97.97 | % | $ | 884.17 | |||||||||||
Lakeshore Landing | Ridgeland, MS | 1974 | 1994 | (5) | 196 | 174,244 | 889 | $ | 765.04 | 96.94 | % | $ | 765.04 | |||||||||||
Subtotal Mississippi | 1,241 | 1,203,011 | 969 | $ | 854.82 | 96.70 | % | $ | 848.20 | |||||||||||||||
Market Station | Kansas City, MO | 2010 | 2012 | (5) | 323 | 324,615 | 1,005 | $ | 1,277.72 | 96.90 | % | $ | 1,269.33 | |||||||||||
Residences at Burlington Creek | Kansas City, MO | 2014 | 2015 | (6) | 298 | 301,278 | 1,011 | $ | 1,220.91 | 93.29 | % | $ | 1,115.64 | |||||||||||
The Denton (I) | Kansas City, MO | 2014 | 2015 | (6) | 55 | 59,730 | 1,086 | $ | 1,287.09 | 92.73 | % | $ | 1,287.09 | |||||||||||
Subtotal Missouri | 676 | 685,623 | 1,014 | $ | 1,253.44 | 94.97 | % | $ | 1,203.03 | |||||||||||||||
CG at Desert Vista | North Las Vegas, NV | 2009 | 2013 | (4) | 380 | 338,200 | 890 | $ | 823.26 | 97.89 | % | $ | 822.47 | |||||||||||
CG at Palm Vista | North Las Vegas, NV | 2007 | 2013 | (4) | 341 | 349,184 | 1,024 | $ | 877.21 | 97.95 | % | $ | 878.68 | |||||||||||
Subtotal Nevada | 721 | 687,384 | 953 | $ | 848.78 | 97.92 | % | $ | 849.06 | |||||||||||||||
CV at Beaver Creek | Apex, NC | 2007 | 2013 | (4) | 316 | 308,732 | 977 | $ | 962.42 | 95.25 | % | $ | 952.26 | |||||||||||
Hermitage at Beechtree | Cary, NC | 1988 | 1997 | (4) | 194 | 169,750 | 875 | $ | 860.84 | 96.91 | % | $ | 827.08 | |||||||||||
Waterford Forest | Cary, NC | 1996 | 2005 | (4) | 384 | 377,472 | 983 | $ | 889.62 | 96.35 | % | $ | 876.03 | |||||||||||
1225 South Church | Charlotte, NC | 2010 | 2010 | (4) | 406 | 337,792 | 832 | $ | 1,283.91 | 95.81 | % | $ | 1,238.79 | |||||||||||
CG at Ayrsley | Charlotte, NC | 2008 | 2013 | (4) | 449 | 451,694 | 1,006 | $ | 1,007.79 | 98.44 | % | $ | 1,006.56 | |||||||||||
CG at Beverly Crest | Charlotte, NC | 1996 | 2013 | (4) | 300 | 279,900 | 933 | $ | 956.25 | 96.67 | % | $ | 949.32 | |||||||||||
CG at Legacy Park | Charlotte, NC | 2001 | 2013 | (4) | 288 | 300,672 | 1,044 | $ | 917.93 | 96.53 | % | $ | 913.77 | |||||||||||
CG at Mallard Creek | Charlotte, NC | 2005 | 2013 | (4) | 252 | 232,596 | 923 | $ | 939.18 | 97.22 | % | $ | 939.18 | |||||||||||
CG at Mallard Lake | Charlotte, NC | 1998 | 2013 | (4) | 302 | 300,792 | 996 | $ | 963.62 | 97.02 | % | $ | 957.82 | |||||||||||
CG at University Center | Charlotte, NC | 2005 | 2013 | (4) | 156 | 167,076 | 1,071 | $ | 950.24 | 97.44 | % | $ | 948.64 | |||||||||||
CR at South End | Charlotte, NC | 2014 | 2013 | (6) | 353 | 304,639 | 863 | $ | 1,263.48 | 95.18 | % | $ | 1,251.57 | |||||||||||
CV at Chancellor Park | Charlotte, NC | 1999 | 2013 | (4) | 340 | 326,740 | 961 | $ | 860.17 | 97.06 | % | $ | 857.23 | |||||||||||
CV at Greystone | Charlotte, NC | 1998/2000 | 2013 | (4) | 408 | 387,192 | 949 | $ | 773.51 | 97.30 | % | $ | 772.35 | |||||||||||
CV at South Tryon | Charlotte, NC | 2002 | 2013 | (4) | 216 | 236,088 | 1,093 | $ | 939.06 | 97.22 | % | $ | 936.98 |
Approx-imate Rentable Area (Square Footage) | Aver-age Unit Size (Square Foot-age) | Monthly Average Rent per Unit at December 31, 2015 (1) | Average Occupancy Percent at December 31, 2015 (2) | Monthly Effective Rent per Unit at December 31, 2015 (3) | ||||||||||||||||||||
Property | Location | Year Complete | Year Manage-ment Commenced | Report-able Seg-ment | Number of Units | |||||||||||||||||||
CV at Stone Point | Charlotte, NC | 1986 | 2013 | (4) | 192 | 172,992 | 901 | $ | 822.29 | 97.92 | % | $ | 815.67 | |||||||||||
CV at Timber Crest | Charlotte, NC | 2000 | 2013 | (4) | 282 | 273,540 | 970 | $ | 838.19 | 95.39 | % | $ | 837.12 | |||||||||||
Enclave | Charlotte, NC | 2008 | 2013 | (4) | 85 | 107,695 | 1,267 | $ | 1,873.79 | 95.29 | % | $ | 1,863.48 | |||||||||||
CG at Cornelius | Cornelius, NC | 2009 | 2013 | (4) | 236 | 252,048 | 1,068 | $ | 966.62 | 98.31 | % | $ | 965.56 | |||||||||||
CG at Patterson Place | Durham, NC | 1997 | 2013 | (4) | 252 | 238,644 | 947 | $ | 930.99 | 97.22 | % | $ | 917.50 | |||||||||||
CV at Woodlake | Durham, NC | 1996 | 2013 | (4) | 266 | 255,094 | 959 | $ | 783.06 | 95.11 | % | $ | 779.30 | |||||||||||
CV at Deerfield | Durham, NC | 1985 | 2013 | (4) | 204 | 198,084 | 971 | $ | 867.54 | 98.53 | % | $ | 867.50 | |||||||||||
CG at Research Park | Durham, NC | 2002 | 2013 | (4) | 370 | 384,430 | 1,039 | $ | 944.26 | 95.95 | % | $ | 928.04 | |||||||||||
CG at Autumn Park | Greensboro, NC | 2001/04 | 2013 | (5) | 402 | 410,040 | 1,020 | $ | 777.48 | 99.00 | % | $ | 776.92 | |||||||||||
CG at Huntersville | Huntersville, NC | 2008 | 2013 | (4) | 250 | 248,000 | 992 | $ | 1,038.38 | 98.00 | % | $ | 1,019.24 | |||||||||||
CV at Matthews | Matthews, NC | 1990 | 2013 | (4) | 270 | 255,690 | 947 | $ | 940.05 | 95.93 | % | $ | 937.27 | |||||||||||
CG at Matthews Commons | Matthews, NC | 2008 | 2013 | (4) | 216 | 203,256 | 941 | $ | 1,055.06 | 97.69 | % | $ | 1,053.68 | |||||||||||
CG at Arringdon | Morrisville, NC | 2003 | 2013 | (4) | 320 | 311,360 | 973 | $ | 935.25 | 96.56 | % | $ | 928.28 | |||||||||||
CG at Brier Creek | Raleigh, NC | 2009 | 2013 | (4) | 364 | 401,128 | 1,102 | $ | 1,014.50 | 96.43 | % | $ | 1,000.48 | |||||||||||
CG at Brier Falls | Raleigh, NC | 2008 | 2013 | (4) | 350 | 381,850 | 1,091 | $ | 1,019.56 | 95.71 | % | $ | 1,012.54 | |||||||||||
CG at Crabtree | Raleigh, NC | 1997 | 2013 | (4) | 210 | 209,580 | 998 | $ | 885.41 | 95.24 | % | $ | 874.45 | |||||||||||
Hue | Raleigh, NC | 2009 | 2010 | (4) | 208 | 185,744 | 893 | $ | 1,416.45 | 93.27 | % | $ | 1,403.71 | |||||||||||
CG at Trinity Commons | Raleigh, NC | 2000/02 | 2013 | (4) | 462 | 484,176 | 1,048 | $ | 908.69 | 95.02 | % | $ | 896.30 | |||||||||||
Preserve at Brier Creek | Raleigh, NC | 2004 | 2006 | (4) | 450 | 519,300 | 1,154 | $ | 1,063.25 | 97.56 | % | $ | 1,046.13 | |||||||||||
Providence at Brier Creek | Raleigh, NC | 2007 | 2008 | (4) | 313 | 297,037 | 949 | $ | 951.26 | 97.12 | % | $ | 944.07 | |||||||||||
Corners at Crystal Lake | Winston-Salem, NC | 1982 | 1993 | (5) | 240 | 173,520 | 723 | $ | 624.23 | 95.42 | % | $ | 613.29 | |||||||||||
Colonial Village at Glen Eagles | Winston-Salem, NC | 1990/2000 | 2013 | (5) | 310 | 312,170 | 1,007 | $ | 685.10 | 95.16 | % | $ | 682.38 | |||||||||||
CV at Mill Creek | Winston-Salem, NC | 1984 | 2013 | (5) | 220 | 209,660 | 953 | $ | 629.19 | 96.82 | % | $ | 590.85 | |||||||||||
Subtotal North Carolina | 10,836 | 10,666,173 | 984 | $ | 948.50 | 96.59 | % | $ | 938.65 | |||||||||||||||
Tanglewood | Anderson, SC | 1980 | 1994 | (5) | 168 | 146,664 | 873 | $ | 712.13 | 93.45 | % | $ | 706.77 | |||||||||||
CG at Cypress Cove | Charleston, SC | 2001 | 2013 | (5) | 264 | 304,128 | 1,152 | $ | 1,096.06 | 95.83 | % | $ | 1,094.92 | |||||||||||
CV at Hampton Pointe | Charleston, SC | 1986 | 2013 | (5) | 304 | 314,640 | 1,035 | $ | 993.84 | 97.37 | % | $ | 993.84 | |||||||||||
CG at Quarterdeck | Charleston, SC | 1987 | 2013 | (5) | 230 | 218,960 | 952 | $ | 1,196.71 | 95.65 | % | $ | 1,173.01 | |||||||||||
CV at Westchase | Charleston, SC | 1985 | 2013 | (5) | 352 | 258,016 | 733 | $ | 826.62 | 96.88 | % | $ | 816.25 | |||||||||||
River's Walk | Charleston, SC | 2013 | 2013 | (5) | 270 | 248,400 | 920 | $ | 1,579.86 | 96.67 | % | $ | 1,538.82 | |||||||||||
The Fairways | Columbia, SC | 1992 | 1994 | (5) | 240 | 213,840 | 891 | $ | 733.72 | 97.92 | % | $ | 723.30 | |||||||||||
TPC Columbia | Columbia, SC | 1991 | 1997 | (5) | 336 | 378,672 | 1,127 | $ | 797.31 | 94.35 | % | $ | 784.01 | |||||||||||
CV at Windsor Place | Goose Creek, SC | 1985 | 2013 | (5) | 224 | 213,472 | 953 | $ | 867.22 | 96.43 | % | $ | 867.22 | |||||||||||
Highland Ridge | Greenville, SC | 1984 | 1995 | (5) | 168 | 134,904 | 803 | $ | 676.31 | 94.05 | % | $ | 676.31 | |||||||||||
Howell Commons | Greenville, SC | 1987 | 1997 | (5) | 348 | 275,616 | 792 | $ | 708.26 | 93.97 | % | $ | 705.24 | |||||||||||
TPC Greenville | Greenville, SC | 1996 | 1997 | (5) | 208 | 231,504 | 1,113 | $ | 850.48 | 97.60 | % | $ | 816.31 | |||||||||||
Park Haywood | Greenville, SC | 1983 | 1993 | (5) | 208 | 158,704 | 763 | $ | 712.88 | 97.60 | % | $ | 708.56 | |||||||||||
Spring Creek | Greenville, SC | 1985 | 1995 | (5) | 208 | 179,504 | 863 | $ | 750.12 | 97.60 | % | $ | 750.12 | |||||||||||
Runaway Bay | Mt. Pleasant, SC | 1988 | 1995 | (5) | 208 | 177,840 | 855 | $ | 1,230.21 | 93.75 | % | $ | 1,215.55 | |||||||||||
CG at Commerce Park | North Charleston, SC | 2008 | 2013 | (5) | 312 | 306,384 | 982 | $ | 930.43 | 96.47 | % | $ | 922.09 | |||||||||||
535 Brookwood | Simpsonville, SC | 2008 | 2010 | (5) | 256 | 254,464 | 994 | $ | 951.31 | 96.09 | % | $ | 951.31 | |||||||||||
Park Place | Spartanburg, SC | 1987 | 1997 | (5) | 184 | 195,224 | 1,061 | $ | 757.28 | 96.74 | % | $ | 756.20 | |||||||||||
Farmington Village | Summerville, SC | 2007 | 2007 | (5) | 280 | 309,120 | 1,104 | $ | 1,041.33 | 96.07 | % | $ | 1,019.45 | |||||||||||
CV at Waters Edge | Summerville, SC | 1985 | 2013 | (5) | 204 | 187,680 | 920 | $ | 857.85 | 96.08 | % | $ | 855.40 |
Approx-imate Rentable Area (Square Footage) | Aver-age Unit Size (Square Foot-age) | Monthly Average Rent per Unit at December 31, 2015 (1) | Average Occupancy Percent at December 31, 2015 (2) | Monthly Effective Rent per Unit at December 31, 2015 (3) | ||||||||||||||||||||
Property | Location | Year Complete | Year Manage-ment Commenced | Report-able Seg-ment | Number of Units | |||||||||||||||||||
Subtotal South Carolina | 4,972 | 4,707,736 | 947 | $ | 920.97 | 96.04 | % | $ | 910.94 | |||||||||||||||
Hamilton Pointe | Chattanooga, TN | 1989 | 1992 | (5) | 361 | 256,310 | 710 | $ | 706.40 | 97.23 | % | $ | 706.29 | |||||||||||
Hidden Creek | Chattanooga, TN | 1987 | 1988 | (5) | 300 | 260,400 | 868 | $ | 701.97 | 96.33 | % | $ | 699.68 | |||||||||||
Steeplechase | Chattanooga, TN | 1986 | 1991 | (5) | 108 | 98,712 | 914 | $ | 797.63 | 98.15 | % | $ | 797.63 | |||||||||||
Windridge | Chattanooga, TN | 1984 | 1997 | (5) | 174 | 238,728 | 1,372 | $ | 1,058.58 | 97.13 | % | $ | 1,057.02 | |||||||||||
Kirby Station | Memphis, TN | 1978 | 1994 | (5) | 371 | 309,043 | 833 | $ | 833.40 | 95.96 | % | $ | 823.24 | |||||||||||
Lincoln on the Green | Memphis, TN | 1992 | 1994 | (5) | 618 | 540,132 | 874 | $ | 775.35 | 96.44 | % | $ | 764.19 | |||||||||||
Park Estate | Memphis, TN | 1974 | 1977 | (5) | 82 | 106,764 | 1,302 | $ | 1,151.28 | 98.78 | % | $ | 1,151.28 | |||||||||||
Reserve at Dexter Lake | Memphis, TN | 2000 | 1998 | (5) | 740 | 807,340 | 1,091 | $ | 917.07 | 96.35 | % | $ | 907.40 | |||||||||||
TPC Murfreesboro | Murfreesboro, TN | 1999 | 1998 | (4) | 240 | 281,760 | 1,174 | $ | 975.78 | 95.42 | % | $ | 953.89 | |||||||||||
Aventura at Indian Lake Village | Nashville, TN | 2010 | 2011 | (4) | 300 | 291,000 | 970 | $ | 1,105.46 | 93.33 | % | $ | 1,100.51 | |||||||||||
Avondale at Kennesaw Farms | Nashville, TN | 2008 | 2010 | (4) | 288 | 283,392 | 984 | $ | 1,059.81 | 97.22 | % | $ | 1,054.94 | |||||||||||
Brentwood Downs | Nashville, TN | 1986 | 1994 | (4) | 286 | 220,220 | 770 | $ | 1,016.57 | 98.25 | % | $ | 1,016.57 | |||||||||||
CG at Bellevue I | Nashville, TN | 1996 | 2013 | (6) | 349 | 344,812 | 988 | $ | 1,156.54 | 96.56 | % | $ | 1,152.42 | |||||||||||
CG at Bellevue II | Nashville, TN | 2013 | 2015 | (6) | 220 | 237,160 | 1,078 | $ | 1,246.45 | 97.73 | % | $ | 1,195.02 | |||||||||||
Grand View | Nashville, TN | 2001 | 1999 | (4) | 433 | 523,497 | 1,209 | $ | 1,222.85 | 92.84 | % | $ | 1,196.23 | |||||||||||
Monthaven Park | Nashville, TN | 2000 | 2004 | (4) | 456 | 427,728 | 938 | $ | 984.44 | 97.15 | % | $ | 983.68 | |||||||||||
Park at Hermitage | Nashville, TN | 1987 | 1995 | (4) | 440 | 392,480 | 892 | $ | 850.39 | 95.00 | % | $ | 847.23 | |||||||||||
Venue at Cool Springs | Nashville, TN | 2012 | 2010 | (4) | 428 | 457,104 | 1,068 | $ | 1,508.02 | 91.36 | % | $ | 1,490.24 | |||||||||||
Verandas at Sam Ridley | Nashville, TN | 2009 | 2010 | (4) | 336 | 391,104 | 1,164 | $ | 1,065.21 | 96.73 | % | $ | 1,065.21 | |||||||||||
Subtotal Tennessee | 6,530 | 6,467,686 | 990 | $ | 994.32 | 95.90 | % | $ | 985.04 | |||||||||||||||
Northwood Place | Arlington, TX | 1980 | 1998 | (4) | 270 | 224,100 | 830 | $ | 763.97 | 95.19 | % | $ | 763.97 | |||||||||||
Balcones Woods | Austin, TX | 1983 | 1997 | (4) | 384 | 313,728 | 817 | $ | 988.55 | 93.75 | % | $ | 985.05 | |||||||||||
CG at Canyon Creek | Austin, TX | 2007 | 2013 | (4) | 336 | 349,104 | 1,039 | $ | 1,046.65 | 95.24 | % | $ | 1,043.38 | |||||||||||
CG at Canyon Pointe | Austin, TX | 2003 | 2013 | (4) | 272 | 262,208 | 964 | $ | 995.76 | 95.59 | % | $ | 985.99 | |||||||||||
CG at Double Creek | Austin, TX | 2013 | 2013 | (4) | 296 | 277,944 | 939 | $ | 1,132.99 | 97.64 | % | $ | 1,121.18 | |||||||||||
CG at Onion Creek | Austin, TX | 2009 | 2013 | (4) | 300 | 312,600 | 1,042 | $ | 1,129.74 | 96.00 | % | $ | 1,128.08 | |||||||||||
CG at Wells Branch | Austin, TX | 2008 | 2013 | (4) | 336 | 321,888 | 958 | $ | 1,049.05 | 97.32 | % | $ | 1,044.08 | |||||||||||
CV at Quarry Oaks | Austin, TX | 1996 | 2013 | (4) | 533 | 459,979 | 863 | $ | 960.62 | 95.31 | % | $ | 955.30 | |||||||||||
Grand Reserve at Sunset Valley | Austin, TX | 1996 | 2004 | (4) | 210 | 194,460 | 926 | $ | 1,221.11 | 96.67 | % | $ | 1,217.54 | |||||||||||
Legacy at Western Oaks | Austin, TX | 2002 | 2009 | (4) | 479 | 467,504 | 976 | $ | 1,281.67 | 96.45 | % | $ | 1,278.54 | |||||||||||
Silverado at Brushy Creek | Austin, TX | 2003 | 2006 | (4) | 312 | 303,264 | 972 | $ | 1,099.10 | 96.79 | % | $ | 1,094.62 | |||||||||||
Stassney Woods | Austin, TX | 1985 | 1995 | (4) | 288 | 248,832 | 864 | $ | 919.03 | 95.83 | % | $ | 916.80 | |||||||||||
The Woods on Barton Skyway | Austin, TX | 1977 | 1997 | (4) | 278 | 214,060 | 770 | $ | 1,224.17 | 97.84 | % | $ | 1,216.75 | |||||||||||
Travis Station | Austin, TX | 1987 | 1995 | (4) | 304 | 244,720 | 805 | $ | 828.71 | 95.39 | % | $ | 820.05 | |||||||||||
CV at Shoal Creek | Bedford, TX | 1996 | 2013 | (4) | 408 | 381,888 | 936 | $ | 912.80 | 96.57 | % | $ | 910.84 | |||||||||||
CV at Willow Creek | Bedford, TX | 1996 | 2013 | (4) | 478 | 426,854 | 893 | $ | 918.76 | 95.40 | % | $ | 913.07 | |||||||||||
CG at Hebron | Carrollton, TX | 2011 | 2013 | (4) | 312 | 352,248 | 1,129 | $ | 1,244.89 | 95.83 | % | $ | 1,242.97 | |||||||||||
CG at Silverado | Cedar Park, TX | 2005 | 2013 | (4) | 238 | 239,666 | 1,007 | $ | 1,079.16 | 97.90 | % | $ | 1,074.79 | |||||||||||
CG at Silverado Reserve | Cedar Park, TX | 2006 | 2013 | (4) | 256 | 266,240 | 1,040 | $ | 1,151.09 | 96.48 | % | $ | 1,143.28 | |||||||||||
Grand Cypress | Cypress, TX | 2008 | 2010 | (6) | 312 | 280,488 | 899 | $ | 1,150.03 | 95.19 | % | $ | 1,146.19 | |||||||||||
Courtyards at Campbell | Dallas, TX | 1986 | 1998 | (4) | 232 | 168,664 | 727 | $ | 916.25 | 94.83 | % | $ | 916.25 | |||||||||||
CR at Medical District | Dallas, TX | 2007 | 2013 | (4) | 278 | 241,582 | 869 | $ | 1,237.49 | 93.17 | % | $ | 1,237.49 | |||||||||||
Deer Run | Dallas, TX | 1985 | 1998 | (4) | 304 | 206,720 | 680 | $ | 792.97 | 97.37 | % | $ | 792.97 |
Approx-imate Rentable Area (Square Footage) | Aver-age Unit Size (Square Foot-age) | Monthly Average Rent per Unit at December 31, 2015 (1) | Average Occupancy Percent at December 31, 2015 (2) | Monthly Effective Rent per Unit at December 31, 2015 (3) | ||||||||||||||||||||
Property | Location | Year Complete | Year Manage-ment Commenced | Report-able Seg-ment | Number of Units | |||||||||||||||||||
Grand Courtyards | Dallas, TX | 2000 | 2006 | (4) | 390 | 343,980 | 882 | $ | 1,022.38 | 98.21 | % | $ | 1,022.38 | |||||||||||
Legends at Lowes Farm | Dallas, TX | 2008 | 2011 | (4) | 456 | 425,904 | 934 | $ | 1,202.33 | 96.05 | % | $ | 1,172.17 | |||||||||||
Watermark | Dallas, TX | 2002 | 2004 | (4) | 240 | 199,200 | 830 | $ | 1,004.32 | 95.83 | % | $ | 1,004.32 | |||||||||||
CV at Main Park | Duncanville, TX | 1984 | 2013 | (4) | 192 | 180,288 | 939 | $ | 902.66 | 98.96 | % | $ | 875.31 | |||||||||||
CG at Bear Creek | Euless, TX | 1998 | 2013 | (4) | 436 | 395,016 | 906 | $ | 1,023.78 | 97.71 | % | $ | 1,022.86 | |||||||||||
CG at Fairview | Fairview, TX | 2012 | 2013 | (4) | 256 | 258,048 | 1,008 | $ | 1,188.28 | 94.92 | % | $ | 1,166.64 | |||||||||||
CR at Frisco Bridges | Frisco, TX | 2013 | 2013 | (6) | 252 | 210,420 | 835 | $ | 1,188.79 | 93.65 | % | $ | 1,180.01 | |||||||||||
La Valencia at Starwood | Frisco, TX | 2009 | 2010 | (4) | 270 | 267,840 | 992 | $ | 1,309.95 | 95.56 | % | $ | 1,297.68 | |||||||||||
CV at Grapevine | Grapevine, TX | 1985 | 2013 | (4) | 450 | 387,450 | 861 | $ | 892.08 | 97.56 | % | $ | 892.07 | |||||||||||
Greenwood Forest | Houston, TX | 1994 | 2008 | (4) | 316 | 310,944 | 984 | $ | 1,004.20 | 95.25 | % | $ | 1,000.41 | |||||||||||
Legacy Pines | Houston, TX | 2000 | 2003 | (4) | 308 | 283,360 | 920 | $ | 1,036.03 | 96.75 | % | $ | 1,036.03 | |||||||||||
Park Place Houston | Houston, TX | 1996 | 2007 | (4) | 229 | 207,016 | 904 | $ | 1,111.41 | 98.69 | % | $ | 1,110.32 | |||||||||||
Ranchstone | Houston, TX | 1996 | 2007 | (4) | 220 | 193,160 | 878 | $ | 996.41 | 96.36 | % | $ | 995.50 | |||||||||||
Reserve at Woodwind Lakes | Houston, TX | 1999 | 2006 | (4) | 328 | 316,192 | 964 | $ | 1,037.09 | 97.26 | % | $ | 1,036.24 | |||||||||||
Retreat at Vintage Park | Houston, TX | 2014 | 2014 | (6) | 323 | 296,514 | 918 | $ | 1,257.12 | 97.21 | % | $ | 1,257.12 | |||||||||||
Cascade at Fall Creek | Humble, TX | 2007 | 2008 | (4) | 246 | 227,796 | 926 | $ | 1,079.84 | 95.12 | % | $ | 1,075.17 | |||||||||||
Chalet at Fall Creek | Humble, TX | 2006 | 2007 | (4) | 268 | 260,228 | 971 | $ | 1,065.63 | 97.01 | % | $ | 1,062.83 | |||||||||||
Bella Casita | Irving, TX | 2007 | 2010 | (4) | 268 | 258,352 | 964 | $ | 1,196.11 | 93.28 | % | $ | 1,196.11 | |||||||||||
CG at Valley Ranch | Irving, TX | 1997 | 2013 | (4) | 396 | 462,132 | 1,167 | $ | 1,260.11 | 96.72 | % | $ | 1,246.73 | |||||||||||
CR at Las Colinas | Irving, TX | 2006 | 2013 | (4) | 306 | 277,848 | 908 | $ | 1,234.13 | 95.42 | % | $ | 1,228.90 | |||||||||||
Remington Hills at Las Colinas | Irving, TX | 1984 | 2013 | (6) | 362 | 346,434 | 957 | $ | 951.79 | 93.09 | % | $ | 950.82 | |||||||||||
CV at Oak Bend | Lewisville, TX | 1997 | 2013 | (4) | 426 | 382,974 | 899 | $ | 924.84 | 96.24 | % | $ | 923.08 | |||||||||||
Times Square at Craig Ranch | McKinney, TX | 2009 | 2010 | (4) | 313 | 320,512 | 1,024 | $ | 1,232.88 | 95.21 | % | $ | 1,199.81 | |||||||||||
Venue at Stonebridge Ranch | McKinney, TX | 2000 | 2010 | (6) | 250 | 214,000 | 856 | $ | 1,011.83 | 95.20 | % | $ | 1,005.27 | |||||||||||
Lane at Towne Crossing | Mesquite, TX | 1983 | 1994 | (4) | 384 | 277,632 | 723 | $ | 760.58 | 96.88 | % | $ | 759.28 | |||||||||||
Cityscape at Market Center | Plano, TX | 2013 | 2014 | (6) | 454 | 381,360 | 840 | $ | 1,213.58 | 95.59 | % | $ | 1,194.53 | |||||||||||
Highwood | Plano, TX | 1983 | 1998 | (4) | 196 | 156,212 | 797 | $ | 988.78 | 96.94 | % | $ | 978.59 | |||||||||||
Los Rios | Plano, TX | 2000 | 2003 | (4) | 498 | 470,112 | 944 | $ | 1,021.10 | 94.98 | % | $ | 1,019.39 | |||||||||||
Boulder Ridge | Roanoke, TX | 1999/2008 | 2005 | (4) | 494 | 442,624 | 896 | $ | 1,027.42 | 95.55 | % | $ | 1,008.17 | |||||||||||
Copper Ridge | Roanoke, TX | 2009 | 2008 | (4) | 245 | 230,055 | 939 | $ | 1,172.15 | 95.51 | % | $ | 1,161.95 | |||||||||||
CG at Ashton Oaks | Round Rock, TX | 2009 | 2013 | (4) | 362 | 307,338 | 849 | $ | 996.11 | 95.30 | % | $ | 992.93 | |||||||||||
CG at Round Rock | Round Rock, TX | 2007 | 2013 | (4) | 422 | 429,596 | 1,018 | $ | 1,076.64 | 96.68 | % | $ | 1,073.20 | |||||||||||
CV at Sierra Vista | Round Rock, TX | 1999 | 2013 | (4) | 232 | 205,552 | 886 | $ | 942.91 | 94.83 | % | $ | 942.91 | |||||||||||
Alamo Ranch | San Antonio, TX | 2009 | 2011 | (5) | 340 | 270,640 | 796 | $ | 935.94 | 96.18 | % | $ | 920.09 | |||||||||||
Bulverde Oaks | San Antonio, TX | 2014 | 2014 | (6) | 328 | 300,776 | 917 | $ | 1,134.88 | 95.73 | % | $ | 1,130.72 | |||||||||||
Haven at Blanco | San Antonio, TX | 2010 | 2012 | (5) | 436 | 463,468 | 1,063 | $ | 1,163.75 | 96.79 | % | $ | 1,159.05 | |||||||||||
Stone Ranch at Westover Hills | San Antonio, TX | 2008 | 2009 | (5) | 400 | 334,400 | 836 | $ | 990.54 | 98.25 | % | $ | 988.04 | |||||||||||
Cypresswood Court | Spring, TX | 1984 | 1994 | (4) | 208 | 160,576 | 772 | $ | 814.86 | 95.19 | % | $ | 808.98 | |||||||||||
Villages of Kirkwood | Stafford, TX | 1996 | 2004 | (4) | 274 | 244,682 | 893 | $ | 1,086.92 | 95.99 | % | $ | 1,084.00 | |||||||||||
Green Tree Place | Woodlands, TX | 1984 | 1994 | (4) | 200 | 152,200 | 761 | $ | 877.68 | 96.50 | % | $ | 877.68 | |||||||||||
Subtotal Texas | 20,390 | 18,611,572 | 913 | $ | 1,053.69 | 96.07 | % | $ | 1,047.63 | |||||||||||||||
Stonefield Commons | Charlottesville, VA | 2013 | 2014 | (6) | 251 | 209,585 | 835 | $ | 1,377.01 | 96.02 | % | $ | 1,363.47 | |||||||||||
Adalay Bay | Chesapeake, VA | 2002 | 2012 | (5) | 240 | 246,240 | 1,026 | $ | 1,242.95 | 97.08 | % | $ | 1,228.73 | |||||||||||
CV at Greenbrier | Fredericksburg, VA | 1980 | 2013 | (5) | 258 | 216,720 | 840 | $ | 991.62 | 98.06 | % | $ | 986.38 |
Approx-imate Rentable Area (Square Footage) | Aver-age Unit Size (Square Foot-age) | Monthly Average Rent per Unit at December 31, 2015 (1) | Average Occupancy Percent at December 31, 2015 (2) | Monthly Effective Rent per Unit at December 31, 2015 (3) | ||||||||||||||||||||
Property | Location | Year Complete | Year Manage-ment Commenced | Report-able Seg-ment | Number of Units | |||||||||||||||||||
Seasons at Celebrate Virginia | Fredericksburg, VA | 2011 | 2011 | (6) | 483 | 481,551 | 997 | $ | 1,323.89 | 96.07 | % | $ | 1,317.47 | |||||||||||
Station Square at Cosner's Corner | Fredericksburg, VA | 2012 | 2013 | (6) | 260 | 268,580 | 1,033 | $ | 1,304.86 | 96.92 | % | $ | 1,299.47 | |||||||||||
CV at Hampton Glen | Glen Allen, VA | 1986 | 2013 | (5) | 232 | 177,712 | 766 | $ | 939.72 | 94.83 | % | $ | 939.31 | |||||||||||
CV at West End | Glen Allen, VA | 1987 | 2013 | (5) | 224 | 156,352 | 698 | $ | 846.22 | 98.21 | % | $ | 839.44 | |||||||||||
CV at Tradewinds | Hampton, VA | 1988 | 2013 | (5) | 284 | 280,024 | 986 | $ | 864.90 | 98.24 | % | $ | 831.91 | |||||||||||
Radius | Hampton, VA | 2012 | 2015 | (6) | 252 | 234,108 | 929 | $ | 1,330.57 | 99.60 | % | $ | 1,264.84 | |||||||||||
Township in Hampton Woods | Hampton, VA | 1987 | 1995 | (5) | 296 | 248,048 | 838 | $ | 938.02 | 99.32 | % | $ | 922.22 | |||||||||||
CV at Waterford | Midlothian, VA | 1989 | 2013 | (5) | 312 | 288,912 | 926 | $ | 967.40 | 98.72 | % | $ | 965.58 | |||||||||||
Ashley Park | Richmond, VA | 1988 | 2013 | (5) | 272 | 194,480 | 715 | $ | 774.98 | 98.53 | % | $ | 774.98 | |||||||||||
CV at Chase Gayton | Richmond, VA | 1984 | 2013 | (5) | 328 | 311,272 | 949 | $ | 919.25 | 95.73 | % | $ | 915.59 | |||||||||||
Retreat at West Creek | Richmond, VA | 2015 | 2015 | (6) | 254 | 255,016 | 1,004 | $ | 1,269.16 | 96.06 | % | $ | 1,238.71 | |||||||||||
The Hamptons at Hunton Park | Richmond, VA | 2003 | 2011 | (5) | 300 | 309,600 | 1,032 | $ | 1,252.35 | 95.67 | % | $ | 1,240.73 | |||||||||||
CV at Harbour Club | Virginia Beach, VA | 1988 | 2013 | (5) | 213 | 193,191 | 907 | $ | 890.24 | 96.24 | % | $ | 878.51 | |||||||||||
Subtotal Virginia | 4,459 | 4,071,391 | 913 | $ | 1,086.90 | 97.17 | % | $ | 1,073.36 | |||||||||||||||
Total | 78,847 | 77,424,513 | 982 | $ | 1,014.11 | 96.07 | % | $ | 1,005.80 |
(1) | Monthly average rent per unit represents the average of gross monthly rent amounts charged for occupied units plus prevalent market rents asked for unoccupied units in the property, divided by the total number of units in the property. This information is provided to represent average pricing for the period and does not represent actual rental revenue collected per unit. |
(2) | Average Occupancy is calculated by dividing the number of units occupied at each property by the total number of units at each property. |
(3) | Effective rent per unit is equal to the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units in the property, divided by the total number of units in the property. Leasing concessions represent discounts to the current market rate. These discounts may be offered from time-to-time by a property for various reasons, including to assist with the initial lease-up of a newly developed property or as a response to a property's local market economics. Concessions are not part of our standard rent offering. Concessions for the year ended December 31, 2015 were $9.1 million. As of December 31, 2015, approximately 20.05% of total leases were subject to concessions. Effective rent is provided to represent average pricing for the period and does not represent actual rental revenue collected per unit. |
(4) | Large market same store reportable segment. |
(5) | Secondary market same store reportable segment. |
(6) | Non-same store reportable segment. |
Encumbrances at | |||||||||||||||||
December 31, 2015 | |||||||||||||||||
Property | Location | Mortgage/Bond Principal (000's) | Interest Rate | Maturity Date | |||||||||||||
Eagle Ridge | Birmingham, AL | $ | — | (1) | (1) | (1) | |||||||||||
CG at Edgewater | Huntsville, AL | 27,722 | 3.750 | % | 6/1/2019 | ||||||||||||
CG at Madison | Madison, AL | 22,500 | 3.750 | % | 6/1/2019 | ||||||||||||
CG at Liberty Park | Vestavia Hills, AL | 17,823 | 3.700 | % | 2/27/2019 | ||||||||||||
Tiffany Oaks | Altamonte Springs, FL | — | (1) | (1) | (1) | ||||||||||||
Indigo Point | Brandon, FL | — | (1) | (1) | (1) |
Encumbrances at | |||||||||||||||||
December 31, 2015 | |||||||||||||||||
Property | Location | Mortgage/Bond Principal (000's) | Interest Rate | Maturity Date | |||||||||||||
CG at Heathrow | Heathrow, FL | 20,594 | 3.700 | % | 2/27/2019 | ||||||||||||
Lighthouse at Fleming Island | Jacksonville, FL | — | (1) | (1) | (1) | ||||||||||||
Woodhollow | Jacksonville, FL | — | (1) | (1) | (1) | ||||||||||||
CG at Town Park | Lake Mary, FL | 32,938 | 3.750 | % | 6/1/2019 | ||||||||||||
Park Crest at Innisbrook | Palm Harbor, FL | 28,419 | 4.430 | % | 10/1/2020 | ||||||||||||
CV at Twin Lakes | Sanford, FL | 25,044 | 4.065 | % | 7/1/2020 | ||||||||||||
Verandas at Southwood | Tallahassee, FL | 20,345 | 2.060 | % | 3/1/2016 | ||||||||||||
Belmere | Tampa, FL | — | (1) | (1) | (1) | ||||||||||||
CG at Seven Oaks | Wesley Chapel, FL | 20,720 | 3.750 | % | 6/1/2019 | ||||||||||||
Prescott | Duluth, GA | — | (2) | (2) | (2) | ||||||||||||
CG at River Oaks | Duluth, GA | 11,680 | 3.750 | % | 6/1/2019 | ||||||||||||
CG at Mount Vernon | Dunwoody, GA | 15,328 | 3.700 | % | 2/27/2019 | ||||||||||||
Lake Lanier Club II | Gainesville, GA | — | (2) | (2) | (2) | ||||||||||||
CG at Shiloh | Kennesaw, GA | 30,454 | 3.700 | % | 2/27/2019 | ||||||||||||
CG at Barrett Creek | Marietta, GA | 19,257 | 3.750 | % | 6/1/2019 | ||||||||||||
CG at Godley Station | Pooler, GA | 12,777 | 5.000 | % | 6/1/2025 | ||||||||||||
Highlands of West Village I | Smyrna, GA | 41,075 | 3.000 | % | 5/1/2018 | ||||||||||||
Grand Reserve at Pinnacle | Lexington, KY | — | (1) | (1) | (1) | ||||||||||||
Mansion, The | Lexington, KY | — | (1) | (1) | (1) | ||||||||||||
Village, The | Lexington, KY | — | (1) | (1) | (1) | ||||||||||||
Waterford Forest | Cary, NC | — | (2) | (2) | (2) | ||||||||||||
Hermitage at Beechtree | Cary, NC | — | (1) | (1) | (1) | ||||||||||||
CG at Beverly Crest | Charlotte, NC | 15,496 | 3.700 | % | 2/27/2019 | ||||||||||||
CG at Mallard Creek | Charlotte, NC | 15,630 | 3.700 | % | 2/27/2019 | ||||||||||||
CG at Mallard Lake | Charlotte, NC | 17,642 | 3.700 | % | 2/27/2019 | ||||||||||||
CV at Greystone | Charlotte, NC | 14,180 | 3.750 | % | 6/1/2019 | ||||||||||||
CG at Patterson Place | Durham, NC | 15,361 | 3.700 | % | 2/27/2019 | ||||||||||||
CG at Huntersville | Huntersville, NC | 14,843 | 3.750 | % | 6/1/2019 | ||||||||||||
CV at Matthews | Matthews, NC | 13,587 | 2.630 | % | 3/29/2016 | ||||||||||||
CG at Arringdon | Morrisville, NC | 19,319 | 3.700 | % | 2/27/2019 | ||||||||||||
CG at Brier Creek | Raleigh, NC | 25,490 | 3.700 | % | 2/27/2019 | ||||||||||||
CG at Crabtree Valley | Raleigh, NC | 10,532 | 3.700 | % | 2/27/2019 | ||||||||||||
CG at Trinity Commons | Raleigh, NC | 29,725 | 3.400 | % | 4/1/2018 | ||||||||||||
Howell Commons | Greenville, SC | — | (1) | (1) | (1) | ||||||||||||
TPC Greenville | Greenville, SC | — | (1) | (1) | (1) | ||||||||||||
Park Haywood | Greenville, SC | — | (1) | (1) | (1) | ||||||||||||
535 Brookwood | Simpsonville, SC | 12,889 | 4.430 | % | 10/1/2020 | ||||||||||||
Hidden Creek | Chattanooga, TN | — | (1) | (1) | (1) | ||||||||||||
Lincoln on the Green | Memphis, TN | — | (1) | (1) | (1) | ||||||||||||
Avondale at Kennesaw | Nashville, TN | 17,762 | 4.430 | % | 10/1/2020 | ||||||||||||
CG at Bellevue | Nashville, TN | 22,086 | 4.065 | % | 7/1/2020 | ||||||||||||
Verandas at Sam Ridley | Nashville, TN | 21,861 | 4.430 | % | 10/1/2020 | ||||||||||||
CG at Canyon Creek | Austin, TX | 15,159 | 3.750 | % | 9/14/2019 |
Encumbrances at | |||||||||||||||||
December 31, 2015 | |||||||||||||||||
Property | Location | Mortgage/Bond Principal (000's) | Interest Rate | Maturity Date | |||||||||||||
CV at Quarry Oaks | Austin, TX | 26,832 | 3.700 | % | 2/27/2019 | ||||||||||||
Legacy at Western Oaks | Austin, TX | 29,672 | 3.510 | % | 2/1/2017 | ||||||||||||
CV at Shoal Creek | Bedford, TX | 22,807 | 3.700 | % | 2/27/2019 | ||||||||||||
CV at Willow Creek | Bedford, TX | 26,429 | 3.700 | % | 2/27/2019 | ||||||||||||
Grand Cypress | Cypress, TX | 16,598 | 3.400 | % | 8/5/2017 | ||||||||||||
Watermark | Dallas, TX | — | (2) | (2) | (2) | ||||||||||||
CG at Bear Creek | Euless, TX | 24,082 | 3.700 | % | 2/27/2019 | ||||||||||||
La Valencia at Starwood | Frisco, TX | 20,931 | 4.590 | % | 3/10/2018 | ||||||||||||
Legacy Pines | Houston, TX | — | (2) | (2) | (2) | ||||||||||||
Bella Casita at Las Colinas | Irving, TX | — | (2) | (2) | (2) | ||||||||||||
CG at Valley Ranch | Irving, TX | 25,044 | 4.065 | % | 7/1/2020 | ||||||||||||
CV at Oakbend | Lewisville, TX | 21,667 | 3.700 | % | 2/27/2019 | ||||||||||||
Venue at Stonebridge Ranch | McKinney, TX | 14,767 | 3.250 | % | 12/10/2017 | ||||||||||||
CG at Round Rock | Round Rock, TX | 24,484 | 3.700 | % | 2/27/2019 | ||||||||||||
CV at Sierra Vista | Round Rock, TX | 10,900 | 3.700 | % | 2/27/2019 | ||||||||||||
Stone Ranch at Westover Hills | San Antonio, TX | 18,499 | 5.490 | % | 3/1/2020 | ||||||||||||
Cypresswood Court | Spring, TX | — | (2) | (2) | (2) | ||||||||||||
Green Tree Place | Woodlands, TX | — | (2) | (2) | (2) | ||||||||||||
CV at West End | Glen Allen, VA | 12,611 | 3.700 | % | 2/27/2019 | ||||||||||||
Total | $ | 923,561 |
(1) | Encumbered by a $240.0 million Fannie Mae facility, with $240.0 million available and outstanding with a variable interest rate of 0.80% on which there exists five interest rate caps totaling $125 million at an average rate of 4.60% at December 31, 2015. |
(2) | Encumbered by a $128 million loan with an outstanding balance of $128 million and a fixed interest rate of 5.08% which matures on June 10, 2021. |
Sales Prices | Dividends Paid | Dividends Declared | ||||||||||||||
High | Low | |||||||||||||||
2015: | ||||||||||||||||
First Quarter | $ | 83.50 | $ | 70.67 | $ | 0.77 | $ | 0.77 | ||||||||
Second Quarter | $ | 78.99 | $ | 72.72 | $ | 0.77 | $ | 0.77 | ||||||||
Third Quarter | $ | 84.42 | $ | 72.51 | $ | 0.77 | $ | 0.77 | ||||||||
Fourth Quarter | $ | 92.80 | $ | 81.72 | $ | 0.77 | $ | 0.82 | (1) | |||||||
2014: | ||||||||||||||||
First Quarter | $ | 69.32 | $ | 60.47 | $ | 0.73 | $ | 0.73 | ||||||||
Second Quarter | $ | 73.49 | $ | 67.10 | $ | 0.73 | $ | 0.73 | ||||||||
Third Quarter | $ | 75.09 | $ | 65.05 | $ | 0.73 | $ | 0.73 | ||||||||
Fourth Quarter | $ | 76.83 | $ | 65.54 | $ | 0.73 | $ | 0.77 |
2015 | 2014 | 2013 | ||||
Shares | 8,562 | 9,055 | 10,924 | |||
Discount | — | % | — | % | — | % |
Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights (a)(1) | Weighted Average Exercise Price of Outstanding Options Warrants and Rights (b)(1) | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (excluding securities reflected in column (a)) (c)(2) | |||||||
Equity compensation plans approved by security holders | 58,112 | $ | 86.21 | 454,824 | |||||
Equity compensation plans not approved by security holders | N/A | N/A | N/A | ||||||
Total | 58,112 | $ | 86.21 | 454,824 |
(1) | Columns (a) and (b) do not include 187,941 shares of restricted common stock that are subject to vesting requirements which were issued through our 2004 Stock Plan or 2013 Stock Incentive Plan or 110,896 shares of common stock that have been purchased by employees through the Employee Stock Purchase Plan. |
(2) | Column (c) includes 415,720 shares available to be issued under our 2013 Stock Incentive Plan and 39,104 shares available to be issued under our Employee Stock Purchase Plan. |
Dec '10 | Dec '11 | Dec '12 | Dec '13 | Dec '14 | Dec '15 | ||||||||||||||||||
MAA | $ | 100.00 | $ | 102.50 | $ | 110.54 | $ | 108.11 | $ | 138.84 | $ | 175.58 | |||||||||||
S&P 500 | $ | 100.00 | $ | 102.11 | $ | 118.45 | $ | 156.82 | $ | 178.28 | $ | 180.75 | |||||||||||
FTSE NAREIT Equity REIT Index | $ | 100.00 | $ | 108.29 | $ | 127.85 | $ | 131.01 | $ | 170.49 | $ | 175.94 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs (1) | |||||||
October 1, 2015 - October 31, 2015 | — | $ | — | — | 2,138,000 | ||||||
November 1, 2015 - November 30, 2015 | — | $ | — | — | 2,138,000 | ||||||
December 1, 2015 - December 8, 2015 | — | $ | — | — | 2,138,000 | ||||||
December 9, 2015 - December 31, 2015 | — | $ | — | — | 4,000,000 | ||||||
Total | — | $ | — | — | 4,000,000 |
(1) | This column reflects the number of shares of MAA's common stock available for repurchase through December 8, 2015, under the 4.0 million share repurchase program authorized by MAA's Board of Directors in 1999. On December 8, 2015, the MAA Board of Directors authorized a new 4.0 million share repurchase program, which replaced and superseded the prior program. |
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Operating Data: | |||||||||||||||||||
Total operating revenues | $ | 1,042,779 | $ | 992,332 | $ | 635,490 | $ | 475,888 | $ | 409,782 | |||||||||
Expenses: | |||||||||||||||||||
Property operating expenses | 400,645 | 393,348 | 253,633 | 194,149 | 173,563 | ||||||||||||||
Depreciation and amortization | 294,520 | 301,812 | 186,979 | 121,211 | 106,009 | ||||||||||||||
Acquisition expense | 2,777 | 2,388 | 1,393 | 1,581 | 3,319 | ||||||||||||||
Property management and general and administrative expenses | 56,706 | 53,004 | 38,652 | 35,043 | 38,096 | ||||||||||||||
Merger related expenses | — | 3,152 | 32,403 | — | — | ||||||||||||||
Integration related expenses | — | 8,395 | 5,102 | — | — | ||||||||||||||
Income from continuing operations before non-operating items | 288,131 | 230,233 | 117,328 | 123,904 | 88,795 | ||||||||||||||
Interest and other non-property (expense) income | (368 | ) | 770 | 466 | 430 | 802 | |||||||||||||
Interest expense | (122,344 | ) | (123,953 | ) | (78,978 | ) | (61,489 | ) | (59,285 | ) | |||||||||
Loss on debt extinguishment | (3,602 | ) | (2,586 | ) | (426 | ) | (654 | ) | (755 | ) | |||||||||
Net casualty gain (loss) after insurance and other settlement proceeds | 473 | (476 | ) | (143 | ) | (6 | ) | (619 | ) | ||||||||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | 189,958 | 42,649 | — | — | — | ||||||||||||||
Gain on sale of non-depreciable real estate assets | 172 | 350 | — | 45 | 1,084 | ||||||||||||||
Income before income tax expense | 352,420 | 146,987 | 38,247 | 62,230 | 30,022 | ||||||||||||||
Income tax expense | (1,673 | ) | (2,050 | ) | (893 | ) | (803 | ) | (727 | ) | |||||||||
Income from continuing operations before joint venture activity | 350,747 | 144,937 | 37,354 | 61,427 | 29,295 | ||||||||||||||
(Loss) gain from real estate joint ventures | (2 | ) | 6,009 | 338 | (223 | ) | (593 | ) | |||||||||||
Income from continuing operations | 350,745 | 150,946 | 37,692 | 61,204 | 28,702 | ||||||||||||||
Discontinued operations: | |||||||||||||||||||
Income from discontinued operations before (loss) gain on sale | — | (63 | ) | 4,743 | 6,986 | 9,730 | |||||||||||||
Gain on sale of discontinued operations | — | 5,394 | 76,844 | 41,635 | 12,799 | ||||||||||||||
Consolidated net income | 350,745 | 156,277 | 119,279 | 109,825 | 51,231 | ||||||||||||||
Net income attributable to noncontrolling interests | 18,458 | 8,297 | 3,998 | 4,602 | 2,410 | ||||||||||||||
Net income available for MAA common shareholders | $ | 332,287 | $ | 147,980 | $ | 115,281 | $ | 105,223 | $ | 48,821 | |||||||||
Per Share Data: | |||||||||||||||||||
Weighted average shares outstanding (in thousands): | |||||||||||||||||||
Basic | 75,176 | 74,982 | 50,677 | 41,039 | 36,995 | ||||||||||||||
Effect of dilutive stock options and partnership units (1) | — | — | 2,439 | 1,898 | 2,092 | ||||||||||||||
Diluted | 75,176 | 74,982 | 53,116 | 42,937 | 39,087 | ||||||||||||||
Calculation of Earnings per share - basic: | |||||||||||||||||||
Income from continuing operations, adjusted | $ | 331,515 | $ | 142,655 | $ | 36,504 | $ | 58,737 | $ | 27,413 | |||||||||
Income from discontinued operations, adjusted | — | 5,037 | 78,669 | 46,392 | 21,375 | ||||||||||||||
Net income attributable to common shareholders, adjusted | $ | 331,515 | $ | 147,692 | $ | 115,173 | $ | 105,129 | $ | 48,788 | |||||||||
Earnings per share - basic: | |||||||||||||||||||
Income from continuing operations available for common shareholders | $ | 4.41 | $ | 1.90 | $ | 0.72 | $ | 1.43 | $ | 0.74 | |||||||||
Discontinued property operations | — | 0.07 | 1.55 | 1.13 | 0.58 | ||||||||||||||
Net income available for common shareholders | $ | 4.41 | $ | 1.97 | $ | 2.27 | $ | 2.56 | $ | 1.32 | |||||||||
Calculation of Earnings per share - diluted: | |||||||||||||||||||
Income from continuing operations, adjusted | $ | 331,515 | $ | 142,655 | $ | 37,692 | $ | 61,204 | $ | 28,702 | |||||||||
Income from discontinued operations, adjusted | — | 5,037 | 81,587 | 48,621 | 22,529 | ||||||||||||||
Net income attributable to common shareholders, adjusted | $ | 331,515 | $ | 147,692 | $ | 119,279 | $ | 109,825 | $ | 51,231 | |||||||||
Earnings per share - diluted: | |||||||||||||||||||
Income from continuing operations available for common shareholders | $ | 4.41 | $ | 1.90 | $ | 0.71 | $ | 1.43 | $ | 0.73 | |||||||||
Discontinued property operations | — | 0.07 | 1.54 | 1.13 | 0.58 | ||||||||||||||
Net income available for common shareholders | $ | 4.41 | $ | 1.97 | $ | 2.25 | $ | 2.56 | $ | 1.31 | |||||||||
Dividends declared (2) | $ | 3.1300 | $ | 2.9600 | $ | 2.8150 | $ | 2.6750 | $ | 2.5425 | |||||||||
Balance Sheet Data: | |||||||||||||||||||
Real estate owned, at cost | $ | 8,217,579 | $ | 8,071,187 | $ | 7,694,618 | $ | 3,734,544 | $ | 3,396,934 | |||||||||
Real estate assets, net | $ | 6,718,366 | $ | 6,697,508 | $ | 6,556,303 | $ | 2,694,071 | $ | 2,423,808 | |||||||||
Total assets | $ | 6,847,781 | $ | 6,821,778 | $ | 6,835,012 | $ | 2,745,292 | $ | 2,526,128 | |||||||||
Total debt | $ | 3,427,568 | $ | 3,512,699 | $ | 3,463,239 | $ | 1,668,072 | $ | 1,645,415 | |||||||||
Noncontrolling interest | $ | 165,726 | $ | 161,287 | $ | 166,726 | $ | 31,058 | $ | 25,131 | |||||||||
Total MAA shareholders' equity and redeemable stock | $ | 3,000,347 | $ | 2,896,435 | $ | 2,951,861 | $ | 918,765 | $ | 722,368 | |||||||||
Other Data (at end of period): | |||||||||||||||||||
Market capitalization (shares and units) (3) | $ | 7,225,894 | $ | 5,933,985 | $ | 4,801,990 | $ | 2,852,113 | $ | 2,558,107 | |||||||||
Ratio of total debt to total capitalization (4) | 32.2 | % | 37.3 | % | 42.0 | % | 37.0 | % | 39.2 | % | |||||||||
Number of communities, including joint venture ownership interest (5) | 254 | 268 | 275 | 166 | 167 | ||||||||||||||
Number of apartment units, including joint venture ownership interest (5) | 79,496 | 82,316 | 83,641 | 49,591 | 49,133 |
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Operating Data: | |||||||||||||||||||
Total operating revenues | $ | 1,042,779 | $ | 992,332 | $ | 635,490 | $ | 475,888 | $ | 409,782 | |||||||||
Expenses: | |||||||||||||||||||
Property operating expenses | 400,645 | 393,348 | 253,633 | 194,149 | 173,563 | ||||||||||||||
Depreciation and amortization | 294,520 | 301,812 | 186,979 | 121,211 | 106,009 | ||||||||||||||
Acquisition expense | 2,777 | 2,388 | 1,393 | 1,581 | 3,319 | ||||||||||||||
Property management and general and administrative expenses | 56,706 | 53,004 | 38,652 | 35,043 | 38,096 | ||||||||||||||
Merger related expenses | — | 3,152 | 32,403 | — | — | ||||||||||||||
Integration related expenses | — | 8,395 | 5,102 | — | — | ||||||||||||||
Income from continuing operations before non-operating items | 288,131 | 230,233 | 117,328 | 123,904 | 88,795 | ||||||||||||||
Interest and other non-property (expense) income | (368 | ) | 770 | 466 | 430 | 802 | |||||||||||||
Interest expense | (122,344 | ) | (123,953 | ) | (78,978 | ) | (61,489 | ) | (59,285 | ) | |||||||||
Loss on debt extinguishment | (3,602 | ) | (2,586 | ) | (426 | ) | (654 | ) | (755 | ) | |||||||||
Net casualty gain (loss) after insurance and other settlement proceeds | 473 | (476 | ) | (143 | ) | (6 | ) | (619 | ) | ||||||||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | 189,958 | 42,649 | — | — | — | ||||||||||||||
Gain on sale of non-depreciable real estate assets | 172 | 350 | — | 45 | 1,084 | ||||||||||||||
Income before income tax expense | 352,420 | 146,987 | 38,247 | 62,230 | 30,022 | ||||||||||||||
Income tax expense | (1,673 | ) | (2,050 | ) | (893 | ) | (803 | ) | (727 | ) | |||||||||
Income from continuing operations before joint venture activity | 350,747 | 144,937 | 37,354 | 61,427 | 29,295 | ||||||||||||||
(Loss) gain from real estate joint ventures | (2 | ) | 6,009 | 338 | (223 | ) | (593 | ) | |||||||||||
Income from continuing operations | 350,745 | 150,946 | 37,692 | 61,204 | 28,702 | ||||||||||||||
Discontinued operations: | |||||||||||||||||||
Income from discontinued operations before (loss) gain on sale | — | (63 | ) | 4,332 | 6,201 | 9,087 | |||||||||||||
Gain on sale of discontinued operations | — | 5,394 | 65,520 | 41,635 | 12,799 | ||||||||||||||
Net income available for Mid-America Apartments, L.P. common unitholders | $ | 350,745 | $ | 156,277 | $ | 107,544 | $ | 109,040 | $ | 50,588 | |||||||||
Per Unit Data: | |||||||||||||||||||
Weighted average units outstanding (in thousands): | |||||||||||||||||||
Basic | 79,361 | 79,188 | 53,075 | 42,911 | 39,051 | ||||||||||||||
Effect of dilutive stock options and partnership units (1) | — | — | 88 | 64 | 100 | ||||||||||||||
Diluted | 79,361 | 79,188 | 53,163 | 42,975 | 39,151 | ||||||||||||||
Calculation of Earnings per unit - basic: | |||||||||||||||||||
Income from continuing operations, adjusted | $ | 349,973 | $ | 150,668 | $ | 37,659 | $ | 61,151 | $ | 28,681 | |||||||||
Income from discontinued operations, adjusted | — | 5,321 | 69,790 | 47,795 | 21,876 | ||||||||||||||
Net income available for common unitholders | $ | 349,973 | $ | 155,989 | $ | 107,449 | $ | 108,946 | $ | 50,557 | |||||||||
Earnings per unit - basic: | |||||||||||||||||||
Income from continuing operations available for common unitholders | $ | 4.41 | $ | 1.90 | $ | 0.71 | $ | 1.43 | $ | 0.73 | |||||||||
Income from discontinued property operations available for common unitholders | — | 0.07 | 1.31 | 1.11 | 0.56 | ||||||||||||||
Net income available for common unitholders | $ | 4.41 | $ | 1.97 | $ | 2.02 | $ | 2.54 | $ | 1.29 | |||||||||
Calculation of Earnings per unit - diluted: | |||||||||||||||||||
Income from continuing operations, adjusted | $ | 349,973 | $ | 150,668 | $ | 37,692 | $ | 61,204 | $ | 28,702 | |||||||||
Income from discontinued operations, adjusted | — | 5,321 | 69,852 | 47,836 | 21,886 | ||||||||||||||
Net income available for common unitholders | $ | 349,973 | $ | 155,989 | $ | 107,544 | $ | 109,040 | $ | 50,588 | |||||||||
Earnings per unit - diluted: | |||||||||||||||||||
Income from continuing operations available for common unitholders | $ | 4.41 | $ | 1.90 | $ | 0.71 | $ | 1.43 | $ | 0.73 | |||||||||
Discontinued property operations | — | 0.07 | 1.31 | 1.11 | 0.56 | ||||||||||||||
Net income available for common unitholders | $ | 4.41 | $ | 1.97 | $ | 2.02 | $ | 2.54 | $ | 1.29 | |||||||||
Distributions declared, per unit (2) | $ | 3.1300 | $ | 2.9600 | $ | 2.8150 | $ | 2.6750 | $ | 2.5425 | |||||||||
Balance Sheet Data: | |||||||||||||||||||
Real estate owned, at cost | $ | 8,217,579 | $ | 8,071,187 | $ | 7,694,618 | $ | 3,721,028 | $ | 3,383,883 | |||||||||
Real estate assets, net | $ | 6,718,366 | $ | 6,697,508 | $ | 6,556,303 | $ | 2,688,549 | $ | 2,418,198 | |||||||||
Total assets | $ | 6,847,781 | $ | 6,821,778 | $ | 6,835,012 | $ | 2,739,502 | $ | 2,520,452 | |||||||||
Total debt | $ | 3,427,568 | $ | 3,512,699 | $ | 3,463,239 | $ | 1,668,072 | $ | 1,645,415 | |||||||||
Total Operating Partnership capital and | |||||||||||||||||||
redeemable units | $ | 3,166,054 | $ | 3,057,703 | $ | 3,118,568 | $ | 943,720 | $ | 709,871 | |||||||||
Other Data (at end of period): | |||||||||||||||||||
Number of communities, including joint venture ownership interest (3) | 254 | 268 | 275 | 165 | 166 | ||||||||||||||
Number of apartment units, including joint venture ownership interest (3) | 79,496 | 82,316 | 83,641 | 49,335 | 48,877 |
2015 | 2014 | 2013 | |||||||||
Properties | 254 | 268 | 275 | ||||||||
Units | 79,496 | 82,316 | 83,641 | ||||||||
Development Units | 748 | 514 | 1,461 | ||||||||
Average Effective Monthly Rent/Unit, excluding lease-up and development | $ | 1,006 | $ | 948 | $ | 883 | |||||
Occupancy, excluding lease-up and development | 95.6 | % | 94.1 | % | 94.9 | % |
Year ended December 31, 2015 | Year ended December 31, 2014 | Increase | Percentage Increase | |||||||||||
Large Market Same Store | $ | 587,896 | $ | 553,038 | $ | 34,858 | 6.3 | % | ||||||
Secondary Market Same Store | 324,771 | 310,281 | 14,490 | 4.7 | % | |||||||||
Same Store Portfolio | 912,667 | 863,319 | 49,348 | 5.7 | % | |||||||||
Non-Same Store and Other | 130,112 | 128,859 | 1,253 | 1.0 | % | |||||||||
Total | $ | 1,042,779 | $ | 992,178 | $ | 50,601 | 5.1 | % |
Year ended December 31, 2015 | Year ended December 31, 2014 | Increase/(Decrease) | Percentage Increase | |||||||||||
Large Market Same Store | $ | 226,611 | $ | 218,784 | $ | 7,827 | 3.6 | % | ||||||
Secondary Market Same Store | 123,782 | 119,934 | 3,848 | 3.2 | % | |||||||||
Same Store Portfolio | 350,393 | 338,718 | 11,675 | 3.4 | % | |||||||||
Non-Same Store and Other | 50,252 | 54,630 | (4,378 | ) | (8.0 | )% | ||||||||
Total | $ | 400,645 | $ | 393,348 | $ | 7,297 | 1.9 | % |
Year ended December 31, 2015 | Year ended December 31, 2014 | Increase | Percentage Increase | |||||||||||
Large Market Same Store | $ | 168,872 | $ | 174,957 | $ | (6,085 | ) | (3.5 | )% | |||||
Secondary Market Same Store | 85,008 | 86,058 | (1,050 | ) | (1.2 | )% | ||||||||
Same Store Portfolio | 253,880 | 261,015 | (7,135 | ) | (2.7 | )% | ||||||||
Non-Same Store and Other | 40,640 | 40,797 | (157 | ) | (0.4 | )% | ||||||||
Total | $ | 294,520 | $ | 301,812 | $ | (7,292 | ) | (2.4 | )% |
Year ended December 31, 2014 | Year ended December 31, 2013 | Increase | Percentage Increase | |||||||||||
Large Market Same Store | $ | 252,029 | $ | 241,194 | $ | 10,835 | 4.5 | % | ||||||
Secondary Market Same Store | 246,800 | 242,464 | 4,336 | 1.8 | % | |||||||||
Same Store Portfolio | 498,829 | 483,658 | 15,171 | 3.1 | % | |||||||||
Non-Same Store and Other | 493,349 | 151,185 | 342,164 | 226.3 | % | |||||||||
Total | $ | 992,178 | $ | 634,843 | $ | 357,335 | 56.3 | % |
Year ended December 31, 2014 | Year ended December 31, 2013 | Increase | Percentage Increase | |||||||||||
Large Market Same Store | $ | 100,892 | $ | 98,190 | $ | 2,702 | 2.8 | % | ||||||
Secondary Market Same Store | 98,191 | 96,141 | 2,050 | 2.1 | % | |||||||||
Same Store Portfolio | 199,083 | 194,331 | 4,752 | 2.4 | % | |||||||||
Non-Same Store and Other | 194,265 | 59,302 | 134,963 | 227.6 | % | |||||||||
Total | $ | 393,348 | $ | 253,633 | $ | 139,715 | 55.1 | % |
Year ended December 31, 2014 | Year ended December 31, 2013 | Increase | Percentage Increase | |||||||||||
Large Market Same Store | $ | 58,356 | $ | 57,712 | $ | 644 | 1.1 | % | ||||||
Secondary Market Same Store | 59,697 | 59,339 | 358 | 0.6 | % | |||||||||
Same Store Portfolio | 118,053 | 117,051 | 1,002 | 0.9 | % | |||||||||
Non-Same Store and Other | 183,759 | 69,928 | 113,831 | 162.8 | % | |||||||||
Total | $ | 301,812 | $ | 186,979 | $ | 114,833 | 61.4 | % |
Years ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income available for MAA common shareholders | $ | 332,287 | $ | 147,980 | $ | 115,281 | |||||
Depreciation and amortization of real estate assets | 291,572 | 299,421 | 184,857 | ||||||||
Depreciation and amortization of real estate assets of discontinued operations | — | 42 | 2,703 | ||||||||
Gain on sales of discontinued operations | — | (5,394 | ) | (76,844 | ) | ||||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | (189,958 | ) | (42,649 | ) | — | ||||||
Gain on disposition within unconsolidated entities | (12 | ) | (4,007 | ) | (1) | — | |||||
Depreciation and amortization of real estate assets of real estate joint ventures | 25 | 397 | 1,030 | ||||||||
Net income attributable to noncontrolling interests | 18,458 | 8,297 | 3,998 | ||||||||
Funds from operations attributable to the Company | 452,372 | 404,087 | 231,025 | ||||||||
Acquisition expense | 2,777 | 2,388 | 1,393 | ||||||||
Merger Related Expenses | — | 3,152 | 32,403 | ||||||||
Integration related expenses | — | 8,395 | 5,102 | ||||||||
Gain on sale of non-depreciable real estate assets | (172 | ) | (350 | ) | — | ||||||
Mark-to-market debt adjustment | (19,955 | ) | (25,079 | ) | (7,992 | ) | |||||
Loss on debt extinguishment | 3,602 | 3,126 | (2) | 426 | |||||||
Core funds from operations | $ | 438,624 | $ | 395,719 | $ | 262,357 |
Primary drivers of cash (outflow)/inflow during the year ended December 31, | Percentage Increase/(Decrease) in Net Cash | |||||||||||||
2015 | 2014 | Increase/(Decrease) in Net Cash | ||||||||||||
Purchases of real estate and other assets | $ | (328,193 | ) | $ | (309,174 | ) | $ | (19,019 | ) | (6.2 | )% | |||
Proceeds from disposition of real estate assets | $ | 358,017 | $ | 254,638 | $ | 103,379 | 40.6 | % | ||||||
Distributions from real estate joint ventures | $ | 6 | $ | 15,964 | $ | (15,958 | ) | (100.0 | )% | |||||
Return (funding) of escrow for future acquisitions | $ | 8 | $ | 24,884 | $ | (24,876 | ) | (100.0 | )% | |||||
Development | $ | (38,730 | ) | $ | (70,788 | ) | $ | 32,058 | 45.3 | % |
Primary drivers of cash (outflow)/inflow during the year ended December 31, | Percentage (Decrease)/Increase in Net Cash | |||||||||||||
2015 | 2014 | (Decrease)/Increase in Net Cash | ||||||||||||
Net change in credit lines | $ | (180,900 | ) | $ | (157,184 | ) | $ | (23,716 | ) | (15.1 | )% | |||
Principal payments on notes payable | $ | (279,077 | ) | $ | (260,347 | ) | $ | (18,730 | ) | (7.2 | )% | |||
Exercise of stock options | $ | 420 | $ | 12,245 | $ | (11,825 | ) | (96.6 | )% | |||||
Dividends paid on common shares | $ | (232,079 | ) | $ | (219,158 | ) | $ | (12,921 | ) | (5.9 | )% |
Principal Balance | Average Years to Rate Maturity | Effective Rate | |||||||
SECURED DEBT | |||||||||
Conventional - Fixed Rate or Swapped | $ | 1,062,862 | 3.4 | 4.0 | % | ||||
Conventional - Variable Rate - Capped (1) | 125,000 | 1.1 | 0.8 | % | |||||
Total Fixed or Hedged Rate Maturity | $ | 1,187,862 | 3.2 | 3.6 | % | ||||
Conventional - Variable Rate | $ | 65,000 | 0.1 | 0.8 | % | ||||
Fair Market Value Adjustments and Debt Issuance Costs | 33,374 | 3.2 | |||||||
Total Secured Rate Maturity | $ | 1,286,236 | 3.0 | 3.4 | % | ||||
UNSECURED DEBT | |||||||||
Fixed Rate or Swapped | $ | 2,085,246 | 6.1 | 3.9 | % | ||||
Variable Rate | 75,000 | — | 1.2 | % | |||||
Fair Market Value Adjustments, Debt Issuance Costs and Discounts | (18,914 | ) | 9.5 | ||||||
Total Unsecured Rate Maturity | $ | 2,141,332 | 5.9 | 3.8 | % | ||||
TOTAL DEBT | $ | 3,427,568 | 4.8 | 3.7 | % | ||||
TOTAL FIXED OR HEDGED DEBT | $ | 3,287,568 | 5.0 | 3.8 | % |
(1) | The effective rate represents the average rate on the underlying variable debt until LIBOR reaches the cap rates, which average 4.6% |
Amount Borrowed | |||||||||||||||||||
Credit Facilities | |||||||||||||||||||
Fannie Mae Secured | Key Bank Unsecured | Other Secured | Other Unsecured | Total | |||||||||||||||
2016 | $ | 80,000 | $ | — | $ | 33,921 | $ | 77,000 | $ | 190,921 | |||||||||
2017 | 80,000 | — | 61,005 | 17,959 | 158,964 | ||||||||||||||
2018 | 80,000 | — | 91,667 | 300,829 | 472,496 | ||||||||||||||
2019 | — | — | 549,273 | 19,932 | 569,205 | ||||||||||||||
2020 | — | 75,000 | 170,452 | 149,730 | 395,182 | ||||||||||||||
Thereafter | — | — | 139,918 | 1,500,882 | 1,640,800 | ||||||||||||||
Total | $ | 240,000 | $ | 75,000 | $ | 1,046,236 | $ | 2,066,332 | $ | 3,427,568 |
Line Limit | Amount Available | Amount Borrowed | Average Years to Contract Maturity | |||||||||||
Fannie Mae Credit Facilities | $ | 240,000 | $ | 240,000 | $ | 240,000 | 1.6 | |||||||
Other Secured Borrowings | 1,046,236 | 1,046,236 | 1,046,236 | 3.5 | ||||||||||
Unsecured Credit Facility | 750,000 | 746,722 | 75,000 | 4.3 | ||||||||||
Other Unsecured Borrowings | 2,066,332 | 2,066,332 | 2,066,332 | 6.1 | ||||||||||
Total Debt | $ | 4,102,568 | $ | 4,099,290 | $ | 3,427,568 | 5.0 |
Fixed Rate Debt | Interest Rate Swaps | Total Fixed Rate Balances | Contract Rate | Interest Rate Caps | Total Fixed or Hedged | ||||||||||||||||||
2016 | $ | 110,921 | $ | — | $ | 110,921 | 5.9 | % | $ | 75,000 | $ | 185,921 | |||||||||||
2017 | 128,963 | 298,949 | 427,912 | 3.0 | % | 25,000 | 452,912 | ||||||||||||||||
2018 | 141,540 | 250,956 | 392,496 | 3.6 | % | 25,000 | 417,496 | ||||||||||||||||
2019 | 569,206 | — | 569,206 | 5.7 | % | — | 569,206 | ||||||||||||||||
2020 | 170,452 | — | 170,452 | 4.8 | % | — | 170,452 | ||||||||||||||||
Thereafter | 1,491,581 | — | 1,491,581 | 4.3 | % | — | 1,491,581 | ||||||||||||||||
Total | $ | 2,612,663 | $ | 549,905 | $ | 3,162,568 | 4.4 | % | $ | 125,000 | $ | 3,287,568 |
Contractual Obligations (1) | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | |||||||||||||||||||||
Long-Term Debt Obligations (2) | $ | 197,066 | $ | 165,075 | $ | 472,947 | $ | 546,804 | $ | 383,278 | $ | 1,647,938 | $ | 3,413,108 | ||||||||||||||
Fixed Rate or Swapped Interest (3) | 99,410 | 88,599 | 79,353 | 70,597 | 64,601 | 193,146 | 595,706 | |||||||||||||||||||||
Purchase Obligations (4) | 1,125 | — | — | — | — | — | 1,125 | |||||||||||||||||||||
Operating Lease Obligations | 422 | 171 | 32 | 5 | 4 | — | 634 | |||||||||||||||||||||
Total | $ | 298,023 | $ | 253,845 | $ | 552,332 | $ | 617,406 | $ | 447,883 | $ | 1,841,084 | $ | 4,010,573 |
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters |
Accounting Standards Update (ASU) 2015-03 and ASU 2015-15, Interest -Imputation of Interest | ASU 2015-03, requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. | This ASU is effective for annual periods ending after December 15, 2015; however, early adoption is permitted. | We adopted this ASU on December 31, 2015. The adoption of this ASU resulted in the reclassification of $13.3 million and $11.8 million of unamortized debt issuance costs related to the company’s secured property mortgages, senior unsecured notes, and unsecured term loans from Deferred financing costs, net to a reduction in Unsecured and Secured notes payable within its consolidated balance sheets as of December 31, 2015 and 2014, respectively. |
ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | This ASU requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. If substantial doubt exists, the entity must disclose the principal conditions or events that raised the substantial doubt, management's evaluation of the significance of these conditions, and management's plan for alleviating the substantial doubt about the entity's ability to continue as a going concern. | This ASU is effective for annual periods ending after December 15, 2016; however, early adoption is permitted. | We are currently in the process of evaluating the impact of this ASU, but do not expect the adoption of this ASU to have a material impact on our consolidated financial position or results of operations taken as a whole. |
ASU 2014-09, Revenue from Contracts with Customers | This ASU establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. | This ASU is effective for annual reporting periods beginning after December 15, 2017, as a result of a deferral of the effective date arising from the issuance of ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date. Early adoption is permitted. | The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. We are currently in the process of evaluating the impact of adoption of this ASU on our consolidated financial condition and results of operations taken as a whole and plan on completing this assessment in the fourth quarter of 2016, but we do not expect the impact to be material. We have not yet determined which method will be used for initial application. |
ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | This ASU raises the threshold for disposals to qualify as discontinued operations. It also requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. | This ASU is effective for fiscal years beginning after December 15, 2014, and interim periods within those years; however, early adoption is permitted beginning in the first quarter of 2014. | We adopted this ASU on January 1, 2014. The adoption of this ASU required us to not classify certain disposals occurring during 2014 as discontinued operations. The 2014 dispositions did not qualify for discontinued operations treatment and therefore the gains on these properties are presented as a component of continuing operations for 2014. |
2016 | 2017 | 2018 | 2019 | 2020 | Total Thereafter | Total | Fair Value | ||||||||||||||||||||||||
Long-term Debt | |||||||||||||||||||||||||||||||
Fixed Rate | $ | 127,716 | $ | 93,105 | $ | 200,060 | $ | 546,768 | $ | 155,988 | $ | 1,489,026 | $ | 2,612,663 | $ | 2,646,088 | |||||||||||||||
Average interest rate | 4.78 | % | 4.07 | % | 4.14 | % | 3.72 | % | 4.42 | % | 4.19 | % | 4.13 | % | |||||||||||||||||
Variable Rate (1) | $ | 80,097 | $ | 80,221 | $ | 280,033 | $ | (250 | ) | $ | 224,829 | $ | 149,975 | $ | 814,905 | $ | 817,650 | ||||||||||||||
Average interest rate | 1.97 | % | 0.82 | % | 1.33 | % | 1.35 | % | 0.92 | % | 1.33 | % | 1.23 | % | |||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||||||||||||
Variable to Fixed | $ | — | $ | 300,000 | $ | 250,000 | $ | — | $ | — | $ | — | $ | 550,000 | $ | (10,358 | ) | ||||||||||||||
Average Pay Rate | — | % | 1.08 | % | 2.55 | % | — | % | — | % | — | % | 1.75 | % | |||||||||||||||||
Interest Rate Cap | |||||||||||||||||||||||||||||||
Variable to Fixed | $ | 75,000 | $ | 25,000 | $ | 25,000 | $ | — | $ | — | $ | — | $ | 125,000 | $ | 6 | |||||||||||||||
Average Pay Rate | 4.67 | % | 4.50 | % | 4.50 | % | — | % | — | % | — | % | 4.60 | % |
(a) | The following documents are filed as part of this Annual Report on Form 10-K: |
1. | Management’s Report on Internal Control Over Financial Reporting | F – 1 |
Reports of Independent Registered Public Accounting Firm | F – 2 | |
Financial Statements of Mid-America Apartment Communities, Inc.: | ||
Consolidated Balance Sheets as of December 31, 2015, and 2014 | F – 5 | |
Consolidated Statements of Operations for the years ended December 31, 2015, 2014, and 2013 | F – 6 | |
Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014, and 2013 | F – 7 | |
Consolidated Statements of Equity for the years ended December 31, 2015, 2014, and 2013 | F – 8 | |
Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014, and 2013 | F – 9 | |
Financial Statements of Mid-America Apartments, L.P.: | ||
Consolidated Balance Sheets as of December 31, 2015, and 2014 | F-10 | |
Consolidated Statements of Operations for the years ended December 31, 2015, 2014, and 2013 | F-11 | |
Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014, and 2013 | F-12 | |
Consolidated Statements of Changes in Capital for the years ended December 31, 2015, 2014, and 2013 | F-13 | |
Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014, and 2013 | F-14 | |
Notes to Consolidated Financial Statements for the years ended December 31, 2015, 2014, and 2013 | F-15 | |
2. | Financial Statement Schedule required to be filed by Item 8 and Paragraph (b) of this Item 15: | |
Schedule III - Real Estate Investments and Accumulated Depreciation as of December 31, 2015 | F – 51 | |
3. | The exhibits required by Item 601 of Regulation S-K, except as otherwise noted, have been filed with previous reports by the registrant and are herein incorporated by reference. | |
Exhibit Number | Exhibit Description |
2.1 | Agreement and Plan of Merger by and among Mid-America Apartment Communities, Inc., Mid-America Apartments, L.P., Martha Merger Sub, L.P., Colonial Properties Trust, and Colonial Realty Limited Partnership, dated as of June 3, 2013 (Filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on June 3, 2013 and incorporated herein by reference). |
3.1 | Amended and Restated Charter of Mid-America Apartment Communities, Inc. dated as of January 10, 1994, as filed with the Tennessee Secretary of State on January 25, 1994 (Filed as Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1997 and incorporated herein by reference). |
3.2 | Articles of Amendment to the Charter of Mid-America Apartment Communities, Inc. dated as of January 28, 1994, as filed with the Tennessee Secretary of State on January 28, 1994 (Filed as Exhibit 3.2 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1996 and incorporated herein by reference). |
3.3 | Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Preferred Stock dated as of October 9, 1996, as filed with the Tennessee Secretary of State on October 10, 1996 (Filed as Exhibit 1 to the Registrant’s Registration Statement on Form 8-A filed with the Commission on October 11, 1996 and incorporated herein by reference). |
3.4 | Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter dated November 17, 1997, as filed with the Tennessee Secretary of State on November 18, 1997 (Filed as Exhibit 3.6 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1997 and incorporated herein by reference). |
3.5 | Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Shares of Preferred Stock dated as of November 17, 1997, as filed with the Tennessee Secretary of State on November 18, 1997 (Filed as Exhibit 4.1 to the Registrant’s Registration Statement on Form 8-A/A filed with the Commission on November 19, 1997 and incorporated herein by reference). |
3.6 | Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Shares of Preferred Stock dated as of June 25, 1998, as filed with the Tennessee Secretary of State on June 30, 1998 (Filed as Exhibit 4.3 to the Registrant’s Registration Statement on Form 8-A/A filed with the Commission on June 26, 1998 and incorporated herein by reference). |
3.7 | Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Shares of Preferred Stock dated as of December 24, 1998, as filed with the Tennessee Secretary of State on December 30, 1998 (Filed as Exhibit 3.7 to the Registrant’s Registration Statement on Form S-3/A (File Number 333-112469) and incorporated herein by reference). |
3.8 | Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Shares of Preferred Stock dated as of October 11, 2002, as filed with the Tennessee Secretary of State on October 14, 2002 (Filed as Exhibit 4.3 to the Registrant’s Registration Statement on Form 8-A/A filed with the Commission on October 11, 2002 and incorporated herein by reference). |
3.9 | Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Shares of Preferred Stock dated as of October 28, 2002, as filed with the Tennessee Secretary of State on October 28, 2002 (Filed as Exhibit 3.9 to the Registrant’s Registration Statement on Form S-3/A (File Number 333-112469) and incorporated herein by reference). |
3.10 | Mid-America Apartment Communities, Inc. Articles of Amendment to the Amended and Restated Charter Designating and Fixing the Rights and Preferences of a Series of Shares of Preferred Stock dated as of August 7, 2003, as filed with the Tennessee Secretary of State on August 7, 2003 (Filed as Exhibit 3.10 to the Registrant’s Registration Statement on Form S-3/A (File Number 333-112469) and incorporated herein by reference). |
3.11 | Articles of Amendment to the Charter of Mid-America Apartment Communities, Inc. dated as of May 20, 2008, as filed with the Tennessee Secretary of State on June 2, 2008 (Filed as Exhibit 99.A to the Registrant’s Proxy Statement filed on March 31, 2008 and incorporated herein by reference). |
3.12 | Articles of Amendment to the Charter of Mid-America Apartment Communities, Inc. dated as of May 24, 2012, as filed with the Tennessee Secretary of State on May 25, 2012 (Filed as Exhibit 3.1 to the Current Report on Form 8-K filed on May 25, 2012 and incorporated herein by reference). |
3.13 | Third Amended and Restated Bylaws of Mid-America Apartment Communities, Inc., dated as of December 3, 2013 (Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on December 4, 2013 and incorporated herein by reference). |
3.14 | Composite Certificate of Limited Partnership of Mid-America Apartments, L.P. |
3.15 | Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. dated as of October 1, 2013 (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on October 2, 2013 and incorporated herein by reference). |
4.1 | Form of Common Share Certificate (Filed as Exhibit 4.1 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1997 and incorporated herein by reference). |
4.2 | Indenture, dated as of October 16, 2013, among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association (Filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on October 16, 2013 and incorporated herein by reference). |
4.3 | First Supplemental Indenture, dated as of October 16, 2013, among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 4.300% Senior Notes due 2023 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on October 16, 2013 and incorporated herein by reference). |
4.4 | Indenture governing 6.05% Senior Notes due 2016, dated December 13, 2013, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 6.05% Senior Notes due 2016 (Filed as Exhibit 4.3 to the Registrant’s Current Report on Form 8-K filed on December 19, 2013 and incorporated herein by reference). |
4.5 | Registration Rights Agreement related to the 6.05% Senior Notes due 2016, dated December 13, 2013, between Mid-America Apartments, L.P. and J.P. Morgan Securities LLC (Filed as Exhibit 4.9 to the Registrant’s Current Report on Form 8-K filed on December 19, 2013 and incorporated herein by reference). |
4.6 | Form of 6.05% Senior Note due 2016 (Included in Exhibit 4.3 to the Registrant’s Current Report on Form 8-K filed on December 19, 2013 and incorporated herein by reference). |
4.7 | Second Supplemental Indenture, dated as of June 13, 2014, among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank national Association, including the form of 3.7500% Senior Notes due 2024 (Filed as Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed on June 13, 2014 and incorporated herein by reference. |
4.8 | Third Supplemental Indenture, dated as of November 9, 2015, among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank national Association, including the form of 4.000% Senior Notes due 2025 (Filed as Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed on November 9, 205 and incorporated herein by reference. |
10.1 | Note Purchase Agreement, dated as of July 29, 2011, among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and the purchasers of the notes party thereto (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on August 1, 2011 and incorporated herein by reference) |
10.2 | Note Purchase Agreement, dated as of August 31, 2012, among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and the purchasers of the notes party thereto (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on September 4, 2012 and incorporated herein by reference). |
10.3 | Distribution Agreement, dated December 9, 2015, by and among Mid-America Apartment Communities, Inc., Mid-America Apartments, L.P. and J.P. Morgan Securities LLC (Filed as Exhibit 1.1 to the Registrant’s Current Report on Form 8-K filed on December 9, 2015 and incorporated herein by reference). |
10.4 | Distribution Agreement, dated December 9, 2015, by and among Mid-America Apartment Communities, Inc., Mid-America Apartments, L.P. and BMO Capital Markets Corp. (Filed as Exhibit 1.2 to the Registrant’s Current Report on Form 8-K filed on December 9, 2015 and incorporated herein by reference). |
10.5 | Distribution Agreement, dated December 9, 2015, by and among Mid-America Apartment Communities, Inc., Mid-America Apartments, L.P. and KeyBanc Capital Markets Inc. (Filed as Exhibit 1.3 to the Registrant’s Current Report on Form 8-K filed on December 9, 2015 and incorporated herein by reference). |
10.6† | Employment Agreement between the Registrant and H. Eric Bolton, Jr. dated March 24, 2015 (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on March 24, 2015 and incorporated herein by reference). |
10.7† | Non-Qualified Deferred Compensation Plan for Outside Company Directors as Amended Effective November 20, 2010. |
10.8† | Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Appendix B to the Registrant’s Definitive Proxy Statement on form DEF 14A filed on April 16, 2014 and incorporated herein by reference). |
10.9† | Non-Qualified Stock Option Agreement for Company Employees under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.20 to the Registrant’s Quarterly Report on Form 10-Q filed on November 7, 2013 and incorporated herein by reference). |
10.10† | Form of Restricted Stock Award Agreement under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 1, 2015 and incorporated herein by reference). |
10.11† | Incentive Stock Option Agreement for Company Employees under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.22 to the Registrant’s Quarterly Report on Form 10-Q filed on November 7, 2013 and incorporated herein by reference). |
10.12 | MAA Non-Qualified Deferred Executive Compensation Retirement Plan Amended and Restated Effective January 1, 2016. |
10.13† | Form of Change in Control and Termination Agreement (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 2, 2014 and incorporated herein by reference). |
10.14 | Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Appendix B to the Registrant’s Definitive Proxy Statement on form DEF 14A filed on April 16, 2014 and incorporated herein by reference). |
11 | Statement re: computation of per share earnings (included within this Annual Report on Form 10-K). |
12.1 | Statement re: computation of fixed charge coverage ratio for MAA |
12.2 | Statement re: computation of fixed charge coverage ratio for MAALP |
21 | List of Subsidiaries |
23.1 | Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for MAA |
23.2 | Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for MAALP |
31.1 | MAA Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2 | MAA Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.3 | MAA LP Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.4 | MAA LP Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1* | MAA Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2* | MAA Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.3* | MAA LP Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.4* | MAA LP Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101 | The following financial information from Mid-America Apartment Communities, Inc.’s and MAA LP's Annual Report on Form 10-K for the period ended December 31, 2015, filed with the SEC on February 25, 2016, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014; (ii) the Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013; (iii) the Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013; (iv) the Consolidated Statements of Equity for the years ended December 31, 2015, 2014 and 2013; and (v) Notes to Consolidated Financial Statements (Unaudited). |
(b) | Exhibits: |
(c) | Financial Statement Schedule: |
MID-AMERICA APARTMENT COMMUNITIES, INC. | ||
Date: | February 25, 2016 | /s/ H. Eric Bolton, Jr. |
H. Eric Bolton, Jr. Chairman of the Board of Directors, President and Chief Executive Officer (Principal Executive Officer) |
Date: | February 25, 2016 | /s/ H. Eric Bolton, Jr. |
H. Eric Bolton, Jr. Chairman of the Board of Directors, President and Chief Executive Officer (Principal Executive Officer) | ||
Date: | February 25, 2016 | /s/ Albert M. Campbell, III |
Albert M. Campbell, III Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | ||
Date: | February 25, 2016 | /s/ Alan B. Graf, Jr. |
Alan B. Graf, Jr. Director | ||
Date: | February 25, 2016 | /s/ Ralph Horn |
Ralph Horn Director | ||
Date: | February 25, 2016 | /s/ James K. Lowder |
James K. Lowder Director | ||
Date: | February 25, 2016 | /s/ Thomas H. Lowder |
Thomas H. Lowder Director | ||
Date: | February 25, 2016 | /s/ Claude B. Nielsen |
Claude B. Nielsen Director | ||
Date: | February 25, 2016 | /s/ Philip W. Norwood |
Philip W. Norwood Director | ||
Date: | February 25, 2016 | /s/ W. Reid Sanders |
W. Reid Sanders Director | ||
Date: | February 25, 2016 | /s/ William B. Sansom |
William B. Sansom Director | ||
Date: | February 25, 2016 | /s/ Gary Shorb |
Gary Shorb Director | ||
Date: | February 25, 2016 | /s/ John W. Spiegel |
John W. Spiegel Director |
MID-AMERICA APARTMENTS, L.P. | ||
a Tennessee Limited Partnership | ||
By: Mid-America Apartment Communities, Inc., its general partner | ||
Date: | February 25, 2016 | /s/ H. Eric Bolton, Jr. |
H. Eric Bolton, Jr. Chairman of the Board of Directors, President and Chief Executive Officer (Principal Executive Officer) |
Date: | February 25, 2016 | /s/ H. Eric Bolton, Jr. |
H. Eric Bolton, Jr. Chairman of the Board of Directors, President and Chief Executive Officer (Principal Executive Officer) | ||
Date: | February 25, 2016 | /s/ Albert M. Campbell, III |
Albert M. Campbell, III Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | ||
Date: | February 25, 2016 | /s/ Alan B. Graf, Jr. |
Alan B. Graf, Jr. Director | ||
Date: | February 25, 2016 | /s/ Ralph Horn |
Ralph Horn Director | ||
Date: | February 25, 2016 | /s/ James K. Lowder |
James K. Lowder Director | ||
Date: | February 25, 2016 | /s/ Thomas H. Lowder |
Thomas H. Lowder Director | ||
Date: | February 25, 2016 | /s/ Claude B. Nielsen |
Claude B. Nielsen Director | ||
Date: | February 25, 2016 | /s/ Philip W. Norwood |
Philip W. Norwood Director | ||
Date: | February 25, 2016 | /s/ W. Reid Sanders |
W. Reid Sanders Director | ||
Date: | February 25, 2016 | /s/ William B. Sansom |
William B. Sansom Director | ||
Date: | February 25, 2016 | /s/ Gary Shorb |
Gary Shorb Director | ||
Date: | February 25, 2016 | /s/ John W. Spiegel |
John W. Spiegel Director |
December 31, 2015 | December 31, 2014 | ||||||
Assets: | |||||||
Real estate assets: | |||||||
Land | $ | 926,532 | $ | 913,408 | |||
Buildings and improvements | 6,939,288 | 6,781,210 | |||||
Furniture, fixtures and equipment | 228,157 | 214,742 | |||||
Development and capital improvements in progress | 44,355 | 80,772 | |||||
8,138,332 | 7,990,132 | ||||||
Less accumulated depreciation | (1,482,368 | ) | (1,358,400 | ) | |||
6,655,964 | 6,631,732 | ||||||
Undeveloped land | 51,779 | 55,997 | |||||
Corporate properties, net | 8,812 | 7,988 | |||||
Investments in real estate joint ventures | 1,811 | 1,791 | |||||
Real estate assets, net | 6,718,366 | 6,697,508 | |||||
Cash and cash equivalents | 37,559 | 26,653 | |||||
Restricted cash | 26,082 | 28,181 | |||||
Deferred financing costs, net | 5,232 | 5,996 | |||||
Other assets | 58,935 | 61,119 | |||||
Goodwill | 1,607 | 2,321 | |||||
Total assets | $ | 6,847,781 | $ | 6,821,778 | |||
Liabilities and equity: | |||||||
Liabilities: | |||||||
Secured notes payable | $ | 1,286,236 | $ | 1,589,641 | |||
Unsecured notes payable | 2,141,332 | 1,923,058 | |||||
Accounts payable | 5,922 | 8,395 | |||||
Fair market value of interest rate swaps | 10,358 | 13,392 | |||||
Accrued expenses and other liabilities | 226,237 | 219,044 | |||||
Security deposits | 11,623 | 10,526 | |||||
Total liabilities | 3,681,708 | 3,764,056 | |||||
Redeemable stock | 8,250 | 5,911 | |||||
Shareholders' equity: | |||||||
Common stock, $0.01 par value per share, 100,000,000 shares authorized; 75,408,571 and 75,267,675 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively (1) | 753 | 752 | |||||
Additional paid-in capital | 3,627,074 | 3,619,270 | |||||
Accumulated distributions in excess of net income | (634,141 | ) | (729,086 | ) | |||
Accumulated other comprehensive loss | (1,589 | ) | (412 | ) | |||
Total MAA shareholders' equity | 2,992,097 | 2,890,524 | |||||
Noncontrolling interest | 165,726 | 161,287 | |||||
Total equity | 3,157,823 | 3,051,811 | |||||
Total liabilities and equity | $ | 6,847,781 | $ | 6,821,778 |
(1) | Number of shares issued and outstanding represent total shares of common stock regardless of classification on the consolidated balance sheet. The number of shares classified as redeemable stock on the consolidated balance sheet for December 31, 2015 and December 31, 2014 are 90,844 and 87,818, respectively. |
2015 | 2014 | 2013 | |||||||||
Operating revenues: | |||||||||||
Rental revenues | $ | 952,196 | $ | 902,177 | $ | 580,963 | |||||
Other property revenues | 90,583 | 90,001 | 53,880 | ||||||||
Total property revenues | 1,042,779 | 992,178 | 634,843 | ||||||||
Management fee income | — | 154 | 647 | ||||||||
Total operating revenues | 1,042,779 | 992,332 | 635,490 | ||||||||
Property operating expenses: | |||||||||||
Personnel | 103,000 | 101,591 | 68,299 | ||||||||
Building repairs and maintenance | 30,524 | 30,715 | 20,308 | ||||||||
Real estate taxes and insurance | 129,618 | 123,419 | 76,922 | ||||||||
