Fair Value (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value

Schedule of summary of consolidated Hedging Derivatives, excluding derivatives executed to hedge debt on communities classified as held for sale

The following table summarizes the consolidated Hedging Derivatives at December 31, 2013, excluding derivatives executed to hedge debt on communities classified as held for sale (dollars in thousands):

	Non-designated Hedges			Cash Flow Hedges
	Interest Rate Caps			Interest Rate Caps
Notional balance	$	611,395		$	134,132
Weighted average interest rate(1)		1.8	%		2.5	%
Weighted average capped interest rate		5.9	%		4.9	%
Earliest maturity date		Mar-14			Apr-15
Latest maturity date		Aug-18			Jun-15

(1)

For interest rate caps, this represents the weighted average interest rate on the debt.

Schedule of summary of classification between the three levels of the fair value hierarchy of the Company's financial instruments measured at fair value on a recurring basis

The following table summarizes the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands):

Description	Total Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
	12-31-2013
Interest Rate Caps	$	106		$	—		$	106		$	—
Put(s)		(15,998	)		—			—			(15,998	)
DownREIT units		(887	)		(887	)		—			—
Indebtedness		(6,294,848	)		(2,657,143	)		(3,637,705	)		—
Total	$	(6,311,627	)	$	(2,658,030	)	$	(3,637,599	)	$	(15,998	)
	12-31-2012
Interest Rate Caps	$	19		$	—		$	19		$	—
Interest Rate Swaps		(53,484	)		—			(53,484	)		—
Put		(5,574	)		—			—			(5,574	)
DownREIT units		(1,017	)		(1,017	)		—			—
Indebtedness		(4,077,397	)		(2,102,927	)		(1,974,470	)		—
Total	$	(4,137,453	)	$	(2,103,944	)	$	(2,027,935	)	$	(5,574	)