Fair Value (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014, excluding derivatives executed to hedge debt on communities classified as held for sale (dollars in thousands):

	Non-
	designated		Cash Flow
	Hedges		Hedges
	Interest		Interest
	Rate Caps		Rate Caps
Notional balance	$	610,685	$	133,945
Weighted average interest rate (1)	1.7%		2.5%
Weighted average capped interest rate	5.9%		4.9%
Earliest maturity date	Aug-14		Apr-15
Latest maturity date	Aug-18		Jun-15

(1)Represents the weighted average interest rate on the hedged 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):

				Quoted Prices			Significant
				in Active			Other			Significant
	Total Fair Value			Markets for			Observable			Unobservable
				Identical Assets			Inputs			Inputs
Description	3/31/2014			(Level 1)			(Level 2)			(Level 3)
Interest Rate Caps	$	65		$	—		$	65		$	—
Puts	(14,582		)	—			—			(14,582		)
DownREIT units	(985		)	(985		)	—			—
Indebtedness	(6,604,144		)	(2,698,092		)	(3,906,052		)	—
Total	$	(6,619,646	)	$	(2,699,077	)	$	(3,905,987	)	$	(14,582	)