Utilities | 89,769 | 89,150 | 51,737 | ||||||||
Landscaping | 19,458 | 20,113 | 13,318 | ||||||||
Other operating | 28,276 | 28,360 | 23,049 | ||||||||
Depreciation and amortization | 294,520 | 301,812 | 186,979 | ||||||||
Total property operating expenses | 695,165 | 695,160 | 440,612 | ||||||||
Acquisition expense | 2,777 | 2,388 | 1,393 | ||||||||
Property management expenses | 30,990 | 32,095 | 23,083 | ||||||||
General and administrative expenses | 25,716 | 20,909 | 15,569 | ||||||||
Merger related expenses | — | 3,152 | 32,403 | ||||||||
Integration related expenses | — | 8,395 | 5,102 | ||||||||
Income from continuing operations before non-operating items | 288,131 | 230,233 | 117,328 | ||||||||
Interest and other non-property (expense) income | (368 | ) | 770 | 466 | |||||||
Interest expense | (122,344 | ) | (123,953 | ) | (78,978 | ) | |||||
Loss on debt extinguishment | (3,602 | ) | (2,586 | ) | (426 | ) | |||||
Net casualty gain (loss) after insurance and other settlement proceeds | 473 | (476 | ) | (143 | ) | ||||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | 189,958 | 42,649 | — | ||||||||
Gain on sale of non-depreciable real estate assets | 172 | 350 | — | ||||||||
Income before income tax expense | 352,420 | 146,987 | 38,247 | ||||||||
Income tax expense | (1,673 | ) | (2,050 | ) | (893 | ) | |||||
Income from continuing operations before joint venture activity | 350,747 | 144,937 | 37,354 | ||||||||
(Loss) gain from real estate joint ventures | (2 | ) | 6,009 | 338 | |||||||
Income from continuing operations | 350,745 | 150,946 | 37,692 | ||||||||
Discontinued operations: | |||||||||||
(Loss) income from discontinued operations before gain on sale | — | (63 | ) | 4,650 | |||||||
Net casualty gain after insurance and other settlement proceeds on discontinued operations | — | — | 93 | ||||||||
Gain on sale of discontinued operations | — | 5,394 | 76,844 | ||||||||
Consolidated net income | 350,745 | 156,277 | 119,279 | ||||||||
Net income attributable to noncontrolling interests | 18,458 | 8,297 | 3,998 | ||||||||
Net income available for MAA common shareholders | $ | 332,287 | $ | 147,980 | $ | 115,281 | |||||
Earnings per common share - basic: | |||||||||||
Income from continuing operations available for common shareholders | $ | 4.41 | $ | 1.90 | $ | 0.72 | |||||
Discontinued property operations | — | 0.07 | 1.55 | ||||||||
Net income available for common shareholders | $ | 4.41 | $ | 1.97 | $ | 2.27 | |||||
Earnings per common share - diluted: | |||||||||||
Income from continuing operations available for common shareholders | $ | 4.41 | $ | 1.90 | $ | 0.71 | |||||
Discontinued property operations | — | 0.07 | 1.54 | ||||||||
Net income available for common shareholders | $ | 4.41 | $ | 1.97 | $ | 2.25 |
2015 | 2014 | 2013 | |||||||||
Consolidated net income | $ | 350,745 | $ | 156,277 | $ | 119,279 | |||||
Other Comprehensive Income: | |||||||||||
Unrealized (loss) gain from the effective portion of derivative instruments | (8,306 | ) | (12,335 | ) | 10,684 | ||||||
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments | 7,064 | 11,785 | 16,370 | ||||||||
Total Comprehensive Income | 349,503 | 155,727 | 146,333 | ||||||||
Less: comprehensive income attributable to noncontrolling interests | (18,393 | ) | (8,267 | ) | (4,890 | ) | |||||
Comprehensive income attributable to MAA | $ | 331,110 | $ | 147,460 | $ | 141,443 |
Mid-America Apartment Communities, Inc. Shareholders | ||||||||||||||||||||||||||||||
Additional Paid-In Capital | Accumulated Distributions in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Common Stock | Noncontrolling Interest | Total Equity | Redeemable Stock | |||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||
EQUITY BALANCE DECEMBER 31, 2012 | 42,243 | $ | 422 | $ | 1,542,999 | $ | (603,315 | ) | $ | (26,054 | ) | $ | 31,058 | $ | 945,110 | $ | 4,713 | |||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||
Net income | 115,281 | 3,998 | 119,279 | |||||||||||||||||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 26,162 | 892 | 27,054 | |||||||||||||||||||||||||||
Issuance and registration of common shares | 32,325 | 325 | 2,026,913 | 161,069 | 2,188,307 | 692 | ||||||||||||||||||||||||
Shares repurchased and retired | (10 | ) | — | (702 | ) | (702 | ) | |||||||||||||||||||||||
Exercise of stock options | 111 | — | 6,212 | 6,212 | ||||||||||||||||||||||||||
Shares issued in exchange for units | 79 | — | 2,519 | (2,519 | ) | — | ||||||||||||||||||||||||
Redeemable stock fair market value | 355 | 355 | (355 | ) | ||||||||||||||||||||||||||
Adjustment for Noncontrolling Interest Correction | — | — | — | — | ||||||||||||||||||||||||||
Adjustment for Noncontrolling Interest Ownership in operating partnership | 19,340 | (19,340 | ) | — | ||||||||||||||||||||||||||
Amortization of unearned compensation | 2,268 | 2,268 | ||||||||||||||||||||||||||||
Dividends on common stock ($2.8150 per share) | (165,914 | ) | (165,914 | ) | ||||||||||||||||||||||||||
Dividends on noncontrolling interest units ($2.8150 per unit) | (8,432 | ) | (8,432 | ) | ||||||||||||||||||||||||||
EQUITY BALANCE DECEMBER 31, 2013 | 74,748 | $ | 747 | $ | 3,599,549 | $ | (653,593 | ) | $ | 108 | $ | 166,726 | $ | 3,113,537 | $ | 5,050 | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||
Net income | 147,980 | 8,297 | 156,277 | |||||||||||||||||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | (520 | ) | (30 | ) | (550 | ) | ||||||||||||||||||||||||
Issuance and registration of common shares | 138 | 2 | 1,040 | 1,042 | 874 | |||||||||||||||||||||||||
Shares repurchased and retired | (12 | ) | — | (465 | ) | (465 | ) | |||||||||||||||||||||||
Exercise of stock options | 270 | 3 | 12,242 | 12,245 | ||||||||||||||||||||||||||
Shares issued in exchange for units | 36 | — | 1,419 | (1,419 | ) | — | ||||||||||||||||||||||||
Shares issued in exchange for redeemable stock | 998 | 998 | (998 | ) | ||||||||||||||||||||||||||
Redeemable stock fair market value | (985 | ) | (985 | ) | 985 | |||||||||||||||||||||||||
Adjustment for Noncontrolling Interest Ownership in operating partnership | (144 | ) | 144 | — | ||||||||||||||||||||||||||
Amortization of unearned compensation | 4,631 | 4,631 | ||||||||||||||||||||||||||||
Dividends on common stock ($2.9600 per share) | (222,488 | ) | (222,488 | ) | ||||||||||||||||||||||||||
Dividends on noncontrolling interest units ($2.9600 per unit) | (12,431 | ) | (12,431 | ) | ||||||||||||||||||||||||||
EQUITY BALANCE DECEMBER 31, 2014 | 75,180 | $ | 752 | $ | 3,619,270 | $ | (729,086 | ) | $ | (412 | ) | $ | 161,287 | $ | 3,051,811 | $ | 5,911 | |||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||
Net income | 332,287 | 18,458 | 350,745 | |||||||||||||||||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | (1,177 | ) | (65 | ) | (1,242 | ) | ||||||||||||||||||||||||
Issuance and registration of common shares | 116 | 1 | 621 | — | 622 | 924 | ||||||||||||||||||||||||
Shares repurchased and retired | (13 | ) | — | (958 | ) | (958 | ) | |||||||||||||||||||||||
Exercise of stock options | 7 | — | 420 | 420 | ||||||||||||||||||||||||||
Shares issued in exchange for units | 28 | — | 1,121 | (1,121 | ) | — | ||||||||||||||||||||||||
Shares issued in exchange for redeemable stock | — | — | ||||||||||||||||||||||||||||
Redeemable stock fair market value | (1,415 | ) | (1,415 | ) | 1,415 | |||||||||||||||||||||||||
Adjustment for Noncontrolling Interest Ownership in operating partnership | (252 | ) | 252 | — | ||||||||||||||||||||||||||
Amortization of unearned compensation | 6,852 | 6,852 | ||||||||||||||||||||||||||||
Dividends on common stock ($3.1300 per share) | (235,927 | ) | (235,927 | ) | ||||||||||||||||||||||||||
Dividends on noncontrolling interest units ($3.1300 per unit) | (13,085 | ) | (13,085 | ) | ||||||||||||||||||||||||||
EQUITY BALANCE DECEMBER 31, 2015 | 75,318 | $ | 753 | $ | 3,627,074 | $ | (634,141 | ) | $ | (1,589 | ) | $ | 165,726 | $ | 3,157,823 | $ | 8,250 |
2015 | 2014 | 2013 | |||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income | $ | 350,745 | $ | 156,277 | $ | 119,279 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Retail revenue accretion | (1,083 | ) | (27 | ) | (35 | ) | |||||
Depreciation and amortization | 294,897 | 301,744 | 189,673 | ||||||||
Stock compensation expense | 6,147 | 4,226 | 2,268 | ||||||||
Redeemable stock issued | 924 | 874 | 692 | ||||||||
Amortization of debt premium and debt issuance costs | (15,515 | ) | (21,282 | ) | (5,870 | ) | |||||
Loss (gain) from investments in real estate joint ventures | 6 | (3,142 | ) | (338 | ) | ||||||
Loss on debt extinguishment | 2,855 | 2,586 | 426 | ||||||||
Derivative interest (credit) expense | (2,274 | ) | (3,084 | ) | 911 | ||||||
Settlement of forward swaps | (1,908 | ) | (3,625 | ) | 9,617 | ||||||
Gain on sale of non-depreciable real estate assets | (172 | ) | (350 | ) | — | ||||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | (189,958 | ) | (42,649 | ) | — | ||||||
Gain on sale of discontinued operations | — | (5,394 | ) | (76,844 | ) | ||||||
Net casualty (gain) loss and other settlement proceeds | (473 | ) | 476 | 50 | |||||||
Changes in assets and liabilities: | |||||||||||
Restricted cash | 2,091 | (8,704 | ) | (11,844 | ) | ||||||
Other assets | 12,475 | 2,013 | 59,032 | ||||||||
Accounts payable | (2,578 | ) | (3,348 | ) | (48,674 | ) | |||||
Accrued expenses and other | 6,307 | 7,543 | 19,890 | ||||||||
Security deposits | 1,235 | 1,244 | 147 | ||||||||
Net cash provided by operating activities | 463,721 | 385,378 | 258,380 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of real estate and other assets | (328,193 | ) | (309,174 | ) | (139,199 | ) | |||||
Normal capital improvements | (88,486 | ) | (90,201 | ) | (53,439 | ) | |||||
Construction capital and other improvements | (7,848 | ) | (7,998 | ) | (4,148 | ) | |||||
Renovations to existing real estate assets | (30,957 | ) | (21,089 | ) | (11,008 | ) | |||||
Development | (38,730 | ) | (70,788 | ) | (53,042 | ) | |||||
Distributions from real estate joint ventures | 6 | 15,964 | 9,768 | ||||||||
Contributions to real estate joint ventures | (32 | ) | — | (268 | ) | ||||||
Proceeds from disposition of real estate assets | 358,017 | 254,638 | 128,978 | ||||||||
Return (funding) of escrow for future acquisitions | 8 | 24,884 | (24,884 | ) | |||||||
Cash acquired in connection with Colonial merger | — | — | 63,454 | ||||||||
Net cash used in investing activities | (136,215 | ) | (203,764 | ) | (83,788 | ) | |||||
Cash flows from financing activities: | |||||||||||
Net change in credit lines | (180,900 | ) | (157,184 | ) | (308,000 | ) | |||||
Proceeds from notes payable | 395,960 | 396,855 | 347,759 | ||||||||
Principal payments on notes payable | (279,077 | ) | (260,347 | ) | (11,103 | ) | |||||
Payment of deferred financing costs | (7,690 | ) | (4,992 | ) | (6,933 | ) | |||||
Repurchase of common stock | (958 | ) | (465 | ) | (702 | ) | |||||
Proceeds from issuances of common shares | 622 | 1,042 | 25,680 | ||||||||
Exercise of stock options | 420 | 12,245 | 6,212 | ||||||||
Distributions to noncontrolling interests | (12,898 | ) | (12,290 | ) | (6,550 | ) | |||||
Dividends paid on common shares | (232,079 | ) | (219,158 | ) | (140,697 | ) | |||||
Net cash used in financing activities | (316,600 | ) | (244,294 | ) | (94,334 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 10,906 | (62,680 | ) | 80,258 | |||||||
Cash and cash equivalents, beginning of period | 26,653 | 89,333 | 9,075 | ||||||||
Cash and cash equivalents, end of period | $ | 37,559 | $ | 26,653 | $ | 89,333 | |||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid | $ | 140,811 | $ | 146,202 | $ | 83,628 | |||||
Income taxes paid | $ | 2,103 | $ | 1,596 | $ | 803 | |||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Conversion of units to shares of common stock | $ | 1,121 | $ | 1,419 | $ | 2,519 | |||||
Accrued construction in progress | $ | 5,873 | $ | 6,626 | $ | 10,165 | |||||
Interest capitalized | $ | 1,655 | $ | 1,722 | $ | 2,089 | |||||
Marked-to-market adjustment on derivative instruments | $ | 2,963 | $ | 6,159 | $ | 26,143 | |||||
Fair value adjustment on debt assumed | $ | — | $ | 5,284 | $ | 86,671 | |||||
Loan assumption | $ | — | $ | 93,049 | $ | 707,716 | |||||
Purchase price for Colonial merger | $ | — | $ | — | $ | 2,162,876 |
December 31, 2015 | December 31, 2014 | ||||||
Assets: | |||||||
Real estate assets: | |||||||
Land | $ | 926,532 | $ | 913,408 | |||
Buildings and improvements | 6,939,288 | 6,781,210 | |||||
Furniture, fixtures and equipment | 228,157 | 214,742 | |||||
Development and capital improvements in progress | 44,355 | 80,772 | |||||
8,138,332 | 7,990,132 | ||||||
Less accumulated depreciation | (1,482,368 | ) | (1,358,400 | ) | |||
6,655,964 | 6,631,732 | ||||||
Undeveloped land | 51,779 | 55,997 | |||||
Corporate properties, net | 8,812 | 7,988 | |||||
Investments in real estate joint ventures | 1,811 | 1,791 | |||||
Real estate assets, net | 6,718,366 | 6,697,508 | |||||
Cash and cash equivalents | 37,559 | 26,653 | |||||
Restricted cash | 26,082 | 28,181 | |||||
Deferred financing costs, net | 5,232 | 5,996 | |||||
Other assets | 58,935 | 61,119 | |||||
Goodwill | 1,607 | 2,321 | |||||
Total assets | $ | 6,847,781 | $ | 6,821,778 | |||
Liabilities and Capital: | |||||||
Liabilities: | |||||||
Secured notes payable | $ | 1,286,236 | $ | 1,589,641 | |||
Unsecured notes payable | 2,141,332 | 1,923,058 | |||||
Accounts payable | 5,922 | 8,395 | |||||
Fair market value of interest rate swaps | 10,358 | 13,392 | |||||
Accrued expenses and other liabilities | 226,237 | 219,044 | |||||
Security deposits | 11,623 | 10,526 | |||||
Due to general partner | 19 | 19 | |||||
Total liabilities | 3,681,727 | 3,764,075 | |||||
Redeemable units | 8,250 | 5,911 | |||||
Capital: | |||||||
General partner: 75,408,571 OP Units outstanding at December 31, 2015 and 75,267,675 OP Units outstanding at December 31, 2014 (1) | 2,993,696 | 2,890,858 | |||||
Limited partners: 4,162,996 OP Units outstanding at December 31, 2015 and 4,191,152 OP Units outstanding at December 31, 2014 (1) | 165,726 | 161,310 | |||||
Accumulated other comprehensive loss | (1,618 | ) | (376 | ) | |||
Total capital | 3,157,804 | 3,051,792 | |||||
Total liabilities and capital | $ | 6,847,781 | $ | 6,821,778 |
(1) | Number of units outstanding represent total OP Units regardless of classification on the consolidated balance sheet. The number of units classified as redeemable units on the consolidated balance sheet at December 31, 2015 and December 31, 2014 are 90,844 and 87,818, respectively. |
2015 | 2014 | 2013 | |||||||||
Operating revenues: | |||||||||||
Rental revenues | $ | 952,196 | $ | 902,177 | $ | 580,963 | |||||
Other property revenues | 90,583 | 90,001 | 53,880 | ||||||||
Total property revenues | 1,042,779 | 992,178 | 634,843 | ||||||||
Management fee income | — | 154 | 647 | ||||||||
Total operating revenues | 1,042,779 | 992,332 | 635,490 | ||||||||
Property operating expenses: | |||||||||||
Personnel | 103,000 | 101,591 | 68,299 | ||||||||
Building repairs and maintenance | 30,524 | 30,715 | 20,308 | ||||||||
Real estate taxes and insurance | 129,618 | 123,419 | 76,922 | ||||||||
Utilities | 89,769 | 89,150 | 51,737 | ||||||||
Landscaping | 19,458 | 20,113 | 13,318 | ||||||||
Other operating | 28,276 | 28,360 | 23,049 | ||||||||
Depreciation and amortization | 294,520 | 301,812 | 186,979 | ||||||||
Total property operating expenses | 695,165 | 695,160 | 440,612 | ||||||||
Acquisition expense | 2,777 | 2,388 | 1,393 | ||||||||
Property management expenses | 30,990 | 32,095 | 23,083 | ||||||||
General and administrative expenses | 25,716 | 20,909 | 15,569 | ||||||||
Merger related expenses | — | 3,152 | 32,403 | ||||||||
Integration related expenses | — | 8,395 | 5,102 | ||||||||
Income from continuing operations before non-operating items | 288,131 | 230,233 | 117,328 | ||||||||
Interest and other non-property (expense) income | (368 | ) | 770 | 466 | |||||||
Interest expense | (122,344 | ) | (123,953 | ) | (78,978 | ) | |||||
Loss on debt extinguishment | (3,602 | ) | (2,586 | ) | (426 | ) | |||||
Net casualty gain (loss) after insurance and other settlement proceeds | 473 | (476 | ) | (143 | ) | ||||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | 189,958 | 42,649 | — | ||||||||
Gain on sale of non-depreciable real estate assets | 172 | 350 | — | ||||||||
Income before income tax expense | 352,420 | 146,987 | 38,247 | ||||||||
Income tax expense | (1,673 | ) | (2,050 | ) | (893 | ) | |||||
Income from continuing operations before joint venture activity | 350,747 | 144,937 | 37,354 | ||||||||
(Loss) gain from real estate joint ventures | (2 | ) | 6,009 | 338 | |||||||
Income from continuing operations | 350,745 | 150,946 | 37,692 | ||||||||
Discontinued operations: | |||||||||||
(Loss) income from discontinued operations before gain on sale | — | (63 | ) | 4,239 | |||||||
Net casualty gain after insurance and other settlement proceeds on discontinued operations | — | — | 93 | ||||||||
Gain on sale of discontinued operations | — | 5,394 | 65,520 | ||||||||
Net income available for Mid-America Apartments, L.P. common unitholders | $ | 350,745 | $ | 156,277 | $ | 107,544 | |||||
Earnings per common unit - basic: | |||||||||||
Income from continuing operations available for common unitholders | $ | 4.41 | $ | 1.90 | $ | 0.71 | |||||
Income from discontinued operations available for common unitholders | — | 0.07 | 1.31 | ||||||||
Net income available for common unitholders | $ | 4.41 | $ | 1.97 | $ | 2.02 | |||||
Earnings per common unit - diluted: | |||||||||||
Income from continuing operations available for common unitholders | $ | 4.41 | $ | 1.90 | $ | 0.71 | |||||
Income from discontinued operations available for common unitholders | — | 0.07 | 1.31 | ||||||||
Net income available for common unitholders | $ | 4.41 | $ | 1.97 | $ | 2.02 |
2015 | 2014 | 2013 | |||||||||
Consolidated net income | $ | 350,745 | $ | 156,277 | $ | 107,544 | |||||
Other comprehensive income: | |||||||||||
Unrealized (loss) gain from the effective portion of derivative instruments | (8,306 | ) | (12,335 | ) | 10,684 | ||||||
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments | 7,064 | 11,785 | 16,370 | ||||||||
Comprehensive income attributable to Mid-America Apartments, L.P. | $ | 349,503 | $ | 155,727 | $ | 134,598 | |||||
See accompanying notes to consolidated financial statements. |
Mid-America Apartments, L.P. Unitholders | ||||||||||||||||||
Limited Partner | General Partner | Accumulated Other Comprehensive Income (Loss) | Total Partnership Capital | Redeemable Units | ||||||||||||||
CAPITAL BALANCE DECEMBER 31, 2012 | $ | 38,154 | $ | 927,734 | $ | (26,881 | ) | $ | 939,007 | $ | 4,713 | |||||||
Net income | 3,979 | 103,565 | — | 107,544 | — | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | — | — | 27,055 | 27,055 | — | |||||||||||||
Issuance of units | 161,069 | 2,027,237 | — | 2,188,306 | 692 | |||||||||||||
Units repurchased and retired | — | (702 | ) | — | (702 | ) | — | |||||||||||
Exercise of unit options | — | 6,212 | — | 6,212 | — | |||||||||||||
General partner units issued in exchange for limited partner units | (2,519 | ) | 2,519 | — | — | — | ||||||||||||
Redeemable units fair market value adjustment | — | 355 | — | 355 | (355 | ) | ||||||||||||
Adjustment for limited partners' capital at redemption value | (25,505 | ) | 43,324 | — | 17,819 | — | ||||||||||||
Amortization of unearned compensation | — | 2,268 | — | 2,268 | — | |||||||||||||
Distributions ($2.8150 per unit) | (8,432 | ) | (165,914 | ) | — | (174,346 | ) | — | ||||||||||
CAPITAL BALANCE DECEMBER 31, 2013 | $ | 166,746 | $ | 2,946,598 | $ | 174 | $ | 3,113,518 | $ | 5,050 | ||||||||
Net income | 8,297 | 147,980 | — | 156,277 | — | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | — | — | (550 | ) | (550 | ) | — | |||||||||||
Issuance of units | — | 1,042 | — | 1,042 | 874 | |||||||||||||
Units repurchased and retired | — | (465 | ) | — | (465 | ) | — | |||||||||||
Exercise of unit options | — | 12,245 | — | 12,245 | — | |||||||||||||
General partner units issued in exchange for limited partner units | (1,419 | ) | 1,419 | — | — | — | ||||||||||||
Units issued in exchange for redeemable units | — | 998 | — | 998 | (998 | ) | ||||||||||||
Redeemable units fair market value adjustment | — | (985 | ) | — | (985 | ) | 985 | |||||||||||
Adjustment for limited partners' capital at redemption value | 117 | (117 | ) | — | — | — | ||||||||||||
Amortization of unearned compensation | — | 4,631 | — | 4,631 | — | |||||||||||||
Distributions ($2.9600 per unit) | (12,431 | ) | (222,488 | ) | — | (234,919 | ) | — | ||||||||||
CAPITAL BALANCE DECEMBER 31, 2014 | $ | 161,310 | $ | 2,890,858 | $ | (376 | ) | $ | 3,051,792 | $ | 5,911 | |||||||
Net income | 18,458 | 332,287 | — | 350,745 | — | |||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | — | — | (1,242 | ) | (1,242 | ) | — | |||||||||||
Issuance of units | — | 622 | — | 622 | 924 | |||||||||||||
Units repurchased and retired | — | (958 | ) | — | (958 | ) | — | |||||||||||
Exercise of unit options | — | 420 | — | 420 | — | |||||||||||||
General partner units issued in exchange for limited partner units | (1,121 | ) | 1,121 | — | — | — | ||||||||||||
Units issued in exchange for redeemable units | — | — | — | — | — | |||||||||||||
Redeemable units fair market value adjustment | — | (1,415 | ) | — | (1,415 | ) | 1,415 | |||||||||||
Adjustment for limited partners' capital at redemption value | 164 | (164 | ) | — | — | — | ||||||||||||
Amortization of unearned compensation | — | 6,852 | — | 6,852 | — | |||||||||||||
Distributions ($3.1300 per unit) | (13,085 | ) | (235,927 | ) | — | (249,012 | ) | — | ||||||||||
CAPITAL BALANCE DECEMBER 31, 2015 | $ | 165,726 | $ | 2,993,696 | $ | (1,618 | ) | $ | 3,157,804 | $ | 8,250 |
2015 | 2014 | 2013 | |||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income | $ | 350,745 | $ | 156,277 | $ | 107,544 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Retail revenue accretion | (1,083 | ) | (27 | ) | (35 | ) | |||||
Depreciation and amortization | 294,897 | 301,744 | 189,437 | ||||||||
Stock compensation expense | 6,147 | 4,226 | 2,268 | ||||||||
Redeemable units issued | 924 | 874 | 692 | ||||||||
Amortization of debt premium and debt issuance costs | (15,515 | ) | (21,282 | ) | (5,870 | ) | |||||
Loss (gain) from investments in real estate joint ventures | 6 | (3,142 | ) | (338 | ) | ||||||
Loss on debt extinguishment | 2,855 | 2,586 | 426 | ||||||||
Derivative interest (credit) expense | (2,274 | ) | (3,084 | ) | 912 | ||||||
Settlement of forward swaps | (1,908 | ) | (3,625 | ) | 9,617 | ||||||
Gain on sale of non-depreciable real estate assets | (172 | ) | (350 | ) | — | ||||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | (189,958 | ) | (42,649 | ) | — | ||||||
Gain on sale of discontinued operations | — | (5,394 | ) | (65,520 | ) | ||||||
Net casualty (gain) loss and other settlement proceeds | (473 | ) | 476 | 50 | |||||||
Changes in assets and liabilities: | |||||||||||
Restricted cash | 2,091 | (8,704 | ) | (11,843 | ) | ||||||
Other assets | 12,475 | 2,013 | 58,904 | ||||||||
Accounts payable | (2,578 | ) | (3,348 | ) | (48,641 | ) | |||||
Accrued expenses and other | 6,307 | 7,543 | 20,135 | ||||||||
Security deposits | 1,235 | 1,244 | 166 | ||||||||
Net cash provided by operating activities | 463,721 | 385,378 | 257,904 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of real estate and other assets | (328,193 | ) | (309,174 | ) | (139,199 | ) | |||||
Normal capital improvements | (88,486 | ) | (90,201 | ) | (53,357 | ) | |||||
Construction capital and other improvements | (7,848 | ) | (7,998 | ) | (4,148 | ) | |||||
Renovations to existing real estate assets | (30,957 | ) | (21,089 | ) | (11,008 | ) | |||||
Development | (38,730 | ) | (70,788 | ) | (53,042 | ) | |||||
Distributions from real estate joint ventures | 6 | 15,964 | 9,768 | ||||||||
Contributions to real estate joint ventures | (32 | ) | — | (268 | ) | ||||||
Proceeds from disposition of real estate assets | 358,017 | 254,638 | 112,293 | ||||||||
Return (funding) of escrow for future acquisitions | 8 | 24,884 | (24,884 | ) | |||||||
Cash acquired in connection with Colonial merger | — | — | 63,454 | ||||||||
Net cash used in investing activities | (136,215 | ) | (203,764 | ) | (100,391 | ) | |||||
Cash flows from financing activities: | |||||||||||
Advances from general partner | — | — | 17,220 | ||||||||
Net change in credit lines | (180,900 | ) | (157,184 | ) | (308,000 | ) | |||||
Proceeds from notes payable | 395,960 | 396,855 | 347,759 | ||||||||
Principal payments on notes payable | (279,077 | ) | (260,347 | ) | (11,103 | ) | |||||
Payment of deferred financing costs | (7,690 | ) | (4,992 | ) | (6,933 | ) | |||||
Repurchase of common units | (958 | ) | (465 | ) | (702 | ) | |||||
Proceeds from issuances of common units | 622 | 1,042 | 25,680 | ||||||||
Exercise of unit options | 420 | 12,245 | 6,212 | ||||||||
Distributions paid on common units | (244,977 | ) | (231,448 | ) | (147,247 | ) | |||||
Net cash used in financing activities | (316,600 | ) | (244,294 | ) | (77,114 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 10,906 | (62,680 | ) | 80,399 | |||||||
Cash and cash equivalents, beginning of period | 26,653 | 89,333 | 8,934 | ||||||||
Cash and cash equivalents, end of period | $ | 37,559 | $ | 26,653 | $ | 89,333 | |||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid | $ | 140,811 | $ | 146,202 | $ | 83,628 | |||||
Income taxes paid | $ | 2,103 | $ | 1,596 | $ | 803 | |||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Accrued construction in progress | $ | 5,873 | $ | 6,626 | $ | 10,165 | |||||
Interest capitalized | $ | 1,655 | $ | 1,722 | $ | 2,089 | |||||
Marked-to-market adjustment on derivative instruments | $ | 2,963 | $ | 6,159 | $ | 26,143 | |||||
Fair value adjustment on debt assumed | $ | — | $ | 5,284 | $ | 86,671 | |||||
Loan assumption | $ | — | $ | 93,049 | $ | 707,716 | |||||
Purchase price for Colonial merger | $ | — | $ | — | $ | 2,162,876 |
1. | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
• | enhances a readers' understanding of MAA and the Operating Partnership by enabling the reader to view the business as a whole in the same manner that management views and operates the business; |
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both MAA and the Operating Partnership. |
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters |
Accounting Standards Update (ASU) 2015-03 and ASU 2015-15, Interest -Imputation of Interest | ASU 2015-03, requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. | This ASU is effective for annual periods ending after December 15, 2015; however, early adoption is permitted. | We adopted this ASU on December 31, 2015. The adoption of this ASU resulted in the reclassification of $13.3 million and $11.8 million of unamortized debt issuance costs related to the company’s secured property mortgages, senior unsecured notes, and unsecured term loans from Deferred financing costs, net to a reduction in Unsecured and Secured notes payable within its Consolidated Balance Sheets as of December 31, 2015 and 2014, respectively. |
ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | This ASU requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. If substantial doubt exists, the entity must disclose the principal conditions or events that raised the substantial doubt, management's evaluation of the significance of these conditions, and management's plan for alleviating the substantial doubt about the entity's ability to continue as a going concern. | This ASU is effective for annual periods ending after December 15, 2016; however, early adoption is permitted. | We are currently in the process of evaluating the impact of this ASU, but we do not expect the adoption of this ASU to have a material impact on our consolidated financial position or results of operations taken as a whole. |
ASU 2014-09, Revenue from Contracts with Customers | This ASU establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. | This ASU is effective for annual reporting periods beginning after December 15, 2017, as a result of a deferral of the effective date arising from the issuance of ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date. Early adoption is permitted. | The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. We are currently in the process of evaluating the impact of adoption of this ASU on our consolidated financial condition and results of operations taken as a whole and plan on completing this assessment in the fourth quarter of 2016, but we do not expect the impact to be material. We have not yet determined which method will be used for initial application. |
ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | This ASU raises the threshold for disposals to qualify as discontinued operations. It also requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. | This ASU is effective for fiscal years beginning after December 15, 2014, and interim periods within those years; however, early adoption is permitted beginning in the first quarter of 2014. | We adopted this ASU on January 1, 2014. The adoption of this ASU required us to not classify certain disposals occurring during 2014 as discontinued operations. The 2014 dispositions did not qualify for discontinued operations treatment and therefore the gains on these properties are presented as a component of continuing operations for 2014. |
Land | $ | 469,396 | |
Buildings and improvements | 3,080,858 | ||
Furniture, fixtures and equipment | 96,377 | ||
Development and capital improvements in progress | 113,368 | ||
Undeveloped land | 58,400 | ||
Properties held for sale | 33,300 | ||
Lease intangible assets | 57,946 | ||
Cash and cash equivalents | 63,454 | ||
Restricted cash | 6,825 | ||
Deferred costs and other assets, excluding lease intangible assets | 86,141 | ||
Total assets acquired | 4,066,065 | ||
Notes payable | (1,759,550) | ||
Fair market value of interest rate swaps | (14,961) | ||
Accounts payable, accrued expenses, and other liabilities | (128,678) | ||
Total liabilities assumed, including debt | (1,903,189 | ) | |
Total purchase price | $ | 2,162,876 |
(dollars and shares in thousands, except per share amounts) | Years ended December 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||
Shares Outstanding | |||||||||||
Weighted average common shares - basic | 75,176 | 74,982 | 50,677 | ||||||||
Weighted average partnership units outstanding | — | (1) | — | (1) | 2,351 | ||||||
Effect of dilutive securities | — | (2) | — | (2) | 88 | ||||||
Weighted average common shares - diluted | 75,176 | 74,982 | 53,116 | ||||||||
Calculation of Earnings per Share - basic | |||||||||||
Income from continuing operations | $ | 350,745 | $ | 150,946 | $ | 37,692 | |||||
Income from continuing operations attributable to noncontrolling interests | (18,458 | ) | (8,013 | ) | (1,154 | ) | |||||
Income from continuing operations allocated to unvested restricted shares | (772 | ) | (278 | ) | (34 | ) | |||||
Income from continuing operations available for common shareholders, adjusted | $ | 331,515 | $ | 142,655 | $ | 36,504 | |||||
Income from discontinued operations | $ | — | $ | 5,331 | $ | 81,587 | |||||
Income from discontinued operations attributable to noncontrolling interest | — | (284 | ) | (2,845 | ) | ||||||
Income from discontinued operations allocated to unvested restricted shares | — | (10 | ) | (73 | ) | ||||||
Income from discontinued operations available for common shareholders, adjusted | $ | — | $ | 5,037 | $ | 78,669 | |||||
Weighted average common shares - basic | 75,176 | 74,982 | 50,677 | ||||||||
Earnings per share - basic | $ | 4.41 | $ | 1.97 | $ | 2.27 | |||||
Calculation of Earnings per Share - diluted | |||||||||||
Income from continuing operations | $ | 350,745 | $ | 150,946 | $ | 37,692 | |||||
Income from continuing operations attributable to noncontrolling interests | (18,458 | ) | (1) | (8,013 | ) | (1) | — | ||||
Income from continuing operations allocated to unvested restricted shares | (772 | ) | (2) | (278 | ) | (2) | — | ||||
Income from continuing operations available for common shareholders, adjusted | $ | 331,515 | $ | 142,655 | $ | 37,692 | |||||
Income from discontinued operations | $ | — | $ | 5,331 | $ | 81,587 | |||||
Income from discontinued operations attributable to noncontrolling interest | — | (1) | (284 | ) | (1) | — | |||||
Income from discontinued operations allocated to unvested restricted shares | — | (2) | (10 | ) | (2) | — | |||||
Income from discontinued operations available for common shareholders, adjusted | $ | — | $ | 5,037 | $ | 81,587 | |||||
Weighted average common shares - diluted | 75,176 | 74,982 | 53,116 | ||||||||
Earnings per share - diluted | $ | 4.41 | $ | 1.97 | $ | 2.25 |
(dollars and units in thousands, except per unit amounts) | Years ended December 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||
Units Outstanding | |||||||||||
Weighted average common units - basic | 79,361 | 79,188 | 53,075 | ||||||||
Effect of dilutive securities | — | (1) | — | (1) | 88 | ||||||
Weighted average common units - diluted | 79,361 | 79,188 | 53,163 | ||||||||
Calculation of Earnings per Unit - basic | |||||||||||
Income from continuing operations | $ | 350,745 | $ | 150,946 | $ | 37,692 | |||||
Income from continuing operations allocated to unvested restricted shares | (772 | ) | (278 | ) | (33 | ) | |||||
Income from continuing operations available for common unitholders, adjusted | $ | 349,973 | $ | 150,668 | $ | 37,659 | |||||
Income from discontinued operations | $ | — | $ | 5,331 | $ | 69,852 | |||||
Income from discontinued operations allocated to unvested restricted shares | — | (10 | ) | (62 | ) | ||||||
Income from discontinued operations available for common unitholders, adjusted | $ | — | $ | 5,321 | $ | 69,790 | |||||
Weighted average common units - basic | 79,361 | 79,188 | 53,075 | ||||||||
Earnings per unit - basic: | $ | 4.41 | $ | 1.97 | $ | 2.02 | |||||
Calculation of Earnings per Unit - diluted | |||||||||||
Income from continuing operations | $ | 350,745 | $ | 150,946 | $ | 37,692 | |||||
Income from continuing operations allocated to unvested restricted shares | (772 | ) | (1) | (278 | ) | (1) | — | ||||
Income from continuing operations available for common unitholders, adjusted | $ | 349,973 | $ | 150,668 | $ | 37,692 | |||||
Income from discontinued operations | $ | — | $ | 5,331 | $ | 69,852 | |||||
Income from discontinued operations allocated to unvested restricted shares | — | (1) | (10 | ) | (1) | — | |||||
Income from discontinued operations available for common unitholders, adjusted | $ | — | $ | 5,321 | $ | 69,852 | |||||
Weighted average common units - diluted | 79,361 | 79,188 | 53,163 | ||||||||
Earnings per unit - diluted: | $ | 4.41 | $ | 1.97 | $ | 2.02 |
2015 | 2014 | 2013 | |
Risk free rate - minimum | 0.10% | 0.02% | 0.07% |
Risk free rate - maximum | 1.05% | 0.80% | 0.17% |
Dividend yield | 3.932% | 4.755% | 4.269% |
Volatility - minimum | 15.41% | 18.31% | 16.40% |
Volatility - maximum | 16.04% | 20.48% | 20.92% |
Service period | 3 years | 3 years | 4 years |
Nonvested Shares | Shares | Weighted Average Grant-Date Fair Value | |||||
Nonvested at January 1, 2015 | 145,049 | $ | 63.25 | ||||
Issued | 93,356 | 72.54 | |||||
Vested | (49,156 | ) | 58.08 | ||||
Forfeited | (1,308 | ) | 65.88 | ||||
Nonvested at December 31, 2015 | 187,941 | $ | 63.36 |
2013 | ||
Term - minimum | 0.25 years | |
Term - maximum | 5.50 years | |
Risk free rate - minimum | 0.02% | |
Risk free rate - maximum | 1.55% | |
Dividend yield | 4.21% | |
Volatility - minimum | 15.60% | |
Volatility - maximum | 46.29% |
Stock Options | Options | Weighted Average Exercise Price | |||||
Outstanding at January 1, 2015 | 74,454 | $ | 82.33 | ||||
Granted | — | — | |||||
Exercised | (7,342 | ) | 57.23 | ||||
Expired | (9,000 | ) | 76.87 | ||||
Outstanding at December 31, 2015 | 58,112 | $ | 86.21 |
• | $240.0 million of the Fannie Mae Facility, of which $240.0 million has been borrowed as of December 31, 2015; and |
• | $310.0 million of senior unsecured notes, all of which has been borrowed as of December 31, 2015. |
Borrowed Balance | Effective Rate | Contract Maturity | ||||||
Fixed Rate Secured Debt | ||||||||
Individual property mortgages | $ | 1,012,862 | 3.9 | % | 7/12/2019 | |||
Fannie Mae conventional credit facilities | 50,000 | 4.7 | % | 3/31/2017 | ||||
Total fixed rate secured debt | 1,062,862 | 3.9 | % | 6/2/2019 | ||||
Variable Rate Secured Debt (1) | ||||||||
Fannie Mae conventional credit facilities | 190,000 | 0.8 | % | 8/26/2017 | ||||
Total variable rate secured debt | 190,000 | 0.8 | % | 8/26/2017 | ||||
Fair market value adjustments and debt issuance costs | 33,374 | 3/13/2019 | ||||||
Total Secured Debt | $ | 1,286,236 | 3.5 | % | 2/25/2019 | |||
Unsecured Debt | ||||||||
Variable rate credit facility | 75,000 | 1.2 | % | 4/15/2020 | ||||
Term loan fixed with swaps | 550,000 | 3.1 | % | 11/10/2017 | ||||
Fixed rate bonds | 1,535,246 | 4.2 | % | 9/16/2023 | ||||
Fair market value adjustments, debt issuance costs and discounts | (18,914 | ) | 7/2/2025 | |||||
Total Unsecured Debt | $ | 2,141,332 | 3.8 | % | 1/26/2022 | |||
Total Outstanding Debt | $ | 3,427,568 | 3.7 | % | 12/22/2020 |
At December 31, 2015 | ||||||||||||||
Actual Interest Rates | Current Average Interest Rate | Maturity | Balance | Balance at December 31, 2014 | ||||||||||
Fixed Rate: | ||||||||||||||
Secured | 1.77 - 6.21% | 3.97% | 2016-2025 | $ | 1,062.9 | $ | 1,129.5 | |||||||
Unsecured | 3.15 - 6.05% | 4.21% | 2016-2025 | 1,535.2 | 1,320.2 | |||||||||
Interest rate swaps | 2.45 - 6.63% | 4.19% | 2017-2018 | 550.0 | 625.0 | |||||||||
$ | 3,148.1 | $ | 3,074.7 | |||||||||||
Variable Rate: (1) | ||||||||||||||
Secured | 0.80% | 0.82% | 2017 | 65.0 | 83.5 | |||||||||
Secured interest rate caps | 0.80% | 0.82% | 2017 | 125.0 | 255.4 | |||||||||
Unsecured | 1.23% | 1.23% | 2020 | 75.0 | 59.0 | |||||||||
$ | 265.0 | $ | 397.9 | |||||||||||
Fair market value adjustments, debt issuance costs and discounts | $ | 14.5 | $ | 40.1 | ||||||||||
$ | 3,427.6 | $ | 3,512.7 |
Year | Amortization | Maturities | Total | ||||||||
2016 | $ | 18,989 | $ | 188,824 | $ | 207,813 | |||||
2017 | 17,157 | 156,170 | 173,327 | ||||||||
2018 | 14,663 | 465,429 | 480,092 | ||||||||
2019 | 7,044 | 539,474 | 546,518 | ||||||||
2020 | 3,361 | 377,456 | 380,817 | ||||||||
Thereafter | (1,004 | ) | 1,640,005 | 1,639,001 | |||||||
$ | 60,210 | $ | 3,367,358 | $ | 3,427,568 |
Interest Rate Derivative | Number of Instruments | Notional |
Interest Rate Caps | 5 | $125,000,000 |
Interest Rate Swaps | 7 | $550,000,000 |
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain or (Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||||||||||||
Years ended December 31, | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Interest rate contracts | $ | (8,306 | ) | $ | (12,335 | ) | $ | 10,684 | Interest expense | $ | (7,064 | ) | $ | (11,785 | ) | $ | (16,370 | ) | Interest expense | $ | (100 | ) | $ | (157 | ) | $ | 37 | |||||||||||||
Total derivatives in cash flow hedging relationships | $ | (8,306 | ) | $ | (12,335 | ) | $ | 10,684 | $ | (7,064 | ) | $ | (11,785 | ) | $ | (16,370 | ) | $ | (100 | ) | $ | (157 | ) | $ | 37 |
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||||||||||||
For the year ended December 31, | 2015 | 2014 | 2013 | |||||||||||
Interest rate products | Interest income/(expense) | $ | (3 | ) | $ | (146 | ) | $ | (16 | ) | ||||
Total | $ | (3 | ) | $ | (146 | ) | $ | (16 | ) |
Changes in Accumulated Other Comprehensive Income (Loss) by Component | Affected Line Item in the Consolidated Statements Of Operations | Gains and Losses on Cash Flow Hedges | ||||||||||||
For the year ended December 31, | 2015 | 2014 | 2013 | |||||||||||
Beginning balance | $ | (412 | ) | $ | 108 | $ | (26,054 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (8,306 | ) | (12,335 | ) | 10,684 | |||||||||
Amounts reclassified from accumulated other comprehensive income (interest rate contracts) | Interest (income)/expense | 7,064 | 11,785 | 16,370 | ||||||||||
Net current-period other comprehensive loss (income) attributable to noncontrolling interest | 65 | 30 | (892 | ) | ||||||||||
Net current-period other comprehensive (loss) income attributable to MAA | (1,177 | ) | (520 | ) | 26,162 | |||||||||
Ending balance | $ | (1,589 | ) | $ | (412 | ) | $ | 108 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at December 31, 2015 | ||||||||||||
Assets | |||||||||||||||
Derivative financial instruments | $ | — | $ | 6 | $ | — | $ | 6 | |||||||
Liabilities | |||||||||||||||
Derivative financial instruments | $ | — | $ | 10,358 | $ | — | $ | 10,358 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at December 31, 2014 | ||||||||||||
Assets | |||||||||||||||
Derivative financial instruments | $ | — | $ | 78 | $ | — | $ | 78 | |||||||
Liabilities | |||||||||||||||
Derivative financial instruments | $ | — | $ | 13,392 | $ | — | $ | 13,392 |
2015 | 2014 | 2013 | |||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||
Ordinary income | $ | 3.07 | 99.7 | % | $ | 2.76 | 94.41 | % | $ | 2.36 | 84.9 | % | |||||
Capital gains | — | — | % | — | — | % | 0.17 | 6.23 | % | ||||||||
Return of capital | — | — | % | 0.16 | 5.59 | % | — | — | % | ||||||||
Un-recaptured Section 1250 gain | 0.01 | 0.3 | % | — | — | % | 0.25 | 8.87 | % | ||||||||
$ | 3.08 | 100.00 | % | $ | 2.92 | 100.00 | % | $ | 2.78 | 100.00 | % |
• | taxable income in prior carryback years, if carryback is permitted under the tax law; |
• | future reversals of existing taxable temporary differences (i.e., offset gross deferred tax assets against gross deferred tax liabilities); |
• | tax planning strategies; and |
• | future taxable income exclusive of reversing temporary differences and carryforwards. |
December 31, 2015 | December 31, 2014 | ||||||
Deferred tax assets: | |||||||
Real estate asset basis differences | $ | 25,627 | $ | 25,561 | |||
Deferred revenue | 22 | 18 | |||||
Deferred expenses | 14,106 | 13,923 | |||||
Net operating loss carryforward | 28,493 | 27,215 | |||||
Accrued liabilities | 3,951 | 3,974 | |||||
$ | 72,199 | $ | 70,691 | ||||
Deferred tax liabilities: | |||||||
Real estate asset basis differences | $ | (145 | ) | $ | (913 | ) | |
$ | (145 | ) | $ | (913 | ) | ||
Net deferred tax assets, before valuation allowance | $ | 72,054 | $ | 69,778 | |||
Valuation allowance | (72,054 | ) | (69,778 | ) | |||
Net deferred tax assets, included in other assets | $ | — | $ | — |
December 31, 2015 | December 31, 2014 | December 31, 2013 | |||||||||
Tax expense/(benefit) at U.S. statutory rates on TRS income subject to tax | $ | 2,506 | $ | 1,802 | $ | (261 | ) | ||||
Effect of permanent differences and other | (730 | ) | (1,110 | ) | 1 | ||||||
(Decrease) increase in valuation allowance | (1,776 | ) | (692 | ) | 260 | ||||||
TRS income tax provision | $ | — | $ | — | $ | — |
2015 | 2014 | 2013 | |||||||||
Income from continuing operations: | |||||||||||
Attributable to MAA | $ | 332,287 | $ | 142,933 | $ | 36,539 | |||||
Attributable to noncontrolling interest | 18,458 | 8,013 | 1,153 | ||||||||
Income from continuing operations | $ | 350,745 | $ | 150,946 | $ | 37,692 | |||||
Income from discontinued operations: | |||||||||||
Attributable to MAA | $ | — | $ | 5,047 | $ | 78,742 | |||||
Attributable to noncontrolling interest | — | 284 | 2,845 | ||||||||
Income from discontinued operations | $ | — | $ | 5,331 | $ | 81,587 |
2014 | 2013 | ||||||
Revenues: | |||||||
Rental revenues | $ | 75 | $ | 12,499 | |||
Other revenues | 10 | 1,189 | |||||
Total revenues | 85 | 13,688 | |||||
Expenses: | |||||||
Property operating expenses | 74 | 5,886 | |||||
Depreciation and amortization | 42 | 2,716 | |||||
Interest expense | 32 | 436 | |||||
Total expenses | 148 | 9,038 | |||||
Income from discontinued operations before gain on sale | (63 | ) | 4,650 | ||||
Net gain on insurance and other settlement proceeds on discontinued operations | — | 93 | |||||
Gain on sale of discontinued operations | 5,394 | 76,844 | |||||
Income from discontinued operations | $ | 5,331 | $ | 81,587 |
2014 | 2013 | ||||||
Revenues: | |||||||
Rental revenues | $ | 75 | $ | 11,446 | |||
Other revenues | 10 | 1,099 | |||||
Total revenues | 85 | 12,545 | |||||
Expenses: | |||||||
Property operating expenses | 74 | 5,390 | |||||
Depreciation and amortization | 42 | 2,480 | |||||
Interest expense | 32 | 436 | |||||
Total expenses | 148 | 8,306 | |||||
Income from discontinued operations before gain on sale | (63 | ) | 4,239 | ||||
Net gain on insurance and other settlement proceeds on discontinued operations | — | 93 | |||||
Gain on sale of discontinued operations | 5,394 | 65,520 | |||||
Income from discontinued operations | $ | 5,331 | $ | 69,852 |
• | Large market same store communities are generally communities in markets with a population of at least 1 million and at least 1% of the total public multifamily REIT units that we have owned and have been stabilized for at least a full 12 months. |
• | Secondary market same store communities are generally communities in markets with populations of more than 1 million but less than 1% of the total public multifamily REIT units or markets with populations of less than 1 million that we have owned and have been stabilized for at least a full 12 months. |
• | Non same store communities and other includes recent acquisitions, communities in development or lease-up, communities that have been identified for disposition, and communities that have undergone a significant casualty loss. Also included in non same store communities are non multifamily activities which represent less than 1% of our portfolio. |
2015 | 2014 | 2013 (1) | |||||||||
Revenues | |||||||||||
Large Market Same Store | $ | 587,896 | $ | 553,038 | $ | 241,194 | |||||
Secondary Market Same Store | 324,771 | 310,281 | 242,464 | ||||||||
Non-Same Store and Other | 130,112 | 128,859 | 151,185 | ||||||||
Total property revenues | 1,042,779 | 992,178 | 634,843 | ||||||||
Management fee income | — | 154 | 647 | ||||||||
Total operating revenues | $ | 1,042,779 | $ | 992,332 | $ | 635,490 | |||||
NOI | |||||||||||
Large Market Same Store | $ | 361,285 | $ | 334,255 | $ | 142,988 | |||||
Secondary Market Same Store | 200,989 | 190,348 | 147,607 | ||||||||
Non-Same Store and Other | 79,860 | 74,211 | 98,417 | ||||||||
Total NOI | 642,134 | 598,814 | 389,012 | ||||||||
Discontinued operations NOI included above | — | 16 | (7,802 | ) | |||||||
Management fee income | — | 154 | 647 | ||||||||
Depreciation and amortization | (294,520 | ) | (301,812 | ) | (186,979 | ) | |||||
Acquisition expense | (2,777 | ) | (2,388 | ) | (1,393 | ) | |||||
Property management expense | (30,990 | ) | (32,095 | ) | (23,083 | ) | |||||
General and administrative expense | (25,716 | ) | (20,909 | ) | (15,569 | ) | |||||
Merger related expenses | — | (3,152 | ) | (32,403 | ) | ||||||
Integration costs | — | (8,395 | ) | (5,102 | ) | ||||||
Interest and other non-property (expense) income | (368 | ) | 770 | 466 | |||||||
Interest expense | (122,344 | ) | (123,953 | ) | (78,978 | ) | |||||
Loss on debt extinguishment/modification | (3,602 | ) | (2,586 | ) | (426 | ) | |||||
Net casualty (loss) gain after insurance and other settlement proceeds | 473 | (476 | ) | (143 | ) | ||||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | 189,958 | 42,649 | — | ||||||||
Income tax expense | (1,673 | ) | (2,050 | ) | (893 | ) | |||||
Gain on sale of non-depreciable real estate assets | 172 | 350 | — | ||||||||
(Loss) gain from real estate joint ventures | (2 | ) | 6,009 | 338 | |||||||
Discontinued operations | — | 5,331 | 81,587 | ||||||||
Net income attributable to noncontrolling interests | (18,458 | ) | (8,297 | ) | (3,998 | ) | |||||
Net income available to MAA common shareholders | $ | 332,287 | $ | 147,980 | $ | 115,281 |
December 31, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Large Market Same Store | $ | 3,768,455 | $ | 3,867,457 | |||
Secondary Market Same Store | 1,661,956 | 1,708,389 | |||||
Non-Same Store and Other | 1,344,833 | 1,189,682 | |||||
Corporate assets | 72,537 | 56,250 | |||||
Total assets | $ | 6,847,781 | $ | 6,821,778 |
Community | Location | Units/Acres | Date Acquired | |||
River's Walk (4 outparcels) | Charleston, South Carolina | 2.5 acres | Q1/Q2 2015 - various | |||
Residences at Burlington Creek | Kansas City, Missouri-Kansas MSA | 298 | January 15, 2015 | |||
SkySong | Scottsdale, Arizona | 325 | June 11, 2015 | |||
Retreat at West Creek | Richmond, Virginia | 254 | June 15, 2015 | |||
Radius | Norfolk/Hampton/Virgina Beach, Virginia MSA | 252 | July 28, 2015 | |||
Haven at Prairie Trace | Kansas City, Missouri-Kansas MSA | 280 | July 30, 2015 | |||
Retreat at West Creek II | Richmond, Virginia | 4.4 acres | October 14, 2015 | |||
Cityscape at Market Center II | Dallas, Texas | 318 | November 19, 2015 | |||
The Denton | Kansas City, Missouri-Kansas MSA | 55 | December 17, 2015 | |||
The Denton II | Kansas City, Missouri-Kansas MSA | 4.51 acres | December 17, 2015 |
Community | Location | Units/Sq. Ft./Acres | Date Sold | |||
Vistas | Macon, Georgia | 144 | February 26, 2015 | |||
Austin Chase | Macon, Georgia | 256 | February 26, 2015 | |||
Fairways at Hartland | Bowling Green, Kentucky | 240 | February 26, 2015 | |||
Fountain Lake | Brunswick, Georgia | 113 | March 25, 2015 | |||
Westbury Creek | Augusta, Georgia | 120 | April 1, 2015 | |||
Woodwinds | Aiken, South Carolina | 144 | April 1, 2015 | |||
Colony at South Park | Aiken, South Carolina | 184 | April 1, 2015 | |||
Bradford Pointe | Augusta, Georgia | 192 | April 1, 2015 | |||
Colonial Promenade Craft Farms | Gulf Shores, Alabama | 67,735 sq. ft. | April 28, 2015 | |||
Colonial Promenade Craft Farms outparcel | Gulf Shores, Alabama | 0.23 acres | April 28, 2015 | |||
Anatole | Daytona Beach, Florida | 208 | April 29, 2015 | |||
Oaks | Jackson, Tennessee | 100 | April 29, 2015 | |||
Post House Jackson | Jackson, Tennessee | 150 | April 29, 2015 | |||
Woods of Post House | Jackson, Tennessee | 122 | April 29, 2015 | |||
Post House North | Jackson, Tennessee | 145 | April 29, 2015 | |||
Bradford Chase | Jackson, Tennessee | 148 | April 29, 2015 | |||
Sutton Place | Memphis, Tennessee MSA | 253 | April 29, 2015 | |||
Southland Station | Warner Robbins, Georgia | 304 | April 29, 2015 | |||
Huntington Chase | Warner Robbins, Georgia | 200 | April 29, 2015 | |||
Paddock Park | Ocala, Florida | 480 | April 29, 2015 | |||
Colonial Grand Wilmington | Wilmington, North Carolina | 390 | July 1, 2015 | |||
Savannah Creek | Memphis, Tennessee MSA | 204 | July 1, 2015 | |||
Whisperwood | Columbus, Georgia | 1,008 | July 1, 2015 |
Year Ended December 31, 2015 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Total operating revenues | $ | 258,552 | $ | 258,891 | $ | 261,998 | $ | 263,337 | ||||||||
Income from continuing operations before non-operating items | $ | 69,393 | $ | 68,837 | $ | 73,138 | $ | 76,763 | ||||||||
Interest expense | $ | (30,848 | ) | (1) | $ | (30,433 | ) | (1) | $ | (30,229 | ) | (1) | $ | (30,834 | ) | (1) |
Gain (loss) from real estate joint ventures | $ | 19 | $ | (23 | ) | $ | (1 | ) | $ | 3 | ||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations before gain (loss) on sale | $ | — | $ | — | $ | — | $ | — | ||||||||
Gain on sale of discontinued operations | $ | — | $ | — | $ | — | $ | — | ||||||||
Consolidated net income | $ | 64,677 | $ | 143,873 | $ | 96,828 | $ | 45,367 | ||||||||
Net income attributable to noncontrolling interest | $ | 3,410 | $ | 7,574 | $ | 5,094 | $ | 2,380 | ||||||||
Net income available for MAA common shareholders | $ | 61,267 | $ | 136,299 | $ | 91,734 | $ | 42,987 | ||||||||
Per share: | ||||||||||||||||
Net income available per common share - basic | $ | 0.81 | $ | 1.81 | $ | 1.22 | $ | 0.57 | ||||||||
Net income available per common share - diluted | $ | 0.81 | $ | 1.81 | $ | 1.22 | $ | 0.57 | ||||||||
Dividend paid | $ | 0.77 | $ | 0.77 | $ | 0.77 | $ | 0.77 |
Year Ended December 31, 2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Total operating revenues | $ | 244,234 | $ | 245,305 | $ | 249,574 | $ | 253,219 | ||||||||
Income from continuing operations before non-operating items | $ | 39,311 | $ | 58,092 | $ | 64,039 | $ | 68,791 | ||||||||
Interest expense | $ | (31,987 | ) | (1) | $ | (31,337 | ) | (1) | $ | (29,251 | ) | (1) | $ | (31,378 | ) | (1) |
(Loss) gain from real estate joint ventures | $ | (24 | ) | $ | 2,919 | $ | 3,124 | $ | (10 | ) | ||||||
Discontinued operations: | ||||||||||||||||
Loss from discontinued operations before gain on sale | $ | (47 | ) | $ | (4 | ) | $ | (8 | ) | $ | (4 | ) | ||||
Gain on sale of discontinued operations | $ | 5,481 | $ | — | $ | (103 | ) | $ | 16 | |||||||
Consolidated net income | $ | 15,714 | $ | 33,386 | $ | 70,719 | $ | 36,458 | ||||||||
Net income attributable to noncontrolling interest | $ | 848 | $ | 1,773 | $ | 3,743 | $ | 1,933 | ||||||||
Net income available for MAA common shareholders | $ | 14,866 | $ | 31,613 | $ | 66,976 | $ | 34,525 | ||||||||
Per share: | ||||||||||||||||
Net income available per common share - basic | $ | 0.20 | $ | 0.42 | $ | 0.89 | $ | 0.46 | ||||||||
Net income available per common share - diluted | $ | 0.20 | $ | 0.42 | $ | 0.89 | $ | 0.46 | ||||||||
Dividend paid | $ | 0.73 | $ | 0.73 | $ | 0.73 | $ | 0.73 |
Year Ended December 31, 2015 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Total operating revenues | $ | 258,552 | $ | 258,891 | $ | 261,998 | $ | 263,337 | ||||||||
Income from continuing operations before non-operating items | $ | 69,393 | $ | 68,837 | $ | 73,138 | $ | 76,763 | ||||||||
Interest expense | $ | (30,848 | ) | (1) | $ | (30,433 | ) | (1) | $ | (30,229 | ) | (1) | $ | (30,834 | ) | (1) |
Gain (loss) from real estate joint ventures | $ | 19 | $ | (23 | ) | $ | (1 | ) | $ | 3 | ||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations before gain (loss) on sale | $ | — | $ | — | $ | — | $ | — | ||||||||
Gain on sale of discontinued operations | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income available for common unitholders | $ | 64,677 | $ | 143,873 | $ | 96,828 | $ | 45,367 | ||||||||
Per unit: | ||||||||||||||||
Net income available per common unit - basic | $ | 0.81 | $ | 1.81 | $ | 1.22 | $ | 0.57 | ||||||||
Net income available per common unit - diluted | $ | 0.81 | $ | 1.81 | $ | 1.22 | $ | 0.57 | ||||||||
Distribution paid | $ | 0.77 | $ | 0.77 | $ | 0.77 | $ | 0.77 |
Year Ended December 31, 2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Total operating revenues | $ | 244,234 | $ | 245,305 | $ | 249,574 | $ | 253,219 | ||||||||
Income from continuing operations before non-operating items | $ | 39,311 | $ | 58,092 | $ | 64,039 | $ | 68,791 | ||||||||
Interest expense | $ | (31,987 | ) | (1) | $ | (31,337 | ) | (1) | $ | (29,251 | ) | (1) | $ | (31,378 | ) | (1) |
(Loss) gain from real estate joint ventures | $ | (24 | ) | $ | 2,919 | $ | 3,124 | $ | (10 | ) | ||||||
Discontinued operations: | ||||||||||||||||
Loss from discontinued operations before gain on sale | $ | (47 | ) | $ | (4 | ) | $ | (8 | ) | $ | (4 | ) | ||||
Gain on sale of discontinued operations | $ | 5,481 | $ | — | $ | (103 | ) | $ | 16 | |||||||
Net income available for common unitholders | $ | 15,714 | $ | 33,386 | $ | 70,719 | $ | 36,458 | ||||||||
Per unit: | ||||||||||||||||
Net income available per common unit - basic | $ | 0.20 | $ | 0.42 | $ | 0.89 | $ | 0.46 | ||||||||
Net income available per common unit - diluted | $ | 0.20 | $ | 0.42 | $ | 0.89 | $ | 0.46 | ||||||||
Distribution paid | $ | 0.73 | $ | 0.73 | $ | 0.73 | $ | 0.73 |
Life used to compute depreciation in latest income statement (4) | |||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized subsequent to Acquisition | Gross Amount carried at December 31, 2015 (3) | |||||||||||||||||||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Total | Accumulated Depreciation | Net | Date of Construction | |||||||||||||||||||||||||||||||||||
Birchall at Ross Bridge | Birmingham, AL | — | $ | 2,640 | $ | 28,842 | $ | — | $ | 848 | $ | 2,640 | $ | 29,690 | $ | 32,330 | $ | (4,487 | ) | $ | 27,843 | 2009 | 1 - 40 | ||||||||||||||||||||||||
Colonial Grand at Riverchase Trails | Birmingham, AL | — | 3,761 | 22,079 | — | 1,575 | 3,761 | 23,654 | 27,415 | (2,574 | ) | 24,841 | 2010 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Trussville | Birmingham, AL | — | 3,402 | 31,813 | — | 1,295 | 3,402 | 33,108 | 36,510 | (3,267 | ) | 33,243 | 1996/97 | 1 - 40 | |||||||||||||||||||||||||||||||||
Eagle Ridge | Birmingham, AL | — | (1) | 851 | 7,667 | — | 4,376 | 851 | 12,043 | 12,894 | (7,454 | ) | 5,440 | 1986 | 1 - 40 | ||||||||||||||||||||||||||||||||
Colonial Grand at Traditions | Gulf Shores,AL | — | 3,211 | 25,162 | — | 1,228 | 3,211 | 26,390 | 29,601 | (2,834 | ) | 26,767 | 2007 | 1 - 40 | |||||||||||||||||||||||||||||||||
Abbington Place | Huntsville, AL | — | 524 | 4,724 | — | 3,047 | 524 | 7,771 | 8,295 | (4,901 | ) | 3,394 | 1987 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Edgewater | Huntsville, AL | 27,722 | 4,943 | 38,673 | — | 3,412 | 4,943 | 42,085 | 47,028 | (3,792 | ) | 43,236 | 1990 | 1 - 40 | |||||||||||||||||||||||||||||||||
Paddock Club Huntsville | Huntsville, AL | — | 909 | 10,152 | 830 | 14,197 | 1,739 | 24,349 | 26,088 | (13,330 | ) | 12,758 | 1993 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Madison | Madison, AL | 22,500 | 3,601 | 28,934 | — | 718 | 3,601 | 29,652 | 33,253 | (3,053 | ) | 30,200 | 2000 | 1 - 40 | |||||||||||||||||||||||||||||||||
Paddock Club Montgomery | Montgomery, AL | — | 965 | 13,190 | — | 2,050 | 965 | 15,240 | 16,205 | (7,316 | ) | 8,889 | 1999 | 1 - 40 | |||||||||||||||||||||||||||||||||
Cypress Village | Orange Beach, AL | — | 1,290 | 12,238 | — | 468 | 1,290 | 12,706 | 13,996 | (1,267 | ) | 12,729 | 2008 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Liberty Park | Vestavia Hills, AL | 17,823 | 3,922 | 30,977 | — | 2,291 | 3,922 | 33,268 | 37,190 | (3,279 | ) | 33,911 | 2000 | 1 - 40 | |||||||||||||||||||||||||||||||||
Edge at Lyon's Gate | Phoenix, AZ | — | 7,901 | 27,182 | — | 1,632 | 7,901 | 28,814 | 36,715 | (7,460 | ) | 29,255 | 2007 | 1 - 40 | |||||||||||||||||||||||||||||||||
Sky View Ranch | Gilbert, AZ | — | 2,668 | 14,577 | — | 1,461 | 2,668 | 16,038 | 18,706 | (3,737 | ) | 14,969 | 2007 | 1 - 40 | |||||||||||||||||||||||||||||||||
Talus Ranch | Phoenix, AZ | — | 12,741 | 47,701 | — | 2,046 | 12,741 | 49,747 | 62,488 | (15,984 | ) | 46,504 | 2005 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Inverness Commons | Mesa, AZ | — | 4,219 | 26,255 | — | 929 | 4,219 | 27,184 | 31,403 | (2,661 | ) | 28,742 | 2001 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Scottsdale | Scottsdale, AZ | — | 3,612 | 20,273 | — | 1,344 | 3,612 | 21,617 | 25,229 | (2,099 | ) | 23,130 | 1999 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at OldTown Scottsdale | Scottsdale, AZ | — | 7,820 | 51,627 | — | 2,664 | 7,820 | 54,291 | 62,111 | (5,141 | ) | 56,970 | 2001 | 1 - 40 | |||||||||||||||||||||||||||||||||
SkySong | Scottsdale, AZ | — | — | 55,748 | — | 296 | — | 56,044 | 56,044 | (834 | ) | 55,210 | 2014 | 1 - 40 | |||||||||||||||||||||||||||||||||
Calais Forest | Little Rock, AR | — | 1,026 | 9,244 | — | 8,401 | 1,026 | 17,645 | 18,671 | (11,296 | ) | 7,375 | 1987 | 1 - 40 | |||||||||||||||||||||||||||||||||
Napa Valley | Little Rock, AR | — | 960 | 8,642 | — | 5,247 | 960 | 13,889 | 14,849 | (8,670 | ) | 6,179 | 1984 | 1 - 40 | |||||||||||||||||||||||||||||||||
Palisades at Chenal Valley | Little Rock, AR | — | 2,560 | 25,234 | — | 2,266 | 2,560 | 27,500 | 30,060 | (3,962 | ) | 26,098 | 2006 | 1 - 40 | |||||||||||||||||||||||||||||||||
Ridge at Chenal Valley | Little Rock, AR | — | 2,626 | — | — | 26,917 | 2,626 | 26,917 | 29,543 | (2,375 | ) | 27,168 | 2012 | 1 - 40 | |||||||||||||||||||||||||||||||||
Westside Creek I & II | Little Rock, AR | — | 1,271 | 11,463 | — | 8,286 | 1,271 | 19,749 | 21,020 | (11,414 | ) | 9,606 | 1984/86 | 1 - 40 | |||||||||||||||||||||||||||||||||
Tiffany Oaks | Altamonte Springs, FL | — | (1) | 1,024 | 9,219 | — | 6,163 | 1,024 | 15,382 | 16,406 | (10,400 | ) | 6,006 | 1985 | 1 - 40 | ||||||||||||||||||||||||||||||||
Indigo Point | Brandon, FL | — | (1) | 1,167 | 10,500 | — | 3,754 | 1,167 | 14,254 | 15,421 | (8,157 | ) | 7,264 | 1989 | 1 - 40 |
Life used to compute depreciation in latest income statement (4) | |||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized subsequent to Acquisition | Gross Amount carried at December 31, 2015 (3) | |||||||||||||||||||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Total | Accumulated Depreciation | Net | Date of Construction | |||||||||||||||||||||||||||||||||||
Paddock Club Brandon | Brandon, FL | — | 2,896 | 26,111 | — | 5,688 | 2,896 | 31,799 | 34,695 | (17,936 | ) | 16,759 | 1998 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Lakewood Ranch | Bradenton, FL | — | 2,980 | 40,230 | — | 1,697 | 2,980 | 41,927 | 44,907 | (3,952 | ) | 40,955 | 1999 | 1 - 40 | |||||||||||||||||||||||||||||||||
Preserve at Coral Square | Coral Springs, FL | — | 9,600 | 40,004 | — | 9,188 | 9,600 | 49,192 | 58,792 | (19,518 | ) | 39,274 | 1996 | 1 - 40 | |||||||||||||||||||||||||||||||||
Paddock Club Gainesville | Gainesville, FL | — | 1,800 | 15,879 | — | 4,347 | 1,800 | 20,226 | 22,026 | (8,509 | ) | 13,517 | 1999 | 1 - 40 | |||||||||||||||||||||||||||||||||
The Retreat at Magnolia Park | Gainesville, FL | — | 2,040 | 16,338 | — | 406 | 2,040 | 16,744 | 18,784 | (2,688 | ) | 16,096 | 2009 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Heathrow | Heathrow, FL | 20,594 | 4,101 | 35,684 | — | 1,427 | 4,101 | 37,111 | 41,212 | (3,675 | ) | 37,537 | 1997 | 1 - 40 | |||||||||||||||||||||||||||||||||
220 Riverside | Jacksonville, FL | — | 2,500 | — | — | 40,145 | 2,500 | 40,145 | 42,645 | (342 | ) | 42,303 | 2015 | 1 - 40 | |||||||||||||||||||||||||||||||||
Atlantic Crossing | Jacksonville, FL | — | 4,000 | 19,495 | — | 1,246 | 4,000 | 20,741 | 24,741 | (3,496 | ) | 21,245 | 2008 | 1 - 40 | |||||||||||||||||||||||||||||||||
Cooper's Hawk | Jacksonville, FL | — | 854 | 7,500 | — | 3,950 | 854 | 11,450 | 12,304 | (7,899 | ) | 4,405 | 1987 | 1 - 40 | |||||||||||||||||||||||||||||||||
Hunter's Ridge at Deerwood | Jacksonville, FL | — | 1,533 | 13,835 | — | 6,864 | 1,533 | 20,699 | 22,232 | (12,756 | ) | 9,476 | 1987 | 1 - 40 | |||||||||||||||||||||||||||||||||
Lakeside | Jacksonville, FL | — | 1,430 | 12,883 | — | 9,977 | 1,430 | 22,860 | 24,290 | (16,129 | ) | 8,161 | 1985 | 1 - 40 | |||||||||||||||||||||||||||||||||
Lighthouse at Fleming Island | Jacksonville, FL | — | (1) | 4,047 | 35,052 | — | 5,487 | 4,047 | 40,539 | 44,586 | (17,354 | ) | 27,232 | 2003 | 1 - 40 | ||||||||||||||||||||||||||||||||
Paddock Club Mandarin | Jacksonville, FL | — | 1,411 | 14,967 | — | 2,961 | 1,411 | 17,928 | 19,339 | (8,503 | ) | 10,836 | 1998 | 1 - 40 | |||||||||||||||||||||||||||||||||
St. Augustine | Jacksonville, FL | — | 2,857 | 6,475 | — | 7,585 | 2,857 | 14,060 | 16,917 | (9,973 | ) | 6,944 | 1987 | 1 - 40 | |||||||||||||||||||||||||||||||||
St. Augustine II | Jacksonville, FL | — | — | — | — | 13,394 | — | 13,394 | 13,394 | (2,373 | ) | 11,021 | 2008 | 1 - 40 | |||||||||||||||||||||||||||||||||
Tattersall at Tapestry Park | Jacksonville, FL | — | 6,417 | 36,069 | — | 611 | 6,417 | 36,680 | 43,097 | (5,716 | ) | 37,381 | 2009 | 1 - 40 | |||||||||||||||||||||||||||||||||
Woodhollow | Jacksonville, FL | — | (1) | 1,686 | 15,179 | (8 | ) | 10,222 | 1,678 | 25,401 | 27,079 | (16,371 | ) | 10,708 | 1986 | 1 - 40 | |||||||||||||||||||||||||||||||
Paddock Club Lakeland | Lakeland, FL | — | 2,254 | 20,452 | (1,033 | ) | 8,836 | 1,221 | 29,288 | 30,509 | (17,958 | ) | 12,551 | 1988/90 | 1 - 40 | ||||||||||||||||||||||||||||||||
Colonial Grand at Town Park | Lake Mary, FL | 32,938 | 5,742 | 56,562 | — | 1,614 | 5,742 | 58,176 | 63,918 | (5,985 | ) | 57,933 | 2005 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Town Park Reserve | Lake Mary, FL | — | 3,481 | 10,311 | — | 188 | 3,481 | 10,499 | 13,980 | (1,102 | ) | 12,878 | 2004 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Lake Mary | Lake Mary, FL | — | 3,780 | 33,543 | 1,260 | 12,061 | 5,040 | 45,604 | 50,644 | (4,134 | ) | 46,510 | 2012 | 1 - 40 | |||||||||||||||||||||||||||||||||
CG at Lake Mary III | Lake Mary, FL | — | 1,306 | 7,996 | — | 10,691 | 1,306 | 18,687 | 19,993 | (703 | ) | 19,290 | 2014 | 1 - 40 | |||||||||||||||||||||||||||||||||
Retreat at Lake Nona | Orlando, FL | — | 7,880 | 41,175 | — | 2,096 | 7,880 | 43,271 | 51,151 | (5,133 | ) | 46,018 | 2006 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Heather Glen | Orlando, FL | — | 4,662 | 56,988 | — | 2,403 | 4,662 | 59,391 | 64,053 | (5,553 | ) | 58,500 | 2000 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Randal Lakes | Orlando, FL | — | 5,659 | 50,553 | — | 10,396 | 5,659 | 60,949 | 66,608 | (2,926 | ) | 63,682 | 2013 | 1 - 40 | |||||||||||||||||||||||||||||||||
Park Crest at Innisbrook | Palm Harbor, FL | 28,419 | 6,900 | 26,613 | — | 932 | 6,900 | 27,545 | 34,445 | (6,576 | ) | 27,869 | 2000 | 1 - 40 | |||||||||||||||||||||||||||||||||
The Club at Panama Beach | Panama City, FL | — | 898 | 14,276 | (5 | ) | 4,100 | 893 | 18,376 | 19,269 | (9,512 | ) | 9,757 | 2000 | 1 - 40 | ||||||||||||||||||||||||||||||||
Colonial Village at Twin Lakes | Sanford, FL | 25,044 | 3,091 | 47,793 | — | 976 | 3,091 | 48,769 | 51,860 | (4,824 | ) | 47,036 | 2005 | 1 - 40 | |||||||||||||||||||||||||||||||||
Paddock Club Tallahassee | Tallahassee, FL | — | 530 | 4,805 | 950 | 14,695 | 1,480 | 19,500 | 20,980 | (11,784 | ) | 9,196 | 1992 | 1 - 40 | |||||||||||||||||||||||||||||||||
Verandas at Southwood | Tallahassee, FL | 20,345 | 3,600 | 25,914 | — | 115 | 3,600 | 26,029 | 29,629 | (1,260 | ) | 28,369 | 2003 | 1 - 40 | |||||||||||||||||||||||||||||||||
Belmere | Tampa, FL | — | (1) | 852 | 7,667 | — | 6,282 | 852 | 13,949 | 14,801 | (9,790 | ) | 5,011 | 1984 | 1 - 40 |
Life used to compute depreciation in latest income statement (4) | |||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized subsequent to Acquisition | Gross Amount carried at December 31, 2015 (3) | |||||||||||||||||||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Total | Accumulated Depreciation | Net | Date of Construction | |||||||||||||||||||||||||||||||||||
Links at Carrollwood | Tampa, FL | — | 817 | 7,355 | 110 | 5,649 | 927 | 13,004 | 13,931 | (8,014 | ) | 5,917 | 1980 | 1 - 40 | |||||||||||||||||||||||||||||||||
Village Oaks | Tampa, FL | — | 2,738 | 19,055 | 153 | 1,997 | 2,891 | 21,052 | 23,943 | (5,296 | ) | 18,647 | 2005 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Hampton Preserve | Tampa, FL | — | 6,233 | 69,535 | — | 750 | 6,233 | 70,285 | 76,518 | (6,483 | ) | 70,035 | 2012 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Seven Oaks | Wesley Chapel, FL | 20,720 | 3,051 | 42,768 | — | 741 | 3,051 | 43,509 | 46,560 | (4,045 | ) | 42,515 | 2004 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Windermere | Windermere, FL | — | 2,711 | 36,710 | — | 492 | 2,711 | 37,202 | 39,913 | (3,377 | ) | 36,536 | 2009 | 1 - 40 | |||||||||||||||||||||||||||||||||
Allure at Brookwood | Atlanta, GA | — | 11,168 | 52,758 | — | 2,960 | 11,168 | 55,718 | 66,886 | (6,650 | ) | 60,236 | 2008 | 1 - 40 | |||||||||||||||||||||||||||||||||
Allure in Buckhead Village Residential | Atlanta, GA | — | 8,633 | 19,844 | — | 4,923 | 8,633 | 24,767 | 33,400 | (3,370 | ) | 30,030 | 2002 | 1 - 40 | |||||||||||||||||||||||||||||||||
Sanctuary at Oglethorpe | Atlanta, GA | — | 6,875 | 31,441 | — | 3,452 | 6,875 | 34,893 | 41,768 | (9,621 | ) | 32,147 | 1994 | 1 - 40 | |||||||||||||||||||||||||||||||||
Terraces at Fieldstone | Conyers, GA | — | 1,284 | 15,819 | — | 2,877 | 1,284 | 18,696 | 19,980 | (8,587 | ) | 11,393 | 1999 | 1 - 40 | |||||||||||||||||||||||||||||||||
Prescott | Duluth, GA | — | (2) | 3,840 | 24,011 | — | 3,008 | 3,840 | 27,019 | 30,859 | (10,837 | ) | 20,022 | 2001 | 1 - 40 | ||||||||||||||||||||||||||||||||
Colonial Grand at Berkeley Lake | Duluth, GA | — | 1,960 | 15,707 | — | 870 | 1,960 | 16,577 | 18,537 | (1,896 | ) | 16,641 | 1998 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at River Oaks | Duluth, GA | 11,680 | 4,360 | 13,579 | — | 961 | 4,360 | 14,540 | 18,900 | (2,105 | ) | 16,795 | 1992 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at River Plantation | Duluth, GA | — | 2,059 | 19,158 | — | 1,075 | 2,059 | 20,233 | 22,292 | (2,301 | ) | 19,991 | 1994 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at McDaniel Farm | Duluth, GA | — | 3,985 | 32,206 | — | 1,816 | 3,985 | 34,022 | 38,007 | (3,844 | ) | 34,163 | 1997 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Pleasant Hill | Duluth, GA | — | 6,753 | 32,202 | — | 1,960 | 6,753 | 34,162 | 40,915 | (3,725 | ) | 37,190 | 1996 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Mount Vernon | Dunwoody, GA | 15,328 | 6,861 | 23,748 | — | 1,137 | 6,861 | 24,885 | 31,746 | (2,327 | ) | 29,419 | 1997 | 1 - 40 | |||||||||||||||||||||||||||||||||
Lake Lanier Club I | Gainesville, GA | — | 3,560 | 22,611 | — | 4,386 | 3,560 | 26,997 | 30,557 | (10,294 | ) | 20,263 | 1998 | 1 - 40 | |||||||||||||||||||||||||||||||||
Lake Lanier Club II | Gainesville, GA | — | (2) | 3,150 | 18,383 | — | 2,168 | 3,150 | 20,551 | 23,701 | (7,717 | ) | 15,984 | 2001 | 1 - 40 | ||||||||||||||||||||||||||||||||
Colonial Grand at Shiloh | Kennesaw, GA | 30,454 | 4,864 | 45,893 | — | 1,683 | 4,864 | 47,576 | 52,440 | (4,874 | ) | 47,566 | 2002 | 1 - 40 | |||||||||||||||||||||||||||||||||
Millstead Village | LaGrange, GA | — | 3,100 | 29,240 | — | 192 | 3,100 | 29,432 | 32,532 | (2,998 | ) | 29,534 | 1998 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Barrett Creek | Marietta, GA | 19,257 | 5,661 | 26,186 | — | 1,246 | 5,661 | 27,432 | 33,093 | (3,171 | ) | 29,922 | 1999 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Godley Station | Pooler, GA | 12,777 | 1,800 | 35,454 | — | 1,344 | 1,800 | 36,798 | 38,598 | (3,426 | ) | 35,172 | 2001 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Godley Lake | Pooler, GA | — | 1,750 | 30,893 | — | 683 | 1,750 | 31,576 | 33,326 | (3,124 | ) | 30,202 | 2008 | 1 - 40 | |||||||||||||||||||||||||||||||||
Avala at Savannah Quarters | Savannah, GA | — | 1,500 | 24,862 | — | 818 | 1,500 | 25,680 | 27,180 | (4,130 | ) | 23,050 | 2009 | 1 - 40 | |||||||||||||||||||||||||||||||||
Georgetown Grove | Savannah, GA | — | 1,288 | 11,579 | — | 3,130 | 1,288 | 14,709 | 15,997 | (8,776 | ) | 7,221 | 1997 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Hammocks | Savannah, GA | — | 2,441 | 36,863 | — | 1,630 | 2,441 | 38,493 | 40,934 | (3,607 | ) | 37,327 | 1997 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Greentree | Savannah, GA | — | 1,710 | 10,494 | — | 611 | 1,710 | 11,105 | 12,815 | (1,377 | ) | 11,438 | 1984 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Huntington | Savannah, GA | — | 2,521 | 8,223 | — | 300 | 2,521 | 8,523 | 11,044 | (931 | ) | 10,113 | 1986 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Marsh Cove | Savannah, GA | — | 5,231 | 8,555 | — | 472 | 5,231 | 9,027 | 14,258 | (1,161 | ) | 13,097 | 1983 | 1 - 40 | |||||||||||||||||||||||||||||||||
Oaks at Wilmington Island | Savannah, GA | — | 2,910 | 25,315 | — | 3,049 | 2,910 | 28,364 | 31,274 | (9,317 | ) | 21,957 | 1999 | 1 - 40 | |||||||||||||||||||||||||||||||||
Highlands of West Village I | Smyrna, GA | 41,075 | 9,052 | 43,395 | — | 4,377 | 9,052 | 47,772 | 56,824 | (1,897 | ) | 54,927 | 2006 | 1 - 40 |
Life used to compute depreciation in latest income statement (4) | |||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized subsequent to Acquisition | Gross Amount carried at December 31, 2015 (3) | |||||||||||||||||||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Total | Accumulated Depreciation | Net | Date of Construction | |||||||||||||||||||||||||||||||||||
Highlands of West Village II | Smyrna, GA | — | 5,358 | 30,338 | — | 35 | 5,358 | 30,373 | 35,731 | (1,196 | ) | 34,535 | 2012 | 1 - 40 | |||||||||||||||||||||||||||||||||
Terraces at Townelake | Woodstock, GA | — | 1,331 | 11,918 | 1,688 | 22,465 | 3,019 | 34,383 | 37,402 | (18,398 | ) | 19,004 | 1999 | 1 - 40 | |||||||||||||||||||||||||||||||||
Haven at Praire Trace | Overland Park, KS | — | 3,500 | 40,614 | — | 250 | 3,500 | 40,864 | 44,364 | (434 | ) | 43,930 | 2015 | 1 - 40 | |||||||||||||||||||||||||||||||||
Grand Reserve at Pinnacle | Lexington, KY | — | (1) | 2,024 | 31,525 | — | 4,264 | 2,024 | 35,789 | 37,813 | (15,170 | ) | 22,643 | 2000 | 1 - 40 | ||||||||||||||||||||||||||||||||
Lakepointe | Lexington, KY | — | 411 | 3,699 | — | 2,613 | 411 | 6,312 | 6,723 | (4,434 | ) | 2,289 | 1986 | 1 - 40 | |||||||||||||||||||||||||||||||||
Mansion, The | Lexington, KY | — | (1) | 694 | 6,242 | — | 3,725 | 694 | 9,967 | 10,661 | (6,972 | ) | 3,689 | 1989 | 1 - 40 | ||||||||||||||||||||||||||||||||
Village, The | Lexington, KY | — | (1) | 900 | 8,097 | — | 5,050 | 900 | 13,147 | 14,047 | (9,171 | ) | 4,876 | 1989 | 1 - 40 | ||||||||||||||||||||||||||||||||
Stonemill Village | Louisville, KY | — | 1,169 | 10,518 | — | 10,049 | 1,169 | 20,567 | 21,736 | (13,554 | ) | 8,182 | 1985 | 1 - 40 | |||||||||||||||||||||||||||||||||
Crosswinds | Jackson, MS | — | 1,535 | 13,826 | — | 5,748 | 1,535 | 19,574 | 21,109 | (12,927 | ) | 8,182 | 1989 | 1 - 40 | |||||||||||||||||||||||||||||||||
Pear Orchard | Jackson, MS | — | 1,351 | 12,168 | — | 9,055 | 1,351 | 21,223 | 22,574 | (14,512 | ) | 8,062 | 1985 | 1 - 40 | |||||||||||||||||||||||||||||||||
Reflection Pointe | Jackson, MS | — | 710 | 8,770 | 138 | 8,737 | 848 | 17,507 | 18,355 | (11,209 | ) | 7,146 | 1986 | 1 - 40 | |||||||||||||||||||||||||||||||||
Lakeshore Landing | Ridgeland, MS | — | 676 | 6,284 | — | 2,961 | 676 | 9,245 | 9,921 | (4,138 | ) | 5,783 | 1974 | 1 - 40 | |||||||||||||||||||||||||||||||||
Market Station | Kansas City, MO | — | 5,814 | 46,241 | — | 752 | 5,814 | 46,993 | 52,807 | (5,232 | ) | 47,575 | 2010 | 1 - 40 | |||||||||||||||||||||||||||||||||
Residences at Burlington Creek | Kansas City, MO | — | 4,000 | 42,144 | — | 311 | 4,000 | 42,455 | 46,455 | (1,086 | ) | 45,369 | 2013/14 | 1 - 40 | |||||||||||||||||||||||||||||||||
The Denton | Kansas City, MO | — | 750 | 8,795 | — | — | 750 | 8,795 | 9,545 | — | 9,545 | 2014 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Desert Vista | North Las Vegas, NV | — | 4,091 | 29,826 | — | 633 | 4,091 | 30,459 | 34,550 | (3,094 | ) | 31,456 | 2009 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Palm Vista | North Las Vegas, NV | — | 4,909 | 25,643 | — | 1,136 | 4,909 | 26,779 | 31,688 | (2,806 | ) | 28,882 | 2007 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Beaver Creek | Apex, NC | — | 7,491 | 34,863 | — | 963 | 7,491 | 35,826 | 43,317 | (3,376 | ) | 39,941 | 2007 | 1 - 40 | |||||||||||||||||||||||||||||||||
Hermitage at Beechtree | Cary, NC | — | (1) | 900 | 8,099 | — | 5,352 | 900 | 13,451 | 14,351 | (8,341 | ) | 6,010 | 1988 | 1 - 40 | ||||||||||||||||||||||||||||||||
Waterford Forest | Cary, NC | — | (2) | 4,000 | 20,250 | — | 3,235 | 4,000 | 23,485 | 27,485 | (9,018 | ) | 18,467 | 1996 | 1 - 40 | ||||||||||||||||||||||||||||||||
1225 South Church I | Charlotte, NC | — | 4,780 | 22,342 | 4,832 | 23,562 | 9,612 | 45,904 | 55,516 | (4,846 | ) | 50,670 | 2010 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Ayrsley | Charlotte, NC | — | 1,240 | 52,119 | 1,241 | 12,432 | 2,481 | 64,551 | 67,032 | (5,695 | ) | 61,337 | 2008 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Beverly Crest | Charlotte, NC | 15,496 | 3,161 | 24,004 | — | 1,774 | 3,161 | 25,778 | 28,939 | (2,412 | ) | 26,527 | 1996 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Legacy Park | Charlotte, NC | — | 2,891 | 28,272 | — | 1,007 | 2,891 | 29,279 | 32,170 | (2,882 | ) | 29,288 | 2001 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Mallard Creek | Charlotte, NC | 15,630 | 4,591 | 27,713 | — | 588 | 4,591 | 28,301 | 32,892 | (2,840 | ) | 30,052 | 2005 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Mallard Lake | Charlotte, NC | 17,642 | 3,250 | 31,389 | — | 1,518 | 3,250 | 32,907 | 36,157 | (3,284 | ) | 32,873 | 1998 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at University Center | Charlotte, NC | — | 1,620 | 17,499 | — | 389 | 1,620 | 17,888 | 19,508 | (1,663 | ) | 17,845 | 2005 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Reserve at South End | Charlotte, NC | — | 4,628 | 44,282 | — | 10,826 | 4,628 | 55,108 | 59,736 | (2,474 | ) | 57,262 | 2013 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Chancellor Park | Charlotte, NC | — | 5,311 | 28,016 | — | 1,681 | 5,311 | 29,697 | 35,008 | (2,753 | ) | 32,255 | 1999 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Greystone | Charlotte, NC | 14,180 | 4,120 | 25,974 | — | 1,210 | 4,120 | 27,184 | 31,304 | (2,467 | ) | 28,837 | 1998/2000 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at South Tryon | Charlotte, NC | — | 2,260 | 19,489 | — | 726 | 2,260 | 20,215 | 22,475 | (1,998 | ) | 20,477 | 2002 | 1 - 40 |
Life used to compute depreciation in latest income statement (4) | |||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized subsequent to Acquisition | Gross Amount carried at December 31, 2015 (3) | |||||||||||||||||||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Total | Accumulated Depreciation | Net | Date of Construction | |||||||||||||||||||||||||||||||||||
Colonial Village at Stone Point | Charlotte, NC | — | 2,141 | 11,564 | — | 804 | 2,141 | 12,368 | 14,509 | (1,519 | ) | 12,990 | 1986 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Timber Crest | Charlotte, NC | — | 2,901 | 17,192 | — | 769 | 2,901 | 17,961 | 20,862 | (1,642 | ) | 19,220 | 2000 | 1 - 40 | |||||||||||||||||||||||||||||||||
Enclave | Charlotte, NC | — | 1,461 | 18,984 | — | 353 | 1,461 | 19,337 | 20,798 | (1,607 | ) | 19,191 | 2008 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Cornelius | Cornelius, NC | — | 4,571 | 29,151 | — | 510 | 4,571 | 29,661 | 34,232 | (3,049 | ) | 31,183 | 2009 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Patterson Place | Durham, NC | 15,361 | 2,590 | 27,126 | — | 1,174 | 2,590 | 28,300 | 30,890 | (2,704 | ) | 28,186 | 1997 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Woodlake | Durham, NC | — | 2,741 | 17,686 | — | 721 | 2,741 | 18,407 | 21,148 | (1,927 | ) | 19,221 | 1996 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Deerfield | Durham, NC | — | 3,271 | 15,609 | — | 678 | 3,271 | 16,287 | 19,558 | (1,919 | ) | 17,639 | 1985 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Research Park | Durham, NC | — | 4,201 | 37,682 | — | 908 | 4,201 | 38,590 | 42,791 | (3,865 | ) | 38,926 | 2002 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Autumn Park | Greensboro, NC | — | 4,182 | 26,214 | — | 967 | 4,182 | 27,181 | 31,363 | (2,506 | ) | 28,857 | 2001/04 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Huntersville | Huntersville, NC | 14,843 | 4,251 | 31,948 | — | 862 | 4,251 | 32,810 | 37,061 | (3,255 | ) | 33,806 | 2008 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Matthews | Matthews, NC | 13,587 | 3,071 | 21,830 | — | 2,508 | 3,071 | 24,338 | 27,409 | (2,611 | ) | 24,798 | 2008 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Matthews Commons | Matthews, NC | — | 3,690 | 28,536 | — | 1,012 | 3,690 | 29,548 | 33,238 | (2,818 | ) | 30,420 | 2008 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Arringdon | Morrisville, NC | 19,319 | 6,401 | 31,134 | — | 931 | 6,401 | 32,065 | 38,466 | (3,169 | ) | 35,297 | 2003 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Brier Creek | Raleigh, NC | 25,490 | 7,372 | 50,202 | — | 867 | 7,372 | 51,069 | 58,441 | (4,812 | ) | 53,629 | 2010 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Brier Falls | Raleigh, NC | — | 6,572 | 48,910 | — | 747 | 6,572 | 49,657 | 56,229 | (4,611 | ) | 51,618 | 2008 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Crabtree Valley | Raleigh, NC | 10,532 | 2,241 | 18,434 | — | 925 | 2,241 | 19,359 | 21,600 | (1,746 | ) | 19,854 | 1997 | 1 - 40 | |||||||||||||||||||||||||||||||||
Hue | Raleigh, NC | — | 3,690 | 29,910 | — | 1,550 | 3,690 | 31,460 | 35,150 | (4,923 | ) | 30,227 | 2009 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Trinity Commons | Raleigh, NC | 29,725 | 5,232 | 45,138 | — | 1,477 | 5,232 | 46,615 | 51,847 | (4,722 | ) | 47,125 | 2000/02 | 1 - 40 | |||||||||||||||||||||||||||||||||
Preserve at Brier Creek | Raleigh, NC | — | 5,850 | 21,980 | (19 | ) | 24,178 | 5,831 | 46,158 | 51,989 | (13,195 | ) | 38,794 | 2004 | 1 - 40 | ||||||||||||||||||||||||||||||||
Providence at Brier Creek | Raleigh, NC | — | 4,695 | 29,007 | — | 1,424 | 4,695 | 30,431 | 35,126 | (7,898 | ) | 27,228 | 2007 | 1 - 40 | |||||||||||||||||||||||||||||||||
Corners, The | Winston-Salem, NC | — | 685 | 6,165 | — | 3,453 | 685 | 9,618 | 10,303 | (7,112 | ) | 3,191 | 1982 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Glen Eagles | Winston-Salem, NC | — | 3,400 | 15,002 | — | 1,276 | 3,400 | 16,278 | 19,678 | (1,649 | ) | 18,029 | 1990/2000 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Mill Creek | Winston-Salem, NC | — | 2,351 | 7,354 | — | 546 | 2,351 | 7,900 | 10,251 | (876 | ) | 9,375 | 1984 | 1 - 40 | |||||||||||||||||||||||||||||||||
Tanglewood | Anderson, SC | — | 427 | 3,853 | — | 3,486 | 427 | 7,339 | 7,766 | (5,175 | ) | 2,591 | 1980 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Cypress Cove | Charleston, SC | — | 3,610 | 28,645 | — | 1,092 | 3,610 | 29,737 | 33,347 | (2,947 | ) | 30,400 | 2001 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Hampton Pointe | Charleston, SC | — | 3,971 | 22,790 | — | 2,123 | 3,971 | 24,913 | 28,884 | (2,432 | ) | 26,452 | 1986 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Quarterdeck | Charleston, SC | — | 920 | 24,097 | — | 2,887 | 920 | 26,984 | 27,904 | (2,451 | ) | 25,453 | 1987 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Westchase | Charleston, SC | — | 4,571 | 20,091 | — | 1,476 | 4,571 | 21,567 | 26,138 | (2,416 | ) | 23,722 | 1985 | 1 - 40 | |||||||||||||||||||||||||||||||||
River's Walk | Charleston, SC | — | 5,200 | — | — | 28,810 | 5,200 | 28,810 | 34,010 | (1,573 | ) | 32,437 | 2013 | 1 - 40 | |||||||||||||||||||||||||||||||||
Fairways, The | Columbia, SC | — | 910 | 8,207 | — | 3,831 | 910 | 12,038 | 12,948 | (8,106 | ) | 4,842 | 1992 | 1 - 40 | |||||||||||||||||||||||||||||||||
Paddock Club Columbia | Columbia, SC | — | 1,840 | 16,560 | — | 4,548 | 1,840 | 21,108 | 22,948 | (13,117 | ) | 9,831 | 1991 | 1 - 40 |
Life used to compute depreciation in latest income statement (4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized subsequent to Acquisition | Gross Amount carried at December 31, 2015 (3) | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Total | Accumulated Depreciation | Net | Date of Construction | ||||||||||||||||||||||||||||||||||||
Colonial Village at Windsor Place | Goose Creek, SC | — | 1,321 | 14,163 | — | 1,277 | 1,321 | 15,440 | 16,761 | (1,715 | ) | 15,046 | 1985 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Highland Ridge | Greenville, SC | — | 482 | 4,337 | — | 2,678 | 482 | 7,015 | 7,497 | (4,502 | ) | 2,995 | 1984 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Howell Commons | Greenville, SC | — | (1) | 1,304 | 11,740 | — | 4,439 | 1,304 | 16,179 | 17,483 | (10,505 | ) | 6,978 | 1987 | 1 - 40 | |||||||||||||||||||||||||||||||||
Paddock Club Greenville | Greenville, SC | — | (1) | 1,200 | 10,800 | — | 2,369 | 1,200 | 13,169 | 14,369 | (8,159 | ) | 6,210 | 1996 | 1 - 40 | |||||||||||||||||||||||||||||||||
Park Haywood | Greenville, SC | — | (1) | 325 | 2,925 | 35 | 5,012 | 360 | 7,937 | 8,297 | (5,736 | ) | 2,561 | 1983 | 1 - 40 | |||||||||||||||||||||||||||||||||
Spring Creek | Greenville, SC | — | 597 | 5,374 | (14 | ) | 3,577 | 583 | 8,951 | 9,534 | (6,011 | ) | 3,523 | 1985 | 1 - 40 | |||||||||||||||||||||||||||||||||
Runaway Bay | Mt. Pleasant, SC | — | 1,085 | 7,269 | 12 | 6,889 | 1,097 | 14,158 | 15,255 | (9,350 | ) | 5,905 | 1988 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Commerce Park | North Charleston, SC | — | 2,780 | 33,966 | — | 753 | 2,780 | 34,719 | 37,499 | (3,313 | ) | 34,186 | 2008 | 1 - 40 | ||||||||||||||||||||||||||||||||||
535 Brookwood | Simpsonville, SC | 12,889 | 1,216 | 18,666 | — | 851 | 1,216 | 19,517 | 20,733 | (3,769 | ) | 16,964 | 2008 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Park Place | Spartanburg, SC | — | 723 | 6,504 | — | 3,374 | 723 | 9,878 | 10,601 | (6,336 | ) | 4,265 | 1987 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Farmington Village | Summerville, SC | — | 2,800 | 26,295 | — | 1,197 | 2,800 | 27,492 | 30,292 | (7,772 | ) | 22,520 | 2007 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Waters Edge | Summerville, SC | — | 2,103 | 9,187 | — | 1,979 | 2,103 | 11,166 | 13,269 | (1,364 | ) | 11,905 | 1985 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Hamilton Pointe | Chattanooga, TN | — | 1,131 | 10,632 | — | 4,326 | 1,131 | 14,958 | 16,089 | (6,593 | ) | 9,496 | 1989 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Hidden Creek | Chattanooga, TN | — | (1) | 972 | 8,954 | — | 2,877 | 972 | 11,831 | 12,803 | (5,329 | ) | 7,474 | 1987 | 1 - 40 | |||||||||||||||||||||||||||||||||
Steeplechase | Chattanooga, TN | — | 217 | 1,957 | — | 3,350 | 217 | 5,307 | 5,524 | (3,676 | ) | 1,848 | 1986 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Windridge | Chattanooga, TN | — | 817 | 7,416 | — | 4,462 | 817 | 11,878 | 12,695 | (7,363 | ) | 5,332 | 1984 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Kirby Station | Memphis, TN | — | 1,148 | 10,337 | — | 10,385 | 1,148 | 20,722 | 21,870 | (12,916 | ) | 8,954 | 1978 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Lincoln on the Green | Memphis, TN | — | (1) | 1,498 | 20,483 | — | 15,864 | 1,498 | 36,347 | 37,845 | (23,701 | ) | 14,144 | 1992 | 1 - 40 | |||||||||||||||||||||||||||||||||
Park Estate | Memphis, TN | — | 178 | 1,141 | — | 5,047 | 178 | 6,188 | 6,366 | (4,826 | ) | 1,540 | 1974 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Reserve at Dexter Lake | Memphis, TN | — | 1,260 | 16,043 | 2,147 | 39,413 | 3,407 | 55,456 | 58,863 | (22,945 | ) | 35,918 | 2000 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Paddock Club Murfreesboro | Murfreesboro, TN | — | 915 | 14,774 | — | 3,143 | 915 | 17,917 | 18,832 | (8,310 | ) | 10,522 | 1999 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Aventura at Indian Lake Village | Nashville, TN | — | 4,950 | 28,053 | — | 1,035 | 4,950 | 29,088 | 34,038 | (4,350 | ) | 29,688 | 2010 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Avondale at Kennesaw | Nashville, TN | 17,762 | 3,456 | 22,443 | — | 1,419 | 3,456 | 23,862 | 27,318 | (4,607 | ) | 22,711 | 2008 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Brentwood Downs | Nashville, TN | — | 1,193 | 10,739 | (2 | ) | 7,368 | 1,191 | 18,107 | 19,298 | (12,097 | ) | 7,201 | 1986 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Bellevue | Nashville, TN | 22,086 | 8,622 | 34,229 | — | 1,204 | 8,622 | 35,433 | 44,055 | (3,697 | ) | 40,358 | 1996 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Bellevue (Phase II) | Nashville, TN | — | 8,656 | 4,549 | — | 25,579 | 8,656 | 30,128 | 38,784 | (543 | ) | 38,241 | 2015 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Grand View Nashville | Nashville, TN | — | 2,963 | 33,673 | — | 6,820 | 2,963 | 40,493 | 43,456 | (16,705 | ) | 26,751 | 2001 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Monthaven Park | Nashville, TN | — | 2,736 | 28,902 | — | 5,467 | 2,736 | 34,369 | 37,105 | (14,612 | ) | 22,493 | 2000 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Park at Hermitage | Nashville, TN | — | 1,524 | 14,800 | — | 9,574 | 1,524 | 24,374 | 25,898 | (16,152 | ) | 9,746 | 1987 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Venue at Cool Springs | Nashville, TN | — | 6,670 | — | — | 50,396 | 6,670 | 50,396 | 57,066 | (4,376 | ) | 52,690 | 2012 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Verandas at Sam Ridley | Nashville, TN | 21,861 | 3,350 | 28,308 | — | 1,346 | 3,350 | 29,654 | 33,004 | (5,565 | ) | 27,439 | 2009 | 1 - 40 |
Life used to compute depreciation in latest income statement (4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized subsequent to Acquisition | Gross Amount carried at December 31, 2015 (3) | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Total | Accumulated Depreciation | Net | Date of Construction | ||||||||||||||||||||||||||||||||||||
Northwood | Arlington, TX | — | 886 | 8,051 | — | 2,869 | 886 | 10,920 | 11,806 | (4,826 | ) | 6,980 | 1980 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Balcones Woods | Austin, TX | — | 1,598 | 14,398 | — | 11,475 | 1,598 | 25,873 | 27,471 | (16,712 | ) | 10,759 | 1983 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Canyon Creek | Austin, TX | 15,159 | 3,621 | 32,137 | — | 1,095 | 3,621 | 33,232 | 36,853 | (3,309 | ) | 33,544 | 2008 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Canyon Ranch | Austin, TX | — | 3,778 | 20,201 | — | 1,150 | 3,778 | 21,351 | 25,129 | (2,339 | ) | 22,790 | 2003 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Double Creek | Austin, TX | — | 3,131 | 29,375 | — | 292 | 3,131 | 29,667 | 32,798 | (3,030 | ) | 29,768 | 2013 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Onion Creek | Austin, TX | — | 4,902 | 33,010 | — | 799 | 4,902 | 33,809 | 38,711 | (3,437 | ) | 35,274 | 2009 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Grand Reserve at Sunset Valley | Austin, TX | — | 3,150 | 11,393 | — | 3,488 | 3,150 | 14,881 | 18,031 | (6,087 | ) | 11,944 | 1996 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Quarry Oaks | Austin, TX | 26,832 | 4,621 | 34,461 | — | 3,763 | 4,621 | 38,224 | 42,845 | (3,881 | ) | 38,964 | 1996 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Wells Branch | Austin, TX | — | 3,094 | 32,283 | 294 | 871 | 3,388 | 33,154 | 36,542 | (3,118 | ) | 33,424 | 2008 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Legacy at Western Oaks | Austin, TX | 29,672 | 9,100 | 49,339 | — | (2,348 | ) | 9,100 | 46,991 | 56,091 | (6,084 | ) | 50,007 | 2001 | 1 - 40 | |||||||||||||||||||||||||||||||||
Silverado | Austin, TX | — | 2,900 | 24,009 | — | 2,770 | 2,900 | 26,779 | 29,679 | (9,211 | ) | 20,468 | 2003 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Stassney Woods | Austin, TX | — | 1,621 | 7,501 | — | 8,615 | 1,621 | 16,116 | 17,737 | (9,615 | ) | 8,122 | 1985 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Travis Station | Austin, TX | — | 2,281 | 6,169 | — | 7,526 | 2,281 | 13,695 | 15,976 | (8,840 | ) | 7,136 | 1987 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Woods, The | Austin, TX | — | 1,405 | 12,769 | — | 7,855 | 1,405 | 20,624 | 22,029 | (8,796 | ) | 13,233 | 1977 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Shoal Creek | Bedford, TX | 22,807 | 4,982 | 27,377 | — | 1,614 | 4,982 | 28,991 | 33,973 | (3,095 | ) | 30,878 | 1996 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Willow Creek | Bedford, TX | 26,429 | 3,109 | 33,488 | — | 3,700 | 3,109 | 37,188 | 40,297 | (3,652 | ) | 36,645 | 1996 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Hebron | Carrollton, TX | — | 4,231 | 42,237 | — | 505 | 4,231 | 42,742 | 46,973 | (3,884 | ) | 43,089 | 2011 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Silverado | Cedar Park, TX | — | 3,282 | 24,935 | — | 737 | 3,282 | 25,672 | 28,954 | (2,524 | ) | 26,430 | 2005 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Silverado Reserve | Cedar Park, TX | — | 3,951 | 31,705 | — | 1,005 | 3,951 | 32,710 | 36,661 | (3,145 | ) | 33,516 | 2005 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Grand Cypress | Cypress, TX | 16,598 | 3,881 | 24,267 | — | 677 | 3,881 | 24,944 | 28,825 | (1,731 | ) | 27,094 | 2008 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Courtyards at Campbell | Dallas, TX | — | 988 | 8,893 | — | 4,013 | 988 | 12,906 | 13,894 | (7,793 | ) | 6,101 | 1986 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Deer Run | Dallas, TX | — | 1,252 | 11,271 | — | 5,160 | 1,252 | 16,431 | 17,683 | (10,022 | ) | 7,661 | 1985 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Grand Courtyard | Dallas, TX | — | 2,730 | 22,240 | — | 2,620 | 2,730 | 24,860 | 27,590 | (8,665 | ) | 18,925 | 2000 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Legends at Lowe's Farm | Dallas, TX | — | 5,016 | 41,091 | — | 1,341 | 5,016 | 42,432 | 47,448 | (6,373 | ) | 41,075 | 2008 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Reserve at Medical District | Dallas, TX | — | 4,050 | 33,779 | — | 888 | 4,050 | 34,667 | 38,717 | (2,997 | ) | 35,720 | 2007 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Watermark | Dallas, TX | — | (2) | 960 | 14,438 | — | 2,119 | 960 | 16,557 | 17,517 | (6,799 | ) | 10,718 | 2002 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Main Park | Duncanville, TX | — | 1,821 | 10,960 | — | 1,204 | 1,821 | 12,164 | 13,985 | (1,390 | ) | 12,595 | 1984 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Bear Creek | Euless, TX | 24,082 | 6,453 | 30,048 | — | 1,876 | 6,453 | 31,924 | 38,377 | (3,494 | ) | 34,883 | 1998 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Fairview | Fairview, TX | — | 2,171 | 35,077 | — | 421 | 2,171 | 35,498 | 37,669 | (3,195 | ) | 34,474 | 2012 | 1 - 40 | ||||||||||||||||||||||||||||||||||
La Valencia at Starwood | Frisco, TX | 20,931 | 3,240 | 26,069 | — | 1,014 | 3,240 | 27,083 | 30,323 | (5,045 | ) | 25,278 | 2009 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Reserve at Frisco Bridges | Frisco, TX | — | 1,968 | 34,018 | — | 831 | 1,968 | 34,849 | 36,817 | (3,069 | ) | 33,748 | 2013 | 1 - 40 |
Life used to compute depreciation in latest income statement (4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized subsequent to Acquisition | Gross Amount carried at December 31, 2015 (3) | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Total | Accumulated Depreciation | Net | Date of Construction | ||||||||||||||||||||||||||||||||||||
Colonial Village at Grapevine | Grapevine, TX | — | 2,351 | 29,757 | — | 2,958 | 2,351 | 32,715 | 35,066 | (3,153 | ) | 31,913 | 1985/1986 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Greenwood Forest | Houston, TX | — | 3,465 | 23,482 | — | (159 | ) | 3,465 | 23,323 | 26,788 | (2,180 | ) | 24,608 | 1994 | 1 - 40 | |||||||||||||||||||||||||||||||||
Legacy Pines | Houston, TX | — | (2) | 2,157 | 19,066 | (15 | ) | 3,705 | 2,142 | 22,771 | 24,913 | (10,576 | ) | 14,337 | 1999 | 1 - 40 | ||||||||||||||||||||||||||||||||
Park Place (Houston) | Houston, TX | — | 2,061 | 15,830 | — | 3,299 | 2,061 | 19,129 | 21,190 | (6,454 | ) | 14,736 | 1996 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Ranchstone | Houston, TX | — | 1,480 | 14,807 | — | 2,368 | 1,480 | 17,175 | 18,655 | (5,521 | ) | 13,134 | 1996 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Reserve at Woodwind Lakes | Houston, TX | — | 1,968 | 19,928 | — | 3,246 | 1,968 | 23,174 | 25,142 | (7,948 | ) | 17,194 | 1999 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Retreat at Vintage Park | Houston, TX | — | 8,211 | 40,352 | — | 392 | 8,211 | 40,744 | 48,955 | (1,124 | ) | 47,831 | 2014 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Cascade at Fall Creek | Humble, TX | — | 3,230 | 19,926 | — | 1,228 | 3,230 | 21,154 | 24,384 | (6,034 | ) | 18,350 | 2007 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Chalet at Fall Creek | Humble, TX | — | 2,755 | 20,085 | — | 860 | 2,755 | 20,945 | 23,700 | (6,337 | ) | 17,363 | 2006 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Bella Casita | Irving, TX | — | (2) | 2,521 | 26,432 | — | 1,392 | 2,521 | 27,824 | 30,345 | (4,912 | ) | 25,433 | 2007 | 1 - 40 | |||||||||||||||||||||||||||||||||
Remington Hills | Irving, TX | — | 4,390 | 21,822 | — | 4,804 | 4,390 | 26,626 | 31,016 | (2,609 | ) | 28,407 | 1984 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Reserve at Las Colinas | Irving, TX | — | 3,902 | 40,691 | — | 998 | 3,902 | 41,689 | 45,591 | (3,645 | ) | 41,946 | 2006 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Valley Ranch | Irving, TX | 25,044 | 5,072 | 37,397 | — | 5,970 | 5,072 | 43,367 | 48,439 | (4,188 | ) | 44,251 | 1997 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Lane at Towne Crossing | Mesquite, TX | — | 1,311 | 11,867 | (8 | ) | 3,481 | 1,303 | 15,348 | 16,651 | (6,885 | ) | 9,766 | 1983 | 1 - 40 | |||||||||||||||||||||||||||||||||
Colonial Village at Oakbend | Lewisville, TX | 21,667 | 5,598 | 28,616 | — | 2,246 | 5,598 | 30,862 | 36,460 | (3,113 | ) | 33,347 | 1997 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Times Square at Craig Ranch | McKinney, TX | — | 1,130 | 28,058 | — | 2,992 | 1,130 | 31,050 | 32,180 | (6,079 | ) | 26,101 | 2009 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Venue at Stonebridge Ranch | McKinney, TX | 14,767 | 4,034 | 19,528 | — | 247 | 4,034 | 19,775 | 23,809 | (1,342 | ) | 22,467 | 2000 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Cityscape at Market Center | Plano, TX | — | 8,626 | 60,407 | — | 538 | 8,626 | 60,945 | 69,571 | (2,481 | ) | 67,090 | 2013 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Cityscape at Market Center II | Plano, TX | — | 8,268 | 50,298 | — | 20 | 8,268 | 50,318 | 58,586 | (107 | ) | 58,479 | 2015 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Highwood | Plano, TX | — | 864 | 7,783 | — | 3,915 | 864 | 11,698 | 12,562 | (7,422 | ) | 5,140 | 1983 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Los Rios Park | Plano, TX | — | 3,273 | 28,823 | — | 5,005 | 3,273 | 33,828 | 37,101 | (14,858 | ) | 22,243 | 2000 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Boulder Ridge | Roanoke, TX | — | 3,382 | 26,930 | — | 5,835 | 3,382 | 32,765 | 36,147 | (12,218 | ) | 23,929 | 1999 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Copper Ridge | Roanoke, TX | — | 4,166 | — | — | 21,358 | 4,166 | 21,358 | 25,524 | (3,950 | ) | 21,574 | 2009 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Ashton Oaks | Round Rock, TX | — | 5,511 | 36,241 | — | 899 | 5,511 | 37,140 | 42,651 | (3,655 | ) | 38,996 | 2009 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Round Rock | Round Rock, TX | 24,484 | 4,691 | 45,379 | — | 1,249 | 4,691 | 46,628 | 51,319 | (4,425 | ) | 46,894 | 1997 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Sierra Vista | Round Rock, TX | 10,900 | 2,561 | 16,488 | — | 1,842 | 2,561 | 18,330 | 20,891 | (1,836 | ) | 19,055 | 1999 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Alamo Ranch | San Antonio, TX | — | 2,380 | 26,982 | — | 1,804 | 2,380 | 28,786 | 31,166 | (5,067 | ) | 26,099 | 2009 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Bulverde Oaks | San Antonio, TX | — | 4,257 | 36,759 | — | 479 | 4,257 | 37,238 | 41,495 | (1,119 | ) | 40,376 | 2014 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Haven at Blanco | San Antonio, TX | — | 5,450 | 45,958 | — | 1,839 | 5,450 | 47,797 | 53,247 | (5,586 | ) | 47,661 | 2010 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Stone Ranch at Westover Hills | San Antonio, TX | 18,499 | 4,000 | 24,992 | — | 1,982 | 4,000 | 26,974 | 30,974 | (5,693 | ) | 25,281 | 2009 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Cypresswood Court | Spring, TX | — | (2) | 576 | 5,190 | — | 3,809 | 576 | 8,999 | 9,575 | (6,289 | ) | 3,286 | 1984 | 1 - 40 |
Life used to compute depreciation in latest income statement (4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized subsequent to Acquisition | Gross Amount carried at December 31, 2015 (3) | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Total | Accumulated Depreciation | Net | Date of Construction | ||||||||||||||||||||||||||||||||||||
Villages at Kirkwood | Stafford, TX | — | 1,918 | 15,846 | — | 2,803 | 1,918 | 18,649 | 20,567 | (7,615 | ) | 12,952 | 1996 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Green Tree Place | Woodlands, TX | — | (2) | 539 | 4,850 | — | 3,606 | 539 | 8,456 | 8,995 | (5,777 | ) | 3,218 | 1984 | 1 - 40 | |||||||||||||||||||||||||||||||||
Stonefield Commons | Charlottesville, VA | — | 11,044 | 36,689 | — | 293 | 11,044 | 36,982 | 48,026 | (1,507 | ) | 46,519 | 2013 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Adalay Bay | Chesapeake, VA | — | 5,280 | 31,341 | — | 1,773 | 5,280 | 33,114 | 38,394 | (4,385 | ) | 34,009 | 2002 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Greenbrier | Fredericksburg, VA | — | 4,842 | 21,677 | — | 745 | 4,842 | 22,422 | 27,264 | (2,065 | ) | 25,199 | 1980 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Seasons at Celebrate Virginia I | Fredericksburg, VA | — | 6,960 | 32,083 | 7,530 | 38,468 | 14,490 | 70,551 | 85,041 | (6,686 | ) | 78,355 | 2011 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Station Square at Cosner's Corner | Fredericksburg, VA | — | 8,580 | 35,700 | — | 354 | 8,580 | 36,054 | 44,634 | (2,412 | ) | 42,222 | 2013 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Hampton Glen | Glen Allen, VA | — | 4,851 | 21,678 | — | 1,059 | 4,851 | 22,737 | 27,588 | (2,229 | ) | 25,359 | 1986 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Village at West End | Glen Allen, VA | 12,611 | 4,661 | 18,908 | — | 1,258 | 4,661 | 20,166 | 24,827 | (1,882 | ) | 22,945 | 1987 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Township | Hampton, VA | — | 1,509 | 8,189 | — | 9,404 | 1,509 | 17,593 | 19,102 | (10,817 | ) | 8,285 | 1987 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Tradewinds | Hampton, VA | — | 5,631 | 15,660 | — | 1,348 | 5,631 | 17,008 | 22,639 | (1,697 | ) | 20,942 | 1988 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Waterford | Midlothian, VA | — | 6,733 | 29,221 | — | 1,819 | 6,733 | 31,040 | 37,773 | (3,153 | ) | 34,620 | 1989 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Ashley Park | Richmond, VA | — | 4,761 | 13,365 | — | 1,004 | 4,761 | 14,369 | 19,130 | (1,618 | ) | 17,512 | 1988 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Chase Gayton | Richmond, VA | — | 6,021 | 29,004 | — | 1,808 | 6,021 | 30,812 | 36,833 | (3,108 | ) | 33,725 | 1984 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Hamptons at Hunton Park | Richmond, VA | — | 4,930 | 35,598 | — | 2,561 | 4,930 | 38,159 | 43,089 | (6,237 | ) | 36,852 | 2003 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Retreat at West Creek | Richmond, VA | — | 7,112 | 36,136 | — | 246 | 7,112 | 36,382 | 43,494 | (542 | ) | 42,952 | 2015 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Harbour Club | Virginia Beach, VA | — | 3,483 | 14,796 | — | 843 | 3,483 | 15,639 | 19,122 | (1,503 | ) | 17,619 | 1988 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Radius | Newport News, VA | — | 5,040 | 36,481 | — | 98 | 5,040 | 36,579 | 41,619 | (389 | ) | 41,230 | 2012 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Total Residential Properties | 923,561 | 878,643 | 6,061,011 | 20,116 | 1,081,694 | 898,759 | 7,142,705 | 8,041,464 | (1,479,667 | ) | 6,561,797 | |||||||||||||||||||||||||||||||||||||
Allure at Buckhead | Atlanta, GA | — | 867 | 3,465 | — | 8 | 867 | 3,473 | 4,340 | (424 | ) | 3,916 | 2012 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Highlands of West Village | Smyrna, GA | — | 2,500 | 8,446 | — | 772 | 2,500 | 9,218 | 11,718 | (370 | ) | 11,348 | 2012 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Colonial Promenade Nord du Lac | Covington, LA | — | 5,810 | 19,138 | — | — | 5,810 | 19,138 | 24,948 | (1,505 | ) | 23,443 | 2010 | 1 - 40 | ||||||||||||||||||||||||||||||||||
The Denton | Kansas City, MO | — | 700 | 4,439 | — | — | 700 | 4,439 | 5,139 | — | 5,139 | 2014 | 1 - 40 | |||||||||||||||||||||||||||||||||||
1225 South Church | Charlotte, NC | — | 43 | 199 | 9 | 242 | 52 | 441 | 493 | (67 | ) | 426 | 2010 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Bella Casita at Las Colinas | Irving, TX | — | (2) | 46 | 186 | — | 126 | 46 | 312 | 358 | (54 | ) | 304 | 2007 | 1 - 40 | |||||||||||||||||||||||||||||||||
Times Square at Craig Ranch | McKinney, TX | — | 253 | 1,310 | — | 1,294 | 253 | 2,604 | 2,857 | (279 | ) | 2,578 | 2009 | 1 - 40 | ||||||||||||||||||||||||||||||||||
Total Commercial Properties | — | 10,219 | 37,183 | 9 | 2,442 | 10,228 | 39,625 | 49,853 | (2,699 | ) | 47,154 | |||||||||||||||||||||||||||||||||||||
Colonial Promenade Huntsville | Huntsville, AL | — | 2,700 | — | — | — | 2,700 | — | 2,700 | — | 2,700 | N/A | N/A | |||||||||||||||||||||||||||||||||||
Colonial Grand at Randall Lakes (Phase II) | Jacksonville, FL | — | 3,200 | — | — | 7,822 | 3,200 | 7,822 | 11,022 | (2 | ) | 11,020 | N/A | N/A | ||||||||||||||||||||||||||||||||||
The Denton (Phase II) | Kansas City, MO | — | 770 | — | — | 734 | 770 | 734 | 1,504 | — | 1,504 | N/A | N/A |
Life used to compute depreciation in latest income statement (4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized subsequent to Acquisition | Gross Amount carried at December 31, 2015 (3) | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Total | Accumulated Depreciation | Net | Date of Construction | ||||||||||||||||||||||||||||||||||||
River's Walk (Phase II) | Charleston, SC | — | 3,630 | — | — | 6,026 | 3,630 | 6,026 | 9,656 | — | 9,656 | N/A | N/A | |||||||||||||||||||||||||||||||||||
Station Square at Cosner's Corner | Fredericksburg, VA | — | 4,245 | — | — | 14,256 | 4,245 | 14,256 | 18,501 | — | 18,501 | N/A | N/A | |||||||||||||||||||||||||||||||||||
Retreat at West Creek (Phase II) | Richmond, VA | — | 3,000 | — | — | 632 | 3,000 | 632 | 3,632 | — | 3,632 | N/A | N/A | |||||||||||||||||||||||||||||||||||
Total Active Development Properties | — | 17,545 | — | — | 29,470 | 17,545 | 29,470 | 47,015 | (2 | ) | 47,013 | |||||||||||||||||||||||||||||||||||||
Total Properties | 923,561 | 906,407 | 6,098,194 | 20,125 | 1,113,606 | 926,532 | 7,211,800 | 8,138,332 | (1,482,368 | ) | 6,655,964 | |||||||||||||||||||||||||||||||||||||
Total Land Held for Future Developments | — | 51,779 | — | — | — | 51,779 | — | 51,779 | — | 51,779 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Corporate Properties | — | — | — | — | 25,657 | — | 25,657 | 25,657 | (16,845 | ) | 8,812 | Various | 1-40 | |||||||||||||||||||||||||||||||||||
Total Other | 51,779 | — | — | 25,657 | 51,779 | 25,657 | 77,436 | (16,845 | ) | 60,591 | ||||||||||||||||||||||||||||||||||||||
Total Real Estate Assets, net of Joint Ventures | $ | 923,561 | $ | 958,186 | $ | 6,098,194 | $ | 20,125 | $ | 1,139,263 | $ | 978,311 | $ | 7,237,457 | $ | 8,215,768 | $ | (1,499,213 | ) | $ | 6,716,555 |
(1) | Encumbered by a $240.0 million Fannie Mae facility, with $240.0 million available and outstanding with a variable interest rate of 0.80% on which there exists five interest rate caps totaling $125 million at an average rate of 4.60% at December 31, 2015. |
(2) | Encumbered by a $128 million loan with an outstanding balance of $128 million and a fixed interest rate of 5.08% which matures on June 10, 2021. |
(3) | The aggregate cost for Federal income tax purposes was approximately $7.22 billion at December 31, 2015. The aggregate cost for book purposes exceeds the total gross amount of real estate assets for Federal income tax purposes, principally due to purchase accounting adjustments recorded under accounting principles generally accepted in the United States of America. |
(4) | Depreciation is on a straight line basis over the estimated useful asset life which ranges from 8 to 40 years for land improvements and buildings, 5 years for furniture, fixtures and equipment, and 6 months for fair market value of residential leases. |
Mid-America Apartment Communities, Inc. | ||||||||||
Mid-America Apartments, L.P. | ||||||||||
Schedule III | ||||||||||
Real Estate Investments and Accumulated Depreciation | ||||||||||
A summary of activity for real estate investments and accumulated depreciation is as follows (dollars in thousands): |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Real estate investments: | |||||||||||
Balance at beginning of year | $ | 8,069,395 | $ | 7,722,181 | $ | 3,729,706 | |||||
Acquisitions (1) | 316,151 | 407,889 | 4,032,957 | ||||||||
Less: FMV of Leases included in Acquisitions | (4,438 | ) | (4,968 | ) | (51,728 | ) | |||||
Improvement and development | 165,000 | 186,043 | 130,824 | ||||||||
Assets held for sale | — | — | (4,897 | ) | |||||||
Disposition of real estate assets (2) | (330,340 | ) | (241,750 | ) | (114,681 | ) | |||||
Balance at end of year | $ | 8,215,768 | $ | 8,069,395 | $ | 7,722,181 | |||||
Accumulated depreciation: | |||||||||||
Balance at beginning of year | $ | 1,373,678 | $ | 1,138,315 | $ | 1,040,473 | |||||
Depreciation | 289,177 | 276,991 | 165,885 | ||||||||
Assets held for sale | — | — | (6,164 | ) | |||||||
Disposition of real estate assets (2) | (163,642 | ) | (41,628 | ) | (61,879 | ) | |||||
Balance at end of year | $ | 1,499,213 | $ | 1,373,678 | $ | 1,138,315 |
1. | The name of the limited partnership is Mid-America Apartments, L.P. |
2. | The Complete address of the principal office is: |
3. | The complete address of the registered office in Tennessee is: |
4. | The name of the registered agent, to be located at the address listed as No. 3, is: |
5. | The name and address of the sole general partner is: |
1(a). | Deferred Compensation Contributions: Eligible directors may elect to defer all or any portion (in multiples of 25%) of the director’s fees otherwise payable in cash each year. Such election must be made on forms supplied by MAA on or before the dates enumerated in section 2 below. The amounts deferred by a director shall be credited to the director’s deferred compensation account, which shall be segregated from other accounts on the books and |
1(b). | Deferred Stock Awards: Eligible directors may elect Deferred Stock Awards in lieu of Restricted Stock Awards that the director may otherwise be entitled to each year under the Stock Plan. For this purpose, a Deferred Stock Award shall mean an award, grant or issuance of Common Stock of the Company pursuant to the Compensation Committee’s authority and discretion as set forth in Section 8 of the Stock Plan that may be deferred at the election of the director until such time as the individual ceases to be a director. Such Deferred Stock Awards shall be subject to such conditions and restrictions, if any, as may be established by the Compensation Committee, in the Award Agreement (hereinafter, the “Deferred Stock Award Agreement”) executed by the director. |
2. | When Deferral Election Must be Made The election to (i) defer compensation, (ii) to change the amount of compensation to be deferred or (iii) to elect Deferred Stock Awards must be made no later than the dates specified in Section 409A of the Code and the regulations promulgated thereunder as follows: |
1. | Crediting of Plan Earnings on Deferred Compensation Contributions: Immediately following each regularly scheduled Board of Directors meeting, MAA will credit the deferred compensation account with the accumulated cash fees owed to the directors participating in the Plan since the previous regularly scheduled Board of Directors meeting. MAA shall not be liable for, and it makes no warranty with respect to, the results of said investments. It is expressly understood that all assets in these accounts shall at all times remain the unrestricted property of MAA and shall not be held in trust for the directors nor shall any such asset be deemed collateral security for the performance of the obligations of MAA. MAA may invest contributions only in the common stock of Mid-America Apartment Communities, Inc. (NYSE: MAA). Each director participating in the Plan will receive annual statements reflecting the value of his or her accounts as reflected on MAA’s records. |
2. | When Benefits Become Payable: The director or his beneficiary designated in writing by the director shall begin receiving distributions from his deferred compensation accounts under the Plan on the 90th day following the end of the calendar year in which the individual ceases to be a director of MAA. The vesting and exercise date of the director’s Deferred Stock Awards shall be governed by the Deferred Stock Award Agreement executed by the director. Notwithstanding the foregoing, in the event that the cessation of services as a director does not constitute a separation from service under this Plan for purposes of Code Section 409A, then the director shall begin receiving distributions from his deferred compensation accounts under |
5. | Payment of Deferred Compensation Contributions: At the time benefits from the director’s deferred compensation account begin as described above, the amount of benefits will be calculated as follows: |
6. | Payment of Deferred Stock Awards: The exercise and payment of Deferred Stock Awards shall be governed by the Deferred Stock Award Agreement executed by the director. |
1. | Information to be Furnished: Participants shall provide MAA with such information and evidence, and shall sign such documents, as may reasonably be requested from time to time for the purpose of administration of the Plan. |
2. | Deferral Election Changes: Once a deferral election is made, the percentage to be deferred will continue unchanged throughout each Plan year. In order to change the percentage, a director must complete a new election form prior to the beginning of a Plan year. The new election change will only be effective beginning with director fees payable during the following calendar year. |
3. | Spendthrift Clause: No participant or beneficiary shall have the right to transfer, assign, alienate, anticipate, pledge or encumber any part of the benefits provided by this Plan, nor shall such benefits be subject to seizure by legal process by any creditor of such participant or beneficiary. |
4. | Governing Law: This Plan shall be construed, administered and enforced according to the laws of Tennessee. |
5. | Construction: A pronoun or adjective in the masculine gender includes the feminine gender and the singular includes the plural, unless the context clearly indicates otherwise. |
6. | Successors: This Plan shall not be terminated by a transfer or sale of the assets of MAA or by merger or consolidation of MAA into or with any other corporation or entity, but the Plan shall be continued after such sale, merger or consolidation, and the transferee, purchaser, or successor entity shall be required as part of the sale, merger, or consolidation to agree to such continuation. |
a. | At Normal Retirement Age; |
b. | At death of the Participant; |
c. | At the date the Participant becomes Disabled; |
d. | Change in Control Event; |
e. | Based on the number of his Years of Service, in accordance with the following vesting schedule: |
Less than | 1 0% |
1 | 20% |
2 | 40% |
3 | 60% |
4 | 80% |
5 | 100% |
Year ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income from continuing operations | $ | 350,745 | $ | 150,946 | $ | 37,692 | $ | 61,204 | $ | 28,702 | |||||||||
Equity in loss (income) of unconsolidated entities | 2 | (6,009 | ) | (338 | ) | 223 | 593 | ||||||||||||
Income tax expense | 1,673 | 2,050 | 893 | 803 | 727 | ||||||||||||||
Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense | 352,420 | 146,987 | 38,247 | 62,230 | 30,022 | ||||||||||||||
Add: | |||||||||||||||||||
Distribution of income from investments in unconsolidated entities | 6 | 15,964 | 9,768 | 12,164 | 1,402 | ||||||||||||||
Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 123,999 | 125,675 | 81,067 | 63,807 | 60,441 | ||||||||||||||
Deduct: | |||||||||||||||||||
Capitalized interest | 1,655 | 1,722 | 2,089 | 2,318 | 1,156 | ||||||||||||||
Total Earnings (A) | $ | 474,770 | $ | 286,904 | $ | 126,993 | $ | 135,883 | $ | 90,709 | |||||||||
Fixed charges and preferred dividends: | |||||||||||||||||||
Interest expense | $ | 122,344 | $ | 123,953 | $ | 78,978 | $ | 61,489 | $ | 59,285 | |||||||||
Capitalized interest | 1,655 | 1,722 | 2,089 | 2,318 | 1,156 | ||||||||||||||
Total Fixed Charges (B) | $ | 123,999 | $ | 125,675 | $ | 81,067 | $ | 63,807 | $ | 60,441 | |||||||||
Preferred dividends, including redemption costs | — | — | — | — | — | ||||||||||||||
Total Fixed Charges and Stock Dividends (C) | $ | 123,999 | $ | 125,675 | $ | 81,067 | $ | 63,807 | $ | 60,441 | |||||||||
Ratio of Earnings to Fixed Charges (A/B) | 3.8 x | 2.3 x | 1.6 x | 2.1 x | 1.5 x | ||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 3.8 x | 2.3 x | 1.6 x | 2.1 x | 1.5 x |
Year ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations | $ | 350,745 | $ | 150,946 | $ | 37,692 | $ | 61,204 | $ | 28,702 | ||||||||||
Equity in loss (income) of unconsolidated entities | 2 | (6,009 | ) | (338 | ) | 223 | 593 | |||||||||||||
Income tax expense | 1,673 | 2,050 | 893 | 803 | 727 | |||||||||||||||
Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense | 352,420 | 146,987 | 38,247 | 62,230 | 30,022 | |||||||||||||||
Add: | ||||||||||||||||||||
Distribution of income from investments in unconsolidated entities | 6 | 15,964 | 9,768 | 12,164 | 1,402 | |||||||||||||||
Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 123,999 | 125,675 | 81,067 | 63,807 | 60,441 | |||||||||||||||
Deduct: | ||||||||||||||||||||
Capitalized interest | 1,655 | 1,722 | 2,089 | 2,318 | 1,156 | |||||||||||||||
Total Earnings (A) | $ | 474,770 | $ | 286,904 | $ | 126,993 | $ | 135,883 | $ | 90,709 | ||||||||||
Fixed charges and preferred dividends: | ||||||||||||||||||||
Interest expense | $ | 122,344 | $ | 123,953 | $ | 78,978 | $ | 61,489 | $ | 59,285 | ||||||||||
Capitalized interest | 1,655 | 1,722 | 2,089 | 2,318 | 1,156 | |||||||||||||||
Total Fixed Charges (B) | $ | 123,999 | $ | 125,675 | $ | 81,067 | $ | 63,807 | $ | 60,441 | ||||||||||
Preferred dividends, including redemption costs | — | — | — | — | — | |||||||||||||||
Total Fixed Charges and Stock Dividends (C) | $ | 123,999 | $ | 125,675 | $ | 81,067 | $ | 63,807 | $ | 60,441 | ||||||||||
Ratio of Earnings to Fixed Charges (A/B) | 3.8 x | 2.3 x | 1.6 x | 2.1 x | 1.5 x | |||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 3.8 x | 2.3 x | 1.6 x | 2.1 x | 1.5 x |
(1) | Registration Statements (Form S-3 Nos. 33-96852, 333-82526, 333-191243 and 333-208398) of Mid-America Apartment Communities, Inc., |
(2) | Registration Statement (Form S-3 No. 333-202905) pertaining to the Dividend and Distribution Reinvestment and Share Purchase Plan of Mid-America Apartment Communities, Inc., |
(3) | Registration Statement (Form S-8 No. 333-123945) pertaining to the Non-Qualified Deferred Compensation Plan for Outside Company Directors of Mid-America Apartment Communities, Inc., |
(4) | Registration Statement (Form S-8 No. 333-115834) pertaining to the Fourth Amended and Restated 1994 Restricted Stock and Stock Option Plan and the 2004 Stock Plan of Mid-America Apartment Communities, Inc., |
(5) | Registration Statement (Form S-8 No. 33-91416) pertaining to the 1994 Employee Stock Purchase Plan of Mid-America Apartment Communities, Inc.; |
(6) | Registration Statement (Form S-8 No.333-191541) pertaining to the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan, Colonial Properties Trust 2008 Omnibus Incentive Plan and Colonial Properties Trust Third Amended and Restated Shares Option and Restricted Shares Plan; |
(7) | Registration Statement (Form S-3 No. 333-190028) of Mid-America Apartment Communities, Inc.; and |
(8) | Registration Statement (Form S-8 No. 333-196250) pertaining to the Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan. |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 25, 2016 | /s/ H. Eric Bolton, Jr. |
H. Eric Bolton, Jr. | ||
Chief Executive Officer |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 25, 2016 | /s/ Albert M. Campbell, III |
Albert M. Campbell, III | ||
Chief Financial Officer |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 25, 2016 | /s/ H. Eric Bolton, Jr. |
H. Eric Bolton, Jr. | ||
Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P. |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 25, 2016 | /s/ Albert M. Campbell, III |
Albert M. Campbell, III | ||
Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P. |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ H. Eric Bolton, Jr. |
H. Eric Bolton, Jr. |
Chief Executive Officer |
February 25, 2016 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Albert M. Campbell, III |
Albert M. Campbell, III |
Chief Financial Officer |
February 25, 2016 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership. |
/s/ H. Eric Bolton, Jr. |
H. Eric Bolton, Jr. |
Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P. |
February 25, 2016 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership. |
/s/ Albert M. Campbell, III |
Albert M. Campbell, III |
Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P. |
February 25, 2016 |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 19, 2016 |
Jun. 30, 2015 |
|
Document Information [Line Items] | |||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MAA | ||
Amendment Flag | false | ||
Entity Registrant Name | MID AMERICA APARTMENT COMMUNITIES INC | ||
Entity Central Index Key | 0000912595 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Common Stock, Shares Outstanding | 75,431,785 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,628,262,095 | ||
Limited Partner [Member] | |||
Document Information [Line Items] | |||
Entity Registrant Name | MID-AMERICA APARTMENTS, L.P. | ||
Entity Central Index Key | 0001581776 | ||
Entity Filer Category | Non-accelerated Filer |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Common stock, shares outstanding | 75,408,571 | 75,267,675 |
General partners' capital account, units outstanding | 75,408,571 | 75,267,675 |
Limited partners' capital account, units outstanding | 4,162,996 | 4,191,152 |
Parent Company [Member] | ||
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 75,408,571 | 75,267,675 |
Common stock, shares outstanding | 75,408,571 | 75,267,675 |
Redeemable stock, shares/units issued and outstanding | 90,844 | 87,818 |
Limited Partner [Member] | ||
Redeemable stock, shares/units issued and outstanding | 90,844 | 87,818 |
General partners' capital account, units outstanding | 75,408,571 | 75,267,675 |
Limited partners' capital account, units outstanding | 4,162,996 | 4,191,152 |
Consolidated Statements of Equity - USD ($) shares in Thousands |
Total |
Limited Partners' Capital Account [Member] |
General Partners' Capital Account [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Common Stock |
Additional Paid-in Capital |
Accumulated Distributions in Excess of Net Income |
Accumulated Other Comprehensive Income (Loss) [Member] |
Noncontrolling Interest |
Stockholders' Equity, Total [Member] |
Parent Company [Member] |
Parent Company [Member]
Common Stock
|
Parent Company [Member]
Additional Paid-in Capital
|
Parent Company [Member]
Accumulated Distributions in Excess of Net Income
|
Parent Company [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
|
Parent Company [Member]
Noncontrolling Interest
|
Parent Company [Member]
Stockholders' Equity, Total [Member]
|
Parent Company [Member]
Redeemable Stock
|
Limited Partner [Member] |
Limited Partner [Member]
Limited Partners' Capital Account [Member]
|
Limited Partner [Member]
General Partners' Capital Account [Member]
|
Limited Partner [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
|
Limited Partner [Member]
Total Partnership Capital [Member]
|
Limited Partner [Member]
Redeemable Stock
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares, Outstanding at Dec. 31, 2012 | 42,243 | |||||||||||||||||||||||
Common stock shares issued (shares) | 32,325 | |||||||||||||||||||||||
Common stock repurchased and retired (shares) | 10 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 111 | |||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Units | 79 | |||||||||||||||||||||||
Shares, Outstanding at Dec. 31, 2013 | 74,748 | |||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2012 | $ 422,000 | $ 1,542,999,000 | $ (603,315,000) | $ (26,054,000) | $ 31,058,000 | $ 945,110,000 | ||||||||||||||||||
Net Income Attributable to Parent | 115,281,000 | |||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | 3,998,000 | |||||||||||||||||||||||
Net income | $ 119,279,000 | 119,279,000 | $ 107,544,000 | $ 107,544,000 | ||||||||||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | 26,162,000 | 892,000 | 27,054,000 | $ 27,055,000 | 27,055,000 | |||||||||||||||||||
Issuance and registration of common shares | 325,000 | 2,026,913,000 | 161,069,000 | 2,188,307,000 | $ 692,000 | |||||||||||||||||||
Shares repurchased and retired | 0 | (702,000) | (702,000) | |||||||||||||||||||||
Exercise of stock options | 0 | 6,212,000 | 6,212,000 | |||||||||||||||||||||
Shares issued in exchange for units | 0 | 2,519,000 | (2,519,000) | 0 | ||||||||||||||||||||
Notes To Financial Statements [Abstract] | ||||||||||||||||||||||||
Redeemable stock fair market value | 355,000 | 355,000 | (355,000) | $ (355,000) | (355,000) | $ (355,000) | ||||||||||||||||||
Correction of classification of equity accounts (Note 1) | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Adjustment for Noncontrolling Interest Ownership in operating partnership | 19,340,000 | (19,340,000) | 0 | $ (25,505,000) | 43,324,000 | 17,819,000 | ||||||||||||||||||
Amortization of unearned compensation | 2,268,000 | 2,268,000 | 2,268,000 | 2,268,000 | ||||||||||||||||||||
Dividends on common stock | (165,914,000) | (165,914,000) | ||||||||||||||||||||||
Dividends on noncontrolling interest units | (8,432,000) | (8,432,000) | ||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2013 | $ 747,000 | 3,599,549,000 | (653,593,000) | 108,000 | $ 166,726,000 | 3,113,537,000 | ||||||||||||||||||
Redeemable stock at Dec. 31, 2012 | 4,713,000 | 4,713,000 | ||||||||||||||||||||||
Redeemable stock at Dec. 31, 2013 | 5,050,000 | 5,050,000 | ||||||||||||||||||||||
Partners' Capital at Dec. 31, 2012 | 38,154,000 | 927,734,000 | (26,881,000) | 939,007,000 | ||||||||||||||||||||
Notes To Financial Statements [Abstract] | ||||||||||||||||||||||||
Net Income (Loss) Allocated to Limited Partners | 3,979,000 | |||||||||||||||||||||||
Net Income (Loss) Allocated to General Partners | 103,565,000 | |||||||||||||||||||||||
Issuance of units | 161,069,000 | 2,027,237,000 | 2,188,306,000 | 692,000 | ||||||||||||||||||||
Units repurchased and retired | (702,000) | (702,000) | ||||||||||||||||||||||
Exercise of unit options | 6,212,000 | 6,212,000 | ||||||||||||||||||||||
General partnership units issued in exchange for limited partnership units | (2,519,000) | (2,519,000) | 0 | |||||||||||||||||||||
Distributions | (8,432,000) | (165,914,000) | (174,346,000) | |||||||||||||||||||||
Partners' Capital at Dec. 31, 2013 | 166,746,000 | 2,946,598,000 | 174,000 | 3,113,518,000 | ||||||||||||||||||||
Common stock shares issued (shares) | 138 | |||||||||||||||||||||||
Common stock repurchased and retired (shares) | 12 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 270 | |||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Units | 36 | |||||||||||||||||||||||
Shares, Outstanding at Dec. 31, 2014 | 75,180 | |||||||||||||||||||||||
Net Income Attributable to Parent | $ 147,980,000 | |||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | $ 8,297,000 | |||||||||||||||||||||||
Net income | 156,277,000 | 156,277,000 | 156,277,000 | 156,277,000 | ||||||||||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | $ (550,000) | $ (520,000) | (30,000) | (550,000) | (550,000) | |||||||||||||||||||
Issuance and registration of common shares | $ 2,000 | $ 1,040,000 | 1,042,000 | 874,000 | ||||||||||||||||||||
Shares repurchased and retired | 0 | 465,000 | (465,000) | |||||||||||||||||||||
Exercise of stock options | 3,000 | 12,242,000 | 12,245,000 | |||||||||||||||||||||
Shares issued in exchange for units | 0 | 1,419,000 | (1,419,000) | 0 | ||||||||||||||||||||
Notes To Financial Statements [Abstract] | ||||||||||||||||||||||||
Stock Issued in Exchange for Redeemable Stock | 998,000 | $ (998,000) | (998,000) | |||||||||||||||||||||
Redeemable stock fair market value | $ 985,000 | 985,000 | (985,000) | 985,000 | 985,000 | 985,000 | ||||||||||||||||||
Adjustment for Noncontrolling Interest Ownership in operating partnership | $ 117,000 | (117,000) | (144,000) | 144,000 | 0 | 0 | ||||||||||||||||||
Amortization of unearned compensation | 4,631,000 | 4,631,000 | 4,631,000 | 4,631,000 | ||||||||||||||||||||
Dividends on common stock | 222,488,000 | (222,488,000) | ||||||||||||||||||||||
Dividends on noncontrolling interest units | 12,431,000 | (12,431,000) | ||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2014 | 3,051,811,000 | $ 752,000 | 3,619,270,000 | (729,086,000) | (412,000) | $ 161,287,000 | 3,051,811,000 | |||||||||||||||||
Redeemable stock at Dec. 31, 2014 | 5,911,000 | 5,911,000 | 5,911,000 | 5,911,000 | ||||||||||||||||||||
Notes To Financial Statements [Abstract] | ||||||||||||||||||||||||
Net Income (Loss) Allocated to Limited Partners | 8,297,000 | |||||||||||||||||||||||
Net Income (Loss) Allocated to General Partners | 147,980,000 | |||||||||||||||||||||||
Issuance of units | 1,042,000 | 0 | 1,042,000 | 874,000 | ||||||||||||||||||||
Units repurchased and retired | (465,000) | (465,000) | ||||||||||||||||||||||
Exercise of unit options | 12,245,000 | 12,245,000 | ||||||||||||||||||||||
General partnership units issued in exchange for limited partnership units | 1,419,000 | (1,419,000) | 0 | |||||||||||||||||||||
Partnership units issued in exchange for redeemable units | 998,000 | (998,000) | ||||||||||||||||||||||
Distributions | (12,431,000) | (222,488,000) | (234,919,000) | |||||||||||||||||||||
Partners' Capital at Dec. 31, 2014 | 161,310,000 | 2,890,858,000 | (376,000) | 3,051,792,000 | ||||||||||||||||||||
Development and capital improvements in progress | 80,772,000 | 80,772,000 | ||||||||||||||||||||||
Common stock shares issued (shares) | 116 | |||||||||||||||||||||||
Common stock repurchased and retired (shares) | 13 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 7 | |||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Units | 28 | |||||||||||||||||||||||
Shares, Outstanding at Dec. 31, 2015 | 75,318 | |||||||||||||||||||||||
Net Income Attributable to Parent | 332,287,000 | |||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | 18,458,000 | |||||||||||||||||||||||
Net income | 350,745,000 | 350,745,000 | 350,745,000 | 350,745,000 | ||||||||||||||||||||
Other comprehensive income - derivative instruments (cash flow hedges) | $ (1,242,000) | $ (1,177,000) | (65,000) | (1,242,000) | (1,242,000) | |||||||||||||||||||
Issuance and registration of common shares | 1,000 | 621,000 | 0 | 622,000 | $ 924,000 | |||||||||||||||||||
Shares repurchased and retired | 0 | 958,000 | (958,000) | |||||||||||||||||||||
Exercise of stock options | 0 | 420,000 | 420,000 | |||||||||||||||||||||
Shares issued in exchange for units | $ 0 | 1,121,000 | (1,121,000) | 0 | ||||||||||||||||||||
Notes To Financial Statements [Abstract] | ||||||||||||||||||||||||
SHAREHOLDER’S EQUITY | SHAREHOLDERS' EQUITY OF MAA On December 31, 2015, 75,408,571 shares of common stock of MAA and 4,162,996 partnership units in the Operating Partnership were issued and outstanding, representing a total of 79,571,567 shares and units. At December 31, 2014, 75,267,675 shares of common stock of MAA and 4,191,152 partnership units in the Operating Partnership were outstanding, representing a total of 79,458,827 shares and units. There were 58,112 outstanding options as of December 31, 2015 compared to 74,454 outstanding options as of December 31, 2014. During the year ended December 31, 2015, 11,914 shares of our common stock were acquired from employees to satisfy minimum tax withholding obligations that arose upon vesting of restricted stock granted pursuant to approved plans. During the year ended December 31, 2014, 9,270 shares were acquired for these purposes. Noncontrolling Interest Noncontrolling interest in the accompanying Consolidated Financial Statements relates to the limited partnership interest in the Operating Partnership owned by the holders of the Class A limited partner units of the Operating Partnership, or Class A Units. MAA is the sole general partner of the Operating Partnership and holds all of the outstanding Class B general partner units of the Operating Partnership, or Class B Units. Net income is allocated to MAA and the noncontrolling interest based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A Units or Class B Units changes the ownership percentage of both the noncontrolling interest and MAA. The issuance of Class B Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B Units equal to the number of shares of common stock issued. At each reporting period, the allocation between total MAA shareholders’ equity and Noncontrolling interest is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA’s Board of Directors established economic rights in respect to each Class A Unit that were equivalent to the economic rights in respect to each share of MAA common stock. The holders of Class A Units may redeem each of their units in exchange for one share of common stock in MAA or cash, at the option of MAA. At December 31, 2015, a total of 4,162,996 Class A Units were outstanding and redeemable to MAA by the holders of the units for 4,162,996 shares of MAA common stock or approximately $378.0 million, based on the closing price of MAA’s common stock on December 31, 2015 of $90.81 per share, at MAA’s option. At December 31, 2014, a total of 4,191,152 Class A Units were outstanding and redeemable to MAA by the holders of the units for 4,191,152 shares of MAA common stock or approximately $313.0 million, based on the closing price of MAA’s common stock on December 31, 2014 of $74.68 per share, at MAA’s option. The Operating Partnership pays the same per unit distribution in respect to the Class A Units as the per share distribution MAA pays in respect to the common stock. Operating Partnership net income for 2015, 2014 and 2013 was allocated approximately 5.2%, 5.3% and 4.6%, respectively, to holders of Class A Units and 94.8%, 94.7% and 95.4%, respectively, to MAA as the holder of all Class B Units. Direct Stock Purchase and Distribution Reinvestment Plan MAA has a Dividend and Distribution Reinvestment and Share Purchase Plan, or DRSPP, pursuant to which MAA’s shareholders have the ability to reinvest all or part of their distributions from MAA’s stock and holders of Class A Units have the ability to reinvest all or part of their distributions from MAALP into MAA’s common stock. The DRSPP also provides the opportunity to make optional cash investments in MAA's common stock of at least $250, but not more than $5,000 in any given month, free of brokerage commissions and charges. MAA, in its absolute discretion, may grant waivers to allow for optional cash payments in excess of $5,000. To fulfill its obligations under the DRSPP, MAA may either issue additional shares of common stock or repurchase common stock in the open market. MAA has registered with the SEC the offer and sale of up to 9,600,000 shares of common stock pursuant to the DRSPP. MAA may elect to sell shares under the DRSPP at up to a 5% discount. Shares of common stock totaling 8,562 in 2015, 9,055 in 2014, and 10,924 in 2013 were acquired by shareholders under the DRSPP. MAA did not offer a discount for optional cash purchases in 2015, 2014 or 2013. At the Market Offering On December 9, 2015, we entered into distribution agreements with J.P. Morgan Securities, LLC, BMO Capital Markets Corp. and KeyBanc Capital Markets Inc. to sell up to an aggregate of 4.0 million shares of common stock, from time-to-time in at-the-market offerings or negotiated transactions through controlled equity offering programs, or ATMs. As of December 31, 2015, there were 4.0 million shares remaining under the ATM program. During the years ended December 31, 2015 and 2014, MAA did not sell any shares of common stock under its ATMs. As of December 31, 2015, there were 4.0 million shares available for issuance under MAA's ATMs. Stock Repurchase Plan In 1999, MAA’s Board of Directors approved a stock repurchase plan to acquire up to a total of 4.0 million shares of MAA’s common stock. As of December 8, 2015, MAA had repurchased and retired approximately 1.9 million shares of common stock for a cost of approximately $42.0 million at an average price per common share of $22.54. No shares were repurchased in 2002 through 2015 under the plan. On December 8, 2015, MAA's Board of Directors authorized us to repurchase up to 4.0 million shares of MAA common stock, which represented approximately 5.3% of MAA's common stock outstanding at the time of such authorization. This December 2015 authorization replaced and superseded the 1999 plan, under which approximately 2.1 million shares remained at the time of the December 2015 authorization. No shares were repurchased from December 8, 2015 through December 31, 2015 under the current authorization. Exercise of Stock Options During the years ended December 31, 2015, 2014, and 2013 we issued 7,342 shares, 270,459 shares, and 110,715 shares, respectively, related to the exercise of stock options. These exercises resulted in proceeds of $0.4 million, $12.2 million, and $6.2 million respectively. |
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Stock Issued in Exchange for Redeemable Stock | 0 | 0 | ||||||||||||||||||||||
Redeemable stock fair market value | 1,415,000 | 1,415,000 | (1,415,000) | $ 1,415,000 | 1,415,000 | 1,415,000 | ||||||||||||||||||
Adjustment for Noncontrolling Interest Ownership in operating partnership | 164,000 | (164,000) | (252,000) | 252,000 | 0 | 0 | ||||||||||||||||||
Amortization of unearned compensation | 6,852,000 | $ 6,852,000 | 6,852,000 | 6,852,000 | ||||||||||||||||||||
Dividends on common stock | $ 235,927,000 | (235,927,000) | ||||||||||||||||||||||
Dividends on noncontrolling interest units | $ 13,085,000 | (13,085,000) | ||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2015 | 3,157,823,000 | $ 753,000 | $ 3,627,074,000 | $ (634,141,000) | $ (1,589,000) | $ 165,726,000 | $ 3,157,823,000 | |||||||||||||||||
Redeemable stock at Dec. 31, 2015 | 8,250,000 | $ 8,250,000 | 8,250,000 | 8,250,000 | ||||||||||||||||||||
Notes To Financial Statements [Abstract] | ||||||||||||||||||||||||
Net Income (Loss) Allocated to Limited Partners | 18,458,000 | |||||||||||||||||||||||
Net Income (Loss) Allocated to General Partners | 332,287,000 | |||||||||||||||||||||||
Issuance of units | 622,000 | 0 | 622,000 | 924,000 | ||||||||||||||||||||
Units repurchased and retired | (958,000) | (958,000) | ||||||||||||||||||||||
Exercise of unit options | 420,000 | 420,000 | ||||||||||||||||||||||
General partnership units issued in exchange for limited partnership units | 1,121,000 | (1,121,000) | 0 | |||||||||||||||||||||
Partnership units issued in exchange for redeemable units | 0 | 0 | $ 0 | |||||||||||||||||||||
Distributions | $ (13,085,000) | $ (235,927,000) | (249,012,000) | |||||||||||||||||||||
Partners' Capital at Dec. 31, 2015 | $ 165,726,000 | $ 2,993,696,000 | $ (1,618,000) | $ 3,157,804,000 | ||||||||||||||||||||
Development and capital improvements in progress | $ 44,355,000 | $ 44,355,000 |
Consolidated Statements of Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
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Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Parent Company [Member] | |||
Common Stock, Dividends, Per Share, Declared | $ 2.9600 | $ 2.8150 | $ 2.6750 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | 2.9600 | 2.8150 | 2.6750 |
Limited Partner [Member] | |||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 2.9600 | $ 2.8150 | $ 2.6750 |
Organization and Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Consolidation and Basis of Presentation and Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unless the context otherwise requires, all references to "we," "us," "our," or the "Company" refer collectively to Mid-America Apartment Communities, Inc., together with its consolidated subsidiaries, including Mid-America Apartments, L.P. Unless the context otherwise requires, all references to “MAA” refers only to Mid-America Apartment Communities, Inc., and not any of its consolidated subsidiaries. Unless the context otherwise requires, the references to the “Operating Partnership” or “MAALP” refer to Mid-America Apartments, L.P. together with its consolidated subsidiaries. “Common stock” refers to the common stock of MAA and “shareholders” means the holders of shares of MAA’s common stock. The limited partnership interests of the Operating Partnership are referred to as “OP Units” or "common units" and the holders of the OP Units are referred to as “unitholders”. As of December 31, 2015, MAA owned 75,408,571 units (or approximately 94.8%) of the limited partnership interests of the Operating Partnership. MAA conducts substantially all of its business and holds substantially all of its assets through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership's sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership. We believe combining the notes to the consolidated financial statements of MAA and MAALP results in the following benefits:
Management operates MAA and the Operating Partnership as one business. The management of the Company is comprised of individuals who are officers of MAA and employees of the Operating Partnership. We believe it is important to understand the few differences between MAA and the Operating Partnership in the context of how MAA and the Operating Partnership operate as a consolidated company. MAA and the Operating Partnership are structured as an "umbrella partnership REIT," or UPREIT. MAA's interest in the Operating Partnership entitles MAA to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to MAA's percentage interest therein and entitles MAA to vote on substantially all matters requiring a vote of the partners. MAA's only material asset is its ownership of limited partner interests in the Operating Partnership; therefore, MAA does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. The Operating Partnership holds, directly or indirectly, all of our real estate assets. Except for net proceeds from public equity issuances by MAA, which are contributed to the Operating Partnership in exchange for OP Units, the Operating Partnership generates the capital required by our business through the Operating Partnership's operations, direct or indirect incurrence of indebtedness and issuance of OP units. The presentation of MAA's shareholders' equity and the Operating Partnership's capital are the principal areas of difference between the consolidated financial statements of MAA and those of the Operating Partnership. MAA's shareholders' equity may include shares of preferred stock, shares of common stock, additional paid-in capital, cumulative earnings, cumulative distributions, noncontrolling interest, preferred units, treasury shares, accumulated other comprehensive income and redeemable common units. The Operating Partnership's capital may include common capital and preferred capital of the general partner (MAA), limited partners' preferred capital, limited partners' noncontrolling interest, accumulated other comprehensive income and redeemable common units. Redeemable common units represent the number of outstanding OP Units as of the date of the applicable balance sheet, valued at the greater of the closing market price of MAA's common stock or the aggregate value of the individual partners' capital balances. Holders of OP Units (other than MAA and its corporate affiliates) may require us to redeem their OP Units from time to time, in which case we may, at our option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA's common stock on the New York Stock Exchange over a specified period prior to the redemption date) or by delivering one share of our common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed. Organization and Formation of Mid-America Apartment Communities, Inc. On October 1, 2013, MAA completed a merger with Colonial Properties Trust, or Colonial. Pursuant to the merger agreement, Martha Merger Sub, LP, or OP Merger Sub, a wholly-owned indirect subsidiary of MAALP, merged with and into Colonial Realty Limited Partnership, or Colonial LP, with Colonial LP being the surviving entity of the merger and becoming a wholly-owned indirect subsidiary of MAALP, which is referred to as the partnership merger. The partnership merger was part of the transactions contemplated by the agreement and plan of merger entered into on June 3, 2013 among MAA, our Operating Partnership, OP Merger Sub, Colonial, and Colonial LP pursuant to which MAA and Colonial combined through a merger of Colonial with and into MAA, with MAA surviving the merger, which is referred to as the parent merger. We refer to the parent merger, together with the partnership merger, as the "Merger". Under the terms of the merger agreement, each Colonial common share was converted into the right to receive 0.36 of a newly issued share of MAA common stock. In addition, each limited partner interest in Colonial LP designated as a “Class A Unit” and a “Partnership Unit” under the limited partnership agreement of Colonial LP, which we refer to in this filing as Colonial LP units, issued and outstanding immediately prior to the effectiveness of the partnership merger was converted into common units in MAALP at the 0.36 conversion rate. The net assets and results of operations of Colonial are included in our consolidated financial statements from the closing date, October 1, 2013, going forward. See further discussion surrounding the Merger in Note 2 (Business Combinations) below. As of December 31, 2015, we owned and operated 254 apartment communities through the Operating Partnership. As of December 31, 2015, MAA also owned a 25.00% interest in an unconsolidated real estate joint venture consisting of undeveloped land and a 33.30% interest in an unconsolidated real estate joint venture consisting of one commercial property. As of December 31, 2015, we had five development communities under construction totaling 748 units, with 37 units completed. Total expected costs for the development projects are $116.6 million, of which $42.3 million had been incurred to date. We expect to complete construction on one project by the first quarter of 2016, one project by the third quarter of 2016, two projects by the second quarter of 2017, and one project by the fourth quarter of 2017. Five of our multifamily properties include retail components with approximately 163,000 square feet of gross leasable area. We also have one wholly owned commercial property, which we acquired through the Merger, with approximately 208,000 square feet of gross leasable area, excluding tenant owned anchor stores, and one unconsolidated commercial property with approximately 30,000 square feet of gross leasable area. Reclassifications To provide a better presentation of operating expenses, we adjusted the presentation of certain expenses in the specified lines of the Consolidated Statements of Operations. In our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, our 2014 Form 10-K, we reported approximately $1.3 million and $0.8 million in permits and fees and vehicle maintenance costs in the "Other operating" expense line for the twelve months ended December 31, 2014 and December 31, 2013, respectively. These costs have been reclassified to "Building repairs and maintenance" for the twelve months ended December 31, 2014 and December 31, 2013, respectively, presented in the Consolidated Statement of Operations included in this Annual Report on Form 10-K for the fiscal year ended December 31, 2015, or this Form 10-K. In the 2014 Form 10-K, we also reported approximately $33.8 million and $17.6 million in utility costs, primarily for cable TV, trash removal, and telephone costs, in the "Other operating" expense line for the twelve months ended December 31, 2014 and December 31, 2013, respectively. These costs have been reclassified to "Utilities" for the twelve months ended December 31, 2014 and December 31, 2013, respectively, presented in the Consolidated Statement of Operations included in this Form 10-K. These changes have been made in order to provide better insight into how we manage our property operating expenses. In the 2014 Form 10-K, we reported approximately $36.5 million as "Assets held for sale, excluded from Real estate assets, net", which included $1.3 million of Cash and cash equivalents. These assets no longer qualify as held for sale and have been reclassified to Assets held for use within the applicable line items in the Consolidated Balance Sheet and Consolidated Statements of Cash Flows included in this Form 10-K. See further discussion on the held for sale reclassification in Note 15 (Earnings from Discontinued Operations) below. In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than an asset. The update requires retrospective application and represents a change in accounting principle. We early-adopted ASU 2015-03 as of the end of fiscal year 2015, and applied its provisions retrospectively. The adoption of ASU 2015-03 resulted in the reclassification of $13.3 million and $11.8 million of unamortized debt issuance costs related to our secured property mortgages, senior unsecured notes, and unsecured term loans from "Deferred financing costs, net" to a reduction in "Unsecured notes payable", of $11.7 million and $9.3 million, and "Secured notes payable", of $1.6 million and $2.5 million, within our Consolidated Balance Sheets as of December 31, 2015 and 2014, respectively. In the 2014 Form 10-K, we reported approximately $4.5 million and $3.1 million of "Amortization of deferred financing costs" for the years ended December 31, 2014 and 2013, respectively. As a result of the adoption of the debt issuance cost guidance and to improve comparability, we also reclassified these costs to "Interest expense" for the twelve months ended December 31, 2014 and 2013, respectively, presented in the Consolidated Statement of Operations included in this Form 10-K. As a result of this income statement reclassification, $4.5 million and $3.1 million of amortization of deferred financing costs for the years ended December 31, 2014 and 2013, respectively, reported in the "Depreciation and amortization" line of the Consolidated Statements of Cash Flows in the 2014 Form 10-K have been reclassified to "Amortization of debt premium and debt issuance costs" for the twelve months ended December 31, 2014 and 2013, respectively, presented in the Consolidated Statements of Cash Flows in this Form 10-K. Other than these reclassifications, the adoption of ASU 2015-03 did not have an impact on our consolidated financial statements. See Note 6 (Borrowings) below for further discussion. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared by our management in accordance with United States generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership, and all other subsidiaries in which MAA has a controlling financial interest. MAA owns approximately 95% to 100% of all consolidated subsidiaries. The consolidated financial statements of MAALP presented herein include the accounts of MAALP and all other subsidiaries in which MAALP has a controlling financial interest. MAALP owns, directly or indirectly, 100% of all consolidated subsidiaries. In our opinion, all adjustments necessary for a fair presentation of the consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. We invest in entities which may qualify as variable interest entities, or VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. We consolidate all VIEs for which we are the primary beneficiary and use the equity method to account for investments that qualify as VIEs but for which we are not the primary beneficiary. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including but not limited to, those activities that most significantly impact the VIE's economic performance and which party controls such activities. We use the equity method of accounting for our investments in entities for which we exercise significant influence, but do not have the ability to exercise control. These entities are not variable interest entities. The factors considered in determining that we do not have the ability to exercise control include ownership of voting interests and participatory rights of investors. Use of Estimates Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses to prepare these financial statements and notes in conformity with GAAP. Actual results could differ from those estimates. Revenue Recognition and Real Estate Sales We primarily lease multifamily residential apartments under operating leases generally with terms of one year or less. Rental revenues are recognized using a method that represents a straight-line basis over the term of the lease and other revenues are recorded when earned. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. We record gains and losses on real estate sales in accordance with accounting standards governing the sale of real estate. For sale transactions meeting the requirements for the full accrual method, we remove the assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. Rental Costs Costs associated with rental activities, including advertising costs, are expensed as incurred. Advertising expenses were approximately $13.5 million, $12.4 million, and $9.5 million for the years ended December 31, 2015, 2014, and 2013, respectively. Discontinued Operations Prior to our January 2014 adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, properties sold during the year or those classified as held-for-sale at the end of a reporting period were classified as discontinued operations in accordance with accounting standards governing financial statement presentation. Subsequent to our adoption of this ASU on January 1, 2014, only dispositions representing significant changes in operating strategy are classified as discontinued operations. Once a property is classified as held-for-sale, depreciation is no longer recognized. Real Estate Assets and Depreciation and Amortization Real estate assets are carried at depreciated cost. Repairs and maintenance costs are expensed as incurred while significant improvements, renovations, and recurring capital replacements are capitalized. Recurring capital replacements typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. In addition to these costs, we also capitalize salary costs directly identifiable with renovation work. These expenditures extend the useful life of the property and increase the property’s fair market value. The cost of interior painting, vinyl flooring and blinds are expensed as incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which range from 8 to 40 years for land improvements and buildings, 5 years for furniture, fixtures and equipment, and 3 to 5 years for computers and software. Development Costs Development projects and the related carrying costs, including interest, property taxes, insurance and allocated direct development salary cost during the construction period, are capitalized and reported in the accompanying Consolidated Balance Sheets as “Development and capital improvements in progress” during the construction period. Interest is capitalized in accordance with accounting standards governing the capitalization of interest. Upon completion and certification for occupancy of individual buildings within a development, amounts representing the completed building's portion of total estimated development costs for the project are transferred to "Land", "Buildings", and "Furniture, fixtures and equipment" as real estate held for investment. Capitalization of interest, property taxes, insurance and allocated direct development salary costs cease upon the transfer. The assets are depreciated over their estimated useful lives. Total interest capitalized during the years ended December 31, 2015, 2014 and 2013 was approximately $1.7 million, $1.7 million, and $2.1 million, respectively. Indirect costs other than interest that we capitalized included capitalized salaries of $0.4 million, $1.7 million, and $0.4 million during the years ended December 31, 2015, 2014 and 2013, respectively, and real estate taxes of $0.2 million, $0.2 million, and $0.3 million during the years ended December 31, 2015, 2014 and 2013, respectively. Certain costs associated with the lease-up of development projects, including cost of model units, their furnishings, signs, and “grand openings,” are capitalized and amortized over their respective estimated useful lives. All other costs relating to renting development projects are expensed as incurred. Acquisition of Real Estate Assets In accordance with accounting standards for business combinations, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building, furniture, fixtures and equipment, and identified intangible assets, consisting of the value of in-place leases and other contracts. We allocate the purchase price to the fair value of the tangible assets of an acquired property determined by valuing the building as if it were vacant, based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a building using methods similar to those used by independent appraisers. These methods include using stabilized net operating income, or NOI, and market specific capitalization and discount rates. In allocating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on current rent rates and time and cost to lease a unit. Management concluded that the residential leases acquired in connection with each of its property acquisitions are approximately at market rates since the residential lease terms generally do not extend beyond one year. For larger, portfolio style acquisitions, like the Merger, management engages a third party valuation specialist to perform the fair value assessment, which includes an allocation of the purchase price. Similar to management's methods, the third party uses cash flow analysis as well as an income approach and a market approach to determine the fair value of assets. The third party uses stabilized NOI and market specific capitalization and discount rates. Management reviews the inputs used by the third party specialist as well as the allocation of the purchase price provided by the third party to ensure reasonableness and that the procedures are performed in accordance with management's policy. The initial allocation of the purchase price is based on management’s preliminary assessment, which may differ when final information becomes available. Subsequent adjustments made to the initial purchase price allocation, if any, are made within the allocation period, which typically does not exceed one year. For residential leases, the fair value of the in-place leases and resident relationships is then amortized over 6 months, the estimated remaining term of the resident leases. For commercial leases, the fair value of in-place leases and resident relationships is amortized over the remaining term of the commercial leases. The amount of lease intangibles included in Other assets totaled $6.1 million, $8.3 million, and $54.0 million as of December 31, 2015, 2014, and 2013, respectively. Accumulated amortization for these leases totaled $2.3 million, $1.8 million, and $21.9 million as of December 31, 2015, 2014 and 2013, respectively. The amortization recorded as depreciation and amortization expense was $5.0 million, $24.5 million, and $23.5 million for the years ended December 31, 2015, 2014, and 2013, respectively. The estimated aggregate future amortization expense is approximately $1.4 million, $0.5 million, $0.4 million, $0.3 million, and $0.3 million for the years ended December 31, 2016, 2017, 2018, 2019, and 2020, respectively. The Company's policy is to expense the costs incurred to acquire properties in the period these costs are incurred. Acquisition costs include appraisal fees, title fees, broker fees, and other legal costs to acquire the property. These costs are recorded in our Consolidated Statement of Operations under the line "Acquisition expenses". Impairment of Long-lived Assets, including Goodwill We account for long-lived assets in accordance with the provisions of accounting standards for the impairment or disposal of long-lived assets and evaluate our goodwill for impairment under accounting standards for goodwill and other intangible assets. We evaluate goodwill for impairment on at least an annual basis, or more frequently if a goodwill impairment indicator is identified. We periodically evaluate long-lived assets, including investments in real estate and goodwill, for indicators that would suggest that the carrying amount of the assets may not be recoverable. The judgments regarding the existence of such indicators are based on factors such as operating performance, market conditions and legal factors. Long-lived assets, such as real estate assets, equipment and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented on the Balance Sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group or a property classified as held for sale are presented separately in the appropriate asset and liability sections of the balance sheet. Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss for goodwill is recognized to the extent that the carrying amount exceeds the implied fair value of goodwill. This determination is made at the reporting unit level and consists of two steps. First, we determine the fair value of a reporting unit and compare it to its carrying amount. In the apartment industry, the primary method used for determining fair value is to divide annual operating cash flows by an appropriate capitalization rate. We determine the appropriate capitalization rate by reviewing the prevailing rates in a property’s market or submarket. Second, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation in accordance with accounting standards for business combinations. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. There has been no impairment of goodwill in the three year period ended December 31, 2015. Goodwill decreased from $2.3 million at December 31, 2014 to $1.6 million at December 31, 2015 as a result of the disposition of the Post House Jackson, Post House North, and Oaks apartment communities on April 29, 2015. Goodwill decreased from $4.1 million at December 31, 2013 to $2.3 million at December 31, 2014 as a result of the disposition of the Greenbrook apartment community on July 10, 2014. Loss Contingencies The outcomes of claims, disputes and legal proceedings are subject to significant uncertainty. We record an accrual for loss contingencies when a loss is probable and the amount of the loss can be reasonably estimated. We review these accruals quarterly and make revisions based on changes in facts and circumstances. When a loss contingency is not both probable and reasonably estimable, we do not accrue the loss. However, if the loss (or an additional loss in excess of the accrual) is at least a reasonable possibility and material, then we disclose a reasonable estimate of the possible loss, or range of loss, if such reasonable estimate can be made. If we cannot make a reasonable estimate of the possible loss, or range of loss, then a statement to that effect is disclosed. The assessment of whether a loss is probable or a reasonable possibility, and whether the loss or range of loss is reasonably estimable, often involves a series of complex judgments about future events. Among the factors that we consider in this assessment, are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if reasonably estimable), the progress of the matter, existing law and precedent, the opinions or views of legal counsel and other advisers, our experience in similar matters, the facts available to us at the time of assessment, and how we intend to respond, or have responded, to the proceeding or claim. Our assessment of these factors may change over time as individual proceedings or claims progress. For matters where we are not currently able to reasonably estimate a range of reasonably possible loss, the factors that have contributed to this determination include the following: (i) the damages sought are indeterminate; (ii) the proceedings are in the early stages; (iii) the matters involve novel or unsettled legal theories or a large or uncertain number of actual or potential cases or parties; and/or (iv) discussions with the parties in matters that are expected ultimately to be resolved through negotiation and settlement have not reached the point where we believe a reasonable estimate of loss, or range of loss, can be made. In such instances, we believe that there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss or business impact, if any. Undeveloped Land Undeveloped land includes sites intended for future multifamily developments, sites for future commercial development and sites intended for residential use, which are carried at the lower of cost or fair value in accordance with GAAP and any costs incurred prior to commencement of pre-development activities are expensed as incurred. Investment in Real Estate Joint Ventures Our investments in our unconsolidated real estate joint ventures are recorded using the equity method as we are able to exert significant influence, but do not have a controlling interest in any of our joint ventures. Cash and Cash Equivalents We consider investments in money market accounts and certificates of deposit with original maturities of three months or less to be cash equivalents. Restricted Cash Restricted cash consists of security deposits required to be held separately, escrow deposits held by lenders for property taxes, insurance, debt service, and replacement reserves, and exchanges under Section 1031(b) of the Internal Revenue Code of 1986, as amended, or the Code. Section 1031(b) exchanges are treated as investing activities in the Consolidated Statement of Cash Flows. Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt using a method which approximates the effective interest method. If the terms of renewed or modified debt instruments are deemed to be substantially different, all unamortized financing costs associated with the modified debt are charged to earnings in the current period. If the terms are not substantially different, the costs associated with the renewal are capitalized and amortized over the remaining term of the debt instrument. For modifications affecting a line of credit, fees paid to a creditor and any third party costs will be capitalized and amortized over the remaining term of the new arrangement. Any unamortized deferred financing costs associated with the old arrangement are either deferred and amortized over the life of the new arrangement or written off, depending upon the nature of the modification and cost. The balance of any unamortized financing costs on extinguished debt is expensed upon extinguishment. Other Assets Other assets consist primarily of deferred rental concessions which are recognized on a straight line basis over the life of the leases, receivables and deposits from residents, the value of derivative contracts and other prepaid expenses including prepaid insurance and prepaid interest. Also included in other assets are the fair market value of in place leases, which totaled $6.1 million and $8.3 million as of December 31, 2015 and 2014, respectively. Accrued Expenses and Other Liabilities Accrued expenses consist of accrued dividends payable, accrued real estate taxes, accrued interest payable, other accrued expenses payable, and unearned income. Significant accruals include accrued dividends payable of $65.2 million and $61.2 million at December 31, 2015 and 2014, respectively, accrued real estate taxes of $63.3 million and $56.8 million at December 31, 2015 and 2014, respectively, and accrued interest payable of $17.2 million and $17.8 million, at December 31, 2015 and 2014, respectively. Self-Insurance We are self-insured for workers' compensation claims up to $500,000 and for general liability claims up to $100,000. Claims exceeding these amounts are insured by a third party. We accrue for expected liabilities less than $500,000 for workers' compensation based on a third party actuarial estimate of ultimate losses and we also accrue for expected general liability claims less than $100,000 based on a third party actuarial estimate of ultimate losses. Income Taxes MAA has elected to be taxed as a REIT under the Code, beginning with the taxable year ended December 31, 1994, and intends to continue to operate in such a manner. The current and continuing qualification as a REIT depends on MAA's ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. As long as MAA qualifies for taxation as a REIT, it will generally not be subject to United States Federal corporate income tax on its taxable income that is currently distributed to shareholders. This treatment substantially eliminates the “double taxation” (at the corporate and shareholder levels) that generally results from an investment in a corporation. Even if MAA qualifies as a REIT, it may be subject to United States Federal income and excise taxes in certain situations, such as not meeting the income distribution requirements. MAA also will be required to pay a 100% tax on any net income on non-arm’s length transactions between MAA and its Taxable REIT Subsidiaries, or TRS (discussed below). In addition, MAA could also be subject to the alternative minimum tax, or AMT. State and local tax laws may not conform to the United States Federal income tax treatment, and MAA and its shareholders may be subject to state or local taxation in various state or local jurisdictions, including those in which MAA transacts business or its shareholders reside. Any taxes imposed on MAA would reduce its operating cash flow and net income. Certain of our operations or a portion thereof, including asset management and risk management, are conducted through TRSs, which are subsidiaries of the Operating Partnership. A TRS is a C-corporation that has not elected REIT status and as such is subject to United States Federal corporate income tax. The TRS accounts for deferred taxes by recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based on this evaluation, at December 31, 2015, net of the valuation allowance, the net deferred tax assets were reduced to zero. The Company recognizes liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company classifies interest related to income tax liabilities, and if applicable, penalties, as a component of Income tax expense. As of December 31, 2015, we did not have any unrecognized tax benefits, and we do not believe that there will be any material changes in our unrecognized tax positions over the next 12 months. The income tax expense line item shown in the Statement of Operations represents the Texas-based margin tax for all Texas properties. Fair value of derivative financial instruments We utilize certain derivative financial instruments, primarily interest rate swaps and interest rate caps, during the normal course of business to manage, or hedge, the interest rate risk associated with our variable rate debt or as hedges in anticipation of future debt transactions to manage well-defined interest rate risk associated with the transaction. In order for a derivative contract to be designated as a hedging instrument, changes in the hedging instrument must be highly effective at offsetting changes in the hedged item. The historical correlation of the hedging instruments and the underlying hedged items are assessed before entering into the hedging relationship and on a quarterly basis thereafter, and have been found to be highly effective. We measure ineffectiveness using the change in the variable cash flows method or the hypothetical derivative method for interest rate swaps and the hypothetical derivative method for interest rate caps for each reporting period through the term of the hedging instruments. Any amounts determined to be ineffective are recorded in earnings if in an overhedged position. The change in fair value of the interest rate swaps and the intrinsic value or fair value of interest rate caps designated as cash flow hedges are recorded to accumulated other comprehensive income in the Statement of Equity. The valuation of our derivative financial instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the interest rate caps. The variable interest rates used in the calculation of projected receipts on the interest rate cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. Additionally, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Changes in the fair values of our derivatives are primarily the result of fluctuations in interest rates. See Note 7 (Derivative and Hedging Activities) and Note 8 (Fair Value Disclosure of Financial Information) for further discussion. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:
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Business Combinations |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS Merger of MAA and Colonial On October 1, 2013, we completed the Merger with Colonial and Colonial LP. As part of the Merger, we acquired 115 wholly owned apartment communities encompassing 34,370 units principally located in the Southeast and Southwest regions of the United States. In addition to the apartment communities, we also acquired four commercial properties totaling approximately 806,000 square feet. The additions caused us to nearly double in size as a result of the Merger. The consolidated net assets and results of operations of Colonial are included in our consolidated financial statements from the closing date, October 1, 2013, going forward. The total purchase price of approximately $2.2 billion was determined based on the number of Colonial shares and Colonial LP partnership interests outstanding as of October 1, 2013. In all cases in which MAA’s stock price was a determining factor in arriving at final consideration for the Merger, the stock price used to determine the purchase price was the opening price of MAA’s common stock on October 1, 2013 ($62.56 per share). The total purchase price includes $7.3 million of other consideration, a majority of which relates to assumed stock compensation plans. As a result of the Merger, we issued approximately 31.9 million shares of MAA common stock and approximately 2.6 million OP units. The Merger has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their acquisition date fair values. For larger, portfolio style acquisitions, like the Merger, management engages a third party valuation specialist to assist with the fair value assessment, which includes an allocation of the purchase price. Similar to management's methods, the third party generally uses cash flow analysis as well as an income approach and a market approach to determine the fair value of assets acquired. The third party uses stabilized NOI and a market specific capitalization and discount rates. Management reviews the inputs used by the third party specialist as well as the allocation of the purchase price provided by the third party to ensure reasonableness and that the procedures are performed in accordance with management's policy. The allocation of the purchase price is based on management’s assessment, which may differ as more information becomes available. Subsequent adjustments made to the purchase price allocation, if any, are made within the allocation period, which typically does not exceed one year. The allocation of the purchase price described above requires a significant amount of judgment and represents management's best estimate of the fair value as of the acquisition date. The following final purchase price allocation was based on our valuation as well as estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed. The following table summarizes the final purchase price allocation (in thousands):
We incurred total merger and integration related expenses of $11.5 million and $37.5 million for the years ended December 31, 2014 and 2013, respectively. These amounts were expensed as incurred and are included in the Consolidated Statement of Operations in the items titled "Merger related expenses", primarily consisting of severance, legal, and professional costs, and "Integration related expenses", primarily consisting of temporary systems, staffing, and facilities costs. The allocation of fair values of the assets acquired and liabilities assumed has not changed from the allocation reported in Item 8. Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements, Note 2 of our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on February 25, 2015. |
Earnings Per Common Share of MAA |
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Earnings per share of the trust [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | EARNINGS PER COMMON SHARE OF MAA Basic earnings per share is computed by dividing net income available to MAA common shareholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with our diluted earnings per share being the more dilutive of the treasury stock or two-class methods. Operating partnership units are included in dilutive earnings per share calculations when they are dilutive to earnings per share. For the years ended December 31, 2015, 2014, and 2013, MAA's basic earnings per share is computed using the two-class method, and our diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method:
(1) For both the years ended December 31, 2015 and 2014, 4.2 million OP units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. (2) For both the years ended December 31, 2015 and 2014, 0.1 million potentially dilutive securities and their related income are not included in the diluted earnings per share calculation as they are not dilutive. |
Earnings Per OP Unit of MAALP |
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Earnings per unit of MAA LP [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per OP Unit | EARNINGS PER OP UNIT OF MAALP Basic earnings per OP Unit is computed by dividing net income available for common unitholders by the weighted average number of units outstanding during the period. All outstanding unvested restricted unit awards contain rights to non-forfeitable distributions and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per OP unit. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. A reconciliation of the numerators and denominators of the basic and diluted earnings per OP unit computations for the years ended December 31, 2015, 2014, and 2013 is presented below:
(1) For both the years ended December 31, 2015 and 2014, 0.1 million potentially dilutive securities and their related income are not included in the diluted earnings per unit calculations as they are not dilutive. |
Stock Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. STOCK BASED COMPENSATION Overview MAA accounts for its stock based employee compensation plans in accordance with accounting standards governing stock based compensation. These standards require an entity to measure the cost of employee services received in exchange for an award of an equity instrument based on the award's fair value on the grant date and recognize the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. Any liability awards issued are remeasured at each reporting period. MAA’s stock compensation plans consist of an employee stock purchase plan and a number of incentives provided to attract and retain independent directors, executive officers and key employees. Incentives are currently granted under the 2013 Stock Incentive Plan, as amended, which was originally approved at the September 27, 2013 annual meeting of MAA shareholders. The 2013 Stock Incentive Plan replaced the 2004 Stock Plan which had replaced the 1994 Restricted Stock and Stock Option Plan (collectively, the “Plans”) under which no further awards may be granted as of October 31, 2013. The 1994 Restricted Stock and Stock Option Plan allowed for the grant of restricted stock and stock options up to a total of 2.4 million shares. The 2004 Stock Plan allowed for the grant of restricted stock and stock options up to a total of 500,000 shares. The 2013 Stock Incentive Plan allows for the grant of restricted stock and stock options up to 625,000 shares. MAA believes that such awards better align the interests of its employees with those of its shareholders. Compensation expense is generally recognized for service based restricted stock awards using the straight-line method over the vesting period of the shares regardless of cliff or ratable vesting distinctions. Compensation expense for market and performance based restricted stock awards is generally recognized using the accelerated amortization method with each vesting tranche valued as a separate award, with a separate vesting date, consistent with the estimated value of the award at each period end. Additionally, we adjust compensation expense for estimated and actual forfeitures for all awards. Compensation expense for stock options is generally recognized on a straight-line basis over the requisite service period. MAA presents stock compensation expense in the Consolidated Statements of Operations on the line labeled “General and administrative expenses”. Total compensation costs under the Plans were approximately $6.9 million, $5.2 million and $2.7 million for the years ended December 31, 2015, 2014, and 2013, respectively. Of these amounts, total compensation costs capitalized under the Plans were approximately $735,000, $431,000, and $17,000 for the years ended December 31, 2015, 2014, and 2013, respectively. As of December 31, 2015, the total unrecognized compensation cost related to the Plans was approximately $11.0 million. This cost is expected to be recognized over the remaining weighted average period of 1.2 years. Total cash paid for the settlement of plan shares totaled $1.0 million, $0.6 million, and $0.4 million for the years ended December 31, 2015, 2014, and 2013, respectively. Information concerning grants under the Plans is listed below. Restricted Stock In general, restricted stock is earned based on either a service condition, performance condition, or market condition, or a combination thereof, and vests ratably over a period from 1 year to 5 years. Service based awards are earned when the employee remains employed over the requisite service period and are valued on the grant date based upon the market price of MAA common stock on the date of grant. Market based awards are earned when MAA reaches a specified stock price or specified return on the stock price (price appreciation plus dividends) and are valued on the grant date using a Monte Carlo simulation. Performance based awards are earned when MAA reaches certain operational goals such as FFO targets and are valued based upon the market price of MAA common stock on the date of grant as well as the probability of reaching the stated targets. MAA remeasures the fair value of the performance based awards each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. The weighted average grant date fair value per share of restricted stock awards granted during the years ended December 31, 2015, 2014, and 2013, was $68.35, $62.40, and $64.30, respectively. The following is a summary of the key assumptions used in the valuation calculations for market based awards granted during the years ended December 31, 2015, 2014, and 2013:
The risk free rate was based on a zero coupon risk-free rate. The minimum risk free rate was based on a period of 0.25 years for the years ended December 31, 2015, 2014, and 2013. The maximum risk free rate was based on a period of 3 years, 3 years, and 1 year for the years ended December 31, 2015, 2014, and 2013, respectively. The dividend yield was based on the closing stock price of MAA stock on the date of grant. Volatility for MAA was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns, and implied volatility was based on the trailing month average of daily implied volatilities interpolating between the volatilities implied by stock call option contracts that were closest to the terms shown and closest to the money. The minimum volatility was based on a period of 1 year for the years ended December 31, 2015, 2014, and 2013. The maximum volatility was based on a period of 2 years, 3 years, and 2 years for the years ended December 31, 2015, 2014, and 2013, respectively. The requisite service period is based on the criteria for the separate programs according to the vesting schedule. Turnover is based on the historical experience for the key managers and executive officers, and is used in estimating forfeitures. A summary of the status of the nonvested restricted shares as of December 31, 2015, and the changes for the year ended December 31, 2015, is presented below:
The total fair value of shares vesting during the years ended December 31, 2015, 2014, and 2013 was approximately $2.9 million, $2.7 million, and $1.6 million, respectively. Stock Options In general, stock options are earned when the employee remains employed over the requisite service period and vest ratably over a period from 0.3 years to 2.3 years. Stock options exercised result in new common shares being issued on the open market by the Company. The fair value of stock option awards is determined using the Black-Scholes valuation model. The weighted average grant date fair value of stock option awards granted during the year ended December 31, 2013 was $11.77 per option. No stock options were granted during the years ended December 31, 2015 and 2014. The following is a summary of the key assumptions used in the Black-Scholes valuation calculations for stock options granted during the year ended December 31, 2013:
The term represents an estimate of the period of time options are expected to remain outstanding. The U.S. Treasury bill rate, which approximated the expected life of the option, was used to represent the risk-free rate. The current dividend yield at the time of grant was used to estimate the dividend yield over the life of the option. Volatility is based on the actual changes in the market value of MAA’s stock and is calculated using daily market value changes from the date of grant over a past period equal to the expected life of the stock options. Turnover is based on the historical rate at which options are exercised, and is used in estimating forfeitures. A summary of the status of the stock options as of December 31, 2015 and the changes for the year ended December 31, 2015 is presented below:
All 58,112 options outstanding at December 31, 2015 were exercisable with a weighted average exercise price of $86.21, an intrinsic value of $835,000, and a weighted average remaining term of 1.7 years. The intrinsic value of options exercised during the year ended December 31, 2015 was $0.2 million. Cash received from the exercise of stock options for the years ended December 31, 2015, 2014, and 2013 was $0.4 million, $12.2 million, and $6.2 million, respectively. |
Borrowings |
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Borrowings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BORROWINGS | BORROWINGS The weighted average interest rate at December 31, 2015 for the $3.43 billion of debt outstanding was 3.7%, compared to the weighted average interest rate of 3.7% on $3.51 billion of debt outstanding at December 31, 2014. Our debt consists of an unsecured credit facility, unsecured term loans, senior unsecured notes, a secured credit facility with Fannie Mae, and secured property mortgages. We utilize fixed rate borrowings, interest rate swaps, and interest rate caps to manage our current and future interest rate risk. More details on our borrowings can be found in the schedules presented later in this section. At December 31, 2015, the Company had $65.0 million (after considering the impact of interest rate swap and cap agreements in effect) of conventional, secured variable rate debt outstanding at an average interest rate of 0.8%, $125.0 million of capped conventional, secured variable rate debt at an average interest rate of 0.8%. The interest rate on all other secured debt, totaling $1.1 billion, was hedged or fixed at an average interest rate of 4.0%. Additionally, the Company had $2.1 billion of senior unsecured notes and term loans fixed at an average interest rate of 3.9% and a $750 million variable rate credit facility with an average interest rate of 1.2% with $75 million borrowed at December 31, 2015. Unsecured Credit Facility We also maintain a $750.0 million unsecured credit facility with fourteen banks led by KeyBank National Association, or the KeyBank Facility. The KeyBank Facility includes an expansion option up to $1.5 billion. The KeyBank Facility bears an interest rate of LIBOR plus a spread of 0.85% to 1.55% based on an investment grade pricing grid and is currently bearing interest at 1.23%. This credit line expires in April 2020 with an option to extend for an additional six months. At December 31, 2015, we had $746.7 million available to be borrowed under the Key Bank Line agreement with $75.0 million actually borrowed under this facility. Approximately $3.3 million of the facility is used to support letters of credit. Commitment fees related to this facility totaled $1.1 million for the year ended December 31, 2015. Unsecured Term Loans We also maintain three term loans with a syndicate of banks, led by KeyBank, Wells Fargo, and US Bank, respectively. The KeyBank term loan has a balance of $150 million, matures in 2021, and has a variable interest rate of LIBOR plus a spread of 0.90% to 1.75% based on our credit ratings. The Wells Fargo term loan has a balance of $250 million and matures in 2018. The US Bank term loan has a balance of $150 million and matures in 2020. Both the Wells Fargo and US Bank term loans have variable interest rates of LIBOR plus a spread of 0.90% to 1.90% based on our credit ratings. Senior Unsecured Notes As of December 31, 2015, we had approximately $1.2 billion of publicly issued bonds and $310.0 million of private placement notes. These senior unsecured notes are longer term in nature and usually mature within five to twelve years. On November 2, 2015, the Operating Partnership issued $400 million in aggregate principal amount of notes, maturing on November 15, 2025 with an interest rate of 4.00% per annum, or the 2025 Notes. The purchase price paid by the initial purchasers was 98.99% of the principal amount. The 2025 Notes are general unsecured senior obligations of the Operating Partnership and rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership. Interest on the 2025 Notes is payable on May 15 and November 15 of each year, beginning on May 15, 2016. The net proceeds from the offering after deducting the original issue discount of approximately $4.0 million and underwriting commissions and expenses of approximately $2.6 million were approximately $393.4 million. The 2025 Notes have been reflected net of discount and debt issuance costs in the Consolidated Balance Sheet. In connection with the bond transaction, we cash settled $200 million in forward interest rate swap agreements, entered earlier in the year to effectively lock the interest rate on the planned transaction, which produced an effective interest rate of 4.17% over the ten year life of the bonds. The Indentures under which certain public notes were issued, including the 2025 Notes, contain certain covenants that, among other things, limit the ability of MAALP and its subsidiaries to incur secured and unsecured indebtedness if not in pro forma compliance with the following negative covenants: (1) total leverage not to exceed 60% of adjusted total assets; (2) secured leverage not to exceed 40% of adjusted total assets; and (3) a fixed charge coverage ratio of at least 1.50 to 1. In addition, MAALP is required to maintain at all times unencumbered consolidated total assets of not less than 150% of the aggregate principal amount of its outstanding unsecured debt. At December 31, 2015, MAALP was in compliance with each of these financial covenants. Secured Credit Facility We maintain a $240.0 million secured credit facility with Prudential Mortgage Capital, which is credit enhanced by Fannie Mae, or Fannie Mae Facility. The Fannie Mae Facility provides for both fixed and variable rate borrowings and have Fannie Mae rate tranches with maturities from 2016 through 2018. The interest rate on the majority of the variable portion renews every 90 days and is based on the FNMA discount mortgage backed security rate on the date of renewal, which, for the Company, has historically approximated three-month LIBOR less an average of 0.17% over the life of the Fannie Mae Facility, plus a fee of 0.62%. Borrowings under the Fannie Mae Facility totaled $240.0 million at December 31, 2015, consisting of $50.0 million under a fixed portion at a rate of 4.7%, and the remaining $190.0 million under the variable rate portion of the facility at an average rate of 0.8%. The available borrowing capacity at December 31, 2015, was $240.0 million. Commitment fees related to our unused Fannie Mae Facility totaled $0.1 million for the year ended December 31, 2015. The Company has also entered into 5 interest rate caps totaling a notional amount of $125.0 million which are designed to cap a portion of the Fannie Mae Facility. These interest rate caps have maturities between 2016 and 2018 with four set at 4.5% and one set at 5.0%. The Fannie Mae Facility is subject to certain borrowing base calculations that can effectively reduce the amount that may be borrowed. Secured Property Mortgages At December 31, 2015, the Company had $1.0 billion of fixed rate conventional property mortgages with an average interest rate of 3.9% and an average maturity in 2019. On January 30, 2015, we paid off a $15.2 million mortgage associated with the Farmington Village apartment community. We recorded a $0.2 million loss on debt extinguishment due to paying off the mortgage prior to maturity. On June 1, 2015, we paid off a $25.5 million mortgage associated with the Colonial Grand at Wilmington apartment community. The payoff was a scheduled maturity of the loan. On June 15, 2015, we paid off a $10.1 million mortgage associated with the Reserve at Woodwind Lakes apartment community. The payoff was a scheduled maturity of the loan. On September 1, 2015, we paid off a $11.6 million mortgage associated with the Colonial Village at Timber Crest apartment community. The payoff was a scheduled maturity of the loan. On September 30, 2015, we paid off a $23.5 million mortgage associated with the Sanctuary at Oglethorpe apartment community. The payoff was a scheduled maturity of the loan. In addition to these payoffs, we have paid $8.2 million associated with property mortgage principal amortizations for the year ended December 31, 2015. Guarantees MAA fully and unconditionally guarantees the following debt incurred by the Operating Partnership:
Total Outstanding Debt The following table summarizes the Company’s indebtedness at December 31, 2015, (dollars in thousands):
(1) Includes capped balances The following table summarizes interest rate ranges, maturity and balance of our indebtedness, net of fair market value adjustments, debt issuance costs and discounts, at December 31, 2015 and the balance of our indebtedness, net of fair market value adjustments, debt issuance costs and discounts, at December 31, 2014 (dollars in millions):
(1) Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2015, and 2014, respectively, which results in the Company paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap. Rates and maturities for capped balances are for the underlying debt, unless the strike rate has been reached. The following table includes scheduled principal repayments on the borrowings at December 31, 2015, as well as the amortization of the fair market value of debt assumed along with debt discounts and issuance costs (dollars in thousands):
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Derivatives and Hedging Activities |
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Notes To Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future contractual and forecasted cash amounts, principally related to the our borrowings, the value of which are determined by changing interest rates, related cash flows and other factors. Cash Flow Hedges of Interest Rate Risk Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps and interest rate caps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2015, 2014 and 2013, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt and forecasted issuances of fixed-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the years ended December 31, 2015, 2014 and 2013, we recorded ineffectiveness of $100,000 (increase to interest expense), $157,000 (increase to interest expense) and $37,000 (decrease to interest expense), respectively, mainly attributable to a mismatch in the underlying indices of the derivatives and the hedged interest payments made on our variable-rate debt and due to the designation of acquired interest rate swaps with a non-zero fair value at inception. Amounts reported in "Accumulated other comprehensive income" related to derivatives designated as qualifying cash flow hedges will be reclassified to Interest expense as interest payments are made on our variable-rate or fixed-rate debt. During the next twelve months, we estimate that an additional $3.1 million will be reclassified to earnings as an increase to Interest expense, which primarily represents the difference between our fixed interest rate swap payments and the projected variable interest rate swap payments. As of December 31, 2015, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
The fair value of our interest rate derivatives designated as hedging instruments at December 31, 2015 included $6,000 of asset derivatives reported in Other assets and $10,358,000 of liability derivatives reported in the Fair market value of interest rate swaps in the Consolidated Balance Sheet. The fair value of our interest rate derivatives designated as hedging instruments at December 31, 2014 included $72,000 of asset derivatives reported in Other Assets and $13,392,000 of liability derivatives reported in Fair market value of interest rate swaps in the Consolidated Balance Sheet. As of December 31, 2014, we also reported a fair value of $6,000 in interest rate derivatives recorded in Other assets related to derivatives not designated as hedging instruments. Tabular Disclosure of the Effect of Derivative Instruments on the Statement of Operations The tables below present the effect of our derivative financial instruments on the Consolidated Statement of Operations for the years ended December 31, 2015, 2014 and 2013, respectively (dollars in thousands):
Credit-risk-related Contingent Features As of December 31, 2015, derivatives that were in a net liability position and subject to credit-risk-related contingent features had a termination value of $11.2 million, which includes accrued interest but excludes any adjustment for nonperformance risk. These derivatives had a fair value, gross of asset positions, of $10.4 million at December 31, 2015. Certain of our derivative contracts contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness. As of December 31, 2015, we had not breached the provisions of these agreements. If we had breached these provisions, we could have been required to settle our obligations under the agreements at the termination value of $11.2 million. Although our derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both us and our counterparties under certain situations, we do not net our derivative fair values or any existing rights or obligations to cash collateral on the consolidated Balance Sheet. We did not have any asset or liability derivative balances that were offsetting that would have resulted in reported net derivative balances differing from the recorded gross amount of derivative assets of $6,000 and $78,000 as of December 31, 2015 and 2014, respectively, in addition to gross recorded derivative liabilities of $10,358,000 and $13,392,000 as of December 31, 2015 and 2014, respectively. Other Comprehensive Income MAA's other comprehensive income consists entirely of gains and losses attributable to the effective portion of our cash flow hedges. The chart below shows the change in the balance for the years ended December 31, 2015, 2014, and 2013:
See also discussions in Note 8 (Fair Value Disclosure of Financial Instruments) below. |
Fair Value Disclosure of Financial Instruments |
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Fair Value Disclosure of Financial Instruments | FAIR VALUE DISCLOSURE OF FINANCIAL INSTRUMENTS Cash and cash equivalents, restricted cash, accounts payable, accrued expenses and other liabilities and security deposits are carried at amounts that reasonably approximate their fair value due to their short term nature. We apply FASB ASC, 820 Fair Value Measurements and Disclosures, or ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Fixed rate notes payable at December 31, 2015 and December 31, 2014, totaled $2.61 billion and $2.50 billion, respectively, and had estimated fair values of $2.71 billion and $2.54 billion (excluding prepayment penalties), respectively, as of December 31, 2015 and December 31, 2014. The carrying value of variable rate notes payable (excluding the effect of interest rate swap and cap agreements) at December 31, 2015 and December 31, 2014, totaled $0.82 billion and $1.02 billion, respectively, and had estimated fair values of $0.82 billion and $0.97 billion (excluding prepayment penalties), respectively, based upon observable interest rates available for the issuance of debt with similar terms and remaining maturities as of December 31, 2015 and December 31, 2014. The valuation of our debt is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each debt instrument. This analysis reflects the contractual terms of the debt, and uses observable market-based inputs, including interest rate curves and credit spreads. The fair values of fixed debt are determined by using the present value of future cash outflows discounted with the applicable current market rate plus a credit spread. The fair values of variable debt are determined using the stated variable rate plus the current market credit spread. Our variable rates reset every 30 to 90 days and we conclude that these rates reasonably estimate current market rates. We have determined that inputs used to value our debt fall within Level 2 of the fair value hierarchy and therefore our fair market valuation of debt is considered Level 2 in the fair value hierarchy. Currently, we use interest rate swaps and interest rate caps (options) to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. In conjunction with the FASB's fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, and as a result, all of our derivatives held as of December 31, 2015 and December 31, 2014 were classified as Level 2 of the fair value hierarchy. The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall. Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2015 (dollars in thousands)
Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2014 (dollars in thousands)
The fair value estimates presented herein are based on information available to management as of December 31, 2015 and December 31, 2014. These estimates are not necessarily indicative of the amounts we could ultimately realize. See also Note 7 (Derivatives and Hedging Activities). |
Income Taxes |
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES For income tax purposes, dividends paid to holders of common stock primarily consist of ordinary income, return of capital, capital gains, qualified dividends and un-recaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2015, 2014 and 2013, dividends per share held for the entire year were estimated to be taxable as follows:
We designated the per share amounts above as capital gain dividends in accordance with the requirements of the Code. The difference between net income available to common shareholders for financial reporting purposes and taxable income before dividend deductions relates primarily to temporary differences such as depreciation and amortization, and deferral of gains on sold properties utilizing like kind exchanges under Internal Revenue Code, or IRC, section 1031. Merger and Restructuring As discussed in Note 2 (Business Combinations), on October 1, 2013, we completed our merger with Colonial and Colonial LP. Pursuant to the merger agreement, OP Merger Sub merged with and into Colonial LP, with Colonial LP being the surviving entity of the merger and becoming a wholly-owned indirect subsidiary of MAALP. We believe that this transaction constitutes a tax free merger under Code section 708. Immediately thereafter, MAA and Colonial combined through a merger of Colonial with and into MAA, with MAA surviving the merger. We believe that this merger constitutes a tax free merger under Code section 368(a). As a result of the tax free merger treatment, the merger transactions did not result in the recognition of a gain to any security holder of MAA, Colonial, MAALP, or Colonial LP. On October 1, 2013, MAA re-identified hedging transactions for federal income tax purposes according to Reg. §1.1221-2(f) and all relevant state income tax purposes that were previously held by Colonial. This re-identification was made because the tax identity of Colonial changed by virtue of the merger into MAA. There were four hedging transactions re-identified for tax purposes, including the $50 million interest rate swap with Wells Fargo Bank, N.A. ("Wells Fargo") with a fixed interest rate of 2.465%, the $200 million interest rate swap with Wells Fargo with a fixed interest rate of 2.576%, the $50 million interest rate swap with Wells Fargo with a fixed interest rate of 1.064%, and the $100 million interest rate swap with Wells Fargo with a fixed interest rate of 1.133%. Taxable REIT subsidiaries We acquired the operations of a TRS, Colonial Properties Services, Inc., or CPSI, through the Merger. As a result, CPSI’s tax attributes are now included in the MAA consolidated financial statements. A TRS is an entity which is not entitled to a dividends paid deduction and is subject to Federal, state, and local income taxes. Formerly, CPSI provided property development, construction, leasing and management services for joint venture and third-party owned properties and administrative services to MAA and engaged in for-sale development activity. CPSI also owns and operates two multifamily apartment communities. We generally reimburse CPSI for payroll and other costs incurred in providing services to us. All inter-company transactions are eliminated in the accompanying consolidated financial statements. We also hold certain undeveloped land through another TRS, MAA Copper Ridge, Inc. During the years ended December 31, 2015, 2014, and 2013, our TRSs recognized no income tax expense/(benefit). CPSI uses the liability method of accounting for income taxes. Deferred income tax assets and liabilities result from temporary differences. Temporary differences are differences between tax bases of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future periods. The net deferred tax assets of the Company, consisting of the net deferred tax assets of CPSI and the net-loss deferred tax asset acquired by MAA from Colonial, have been fully offset by a valuation allowance. We record a valuation allowance against our net deferred tax assets when we determine that based on the weight of available evidence, it is more likely than not that our net deferred tax assets will not be realized. We considered the four sources of taxable income that should be considered when determining whether a valuation allowance is required (from least to most subjective):
For the years ended December 31, 2015 and 2014, the components of CPSI’s deferred income tax assets and liabilities were as follows (dollars in thousands):
For the years ended December 31, 2015, 2014 and 2013, the reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to the income tax provision was as follows (dollars in thousands):
At December 31, 2015 and 2014, CPSI had net operating loss, or NOL carryforwards of approximately $66.0 million and $63.1 million, respectively, for income tax purposes that expire in years 2031 to 2034. Utilization of the Company’s NOL carryforwards is subject to an annual limitation due to ownership change limitations provided by Section 382 of the Code and similar state provisions. The annual limitations may result in the expiration of NOL carryforwards before utilization. CPSI generated approximately $0.3 million of taxable income before NOL carryforwards for the period ended December 31, 2015. We had no reserve for uncertain tax positions for the years ended December 31, 2015, 2014 and 2013. If necessary, the Company accrues interest and penalties on unrecognized tax benefits as a component of income tax expense. For the years ended December 31, 2015, 2014, and 2013, other expenses include estimated state franchise and other taxes, including franchise taxes in North Carolina and Tennessee. The income tax expense line item shown in the Consolidated Statement of Operations represents the Texas-based margin tax for all Texas properties. As of December 31, 2015, MAA held NOL carryforwards of approximately $46.3 million for income tax purposes that expire in years 2019 to 2031. We may use these NOLs to offset all or a portion of the taxable income generated at the REIT level. Tax years 2012 through 2015 are subject to examination by the Internal Revenue Service. No tax examination is currently in process. |
Partners' Capital of MAA LP |
12 Months Ended |
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Dec. 31, 2015 | |
Partners' Capital of MAA LP [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | PARTNERS' CAPITAL OF MAALP Operating Partnership Units Interests in MAALP are represented by Operating Partnership Units, or OP Units. As of December 31, 2015, there were 79,571,567 OP Units outstanding, 75,408,571 or 94.8% of which were owned by MAA, MAALP's general partner. The remaining 4,162,996 OP Units were owned by non-affiliated limited partners, or Class A Limited Partners. As of December 31, 2014, there were 79,458,827 OP Units outstanding, 75,267,675 or 94.7% of which were owned by MAA and 4,191,152 of which were owned by the Class A Limited Partners. MAA, as the sole general partner of MAALP, has full, complete and exclusive discretion to manage and control the business of the Operating Partnership subject to the restrictions specifically contained within the Partnership Agreement. Unless otherwise stated in the Partnership Agreement of MAALP, this power includes, but is not limited to, acquiring, leasing, or disposing of any real property; constructing buildings and making other improvements to properties owned; borrowing money, modifying or extinguishing current borrowings, issuing evidence of indebtedness, and securing such indebtedness by mortgage, deed of trust, pledge or other lien on the Operating Partnership's assets; and distribution of Operating Partnership cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue and redeem OP Units and determine the consideration to be received or the redemption price to be paid, as applicable. The general partner may delegate these and other powers granted if the general partner remains in supervision of the designee. Under the Partnership Agreement, the Operating Partnership may issue Class A Units and Class B Units. Class A Units may only be held by limited partners who are not affiliated with MAA, in its capacity as general partner of the Operating Partnership, while Class B Units may only be held by MAA, in its capacity as general partner of the Operating Partnership, and as of December 31, 2015, a total of 4,162,996 Class A Units in the Operating Partnership were held by limited partners unaffiliated with MAA, while a total of 75,408,571 Class B Units were held by MAA. In general, the limited partners do not have the power to participate in the management or control of the Operating Partnership's business except in limited circumstances including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A Units is also limited by the Partnership Agreement. Net income is allocated to the general partner and limited partners based on their respective ownership percentages of the Operating Partnership. Issuance or redemption of additional Class A Units or Class B Units changes the relative ownership percentage of the partners. The issuance of Class B Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to the Operating Partnership in exchange for the issuance to MAA of a number of OP Units equal to the number of shares of common stock issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, the Operating Partnership generally redeems an equal number of Class B Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of the Operating Partnership. Holders of the Class A Units may require MAA to redeem their Class A Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A Unit equal, in general, to the average closing price of MAA's common stock on the New York Stock Exchange over a specified period prior to the redemption date) or by delivering one share of MAA common stock (subject to adjustment under specified circumstances) for each Class A Unit so redeemed. At December 31, 2015, a total of 4,162,996 Class A Units were outstanding and redeemable for 4,162,996 shares of MAA common stock, with an approximate value of $378,041,667, based on the closing price of MAA’s common stock on December 31, 2015 of $90.81 per share. At December 31, 2014, a total of 4,191,152 Class A Units were outstanding and redeemable for 4,191,152 shares of MAA common stock, with an approximate value of $312,995,231, based on the closing price of MAA’s common stock on December 31, 2014 of $74.68 per share. The Operating Partnership pays the same per unit distribution in respect to the OP Units as the per share dividend MAA pays in respect to its common and preferred stock. |
Employee Benefit Plans |
12 Months Ended |
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Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Following are details of employee benefit plans not previously discussed in Note 5 (Stock Based Compensation). 401(k) Savings Plan MAA's 401(k) Savings Plan, or 401(k) Plan, is a defined contribution plan that satisfies the requirements of Section 401(a) and 401(k) of the Code. MAA's Board of Directors has the discretion to approve matching contributions. MAA's contributions to this plan were approximately $1.0 million, $0.9 million and $0.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. Non-Qualified Deferred Compensation Retirement Plan MAA has adopted a non-qualified deferred compensation retirement plan for key employees who are not qualified for participation in MAA’s 401(k) Plan. Under the terms of the plan, employees may elect to defer a percentage of their compensation and MAA may, but is not obligated to, match a portion of their salary deferral. MAA’s match to this plan for the years ended December 31, 2015, 2014 and 2013 was approximately $106,000, $82,000 and $46,000, respectively. Non-Qualified Deferred Compensation Plan for Outside Company Directors In 1998, MAA established the Non-Qualified Deferred Compensation Plan for Outside Company Directors, or the Directors Deferred Compensation Plan, which allows non-employee directors to defer their director fees by having the fees held by MAA as shares of MAA's common stock. Directors can also choose to have their annual restricted stock grants issued into the Directors Deferred Compensation Plan. Amounts deferred through the Directors Deferred Compensation Plan are distributed to the directors in two annual installments beginning in the first 90 days of the year following the director’s departure from the board. Participating directors may choose to have the amount issued to them in shares of MAA's common stock or paid to them as cash at the market value of MAA's common stock as of the end of the year the director ceases to serve on the board. For the years ended December 31, 2015, 2014 and 2013, directors deferred 8,466 shares, 9,415 shares and 7,173 shares of common stock, respectively, with weighted-average grant date fair values of $78.62, $70.63 and $66.77, respectively, into the Directors Deferred Compensation Plan. The shares of common stock held in the Directors Deferred Compensation Plan are classified outside of permanent equity in redeemable stock with changes in redemption amount recorded immediately to retained earnings because the directors have redemption rights not solely within the control of MAA. Additionally, any shares that become mandatorily redeemable because a departed director has elected to receive a cash payout are recorded as a liability. MAA did not record a liability related to mandatorily redeemable shares for the years ended December 31, 2015, 2014 and 2013. Employee Stock Ownership Plan MAA's Employee Stock Ownership Plan, or ESOP, is a non-contributory stock bonus plan that satisfies the requirements of Section 401(a) of the Code. Each of our employees is eligible to participate in the ESOP after completing one year of service. Participants' ESOP accounts will be 100% vested after three years of continuous service, with no vesting prior to that time. MAA contributed 22,500 shares of common stock to the ESOP upon conclusion of the initial offering. The Company did not contribute to the ESOP during 2015, 2014 or 2013. As of December 31, 2015, there were 155,309 shares outstanding with a fair value of $14.1 million. |
Legal Proceedings |
12 Months Ended |
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Dec. 31, 2015 | |
Legal Proceedings | |
Legal Matters and Contingencies [Text Block] | LEGAL PROCEEDINGS We, along with multiple other parties, are named defendants in two lawsuits arising out of alleged construction deficiencies with respect to condominium units at Regatta at James Island in Charleston, South Carolina. The Regatta at James Island property was developed and constructed by certain of Colonial's subsidiaries prior to the Merger. The condominiums were constructed in 2006 and all 212 units were sold. The lawsuits, one filed on behalf of the condominium homeowners association and one filed by three of the unit owners (purportedly on behalf of all unit owners), were filed in South Carolina state court (Charleston County) in August 2012, against various parties involved in the development and construction of the Regatta at James Island property, including the contractors, subcontractors, architect, developer, and product manufacturers. The plaintiffs are seeking damages resulting primarily from alleged construction deficiencies, but the amount the plaintiffs seek to recover has not been disclosed. The lawsuits are currently in discovery. We are continuing to investigate the matter and evaluate our options and intend to vigorously defend ourself against these claims. No assurance can be given that the matter will be resolved favorably to us. We have included in our loss contingency an estimate of probable loss in connection with this matter, but currently cannot reasonably estimate any further possible loss, or any range of reasonably possible loss, in connection with this matter. In addition, we are subject to various other legal proceedings and claims that arise in the ordinary course of its business operations. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these other matters cannot be predicted with certainty, management currently believes the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or cash flows of the Company. Loss Contingencies See discussion of our accounting for loss contingencies in Note 1 (Organization and Summary of Significant Accounting Polices). As of December 31, 2015 and December 31, 2014, the Company's accrual for loss contingencies was $13.5 million and $12.3 million in the aggregate, respectively. |
Related Party Transactions |
12 Months Ended |
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Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS At various times throughout the years ended December 31, 2014 and 2013, the Company managed the operations of certain joint venture apartment communities for a fee of 4.00% to 4.25% of the revenues of the joint venture, pursuant to management contracts with the Company's joint ventures. The Company received $154,000 and $647,000 as management fees from the joint ventures for the years ended December 31, 2014 and 2013, respectively, as compared to none for the year ended December 31, 2015. The Company also received approximately $19,000 and $93,000 in asset management fees for the years ended December 31, 2014 and 2013, respectively, as compared to none for the year ended December 31, 2015. The Company had receivables from joint ventures totaling $15,000, and $1,800,000, as of December 31, 2014 and 2013, respectively, as compared to no receivables from joint ventures at December 31, 2015. In addition to management contracts with joint ventures, the Company also receives advertising fees from a related party insurance company, Colonial Insurance Agency. These fees are received for allowing Colonial Insurance Agency to sell renter's insurance at some of the Company's multifamily properties. This agreement expired during 2015. The Company received approximately $154,000, $300,000, and $70,000 as advertising revenue for the years ended December 31, 2015, 2014 and 2013, respectively. All cash management of the Company is managed by the Operating Partnership. In general, cash receipts are remitted to the Operating Partnership and all cash disbursements are funded by the Operating Partnership. As a result of these transactions, the Operating Partnership had a payable to its General Partner (MAA) of $19,000 at each of the years ended December 31, 2015, 2014, and 2013. The Partnership Agreement does not require that this due to/due from be settled in cash until liquidation of the Operating Partnership and therefore there is no regular settlement schedule for these amounts. |
Earnings from Discontinued Operations |
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Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS FROM DISCONTINUED OPERATIONS | EARNINGS FROM DISCONTINUED OPERATIONS In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. We adopted ASU 2014-08 during the period ending March 31, 2014. Due to the early adoption of ASU 2014-08, we did not classify Brookwood Mall, Colonial Village at North Arlington, Colonial Village at Vista Ridge, Greenbrook, Colonial Village at Inverness, Colonial Village at Charleston Place, Colonial Village at Huntleigh Woods, Colonial Village at Ashford Place or Colonial Promenade Huntsville, which were sold during 2014, as discontinued operations. We also did not classify Vistas, Austin Chase, Fairways at Hartland, Fountain Lake, Post House Jackson, Post House North, Woodwinds, Oaks, Woods of Post House, Bradford Pointe, Huntington Chase, Westbury Creek, Colony at South Park, Paddock Park, Anatole, Bradford Chase, Sutton Place, Southland Station, Colonial Promenade Craft Farms, Colonial Grand Wilmington, Savannah Creek, or Whisperwood, which were sold during 2015, as discontinued operations. As part of the Merger on October 1, 2013, we acquired the Nord du Lac commercial property. Starting on October 1, 2013, the criteria for classifying this property as held for sale were met and as a result the assets and liabilities for this property were presented as held for sale in the Condensed Consolidated Balance Sheets , and the results of operations were included within discontinued operations in the Condensed Consolidated Statement of Operations for all periods presented through the period ended March 31, 2015. Additionally, we ceased recording depreciation and amortization following the held for sale designation. On May 29, 2015, after several amendments to the original sale agreement extending the closing date, the buyer elected not to purchase the property and consequently, the Nord Du Lac property no longer met the criteria to be classified as held for sale as of June 30, 2015. Approximately $34.1 million of real estate assets that were classified as held for sale as of March 31, 2015 was reclassified to held for use as of June 30, 2015, and included in the applicable line items in the accompanying Consolidated Balance Sheets. We also reclassified the balances in the Consolidated Balance Sheets as of December 31, 2014. We measured the property to be reclassified at the lower of (1) its carrying value before being classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the asset been continuously classified as held for use or (2) its fair value at the date of the subsequent decision not to sell. As a result of this reclassification, we recorded an additional $2.3 million of depreciation and amortization expense during the three months ended June 30, 2015, which represents the depreciation and amortization expense on the Nord du Lac property that would have been recognized had the property been continuously classified as held for use. Additionally, the related results of operations previously recorded in discontinued operations have been included in the applicable line items of continuing operations in the accompanying Consolidated Statements of Operations for all periods presented, and thus are not presented in discontinued operations in the tables below. One of the ten properties that we sold during 2014, Willow Creek, as well as all nine properties sold during 2013 have been classified as discontinued operations in the accompanying Consolidated Statements of Operations. Willow Creek is included in discontinued operations because it had been designated as held for sale and was shown in discontinued operations as of December 31, 2013, and thus was not subject to ASU 2014-08. As a result of the adoption of ASU No. 2014-08, the Company did not report any discontinued operations for the year ended December 31, 2015. The following is a summary of income from continuing and discontinued operations attributable to MAA and noncontrolling interest for the years ended December 31, 2015, 2014 and 2013 (dollars in thousands):
The following is a summary of earnings from discontinued operations for MAA for the years ended December 31, 2014 and 2013 (dollars in thousands):
The following is a summary of earnings from discontinued operations for MAALP for the years ended December 31, 2014 and 2013 (dollars in thousands):
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Segment Information |
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Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION As of December 31, 2015, we owned or had an ownership interest in 254 multifamily apartment communities in 15 different states from which we derived all significant sources of earnings and operating cash flows. Senior management evaluates performance and determines resource allocations of each of our apartment communities on a Large Market Same Store, Secondary Market Same Store, and Non-Same Store and Other basis, as well as an individual apartment community basis. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. The following are the three reportable operating segments for MAA and the Operating Partnership:
On the first day of each calendar year, we determine the composition of our same store operating segments for that year as well as adjusting the previous year, which allows us to evaluate full period-over-period operating comparisons. Properties in development or lease-up will be added to the same store portfolio on the first day of the calendar year after they have been owned and stabilized for at least a full 12 months. Communities are considered stabilized after achieving 90% occupancy for 90 days. Communities that have been identified for disposition are excluded from our same store portfolio. We utilize net operating income, or NOI, in evaluating the performance of the segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. We believe NOI is a helpful tool in evaluating the operating performance of our segments because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance. A redevelopment community is a community with a specific plan in place to upgrade at least half of the community's units over a period of time with new finishes, fixtures, and appliances, among other upgrades. These plans include spending a pre-defined amount of capital per unit to achieve a rent increase as a result of the upgrades. We separately identify redevelopment communities that would cause a material distortion of normal same store operating results. Routine renovations occur at a property as items need to be replaced as a normal part of operations and is done with an expectation to maintain the current level of quality at the property. There is no specified plan in place for routine renovations. Revenues and NOI for each reportable segment for the years ended December 31, 2015, 2014 and 2013 were as follows (dollars in thousands):
(1) The 2013 column shows the segment break down based on the 2014 same store portfolios. A comparison using the 2015 same store portfolio would not be comparative due to the nature of the classifications. Assets for each reportable segment as of December 31, 2015 and 2014 were as follows (dollars in thousands):
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Real Estate Acquisitions and Dispositions |
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Real Estate Acquisitions and Dispositions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | REAL ESTATE ACQUISITIONS AND DISPOSITIONS The following chart shows our acquisition activity for the year ended December 31, 2015:
The following chart shows our disposition activity for the year ended December 31, 2015:
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Subsequent Events |
12 Months Ended |
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Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Financing On February 1, 2016, we paid off the $13.5 million remaining principal balance of the mortgage on the Colonial Village at Matthews apartment community. |
Selected Quarterly Financial Information |
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Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | SELECTED QUARTERLY FINANCIAL INFORMATION OF MID-AMERICA APARTMENT COMMUNITIES, INC. (UNAUDITED) (Dollars in thousands except per share data)
(1) Includes Amortization of Deferred Financing Costs, previously presented separately. 20. SELECTED QUARTERLY FINANCIAL INFORMATION OF MID-AMERICA APARTMENTS, L.P. (UNAUDITED) (Dollars in thousands except per unit data)
(1) Includes Amortization of Deferred Financing Costs, previously presented separately. |
Schedule III Real Estate and Accumulated Depreciation |
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III Real Estate and Accumulated Depreciation |
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Activity for Real Estate Investments and Accumulated Depreciation |
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary and rollforward of real estate investments and accumulated depreciation |
MAA's consolidated balance sheet at December 31, 2015, 2014, and 2013, includes accumulated depreciation of $16,845,000, $15,279,000, and $14,108,000, respectively, in the caption "Corporate properties, net". (1) Includes non-cash activity related to acquisitions. (2) Includes assets sold, casualty losses, and removal of certain fully depreciated assets. |
Organization and Summary of Significant Accounting Policies Organization and Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared by our management in accordance with United States generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership, and all other subsidiaries in which MAA has a controlling financial interest. MAA owns approximately 95% to 100% of all consolidated subsidiaries. The consolidated financial statements of MAALP presented herein include the accounts of MAALP and all other subsidiaries in which MAALP has a controlling financial interest. MAALP owns, directly or indirectly, 100% of all consolidated subsidiaries. In our opinion, all adjustments necessary for a fair presentation of the consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. We invest in entities which may qualify as variable interest entities, or VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. We consolidate all VIEs for which we are the primary beneficiary and use the equity method to account for investments that qualify as VIEs but for which we are not the primary beneficiary. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including but not limited to, those activities that most significantly impact the VIE's economic performance and which party controls such activities. We use the equity method of accounting for our investments in entities for which we exercise significant influence, but do not have the ability to exercise control. These entities are not variable interest entities. The factors considered in determining that we do not have the ability to exercise control include ownership of voting interests and participatory rights of investors. |
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Use of Estimates | Use of Estimates Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses to prepare these financial statements and notes in conformity with GAAP. Actual results could differ from those estimates. |
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Revenue Recognition and Real Estate Sales | Revenue Recognition and Real Estate Sales We primarily lease multifamily residential apartments under operating leases generally with terms of one year or less. Rental revenues are recognized using a method that represents a straight-line basis over the term of the lease and other revenues are recorded when earned. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. We record gains and losses on real estate sales in accordance with accounting standards governing the sale of real estate. For sale transactions meeting the requirements for the full accrual method, we remove the assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. |
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Rental Costs | Rental Costs Costs associated with rental activities, including advertising costs, are expensed as incurred. Advertising expenses were approximately $13.5 million, $12.4 million, and $9.5 million for the years ended December 31, 2015, 2014, and 2013, respectively. |
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Discontinued Operations | Discontinued Operations Prior to our January 2014 adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, properties sold during the year or those classified as held-for-sale at the end of a reporting period were classified as discontinued operations in accordance with accounting standards governing financial statement presentation. Subsequent to our adoption of this ASU on January 1, 2014, only dispositions representing significant changes in operating strategy are classified as discontinued operations. Once a property is classified as held-for-sale, depreciation is no longer recognized. |
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Real Estate Assets and Depreciation and Amortization | Real Estate Assets and Depreciation and Amortization Real estate assets are carried at depreciated cost. Repairs and maintenance costs are expensed as incurred while significant improvements, renovations, and recurring capital replacements are capitalized. Recurring capital replacements typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. In addition to these costs, we also capitalize salary costs directly identifiable with renovation work. These expenditures extend the useful life of the property and increase the property’s fair market value. The cost of interior painting, vinyl flooring and blinds are expensed as incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which range from 8 to 40 years for land improvements and buildings, 5 years for furniture, fixtures and equipment, and 3 to 5 years for computers and software. |
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Development Costs | Development Costs Development projects and the related carrying costs, including interest, property taxes, insurance and allocated direct development salary cost during the construction period, are capitalized and reported in the accompanying Consolidated Balance Sheets as “Development and capital improvements in progress” during the construction period. Interest is capitalized in accordance with accounting standards governing the capitalization of interest. Upon completion and certification for occupancy of individual buildings within a development, amounts representing the completed building's portion of total estimated development costs for the project are transferred to "Land", "Buildings", and "Furniture, fixtures and equipment" as real estate held for investment. Capitalization of interest, property taxes, insurance and allocated direct development salary costs cease upon the transfer. The assets are depreciated over their estimated useful lives. Total interest capitalized during the years ended December 31, 2015, 2014 and 2013 was approximately $1.7 million, $1.7 million, and $2.1 million, respectively. Indirect costs other than interest that we capitalized included capitalized salaries of $0.4 million, $1.7 million, and $0.4 million during the years ended December 31, 2015, 2014 and 2013, respectively, and real estate taxes of $0.2 million, $0.2 million, and $0.3 million during the years ended December 31, 2015, 2014 and 2013, respectively. Certain costs associated with the lease-up of development projects, including cost of model units, their furnishings, signs, and “grand openings,” are capitalized and amortized over their respective estimated useful lives. All other costs relating to renting development projects are expensed as incurred. |
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Acquisition of Real Estate Assets | Acquisition of Real Estate Assets In accordance with accounting standards for business combinations, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building, furniture, fixtures and equipment, and identified intangible assets, consisting of the value of in-place leases and other contracts. We allocate the purchase price to the fair value of the tangible assets of an acquired property determined by valuing the building as if it were vacant, based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a building using methods similar to those used by independent appraisers. These methods include using stabilized net operating income, or NOI, and market specific capitalization and discount rates. In allocating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on current rent rates and time and cost to lease a unit. Management concluded that the residential leases acquired in connection with each of its property acquisitions are approximately at market rates since the residential lease terms generally do not extend beyond one year. For larger, portfolio style acquisitions, like the Merger, management engages a third party valuation specialist to perform the fair value assessment, which includes an allocation of the purchase price. Similar to management's methods, the third party uses cash flow analysis as well as an income approach and a market approach to determine the fair value of assets. The third party uses stabilized NOI and market specific capitalization and discount rates. Management reviews the inputs used by the third party specialist as well as the allocation of the purchase price provided by the third party to ensure reasonableness and that the procedures are performed in accordance with management's policy. The initial allocation of the purchase price is based on management’s preliminary assessment, which may differ when final information becomes available. Subsequent adjustments made to the initial purchase price allocation, if any, are made within the allocation period, which typically does not exceed one year. For residential leases, the fair value of the in-place leases and resident relationships is then amortized over 6 months, the estimated remaining term of the resident leases. For commercial leases, the fair value of in-place leases and resident relationships is amortized over the remaining term of the commercial leases. The amount of lease intangibles included in Other assets totaled $6.1 million, $8.3 million, and $54.0 million as of December 31, 2015, 2014, and 2013, respectively. Accumulated amortization for these leases totaled $2.3 million, $1.8 million, and $21.9 million as of December 31, 2015, 2014 and 2013, respectively. The amortization recorded as depreciation and amortization expense was $5.0 million, $24.5 million, and $23.5 million for the years ended December 31, 2015, 2014, and 2013, respectively. The estimated aggregate future amortization expense is approximately $1.4 million, $0.5 million, $0.4 million, $0.3 million, and $0.3 million for the years ended December 31, 2016, 2017, 2018, 2019, and 2020, respectively. The Company's policy is to expense the costs incurred to acquire properties in the period these costs are incurred. Acquisition costs include appraisal fees, title fees, broker fees, and other legal costs to acquire the property. These costs are recorded in our Consolidated Statement of Operations under the line "Acquisition expenses". |
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Impairment of Long-lived Assets, including Goodwill | Impairment of Long-lived Assets, including Goodwill We account for long-lived assets in accordance with the provisions of accounting standards for the impairment or disposal of long-lived assets and evaluate our goodwill for impairment under accounting standards for goodwill and other intangible assets. We evaluate goodwill for impairment on at least an annual basis, or more frequently if a goodwill impairment indicator is identified. We periodically evaluate long-lived assets, including investments in real estate and goodwill, for indicators that would suggest that the carrying amount of the assets may not be recoverable. The judgments regarding the existence of such indicators are based on factors such as operating performance, market conditions and legal factors. Long-lived assets, such as real estate assets, equipment and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented on the Balance Sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group or a property classified as held for sale are presented separately in the appropriate asset and liability sections of the balance sheet. Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss for goodwill is recognized to the extent that the carrying amount exceeds the implied fair value of goodwill. This determination is made at the reporting unit level and consists of two steps. First, we determine the fair value of a reporting unit and compare it to its carrying amount. In the apartment industry, the primary method used for determining fair value is to divide annual operating cash flows by an appropriate capitalization rate. We determine the appropriate capitalization rate by reviewing the prevailing rates in a property’s market or submarket. Second, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation in accordance with accounting standards for business combinations. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. There has been no impairment of goodwill in the three year period ended December 31, 2015. |
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Loss Contingencies | Loss Contingencies The outcomes of claims, disputes and legal proceedings are subject to significant uncertainty. We record an accrual for loss contingencies when a loss is probable and the amount of the loss can be reasonably estimated. We review these accruals quarterly and make revisions based on changes in facts and circumstances. When a loss contingency is not both probable and reasonably estimable, we do not accrue the loss. However, if the loss (or an additional loss in excess of the accrual) is at least a reasonable possibility and material, then we disclose a reasonable estimate of the possible loss, or range of loss, if such reasonable estimate can be made. If we cannot make a reasonable estimate of the possible loss, or range of loss, then a statement to that effect is disclosed. The assessment of whether a loss is probable or a reasonable possibility, and whether the loss or range of loss is reasonably estimable, often involves a series of complex judgments about future events. Among the factors that we consider in this assessment, are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if reasonably estimable), the progress of the matter, existing law and precedent, the opinions or views of legal counsel and other advisers, our experience in similar matters, the facts available to us at the time of assessment, and how we intend to respond, or have responded, to the proceeding or claim. Our assessment of these factors may change over time as individual proceedings or claims progress. For matters where we are not currently able to reasonably estimate a range of reasonably possible loss, the factors that have contributed to this determination include the following: (i) the damages sought are indeterminate; (ii) the proceedings are in the early stages; (iii) the matters involve novel or unsettled legal theories or a large or uncertain number of actual or potential cases or parties; and/or (iv) discussions with the parties in matters that are expected ultimately to be resolved through negotiation and settlement have not reached the point where we believe a reasonable estimate of loss, or range of loss, can be made. In such instances, we believe that there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss or business impact, if any. |
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Undeveloped Land | Undeveloped Land Undeveloped land includes sites intended for future multifamily developments, sites for future commercial development and sites intended for residential use, which are carried at the lower of cost or fair value in accordance with GAAP and any costs incurred prior to commencement of pre-development activities are expensed as incurred. |
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Investment in Real Estate Joint Ventures | Investment in Real Estate Joint Ventures Our investments in our unconsolidated real estate joint ventures are recorded using the equity method as we are able to exert significant influence, but do not have a controlling interest in any of our joint ventures. |
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Cash and Cash Equivalents | Cash and Cash Equivalents We consider investments in money market accounts and certificates of deposit with original maturities of three months or less to be cash equivalents. |
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Restricted Cash | Restricted Cash Restricted cash consists of security deposits required to be held separately, escrow deposits held by lenders for property taxes, insurance, debt service, and replacement reserves, and exchanges under Section 1031(b) of the Internal Revenue Code of 1986, as amended, or the Code. Section 1031(b) exchanges are treated as investing activities in the Consolidated Statement of Cash Flows. |
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Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt using a method which approximates the effective interest method. If the terms of renewed or modified debt instruments are deemed to be substantially different, all unamortized financing costs associated with the modified debt are charged to earnings in the current period. If the terms are not substantially different, the costs associated with the renewal are capitalized and amortized over the remaining term of the debt instrument. For modifications affecting a line of credit, fees paid to a creditor and any third party costs will be capitalized and amortized over the remaining term of the new arrangement. Any unamortized deferred financing costs associated with the old arrangement are either deferred and amortized over the life of the new arrangement or written off, depending upon the nature of the modification and cost. The balance of any unamortized financing costs on extinguished debt is expensed upon extinguishment. |
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Other Assets | Other Assets Other assets consist primarily of deferred rental concessions which are recognized on a straight line basis over the life of the leases, receivables and deposits from residents, the value of derivative contracts and other prepaid expenses including prepaid insurance and prepaid interest. Also included in other assets are the fair market value of in place leases, which totaled $6.1 million and $8.3 million as of December 31, 2015 and 2014, respectively. |
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Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities Accrued expenses consist of accrued dividends payable, accrued real estate taxes, accrued interest payable, other accrued expenses payable, and unearned income. Significant accruals include accrued dividends payable of $65.2 million and $61.2 million at December 31, 2015 and 2014, respectively, accrued real estate taxes of $63.3 million and $56.8 million at December 31, 2015 and 2014, respectively, and accrued interest payable of $17.2 million and $17.8 million, at December 31, 2015 and 2014, respectively. |
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Self Insurance | Self-Insurance We are self-insured for workers' compensation claims up to $500,000 and for general liability claims up to $100,000. Claims exceeding these amounts are insured by a third party. We accrue for expected liabilities less than $500,000 for workers' compensation based on a third party actuarial estimate of ultimate losses and we also accrue for expected general liability claims less than $100,000 based on a third party actuarial estimate of ultimate losses. |
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Income Taxes | Income Taxes MAA has elected to be taxed as a REIT under the Code, beginning with the taxable year ended December 31, 1994, and intends to continue to operate in such a manner. The current and continuing qualification as a REIT depends on MAA's ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. As long as MAA qualifies for taxation as a REIT, it will generally not be subject to United States Federal corporate income tax on its taxable income that is currently distributed to shareholders. This treatment substantially eliminates the “double taxation” (at the corporate and shareholder levels) that generally results from an investment in a corporation. Even if MAA qualifies as a REIT, it may be subject to United States Federal income and excise taxes in certain situations, such as not meeting the income distribution requirements. MAA also will be required to pay a 100% tax on any net income on non-arm’s length transactions between MAA and its Taxable REIT Subsidiaries, or TRS (discussed below). In addition, MAA could also be subject to the alternative minimum tax, or AMT. State and local tax laws may not conform to the United States Federal income tax treatment, and MAA and its shareholders may be subject to state or local taxation in various state or local jurisdictions, including those in which MAA transacts business or its shareholders reside. Any taxes imposed on MAA would reduce its operating cash flow and net income. Certain of our operations or a portion thereof, including asset management and risk management, are conducted through TRSs, which are subsidiaries of the Operating Partnership. A TRS is a C-corporation that has not elected REIT status and as such is subject to United States Federal corporate income tax. The TRS accounts for deferred taxes by recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based on this evaluation, at December 31, 2015, net of the valuation allowance, the net deferred tax assets were reduced to zero. The Company recognizes liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company classifies interest related to income tax liabilities, and if applicable, penalties, as a component of Income tax expense. As of December 31, 2015, we did not have any unrecognized tax benefits, and we do not believe that there will be any material changes in our unrecognized tax positions over the next 12 months. The income tax expense line item shown in the Statement of Operations represents the Texas-based margin tax for all Texas properties. |
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Fair value of derivative financial instruments | Fair value of derivative financial instruments We utilize certain derivative financial instruments, primarily interest rate swaps and interest rate caps, during the normal course of business to manage, or hedge, the interest rate risk associated with our variable rate debt or as hedges in anticipation of future debt transactions to manage well-defined interest rate risk associated with the transaction. In order for a derivative contract to be designated as a hedging instrument, changes in the hedging instrument must be highly effective at offsetting changes in the hedged item. The historical correlation of the hedging instruments and the underlying hedged items are assessed before entering into the hedging relationship and on a quarterly basis thereafter, and have been found to be highly effective. We measure ineffectiveness using the change in the variable cash flows method or the hypothetical derivative method for interest rate swaps and the hypothetical derivative method for interest rate caps for each reporting period through the term of the hedging instruments. Any amounts determined to be ineffective are recorded in earnings if in an overhedged position. The change in fair value of the interest rate swaps and the intrinsic value or fair value of interest rate caps designated as cash flow hedges are recorded to accumulated other comprehensive income in the Statement of Equity. The valuation of our derivative financial instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the interest rate caps. The variable interest rates used in the calculation of projected receipts on the interest rate cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. Additionally, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Changes in the fair values of our derivatives are primarily the result of fluctuations in interest rates. See Note 7 (Derivative and Hedging Activities) and Note 8 (Fair Value Disclosure of Financial Information) for further discussion. |
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Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:
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Business Combinations (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Price Allocation Schedule |
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Earnings Per Common Share of MAA (Tables) |
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Earnings per share of the trust [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | Basic earnings per share is computed by dividing net income available to MAA common shareholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with our diluted earnings per share being the more dilutive of the treasury stock or two-class methods. Operating partnership units are included in dilutive earnings per share calculations when they are dilutive to earnings per share. For the years ended December 31, 2015, 2014, and 2013, MAA's basic earnings per share is computed using the two-class method, and our diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method:
(1) For both the years ended December 31, 2015 and 2014, 4.2 million OP units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. (2) For both the years ended December 31, 2015 and 2014, 0.1 million potentially dilutive securities and their related income are not included in the diluted earnings per share calculation as they are not dilutive. |
Earnings Per OP Unit of MAALP (Tables) |
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Earnings per unit of MAA LP [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Unit [Table Text Block] | A reconciliation of the numerators and denominators of the basic and diluted earnings per OP unit computations for the years ended December 31, 2015, 2014, and 2013 is presented below:
(1) For both the years ended December 31, 2015 and 2014, 0.1 million potentially dilutive securities and their related income are not included in the diluted earnings per unit calculations as they are not dilutive. |
Stock Based Compensation (Tables) |
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Dec. 31, 2013 |
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Schedule of Share-based Payment Award, Restricted Stock, Valuation Assumptions [Table Text Block] | The following is a summary of the key assumptions used in the valuation calculations for market based awards granted during the years ended December 31, 2015, 2014, and 2013:
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Nonvested Restricted Stock Shares Activity [Table Text Block] | A summary of the status of the nonvested restricted shares as of December 31, 2015, and the changes for the year ended December 31, 2015, is presented below:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following is a summary of the key assumptions used in the Black-Scholes valuation calculations for stock options granted during the year ended December 31, 2013:
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the status of the stock options as of December 31, 2015 and the changes for the year ended December 31, 2015 is presented below:
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Borrowings (Tables) |
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Indebtedness | The following table summarizes the Company’s indebtedness at December 31, 2015, (dollars in thousands):
(1) Includes capped balances |
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Interest Rate Ranges, Maturity and Balance of Indebtedness | The following table summarizes interest rate ranges, maturity and balance of our indebtedness, net of fair market value adjustments, debt issuance costs and discounts, at December 31, 2015 and the balance of our indebtedness, net of fair market value adjustments, debt issuance costs and discounts, at December 31, 2014 (dollars in millions):
(1) Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2015, and 2014, respectively, which results in the Company paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap. Rates and maturities for capped balances are for the underlying debt, unless the strike rate has been reached. |
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Scheduled Principal Repayments on Borrowings | The following table includes scheduled principal repayments on the borrowings at December 31, 2015, as well as the amortization of the fair market value of debt assumed along with debt discounts and issuance costs (dollars in thousands):
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Derivatives and Hedging Activities (Tables) |
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Outstanding Interest Rate Derivatives | As of December 31, 2015, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
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Effect of Derivative Instruments on Consolidated Statement of Operations | The tables below present the effect of our derivative financial instruments on the Consolidated Statement of Operations for the years ended December 31, 2015, 2014 and 2013, respectively (dollars in thousands):
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income | The chart below shows the change in the balance for the years ended December 31, 2015, 2014, and 2013:
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Fair Value Disclosure of Financial Instruments (Tables) |
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Dec. 31, 2014 |
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Notes To Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall. Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2015 (dollars in thousands)
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Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2014 (dollars in thousands)
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxability Of Cash Distributions Table [Text Block] | For income tax purposes, dividends paid to holders of common stock primarily consist of ordinary income, return of capital, capital gains, qualified dividends and un-recaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2015, 2014 and 2013, dividends per share held for the entire year were estimated to be taxable as follows:
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Summary of Valuation Allowance [Table Text Block] | For the years ended December 31, 2015 and 2014, the components of CPSI’s deferred income tax assets and liabilities were as follows (dollars in thousands):
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the years ended December 31, 2015, 2014 and 2013, the reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to the income tax provision was as follows (dollars in thousands):
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Earnings from Discontinued Operations (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income from Continuing and Discontinued Operations Attributable to MAA and Noncontrolling Interest [Table Text Block] | The following is a summary of income from continuing and discontinued operations attributable to MAA and noncontrolling interest for the years ended December 31, 2015, 2014 and 2013 (dollars in thousands):
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Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following chart shows our disposition activity for the year ended December 31, 2015:
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Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following is a summary of earnings from discontinued operations for MAA for the years ended December 31, 2014 and 2013 (dollars in thousands):
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Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following is a summary of earnings from discontinued operations for MAALP for the years ended December 31, 2014 and 2013 (dollars in thousands):
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Segment Information (Tables) |
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Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues and NOI for each reportable segment | Revenues and NOI for each reportable segment for the years ended December 31, 2015, 2014 and 2013 were as follows (dollars in thousands):
(1) The 2013 column shows the segment break down based on the 2014 same store portfolios. A comparison using the 2015 same store portfolio would not be comparative due to the nature of the classifications. |
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Assets for each reportable segment | Assets for each reportable segment as of December 31, 2015 and 2014 were as follows (dollars in thousands):
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Real Estate Acquisitions and Dispositions Real Estate Acquisitions and Dispositions (Tables) |
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Real Estate Acquisitions and Dispositions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following chart shows our acquisition activity for the year ended December 31, 2015:
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Schedule of Business Dispositions, by Disposition [Table Text Block] | The following chart shows our disposition activity for the year ended December 31, 2015:
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Selected Quarterly Financial Information (Tables) |
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Schedule of Quarterly Financial Information [Table Text Block] | (Dollars in thousands except per share data)
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Schedule of Quarterly Financial Information [Table Text Block] | (Dollars in thousands except per unit data)
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Earnings Per OP Unit of MAALP (Details) - Limited Partner [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||||
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Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Earnings Per Unit Disclosure | |||||
Weighted average common units - basic | 79,361 | 79,188 | 53,075 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 88 | ||
Weighted average common shares - diluted | 79,361 | 79,188 | 53,163 | ||
Calculation of Basic Earnings Per Unit [Member] | |||||
Earnings Per Unit Disclosure | |||||
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 350,745 | $ 150,946 | $ 37,692 | ||
Income from continuing operations allocated to unvested restricted shares | 772 | 278 | 33 | ||
Income from continuing operations available for common unitholders, adjusted | 349,973 | 150,668 | 37,659 | ||
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 5,331 | 69,852 | ||
Income from discontinued operations allocated to unvested restricted shares | 0 | (10) | (62) | ||
Income from discontinued operations available for common unitholders, adjusted | $ 0 | $ 5,321 | $ 69,790 | ||
Earnings per unit - basic | $ 4.41 | $ 1.97 | $ 2.02 | ||
Calculation of Diluted Earnings Per Unit [Member] | |||||
Earnings Per Unit Disclosure | |||||
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 350,745 | $ 150,946 | $ 37,692 | ||
Income from continuing operations allocated to unvested restricted shares | 772 | 278 | 0 | ||
Income from continuing operations available for common unitholders, adjusted | 349,973 | 150,668 | 37,692 | ||
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 5,331 | 69,852 | ||
Income from discontinued operations allocated to unvested restricted shares | 0 | (10) | 0 | ||
Income from discontinued operations available for common unitholders, adjusted | $ 0 | $ 5,321 | $ 69,852 | ||
Diluted Earnings Per Unit | $ 4.41 | $ 1.97 | $ 2.02 | ||
Restricted Stock [Member] | |||||
Earnings Per Unit Disclosure | |||||
Effect of dilutive securities (units) | [1] | 100 | |||
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Stock Based Compensation Textual (Details) - USD ($) |
12 Months Ended | ||
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Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 6,900,000 | $ 5,200,000 | $ 2,700,000 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 735,000 | 431,000 | 17,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 11,000,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months | ||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 1,000,000 | 600,000 | 400,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,900,000 | $ 2,700,000 | $ 1,600,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.77 | ||
Stock Option And Incentive Plan 1994 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,400,000 | ||
Stock Incentive Plan 2004 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ||
2013 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 625,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 68.35 | $ 62.40 | $ 64.30 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | 3 years | 4 years |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 58,112 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 86.21 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 835,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 8 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 200,000 | ||
Proceeds from Stock Options Exercised | $ 400,000 | $ 12,200,000 | $ 6,200,000 |
Minimum | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Minimum | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 months | ||
Maximum | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Maximum | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 5 years 6 months | ||
Risk Free Rate [Member] | Minimum | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 months | ||
Risk Free Rate [Member] | Maximum | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | 3 years | 1 year |
Volatility [Member] | Minimum | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||
Volatility [Member] | Maximum | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 2 years | 3 years | 2 years |
Stock Based Compensation Key Assumptions for Restricted Stock Grants (Details) - Restricted Stock [Member] |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.932% | 4.755% | 4.269% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 15.41% | 18.31% | 16.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 16.04% | 20.48% | 20.92% |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | 3 years | 4 years |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.10% | 0.02% | 0.07% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.05% | 0.80% | 0.17% |
Stock Based Compensation Status of Nonvested Restricted Shares (Details) - Restricted Stock [Member] - $ / shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 187,941 | 145,049 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 63.36 | $ 63.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Issues in Period | 93,356 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Issues in Period, Weighted Average Grant Date Fair Value | $ 72.54 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 49,156 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 58.08 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,308 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 65.88 |
Stock Based Compensation Key Assumptions for Stock Option Grants (Details) - Employee Stock Option [Member] |
12 Months Ended |
---|---|
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 4.21% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 15.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 46.29% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.02% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 5 years 6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.55% |
Stock Based Compensation Status of Stock Options (Details) - Employee Stock Option [Member] - $ / shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 58,112 | 74,454 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 86.21 | $ 82.33 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.00 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (7,342) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 57.23 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (9,000) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 76.87 |
Borrowings (Indebtedness) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | $ 3,427,568 | $ 3,512,700 | |||||
Average interest rate (percentage) | 3.70% | 3.70% | |||||
Contract maturity | Dec. 22, 2020 | ||||||
Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Average interest rate (percentage) | 3.50% | ||||||
Contract maturity | Feb. 25, 2019 | ||||||
Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | $ 2,141,332 | ||||||
Average interest rate (percentage) | 3.80% | ||||||
Contract maturity | Jan. 26, 2022 | ||||||
FNMA | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, amount outstanding | $ 240,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.17% | ||||||
Term Loan [Member] | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 550,000 | ||||||
Average interest rate (percentage) | 3.10% | ||||||
Contract maturity | Nov. 10, 2017 | ||||||
Fixed Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | $ 3,148,100 | $ 3,074,700 | |||||
Fixed Rate Debt | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | $ 1,062,862 | ||||||
Average interest rate (percentage) | 3.90% | ||||||
Contract maturity | Jun. 02, 2019 | ||||||
Fixed Rate Debt | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | $ 1,535,200 | 1,320,200 | |||||
Variable Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | 265,000 | 397,900 | |||||
Variable Rate Debt | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | [1] | $ 190,000 | |||||
Average interest rate (percentage) | 0.80% | ||||||
Contract maturity | Aug. 26, 2017 | ||||||
Variable Rate Debt | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | [2] | $ 75,000 | 59,000 | ||||
Fair Market Value Adjustment and Debt Issuance Cost [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | 14,500 | $ 40,100 | |||||
$750 million unsecured revolving credit facility [Member] | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, amount outstanding | $ 75,000 | ||||||
Average interest rate (percentage) | 1.23% | ||||||
Secured Debt [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | $ 1,286,236 | ||||||
Variable Rate Credit Facility [Member] | FNMA | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, amount outstanding | $ 190,000 | ||||||
Average interest rate (percentage) | 0.80% | ||||||
Contract maturity | Aug. 26, 2017 | ||||||
Fixed Rate Debt | Mortgages | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Mortgage Loans on Real Estate | $ 1,012,862 | ||||||
Average interest rate (percentage) | 3.90% | ||||||
Contract maturity | Jul. 12, 2019 | ||||||
Fixed Rate Debt | FNMA | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, amount outstanding | $ 50,000 | ||||||
Average interest rate (percentage) | 4.70% | ||||||
Contract maturity | Mar. 31, 2017 | ||||||
Fixed Rate Debt | Senior Notes | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 1,535,246 | ||||||
Average interest rate (percentage) | 4.20% | ||||||
Contract maturity | Sep. 16, 2023 | ||||||
Freddie Mac | Mortgages | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loss on debt extinguishment | $ 200 | ||||||
Freddie Mac | FNMA | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, amount outstanding | $ 190,000 | ||||||
Average interest rate (percentage) | 0.80% | ||||||
Freddie Mac | $500 million unsecured revolving credit faciltiy [Member] | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, amount outstanding | $ 75,000 | ||||||
Average interest rate (percentage) | 1.20% | ||||||
Contract maturity | Apr. 15, 2020 | ||||||
Fair Market Value Adjustment and Debt Issuance Cost [Member] | $750 million unsecured revolving credit facility [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, amount outstanding | $ 33,374 | ||||||
Debt Instrument, Face Amount | $ (18,914) | ||||||
Contract maturity | Mar. 13, 2019 | ||||||
Interest Rate Cap | FNMA | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Derivative, Notional Amount | $ 125,000 | ||||||
Minimum | $750 million unsecured revolving credit facility [Member] | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | ||||||
Maximum | $750 million unsecured revolving credit facility [Member] | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | ||||||
Farmington Village [Member] | Freddie Mac | Mortgages | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Debt | $ 15,200 | ||||||
Reserve at Woodwind Lakes | Freddie Mac | Mortgages | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Debt | 10,100 | ||||||
Colonial Village at Timber Crest [Member] | Freddie Mac | Mortgages | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Debt | 11,600 | ||||||
Sanctuary At Oglethorpe [Member] | Freddie Mac | Mortgages | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Debt | 23,500 | ||||||
Colonial Grand at Wilmington [Member] | Freddie Mac | Mortgages | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Debt | $ 25,500 | ||||||
|
Borrowings (Interest Rate Ranges, Maturity and Balance of Indebtedness) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | $ 3,427,568 | $ 3,512,700 | |||||
Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | 2,141,332 | ||||||
Fixed Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | $ 3,148,100 | 3,074,700 | |||||
Fixed Rate Debt | Taxable Secured | |||||||
Debt Instrument [Line Items] | |||||||
Actual Interest Rates, Minimum | 1.77% | ||||||
Actual Interest Rates, Maximum | 6.21% | ||||||
Average Interest Rates | 3.97% | ||||||
Total outstanding debt | $ 1,062,900 | 1,129,500 | |||||
Fixed Rate Debt | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Actual Interest Rates, Minimum | 3.15% | ||||||
Actual Interest Rates, Maximum | 6.05% | ||||||
Average Interest Rates | 4.21% | ||||||
Total outstanding debt | $ 1,535,200 | 1,320,200 | |||||
Fixed Rate Debt | Interest Rate Swap | |||||||
Debt Instrument [Line Items] | |||||||
Actual Interest Rates, Minimum | 2.45% | ||||||
Actual Interest Rates, Maximum | 6.63% | ||||||
Average Interest Rates | 4.19% | ||||||
Total outstanding debt | $ 550,000 | 625,000 | |||||
Fixed Rate Debt | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | $ 1,062,862 | ||||||
Fixed Rate Debt | Minimum | Taxable Secured | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Maturity Year | 2016 | ||||||
Fixed Rate Debt | Minimum | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Maturity Year | 2016 | ||||||
Fixed Rate Debt | Minimum | Interest Rate Swap | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Maturity Year | 2017 | ||||||
Fixed Rate Debt | Maximum | Taxable Secured | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Maturity Year | 2025 | ||||||
Fixed Rate Debt | Maximum | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Maturity Year | 2025 | ||||||
Fixed Rate Debt | Maximum | Interest Rate Swap | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Maturity Year | 2018 | ||||||
Variable Rate [Domain] | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 1.23% | ||||||
Variable Rate [Domain] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 0.80% | ||||||
Variable Rate [Domain] | Interest Rate Cap | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 0.80% | ||||||
Variable Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | $ 265,000 | 397,900 | |||||
Variable Rate Debt | Taxable Secured | |||||||
Debt Instrument [Line Items] | |||||||
Actual Interest Rates, Minimum | [1] | 0.80% | |||||
Actual Interest Rates, Maximum | [1] | 0.80% | |||||
Average Interest Rates | [1] | 0.82% | |||||
Total outstanding debt | [1] | $ 65,000 | 83,500 | ||||
Variable Rate Debt | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Maturity Year | [1] | 2020 | |||||
Average Interest Rates | [1] | 1.23% | |||||
Total outstanding debt | [1] | $ 75,000 | 59,000 | ||||
Interest rate, stated percentage | [1] | 1.23% | |||||
Variable Rate Debt | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | [2] | $ 190,000 | |||||
Variable Rate Debt | Interest Rate Cap | |||||||
Debt Instrument [Line Items] | |||||||
Actual Interest Rates, Minimum | [1] | 0.80% | |||||
Actual Interest Rates, Maximum | [1] | 0.80% | |||||
Average Interest Rates | [1] | 0.82% | |||||
Total outstanding debt | [1] | $ 125,000 | 255,400 | ||||
Variable Rate Debt | Minimum | Taxable Secured | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Maturity Year | [1] | 2017 | |||||
Variable Rate Debt | Minimum | Interest Rate Cap | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Maturity Year | [1] | 2017 | |||||
Variable Rate Debt | Maximum | Taxable Secured | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Maturity Year | [1] | 2017 | |||||
Variable Rate Debt | Maximum | Interest Rate Cap | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Maturity Year | [1] | 2017 | |||||
Fair Market Value Adjustment and Debt Issuance Cost [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total outstanding debt | $ 14,500 | $ 40,100 | |||||
|
Borrowings (Scheduled Principal Repayments on Borrowings) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Instrument [Line Items] | ||
2016 | $ 207,813 | |
2017 | 173,327 | |
2018 | 480,092 | |
2019 | 546,518 | |
2020 | 380,817 | |
Thereafter | 1,639,001 | |
Total outstanding debt | 3,427,568 | $ 3,512,700 |
Amortization Other [Member] | ||
Debt Instrument [Line Items] | ||
2016 | 18,989 | |
2017 | 17,157 | |
2018 | 14,663 | |
2019 | 7,044 | |
2020 | 3,361 | |
Thereafter | (1,004) | |
Total outstanding debt | 60,210 | |
Maturities | ||
Debt Instrument [Line Items] | ||
2016 | 188,824 | |
2017 | 156,170 | |
2018 | 465,429 | |
2019 | 539,474 | |
2020 | 377,456 | |
Thereafter | 1,640,005 | |
Total outstanding debt | $ 3,367,358 |
Borrowings (Textual) (Details) |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
Contract
instrument
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Jun. 10, 2014 |
||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable | $ 3,427,568,000 | $ 3,512,700,000 | |||||||
Average interest rate (percentage) | 3.70% | 3.70% | |||||||
Interest Rate Swap | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Interest | $ 200,000,000 | ||||||||
Interest rate, stated percentage | 4.17% | ||||||||
Fixed Rate Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable | $ 3,148,100,000 | $ 3,074,700,000 | |||||||
Conventional Variable Rate Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 65,000,000 | ||||||||
Variable interest rate (percent) | 0.80% | ||||||||
Floating Rate Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable | $ 265,000,000 | 397,900,000 | |||||||
Capped Conventional Variable Rate Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 125,000,000 | ||||||||
Variable interest rate (percent) | 0.80% | ||||||||
Other Than Conventional Variable Rate Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 1,100,000,000 | ||||||||
Average interest rates (percent) | 4.00% | ||||||||
Fixed Rate Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Unsecured debt | $ 2,100,000,000 | ||||||||
Long-term debt fixed interest rate (percent) | 3.90% | ||||||||
Unsecured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable | $ 2,141,332,000 | ||||||||
Average interest rate (percentage) | 3.80% | ||||||||
Unsecured Debt | 4.0% Senior Notes due 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, unamortized discount | $ 4,000,000 | ||||||||
Underwriting commissions and expenses | 2,600,000 | ||||||||
Proceeds from Unsecured Notes Payable | $ 393,400,000 | ||||||||
Interest rate, stated percentage | 4.00% | ||||||||
Debt Instrument, Issue Price | $ 0.9899 | ||||||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||||||
Covenant Obligation, Debt to Total Asset Value | 60.00% | ||||||||
Covenant obligation, Secured Debt to Total Asset Value Ratio | 40.00% | ||||||||
Covenant Obligation, Unencumbered Leverage Ratio | 150.00% | ||||||||
Unsecured Debt | $750 million unsecured revolving credit facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Average interest rate (percentage) | 1.23% | ||||||||
Line of credit facility, maximum borrowing capacity | $ 750,000,000 | ||||||||
Line of credit facility, amount outstanding | 75,000,000 | ||||||||
Unsecured Debt | $500 million unsecured revolving credit faciltiy [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 746,700,000 | ||||||||
Credit facilities, commitment fees | 1,100,000 | ||||||||
Letters of credit outstanding amount | 3,300,000 | ||||||||
Unsecured Debt | Fixed Rate Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable | $ 1,535,200,000 | 1,320,200,000 | |||||||
Average interest rates (percent) | 4.21% | ||||||||
Unsecured Debt | Floating Rate Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable | [1] | $ 75,000,000 | 59,000,000 | ||||||
Average interest rates (percent) | [1] | 1.23% | |||||||
Interest rate, stated percentage | [1] | 1.23% | |||||||
Unsecured Debt | KeyBank Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||
Unsecured Debt | Wells Fargo Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 250,000,000 | ||||||||
Unsecured Debt | US Bank Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||
Unsecured Debt | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Average interest rate (percentage) | 3.10% | ||||||||
Debt Instrument, Face Amount | $ 550,000,000 | ||||||||
Unsecured Debt | 3.75% Seinor Notes due 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Covenant Obligation, Debt to Total Asset Value | 60.00% | ||||||||
Covenant obligation, Secured Debt to Total Asset Value Ratio | 40.00% | ||||||||
Covenant Obligation, Unencumbered Leverage Ratio | 150.00% | ||||||||
Unsecured Debt | 2011 and 2012 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 310,000,000 | ||||||||
Unsecured Debt | Minimum | $750 million unsecured revolving credit facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | ||||||||
Unsecured Debt | Minimum | KeyBank Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ||||||||
Unsecured Debt | Minimum | Wells Fargo Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ||||||||
Unsecured Debt | Minimum | 3.75% Seinor Notes due 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Covenant obligation, Fixed Charge Ratio | 100.00% | ||||||||
Unsecured Debt | Maximum | 4.0% Senior Notes due 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Covenant obligation, Fixed Charge Ratio | 150.00% | ||||||||
Unsecured Debt | Maximum | $750 million unsecured revolving credit facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | ||||||||
Unsecured Debt | Maximum | KeyBank Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||
Unsecured Debt | Maximum | Wells Fargo Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | ||||||||
Unsecured Debt | Maximum | 3.75% Seinor Notes due 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Covenant obligation, Fixed Charge Ratio | 150.00% | ||||||||
Unsecured Debt | Variable Rate Debt | $500 million unsecured revolving credit faciltiy [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Average interest rate (percentage) | 1.20% | ||||||||
Line of credit facility, amount outstanding | $ 75,000,000 | ||||||||
Unsecured Debt | Fixed Rate Debt | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Average interest rate (percentage) | 4.20% | ||||||||
Debt Instrument, Face Amount | $ 1,535,246,000 | ||||||||
Unsecured Debt | Fixed Rate Debt | Public Income Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 1,200,000,000 | ||||||||
Unsecured Debt | Fixed Rate Debt | Private Placement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 0 | ||||||||
Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Average interest rate (percentage) | 3.50% | ||||||||
Secured Debt [Member] | FNMA | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 240,000,000 | ||||||||
Line of credit facility, amount outstanding | 240,000,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 240,000,000 | ||||||||
Debt renewal period (days) | 90 days | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.17% | ||||||||
Secured credit facilities, commitment fee percentage (percent) | 0.62% | ||||||||
Credit facilities, commitment fees | $ 100,000 | ||||||||
Secured Debt [Member] | Fixed Rate Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable | $ 1,062,862,000 | ||||||||
Average interest rate (percentage) | 3.90% | ||||||||
Secured Debt [Member] | Floating Rate Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable | [2] | $ 190,000,000 | |||||||
Average interest rate (percentage) | 0.80% | ||||||||
Secured Debt [Member] | Variable Rate Debt | FNMA | |||||||||
Debt Instrument [Line Items] | |||||||||
Average interest rate (percentage) | 0.80% | ||||||||
Line of credit facility, amount outstanding | $ 190,000,000 | ||||||||
Secured Debt [Member] | Variable Rate Debt | Mortgages | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (Losses) on Extinguishment of Debt | $ 200,000 | ||||||||
Secured Debt [Member] | Fixed Rate Debt | FNMA | |||||||||
Debt Instrument [Line Items] | |||||||||
Average interest rate (percentage) | 4.70% | ||||||||
Line of credit facility, amount outstanding | $ 50,000,000 | ||||||||
Secured Debt [Member] | Fixed Rate Debt | Mortgages | |||||||||
Debt Instrument [Line Items] | |||||||||
Average interest rate (percentage) | 3.90% | ||||||||
Mortgage Loans on Real Estate | $ 1,012,862,000 | ||||||||
Interest Rate Cap | Secured Debt [Member] | FNMA | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of Interest rate derivatives held (contracts) | Contract | 5 | ||||||||
Derivative, Notional Amount | $ 125,000,000 | ||||||||
Limited Partner [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unsecured debt | 2,141,332,000 | 1,923,058,000 | |||||||
Proceeds from notes payable | 395,960,000 | 396,855,000 | $ 347,759,000 | ||||||
Gains (Losses) on Extinguishment of Debt | $ (3,602,000) | $ (2,586,000) | $ (426,000) | ||||||
Scenario 1 [Member] | Interest Rate Cap | Secured Debt [Member] | FNMA | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of Interest rate derivatives held (contracts) | instrument | 4 | ||||||||
Derivative cap interest rate (percent) | 4.50% | ||||||||
Scenario 2 [Member] | Interest Rate Cap | Secured Debt [Member] | FNMA | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of Interest rate derivatives held (contracts) | instrument | 1 | ||||||||
Derivative cap interest rate (percent) | 5.00% | ||||||||
|
Borrowings Debt Instrument (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Mortgages | |
Debt Instrument [Line Items] | |
Repayments of Notes Payable | $ 8.2 |
Borrowings Indentures Covenant (Details) - Unsecured Debt - 4.0% Senior Notes due 2025 [Member] |
Dec. 31, 2015 |
---|---|
Debt Instrument [Line Items] | |
Covenant Obligation, Debt to Total Asset Value | 60.00% |
Covenant Obligation, Unencumbered Leverage Ratio | 150.00% |
Derivatives and Hedging Activities (Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk) (Details) - Designated as Hedging Instrument |
Dec. 31, 2015
USD ($)
Contract
|
---|---|
Interest Rate Cap | |
Derivative | |
Number of Instruments | Contract | 5 |
Derivative, Notional Amount | $ | $ 125,000,000 |
Interest Rate Swap | |
Derivative | |
Number of Instruments | Contract | 7 |
Derivative, Notional Amount | $ | $ 550,000,000 |
Derivatives and Hedging Activities (Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheet) (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 6,000 | $ 72,000 |
Derivatives not designated as hedging instruments, Asset at Fair Value | 6,000 | |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 10,358,000 | 13,392,000 |
Parent Company [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 6,000 | 78,000 |
Liability Derivatives, Fair Value | $ 10,358,000 | $ 13,392,000 |
Derivatives and Hedging Activities (Effect of Derivative Instruments on Consolidated Statement of Operations) (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Derivative | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ (8,306,000) | $ (12,335,000) | $ 10,684,000 | |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (7,064,000) | (11,785,000) | (16,370,000) | |
Interest Expense | ||||
Derivative | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | (100,000) | (157,000) | 37,000 | |
Designated as Hedging Instrument | Interest Expense | ||||
Derivative | ||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (7,064,000) | (11,785,000) | (16,370,000) | |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (100,000) | (157,000) | 37,000 | |
Designated as Hedging Instrument | Interest Rate Contract | ||||
Derivative | ||||
Unrealized (loss) gain from the effective portion of derivative instruments | (8,306,000) | (12,335,000) | 10,684,000 | |
Not Designated as Hedging Instrument | ||||
Derivative | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (3,000) | (146,000) | (16,000) | |
Not Designated as Hedging Instrument | Interest Expense | ||||
Derivative | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (3,000) | (146,000) | (16,000) | |
Parent Company [Member] | ||||
Derivative | ||||
Accumulated other comprehensive income (losses) | (1,589,000) | (412,000) | 108,000 | $ (26,054,000) |
Unrealized (loss) gain from the effective portion of derivative instruments | $ (8,306,000) | $ (12,335,000) | $ 10,684,000 |
Derivatives and Hedging Activities (Other Comprehensive Income) (Details) - Parent Company [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (412) | $ 108 | $ (26,054) |
Other comprehensive income before reclassifications | (8,306) | (12,335) | 10,684 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 7,064 | 11,785 | 16,370 |
Net current-period other comprehensive income attributable to noncontrolling interest | 65 | 30 | (892) |
Net current-period other comprehensive income attributable to MAA | (1,177) | (520) | 26,162 |
Ending balance | $ (1,589) | $ (412) | $ 108 |
Derivatives and Hedging Activities (Textual) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Other Credit Enhancements | |||
Derivative | |||
Credit risk related contingent features termination value | $ 11,200,000 | ||
Termination | |||
Derivative | |||
Fair value of credit risk derivatives | 10,400,000 | ||
Net liability position | |||
Derivative | |||
Credit risk related contingent features termination value | 11,200,000 | ||
Interest Expense | |||
Derivative | |||
Change in fair value of derivatives, ineffective portion | 100,000 | $ 157,000 | $ (37,000) |
Designated as Hedging Instrument | Interest Expense | |||
Derivative | |||
Change in fair value of interest rate derivatives included in AOCI and expected to be reclassified in the next 12 months | 3,100,000 | ||
Other Assets | |||
Derivative | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | 6,000 | 72,000 | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 6,000 | ||
Interest Rate Swap | |||
Derivative | |||
Fair market value of interest rate swaps | 10,358,000 | 13,392,000 | |
Parent Company [Member] | |||
Derivative | |||
Fair market value of interest rate swaps | 10,358,000 | 13,392,000 | |
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 6,000 | $ 78,000 |
Fair Value Disclosure of Financial Instruments (Textual) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Fixed Rate Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Notes payable | $ 2,610 | $ 2,500 |
Notes payable at fair value | 2,710 | 2,540 |
Variable Rate Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Notes payable | 820 | 1,020 |
Notes payable at fair value | $ 820 | $ 970 |
Fair Value Disclosure of Financial Instruments (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Derivative financial instruments, Asset | $ 6 | $ 78 |
Derivative financial instruments, Liability | 10,358 | 13,392 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Derivative financial instruments, Asset | 0 | 0 |
Derivative financial instruments, Liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Derivative financial instruments, Asset | 6 | 78 |
Derivative financial instruments, Liability | 10,358 | 13,392 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Derivative financial instruments, Asset | 0 | 0 |
Derivative financial instruments, Liability | $ 0 | $ 0 |
Income Taxes (Taxability of Cash Distributions Paid on Common Shares) (Details) - Parent Company [Member] - $ / shares |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Investments, Owned, Federal Income Tax Note | |||||||||||
Ordinary income (dollars per share) | $ 3.07 | $ 2.76 | $ 2.36 | ||||||||
Ordinary income (percentage per share) | 99.70% | 94.41% | 84.90% | ||||||||
Capital gains (dollars per share) | $ 0 | $ 0 | $ 0.17 | ||||||||
Capital gains (percentage per share) | 0.00% | 0.00% | 6.23% | ||||||||
Return of capital (dollars per share) | $ 0 | $ 0.16 | $ 0 | ||||||||
Return of capital (percentage per share) | 0.00% | 5.59% | 0.00% | ||||||||
Un-recaptured Section 1250 gain dividends per share | $ 0.01 | $ 0.00 | $ 0.25 | ||||||||
Un-recaptured Section 1250 gain dividends per share percentage | 0.30% | 0.00% | 8.87% | ||||||||
Total (dollars per share) | $ 0.77 | $ 0.77 | $ 0.77 | $ 0.77 | $ 0.73 | $ 0.73 | $ 0.73 | $ 0.73 | $ 3.08 | $ 2.92 | $ 2.78 |
Total (percentage per share) | 100.00% | 100.00% | 100.00% |
Income Taxes (Textual) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Investments, Owned, Federal Income Tax Note | |||
Income tax examinations in process | 0 | ||
Parent Company [Member] | |||
Investments, Owned, Federal Income Tax Note | |||
Operating Loss Carryforwards | $ 46,300,000 | ||
Subsidiary of Common Parent | |||
Investments, Owned, Federal Income Tax Note | |||
Income tax expense/(benefit) | 0 | $ 0 | $ 0 |
Operating Loss Carryforwards | 66,000,000 | $ 63,100,000 | |
Designated as Hedging Instrument | Interest Rate Swap | |||
Investments, Owned, Federal Income Tax Note | |||
Derivative, Notional Amount | 550,000,000 | ||
Designated as Hedging Instrument | Parent Company [Member] | Wells Fargo with Fixed Interest Rate of 2.465% [Member] | Interest Rate Swap | |||
Investments, Owned, Federal Income Tax Note | |||
Derivative, Notional Amount | $ 50,000,000 | ||
Derivative, Fixed Interest Rate | 2.465% | ||
Designated as Hedging Instrument | Parent Company [Member] | Wells Fargo with Fixed Interest Rate of 2.576% [Member] | Interest Rate Swap | |||
Investments, Owned, Federal Income Tax Note | |||
Derivative, Notional Amount | $ 200,000,000 | ||
Derivative, Fixed Interest Rate | 2.576% | ||
Designated as Hedging Instrument | Parent Company [Member] | Wells Fargo with Fixed Interest Rate of 1.064% [Member] | Interest Rate Swap | |||
Investments, Owned, Federal Income Tax Note | |||
Derivative, Notional Amount | $ 50,000,000 | ||
Derivative, Fixed Interest Rate | 1.064% | ||
Designated as Hedging Instrument | Parent Company [Member] | Wells Fargo with Fixed Interest Rate of 1.133% [Member] | Interest Rate Swap | |||
Investments, Owned, Federal Income Tax Note | |||
Derivative, Notional Amount | $ 100,000,000 | ||
Derivative, Fixed Interest Rate | 1.133% | ||
Post Acquisition Period | Subsidiary of Common Parent | |||
Investments, Owned, Federal Income Tax Note | |||
Operating Loss Carryforwards | $ 300,000 |
Income Taxes Deferred Tax Assets and Liabilities (Details) - Subsidiary of Common Parent - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Investments, Owned, Federal Income Tax Note | ||
Real estate asset basis differences | $ 25,627 | $ 25,561 |
Deferred revenue | 22 | 18 |
Deferred expenses | 14,106 | 13,923 |
Net operating loss carryforward | 28,493 | 27,215 |
Accrued liabilities | 3,951 | 3,974 |
Deferred tax assets | 72,199 | 70,691 |
Deferred tax liabilities, real estate asset basis differences | (145) | (913) |
Deferred Tax Liabilities, Net | (145) | (913) |
Net deferred tax assets, before valuation allowance | 72,054 | 69,778 |
Valuation Allowance | (72,054) | (69,778) |
Net deferred tax assets, included in other assets | $ 0 | $ 0 |
Income Taxes Reconciliation of Income Tax Attributable to Continuing Operations (Details) - Subsidiary of Common Parent - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Investments, Owned, Federal Income Tax Note | |||
Tax expense/(benefit) at U.S. statutory rates on TRS income subject to tax | $ 2,506 | $ 1,802 | $ (261) |
Effect of Permanent Differences and Other | (730) | (1,110) | 1 |
Valuation Allowance Change in Amount | (1,776) | (692) | 260 |
Income tax expense/(benefit) | $ 0 | $ 0 | $ 0 |
Shareholder's Equity (Details) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 08, 2015 |
Dec. 31, 1999 |
|
Stockholders Equity Note [Line Items] | |||||
Common stock, shares outstanding | 75,408,571 | 75,267,675 | |||
Common shares and operating partnership units outstanding | 79,571,567 | 79,458,827 | |||
Treasury Stock, Shares, Acquired | 11,914 | 9,270 | |||
RepurchasePlan%CSoutstanding | 5.30% | ||||
Shares, Outstanding | 2,100,000 | ||||
Equity Option [Member] | |||||
Stockholders Equity Note [Line Items] | |||||
Common stock shares issued (shares) | 7,342 | 270,459 | 110,715 | ||
Maximum | |||||
Stockholders Equity Note [Line Items] | |||||
Common stock authorized for repurchase plan (shares) | 4,000,000.0 | 4,000,000.0 | |||
Period Covered from 1999 to 2011 | |||||
Stockholders Equity Note [Line Items] | |||||
Common stock repurchased and retired (shares) | 1,900,000 | ||||
Common stock repurchased and retired, value | $ 42,000,000 | ||||
Common stock repurchased and retired (dollars per share) | $ 22.54 | ||||
Dividend And Distribution Reinvestment And Share Purchase Plan | |||||
Stockholders Equity Note [Line Items] | |||||
Common stock issued for shareholders to reinvest distributions (shares) | 8,562 | 9,055 | 10,924 | ||
Dividend And Distribution Reinvestment And Share Purchase Plan | Minimum | |||||
Stockholders Equity Note [Line Items] | |||||
Optional cash investments in common shares | $ 250 | ||||
Dividend And Distribution Reinvestment And Share Purchase Plan | Maximum | |||||
Stockholders Equity Note [Line Items] | |||||
Optional cash investments in common shares | $ 5,000 | ||||
Common stock registered for Dividend and Distribution Reinvestment and Share Purchase Plan (shares) | 9,600,000 | ||||
Discount rate on sale of common stock (percent) | 5.00% | ||||
Noncontrolling Interest | |||||
Stockholders Equity Note [Line Items] | |||||
Common Shares Issuable Upon Conversion Of Convertible Stock | 4,162,996 | 4,191,152 | |||
Limited Partners' Capital Account | $ 378,041,667 | $ 312,995,231 | |||
Redeemable Capital Shares Par Or Stated Value Per Share | $ 90.81 | $ 74.68 | |||
Percentage of Operating Partnership net income (percent) | 5.20% | 5.30% | 4.60% | ||
MAA | |||||
Stockholders Equity Note [Line Items] | |||||
Percentage of Operating Partnership net income (percent) | 94.80% | 94.70% | 95.40% | ||
Parent Company [Member] | |||||
Stockholders Equity Note [Line Items] | |||||
Common stock, shares outstanding | 75,408,571 | 75,267,675 | |||
Common stock registered for Dividend and Distribution Reinvestment and Share Purchase Plan (shares) | 100,000,000 | 100,000,000 | |||
Proceeds from issuance of common stock | $ 622,000 | $ 1,042,000 | $ 25,680,000 | ||
Proceeds from Stock Options Exercised | $ 420,000 | $ 12,245,000 | 6,212,000 | ||
Employee Stock Option [Member] | |||||
Stockholders Equity Note [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 58,112 | 74,454 | |||
Proceeds from Stock Options Exercised | $ 400,000 | $ 12,200,000 | $ 6,200,000 |
Partners' Capital of MAA LP (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Capital Structure [Line Items] | ||
Operating partnership units outstanding | 79,571,567 | 79,458,827 |
General partners' capital account, units outstanding | 75,408,571 | 75,267,675 |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 94.80% | 94.70% |
Limited partners' capital account, units outstanding | 4,162,996 | 4,191,152 |
Noncontrolling Interest | ||
Schedule of Capital Structure [Line Items] | ||
Common Shares Issuable Upon Conversion Of Convertible Stock | 4,162,996 | 4,191,152 |
Redeemable Capital Shares Par Or Stated Value Per Share | $ 90.81 | $ 74.68 |
Limited Partners' Capital Account | $ 378,041,667 | $ 312,995,231 |
Employee Benefit Plans (Details) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
installment
$ / shares
shares
|
Dec. 31, 2014
USD ($)
$ / shares
shares
|
Dec. 31, 2013
USD ($)
$ / shares
shares
|
Dec. 31, 2008
shares
|
|
Defined Benefit Plan Disclosure | ||||
Employer contribution for defined contribution plan | $ | $ 1,000,000 | $ 900,000 | $ 700,000 | |
Employee Stock Ownership Plan, common stock, shares outstanding (shares) | shares | 155,309 | |||
Employee Stock Ownership Plan, common stock, fair value | $ | $ 14,100,000 | |||
Employee Stock Ownership Plan ESOP Plan | ||||
Defined Benefit Plan Disclosure | ||||
Employee Stock Ownership Plan, service period eligible to participate (years) | 1 year | |||
Participants vesting percentage after three years of continuous service (percent) | 100.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Initial Public Offering | ||||
Defined Benefit Plan Disclosure | ||||
Contribution to Employee Stock Ownership Plan, common stock (shares) | shares | 22,500 | |||
Outside Directors | ||||
Defined Benefit Plan Disclosure | ||||
Number of deferred common stock (shares) | shares | 8,466 | 9,415 | 7,173 | |
Weighted-average grant date fair values of deferred common stock (dollars per share) | $ / shares | $ 78.62 | $ 70.63 | $ 66.77 | |
Nonqualified Deferred Compensation Plan | ||||
Defined Benefit Plan Disclosure | ||||
Deferred compensation expense | $ | $ 106,000 | $ 82,000 | $ 46,000 | |
Number of annual installments of deferred compensation (installment) | installment | 2 | |||
Number of days after departure from board of directors for payment of deferred compensation (days) | 90 days |
Legal Proceedings (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
---|---|---|
Legal Proceedings | ||
Loss contingency accrual, at carrying value | $ 13.5 | $ 12.3 |
Regatta at James Island Litigation [Member] | ||
Legal Proceedings | ||
Number of units in real estate property | 212 |
Related Party Transactions (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related Party Transaction [Line Items] | |||
Advertising Revenue | $ 154,000 | $ 300,000 | $ 70,000 |
Joint Venture Apartment Communities | |||
Related Party Transaction [Line Items] | |||
Asset Management Fees | 19,000 | 93,000 | |
Due from related parties | 15,000 | 1,800,000 | |
Minimum | Joint Venture Apartment Communities | |||
Related Party Transaction [Line Items] | |||
Joint venture property management fee (percentage) | 4.00% | ||
Maximum | Joint Venture Apartment Communities | |||
Related Party Transaction [Line Items] | |||
Joint venture property management fee (percentage) | 4.25% | ||
Parent Company [Member] | |||
Related Party Transaction [Line Items] | |||
Management fees income | $ 0 | 154,000 | 647,000 |
Limited Partner [Member] | |||
Related Party Transaction [Line Items] | |||
Management fees income | 0 | 154,000 | $ 647,000 |
Due to Related Parties, Current | $ 19,000 | $ 19,000 |
Earnings from Discontinued Operations (Summary of Communities Sold) (Details) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2014
Property
|
Dec. 31, 2013
Property
|
Dec. 31, 2015
Property
|
Dec. 31, 2015
Communities
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of Properties Sold | 10 | 9 | ||
Number of Real Estate Properties | 254 | 254 |
Earnings from Discontinued Operations (Summary of Discontinued Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Depreciation and Amortization, Discontinued Operations | $ 2,300 | ||||||||||
Parent Company [Member] | |||||||||||
Expenses | |||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 16 | $ (103) | $ 0 | $ 5,481 | 0 | $ 5,394 | $ 76,844 |
Parent Company [Member] | Discontinued Operations [Member] | |||||||||||
Revenues | |||||||||||
Rental Revenues | 75 | 12,499 | |||||||||
Other Revenue (Expense) from Real Estate Operations | 10 | 1,189 | |||||||||
Total Revenues | 85 | 13,688 | |||||||||
Expenses | |||||||||||
Property Operating Expenses | 74 | 5,886 | |||||||||
Depreciation and amortization | 42 | 2,716 | |||||||||
Interest Expense and Other | 32 | 436 | |||||||||
Total expense | 148 | 9,038 | |||||||||
Discontinued Operation, Income from Discontinued Operation During Phase-out Period, Net of Tax | (63) | 4,650 | |||||||||
Disposal Group, Including Discontinued Operation, Other Income | 0 | 93 | |||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 5,394 | 76,844 | |||||||||
Discontinued Operation, Gain on Disposal of Discontinued Operation, Net of Tax | 5,331 | 81,587 | |||||||||
Limited Partner [Member] | |||||||||||
Expenses | |||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 16 | $ (103) | $ 0 | $ 5,481 | 0 | 5,394 | 65,520 |
Limited Partner [Member] | Discontinued Operations [Member] | |||||||||||
Revenues | |||||||||||
Rental Revenues | 75 | 11,446 | |||||||||
Other Revenue (Expense) from Real Estate Operations | 10 | 1,099 | |||||||||
Total Revenues | 85 | 12,545 | |||||||||
Expenses | |||||||||||
Property Operating Expenses | 74 | 5,390 | |||||||||
Depreciation and amortization | 42 | 2,480 | |||||||||
Interest Expense and Other | 32 | 436 | |||||||||
Total expense | 148 | 8,306 | |||||||||
Discontinued Operation, Income from Discontinued Operation During Phase-out Period, Net of Tax | (63) | 4,239 | |||||||||
Disposal Group, Including Discontinued Operation, Other Income | 0 | 93 | |||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 5,394 | 65,520 | |||||||||
Discontinued Operation, Gain on Disposal of Discontinued Operation, Net of Tax | 5,331 | 69,852 | |||||||||
Continuing Operations [Member] | Parent Company [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from continuing operations attributable to MAA | 332,287 | 142,933 | 36,539 | ||||||||
Income from continuing operations attributable to noncontrolling interests | 18,458 | 8,013 | 1,153 | ||||||||
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 350,745 | 150,946 | 37,692 | ||||||||
Discontinued Operations [Member] | Parent Company [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 5,047 | 78,742 | ||||||||
Income from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 284 | 2,845 | ||||||||
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 5,331 | $ 81,587 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Prior Period Reclassification Adjustment | $ 34,100 | $ 36,500 |
Segment Information (Textual) (Details) - 12 months ended Dec. 31, 2015 individual in Millions |
Total |
Property |
Communities |
States |
individual |
---|---|---|---|---|---|
Segment Reporting Information [Line Items] | |||||
Number of Real Estate Properties | 254 | 254 | |||
Number of states in which apartment units are located (states) | States | 15 | ||||
Market Population (individuals) | individual | 1 | ||||
Percentage of Total Public Multifamily REIT Units | 1.00% | ||||
Period properties owned and stabilized (months) | 12 months | ||||
Occupancy Level for Stabilized Communities | 90.00% | ||||
Period Properties Stabilized | 90 days |
Segment Information (Revenues and NOI for Reportable Segment) (Details) - Parent Company [Member] - USD ($) |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Revenues | ||||||||||||||
Real Estate Revenue, Net | $ 1,042,779,000 | $ 992,178,000 | $ 634,843,000 | |||||||||||
Management fee income | 0 | 154,000 | 647,000 | |||||||||||
Total operating revenues | $ 263,337,000 | $ 261,998,000 | $ 258,891,000 | $ 258,552,000 | $ 253,219,000 | $ 249,574,000 | $ 245,305,000 | $ 244,234,000 | 1,042,779,000 | 992,332,000 | 635,490,000 | |||
Net operating income | 642,134,000 | 598,814,000 | 389,012,000 | |||||||||||
Discontinued operations NOI included above | 0 | 16,000 | (7,802,000) | |||||||||||
Depreciation and amortization | (294,520,000) | (301,812,000) | (186,979,000) | |||||||||||
Acquisition expense | (2,777,000) | (2,388,000) | (1,393,000) | |||||||||||
Property management expense | (30,990,000) | (32,095,000) | (23,083,000) | |||||||||||
General and administrative expense | (25,716,000) | (20,909,000) | (15,569,000) | |||||||||||
Merger related expenses | 0 | (3,152,000) | (32,403,000) | |||||||||||
Integration costs | 0 | (8,395,000) | (5,102,000) | |||||||||||
Interest and other non-property income | (368,000) | 770,000 | 466,000 | |||||||||||
Interest expense | 30,834,000 | 30,229,000 | 30,433,000 | 30,848,000 | 31,378,000 | 29,251,000 | 31,337,000 | 31,987,000 | (122,344,000) | (123,953,000) | (78,978,000) | |||
Gains (Losses) on Extinguishment of Debt | (3,602,000) | (2,586,000) | (426,000) | |||||||||||
Net casualty (loss) gain after insurance and other settlement proceeds | 473,000 | (476,000) | (143,000) | |||||||||||
Gain on sale of depreciable real estate assets excluded from discontinued operations | 189,958,000 | 42,649,000 | 0 | |||||||||||
Income tax expense | (1,673,000) | (2,050,000) | (893,000) | |||||||||||
Gain on sale of non-depreciable real estate assets | 172,000 | 350,000 | 0 | |||||||||||
Gain (loss) from real estate joint ventures | 3,000 | (1,000) | (23,000) | 19,000 | (10,000) | 3,124,000 | 2,919,000 | (24,000) | (2,000) | 6,009,000 | 338,000 | |||
Discontinued operations | 0 | 5,331,000 | 81,587,000 | |||||||||||
Net income attributable to noncontrolling interests | (2,380,000) | (5,094,000) | (7,574,000) | (3,410,000) | (1,933,000) | (3,743,000) | (1,773,000) | (848,000) | (18,458,000) | (8,297,000) | (3,998,000) | |||
Net income attributable to MAA | $ 42,987,000 | $ 91,734,000 | $ 136,299,000 | $ 61,267,000 | $ 34,525,000 | $ 66,976,000 | $ 31,613,000 | $ 14,866,000 | 332,287,000 | 147,980,000 | 115,281,000 | |||
Large Market Same Store | ||||||||||||||
Revenues | ||||||||||||||
Real Estate Revenue, Net | 587,896,000 | 553,038,000 | 241,194,000 | [1] | ||||||||||
Net operating income | 361,285,000 | 334,255,000 | 142,988,000 | [1] | ||||||||||
Secondary Market Same Store | ||||||||||||||
Revenues | ||||||||||||||
Real Estate Revenue, Net | 324,771,000 | 310,281,000 | 242,464,000 | [1] | ||||||||||
Net operating income | 200,989,000 | 190,348,000 | 147,607,000 | [1] | ||||||||||
Non Same Store And Other | ||||||||||||||
Revenues | ||||||||||||||
Real Estate Revenue, Net | 130,112,000 | 128,859,000 | 151,185,000 | [1] | ||||||||||
Net operating income | $ 79,860,000 | $ 74,211,000 | $ 98,417,000 | [1] | ||||||||||
|
Segment Information (Assets for Reportable Segments) (Details) - Parent Company [Member] - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 6,847,781 | $ 6,821,778 |
Large Market Same Store | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,768,455 | 3,867,457 |
Secondary Market Same Store | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,661,956 | 1,708,389 |
Non Same Store And Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,344,833 | 1,189,682 |
Corporate assets | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 72,537 | $ 56,250 |
Real Estate Acquisitions and Dispositions Real Estate Acquisitions and Dispositions - Additional Information (Details) |
Dec. 31, 2015
ft²
a
Apartments
|
---|---|
Colonial Promenade Craft Farms | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 67,735 |
Area of Land | a | 0.23 |
River's Walk [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Area of Land | a | 2.5 |
Residences at Burlington Creek [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 298 |
SkySong [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 325 |
Retreat at West Creek [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 254 |
Radius [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 252 |
Haven at Prairie Trace [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 280 |
Retreat at West Creek II [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Area of Land | a | 4.4 |
Cityscape at Market Center II [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 318 |
Vistas | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 144 |
Fountain Lake [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 113 |
Westbury Creek [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 120 |
Woodwinds [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 144 |
Colony at South Park [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 184 |
Bradford Pointe [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 192 |
Anatole [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 208 |
Oaks, The | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 100 |
The Denton [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Number of units in real estate property | 55 |
The Denton II [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Area of Land | a | 4.51 |
Austin Chase | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 256 |
Fairways at Heartland [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 240 |
Post House Jackson | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 150 |
Woods of Post House | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 122 |
Post House North | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 145 |
Bradford Chase | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 148 |
Sutton Place [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 253 |
Southland Station [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 304 |
Huntington Chase [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 200 |
Paddock Park Ocala | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 480 |
Colonial Grand at Wilmington [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 390 |
Savannah Creek [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 204 |
Whisperwood [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Square footage of real estate property (square foot) | ft² | 1,008 |
Subsequent Events (Details) $ in Millions |
Feb. 01, 2016
USD ($)
|
---|---|
Individual Property Mortgages [Member] | Subsequent Event [Member] | Colonial Village at Matthews [Member] | |
Subsequent Event [Line Items] | |
Mortgage Loans on Real Estate, New Mortgage Loans | $ 13.5 |
Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total operating revenues | $ 263,337 | $ 261,998 | $ 258,891 | $ 258,552 | $ 253,219 | $ 249,574 | $ 245,305 | $ 244,234 | $ 1,042,779 | $ 992,332 | $ 635,490 |
Income from continuing operations before non-operating items | 76,763 | 73,138 | 68,837 | 69,393 | 68,791 | 64,039 | 58,092 | 39,311 | 288,131 | 230,233 | 117,328 |
Interest expense | 30,834 | 30,229 | 30,433 | 30,848 | 31,378 | 29,251 | 31,337 | 31,987 | (122,344) | (123,953) | (78,978) |
Loss from real estate joint ventures | 3 | (1) | (23) | 19 | (10) | 3,124 | 2,919 | (24) | (2) | 6,009 | 338 |
(Loss) income from discontinued operations before gain on sale | 0 | 0 | 0 | 0 | (4) | (8) | (4) | (47) | 0 | (63) | 4,650 |
Gain on sale of discontinued operations | 0 | 0 | 0 | 0 | 16 | (103) | 0 | 5,481 | 0 | 5,394 | 76,844 |
Consolidated net income | 45,367 | 96,828 | 143,873 | 64,677 | 36,458 | 70,719 | 33,386 | 15,714 | 350,745 | 156,277 | 119,279 |
Net income attributable to noncontrolling interest | 2,380 | 5,094 | 7,574 | 3,410 | 1,933 | 3,743 | 1,773 | 848 | 18,458 | 8,297 | 3,998 |
Net income (loss) available for MAA common shareholders | $ 42,987 | $ 91,734 | $ 136,299 | $ 61,267 | $ 34,525 | $ 66,976 | $ 31,613 | $ 14,866 | $ 332,287 | $ 147,980 | $ 115,281 |
Earnings per share - basic | $ 0.57 | $ 1.22 | $ 1.81 | $ 0.81 | $ 0.46 | $ 0.89 | $ 0.42 | $ 0.20 | $ 4.41 | $ 1.97 | $ 2.27 |
Earnings per share - diluted | 0.57 | 1.22 | 1.81 | 0.81 | 0.46 | 0.89 | 0.42 | 0.20 | 4.41 | 1.97 | 2.25 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.77 | $ 0.77 | $ 0.77 | $ 0.77 | $ 0.73 | $ 0.73 | $ 0.73 | $ 0.73 | $ 3.08 | $ 2.92 | $ 2.78 |
Net Cash Provided by (Used in) Operating Activities | $ 463,721 | $ 385,378 | $ 258,380 | ||||||||
Increase (Decrease) in Restricted Cash | 2,091 | (8,704) | (11,844) | ||||||||
Proceeds from Stock Options Exercised | 420 | 12,245 | 6,212 | ||||||||
Net Cash Provided by (Used in) Investing Activities | (136,215) | (203,764) | (83,788) | ||||||||
Return (funding) of escrow for future acquisitions | 8 | 24,884 | (24,884) | ||||||||
Payments To Acquire Real Estate And Other Assets | (328,193) | (309,174) | (139,199) | ||||||||
Payments for Capital Improvements | (88,486) | (90,201) | (53,439) | ||||||||
Construction capital and other improvements | (7,848) | (7,998) | (4,148) | ||||||||
Renovations to Existing Real Estate Assets | (30,957) | (21,089) | (11,008) | ||||||||
Payments to Develop Real Estate Assets | (38,730) | (70,788) | (53,042) | ||||||||
Net Cash Provided by (Used in) Financing Activities | (316,600) | (244,294) | (94,334) | ||||||||
Limited Partner [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total operating revenues | $ 263,337 | $ 261,998 | $ 258,891 | $ 258,552 | $ 253,219 | $ 249,574 | $ 245,305 | $ 244,234 | 1,042,779 | 992,332 | 635,490 |
Income from continuing operations before non-operating items | 76,763 | 73,138 | 68,837 | 69,393 | 68,791 | 64,039 | 58,092 | 39,311 | 288,131 | 230,233 | 117,328 |
Interest expense | (30,834) | (30,229) | (30,433) | (30,848) | (31,378) | (29,251) | (31,337) | (31,987) | (122,344) | (123,953) | (78,978) |
Loss from real estate joint ventures | 3 | (1) | (23) | 19 | (10) | 3,124 | 2,919 | (24) | (2) | 6,009 | 338 |
(Loss) income from discontinued operations before gain on sale | 0 | 0 | 0 | 0 | (4) | (8) | (4) | (47) | 0 | (63) | 4,239 |
Gain on sale of discontinued operations | 0 | 0 | 0 | 0 | 16 | (103) | 0 | 5,481 | 0 | 5,394 | 65,520 |
Consolidated net income | $ 350,745 | $ 156,277 | $ 107,544 | ||||||||
Net Income (Loss) Available to Common Unitholders | $ 45,367 | $ 96,828 | $ 143,873 | $ 64,677 | $ 36,458 | $ 70,719 | $ 33,386 | $ 15,714 | |||
Earnings per share - basic | $ 0.57 | $ 1.22 | $ 1.81 | $ 0.81 | $ 0.46 | $ 0.89 | $ 0.42 | $ 0.20 | $ 4.41 | $ 1.97 | $ 2.02 |
Earnings per share - diluted | 0.57 | 1.22 | 1.81 | 0.81 | 0.46 | 0.89 | 0.42 | 0.20 | $ 4.41 | $ 1.97 | $ 2.02 |
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $ 0.77 | $ 0.77 | $ 0.77 | $ 0.77 | $ 0.73 | $ 0.73 | $ 0.73 | $ 0.73 | |||
Net Cash Provided by (Used in) Operating Activities | $ 463,721 | $ 385,378 | $ 257,904 | ||||||||
Increase (Decrease) in Restricted Cash | 2,091 | (8,704) | (11,843) | ||||||||
Proceeds from Stock Options Exercised | 420 | 12,245 | 6,212 | ||||||||
Net Cash Provided by (Used in) Investing Activities | (136,215) | (203,764) | (100,391) | ||||||||
Return (funding) of escrow for future acquisitions | 8 | 24,884 | (24,884) | ||||||||
Payments To Acquire Real Estate And Other Assets | (328,193) | (309,174) | (139,199) | ||||||||
Payments for Capital Improvements | (88,486) | (90,201) | (53,357) | ||||||||
Construction capital and other improvements | (7,848) | (7,998) | (4,148) | ||||||||
Renovations to Existing Real Estate Assets | (30,957) | (21,089) | (11,008) | ||||||||
Payments to Develop Real Estate Assets | (38,730) | (70,788) | (53,042) | ||||||||
Net Cash Provided by (Used in) Financing Activities | $ (316,600) | $ (244,294) | $ (77,114) |
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2012 |
Dec. 31, 2011 |
||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 923,561,000 | ||||||||
Initial Cost Land | 958,186,000 | ||||||||
Initial Cost Buildings and Fixtures | 6,098,194,000 | ||||||||
Gross Amount, Land | 978,311,000 | ||||||||
Gross Amount, Buildings and Fixtures | 7,237,457,000 | ||||||||
Total | 8,215,768,000 | $ 8,069,395,000 | $ 7,722,181,000 | $ 3,729,706,000 | |||||
Accumulated Depreciation | (1,499,213,000) | $ (1,373,678,000) | $ (1,138,315,000) | $ (1,040,473,000) | |||||
Net | 6,716,555,000 | ||||||||
Land | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 20,125,000 | ||||||||
Buildings and Fixtures | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,139,263,000 | ||||||||
Total Residential Properties | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 923,561,000 | ||||||||
Initial Cost Land | 878,643,000 | ||||||||
Initial Cost Buildings and Fixtures | 6,061,011,000 | ||||||||
Gross Amount, Land | 898,759,000 | ||||||||
Gross Amount, Buildings and Fixtures | 7,142,705,000 | ||||||||
Total | 8,041,464,000 | ||||||||
Accumulated Depreciation | (1,479,667,000) | ||||||||
Net | 6,561,797,000 | ||||||||
Total Residential Properties | Colonial Grand at Quarterdeck [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 0 | ||||||||
Initial Cost Land | 920,000 | ||||||||
Initial Cost Buildings and Fixtures | 24,097,000 | ||||||||
Gross Amount, Land | 920,000 | ||||||||
Gross Amount, Buildings and Fixtures | 26,984,000 | ||||||||
Total | 27,904,000 | ||||||||
Accumulated Depreciation | (2,451,000) | ||||||||
Net | $ 25,453,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | Colonial Grand at Quarterdeck [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Quarterdeck [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Westchase [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,571,000 | ||||||||
Initial Cost Buildings and Fixtures | 20,091,000 | ||||||||
Gross Amount, Land | 4,571,000 | ||||||||
Gross Amount, Buildings and Fixtures | 21,567,000 | ||||||||
Total | 26,138,000 | ||||||||
Accumulated Depreciation | (2,416,000) | ||||||||
Net | $ 23,722,000 | ||||||||
Date of Construction | Dec. 31, 1985 | ||||||||
Total Residential Properties | Colonial Village at Westchase [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Westchase [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | River's Walk [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,200,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 5,200,000 | ||||||||
Gross Amount, Buildings and Fixtures | 28,810,000 | ||||||||
Total | 34,010,000 | ||||||||
Accumulated Depreciation | (1,573,000) | ||||||||
Net | $ 32,437,000 | ||||||||
Date of Construction | Dec. 31, 2013 | ||||||||
Total Residential Properties | River's Walk [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | River's Walk [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Fairways [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 910,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,207,000 | ||||||||
Gross Amount, Land | 910,000 | ||||||||
Gross Amount, Buildings and Fixtures | 12,038,000 | ||||||||
Total | 12,948,000 | ||||||||
Accumulated Depreciation | (8,106,000) | ||||||||
Net | $ 4,842,000 | ||||||||
Date of Construction | Dec. 31, 1992 | ||||||||
Total Residential Properties | Fairways [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Fairways [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Paddock Club Columbia [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,840,000 | ||||||||
Initial Cost Buildings and Fixtures | 16,560,000 | ||||||||
Gross Amount, Land | 1,840,000 | ||||||||
Gross Amount, Buildings and Fixtures | 21,108,000 | ||||||||
Total | 22,948,000 | ||||||||
Accumulated Depreciation | (13,117,000) | ||||||||
Net | $ 9,831,000 | ||||||||
Date of Construction | Dec. 31, 1991 | ||||||||
Total Residential Properties | Paddock Club Columbia [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Paddock Club Columbia [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Tanglewood [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 427,000 | ||||||||
Initial Cost Buildings and Fixtures | 3,853,000 | ||||||||
Gross Amount, Land | 427,000 | ||||||||
Gross Amount, Buildings and Fixtures | 7,339,000 | ||||||||
Total | 7,766,000 | ||||||||
Accumulated Depreciation | (5,175,000) | ||||||||
Net | $ 2,591,000 | ||||||||
Date of Construction | Dec. 31, 1980 | ||||||||
Total Residential Properties | Tanglewood [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Tanglewood [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Corners [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 685,000 | ||||||||
Initial Cost Buildings and Fixtures | 6,165,000 | ||||||||
Gross Amount, Land | 685,000 | ||||||||
Gross Amount, Buildings and Fixtures | 9,618,000 | ||||||||
Total | 10,303,000 | ||||||||
Accumulated Depreciation | (7,112,000) | ||||||||
Net | $ 3,191,000 | ||||||||
Date of Construction | Dec. 31, 1982 | ||||||||
Total Residential Properties | Corners [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Corners [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Birchall at Ross Bridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,640,000 | ||||||||
Initial Cost Buildings and Fixtures | 28,842,000 | ||||||||
Gross Amount, Land | 2,640,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,690,000 | ||||||||
Total | 32,330,000 | ||||||||
Accumulated Depreciation | (4,487,000) | ||||||||
Net | $ 27,843,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Birchall at Ross Bridge | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Birchall at Ross Bridge | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Riverchase Trails | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,761,000 | ||||||||
Initial Cost Buildings and Fixtures | 22,079,000 | ||||||||
Gross Amount, Land | 3,761,000 | ||||||||
Gross Amount, Buildings and Fixtures | 23,654,000 | ||||||||
Total | 27,415,000 | ||||||||
Accumulated Depreciation | (2,574,000) | ||||||||
Net | $ 24,841,000 | ||||||||
Date of Construction | Dec. 31, 2010 | ||||||||
Total Residential Properties | Colonial Grand at Riverchase Trails | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Riverchase Trails | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Trussville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,402,000 | ||||||||
Initial Cost Buildings and Fixtures | 31,813,000 | ||||||||
Gross Amount, Land | 3,402,000 | ||||||||
Gross Amount, Buildings and Fixtures | 33,108,000 | ||||||||
Total | 36,510,000 | ||||||||
Accumulated Depreciation | (3,267,000) | ||||||||
Net | $ 33,243,000 | ||||||||
Total Residential Properties | Colonial Village at Trussville | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Trussville | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Eagle Ridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 851,000 | ||||||||
Initial Cost Buildings and Fixtures | 7,667,000 | ||||||||
Gross Amount, Land | 851,000 | ||||||||
Gross Amount, Buildings and Fixtures | 12,043,000 | ||||||||
Total | 12,894,000 | ||||||||
Accumulated Depreciation | (7,454,000) | ||||||||
Net | $ 5,440,000 | ||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
Total Residential Properties | Eagle Ridge | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Eagle Ridge | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Traditions | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,211,000 | ||||||||
Initial Cost Buildings and Fixtures | 25,162,000 | ||||||||
Gross Amount, Land | 3,211,000 | ||||||||
Gross Amount, Buildings and Fixtures | 26,390,000 | ||||||||
Total | 29,601,000 | ||||||||
Accumulated Depreciation | (2,834,000) | ||||||||
Net | $ 26,767,000 | ||||||||
Date of Construction | Dec. 31, 2007 | ||||||||
Total Residential Properties | Colonial Grand at Traditions | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Traditions | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Abbington Place | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 524,000 | ||||||||
Initial Cost Buildings and Fixtures | 4,724,000 | ||||||||
Gross Amount, Land | 524,000 | ||||||||
Gross Amount, Buildings and Fixtures | 7,771,000 | ||||||||
Total | 8,295,000 | ||||||||
Accumulated Depreciation | (4,901,000) | ||||||||
Net | $ 3,394,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | Abbington Place | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Abbington Place | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Edgewater | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 27,722,000 | ||||||||
Initial Cost Land | 4,943,000 | ||||||||
Initial Cost Buildings and Fixtures | 38,673,000 | ||||||||
Gross Amount, Land | 4,943,000 | ||||||||
Gross Amount, Buildings and Fixtures | 42,085,000 | ||||||||
Total | 47,028,000 | ||||||||
Accumulated Depreciation | (3,792,000) | ||||||||
Net | $ 43,236,000 | ||||||||
Date of Construction | Dec. 31, 1990 | ||||||||
Total Residential Properties | Colonial Grand at Edgewater | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Edgewater | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Paddock Club Huntsville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 909,000 | ||||||||
Initial Cost Buildings and Fixtures | 10,152,000 | ||||||||
Gross Amount, Land | 1,739,000 | ||||||||
Gross Amount, Buildings and Fixtures | 24,349,000 | ||||||||
Total | 26,088,000 | ||||||||
Accumulated Depreciation | (13,330,000) | ||||||||
Net | $ 12,758,000 | ||||||||
Date of Construction | Dec. 31, 1993 | ||||||||
Total Residential Properties | Paddock Club Huntsville | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Paddock Club Huntsville | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Madison | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 22,500,000 | ||||||||
Initial Cost Land | 3,601,000 | ||||||||
Initial Cost Buildings and Fixtures | 28,934,000 | ||||||||
Gross Amount, Land | 3,601,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,652,000 | ||||||||
Total | 33,253,000 | ||||||||
Accumulated Depreciation | (3,053,000) | ||||||||
Net | $ 30,200,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Total Residential Properties | Colonial Grand at Madison | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Madison | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Paddock Club Montgomery | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 965,000 | ||||||||
Initial Cost Buildings and Fixtures | 13,190,000 | ||||||||
Gross Amount, Land | 965,000 | ||||||||
Gross Amount, Buildings and Fixtures | 15,240,000 | ||||||||
Total | 16,205,000 | ||||||||
Accumulated Depreciation | (7,316,000) | ||||||||
Net | $ 8,889,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Paddock Club Montgomery | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Paddock Club Montgomery | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Cypress Village at Cypress Village | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,290,000 | ||||||||
Initial Cost Buildings and Fixtures | 12,238,000 | ||||||||
Gross Amount, Land | 1,290,000 | ||||||||
Gross Amount, Buildings and Fixtures | 12,706,000 | ||||||||
Total | 13,996,000 | ||||||||
Accumulated Depreciation | (1,267,000) | ||||||||
Net | $ 12,729,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Cypress Village at Cypress Village | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Cypress Village at Cypress Village | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Liberty Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 17,823,000 | ||||||||
Initial Cost Land | 3,922,000 | ||||||||
Initial Cost Buildings and Fixtures | 30,977,000 | ||||||||
Gross Amount, Land | 3,922,000 | ||||||||
Gross Amount, Buildings and Fixtures | 33,268,000 | ||||||||
Total | 37,190,000 | ||||||||
Accumulated Depreciation | (3,279,000) | ||||||||
Net | $ 33,911,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Total Residential Properties | Colonial Grand at Liberty Park | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Liberty Park | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at OldTown Scottsdale [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 7,820,000 | ||||||||
Initial Cost Buildings and Fixtures | 51,627,000 | ||||||||
Gross Amount, Land | 7,820,000 | ||||||||
Gross Amount, Buildings and Fixtures | 54,291,000 | ||||||||
Total | 62,111,000 | ||||||||
Accumulated Depreciation | (5,141,000) | ||||||||
Net | $ 56,970,000 | ||||||||
Date of Construction | Dec. 31, 2001 | ||||||||
Total Residential Properties | Colonial Grand at OldTown Scottsdale [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at OldTown Scottsdale [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Calais Forest [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,026,000 | ||||||||
Initial Cost Buildings and Fixtures | 9,244,000 | ||||||||
Gross Amount, Land | 1,026,000 | ||||||||
Gross Amount, Buildings and Fixtures | 17,645,000 | ||||||||
Total | 18,671,000 | ||||||||
Accumulated Depreciation | (11,296,000) | ||||||||
Net | $ 7,375,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | Calais Forest [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Calais Forest [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | SkySong [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 0 | ||||||||
Initial Cost Buildings and Fixtures | 55,748,000 | ||||||||
Gross Amount, Land | 0 | ||||||||
Gross Amount, Buildings and Fixtures | 56,044,000 | ||||||||
Total | 56,044,000 | ||||||||
Accumulated Depreciation | (834,000) | ||||||||
Net | $ 55,210,000 | ||||||||
Date of Construction | Dec. 31, 2014 | ||||||||
Total Residential Properties | SkySong [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | SkySong [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Napa Valley [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 960,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,642,000 | ||||||||
Gross Amount, Land | 960,000 | ||||||||
Gross Amount, Buildings and Fixtures | 13,889,000 | ||||||||
Total | 14,849,000 | ||||||||
Accumulated Depreciation | (8,670,000) | ||||||||
Net | $ 6,179,000 | ||||||||
Date of Construction | Dec. 31, 1984 | ||||||||
Total Residential Properties | Napa Valley [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Napa Valley [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Palisades At Chenal Valley [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,560,000 | ||||||||
Initial Cost Buildings and Fixtures | 25,234,000 | ||||||||
Gross Amount, Land | 2,560,000 | ||||||||
Gross Amount, Buildings and Fixtures | 27,500,000 | ||||||||
Total | 30,060,000 | ||||||||
Accumulated Depreciation | (3,962,000) | ||||||||
Net | $ 26,098,000 | ||||||||
Date of Construction | Dec. 31, 2006 | ||||||||
Total Residential Properties | Palisades At Chenal Valley [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Palisades At Chenal Valley [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Ridge at Chenal Valley | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,626,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 2,626,000 | ||||||||
Gross Amount, Buildings and Fixtures | 26,917,000 | ||||||||
Total | 29,543,000 | ||||||||
Accumulated Depreciation | (2,375,000) | ||||||||
Net | $ 27,168,000 | ||||||||
Date of Construction | Dec. 31, 2012 | ||||||||
Total Residential Properties | Ridge at Chenal Valley | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Ridge at Chenal Valley | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Westside Creek I & II | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 1,271,000 | ||||||||
Initial Cost Buildings and Fixtures | 11,463,000 | ||||||||
Gross Amount, Land | 1,271,000 | ||||||||
Gross Amount, Buildings and Fixtures | 19,749,000 | ||||||||
Total | 21,020,000 | ||||||||
Accumulated Depreciation | (11,414,000) | ||||||||
Net | $ 9,606,000 | ||||||||
Total Residential Properties | Westside Creek I & II | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Westside Creek I & II | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Edge at Lyon's Gate | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 7,901,000 | ||||||||
Initial Cost Buildings and Fixtures | 27,182,000 | ||||||||
Gross Amount, Land | 7,901,000 | ||||||||
Gross Amount, Buildings and Fixtures | 28,814,000 | ||||||||
Total | 36,715,000 | ||||||||
Accumulated Depreciation | (7,460,000) | ||||||||
Net | $ 29,255,000 | ||||||||
Date of Construction | Dec. 31, 2007 | ||||||||
Total Residential Properties | Edge at Lyon's Gate | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Edge at Lyon's Gate | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Sky View Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,668,000 | ||||||||
Initial Cost Buildings and Fixtures | 14,577,000 | ||||||||
Gross Amount, Land | 2,668,000 | ||||||||
Gross Amount, Buildings and Fixtures | 16,038,000 | ||||||||
Total | 18,706,000 | ||||||||
Accumulated Depreciation | (3,737,000) | ||||||||
Net | $ 14,969,000 | ||||||||
Date of Construction | Dec. 31, 2007 | ||||||||
Total Residential Properties | Sky View Ranch | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Sky View Ranch | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Talus Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 12,741,000 | ||||||||
Initial Cost Buildings and Fixtures | 47,701,000 | ||||||||
Gross Amount, Land | 12,741,000 | ||||||||
Gross Amount, Buildings and Fixtures | 49,747,000 | ||||||||
Total | 62,488,000 | ||||||||
Accumulated Depreciation | (15,984,000) | ||||||||
Net | $ 46,504,000 | ||||||||
Date of Construction | Dec. 31, 2005 | ||||||||
Total Residential Properties | Talus Ranch | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Talus Ranch | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Inverness Commons | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,219,000 | ||||||||
Initial Cost Buildings and Fixtures | 26,255,000 | ||||||||
Gross Amount, Land | 4,219,000 | ||||||||
Gross Amount, Buildings and Fixtures | 27,184,000 | ||||||||
Total | 31,403,000 | ||||||||
Accumulated Depreciation | (2,661,000) | ||||||||
Net | $ 28,742,000 | ||||||||
Date of Construction | Dec. 31, 2001 | ||||||||
Total Residential Properties | Colonial Grand at Inverness Commons | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Inverness Commons | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Scottsdale | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,612,000 | ||||||||
Initial Cost Buildings and Fixtures | 20,273,000 | ||||||||
Gross Amount, Land | 3,612,000 | ||||||||
Gross Amount, Buildings and Fixtures | 21,617,000 | ||||||||
Total | 25,229,000 | ||||||||
Accumulated Depreciation | (2,099,000) | ||||||||
Net | $ 23,130,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Colonial Grand at Scottsdale | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Scottsdale | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Tiffany Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 1,024,000 | ||||||||
Initial Cost Buildings and Fixtures | 9,219,000 | ||||||||
Gross Amount, Land | 1,024,000 | ||||||||
Gross Amount, Buildings and Fixtures | 15,382,000 | ||||||||
Total | 16,406,000 | ||||||||
Accumulated Depreciation | (10,400,000) | ||||||||
Net | $ 6,006,000 | ||||||||
Date of Construction | Dec. 31, 1985 | ||||||||
Total Residential Properties | Tiffany Oaks | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Tiffany Oaks | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Indigo Point | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,167,000 | ||||||||
Initial Cost Buildings and Fixtures | 10,500,000 | ||||||||
Gross Amount, Land | 1,167,000 | ||||||||
Gross Amount, Buildings and Fixtures | 14,254,000 | ||||||||
Total | 15,421,000 | ||||||||
Accumulated Depreciation | (8,157,000) | ||||||||
Net | $ 7,264,000 | ||||||||
Date of Construction | Dec. 31, 1989 | ||||||||
Total Residential Properties | Indigo Point | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Indigo Point | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Paddock Club Brandon | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,896,000 | ||||||||
Initial Cost Buildings and Fixtures | 26,111,000 | ||||||||
Gross Amount, Land | 2,896,000 | ||||||||
Gross Amount, Buildings and Fixtures | 31,799,000 | ||||||||
Total | 34,695,000 | ||||||||
Accumulated Depreciation | (17,936,000) | ||||||||
Net | $ 16,759,000 | ||||||||
Date of Construction | Dec. 31, 1998 | ||||||||
Total Residential Properties | Paddock Club Brandon | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Paddock Club Brandon | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Lakewood Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,980,000 | ||||||||
Initial Cost Buildings and Fixtures | 40,230,000 | ||||||||
Gross Amount, Land | 2,980,000 | ||||||||
Gross Amount, Buildings and Fixtures | 41,927,000 | ||||||||
Total | 44,907,000 | ||||||||
Accumulated Depreciation | (3,952,000) | ||||||||
Net | $ 40,955,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Colonial Grand at Lakewood Ranch | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Lakewood Ranch | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Preserve at Coral Square | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 9,600,000 | ||||||||
Initial Cost Buildings and Fixtures | 40,004,000 | ||||||||
Gross Amount, Land | 9,600,000 | ||||||||
Gross Amount, Buildings and Fixtures | 49,192,000 | ||||||||
Total | 58,792,000 | ||||||||
Accumulated Depreciation | (19,518,000) | ||||||||
Net | $ 39,274,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Preserve at Coral Square | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Preserve at Coral Square | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Paddock Club Gainesville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,800,000 | ||||||||
Initial Cost Buildings and Fixtures | 15,879,000 | ||||||||
Gross Amount, Land | 1,800,000 | ||||||||
Gross Amount, Buildings and Fixtures | 20,226,000 | ||||||||
Total | 22,026,000 | ||||||||
Accumulated Depreciation | (8,509,000) | ||||||||
Net | $ 13,517,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Paddock Club Gainesville | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Paddock Club Gainesville | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | The Retreat at Magnolia Parke | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,040,000 | ||||||||
Initial Cost Buildings and Fixtures | 16,338,000 | ||||||||
Gross Amount, Land | 2,040,000 | ||||||||
Gross Amount, Buildings and Fixtures | 16,744,000 | ||||||||
Total | 18,784,000 | ||||||||
Accumulated Depreciation | (2,688,000) | ||||||||
Net | $ 16,096,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | The Retreat at Magnolia Parke | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | The Retreat at Magnolia Parke | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Heathrow | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 20,594,000 | ||||||||
Initial Cost Land | 4,101,000 | ||||||||
Initial Cost Buildings and Fixtures | 35,684,000 | ||||||||
Gross Amount, Land | 4,101,000 | ||||||||
Gross Amount, Buildings and Fixtures | 37,111,000 | ||||||||
Total | 41,212,000 | ||||||||
Accumulated Depreciation | (3,675,000) | ||||||||
Net | $ 37,537,000 | ||||||||
Date of Construction | Dec. 31, 1997 | ||||||||
Total Residential Properties | Colonial Grand at Heathrow | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Heathrow | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Atlantic Crossing | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,000,000 | ||||||||
Initial Cost Buildings and Fixtures | 19,495,000 | ||||||||
Gross Amount, Land | 4,000,000 | ||||||||
Gross Amount, Buildings and Fixtures | 20,741,000 | ||||||||
Total | 24,741,000 | ||||||||
Accumulated Depreciation | (3,496,000) | ||||||||
Net | $ 21,245,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Atlantic Crossing | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Atlantic Crossing | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Cooper's Hawk | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 854,000 | ||||||||
Initial Cost Buildings and Fixtures | 7,500,000 | ||||||||
Gross Amount, Land | 854,000 | ||||||||
Gross Amount, Buildings and Fixtures | 11,450,000 | ||||||||
Total | 12,304,000 | ||||||||
Accumulated Depreciation | (7,899,000) | ||||||||
Net | $ 4,405,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | Cooper's Hawk | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Cooper's Hawk | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Hunter's Ridge at Deerwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,533,000 | ||||||||
Initial Cost Buildings and Fixtures | 13,835,000 | ||||||||
Gross Amount, Land | 1,533,000 | ||||||||
Gross Amount, Buildings and Fixtures | 20,699,000 | ||||||||
Total | 22,232,000 | ||||||||
Accumulated Depreciation | (12,756,000) | ||||||||
Net | $ 9,476,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | Hunter's Ridge at Deerwood | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Hunter's Ridge at Deerwood | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Lakeside | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,430,000 | ||||||||
Initial Cost Buildings and Fixtures | 12,883,000 | ||||||||
Gross Amount, Land | 1,430,000 | ||||||||
Gross Amount, Buildings and Fixtures | 22,860,000 | ||||||||
Total | 24,290,000 | ||||||||
Accumulated Depreciation | (16,129,000) | ||||||||
Net | $ 8,161,000 | ||||||||
Date of Construction | Dec. 31, 1985 | ||||||||
Total Residential Properties | Lakeside | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Lakeside | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Lighthouse at Fleming Island | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 4,047,000 | ||||||||
Initial Cost Buildings and Fixtures | 35,052,000 | ||||||||
Gross Amount, Land | 4,047,000 | ||||||||
Gross Amount, Buildings and Fixtures | 40,539,000 | ||||||||
Total | 44,586,000 | ||||||||
Accumulated Depreciation | (17,354,000) | ||||||||
Net | $ 27,232,000 | ||||||||
Date of Construction | Dec. 31, 2003 | ||||||||
Total Residential Properties | Lighthouse at Fleming Island | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Lighthouse at Fleming Island | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Paddock Club Mandarin | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,411,000 | ||||||||
Initial Cost Buildings and Fixtures | 14,967,000 | ||||||||
Gross Amount, Land | 1,411,000 | ||||||||
Gross Amount, Buildings and Fixtures | 17,928,000 | ||||||||
Total | 19,339,000 | ||||||||
Accumulated Depreciation | (8,503,000) | ||||||||
Net | $ 10,836,000 | ||||||||
Date of Construction | Dec. 31, 1998 | ||||||||
Total Residential Properties | Paddock Club Mandarin | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Paddock Club Mandarin | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | St Augustine | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,857,000 | ||||||||
Initial Cost Buildings and Fixtures | 6,475,000 | ||||||||
Gross Amount, Land | 2,857,000 | ||||||||
Gross Amount, Buildings and Fixtures | 14,060,000 | ||||||||
Total | 16,917,000 | ||||||||
Accumulated Depreciation | (9,973,000) | ||||||||
Net | $ 6,944,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | St Augustine | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | St Augustine | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | St Augustine II | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 0 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 0 | ||||||||
Gross Amount, Buildings and Fixtures | 13,394,000 | ||||||||
Total | 13,394,000 | ||||||||
Accumulated Depreciation | (2,373,000) | ||||||||
Net | $ 11,021,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | St Augustine II | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | St Augustine II | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Tattersall at Tapestry Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 6,417,000 | ||||||||
Initial Cost Buildings and Fixtures | 36,069,000 | ||||||||
Gross Amount, Land | 6,417,000 | ||||||||
Gross Amount, Buildings and Fixtures | 36,680,000 | ||||||||
Total | 43,097,000 | ||||||||
Accumulated Depreciation | (5,716,000) | ||||||||
Net | $ 37,381,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Tattersall at Tapestry Park | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Tattersall at Tapestry Park | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Woodhollow | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,686,000 | ||||||||
Initial Cost Buildings and Fixtures | 15,179,000 | ||||||||
Gross Amount, Land | 1,678,000 | ||||||||
Gross Amount, Buildings and Fixtures | 25,401,000 | ||||||||
Total | 27,079,000 | ||||||||
Accumulated Depreciation | (16,371,000) | ||||||||
Net | $ 10,708,000 | ||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
Total Residential Properties | Woodhollow | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Woodhollow | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Paddock Club Lakeland | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,254,000 | ||||||||
Initial Cost Buildings and Fixtures | 20,452,000 | ||||||||
Gross Amount, Land | 1,221,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,288,000 | ||||||||
Total | 30,509,000 | ||||||||
Accumulated Depreciation | (17,958,000) | ||||||||
Net | $ 12,551,000 | ||||||||
Total Residential Properties | Paddock Club Lakeland | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Paddock Club Lakeland | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Lake Mary | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,780,000 | ||||||||
Initial Cost Buildings and Fixtures | 33,543,000 | ||||||||
Gross Amount, Land | 5,040,000 | ||||||||
Gross Amount, Buildings and Fixtures | 45,604,000 | ||||||||
Total | 50,644,000 | ||||||||
Accumulated Depreciation | (4,134,000) | ||||||||
Net | $ 46,510,000 | ||||||||
Date of Construction | Dec. 31, 2012 | ||||||||
Total Residential Properties | Colonial Grand at Lake Mary | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Lake Mary | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Town Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 32,938,000 | ||||||||
Initial Cost Land | 5,742,000 | ||||||||
Initial Cost Buildings and Fixtures | 56,562,000 | ||||||||
Gross Amount, Land | 5,742,000 | ||||||||
Gross Amount, Buildings and Fixtures | 58,176,000 | ||||||||
Total | 63,918,000 | ||||||||
Accumulated Depreciation | (5,985,000) | ||||||||
Net | $ 57,933,000 | ||||||||
Date of Construction | Dec. 31, 2005 | ||||||||
Total Residential Properties | Colonial Grand at Town Park | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Town Park | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Town Park Reserve | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,481,000 | ||||||||
Initial Cost Buildings and Fixtures | 10,311,000 | ||||||||
Gross Amount, Land | 3,481,000 | ||||||||
Gross Amount, Buildings and Fixtures | 10,499,000 | ||||||||
Total | 13,980,000 | ||||||||
Accumulated Depreciation | (1,102,000) | ||||||||
Net | $ 12,878,000 | ||||||||
Date of Construction | Dec. 31, 2004 | ||||||||
Total Residential Properties | Colonial Grand at Town Park Reserve | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Town Park Reserve | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Retreat at Lake Nona | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 7,880,000 | ||||||||
Initial Cost Buildings and Fixtures | 41,175,000 | ||||||||
Gross Amount, Land | 7,880,000 | ||||||||
Gross Amount, Buildings and Fixtures | 43,271,000 | ||||||||
Total | 51,151,000 | ||||||||
Accumulated Depreciation | (5,133,000) | ||||||||
Net | $ 46,018,000 | ||||||||
Date of Construction | Dec. 31, 2006 | ||||||||
Total Residential Properties | Retreat at Lake Nona | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Retreat at Lake Nona | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Heather Glen | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,662,000 | ||||||||
Initial Cost Buildings and Fixtures | 56,988,000 | ||||||||
Gross Amount, Land | 4,662,000 | ||||||||
Gross Amount, Buildings and Fixtures | 59,391,000 | ||||||||
Total | 64,053,000 | ||||||||
Accumulated Depreciation | (5,553,000) | ||||||||
Net | $ 58,500,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Total Residential Properties | Colonial Grand at Heather Glen | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Heather Glen | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | The Club at Panama Beach | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 898,000 | ||||||||
Initial Cost Buildings and Fixtures | 14,276,000 | ||||||||
Gross Amount, Land | 893,000 | ||||||||
Gross Amount, Buildings and Fixtures | 18,376,000 | ||||||||
Total | 19,269,000 | ||||||||
Accumulated Depreciation | (9,512,000) | ||||||||
Net | $ 9,757,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Total Residential Properties | The Club at Panama Beach | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | The Club at Panama Beach | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Twin Lakes | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 25,044,000 | ||||||||
Initial Cost Land | 3,091,000 | ||||||||
Initial Cost Buildings and Fixtures | 47,793,000 | ||||||||
Gross Amount, Land | 3,091,000 | ||||||||
Gross Amount, Buildings and Fixtures | 48,769,000 | ||||||||
Total | 51,860,000 | ||||||||
Accumulated Depreciation | (4,824,000) | ||||||||
Net | $ 47,036,000 | ||||||||
Date of Construction | Dec. 31, 2005 | ||||||||
Total Residential Properties | Colonial Village at Twin Lakes | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Twin Lakes | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Paddock Club Tallahassee | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 530,000 | ||||||||
Initial Cost Buildings and Fixtures | 4,805,000 | ||||||||
Gross Amount, Land | 1,480,000 | ||||||||
Gross Amount, Buildings and Fixtures | 19,500,000 | ||||||||
Total | 20,980,000 | ||||||||
Accumulated Depreciation | (11,784,000) | ||||||||
Net | $ 9,196,000 | ||||||||
Date of Construction | Dec. 31, 1992 | ||||||||
Total Residential Properties | Paddock Club Tallahassee | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Paddock Club Tallahassee | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Verandas at Southwood [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 20,345,000 | ||||||||
Initial Cost Land | 3,600,000 | ||||||||
Initial Cost Buildings and Fixtures | 25,914,000 | ||||||||
Gross Amount, Land | 3,600,000 | ||||||||
Gross Amount, Buildings and Fixtures | 26,029,000 | ||||||||
Total | 29,629,000 | ||||||||
Accumulated Depreciation | (1,260,000) | ||||||||
Net | $ 28,369,000 | ||||||||
Date of Construction | Dec. 31, 2003 | ||||||||
Total Residential Properties | Verandas at Southwood [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Verandas at Southwood [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Belmere | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 852,000 | ||||||||
Initial Cost Buildings and Fixtures | 7,667,000 | ||||||||
Gross Amount, Land | 852,000 | ||||||||
Gross Amount, Buildings and Fixtures | 13,949,000 | ||||||||
Total | 14,801,000 | ||||||||
Accumulated Depreciation | (9,790,000) | ||||||||
Net | $ 5,011,000 | ||||||||
Date of Construction | Dec. 31, 1984 | ||||||||
Total Residential Properties | Belmere | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Belmere | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Links at Carrollwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 817,000 | ||||||||
Initial Cost Buildings and Fixtures | 7,355,000 | ||||||||
Cost Capitalized subsequent to Acquisition | 5,649,000 | ||||||||
Gross Amount, Land | 927,000 | ||||||||
Gross Amount, Buildings and Fixtures | 13,004,000 | ||||||||
Total | 13,931,000 | ||||||||
Accumulated Depreciation | (8,014,000) | ||||||||
Net | $ 5,917,000 | ||||||||
Date of Construction | Dec. 31, 1980 | ||||||||
Total Residential Properties | Links at Carrollwood | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Links at Carrollwood | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Village Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 2,738,000 | ||||||||
Initial Cost Buildings and Fixtures | 19,055,000 | ||||||||
Gross Amount, Land | 2,891,000 | ||||||||
Gross Amount, Buildings and Fixtures | 21,052,000 | ||||||||
Total | 23,943,000 | ||||||||
Accumulated Depreciation | (5,296,000) | ||||||||
Net | $ 18,647,000 | ||||||||
Date of Construction | Dec. 31, 2005 | ||||||||
Total Residential Properties | Village Oaks | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Village Oaks | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Hampton Preserve | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 6,233,000 | ||||||||
Initial Cost Buildings and Fixtures | 69,535,000 | ||||||||
Gross Amount, Land | 6,233,000 | ||||||||
Gross Amount, Buildings and Fixtures | 70,285,000 | ||||||||
Total | 76,518,000 | ||||||||
Accumulated Depreciation | (6,483,000) | ||||||||
Net | $ 70,035,000 | ||||||||
Date of Construction | Dec. 31, 2012 | ||||||||
Total Residential Properties | Colonial Grand at Hampton Preserve | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Hampton Preserve | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Seven Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 20,720,000 | ||||||||
Initial Cost Land | 3,051,000 | ||||||||
Initial Cost Buildings and Fixtures | 42,768,000 | ||||||||
Gross Amount, Land | 3,051,000 | ||||||||
Gross Amount, Buildings and Fixtures | 43,509,000 | ||||||||
Total | 46,560,000 | ||||||||
Accumulated Depreciation | (4,045,000) | ||||||||
Net | $ 42,515,000 | ||||||||
Date of Construction | Dec. 31, 2004 | ||||||||
Total Residential Properties | Colonial Grand at Seven Oaks | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Seven Oaks | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Windermere | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,711,000 | ||||||||
Initial Cost Buildings and Fixtures | 36,710,000 | ||||||||
Gross Amount, Land | 2,711,000 | ||||||||
Gross Amount, Buildings and Fixtures | 37,202,000 | ||||||||
Total | 39,913,000 | ||||||||
Accumulated Depreciation | (3,377,000) | ||||||||
Net | $ 36,536,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Colonial Grand at Windermere | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Windermere | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Park Crest At Innisbrook | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 28,419,000 | ||||||||
Initial Cost Land | 6,900,000 | ||||||||
Initial Cost Buildings and Fixtures | 26,613,000 | ||||||||
Gross Amount, Land | 6,900,000 | ||||||||
Gross Amount, Buildings and Fixtures | 27,545,000 | ||||||||
Total | 34,445,000 | ||||||||
Accumulated Depreciation | (6,576,000) | ||||||||
Net | $ 27,869,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Total Residential Properties | Park Crest At Innisbrook | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Park Crest At Innisbrook | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Allure at Brookwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 11,168,000 | ||||||||
Initial Cost Buildings and Fixtures | 52,758,000 | ||||||||
Gross Amount, Land | 11,168,000 | ||||||||
Gross Amount, Buildings and Fixtures | 55,718,000 | ||||||||
Total | 66,886,000 | ||||||||
Accumulated Depreciation | (6,650,000) | ||||||||
Net | $ 60,236,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Allure at Brookwood | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Allure at Brookwood | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Allure in Buckhead Village Residential | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 8,633,000 | ||||||||
Initial Cost Buildings and Fixtures | 19,844,000 | ||||||||
Gross Amount, Land | 8,633,000 | ||||||||
Gross Amount, Buildings and Fixtures | 24,767,000 | ||||||||
Total | 33,400,000 | ||||||||
Accumulated Depreciation | (3,370,000) | ||||||||
Net | $ 30,030,000 | ||||||||
Date of Construction | Dec. 31, 2002 | ||||||||
Total Residential Properties | Allure in Buckhead Village Residential | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Allure in Buckhead Village Residential | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Sanctuary At Oglethorpe [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 6,875,000 | ||||||||
Initial Cost Buildings and Fixtures | 31,441,000 | ||||||||
Gross Amount, Land | 6,875,000 | ||||||||
Gross Amount, Buildings and Fixtures | 34,893,000 | ||||||||
Total | 41,768,000 | ||||||||
Accumulated Depreciation | (9,621,000) | ||||||||
Net | $ 32,147,000 | ||||||||
Date of Construction | Dec. 31, 1994 | ||||||||
Total Residential Properties | Sanctuary At Oglethorpe [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Sanctuary At Oglethorpe [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Terraces at Fieldstone | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,284,000 | ||||||||
Initial Cost Buildings and Fixtures | 15,819,000 | ||||||||
Gross Amount, Land | 1,284,000 | ||||||||
Gross Amount, Buildings and Fixtures | 18,696,000 | ||||||||
Total | 19,980,000 | ||||||||
Accumulated Depreciation | (8,587,000) | ||||||||
Net | $ 11,393,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Terraces at Fieldstone | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Terraces at Fieldstone | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Prescott | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,840,000 | ||||||||
Initial Cost Buildings and Fixtures | 24,011,000 | ||||||||
Gross Amount, Land | 3,840,000 | ||||||||
Gross Amount, Buildings and Fixtures | 27,019,000 | ||||||||
Total | 30,859,000 | ||||||||
Accumulated Depreciation | (10,837,000) | ||||||||
Net | $ 20,022,000 | ||||||||
Date of Construction | Dec. 31, 2001 | ||||||||
Total Residential Properties | Prescott | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Prescott | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Berkeley Lake | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,960,000 | ||||||||
Initial Cost Buildings and Fixtures | 15,707,000 | ||||||||
Gross Amount, Land | 1,960,000 | ||||||||
Gross Amount, Buildings and Fixtures | 16,577,000 | ||||||||
Total | 18,537,000 | ||||||||
Accumulated Depreciation | (1,896,000) | ||||||||
Net | $ 16,641,000 | ||||||||
Date of Construction | Dec. 31, 1998 | ||||||||
Total Residential Properties | Colonial Grand at Berkeley Lake | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Berkeley Lake | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Lake Lanier Club I [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,560,000 | ||||||||
Initial Cost Buildings and Fixtures | 22,611,000 | ||||||||
Gross Amount, Land | 3,560,000 | ||||||||
Gross Amount, Buildings and Fixtures | 26,997,000 | ||||||||
Total | 30,557,000 | ||||||||
Accumulated Depreciation | (10,294,000) | ||||||||
Net | $ 20,263,000 | ||||||||
Date of Construction | Dec. 31, 1998 | ||||||||
Total Residential Properties | Lake Lanier Club I [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Lake Lanier Club I [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at River Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 11,680,000 | ||||||||
Initial Cost Land | 4,360,000 | ||||||||
Initial Cost Buildings and Fixtures | 13,579,000 | ||||||||
Gross Amount, Land | 4,360,000 | ||||||||
Gross Amount, Buildings and Fixtures | 14,540,000 | ||||||||
Total | 18,900,000 | ||||||||
Accumulated Depreciation | (2,105,000) | ||||||||
Net | $ 16,795,000 | ||||||||
Date of Construction | Dec. 31, 1992 | ||||||||
Total Residential Properties | Colonial Grand at River Oaks | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at River Oaks | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Lake Lanier Club II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,150,000 | ||||||||
Initial Cost Buildings and Fixtures | 18,383,000 | ||||||||
Gross Amount, Land | 3,150,000 | ||||||||
Gross Amount, Buildings and Fixtures | 20,551,000 | ||||||||
Total | 23,701,000 | ||||||||
Accumulated Depreciation | (7,717,000) | ||||||||
Net | $ 15,984,000 | ||||||||
Date of Construction | Dec. 31, 2001 | ||||||||
Total Residential Properties | Lake Lanier Club II [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Lake Lanier Club II [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at River Plantation | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,059,000 | ||||||||
Initial Cost Buildings and Fixtures | 19,158,000 | ||||||||
Gross Amount, Land | 2,059,000 | ||||||||
Gross Amount, Buildings and Fixtures | 20,233,000 | ||||||||
Total | 22,292,000 | ||||||||
Accumulated Depreciation | (2,301,000) | ||||||||
Net | $ 19,991,000 | ||||||||
Date of Construction | Dec. 31, 1994 | ||||||||
Total Residential Properties | Colonial Grand at River Plantation | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at River Plantation | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at McDaniel Farm | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,985,000 | ||||||||
Initial Cost Buildings and Fixtures | 32,206,000 | ||||||||
Gross Amount, Land | 3,985,000 | ||||||||
Gross Amount, Buildings and Fixtures | 34,022,000 | ||||||||
Total | 38,007,000 | ||||||||
Accumulated Depreciation | (3,844,000) | ||||||||
Net | $ 34,163,000 | ||||||||
Date of Construction | Dec. 31, 1997 | ||||||||
Total Residential Properties | Colonial Grand at McDaniel Farm | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at McDaniel Farm | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Pleasant Hill | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 6,753,000 | ||||||||
Initial Cost Buildings and Fixtures | 32,202,000 | ||||||||
Gross Amount, Land | 6,753,000 | ||||||||
Gross Amount, Buildings and Fixtures | 34,162,000 | ||||||||
Total | 40,915,000 | ||||||||
Accumulated Depreciation | (3,725,000) | ||||||||
Net | $ 37,190,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Colonial Grand at Pleasant Hill | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Pleasant Hill | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Mount Vernon | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [2] | $ 15,328,000 | |||||||
Initial Cost Land | 6,861,000 | ||||||||
Initial Cost Buildings and Fixtures | 23,748,000 | ||||||||
Gross Amount, Land | 6,861,000 | ||||||||
Gross Amount, Buildings and Fixtures | 24,885,000 | ||||||||
Total | 31,746,000 | ||||||||
Accumulated Depreciation | (2,327,000) | ||||||||
Net | $ 29,419,000 | ||||||||
Date of Construction | Dec. 31, 1997 | ||||||||
Total Residential Properties | Colonial Grand at Mount Vernon | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Mount Vernon | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Shiloh | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 30,454,000 | ||||||||
Initial Cost Land | 4,864,000 | ||||||||
Initial Cost Buildings and Fixtures | 45,893,000 | ||||||||
Gross Amount, Land | 4,864,000 | ||||||||
Gross Amount, Buildings and Fixtures | 47,576,000 | ||||||||
Total | 52,440,000 | ||||||||
Accumulated Depreciation | (4,874,000) | ||||||||
Net | $ 47,566,000 | ||||||||
Date of Construction | Dec. 31, 2002 | ||||||||
Total Residential Properties | Colonial Grand at Shiloh | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Shiloh | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Milstead Village | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,100,000 | ||||||||
Initial Cost Buildings and Fixtures | 29,240,000 | ||||||||
Gross Amount, Land | 3,100,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,432,000 | ||||||||
Total | 32,532,000 | ||||||||
Accumulated Depreciation | (2,998,000) | ||||||||
Net | $ 29,534,000 | ||||||||
Date of Construction | Dec. 31, 1998 | ||||||||
Total Residential Properties | Milstead Village | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Milstead Village | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Barrett Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 19,257,000 | ||||||||
Initial Cost Land | 5,661,000 | ||||||||
Initial Cost Buildings and Fixtures | 26,186,000 | ||||||||
Gross Amount, Land | 5,661,000 | ||||||||
Gross Amount, Buildings and Fixtures | 27,432,000 | ||||||||
Total | 33,093,000 | ||||||||
Accumulated Depreciation | (3,171,000) | ||||||||
Net | $ 29,922,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Colonial Grand at Barrett Creek | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Barrett Creek | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Godley Station | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 12,777,000 | ||||||||
Initial Cost Land | 1,800,000 | ||||||||
Initial Cost Buildings and Fixtures | 35,454,000 | ||||||||
Gross Amount, Land | 1,800,000 | ||||||||
Gross Amount, Buildings and Fixtures | 36,798,000 | ||||||||
Total | 38,598,000 | ||||||||
Accumulated Depreciation | (3,426,000) | ||||||||
Net | $ 35,172,000 | ||||||||
Date of Construction | Dec. 31, 2001 | ||||||||
Total Residential Properties | Colonial Grand at Godley Station | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Godley Station | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Godley Lake | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,750,000 | ||||||||
Initial Cost Buildings and Fixtures | 30,893,000 | ||||||||
Gross Amount, Land | 1,750,000 | ||||||||
Gross Amount, Buildings and Fixtures | 31,576,000 | ||||||||
Total | 33,326,000 | ||||||||
Accumulated Depreciation | (3,124,000) | ||||||||
Net | $ 30,202,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Colonial Village at Godley Lake | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Godley Lake | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Avala at Savannah Quarters | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [2] | $ 0 | |||||||
Initial Cost Land | 1,500,000 | ||||||||
Initial Cost Buildings and Fixtures | 24,862,000 | ||||||||
Gross Amount, Land | 1,500,000 | ||||||||
Gross Amount, Buildings and Fixtures | 25,680,000 | ||||||||
Total | 27,180,000 | ||||||||
Accumulated Depreciation | (4,130,000) | ||||||||
Net | $ 23,050,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Avala at Savannah Quarters | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Avala at Savannah Quarters | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Georgetown Grove | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,288,000 | ||||||||
Initial Cost Buildings and Fixtures | 11,579,000 | ||||||||
Gross Amount, Land | 1,288,000 | ||||||||
Gross Amount, Buildings and Fixtures | 14,709,000 | ||||||||
Total | 15,997,000 | ||||||||
Accumulated Depreciation | (8,776,000) | ||||||||
Net | $ 7,221,000 | ||||||||
Date of Construction | Dec. 31, 1997 | ||||||||
Total Residential Properties | Georgetown Grove | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Georgetown Grove | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Hammocks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,441,000 | ||||||||
Initial Cost Buildings and Fixtures | 36,863,000 | ||||||||
Gross Amount, Land | 2,441,000 | ||||||||
Gross Amount, Buildings and Fixtures | 38,493,000 | ||||||||
Total | 40,934,000 | ||||||||
Accumulated Depreciation | (3,607,000) | ||||||||
Net | $ 37,327,000 | ||||||||
Date of Construction | Dec. 31, 1997 | ||||||||
Total Residential Properties | Colonial Grand at Hammocks | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Hammocks | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Haven at Prairie Trace [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,500,000 | ||||||||
Initial Cost Buildings and Fixtures | 40,614,000 | ||||||||
Gross Amount, Land | 3,500,000 | ||||||||
Gross Amount, Buildings and Fixtures | 40,864,000 | ||||||||
Total | 44,364,000 | ||||||||
Accumulated Depreciation | (434,000) | ||||||||
Net | $ 43,930,000 | ||||||||
Date of Construction | Dec. 31, 2015 | ||||||||
Total Residential Properties | Haven at Prairie Trace [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Haven at Prairie Trace [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Grand Reserve Lexington [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Grand Reserve Lexington [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Greentree | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,710,000 | ||||||||
Initial Cost Buildings and Fixtures | 10,494,000 | ||||||||
Gross Amount, Land | 1,710,000 | ||||||||
Gross Amount, Buildings and Fixtures | 11,105,000 | ||||||||
Total | 12,815,000 | ||||||||
Accumulated Depreciation | (1,377,000) | ||||||||
Net | $ 11,438,000 | ||||||||
Date of Construction | Dec. 31, 1984 | ||||||||
Total Residential Properties | Colonial Village at Greentree | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Greentree | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Grand Reserve at Pinnacle [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,024,000 | ||||||||
Initial Cost Buildings and Fixtures | 31,525,000 | ||||||||
Gross Amount, Land | 2,024,000 | ||||||||
Gross Amount, Buildings and Fixtures | 35,789,000 | ||||||||
Total | 37,813,000 | ||||||||
Accumulated Depreciation | (15,170,000) | ||||||||
Net | $ 22,643,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Total Residential Properties | Colonial Village at Huntington | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,521,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,223,000 | ||||||||
Gross Amount, Land | 2,521,000 | ||||||||
Gross Amount, Buildings and Fixtures | 8,523,000 | ||||||||
Total | 11,044,000 | ||||||||
Accumulated Depreciation | (931,000) | ||||||||
Net | $ 10,113,000 | ||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
Total Residential Properties | Colonial Village at Huntington | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Huntington | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Marsh Cove | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,231,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,555,000 | ||||||||
Gross Amount, Land | 5,231,000 | ||||||||
Gross Amount, Buildings and Fixtures | 9,027,000 | ||||||||
Total | 14,258,000 | ||||||||
Accumulated Depreciation | (1,161,000) | ||||||||
Net | $ 13,097,000 | ||||||||
Date of Construction | Dec. 31, 1983 | ||||||||
Total Residential Properties | Colonial Village at Marsh Cove | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Marsh Cove | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Oaks at Wilmington Island | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,910,000 | ||||||||
Initial Cost Buildings and Fixtures | 25,315,000 | ||||||||
Gross Amount, Land | 2,910,000 | ||||||||
Gross Amount, Buildings and Fixtures | 28,364,000 | ||||||||
Total | 31,274,000 | ||||||||
Accumulated Depreciation | (9,317,000) | ||||||||
Net | $ 21,957,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Oaks at Wilmington Island | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Oaks at Wilmington Island | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Highlands of West Village I [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 41,075,000 | ||||||||
Initial Cost Land | 9,052,000 | ||||||||
Initial Cost Buildings and Fixtures | 43,395,000 | ||||||||
Gross Amount, Land | 9,052,000 | ||||||||
Gross Amount, Buildings and Fixtures | 47,772,000 | ||||||||
Total | 56,824,000 | ||||||||
Accumulated Depreciation | (1,897,000) | ||||||||
Net | $ 54,927,000 | ||||||||
Date of Construction | Dec. 31, 2006 | ||||||||
Total Residential Properties | Highlands of West Village I [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Highlands of West Village I [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Highlands of West Village II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,358,000 | ||||||||
Initial Cost Buildings and Fixtures | 30,338,000 | ||||||||
Gross Amount, Land | 5,358,000 | ||||||||
Gross Amount, Buildings and Fixtures | 30,373,000 | ||||||||
Total | 35,731,000 | ||||||||
Accumulated Depreciation | (1,196,000) | ||||||||
Net | $ 34,535,000 | ||||||||
Date of Construction | Dec. 31, 2012 | ||||||||
Total Residential Properties | Highlands of West Village II [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Highlands of West Village II [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Terraces At Townelake [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,331,000 | ||||||||
Initial Cost Buildings and Fixtures | 11,918,000 | ||||||||
Gross Amount, Land | 3,019,000 | ||||||||
Gross Amount, Buildings and Fixtures | 34,383,000 | ||||||||
Total | 37,402,000 | ||||||||
Accumulated Depreciation | (18,398,000) | ||||||||
Net | $ 19,004,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Terraces At Townelake [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Terraces At Townelake [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Residences at Burlington Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 4,000,000 | ||||||||
Initial Cost Buildings and Fixtures | 42,144,000 | ||||||||
Gross Amount, Land | 4,000,000 | ||||||||
Gross Amount, Buildings and Fixtures | 42,455,000 | ||||||||
Total | 46,455,000 | ||||||||
Accumulated Depreciation | (1,086,000) | ||||||||
Net | $ 45,369,000 | ||||||||
Total Residential Properties | Residences at Burlington Creek [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Residences at Burlington Creek [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Lakepointe [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 411,000 | ||||||||
Initial Cost Buildings and Fixtures | 3,699,000 | ||||||||
Gross Amount, Land | 411,000 | ||||||||
Gross Amount, Buildings and Fixtures | 6,312,000 | ||||||||
Total | 6,723,000 | ||||||||
Accumulated Depreciation | (4,434,000) | ||||||||
Net | $ 2,289,000 | ||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
Total Residential Properties | Lakepointe [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Lakepointe [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | The Denton [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 750,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,795,000 | ||||||||
Gross Amount, Land | 750,000 | ||||||||
Gross Amount, Buildings and Fixtures | 8,795,000 | ||||||||
Total | 9,545,000 | ||||||||
Accumulated Depreciation | 0 | ||||||||
Net | $ 9,545,000 | ||||||||
Date of Construction | Dec. 31, 2014 | ||||||||
Total Residential Properties | The Denton [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | The Denton [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Mansion [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 694,000 | ||||||||
Initial Cost Buildings and Fixtures | 6,242,000 | ||||||||
Gross Amount, Land | 694,000 | ||||||||
Gross Amount, Buildings and Fixtures | 9,967,000 | ||||||||
Total | 10,661,000 | ||||||||
Accumulated Depreciation | (6,972,000) | ||||||||
Net | $ 3,689,000 | ||||||||
Date of Construction | Dec. 31, 1989 | ||||||||
Total Residential Properties | Mansion [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Mansion [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 900,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,097,000 | ||||||||
Gross Amount, Land | 900,000 | ||||||||
Gross Amount, Buildings and Fixtures | 13,147,000 | ||||||||
Total | 14,047,000 | ||||||||
Accumulated Depreciation | (9,171,000) | ||||||||
Net | $ 4,876,000 | ||||||||
Date of Construction | Dec. 31, 1989 | ||||||||
Total Residential Properties | Village [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Village [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Stonemill Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,169,000 | ||||||||
Initial Cost Buildings and Fixtures | 10,518,000 | ||||||||
Gross Amount, Land | 1,169,000 | ||||||||
Gross Amount, Buildings and Fixtures | 20,567,000 | ||||||||
Total | 21,736,000 | ||||||||
Accumulated Depreciation | (13,554,000) | ||||||||
Net | $ 8,182,000 | ||||||||
Date of Construction | Dec. 31, 1985 | ||||||||
Total Residential Properties | Stonemill Village [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Stonemill Village [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Crosswinds [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,535,000 | ||||||||
Initial Cost Buildings and Fixtures | 13,826,000 | ||||||||
Gross Amount, Land | 1,535,000 | ||||||||
Gross Amount, Buildings and Fixtures | 19,574,000 | ||||||||
Total | 21,109,000 | ||||||||
Accumulated Depreciation | (12,927,000) | ||||||||
Net | $ 8,182,000 | ||||||||
Date of Construction | Dec. 31, 1989 | ||||||||
Total Residential Properties | Crosswinds [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Crosswinds [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Pear Orchard [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,351,000 | ||||||||
Initial Cost Buildings and Fixtures | 12,168,000 | ||||||||
Gross Amount, Land | 1,351,000 | ||||||||
Gross Amount, Buildings and Fixtures | 21,223,000 | ||||||||
Total | 22,574,000 | ||||||||
Accumulated Depreciation | (14,512,000) | ||||||||
Net | $ 8,062,000 | ||||||||
Date of Construction | Dec. 31, 1985 | ||||||||
Total Residential Properties | Pear Orchard [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Pear Orchard [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Reflection Pointe [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 710,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,770,000 | ||||||||
Gross Amount, Land | 848,000 | ||||||||
Gross Amount, Buildings and Fixtures | 17,507,000 | ||||||||
Total | 18,355,000 | ||||||||
Accumulated Depreciation | (11,209,000) | ||||||||
Net | $ 7,146,000 | ||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
Total Residential Properties | Reflection Pointe [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Reflection Pointe [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Lakeshore Landing [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 676,000 | ||||||||
Initial Cost Buildings and Fixtures | 6,284,000 | ||||||||
Gross Amount, Land | 676,000 | ||||||||
Gross Amount, Buildings and Fixtures | 9,245,000 | ||||||||
Total | 9,921,000 | ||||||||
Accumulated Depreciation | (4,138,000) | ||||||||
Net | $ 5,783,000 | ||||||||
Date of Construction | Dec. 31, 1974 | ||||||||
Total Residential Properties | Lakeshore Landing [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Lakeshore Landing [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Market Station [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,814,000 | ||||||||
Initial Cost Buildings and Fixtures | 46,241,000 | ||||||||
Gross Amount, Land | 5,814,000 | ||||||||
Gross Amount, Buildings and Fixtures | 46,993,000 | ||||||||
Total | 52,807,000 | ||||||||
Accumulated Depreciation | (5,232,000) | ||||||||
Net | $ 47,575,000 | ||||||||
Date of Construction | Dec. 31, 2010 | ||||||||
Total Residential Properties | Market Station [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Market Station [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Desert Vista [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 4,091,000 | ||||||||
Initial Cost Buildings and Fixtures | 29,826,000 | ||||||||
Gross Amount, Land | 4,091,000 | ||||||||
Gross Amount, Buildings and Fixtures | 30,459,000 | ||||||||
Total | 34,550,000 | ||||||||
Accumulated Depreciation | (3,094,000) | ||||||||
Net | $ 31,456,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Colonial Grand at Desert Vista [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Desert Vista [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Palm Vista [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 4,909,000 | ||||||||
Initial Cost Buildings and Fixtures | 25,643,000 | ||||||||
Gross Amount, Land | 4,909,000 | ||||||||
Gross Amount, Buildings and Fixtures | 26,779,000 | ||||||||
Total | 31,688,000 | ||||||||
Accumulated Depreciation | (2,806,000) | ||||||||
Net | $ 28,882,000 | ||||||||
Date of Construction | Dec. 31, 2007 | ||||||||
Total Residential Properties | Colonial Grand at Palm Vista [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Palm Vista [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Beaver Creek (Raleigh, NC) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 7,491,000 | ||||||||
Initial Cost Buildings and Fixtures | 34,863,000 | ||||||||
Gross Amount, Land | 7,491,000 | ||||||||
Gross Amount, Buildings and Fixtures | 35,826,000 | ||||||||
Total | 43,317,000 | ||||||||
Accumulated Depreciation | (3,376,000) | ||||||||
Net | $ 39,941,000 | ||||||||
Date of Construction | Dec. 31, 2007 | ||||||||
Total Residential Properties | Colonial Village at Beaver Creek (Raleigh, NC) [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Beaver Creek (Raleigh, NC) [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Hermitage at Beechtree | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 900,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,099,000 | ||||||||
Gross Amount, Land | 900,000 | ||||||||
Gross Amount, Buildings and Fixtures | 13,451,000 | ||||||||
Total | 14,351,000 | ||||||||
Accumulated Depreciation | (8,341,000) | ||||||||
Net | $ 6,010,000 | ||||||||
Date of Construction | Dec. 31, 1988 | ||||||||
Total Residential Properties | Hermitage at Beechtree | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Hermitage at Beechtree | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Waterford Forest | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 4,000,000 | ||||||||
Initial Cost Buildings and Fixtures | 20,250,000 | ||||||||
Gross Amount, Land | 4,000,000 | ||||||||
Gross Amount, Buildings and Fixtures | 23,485,000 | ||||||||
Total | 27,485,000 | ||||||||
Accumulated Depreciation | (9,018,000) | ||||||||
Net | $ 18,467,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Waterford Forest | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Waterford Forest | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | 1225 South Church I | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,780,000 | ||||||||
Initial Cost Buildings and Fixtures | 22,342,000 | ||||||||
Gross Amount, Land | 9,612,000 | ||||||||
Gross Amount, Buildings and Fixtures | 45,904,000 | ||||||||
Total | 55,516,000 | ||||||||
Accumulated Depreciation | (4,846,000) | ||||||||
Net | $ 50,670,000 | ||||||||
Date of Construction | Dec. 31, 2010 | ||||||||
Total Residential Properties | 1225 South Church I | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | 1225 South Church I | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Ayrsley [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,240,000 | ||||||||
Initial Cost Buildings and Fixtures | 52,119,000 | ||||||||
Gross Amount, Land | 2,481,000 | ||||||||
Gross Amount, Buildings and Fixtures | 64,551,000 | ||||||||
Total | 67,032,000 | ||||||||
Accumulated Depreciation | (5,695,000) | ||||||||
Net | $ 61,337,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Colonial Grand at Ayrsley [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Ayrsley [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Beverly Crest [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Gross Amount, Land | $ 3,161,000 | ||||||||
Gross Amount, Buildings and Fixtures | 25,778,000 | ||||||||
Total | 28,939,000 | ||||||||
Accumulated Depreciation | (2,412,000) | ||||||||
Net | $ 26,527,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Colonial Grand at Beverly Crest [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Beverly Crest [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Legacy Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,891,000 | ||||||||
Initial Cost Buildings and Fixtures | 28,272,000 | ||||||||
Gross Amount, Land | 2,891,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,279,000 | ||||||||
Total | 32,170,000 | ||||||||
Accumulated Depreciation | (2,882,000) | ||||||||
Net | $ 29,288,000 | ||||||||
Date of Construction | Dec. 31, 2001 | ||||||||
Total Residential Properties | Colonial Grand at Legacy Park [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Legacy Park [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Mallard Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 15,630,000 | ||||||||
Initial Cost Land | 4,591,000 | ||||||||
Initial Cost Buildings and Fixtures | 27,713,000 | ||||||||
Gross Amount, Land | 4,591,000 | ||||||||
Gross Amount, Buildings and Fixtures | 28,301,000 | ||||||||
Total | 32,892,000 | ||||||||
Accumulated Depreciation | (2,840,000) | ||||||||
Net | $ 30,052,000 | ||||||||
Date of Construction | Dec. 31, 2005 | ||||||||
Total Residential Properties | Colonial Grand at Mallard Creek [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Mallard Creek [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at South Tryon | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,260,000 | ||||||||
Initial Cost Buildings and Fixtures | 19,489,000 | ||||||||
Gross Amount, Land | 2,260,000 | ||||||||
Gross Amount, Buildings and Fixtures | 20,215,000 | ||||||||
Total | 22,475,000 | ||||||||
Accumulated Depreciation | (1,998,000) | ||||||||
Net | $ 20,477,000 | ||||||||
Date of Construction | Dec. 31, 2002 | ||||||||
Total Residential Properties | Colonial Village at South Tryon | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at South Tryon | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Stone Point | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,141,000 | ||||||||
Initial Cost Buildings and Fixtures | 11,564,000 | ||||||||
Gross Amount, Land | 2,141,000 | ||||||||
Gross Amount, Buildings and Fixtures | 12,368,000 | ||||||||
Total | 14,509,000 | ||||||||
Accumulated Depreciation | (1,519,000) | ||||||||
Net | $ 12,990,000 | ||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
Total Residential Properties | Colonial Village at Stone Point | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Stone Point | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Timber Crest [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,901,000 | ||||||||
Initial Cost Buildings and Fixtures | 17,192,000 | ||||||||
Gross Amount, Land | 2,901,000 | ||||||||
Gross Amount, Buildings and Fixtures | 17,961,000 | ||||||||
Total | 20,862,000 | ||||||||
Accumulated Depreciation | (1,642,000) | ||||||||
Net | $ 19,220,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Total Residential Properties | Colonial Village at Timber Crest [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Timber Crest [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Enclave [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,461,000 | ||||||||
Initial Cost Buildings and Fixtures | 18,984,000 | ||||||||
Gross Amount, Land | 1,461,000 | ||||||||
Gross Amount, Buildings and Fixtures | 19,337,000 | ||||||||
Total | 20,798,000 | ||||||||
Accumulated Depreciation | (1,607,000) | ||||||||
Net | $ 19,191,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Enclave [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Enclave [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Cornelius [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,571,000 | ||||||||
Initial Cost Buildings and Fixtures | 29,151,000 | ||||||||
Gross Amount, Land | 4,571,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,661,000 | ||||||||
Total | 34,232,000 | ||||||||
Accumulated Depreciation | (3,049,000) | ||||||||
Net | $ 31,183,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Colonial Grand at Cornelius [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Cornelius [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Patterson Place [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 15,361,000 | ||||||||
Initial Cost Land | 2,590,000 | ||||||||
Initial Cost Buildings and Fixtures | 27,126,000 | ||||||||
Gross Amount, Land | 2,590,000 | ||||||||
Gross Amount, Buildings and Fixtures | 28,300,000 | ||||||||
Total | 30,890,000 | ||||||||
Accumulated Depreciation | (2,704,000) | ||||||||
Net | $ 28,186,000 | ||||||||
Date of Construction | Dec. 31, 1997 | ||||||||
Total Residential Properties | Colonial Grand at Patterson Place [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Patterson Place [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Woodlake [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,741,000 | ||||||||
Initial Cost Buildings and Fixtures | 17,686,000 | ||||||||
Gross Amount, Land | 2,741,000 | ||||||||
Gross Amount, Buildings and Fixtures | 18,407,000 | ||||||||
Total | 21,148,000 | ||||||||
Accumulated Depreciation | (1,927,000) | ||||||||
Net | $ 19,221,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Colonial Village at Woodlake [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Woodlake [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Deerfield [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,271,000 | ||||||||
Initial Cost Buildings and Fixtures | 15,609,000 | ||||||||
Gross Amount, Land | 3,271,000 | ||||||||
Gross Amount, Buildings and Fixtures | 16,287,000 | ||||||||
Total | 19,558,000 | ||||||||
Accumulated Depreciation | (1,919,000) | ||||||||
Net | $ 17,639,000 | ||||||||
Date of Construction | Dec. 31, 1985 | ||||||||
Total Residential Properties | Colonial Village at Deerfield [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Deerfield [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Research Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,201,000 | ||||||||
Initial Cost Buildings and Fixtures | 37,682,000 | ||||||||
Gross Amount, Land | 4,201,000 | ||||||||
Gross Amount, Buildings and Fixtures | 38,590,000 | ||||||||
Total | 42,791,000 | ||||||||
Accumulated Depreciation | (3,865,000) | ||||||||
Net | $ 38,926,000 | ||||||||
Date of Construction | Dec. 31, 2002 | ||||||||
Total Residential Properties | Colonial Grand at Research Park [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Research Park [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Greystone [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [2] | $ 14,180,000 | |||||||
Initial Cost Land | 4,120,000 | ||||||||
Initial Cost Buildings and Fixtures | 25,974,000 | ||||||||
Gross Amount, Land | 4,120,000 | ||||||||
Gross Amount, Buildings and Fixtures | 27,184,000 | ||||||||
Total | 31,304,000 | ||||||||
Accumulated Depreciation | (2,467,000) | ||||||||
Net | $ 28,837,000 | ||||||||
Total Residential Properties | Colonial Village at Greystone [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Greystone [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Autumn Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,182,000 | ||||||||
Initial Cost Buildings and Fixtures | 26,214,000 | ||||||||
Gross Amount, Land | 4,182,000 | ||||||||
Gross Amount, Buildings and Fixtures | 27,181,000 | ||||||||
Total | 31,363,000 | ||||||||
Accumulated Depreciation | (2,506,000) | ||||||||
Net | $ 28,857,000 | ||||||||
Total Residential Properties | Colonial Grand at Autumn Park | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Autumn Park | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Huntersville [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 14,843,000 | ||||||||
Initial Cost Land | 4,251,000 | ||||||||
Initial Cost Buildings and Fixtures | 31,948,000 | ||||||||
Gross Amount, Land | 4,251,000 | ||||||||
Gross Amount, Buildings and Fixtures | 32,810,000 | ||||||||
Total | 37,061,000 | ||||||||
Accumulated Depreciation | (3,255,000) | ||||||||
Net | $ 33,806,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Colonial Grand at Huntersville [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Huntersville [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Matthews [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 13,587,000 | ||||||||
Initial Cost Land | 3,071,000 | ||||||||
Initial Cost Buildings and Fixtures | 21,830,000 | ||||||||
Gross Amount, Land | 3,071,000 | ||||||||
Gross Amount, Buildings and Fixtures | 24,338,000 | ||||||||
Total | 27,409,000 | ||||||||
Accumulated Depreciation | (2,611,000) | ||||||||
Net | $ 24,798,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Colonial Village at Matthews [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Matthews [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Matthews Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,690,000 | ||||||||
Initial Cost Buildings and Fixtures | 28,536,000 | ||||||||
Gross Amount, Land | 3,690,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,548,000 | ||||||||
Total | 33,238,000 | ||||||||
Accumulated Depreciation | (2,818,000) | ||||||||
Net | $ 30,420,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Colonial Grand at Matthews Commons [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Matthews Commons [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Arringdon [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 19,319,000 | ||||||||
Initial Cost Land | 6,401,000 | ||||||||
Initial Cost Buildings and Fixtures | 31,134,000 | ||||||||
Gross Amount, Land | 6,401,000 | ||||||||
Gross Amount, Buildings and Fixtures | 32,065,000 | ||||||||
Total | 38,466,000 | ||||||||
Accumulated Depreciation | (3,169,000) | ||||||||
Net | $ 35,297,000 | ||||||||
Date of Construction | Dec. 31, 2003 | ||||||||
Total Residential Properties | Colonial Grand at Arringdon [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Arringdon [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Brier Creek (Raleigh, NC) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 25,490,000 | ||||||||
Initial Cost Land | 7,372,000 | ||||||||
Initial Cost Buildings and Fixtures | 50,202,000 | ||||||||
Gross Amount, Land | 7,372,000 | ||||||||
Gross Amount, Buildings and Fixtures | 51,069,000 | ||||||||
Total | 58,441,000 | ||||||||
Accumulated Depreciation | (4,812,000) | ||||||||
Net | $ 53,629,000 | ||||||||
Date of Construction | Dec. 31, 2010 | ||||||||
Total Residential Properties | Colonial Grand at Brier Creek (Raleigh, NC) [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Brier Creek (Raleigh, NC) [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Brier Falls (Raleigh, NC) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 6,572,000 | ||||||||
Initial Cost Buildings and Fixtures | 48,910,000 | ||||||||
Gross Amount, Land | 6,572,000 | ||||||||
Gross Amount, Buildings and Fixtures | 49,657,000 | ||||||||
Total | 56,229,000 | ||||||||
Accumulated Depreciation | (4,611,000) | ||||||||
Net | $ 51,618,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Colonial Grand at Brier Falls (Raleigh, NC) [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Brier Falls (Raleigh, NC) [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Crabtree Valley [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 10,532,000 | ||||||||
Initial Cost Land | 2,241,000 | ||||||||
Initial Cost Buildings and Fixtures | 18,434,000 | ||||||||
Gross Amount, Land | 2,241,000 | ||||||||
Gross Amount, Buildings and Fixtures | 19,359,000 | ||||||||
Total | 21,600,000 | ||||||||
Accumulated Depreciation | (1,746,000) | ||||||||
Net | $ 19,854,000 | ||||||||
Date of Construction | Dec. 31, 1997 | ||||||||
Total Residential Properties | Colonial Grand at Crabtree Valley [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Crabtree Valley [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Hue [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,690,000 | ||||||||
Initial Cost Buildings and Fixtures | 29,910,000 | ||||||||
Gross Amount, Land | 3,690,000 | ||||||||
Gross Amount, Buildings and Fixtures | 31,460,000 | ||||||||
Total | 35,150,000 | ||||||||
Accumulated Depreciation | (4,923,000) | ||||||||
Net | $ 30,227,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Hue [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Hue [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Trinity Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 29,725,000 | ||||||||
Initial Cost Land | 5,232,000 | ||||||||
Initial Cost Buildings and Fixtures | 45,138,000 | ||||||||
Gross Amount, Land | 5,232,000 | ||||||||
Gross Amount, Buildings and Fixtures | 46,615,000 | ||||||||
Total | 51,847,000 | ||||||||
Accumulated Depreciation | (4,722,000) | ||||||||
Net | $ 47,125,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Total Residential Properties | Colonial Grand at Trinity Commons [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Trinity Commons [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Preserve At Brier Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,850,000 | ||||||||
Initial Cost Buildings and Fixtures | 21,980,000 | ||||||||
Gross Amount, Land | 5,831,000 | ||||||||
Gross Amount, Buildings and Fixtures | 46,158,000 | ||||||||
Total | 51,989,000 | ||||||||
Accumulated Depreciation | (13,195,000) | ||||||||
Net | $ 38,794,000 | ||||||||
Date of Construction | Dec. 31, 2004 | ||||||||
Total Residential Properties | Preserve At Brier Creek [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Preserve At Brier Creek [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Providence At Brier Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,695,000 | ||||||||
Initial Cost Buildings and Fixtures | 29,007,000 | ||||||||
Gross Amount, Land | 4,695,000 | ||||||||
Gross Amount, Buildings and Fixtures | 30,431,000 | ||||||||
Total | 35,126,000 | ||||||||
Accumulated Depreciation | (7,898,000) | ||||||||
Net | $ 27,228,000 | ||||||||
Date of Construction | Dec. 31, 2007 | ||||||||
Total Residential Properties | Providence At Brier Creek [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Providence At Brier Creek [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Park Haywood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 325,000 | ||||||||
Initial Cost Buildings and Fixtures | 2,925,000 | ||||||||
Gross Amount, Land | 360,000 | ||||||||
Gross Amount, Buildings and Fixtures | 7,937,000 | ||||||||
Total | 8,297,000 | ||||||||
Accumulated Depreciation | (5,736,000) | ||||||||
Net | $ 2,561,000 | ||||||||
Date of Construction | Dec. 31, 1983 | ||||||||
Total Residential Properties | Park Haywood | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Park Haywood | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Spring Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 597,000 | ||||||||
Initial Cost Buildings and Fixtures | 5,374,000 | ||||||||
Gross Amount, Land | 583,000 | ||||||||
Gross Amount, Buildings and Fixtures | 8,951,000 | ||||||||
Total | 9,534,000 | ||||||||
Accumulated Depreciation | (6,011,000) | ||||||||
Net | $ 3,523,000 | ||||||||
Date of Construction | Dec. 31, 1985 | ||||||||
Total Residential Properties | Spring Creek | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Spring Creek | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Glen Eagles [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,400,000 | ||||||||
Initial Cost Buildings and Fixtures | 15,002,000 | ||||||||
Gross Amount, Land | 3,400,000 | ||||||||
Gross Amount, Buildings and Fixtures | 16,278,000 | ||||||||
Total | 19,678,000 | ||||||||
Accumulated Depreciation | (1,649,000) | ||||||||
Net | $ 18,029,000 | ||||||||
Date of Construction | Dec. 31, 1990 | ||||||||
Total Residential Properties | Glen Eagles [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Glen Eagles [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Mill Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,351,000 | ||||||||
Initial Cost Buildings and Fixtures | 7,354,000 | ||||||||
Gross Amount, Land | 2,351,000 | ||||||||
Gross Amount, Buildings and Fixtures | 7,900,000 | ||||||||
Total | 10,251,000 | ||||||||
Accumulated Depreciation | (876,000) | ||||||||
Net | $ 9,375,000 | ||||||||
Date of Construction | Dec. 31, 1984 | ||||||||
Total Residential Properties | Colonial Village at Mill Creek [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Mill Creek [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Paddock Club Greenville [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,200,000 | ||||||||
Initial Cost Buildings and Fixtures | 10,800,000 | ||||||||
Gross Amount, Land | 1,200,000 | ||||||||
Gross Amount, Buildings and Fixtures | 13,169,000 | ||||||||
Total | 14,369,000 | ||||||||
Accumulated Depreciation | (8,159,000) | ||||||||
Net | $ 6,210,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Paddock Club Greenville [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Paddock Club Greenville [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Howell Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,304,000 | ||||||||
Initial Cost Buildings and Fixtures | 11,740,000 | ||||||||
Gross Amount, Land | 1,304,000 | ||||||||
Gross Amount, Buildings and Fixtures | 16,179,000 | ||||||||
Total | 17,483,000 | ||||||||
Accumulated Depreciation | (10,505,000) | ||||||||
Net | $ 6,978,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | Howell Commons [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Howell Commons [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Highland Ridge [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 482,000 | ||||||||
Initial Cost Buildings and Fixtures | 4,337,000 | ||||||||
Gross Amount, Land | 482,000 | ||||||||
Gross Amount, Buildings and Fixtures | 7,015,000 | ||||||||
Total | 7,497,000 | ||||||||
Accumulated Depreciation | (4,502,000) | ||||||||
Net | $ 2,995,000 | ||||||||
Date of Construction | Dec. 31, 1984 | ||||||||
Total Residential Properties | Highland Ridge [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Highland Ridge [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Windsor Place [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,321,000 | ||||||||
Initial Cost Buildings and Fixtures | 14,163,000 | ||||||||
Gross Amount, Land | 1,321,000 | ||||||||
Gross Amount, Buildings and Fixtures | 15,440,000 | ||||||||
Total | 16,761,000 | ||||||||
Accumulated Depreciation | (1,715,000) | ||||||||
Net | $ 15,046,000 | ||||||||
Date of Construction | Dec. 31, 1985 | ||||||||
Total Residential Properties | Colonial Village at Windsor Place [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Windsor Place [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Woodwinds [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,968,000 | ||||||||
Initial Cost Buildings and Fixtures | 19,928,000 | ||||||||
Gross Amount, Land | 1,968,000 | ||||||||
Gross Amount, Buildings and Fixtures | 23,174,000 | ||||||||
Total | 25,142,000 | ||||||||
Accumulated Depreciation | (7,948,000) | ||||||||
Net | $ 17,194,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Runaway Bay | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,085,000 | ||||||||
Initial Cost Buildings and Fixtures | 7,269,000 | ||||||||
Gross Amount, Land | 1,097,000 | ||||||||
Gross Amount, Buildings and Fixtures | 14,158,000 | ||||||||
Total | 15,255,000 | ||||||||
Accumulated Depreciation | (9,350,000) | ||||||||
Net | $ 5,905,000 | ||||||||
Date of Construction | Dec. 31, 1988 | ||||||||
Total Residential Properties | Runaway Bay | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Runaway Bay | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Commerce Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,780,000 | ||||||||
Initial Cost Buildings and Fixtures | 33,966,000 | ||||||||
Gross Amount, Land | 2,780,000 | ||||||||
Gross Amount, Buildings and Fixtures | 34,719,000 | ||||||||
Total | 37,499,000 | ||||||||
Accumulated Depreciation | (3,313,000) | ||||||||
Net | $ 34,186,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Colonial Grand at Commerce Park | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Commerce Park | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | 535 Brookwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 12,889,000 | ||||||||
Initial Cost Land | 1,216,000 | ||||||||
Initial Cost Buildings and Fixtures | 18,666,000 | ||||||||
Gross Amount, Land | 1,216,000 | ||||||||
Gross Amount, Buildings and Fixtures | 19,517,000 | ||||||||
Total | 20,733,000 | ||||||||
Accumulated Depreciation | (3,769,000) | ||||||||
Net | $ 16,964,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | 535 Brookwood | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | 535 Brookwood | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Park Place | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 723,000 | ||||||||
Initial Cost Buildings and Fixtures | 6,504,000 | ||||||||
Gross Amount, Land | 723,000 | ||||||||
Gross Amount, Buildings and Fixtures | 9,878,000 | ||||||||
Total | 10,601,000 | ||||||||
Accumulated Depreciation | (6,336,000) | ||||||||
Net | $ 4,265,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | Park Place | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Park Place | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Farmington Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,800,000 | ||||||||
Initial Cost Buildings and Fixtures | 26,295,000 | ||||||||
Gross Amount, Land | 2,800,000 | ||||||||
Gross Amount, Buildings and Fixtures | 27,492,000 | ||||||||
Total | 30,292,000 | ||||||||
Accumulated Depreciation | (7,772,000) | ||||||||
Net | $ 22,520,000 | ||||||||
Date of Construction | Dec. 31, 2007 | ||||||||
Total Residential Properties | Farmington Village [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Farmington Village [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Waters Edge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,103,000 | ||||||||
Initial Cost Buildings and Fixtures | 9,187,000 | ||||||||
Gross Amount, Land | 2,103,000 | ||||||||
Gross Amount, Buildings and Fixtures | 11,166,000 | ||||||||
Total | 13,269,000 | ||||||||
Accumulated Depreciation | (1,364,000) | ||||||||
Net | $ 11,905,000 | ||||||||
Date of Construction | Dec. 31, 1985 | ||||||||
Total Residential Properties | Colonial Village at Waters Edge | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Waters Edge | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Hamilton Pointe | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,131,000 | ||||||||
Initial Cost Buildings and Fixtures | 10,632,000 | ||||||||
Gross Amount, Land | 1,131,000 | ||||||||
Gross Amount, Buildings and Fixtures | 14,958,000 | ||||||||
Total | 16,089,000 | ||||||||
Accumulated Depreciation | (6,593,000) | ||||||||
Net | $ 9,496,000 | ||||||||
Date of Construction | Dec. 31, 1989 | ||||||||
Total Residential Properties | Hamilton Pointe | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Hamilton Pointe | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Hidden Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 972,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,954,000 | ||||||||
Gross Amount, Land | 972,000 | ||||||||
Gross Amount, Buildings and Fixtures | 11,831,000 | ||||||||
Total | 12,803,000 | ||||||||
Accumulated Depreciation | (5,329,000) | ||||||||
Net | $ 7,474,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | Hidden Creek | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Hidden Creek | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Steeplechase | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 217,000 | ||||||||
Initial Cost Buildings and Fixtures | 1,957,000 | ||||||||
Gross Amount, Land | 217,000 | ||||||||
Gross Amount, Buildings and Fixtures | 5,307,000 | ||||||||
Total | 5,524,000 | ||||||||
Accumulated Depreciation | (3,676,000) | ||||||||
Net | $ 1,848,000 | ||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
Total Residential Properties | Steeplechase | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Steeplechase | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Windridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 817,000 | ||||||||
Initial Cost Buildings and Fixtures | 7,416,000 | ||||||||
Gross Amount, Land | 817,000 | ||||||||
Gross Amount, Buildings and Fixtures | 11,878,000 | ||||||||
Total | 12,695,000 | ||||||||
Accumulated Depreciation | (7,363,000) | ||||||||
Net | $ 5,332,000 | ||||||||
Date of Construction | Dec. 31, 1984 | ||||||||
Total Residential Properties | Windridge | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Windridge | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Kirby Station | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,148,000 | ||||||||
Initial Cost Buildings and Fixtures | 10,337,000 | ||||||||
Gross Amount, Land | 1,148,000 | ||||||||
Gross Amount, Buildings and Fixtures | 20,722,000 | ||||||||
Total | 21,870,000 | ||||||||
Accumulated Depreciation | (12,916,000) | ||||||||
Net | $ 8,954,000 | ||||||||
Date of Construction | Dec. 31, 1978 | ||||||||
Total Residential Properties | Kirby Station | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Kirby Station | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Lincoln on the Green | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 1,498,000 | ||||||||
Initial Cost Buildings and Fixtures | 20,483,000 | ||||||||
Gross Amount, Land | 1,498,000 | ||||||||
Gross Amount, Buildings and Fixtures | 36,347,000 | ||||||||
Total | 37,845,000 | ||||||||
Accumulated Depreciation | (23,701,000) | ||||||||
Net | $ 14,144,000 | ||||||||
Date of Construction | Dec. 31, 1992 | ||||||||
Total Residential Properties | Lincoln on the Green | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Lincoln on the Green | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Park Estate | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 178,000 | ||||||||
Initial Cost Buildings and Fixtures | 1,141,000 | ||||||||
Gross Amount, Land | 178,000 | ||||||||
Gross Amount, Buildings and Fixtures | 6,188,000 | ||||||||
Total | 6,366,000 | ||||||||
Accumulated Depreciation | (4,826,000) | ||||||||
Net | $ 1,540,000 | ||||||||
Date of Construction | Dec. 31, 1974 | ||||||||
Total Residential Properties | Park Estate | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Park Estate | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Reserve at Dexter Lake | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 1,260,000 | ||||||||
Initial Cost Buildings and Fixtures | 16,043,000 | ||||||||
Gross Amount, Land | 3,407,000 | ||||||||
Gross Amount, Buildings and Fixtures | 55,456,000 | ||||||||
Total | 58,863,000 | ||||||||
Accumulated Depreciation | (22,945,000) | ||||||||
Net | $ 35,918,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Total Residential Properties | Reserve at Dexter Lake | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Reserve at Dexter Lake | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Paddock Club Murfreesboro | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 915,000 | ||||||||
Initial Cost Buildings and Fixtures | 14,774,000 | ||||||||
Gross Amount, Land | 915,000 | ||||||||
Gross Amount, Buildings and Fixtures | 17,917,000 | ||||||||
Total | 18,832,000 | ||||||||
Accumulated Depreciation | (8,310,000) | ||||||||
Net | $ 10,522,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Paddock Club Murfreesboro | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Paddock Club Murfreesboro | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Aventura at Indian Lake Village | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,950,000 | ||||||||
Initial Cost Buildings and Fixtures | 28,053,000 | ||||||||
Gross Amount, Land | 4,950,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,088,000 | ||||||||
Total | 34,038,000 | ||||||||
Accumulated Depreciation | (4,350,000) | ||||||||
Net | $ 29,688,000 | ||||||||
Date of Construction | Dec. 31, 2010 | ||||||||
Total Residential Properties | Aventura at Indian Lake Village | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Aventura at Indian Lake Village | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Avondale at Kennesaw | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 17,762,000 | ||||||||
Initial Cost Land | 3,456,000 | ||||||||
Initial Cost Buildings and Fixtures | 22,443,000 | ||||||||
Gross Amount, Land | 3,456,000 | ||||||||
Gross Amount, Buildings and Fixtures | 23,862,000 | ||||||||
Total | 27,318,000 | ||||||||
Accumulated Depreciation | (4,607,000) | ||||||||
Net | $ 22,711,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Avondale at Kennesaw | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Avondale at Kennesaw | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Brentwood Downs | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,193,000 | ||||||||
Initial Cost Buildings and Fixtures | 10,739,000 | ||||||||
Gross Amount, Land | 1,191,000 | ||||||||
Gross Amount, Buildings and Fixtures | 18,107,000 | ||||||||
Total | 19,298,000 | ||||||||
Accumulated Depreciation | (12,097,000) | ||||||||
Net | $ 7,201,000 | ||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
Total Residential Properties | Brentwood Downs | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Brentwood Downs | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Bellevue | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 22,086,000 | ||||||||
Initial Cost Land | 8,622,000 | ||||||||
Initial Cost Buildings and Fixtures | 34,229,000 | ||||||||
Gross Amount, Land | 8,622,000 | ||||||||
Gross Amount, Buildings and Fixtures | 35,433,000 | ||||||||
Total | 44,055,000 | ||||||||
Accumulated Depreciation | (3,697,000) | ||||||||
Net | $ 40,358,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Colonial Grand at Bellevue | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Bellevue | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Grand View Nashville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,963,000 | ||||||||
Initial Cost Buildings and Fixtures | 33,673,000 | ||||||||
Gross Amount, Land | 2,963,000 | ||||||||
Gross Amount, Buildings and Fixtures | 40,493,000 | ||||||||
Total | 43,456,000 | ||||||||
Accumulated Depreciation | (16,705,000) | ||||||||
Net | $ 26,751,000 | ||||||||
Date of Construction | Dec. 31, 2001 | ||||||||
Total Residential Properties | Grand View Nashville | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Grand View Nashville | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Monthaven Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,736,000 | ||||||||
Initial Cost Buildings and Fixtures | 28,902,000 | ||||||||
Gross Amount, Land | 2,736,000 | ||||||||
Gross Amount, Buildings and Fixtures | 34,369,000 | ||||||||
Total | 37,105,000 | ||||||||
Accumulated Depreciation | (14,612,000) | ||||||||
Net | $ 22,493,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Total Residential Properties | Monthaven Park | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Monthaven Park | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Park at Hermitage | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 1,524,000 | ||||||||
Initial Cost Buildings and Fixtures | 14,800,000 | ||||||||
Gross Amount, Land | 1,524,000 | ||||||||
Gross Amount, Buildings and Fixtures | 24,374,000 | ||||||||
Total | 25,898,000 | ||||||||
Accumulated Depreciation | (16,152,000) | ||||||||
Net | $ 9,746,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | Park at Hermitage | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Park at Hermitage | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Venue at Cool Springs | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 6,670,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 6,670,000 | ||||||||
Gross Amount, Buildings and Fixtures | 50,396,000 | ||||||||
Total | 57,066,000 | ||||||||
Accumulated Depreciation | (4,376,000) | ||||||||
Net | $ 52,690,000 | ||||||||
Date of Construction | Dec. 31, 2012 | ||||||||
Total Residential Properties | Venue at Cool Springs | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Venue at Cool Springs | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Verandas at Sam Ridley | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 21,861,000 | |||||||
Initial Cost Land | 3,350,000 | ||||||||
Initial Cost Buildings and Fixtures | 28,308,000 | ||||||||
Gross Amount, Land | 3,350,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,654,000 | ||||||||
Total | 33,004,000 | ||||||||
Accumulated Depreciation | (5,565,000) | ||||||||
Net | $ 27,439,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Verandas at Sam Ridley | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Verandas at Sam Ridley | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Northwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 886,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,051,000 | ||||||||
Gross Amount, Land | 886,000 | ||||||||
Gross Amount, Buildings and Fixtures | 10,920,000 | ||||||||
Total | 11,806,000 | ||||||||
Accumulated Depreciation | (4,826,000) | ||||||||
Net | $ 6,980,000 | ||||||||
Date of Construction | Dec. 31, 1980 | ||||||||
Total Residential Properties | Northwood | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Northwood | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Balcones Woods | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,598,000 | ||||||||
Initial Cost Buildings and Fixtures | 14,398,000 | ||||||||
Gross Amount, Land | 1,598,000 | ||||||||
Gross Amount, Buildings and Fixtures | 25,873,000 | ||||||||
Total | 27,471,000 | ||||||||
Accumulated Depreciation | (16,712,000) | ||||||||
Net | $ 10,759,000 | ||||||||
Date of Construction | Dec. 31, 1983 | ||||||||
Total Residential Properties | Balcones Woods | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Balcones Woods | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Canyon Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 15,159,000 | ||||||||
Initial Cost Land | 3,621,000 | ||||||||
Initial Cost Buildings and Fixtures | 32,137,000 | ||||||||
Gross Amount, Land | 3,621,000 | ||||||||
Gross Amount, Buildings and Fixtures | 33,232,000 | ||||||||
Total | 36,853,000 | ||||||||
Accumulated Depreciation | (3,309,000) | ||||||||
Net | $ 33,544,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Colonial Grand at Canyon Creek | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Canyon Creek | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Canyon Pointe | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,778,000 | ||||||||
Initial Cost Buildings and Fixtures | 20,201,000 | ||||||||
Gross Amount, Land | 3,778,000 | ||||||||
Gross Amount, Buildings and Fixtures | 21,351,000 | ||||||||
Total | 25,129,000 | ||||||||
Accumulated Depreciation | (2,339,000) | ||||||||
Net | $ 22,790,000 | ||||||||
Date of Construction | Dec. 31, 2003 | ||||||||
Total Residential Properties | Colonial Grand at Canyon Pointe | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Canyon Pointe | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Double Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,131,000 | ||||||||
Initial Cost Buildings and Fixtures | 29,375,000 | ||||||||
Gross Amount, Land | 3,131,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,667,000 | ||||||||
Total | 32,798,000 | ||||||||
Accumulated Depreciation | (3,030,000) | ||||||||
Net | $ 29,768,000 | ||||||||
Date of Construction | Dec. 31, 2013 | ||||||||
Total Residential Properties | Colonial Grand at Double Creek | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Double Creek | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Onion Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,902,000 | ||||||||
Initial Cost Buildings and Fixtures | 33,010,000 | ||||||||
Gross Amount, Land | 4,902,000 | ||||||||
Gross Amount, Buildings and Fixtures | 33,809,000 | ||||||||
Total | 38,711,000 | ||||||||
Accumulated Depreciation | (3,437,000) | ||||||||
Net | $ 35,274,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Colonial Grand at Onion Creek | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Onion Creek | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Grand Reserve at Sunset Valley | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 3,150,000 | ||||||||
Initial Cost Buildings and Fixtures | 11,393,000 | ||||||||
Gross Amount, Land | 3,150,000 | ||||||||
Gross Amount, Buildings and Fixtures | 14,881,000 | ||||||||
Total | 18,031,000 | ||||||||
Accumulated Depreciation | (6,087,000) | ||||||||
Net | $ 11,944,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Grand Reserve at Sunset Valley | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Grand Reserve at Sunset Valley | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Quarry Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 26,832,000 | |||||||
Initial Cost Land | 4,621,000 | ||||||||
Initial Cost Buildings and Fixtures | 34,461,000 | ||||||||
Gross Amount, Land | 4,621,000 | ||||||||
Gross Amount, Buildings and Fixtures | 38,224,000 | ||||||||
Total | 42,845,000 | ||||||||
Accumulated Depreciation | (3,881,000) | ||||||||
Net | $ 38,964,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Colonial Village at Quarry Oaks | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Quarry Oaks | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Wells Branch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,094,000 | ||||||||
Initial Cost Buildings and Fixtures | 32,283,000 | ||||||||
Gross Amount, Land | 3,388,000 | ||||||||
Gross Amount, Buildings and Fixtures | 33,154,000 | ||||||||
Total | 36,542,000 | ||||||||
Accumulated Depreciation | (3,118,000) | ||||||||
Net | $ 33,424,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Colonial Grand at Wells Branch | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Wells Branch | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Legacy at Western Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 29,672,000 | ||||||||
Initial Cost Land | 9,100,000 | ||||||||
Initial Cost Buildings and Fixtures | 49,339,000 | ||||||||
Gross Amount, Land | 9,100,000 | ||||||||
Gross Amount, Buildings and Fixtures | 46,991,000 | ||||||||
Total | 56,091,000 | ||||||||
Accumulated Depreciation | (6,084,000) | ||||||||
Net | $ 50,007,000 | ||||||||
Date of Construction | Dec. 31, 2001 | ||||||||
Total Residential Properties | Legacy at Western Oaks | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Legacy at Western Oaks | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Silverado | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,900,000 | ||||||||
Initial Cost Buildings and Fixtures | 24,009,000 | ||||||||
Gross Amount, Land | 2,900,000 | ||||||||
Gross Amount, Buildings and Fixtures | 26,779,000 | ||||||||
Total | 29,679,000 | ||||||||
Accumulated Depreciation | (9,211,000) | ||||||||
Net | $ 20,468,000 | ||||||||
Date of Construction | Dec. 31, 2003 | ||||||||
Total Residential Properties | Silverado | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Silverado | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Stassney Woods | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,621,000 | ||||||||
Initial Cost Buildings and Fixtures | 7,501,000 | ||||||||
Gross Amount, Land | 1,621,000 | ||||||||
Gross Amount, Buildings and Fixtures | 16,116,000 | ||||||||
Total | 17,737,000 | ||||||||
Accumulated Depreciation | (9,615,000) | ||||||||
Net | $ 8,122,000 | ||||||||
Date of Construction | Dec. 31, 1985 | ||||||||
Total Residential Properties | Stassney Woods | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Stassney Woods | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Travis Station | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,281,000 | ||||||||
Initial Cost Buildings and Fixtures | 6,169,000 | ||||||||
Gross Amount, Land | 2,281,000 | ||||||||
Gross Amount, Buildings and Fixtures | 13,695,000 | ||||||||
Total | 15,976,000 | ||||||||
Accumulated Depreciation | (8,840,000) | ||||||||
Net | $ 7,136,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | Travis Station | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Travis Station | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Woods, The | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,405,000 | ||||||||
Initial Cost Buildings and Fixtures | 12,769,000 | ||||||||
Gross Amount, Land | 1,405,000 | ||||||||
Gross Amount, Buildings and Fixtures | 20,624,000 | ||||||||
Total | 22,029,000 | ||||||||
Accumulated Depreciation | (8,796,000) | ||||||||
Net | $ 13,233,000 | ||||||||
Date of Construction | Dec. 31, 1977 | ||||||||
Total Residential Properties | Woods, The | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Woods, The | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Shoal Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 22,807,000 | ||||||||
Initial Cost Land | 4,982,000 | ||||||||
Initial Cost Buildings and Fixtures | 27,377,000 | ||||||||
Gross Amount, Land | 4,982,000 | ||||||||
Gross Amount, Buildings and Fixtures | 28,991,000 | ||||||||
Total | 33,973,000 | ||||||||
Accumulated Depreciation | (3,095,000) | ||||||||
Net | $ 30,878,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Colonial Village at Shoal Creek | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Shoal Creek | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Willow Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 26,429,000 | ||||||||
Initial Cost Land | 3,109,000 | ||||||||
Initial Cost Buildings and Fixtures | 33,488,000 | ||||||||
Gross Amount, Land | 3,109,000 | ||||||||
Gross Amount, Buildings and Fixtures | 37,188,000 | ||||||||
Total | 40,297,000 | ||||||||
Accumulated Depreciation | (3,652,000) | ||||||||
Net | $ 36,645,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Colonial Village at Willow Creek | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Willow Creek | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Hebron (Dallas, TX) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,231,000 | ||||||||
Initial Cost Buildings and Fixtures | 42,237,000 | ||||||||
Gross Amount, Land | 4,231,000 | ||||||||
Gross Amount, Buildings and Fixtures | 42,742,000 | ||||||||
Total | 46,973,000 | ||||||||
Accumulated Depreciation | (3,884,000) | ||||||||
Net | $ 43,089,000 | ||||||||
Date of Construction | Dec. 31, 2011 | ||||||||
Total Residential Properties | Colonial Grand at Hebron (Dallas, TX) [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Hebron (Dallas, TX) [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Silverado [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,282,000 | ||||||||
Initial Cost Buildings and Fixtures | 24,935,000 | ||||||||
Gross Amount, Land | 3,282,000 | ||||||||
Gross Amount, Buildings and Fixtures | 25,672,000 | ||||||||
Total | 28,954,000 | ||||||||
Accumulated Depreciation | (2,524,000) | ||||||||
Net | $ 26,430,000 | ||||||||
Date of Construction | Dec. 31, 2005 | ||||||||
Total Residential Properties | Colonial Grand at Silverado [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Silverado [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Silverado Reserve [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,951,000 | ||||||||
Initial Cost Buildings and Fixtures | 31,705,000 | ||||||||
Gross Amount, Land | 3,951,000 | ||||||||
Gross Amount, Buildings and Fixtures | 32,710,000 | ||||||||
Total | 36,661,000 | ||||||||
Accumulated Depreciation | (3,145,000) | ||||||||
Net | $ 33,516,000 | ||||||||
Date of Construction | Dec. 31, 2005 | ||||||||
Total Residential Properties | Colonial Grand at Silverado Reserve [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Silverado Reserve [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Grand Cypress [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 16,598,000 | ||||||||
Initial Cost Land | 3,881,000 | ||||||||
Initial Cost Buildings and Fixtures | 24,267,000 | ||||||||
Gross Amount, Land | 3,881,000 | ||||||||
Gross Amount, Buildings and Fixtures | 24,944,000 | ||||||||
Total | 28,825,000 | ||||||||
Accumulated Depreciation | (1,731,000) | ||||||||
Net | $ 27,094,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Grand Cypress [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Grand Cypress [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Courtyards at Campbell | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 988,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,893,000 | ||||||||
Gross Amount, Land | 988,000 | ||||||||
Gross Amount, Buildings and Fixtures | 12,906,000 | ||||||||
Total | 13,894,000 | ||||||||
Accumulated Depreciation | (7,793,000) | ||||||||
Net | $ 6,101,000 | ||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
Total Residential Properties | Courtyards at Campbell | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Courtyards at Campbell | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Deer Run | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,252,000 | ||||||||
Initial Cost Buildings and Fixtures | 11,271,000 | ||||||||
Gross Amount, Land | 1,252,000 | ||||||||
Gross Amount, Buildings and Fixtures | 16,431,000 | ||||||||
Total | 17,683,000 | ||||||||
Accumulated Depreciation | (10,022,000) | ||||||||
Net | $ 7,661,000 | ||||||||
Date of Construction | Dec. 31, 1985 | ||||||||
Total Residential Properties | Deer Run | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Deer Run | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Grand Courtyard | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,730,000 | ||||||||
Initial Cost Buildings and Fixtures | 22,240,000 | ||||||||
Gross Amount, Land | 2,730,000 | ||||||||
Gross Amount, Buildings and Fixtures | 24,860,000 | ||||||||
Total | 27,590,000 | ||||||||
Accumulated Depreciation | (8,665,000) | ||||||||
Net | $ 18,925,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Total Residential Properties | Grand Courtyard | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Grand Courtyard | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Legends at Lowe's Farm | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,016,000 | ||||||||
Initial Cost Buildings and Fixtures | 41,091,000 | ||||||||
Gross Amount, Land | 5,016,000 | ||||||||
Gross Amount, Buildings and Fixtures | 42,432,000 | ||||||||
Total | 47,448,000 | ||||||||
Accumulated Depreciation | (6,373,000) | ||||||||
Net | $ 41,075,000 | ||||||||
Date of Construction | Dec. 31, 2008 | ||||||||
Total Residential Properties | Legends at Lowe's Farm | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Legends at Lowe's Farm | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Reserve at Medical District | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,050,000 | ||||||||
Initial Cost Buildings and Fixtures | 33,779,000 | ||||||||
Gross Amount, Land | 4,050,000 | ||||||||
Gross Amount, Buildings and Fixtures | 34,667,000 | ||||||||
Total | 38,717,000 | ||||||||
Accumulated Depreciation | (2,997,000) | ||||||||
Net | $ 35,720,000 | ||||||||
Date of Construction | Dec. 31, 2007 | ||||||||
Total Residential Properties | Colonial Reserve at Medical District | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Reserve at Medical District | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Watermark | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 960,000 | ||||||||
Initial Cost Buildings and Fixtures | 14,438,000 | ||||||||
Gross Amount, Land | 960,000 | ||||||||
Gross Amount, Buildings and Fixtures | 16,557,000 | ||||||||
Total | 17,517,000 | ||||||||
Accumulated Depreciation | (6,799,000) | ||||||||
Net | $ 10,718,000 | ||||||||
Date of Construction | Dec. 31, 2002 | ||||||||
Total Residential Properties | Watermark | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Watermark | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Main Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,821,000 | ||||||||
Initial Cost Buildings and Fixtures | 10,960,000 | ||||||||
Gross Amount, Land | 1,821,000 | ||||||||
Gross Amount, Buildings and Fixtures | 12,164,000 | ||||||||
Total | 13,985,000 | ||||||||
Accumulated Depreciation | (1,390,000) | ||||||||
Net | $ 12,595,000 | ||||||||
Date of Construction | Dec. 31, 1984 | ||||||||
Total Residential Properties | Colonial Village at Main Park | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Main Park | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Bear Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 24,082,000 | ||||||||
Initial Cost Land | 6,453,000 | ||||||||
Initial Cost Buildings and Fixtures | 30,048,000 | ||||||||
Gross Amount, Land | 6,453,000 | ||||||||
Gross Amount, Buildings and Fixtures | 31,924,000 | ||||||||
Total | 38,377,000 | ||||||||
Accumulated Depreciation | (3,494,000) | ||||||||
Net | $ 34,883,000 | ||||||||
Date of Construction | Dec. 31, 1998 | ||||||||
Total Residential Properties | Colonial Grand at Bear Creek | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Bear Creek | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Fairview | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,171,000 | ||||||||
Initial Cost Buildings and Fixtures | 35,077,000 | ||||||||
Gross Amount, Land | 2,171,000 | ||||||||
Gross Amount, Buildings and Fixtures | 35,498,000 | ||||||||
Total | 37,669,000 | ||||||||
Accumulated Depreciation | (3,195,000) | ||||||||
Net | $ 34,474,000 | ||||||||
Date of Construction | Dec. 31, 2012 | ||||||||
Total Residential Properties | Colonial Grand at Fairview | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Fairview | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | La Valencia at Starwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 20,931,000 | ||||||||
Initial Cost Land | 3,240,000 | ||||||||
Initial Cost Buildings and Fixtures | 26,069,000 | ||||||||
Gross Amount, Land | 3,240,000 | ||||||||
Gross Amount, Buildings and Fixtures | 27,083,000 | ||||||||
Total | 30,323,000 | ||||||||
Accumulated Depreciation | (5,045,000) | ||||||||
Net | $ 25,278,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | La Valencia at Starwood | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | La Valencia at Starwood | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Cityscape at Market Center II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 8,268,000 | ||||||||
Initial Cost Buildings and Fixtures | 50,298,000 | ||||||||
Gross Amount, Land | 8,268,000 | ||||||||
Gross Amount, Buildings and Fixtures | 50,318,000 | ||||||||
Total | 58,586,000 | ||||||||
Accumulated Depreciation | (107,000) | ||||||||
Net | $ 58,479,000 | ||||||||
Date of Construction | Dec. 31, 2015 | ||||||||
Total Residential Properties | Cityscape at Market Center II [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Cityscape at Market Center II [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Reserve at Frisco Bridges | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,968,000 | ||||||||
Initial Cost Buildings and Fixtures | 34,018,000 | ||||||||
Gross Amount, Land | 1,968,000 | ||||||||
Gross Amount, Buildings and Fixtures | 34,849,000 | ||||||||
Total | 36,817,000 | ||||||||
Accumulated Depreciation | (3,069,000) | ||||||||
Net | $ 33,748,000 | ||||||||
Date of Construction | Dec. 31, 2013 | ||||||||
Total Residential Properties | Colonial Reserve at Frisco Bridges | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Reserve at Frisco Bridges | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Grapevine | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,351,000 | ||||||||
Initial Cost Buildings and Fixtures | 29,757,000 | ||||||||
Gross Amount, Land | 2,351,000 | ||||||||
Gross Amount, Buildings and Fixtures | 32,715,000 | ||||||||
Total | 35,066,000 | ||||||||
Accumulated Depreciation | (3,153,000) | ||||||||
Net | $ 31,913,000 | ||||||||
Total Residential Properties | Colonial Village at Grapevine | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Grapevine | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Greenwood Forest | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,465,000 | ||||||||
Initial Cost Buildings and Fixtures | 23,482,000 | ||||||||
Gross Amount, Land | 3,465,000 | ||||||||
Gross Amount, Buildings and Fixtures | 23,323,000 | ||||||||
Total | 26,788,000 | ||||||||
Accumulated Depreciation | (2,180,000) | ||||||||
Net | $ 24,608,000 | ||||||||
Date of Construction | Dec. 31, 1994 | ||||||||
Total Residential Properties | Greenwood Forest | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Greenwood Forest | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Legacy Pines | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,157,000 | ||||||||
Initial Cost Buildings and Fixtures | 19,066,000 | ||||||||
Gross Amount, Land | 2,142,000 | ||||||||
Gross Amount, Buildings and Fixtures | 22,771,000 | ||||||||
Total | 24,913,000 | ||||||||
Accumulated Depreciation | (10,576,000) | ||||||||
Net | $ 14,337,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Legacy Pines | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Legacy Pines | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Reserve at Woodwind Lakes | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Reserve at Woodwind Lakes | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Park Place (Houston) | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Initial Cost Land | $ 2,061,000 | ||||||||
Initial Cost Buildings and Fixtures | 15,830,000 | ||||||||
Gross Amount, Land | 2,061,000 | ||||||||
Gross Amount, Buildings and Fixtures | 19,129,000 | ||||||||
Total | 21,190,000 | ||||||||
Accumulated Depreciation | (6,454,000) | ||||||||
Net | $ 14,736,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Park Place (Houston) | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Park Place (Houston) | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Ranchstone | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,480,000 | ||||||||
Initial Cost Buildings and Fixtures | 14,807,000 | ||||||||
Gross Amount, Land | 1,480,000 | ||||||||
Gross Amount, Buildings and Fixtures | 17,175,000 | ||||||||
Total | 18,655,000 | ||||||||
Accumulated Depreciation | (5,521,000) | ||||||||
Net | $ 13,134,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Ranchstone | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Ranchstone | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Retreat at Vintage Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 8,211,000 | ||||||||
Initial Cost Buildings and Fixtures | 40,352,000 | ||||||||
Gross Amount, Land | 8,211,000 | ||||||||
Gross Amount, Buildings and Fixtures | 40,744,000 | ||||||||
Total | 48,955,000 | ||||||||
Accumulated Depreciation | (1,124,000) | ||||||||
Net | $ 47,831,000 | ||||||||
Date of Construction | Dec. 31, 2014 | ||||||||
Total Residential Properties | Retreat at Vintage Park [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Retreat at Vintage Park [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Cascade at Fall Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,230,000 | ||||||||
Initial Cost Buildings and Fixtures | 19,926,000 | ||||||||
Gross Amount, Land | 3,230,000 | ||||||||
Gross Amount, Buildings and Fixtures | 21,154,000 | ||||||||
Total | 24,384,000 | ||||||||
Accumulated Depreciation | (6,034,000) | ||||||||
Net | $ 18,350,000 | ||||||||
Date of Construction | Dec. 31, 2007 | ||||||||
Total Residential Properties | Cascade at Fall Creek | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Cascade at Fall Creek | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Chalet at Fall Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,755,000 | ||||||||
Initial Cost Buildings and Fixtures | 20,085,000 | ||||||||
Gross Amount, Land | 2,755,000 | ||||||||
Gross Amount, Buildings and Fixtures | 20,945,000 | ||||||||
Total | 23,700,000 | ||||||||
Accumulated Depreciation | (6,337,000) | ||||||||
Net | $ 17,363,000 | ||||||||
Date of Construction | Dec. 31, 2006 | ||||||||
Total Residential Properties | Chalet at Fall Creek | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Chalet at Fall Creek | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Bella Casita at Las Colinas | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,521,000 | ||||||||
Initial Cost Buildings and Fixtures | 26,432,000 | ||||||||
Gross Amount, Land | 2,521,000 | ||||||||
Gross Amount, Buildings and Fixtures | 27,824,000 | ||||||||
Total | 30,345,000 | ||||||||
Accumulated Depreciation | (4,912,000) | ||||||||
Net | $ 25,433,000 | ||||||||
Date of Construction | Dec. 31, 2007 | ||||||||
Total Residential Properties | Bella Casita at Las Colinas | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Bella Casita at Las Colinas | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Remington Hills | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,390,000 | ||||||||
Initial Cost Buildings and Fixtures | 21,822,000 | ||||||||
Gross Amount, Land | 4,390,000 | ||||||||
Gross Amount, Buildings and Fixtures | 26,626,000 | ||||||||
Total | 31,016,000 | ||||||||
Accumulated Depreciation | (2,609,000) | ||||||||
Net | $ 28,407,000 | ||||||||
Date of Construction | Dec. 31, 1984 | ||||||||
Total Residential Properties | Remington Hills | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Remington Hills | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Reserve at Las Colinas | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,902,000 | ||||||||
Initial Cost Buildings and Fixtures | 40,691,000 | ||||||||
Gross Amount, Land | 3,902,000 | ||||||||
Gross Amount, Buildings and Fixtures | 41,689,000 | ||||||||
Total | 45,591,000 | ||||||||
Accumulated Depreciation | (3,645,000) | ||||||||
Net | $ 41,946,000 | ||||||||
Date of Construction | Dec. 31, 2006 | ||||||||
Total Residential Properties | Colonial Reserve at Las Colinas | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Reserve at Las Colinas | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Valley Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 25,044,000 | ||||||||
Initial Cost Land | 5,072,000 | ||||||||
Initial Cost Buildings and Fixtures | 37,397,000 | ||||||||
Gross Amount, Land | 5,072,000 | ||||||||
Gross Amount, Buildings and Fixtures | 43,367,000 | ||||||||
Total | 48,439,000 | ||||||||
Accumulated Depreciation | (4,188,000) | ||||||||
Net | $ 44,251,000 | ||||||||
Date of Construction | Dec. 31, 1997 | ||||||||
Total Residential Properties | Colonial Grand at Valley Ranch | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Valley Ranch | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Lane at Towne Crossing | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,311,000 | ||||||||
Initial Cost Buildings and Fixtures | 11,867,000 | ||||||||
Gross Amount, Land | 1,303,000 | ||||||||
Gross Amount, Buildings and Fixtures | 15,348,000 | ||||||||
Total | 16,651,000 | ||||||||
Accumulated Depreciation | (6,885,000) | ||||||||
Net | $ 9,766,000 | ||||||||
Date of Construction | Dec. 31, 1983 | ||||||||
Total Residential Properties | Lane at Towne Crossing | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Lane at Towne Crossing | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Oakbend | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [2] | $ 21,667,000 | |||||||
Initial Cost Land | 5,598,000 | ||||||||
Initial Cost Buildings and Fixtures | 28,616,000 | ||||||||
Gross Amount, Land | 5,598,000 | ||||||||
Gross Amount, Buildings and Fixtures | 30,862,000 | ||||||||
Total | 36,460,000 | ||||||||
Accumulated Depreciation | (3,113,000) | ||||||||
Net | $ 33,347,000 | ||||||||
Date of Construction | Dec. 31, 1997 | ||||||||
Total Residential Properties | Colonial Village at Oakbend | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Oakbend | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Times Square at Craig Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,130,000 | ||||||||
Initial Cost Buildings and Fixtures | 28,058,000 | ||||||||
Gross Amount, Land | 1,130,000 | ||||||||
Gross Amount, Buildings and Fixtures | 31,050,000 | ||||||||
Total | 32,180,000 | ||||||||
Accumulated Depreciation | (6,079,000) | ||||||||
Net | $ 26,101,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Times Square at Craig Ranch | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Times Square at Craig Ranch | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Venue at Stonebridge Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 14,767,000 | ||||||||
Initial Cost Land | 4,034,000 | ||||||||
Initial Cost Buildings and Fixtures | 19,528,000 | ||||||||
Gross Amount, Land | 4,034,000 | ||||||||
Gross Amount, Buildings and Fixtures | 19,775,000 | ||||||||
Total | 23,809,000 | ||||||||
Accumulated Depreciation | (1,342,000) | ||||||||
Net | $ 22,467,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Total Residential Properties | Venue at Stonebridge Ranch | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Venue at Stonebridge Ranch | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Highwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 864,000 | ||||||||
Initial Cost Buildings and Fixtures | 7,783,000 | ||||||||
Gross Amount, Land | 864,000 | ||||||||
Gross Amount, Buildings and Fixtures | 11,698,000 | ||||||||
Total | 12,562,000 | ||||||||
Accumulated Depreciation | (7,422,000) | ||||||||
Net | $ 5,140,000 | ||||||||
Date of Construction | Dec. 31, 1983 | ||||||||
Total Residential Properties | Highwood | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Highwood | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Cityscape at Market Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 8,626,000 | ||||||||
Initial Cost Buildings and Fixtures | 60,407,000 | ||||||||
Gross Amount, Land | 8,626,000 | ||||||||
Gross Amount, Buildings and Fixtures | 60,945,000 | ||||||||
Total | 69,571,000 | ||||||||
Accumulated Depreciation | (2,481,000) | ||||||||
Net | $ 67,090,000 | ||||||||
Date of Construction | Dec. 31, 2013 | ||||||||
Total Residential Properties | Cityscape at Market Center [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Cityscape at Market Center [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Los Rios Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Total Residential Properties | Los Rios Park [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Los Rios Park [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Boulder Ridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,382,000 | ||||||||
Initial Cost Buildings and Fixtures | 26,930,000 | ||||||||
Gross Amount, Land | 3,382,000 | ||||||||
Gross Amount, Buildings and Fixtures | 32,765,000 | ||||||||
Total | 36,147,000 | ||||||||
Accumulated Depreciation | (12,218,000) | ||||||||
Net | $ 23,929,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Boulder Ridge | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Boulder Ridge | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Copper Ridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,166,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 4,166,000 | ||||||||
Gross Amount, Buildings and Fixtures | 21,358,000 | ||||||||
Total | 25,524,000 | ||||||||
Accumulated Depreciation | (3,950,000) | ||||||||
Net | $ 21,574,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Copper Ridge | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Copper Ridge | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Ashton Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,511,000 | ||||||||
Initial Cost Buildings and Fixtures | 36,241,000 | ||||||||
Gross Amount, Land | 5,511,000 | ||||||||
Gross Amount, Buildings and Fixtures | 37,140,000 | ||||||||
Total | 42,651,000 | ||||||||
Accumulated Depreciation | (3,655,000) | ||||||||
Net | $ 38,996,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Colonial Grand at Ashton Oaks | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Ashton Oaks | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Round Rock | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 24,484,000 | ||||||||
Initial Cost Land | 4,691,000 | ||||||||
Initial Cost Buildings and Fixtures | 45,379,000 | ||||||||
Gross Amount, Land | 4,691,000 | ||||||||
Gross Amount, Buildings and Fixtures | 46,628,000 | ||||||||
Total | 51,319,000 | ||||||||
Accumulated Depreciation | (4,425,000) | ||||||||
Net | $ 46,894,000 | ||||||||
Date of Construction | Dec. 31, 1997 | ||||||||
Total Residential Properties | Colonial Grand at Round Rock | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Round Rock | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Sierra Vista | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 10,900,000 | ||||||||
Initial Cost Land | 2,561,000 | ||||||||
Initial Cost Buildings and Fixtures | 16,488,000 | ||||||||
Gross Amount, Land | 2,561,000 | ||||||||
Gross Amount, Buildings and Fixtures | 18,330,000 | ||||||||
Total | 20,891,000 | ||||||||
Accumulated Depreciation | (1,836,000) | ||||||||
Net | $ 19,055,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Colonial Village at Sierra Vista | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Sierra Vista | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Alamo Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,380,000 | ||||||||
Initial Cost Buildings and Fixtures | 26,982,000 | ||||||||
Gross Amount, Land | 2,380,000 | ||||||||
Gross Amount, Buildings and Fixtures | 28,786,000 | ||||||||
Total | 31,166,000 | ||||||||
Accumulated Depreciation | (5,067,000) | ||||||||
Net | $ 26,099,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Alamo Ranch | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Alamo Ranch | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Haven at Blanco | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,450,000 | ||||||||
Initial Cost Buildings and Fixtures | 45,958,000 | ||||||||
Gross Amount, Land | 5,450,000 | ||||||||
Gross Amount, Buildings and Fixtures | 47,797,000 | ||||||||
Total | 53,247,000 | ||||||||
Accumulated Depreciation | (5,586,000) | ||||||||
Net | $ 47,661,000 | ||||||||
Date of Construction | Dec. 31, 2010 | ||||||||
Total Residential Properties | Haven at Blanco | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Haven at Blanco | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Stone Ranch at Westover Hills | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 18,499,000 | ||||||||
Initial Cost Land | 4,000,000 | ||||||||
Initial Cost Buildings and Fixtures | 24,992,000 | ||||||||
Gross Amount, Land | 4,000,000 | ||||||||
Gross Amount, Buildings and Fixtures | 26,974,000 | ||||||||
Total | 30,974,000 | ||||||||
Accumulated Depreciation | (5,693,000) | ||||||||
Net | $ 25,281,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Total Residential Properties | Stone Ranch at Westover Hills | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Stone Ranch at Westover Hills | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Bulverde Oaks [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [2] | $ 0 | |||||||
Initial Cost Land | 4,257,000 | ||||||||
Initial Cost Buildings and Fixtures | 36,759,000 | ||||||||
Gross Amount, Land | 4,257,000 | ||||||||
Gross Amount, Buildings and Fixtures | 37,238,000 | ||||||||
Total | 41,495,000 | ||||||||
Accumulated Depreciation | (1,119,000) | ||||||||
Net | $ 40,376,000 | ||||||||
Date of Construction | Dec. 31, 2014 | ||||||||
Total Residential Properties | Bulverde Oaks [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Bulverde Oaks [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Cypresswood Court | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 576,000 | ||||||||
Initial Cost Buildings and Fixtures | 5,190,000 | ||||||||
Gross Amount, Land | 576,000 | ||||||||
Gross Amount, Buildings and Fixtures | 8,999,000 | ||||||||
Total | 9,575,000 | ||||||||
Accumulated Depreciation | (6,289,000) | ||||||||
Net | $ 3,286,000 | ||||||||
Date of Construction | Dec. 31, 1984 | ||||||||
Total Residential Properties | Cypresswood Court | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Cypresswood Court | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Villages At Kirkwood [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,918,000 | ||||||||
Initial Cost Buildings and Fixtures | 15,846,000 | ||||||||
Gross Amount, Land | 1,918,000 | ||||||||
Gross Amount, Buildings and Fixtures | 18,649,000 | ||||||||
Total | 20,567,000 | ||||||||
Accumulated Depreciation | (7,615,000) | ||||||||
Net | $ 12,952,000 | ||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Total Residential Properties | Villages At Kirkwood [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Villages At Kirkwood [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Green Tree Place | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 539,000 | ||||||||
Initial Cost Buildings and Fixtures | 4,850,000 | ||||||||
Gross Amount, Land | 539,000 | ||||||||
Gross Amount, Buildings and Fixtures | 8,456,000 | ||||||||
Total | 8,995,000 | ||||||||
Accumulated Depreciation | (5,777,000) | ||||||||
Net | $ 3,218,000 | ||||||||
Date of Construction | Dec. 31, 1984 | ||||||||
Total Residential Properties | Green Tree Place | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Green Tree Place | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Retreat at West Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 7,112,000 | ||||||||
Initial Cost Buildings and Fixtures | 36,136,000 | ||||||||
Gross Amount, Land | 7,112,000 | ||||||||
Gross Amount, Buildings and Fixtures | 36,382,000 | ||||||||
Total | 43,494,000 | ||||||||
Accumulated Depreciation | (542,000) | ||||||||
Net | $ 42,952,000 | ||||||||
Date of Construction | Dec. 31, 2015 | ||||||||
Total Residential Properties | Retreat at West Creek [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Retreat at West Creek [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Adalay Bay | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,280,000 | ||||||||
Initial Cost Buildings and Fixtures | 31,341,000 | ||||||||
Gross Amount, Land | 5,280,000 | ||||||||
Gross Amount, Buildings and Fixtures | 33,114,000 | ||||||||
Total | 38,394,000 | ||||||||
Accumulated Depreciation | (4,385,000) | ||||||||
Net | $ 34,009,000 | ||||||||
Date of Construction | Dec. 31, 2002 | ||||||||
Total Residential Properties | Adalay Bay | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Adalay Bay | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Greenbrier | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,842,000 | ||||||||
Initial Cost Buildings and Fixtures | 21,677,000 | ||||||||
Gross Amount, Land | 4,842,000 | ||||||||
Gross Amount, Buildings and Fixtures | 22,422,000 | ||||||||
Total | 27,264,000 | ||||||||
Accumulated Depreciation | (2,065,000) | ||||||||
Net | $ 25,199,000 | ||||||||
Date of Construction | Dec. 31, 1980 | ||||||||
Total Residential Properties | Colonial Village at Greenbrier | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Greenbrier | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Radius [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,040,000 | ||||||||
Initial Cost Buildings and Fixtures | 36,481,000 | ||||||||
Gross Amount, Land | 5,040,000 | ||||||||
Gross Amount, Buildings and Fixtures | 36,579,000 | ||||||||
Total | 41,619,000 | ||||||||
Accumulated Depreciation | (389,000) | ||||||||
Net | $ 41,230,000 | ||||||||
Date of Construction | Dec. 31, 2012 | ||||||||
Total Residential Properties | Radius [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Radius [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Seasons at Celebrate Virginia | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 6,960,000 | ||||||||
Initial Cost Buildings and Fixtures | 32,083,000 | ||||||||
Gross Amount, Land | 14,490,000 | ||||||||
Gross Amount, Buildings and Fixtures | 70,551,000 | ||||||||
Total | 85,041,000 | ||||||||
Accumulated Depreciation | (6,686,000) | ||||||||
Net | $ 78,355,000 | ||||||||
Date of Construction | Dec. 31, 2011 | ||||||||
Total Residential Properties | Seasons at Celebrate Virginia | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Seasons at Celebrate Virginia | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Stonefield Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 11,044,000 | ||||||||
Initial Cost Buildings and Fixtures | 36,689,000 | ||||||||
Gross Amount, Land | 11,044,000 | ||||||||
Gross Amount, Buildings and Fixtures | 36,982,000 | ||||||||
Total | 48,026,000 | ||||||||
Accumulated Depreciation | (1,507,000) | ||||||||
Net | $ 46,519,000 | ||||||||
Date of Construction | Dec. 31, 2013 | ||||||||
Total Residential Properties | Stonefield Commons [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Stonefield Commons [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Station Square at Cosner's Corner | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 8,580,000 | ||||||||
Initial Cost Buildings and Fixtures | 35,700,000 | ||||||||
Gross Amount, Land | 8,580,000 | ||||||||
Gross Amount, Buildings and Fixtures | 36,054,000 | ||||||||
Total | 44,634,000 | ||||||||
Accumulated Depreciation | (2,412,000) | ||||||||
Net | $ 42,222,000 | ||||||||
Date of Construction | Dec. 31, 2013 | ||||||||
Total Residential Properties | Station Square at Cosner's Corner | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Station Square at Cosner's Corner | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Hampton Glen | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,851,000 | ||||||||
Initial Cost Buildings and Fixtures | 21,678,000 | ||||||||
Gross Amount, Land | 4,851,000 | ||||||||
Gross Amount, Buildings and Fixtures | 22,737,000 | ||||||||
Total | 27,588,000 | ||||||||
Accumulated Depreciation | (2,229,000) | ||||||||
Net | $ 25,359,000 | ||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
Total Residential Properties | Colonial Village at Hampton Glen | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Hampton Glen | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at West End | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 12,611,000 | ||||||||
Initial Cost Land | 4,661,000 | ||||||||
Initial Cost Buildings and Fixtures | 18,908,000 | ||||||||
Gross Amount, Land | 4,661,000 | ||||||||
Gross Amount, Buildings and Fixtures | 20,166,000 | ||||||||
Total | 24,827,000 | ||||||||
Accumulated Depreciation | (1,882,000) | ||||||||
Net | $ 22,945,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | Colonial Village at West End | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at West End | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Township | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,509,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,189,000 | ||||||||
Gross Amount, Land | 1,509,000 | ||||||||
Gross Amount, Buildings and Fixtures | 17,593,000 | ||||||||
Total | 19,102,000 | ||||||||
Accumulated Depreciation | (10,817,000) | ||||||||
Net | $ 8,285,000 | ||||||||
Date of Construction | Dec. 31, 1987 | ||||||||
Total Residential Properties | Township | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Township | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Tradewinds | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,631,000 | ||||||||
Initial Cost Buildings and Fixtures | 15,660,000 | ||||||||
Gross Amount, Land | 5,631,000 | ||||||||
Gross Amount, Buildings and Fixtures | 17,008,000 | ||||||||
Total | 22,639,000 | ||||||||
Accumulated Depreciation | (1,697,000) | ||||||||
Net | $ 20,942,000 | ||||||||
Date of Construction | Dec. 31, 1988 | ||||||||
Total Residential Properties | Colonial Village at Tradewinds | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Tradewinds | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Waterford | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 6,733,000 | ||||||||
Initial Cost Buildings and Fixtures | 29,221,000 | ||||||||
Gross Amount, Land | 6,733,000 | ||||||||
Gross Amount, Buildings and Fixtures | 31,040,000 | ||||||||
Total | 37,773,000 | ||||||||
Accumulated Depreciation | (3,153,000) | ||||||||
Net | $ 34,620,000 | ||||||||
Date of Construction | Dec. 31, 1989 | ||||||||
Total Residential Properties | Colonial Village at Waterford | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Waterford | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Ashley Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,761,000 | ||||||||
Initial Cost Buildings and Fixtures | 13,365,000 | ||||||||
Gross Amount, Land | 4,761,000 | ||||||||
Gross Amount, Buildings and Fixtures | 14,369,000 | ||||||||
Total | 19,130,000 | ||||||||
Accumulated Depreciation | (1,618,000) | ||||||||
Net | $ 17,512,000 | ||||||||
Date of Construction | Dec. 31, 1988 | ||||||||
Total Residential Properties | Ashley Park | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Ashley Park | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Chase Gayton | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 6,021,000 | ||||||||
Initial Cost Buildings and Fixtures | 29,004,000 | ||||||||
Gross Amount, Land | 6,021,000 | ||||||||
Gross Amount, Buildings and Fixtures | 30,812,000 | ||||||||
Total | 36,833,000 | ||||||||
Accumulated Depreciation | (3,108,000) | ||||||||
Net | $ 33,725,000 | ||||||||
Date of Construction | Dec. 31, 1984 | ||||||||
Total Residential Properties | Colonial Village at Chase Gayton | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Chase Gayton | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Hamptons at Hunton Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,930,000 | ||||||||
Initial Cost Buildings and Fixtures | 35,598,000 | ||||||||
Gross Amount, Land | 4,930,000 | ||||||||
Gross Amount, Buildings and Fixtures | 38,159,000 | ||||||||
Total | 43,089,000 | ||||||||
Accumulated Depreciation | (6,237,000) | ||||||||
Net | $ 36,852,000 | ||||||||
Date of Construction | Dec. 31, 2003 | ||||||||
Total Residential Properties | Hamptons at Hunton Park | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Hamptons at Hunton Park | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Harbour Club | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [2] | $ 0 | |||||||
Initial Cost Land | 3,483,000 | ||||||||
Initial Cost Buildings and Fixtures | 14,796,000 | ||||||||
Gross Amount, Land | 3,483,000 | ||||||||
Gross Amount, Buildings and Fixtures | 15,639,000 | ||||||||
Total | 19,122,000 | ||||||||
Accumulated Depreciation | (1,503,000) | ||||||||
Net | $ 17,619,000 | ||||||||
Date of Construction | Dec. 31, 1988 | ||||||||
Total Residential Properties | Colonial Village at Harbour Club | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Harbour Club | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Lake Mary Phase III | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,306,000 | ||||||||
Initial Cost Buildings and Fixtures | 7,996,000 | ||||||||
Gross Amount, Land | 1,306,000 | ||||||||
Gross Amount, Buildings and Fixtures | 18,687,000 | ||||||||
Total | 19,993,000 | ||||||||
Accumulated Depreciation | (703,000) | ||||||||
Net | $ 19,290,000 | ||||||||
Date of Construction | Dec. 31, 2014 | ||||||||
Total Residential Properties | Colonial Grand at Lake Mary Phase III | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Lake Mary Phase III | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Randal Lakes | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,659,000 | ||||||||
Initial Cost Buildings and Fixtures | 50,553,000 | ||||||||
Gross Amount, Land | 5,659,000 | ||||||||
Gross Amount, Buildings and Fixtures | 60,949,000 | ||||||||
Total | 66,608,000 | ||||||||
Accumulated Depreciation | (2,926,000) | ||||||||
Net | $ 63,682,000 | ||||||||
Date of Construction | Dec. 31, 2013 | ||||||||
Total Residential Properties | Colonial Grand at Randal Lakes | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Randal Lakes | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Chancellor Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | $ 0 | |||||||
Initial Cost Land | 5,311,000 | ||||||||
Initial Cost Buildings and Fixtures | 28,016,000 | ||||||||
Gross Amount, Land | 5,311,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,697,000 | ||||||||
Total | 35,008,000 | ||||||||
Accumulated Depreciation | (2,753,000) | ||||||||
Net | $ 32,255,000 | ||||||||
Date of Construction | Dec. 31, 1999 | ||||||||
Total Residential Properties | Colonial Village at Chancellor Park [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Chancellor Park [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Bellevue (Phase II) | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 8,656,000 | ||||||||
Initial Cost Buildings and Fixtures | 4,549,000 | ||||||||
Gross Amount, Land | 8,656,000 | ||||||||
Gross Amount, Buildings and Fixtures | 30,128,000 | ||||||||
Total | 38,784,000 | ||||||||
Accumulated Depreciation | (543,000) | ||||||||
Net | $ 38,241,000 | ||||||||
Date of Construction | Dec. 31, 2015 | ||||||||
Total Residential Properties | Colonial Grand at Bellevue (Phase II) | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Bellevue (Phase II) | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | 220 Riverside | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,500,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 2,500,000 | ||||||||
Gross Amount, Buildings and Fixtures | 40,145,000 | ||||||||
Total | 42,645,000 | ||||||||
Accumulated Depreciation | (342,000) | ||||||||
Net | $ 42,303,000 | ||||||||
Date of Construction | Dec. 31, 2015 | ||||||||
Total Residential Properties | 220 Riverside | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | 220 Riverside | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Mallard Lake [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 17,642,000 | ||||||||
Initial Cost Land | 3,250,000 | ||||||||
Initial Cost Buildings and Fixtures | 31,389,000 | ||||||||
Gross Amount, Land | 3,250,000 | ||||||||
Gross Amount, Buildings and Fixtures | 32,907,000 | ||||||||
Total | 36,157,000 | ||||||||
Accumulated Depreciation | (3,284,000) | ||||||||
Net | $ 32,873,000 | ||||||||
Date of Construction | Dec. 31, 1998 | ||||||||
Total Residential Properties | Colonial Grand at Mallard Lake [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Mallard Lake [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at University Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 1,620,000 | ||||||||
Initial Cost Buildings and Fixtures | 17,499,000 | ||||||||
Gross Amount, Land | 1,620,000 | ||||||||
Gross Amount, Buildings and Fixtures | 17,888,000 | ||||||||
Total | 19,508,000 | ||||||||
Accumulated Depreciation | (1,663,000) | ||||||||
Net | $ 17,845,000 | ||||||||
Date of Construction | Dec. 31, 2005 | ||||||||
Total Residential Properties | Colonial Grand at University Center [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at University Center [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Reserve at South End (Charlotte, NC) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 4,628,000 | ||||||||
Initial Cost Buildings and Fixtures | 44,282,000 | ||||||||
Gross Amount, Land | 4,628,000 | ||||||||
Gross Amount, Buildings and Fixtures | 55,108,000 | ||||||||
Total | 59,736,000 | ||||||||
Accumulated Depreciation | (2,474,000) | ||||||||
Net | $ 57,262,000 | ||||||||
Date of Construction | Dec. 31, 2013 | ||||||||
Total Residential Properties | Colonial Reserve at South End (Charlotte, NC) [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Reserve at South End (Charlotte, NC) [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Grand at Cypress Cove [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,610,000 | ||||||||
Initial Cost Buildings and Fixtures | 28,645,000 | ||||||||
Gross Amount, Land | 3,610,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,737,000 | ||||||||
Total | 33,347,000 | ||||||||
Accumulated Depreciation | (2,947,000) | ||||||||
Net | $ 30,400,000 | ||||||||
Date of Construction | Dec. 31, 2001 | ||||||||
Total Residential Properties | Colonial Grand at Cypress Cove [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Grand at Cypress Cove [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Colonial Village at Hampton Pointe [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 3,971,000 | ||||||||
Initial Cost Buildings and Fixtures | 22,790,000 | ||||||||
Gross Amount, Land | 3,971,000 | ||||||||
Gross Amount, Buildings and Fixtures | 24,913,000 | ||||||||
Total | 28,884,000 | ||||||||
Accumulated Depreciation | (2,432,000) | ||||||||
Net | $ 26,452,000 | ||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
Total Residential Properties | Colonial Village at Hampton Pointe [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Total Residential Properties | Colonial Village at Hampton Pointe [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Total Residential Properties | Land | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | $ 20,116,000 | ||||||||
Total Residential Properties | Land | Colonial Grand at Quarterdeck [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Westchase [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | River's Walk [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Fairways [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Paddock Club Columbia [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Tanglewood [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Corners [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Birchall at Ross Bridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Riverchase Trails | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Trussville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Eagle Ridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Traditions | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Abbington Place | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Edgewater | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Paddock Club Huntsville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 830,000 | ||||||||
Total Residential Properties | Land | Colonial Grand at Madison | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Paddock Club Montgomery | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Cypress Village at Cypress Village | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Liberty Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at OldTown Scottsdale [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Calais Forest [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | SkySong [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Napa Valley [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Palisades At Chenal Valley [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Ridge at Chenal Valley | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Westside Creek I & II | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Edge at Lyon's Gate | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Sky View Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Talus Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Inverness Commons | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Scottsdale | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Tiffany Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Indigo Point | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Paddock Club Brandon | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Lakewood Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Preserve at Coral Square | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Paddock Club Gainesville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | The Retreat at Magnolia Parke | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Heathrow | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Atlantic Crossing | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Cooper's Hawk | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Hunter's Ridge at Deerwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Lakeside | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Lighthouse at Fleming Island | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Paddock Club Mandarin | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | St Augustine | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | St Augustine II | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Tattersall at Tapestry Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Woodhollow | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | (8,000) | ||||||||
Total Residential Properties | Land | Paddock Club Lakeland | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | (1,033,000) | ||||||||
Total Residential Properties | Land | Colonial Grand at Lake Mary | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,260,000 | ||||||||
Total Residential Properties | Land | Colonial Grand at Town Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Town Park Reserve | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Retreat at Lake Nona | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Heather Glen | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | The Club at Panama Beach | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | (5,000) | ||||||||
Total Residential Properties | Land | Colonial Village at Twin Lakes | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Paddock Club Tallahassee | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 950,000 | ||||||||
Total Residential Properties | Land | Verandas at Southwood [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Belmere | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Links at Carrollwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 110,000 | ||||||||
Total Residential Properties | Land | Village Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 153,000 | ||||||||
Total Residential Properties | Land | Colonial Grand at Hampton Preserve | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Seven Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Windermere | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Park Crest At Innisbrook | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Allure at Brookwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Allure in Buckhead Village Residential | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Sanctuary At Oglethorpe [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Terraces at Fieldstone | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Prescott | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Berkeley Lake | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Lake Lanier Club I [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at River Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Lake Lanier Club II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at River Plantation | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at McDaniel Farm | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Pleasant Hill | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Mount Vernon | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Shiloh | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Milstead Village | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Barrett Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Godley Station | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Godley Lake | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Avala at Savannah Quarters | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Georgetown Grove | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Hammocks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Haven at Prairie Trace [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Greentree | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Grand Reserve at Pinnacle [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Huntington | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Marsh Cove | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Oaks at Wilmington Island | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Highlands of West Village I [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Highlands of West Village II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Terraces At Townelake [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,688,000 | ||||||||
Total Residential Properties | Land | Residences at Burlington Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Lakepointe [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | The Denton [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Mansion [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Stonemill Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Crosswinds [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Pear Orchard [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Reflection Pointe [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 138,000 | ||||||||
Total Residential Properties | Land | Lakeshore Landing [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Market Station [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Desert Vista [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Palm Vista [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Beaver Creek (Raleigh, NC) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Hermitage at Beechtree | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Waterford Forest | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | 1225 South Church I | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,832,000 | ||||||||
Total Residential Properties | Land | Colonial Grand at Ayrsley [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,241,000 | ||||||||
Total Residential Properties | Land | Colonial Grand at Beverly Crest [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Legacy Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Mallard Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at South Tryon | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Stone Point | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Timber Crest [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Enclave [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Cornelius [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Patterson Place [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Woodlake [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Deerfield [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Research Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Greystone [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Autumn Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Huntersville [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Matthews [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Matthews Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Arringdon [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Brier Creek (Raleigh, NC) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Brier Falls (Raleigh, NC) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Crabtree Valley [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Hue [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Trinity Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Preserve At Brier Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | (19,000) | ||||||||
Total Residential Properties | Land | Providence At Brier Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Park Haywood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 35,000 | ||||||||
Total Residential Properties | Land | Spring Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | (14,000) | ||||||||
Total Residential Properties | Land | Glen Eagles [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Mill Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Paddock Club Greenville [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Howell Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Highland Ridge [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Windsor Place [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Woodwinds [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Runaway Bay | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 12,000 | ||||||||
Total Residential Properties | Land | Colonial Grand at Commerce Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | 535 Brookwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Park Place | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Farmington Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Waters Edge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Hamilton Pointe | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Hidden Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Steeplechase | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Windridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Kirby Station | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Lincoln on the Green | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Park Estate | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Reserve at Dexter Lake | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,147,000 | ||||||||
Total Residential Properties | Land | Paddock Club Murfreesboro | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Aventura at Indian Lake Village | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Avondale at Kennesaw | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Brentwood Downs | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | (2,000) | ||||||||
Total Residential Properties | Land | Colonial Grand at Bellevue | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Grand View Nashville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Monthaven Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Park at Hermitage | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Venue at Cool Springs | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Verandas at Sam Ridley | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Northwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Balcones Woods | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Canyon Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Canyon Pointe | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Double Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Onion Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Grand Reserve at Sunset Valley | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Quarry Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Wells Branch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 294,000 | ||||||||
Total Residential Properties | Land | Legacy at Western Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Silverado | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Stassney Woods | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Travis Station | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Woods, The | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Shoal Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Hebron (Dallas, TX) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Silverado [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Silverado Reserve [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Grand Cypress [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Courtyards at Campbell | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Deer Run | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Grand Courtyard | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Legends at Lowe's Farm | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Reserve at Medical District | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Watermark | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Main Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Bear Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Fairview | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | La Valencia at Starwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Cityscape at Market Center II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Reserve at Frisco Bridges | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Grapevine | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Greenwood Forest | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Legacy Pines | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | (15,000) | ||||||||
Total Residential Properties | Land | Ranchstone | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Retreat at Vintage Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Cascade at Fall Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Chalet at Fall Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Bella Casita at Las Colinas | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Remington Hills | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Valley Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Lane at Towne Crossing | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | (8,000) | ||||||||
Total Residential Properties | Land | Colonial Village at Oakbend | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Times Square at Craig Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Venue at Stonebridge Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Highwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Cityscape at Market Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Los Rios Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Boulder Ridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Copper Ridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Ashton Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Round Rock | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Sierra Vista | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Alamo Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Haven at Blanco | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Stone Ranch at Westover Hills | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Bulverde Oaks [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Cypresswood Court | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Green Tree Place | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Retreat at West Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Adalay Bay | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Greenbrier | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Radius [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Seasons at Celebrate Virginia | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 7,530,000 | ||||||||
Total Residential Properties | Land | Stonefield Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Station Square at Cosner's Corner | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Hampton Glen | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at West End | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Township | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Tradewinds | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Ashley Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Chase Gayton | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Hamptons at Hunton Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Harbour Club | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Lake Mary Phase III | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Randal Lakes | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Chancellor Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Bellevue (Phase II) | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | 220 Riverside | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Mallard Lake [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at University Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Reserve at South End (Charlotte, NC) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Grand at Cypress Cove [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Land | Colonial Village at Hampton Pointe [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Buildings and Fixtures | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,081,694,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Quarterdeck [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,887,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Westchase [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,476,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | River's Walk [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 28,810,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Fairways [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,831,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Paddock Club Columbia [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,548,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Tanglewood [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,486,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Corners [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,453,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Birchall at Ross Bridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 848,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Riverchase Trails | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,575,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Trussville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,295,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Eagle Ridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,376,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Traditions | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,228,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Abbington Place | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,047,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Edgewater | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,412,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Paddock Club Huntsville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 14,197,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Madison | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 718,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Paddock Club Montgomery | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,050,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Cypress Village at Cypress Village | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 468,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Liberty Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,291,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at OldTown Scottsdale [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,664,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Calais Forest [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 8,401,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | SkySong [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 296,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Napa Valley [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,247,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Palisades At Chenal Valley [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,266,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Ridge at Chenal Valley | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 26,917,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Westside Creek I & II | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 8,286,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Edge at Lyon's Gate | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,632,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Sky View Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,461,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Talus Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,046,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Inverness Commons | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 929,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Scottsdale | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,344,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Tiffany Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 6,163,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Indigo Point | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,754,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Paddock Club Brandon | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,688,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Lakewood Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,697,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Preserve at Coral Square | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 9,188,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Paddock Club Gainesville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,347,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | The Retreat at Magnolia Parke | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 406,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Heathrow | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,427,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Atlantic Crossing | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,246,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Cooper's Hawk | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,950,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Hunter's Ridge at Deerwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 6,864,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Lakeside | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 9,977,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Lighthouse at Fleming Island | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,487,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Paddock Club Mandarin | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,961,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | St Augustine | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 7,585,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | St Augustine II | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 13,394,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Tattersall at Tapestry Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 611,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Woodhollow | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 10,222,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Paddock Club Lakeland | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 8,836,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Lake Mary | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 12,061,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Town Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,614,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Town Park Reserve | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 188,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Retreat at Lake Nona | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,096,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Heather Glen | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,403,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | The Club at Panama Beach | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,100,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Twin Lakes | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 976,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Paddock Club Tallahassee | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 14,695,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Verandas at Southwood [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 115,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Belmere | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 6,282,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Village Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,997,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Hampton Preserve | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 750,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Seven Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 741,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Windermere | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 492,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Park Crest At Innisbrook | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 932,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Allure at Brookwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,960,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Allure in Buckhead Village Residential | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,923,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Sanctuary At Oglethorpe [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,452,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Terraces at Fieldstone | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,877,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Prescott | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,008,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Berkeley Lake | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 870,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Lake Lanier Club I [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,386,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at River Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 961,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Lake Lanier Club II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,168,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at River Plantation | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,075,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at McDaniel Farm | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,816,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Pleasant Hill | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,960,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Mount Vernon | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,137,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Shiloh | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,683,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Milstead Village | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 192,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Barrett Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,246,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Godley Station | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,344,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Godley Lake | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 683,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Avala at Savannah Quarters | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 818,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Georgetown Grove | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,130,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Hammocks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,630,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Haven at Prairie Trace [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 250,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Greentree | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 611,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Huntington | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 300,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Marsh Cove | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 472,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Oaks at Wilmington Island | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,049,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Highlands of West Village I [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,377,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Highlands of West Village II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 35,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Terraces At Townelake [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 22,465,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Residences at Burlington Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 311,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Lakepointe [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,613,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | The Denton [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Residential Properties | Buildings and Fixtures | Mansion [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,725,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,050,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Stonemill Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 10,049,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Crosswinds [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,748,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Pear Orchard [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 9,055,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Reflection Pointe [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 8,737,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Lakeshore Landing [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,961,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Market Station [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 752,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Desert Vista [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 633,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Palm Vista [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,136,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Beaver Creek (Raleigh, NC) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 963,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Hermitage at Beechtree | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,352,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Waterford Forest | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,235,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | 1225 South Church I | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 23,562,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Ayrsley [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 12,432,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Beverly Crest [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | [1] | 15,496,000 | |||||||
Initial Cost Land | 3,161,000 | ||||||||
Initial Cost Buildings and Fixtures | 24,004,000 | ||||||||
Cost Capitalized subsequent to Acquisition | 1,774,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Legacy Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,007,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Mallard Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 588,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at South Tryon | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 726,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Stone Point | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 804,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Timber Crest [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 769,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Enclave [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 353,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Cornelius [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 510,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Patterson Place [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,174,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Woodlake [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 721,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Deerfield [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 678,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Research Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 908,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Greystone [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,210,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Autumn Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 967,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Huntersville [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 862,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Matthews [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,508,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Matthews Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,012,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Arringdon [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 931,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Brier Creek (Raleigh, NC) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 867,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Brier Falls (Raleigh, NC) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 747,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Crabtree Valley [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 925,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Hue [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,550,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Trinity Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,477,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Preserve At Brier Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 24,178,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Providence At Brier Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,424,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Park Haywood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,012,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Spring Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,577,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Glen Eagles [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,276,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Mill Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 546,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Paddock Club Greenville [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,369,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Howell Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,439,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Highland Ridge [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,678,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Windsor Place [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,277,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Woodwinds [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,246,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Runaway Bay | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 6,889,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Commerce Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 753,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | 535 Brookwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 851,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Park Place | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,374,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Farmington Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,197,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Waters Edge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,979,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Hamilton Pointe | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,326,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Hidden Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,877,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Steeplechase | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,350,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Windridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,462,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Kirby Station | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 10,385,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Lincoln on the Green | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 15,864,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Park Estate | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,047,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Reserve at Dexter Lake | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 39,413,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Paddock Club Murfreesboro | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,143,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Aventura at Indian Lake Village | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,035,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Avondale at Kennesaw | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,419,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Brentwood Downs | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 7,368,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Bellevue | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,204,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Grand View Nashville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 6,820,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Monthaven Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,467,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Park at Hermitage | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 9,574,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Venue at Cool Springs | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 50,396,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Verandas at Sam Ridley | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,346,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Northwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,869,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Balcones Woods | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 11,475,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Canyon Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,095,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Canyon Pointe | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,150,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Double Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 292,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Onion Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 799,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Grand Reserve at Sunset Valley | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,488,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Quarry Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,763,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Wells Branch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 871,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Legacy at Western Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | (2,348,000) | ||||||||
Total Residential Properties | Buildings and Fixtures | Silverado | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,770,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Stassney Woods | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 8,615,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Travis Station | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 7,526,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Woods, The | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 7,855,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Shoal Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,614,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Willow Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,700,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Hebron (Dallas, TX) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 505,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Silverado [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 737,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Silverado Reserve [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,005,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Grand Cypress [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 677,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Courtyards at Campbell | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,013,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Deer Run | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,160,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Grand Courtyard | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,620,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Legends at Lowe's Farm | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,341,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Reserve at Medical District | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 888,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Watermark | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,119,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Main Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,204,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Bear Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,876,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Fairview | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 421,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | La Valencia at Starwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,014,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Cityscape at Market Center II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 20,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Reserve at Frisco Bridges | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 831,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Grapevine | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,958,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Greenwood Forest | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | (159,000) | ||||||||
Total Residential Properties | Buildings and Fixtures | Legacy Pines | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,705,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Park Place (Houston) | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,299,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Ranchstone | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,368,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Retreat at Vintage Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 392,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Cascade at Fall Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,228,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Chalet at Fall Creek | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 860,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Bella Casita at Las Colinas | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,392,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Remington Hills | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 4,804,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Reserve at Las Colinas | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 998,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Valley Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,970,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Lane at Towne Crossing | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,481,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Oakbend | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,246,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Times Square at Craig Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,992,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Venue at Stonebridge Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 247,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Highwood | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,915,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Cityscape at Market Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 538,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Los Rios Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,005,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Boulder Ridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 5,835,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Copper Ridge | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 21,358,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Ashton Oaks | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 899,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Round Rock | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,249,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Sierra Vista | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,842,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Alamo Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,804,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Haven at Blanco | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,839,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Stone Ranch at Westover Hills | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,982,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Bulverde Oaks [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 479,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Cypresswood Court | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,809,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Villages At Kirkwood [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,803,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Green Tree Place | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 3,606,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Retreat at West Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 246,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Adalay Bay | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,773,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Greenbrier | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 745,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Radius [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 98,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Seasons at Celebrate Virginia | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 38,468,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Stonefield Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 293,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Station Square at Cosner's Corner | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 354,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Hampton Glen | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,059,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at West End | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,258,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Township | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 9,404,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Tradewinds | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,348,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Waterford | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,819,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Ashley Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,004,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Chase Gayton | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,808,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Hamptons at Hunton Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,561,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Harbour Club | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 843,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Lake Mary Phase III | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 10,691,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Randal Lakes | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 10,396,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Chancellor Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,681,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Bellevue (Phase II) | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 25,579,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | 220 Riverside | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 40,145,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Mallard Lake [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,518,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at University Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 389,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Reserve at South End (Charlotte, NC) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 10,826,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Grand at Cypress Cove [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,092,000 | ||||||||
Total Residential Properties | Buildings and Fixtures | Colonial Village at Hampton Pointe [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,123,000 | ||||||||
Total Residential Properties | Villages At Kirkwood [Member] | Lane at Towne Crossing | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Los Rios Park [Member] | Los Rios Park [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Initial Cost Land | 3,273,000 | ||||||||
Initial Cost Buildings and Fixtures | 28,823,000 | ||||||||
Gross Amount, Land | 3,273,000 | ||||||||
Gross Amount, Buildings and Fixtures | 33,828,000 | ||||||||
Total | 37,101,000 | ||||||||
Accumulated Depreciation | (14,858,000) | ||||||||
Net | $ 22,243,000 | ||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Grand Reserve at Pinnacle [Member] | Buildings and Fixtures | Colonial Village at Greentree | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | $ 4,264,000 | ||||||||
Retail Properties | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Initial Cost Land | 10,219,000 | ||||||||
Initial Cost Buildings and Fixtures | 37,183,000 | ||||||||
Gross Amount, Land | 10,228,000 | ||||||||
Gross Amount, Buildings and Fixtures | 39,625,000 | ||||||||
Total | 49,853,000 | ||||||||
Accumulated Depreciation | (2,699,000) | ||||||||
Net | 47,154,000 | ||||||||
Retail Properties | The Denton [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 0 | ||||||||
Initial Cost Land | 700,000 | ||||||||
Initial Cost Buildings and Fixtures | 4,439,000 | ||||||||
Gross Amount, Land | 700,000 | ||||||||
Gross Amount, Buildings and Fixtures | 4,439,000 | ||||||||
Total | 5,139,000 | ||||||||
Accumulated Depreciation | 0 | ||||||||
Net | $ 5,139,000 | ||||||||
Date of Construction | Dec. 31, 2014 | ||||||||
Retail Properties | The Denton [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Retail Properties | The Denton [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Retail Properties | Bella Casita at Las Colinas | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 46,000 | ||||||||
Initial Cost Buildings and Fixtures | 186,000 | ||||||||
Gross Amount, Land | 46,000 | ||||||||
Gross Amount, Buildings and Fixtures | 312,000 | ||||||||
Total | 358,000 | ||||||||
Accumulated Depreciation | (54,000) | ||||||||
Net | $ 304,000 | ||||||||
Date of Construction | Dec. 31, 2007 | ||||||||
Retail Properties | Bella Casita at Las Colinas | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Retail Properties | Bella Casita at Las Colinas | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Retail Properties | Times Square at Craig Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 253,000 | ||||||||
Initial Cost Buildings and Fixtures | 1,310,000 | ||||||||
Gross Amount, Land | 253,000 | ||||||||
Gross Amount, Buildings and Fixtures | 2,604,000 | ||||||||
Total | 2,857,000 | ||||||||
Accumulated Depreciation | (279,000) | ||||||||
Net | $ 2,578,000 | ||||||||
Date of Construction | Dec. 31, 2009 | ||||||||
Retail Properties | Times Square at Craig Ranch | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Retail Properties | Times Square at Craig Ranch | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Retail Properties | Colonial Promenade Nord du Lac (Covington, LA) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 5,810,000 | ||||||||
Initial Cost Buildings and Fixtures | 19,138,000 | ||||||||
Gross Amount, Land | 5,810,000 | ||||||||
Gross Amount, Buildings and Fixtures | 19,138,000 | ||||||||
Total | 24,948,000 | ||||||||
Accumulated Depreciation | (1,505,000) | ||||||||
Net | $ 23,443,000 | ||||||||
Date of Construction | Dec. 31, 2010 | ||||||||
Retail Properties | Colonial Promenade Nord du Lac (Covington, LA) [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Retail Properties | Colonial Promenade Nord du Lac (Covington, LA) [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Retail Properties | Highlands of West Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 2,500,000 | ||||||||
Initial Cost Buildings and Fixtures | 8,446,000 | ||||||||
Gross Amount, Land | 2,500,000 | ||||||||
Gross Amount, Buildings and Fixtures | 9,218,000 | ||||||||
Total | 11,718,000 | ||||||||
Accumulated Depreciation | (370,000) | ||||||||
Net | $ 11,348,000 | ||||||||
Date of Construction | Dec. 31, 2012 | ||||||||
Retail Properties | Highlands of West Village [Member] | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Retail Properties | Highlands of West Village [Member] | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Retail Properties | Allure at Buckhead | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 867,000 | ||||||||
Initial Cost Buildings and Fixtures | 3,465,000 | ||||||||
Gross Amount, Land | 867,000 | ||||||||
Gross Amount, Buildings and Fixtures | 3,473,000 | ||||||||
Total | 4,340,000 | ||||||||
Accumulated Depreciation | (424,000) | ||||||||
Net | $ 3,916,000 | ||||||||
Date of Construction | Dec. 31, 2012 | ||||||||
Retail Properties | Allure at Buckhead | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Retail Properties | Allure at Buckhead | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Retail Properties | 1225 South Church | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | $ 0 | ||||||||
Initial Cost Land | 43,000 | ||||||||
Initial Cost Buildings and Fixtures | 199,000 | ||||||||
Gross Amount, Land | 52,000 | ||||||||
Gross Amount, Buildings and Fixtures | 441,000 | ||||||||
Total | 493,000 | ||||||||
Accumulated Depreciation | (67,000) | ||||||||
Net | $ 426,000 | ||||||||
Date of Construction | Dec. 31, 2010 | ||||||||
Retail Properties | 1225 South Church | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Retail Properties | 1225 South Church | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Retail Properties | Land | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | $ 9,000 | ||||||||
Retail Properties | Land | The Denton [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Retail Properties | Land | Bella Casita at Las Colinas | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Retail Properties | Land | Times Square at Craig Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Retail Properties | Land | Colonial Promenade Nord du Lac (Covington, LA) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Retail Properties | Land | Highlands of West Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Retail Properties | Land | Allure at Buckhead | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Retail Properties | Land | 1225 South Church | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 9,000 | ||||||||
Retail Properties | Buildings and Fixtures | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 2,442,000 | ||||||||
Retail Properties | Buildings and Fixtures | The Denton [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Retail Properties | Buildings and Fixtures | Bella Casita at Las Colinas | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 126,000 | ||||||||
Retail Properties | Buildings and Fixtures | Times Square at Craig Ranch | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,294,000 | ||||||||
Retail Properties | Buildings and Fixtures | Colonial Promenade Nord du Lac (Covington, LA) [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Retail Properties | Buildings and Fixtures | Highlands of West Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 772,000 | ||||||||
Retail Properties | Buildings and Fixtures | Allure at Buckhead | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 8,000 | ||||||||
Retail Properties | Buildings and Fixtures | 1225 South Church | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 242,000 | ||||||||
Development Properties | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 0 | ||||||||
Initial Cost Land | 17,545,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 17,545,000 | ||||||||
Gross Amount, Buildings and Fixtures | 29,470,000 | ||||||||
Total | 47,015,000 | ||||||||
Accumulated Depreciation | (2,000) | ||||||||
Net | 47,013,000 | ||||||||
Development Properties | The Denton [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 0 | ||||||||
Initial Cost Land | 770,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 770,000 | ||||||||
Gross Amount, Buildings and Fixtures | 734,000 | ||||||||
Total | 1,504,000 | ||||||||
Accumulated Depreciation | 0 | ||||||||
Net | 1,504,000 | ||||||||
Development Properties | Colonial Promenade Huntsville [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 0 | ||||||||
Initial Cost Land | 2,700,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 2,700,000 | ||||||||
Gross Amount, Buildings and Fixtures | 0 | ||||||||
Total | 2,700,000 | ||||||||
Accumulated Depreciation | 0 | ||||||||
Net | 2,700,000 | ||||||||
Development Properties | Colonial Grand at Randal Lakes II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 0 | ||||||||
Initial Cost Land | 3,200,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 3,200,000 | ||||||||
Gross Amount, Buildings and Fixtures | 7,822,000 | ||||||||
Total | 11,022,000 | ||||||||
Accumulated Depreciation | (2,000) | ||||||||
Net | 11,020,000 | ||||||||
Development Properties | Station Square at Cosner's Corner | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 0 | ||||||||
Initial Cost Land | 4,245,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 4,245,000 | ||||||||
Gross Amount, Buildings and Fixtures | 14,256,000 | ||||||||
Total | 18,501,000 | ||||||||
Accumulated Depreciation | 0 | ||||||||
Net | 18,501,000 | ||||||||
Development Properties | River's Walk II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 0 | ||||||||
Initial Cost Land | 3,630,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 3,630,000 | ||||||||
Gross Amount, Buildings and Fixtures | 6,026,000 | ||||||||
Total | 9,656,000 | ||||||||
Accumulated Depreciation | 0 | ||||||||
Net | 9,656,000 | ||||||||
Development Properties | Retreat at West Creek II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 0 | ||||||||
Initial Cost Land | 3,000,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 3,000,000 | ||||||||
Gross Amount, Buildings and Fixtures | 632,000 | ||||||||
Total | 3,632,000 | ||||||||
Accumulated Depreciation | 0 | ||||||||
Net | 3,632,000 | ||||||||
Development Properties | Land | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Development Properties | Land | The Denton [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Development Properties | Land | Colonial Promenade Huntsville [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Development Properties | Land | Colonial Grand at Randal Lakes II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Development Properties | Land | Station Square at Cosner's Corner | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Development Properties | Land | River's Walk II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Development Properties | Land | Retreat at West Creek II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Development Properties | Buildings and Fixtures | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 29,470,000 | ||||||||
Development Properties | Buildings and Fixtures | The Denton [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 734,000 | ||||||||
Development Properties | Buildings and Fixtures | Colonial Promenade Huntsville [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Development Properties | Buildings and Fixtures | Colonial Grand at Randal Lakes II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 7,822,000 | ||||||||
Development Properties | Buildings and Fixtures | Station Square at Cosner's Corner | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 14,256,000 | ||||||||
Development Properties | Buildings and Fixtures | River's Walk II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 6,026,000 | ||||||||
Development Properties | Buildings and Fixtures | Retreat at West Creek II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 632,000 | ||||||||
Total Properties | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 923,561,000 | ||||||||
Initial Cost Land | 906,407,000 | ||||||||
Initial Cost Buildings and Fixtures | 6,098,194,000 | ||||||||
Gross Amount, Land | 926,532,000 | ||||||||
Gross Amount, Buildings and Fixtures | 7,211,800,000 | ||||||||
Total | 8,138,332,000 | ||||||||
Accumulated Depreciation | (1,482,368,000) | ||||||||
Net | 6,655,964,000 | ||||||||
Total Properties | Land | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 20,125,000 | ||||||||
Total Properties | Buildings and Fixtures | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 1,113,606,000 | ||||||||
Land Held for Future Developments | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 0 | ||||||||
Initial Cost Land | 51,779,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 51,779,000 | ||||||||
Gross Amount, Buildings and Fixtures | 0 | ||||||||
Total | 51,779,000 | ||||||||
Accumulated Depreciation | 0 | ||||||||
Net | 51,779,000 | ||||||||
Land Held for Future Developments | Land | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Land Held for Future Developments | Buildings and Fixtures | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | 0 | ||||||||
Total Other | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Initial Cost Land | 51,779,000 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 | ||||||||
Cost Capitalized subsequent to Acquisition | 25,657,000 | ||||||||
Gross Amount, Land | 51,779,000 | ||||||||
Gross Amount, Buildings and Fixtures | 25,657,000 | ||||||||
Total | 77,436,000 | ||||||||
Accumulated Depreciation | (16,845,000) | ||||||||
Net | 60,591,000 | ||||||||
Corporate Real Estate Owned | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Encumbrances | 0 | ||||||||
Initial Cost Land | 0 | ||||||||
Initial Cost Buildings and Fixtures | 0 | ||||||||
Gross Amount, Land | 0 | ||||||||
Gross Amount, Buildings and Fixtures | 25,657,000 | ||||||||
Total | 25,657,000 | ||||||||
Accumulated Depreciation | (16,845,000) | ||||||||
Net | $ 8,812,000 | ||||||||
Corporate Real Estate Owned | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 40 years | ||||||||
Corporate Real Estate Owned | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life used to compute depreciation in latest income statement | 1 year | ||||||||
Corporate Real Estate Owned | Land | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | $ 0 | ||||||||
Corporate Real Estate Owned | Buildings and Fixtures | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Cost Capitalized subsequent to Acquisition | $ 25,657,000 | ||||||||
Phase I | Total Residential Properties | Colonial Village at Trussville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 1996 | ||||||||
Phase I | Total Residential Properties | Westside Creek I & II | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 1984 | ||||||||
Phase I | Total Residential Properties | Paddock Club Lakeland | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 1988 | ||||||||
Phase I | Total Residential Properties | Residences at Burlington Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 2013 | ||||||||
Phase I | Total Residential Properties | Colonial Village at Greystone [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 1998 | ||||||||
Phase I | Total Residential Properties | Colonial Grand at Autumn Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 2001 | ||||||||
Phase I | Total Residential Properties | Colonial Village at Grapevine | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 1985 | ||||||||
Phase II | Total Residential Properties | Colonial Village at Trussville | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 1997 | ||||||||
Phase II | Total Residential Properties | Westside Creek I & II | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
Phase II | Total Residential Properties | Paddock Club Lakeland | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 1990 | ||||||||
Phase II | Total Residential Properties | Residences at Burlington Creek [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 2014 | ||||||||
Phase II | Total Residential Properties | Colonial Village at Greystone [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Phase II | Total Residential Properties | Colonial Grand at Autumn Park | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 2004 | ||||||||
Phase II | Total Residential Properties | Colonial Grand at Trinity Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 2002 | ||||||||
Phase II | Total Residential Properties | Glen Eagles [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 2000 | ||||||||
Phase II | Total Residential Properties | Colonial Village at Grapevine | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date of Construction | Dec. 31, 1986 | ||||||||
|
Schedule III Real Estate and Accumulated Depreciation (Parenthetical) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
Contract
| |
Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule III, Real Estate, Federal Income Tax Basis | $ 7,220,000,000 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 months |
Encumbrance 1 | FNMA | |
Real Estate and Accumulated Depreciation [Line Items] | |
Secured credit facilities, amount available | $ 240,000,000 |
Line of credit facility, amount outstanding | $ 240,000,000 |
Variable interest rate (percent) | 0.80% |
Encumbrance 1 | FNMA | Interest Rate Swap | |
Real Estate and Accumulated Depreciation [Line Items] | |
Derivative, Notional Amount | $ 125,000,000 |
Number of Interest rate derivatives held (contracts) | Contract | 5 |
Variable rate borrowings after interest rate swaps (percent) | 4.60% |
Encumbrance 2 | Fixed Rate Debt | Loan [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Amount of bond used as encumbrance | $ 128,000,000 |
Derivative, Notional Amount | $ 128,000,000 |
Derivative cap interest rate (percent) | 5.08% |
Derivative termination date | Jun. 10, 2021 |
Furniture, fixtures and equipment | |
Real Estate and Accumulated Depreciation [Line Items] | |
Estimated useful lives (years) | 5 years |
Minimum | Land improvements and buildings | |
Real Estate and Accumulated Depreciation [Line Items] | |
Estimated useful lives (years) | 8 years |
Maximum | Land improvements and buildings | |
Real Estate and Accumulated Depreciation [Line Items] | |
Estimated useful lives (years) | 40 years |
Corporate Real Estate Owned | Minimum | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 1 year |
Corporate Real Estate Owned | Maximum | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years |
Activity for Real Estate Investments and Accumulated Depreciation (Details) - USD ($) |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||||
Real Estate Investments [Abstract] | |||||||||
Balance at beginning of year | $ 8,069,395,000 | $ 7,722,181,000 | |||||||
Acquisitions | [1] | 316,151,000 | $ 407,889,000 | 4,032,957,000 | |||||
Less: FMV of Leases included in Acquisitions | (4,438,000) | (4,968,000) | $ (51,728,000) | ||||||
Improvement and development | 165,000,000 | 186,043,000 | 130,824,000 | ||||||
Disposition of real estate assets | [2] | (330,340,000) | (241,750,000) | (114,681,000) | |||||
Balance at end of year | 8,215,768,000 | 8,069,395,000 | |||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||
Balance at beginning of year | 1,373,678,000 | 1,138,315,000 | |||||||
Depreciation | 289,177,000 | 276,991,000 | 165,885,000 | ||||||
Disposition of real estate assets | [2] | (163,642,000) | (41,628,000) | (61,879,000) | |||||
Balance at end of year | 1,499,213,000 | 1,373,678,000 | |||||||
Commercial | |||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||
Accumulated depreciation | 16,845,000 | 15,279,000 | 14,108,000 | ||||||
Assets Held-for-sale | |||||||||
Real Estate Investments [Abstract] | |||||||||
Balance at beginning of year | 0 | $ (4,897,000) | |||||||
Balance at end of year | 0 | 0 | |||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||
Accumulated depreciation | $ 0 | $ 0 | $ (6,164,000) | ||||||
|
8
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