Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 18, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
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 | 31-Dec-13 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 74,969,790 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,896,227,801.18 |
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
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Real estate assets: | ' | ' |
Development and capital improvements in progress | $166,048,000 | ' |
Total assets | 6,841,925,000 | 2,751,068,000 |
Liabilities: | ' | ' |
Fair market value of interest rate swaps | 20,015,000 | 21,423,000 |
Shareholders' equity/capital: | ' | ' |
Accumulated other comprehensive income (losses) | 108,000 | -26,054,000 |
Limited partners: 4,227,384 OP Units outstanding at December 31, 2013 and 1,731,672 OP Units outstanding at December 31, 2012 (1) | 256,771,304 | 112,125,762 |
Limited Partner [Member] | ' | ' |
Real estate assets: | ' | ' |
Land | 871,316,000 | 386,088,000 |
Buildings and improvements | 6,366,701,000 | 3,158,301,000 |
Furniture, fixtures and equipment | 199,573,000 | 97,270,000 |
Development and capital improvements in progress | 166,048,000 | 52,414,000 |
Real estate investment property, at cost, total | 7,603,638,000 | 3,694,073,000 |
Less accumulated depreciation | -1,124,207,000 | -1,019,624,000 |
Real estate investment property, net, total | 6,479,431,000 | 2,674,449,000 |
Undeveloped land | 63,850,000 | 1,205,000 |
Corporate properties, net | 7,523,000 | 8,058,000 |
Investments in real estate joint ventures | 5,499,000 | 4,837,000 |
Real estate assets, net | 6,556,303,000 | 2,688,549,000 |
Cash and cash equivalents | 89,333,000 | 8,934,000 |
Restricted cash | 44,361,000 | 809,000 |
Deferred financing costs, net | 17,424,000 | 13,842,000 |
Other assets | 91,637,000 | 29,038,000 |
Goodwill | 4,106,000 | 4,106,000 |
Assets held for sale | 38,761,000 | 0 |
Total assets | 6,841,925,000 | 2,745,278,000 |
Liabilities: | ' | ' |
Secured notes payable | 1,790,935,000 | 1,190,848,000 |
Unsecured notes payable | 1,681,783,000 | 483,000,000 |
Accounts payable | 15,067,000 | 4,553,000 |
Fair market value of interest rate swaps | 20,015,000 | 21,423,000 |
Accrued expenses and other liabilities | 206,190,000 | 94,467,000 |
Security deposits | 9,270,000 | 6,650,000 |
Due to general partner | 19,000 | 617,000 |
Liabilities associated with assets held for sale | 78,000 | 0 |
Total liabilities | 3,723,357,000 | 1,801,558,000 |
Redeemable stock/units | 5,050,000 | 4,713,000 |
Shareholders' equity/capital: | ' | ' |
Accumulated other comprehensive income (losses) | 174,000 | -26,881,000 |
Total liabilities and equity/capital | 6,841,925,000 | 2,745,278,000 |
General partner: 74,830,726 OP Units outstanding at December 31, 2013 and 42,316,398 OP Units outstanding at December 31, 2012 (1) | 2,946,598,000 | 927,734,000 |
Limited partners: 4,227,384 OP Units outstanding at December 31, 2013 and 1,731,672 OP Units outstanding at December 31, 2012 (1) | 166,746,000 | 38,154,000 |
Total capital | 3,113,518,000 | 939,007,000 |
Redeemable stock, shares/units issued and outstanding | 83,139 | 72,786 |
Parent Company [Member] | ' | ' |
Real estate assets: | ' | ' |
Land | 871,316,000 | 386,670,000 |
Buildings and improvements | 6,366,701,000 | 3,170,413,000 |
Furniture, fixtures and equipment | 199,573,000 | 98,044,000 |
Development and capital improvements in progress | 166,048,000 | 52,455,000 |
Real estate investment property, at cost, total | 7,603,638,000 | 3,707,582,000 |
Less accumulated depreciation | -1,124,207,000 | -1,027,618,000 |
Real estate investment property, net, total | 6,479,431,000 | 2,679,964,000 |
Undeveloped land | 63,850,000 | 1,205,000 |
Corporate properties, net | 7,523,000 | 8,065,000 |
Investments in real estate joint ventures | 5,499,000 | 4,837,000 |
Real estate assets, net | 6,556,303,000 | 2,694,071,000 |
Cash and cash equivalents | 89,333,000 | 9,075,000 |
Restricted cash | 44,361,000 | 808,000 |
Deferred financing costs, net | 17,424,000 | 13,842,000 |
Other assets | 91,637,000 | 29,166,000 |
Goodwill | 4,106,000 | 4,106,000 |
Assets held for sale | 38,761,000 | 0 |
Total assets | 6,841,925,000 | 2,751,068,000 |
Liabilities: | ' | ' |
Secured notes payable | 1,790,935,000 | 1,190,848,000 |
Unsecured notes payable | 1,681,783,000 | 483,000,000 |
Accounts payable | 15,067,000 | 4,586,000 |
Fair market value of interest rate swaps | 20,015,000 | 21,423,000 |
Accrued expenses and other liabilities | 206,190,000 | 94,719,000 |
Security deposits | 9,270,000 | 6,669,000 |
Liabilities associated with assets held for sale | 78,000 | 0 |
Total liabilities | 3,723,338,000 | 1,801,245,000 |
Redeemable stock/units | 5,050,000 | 4,713,000 |
Shareholders' equity/capital: | ' | ' |
Common stock, $0.01 par value per share, 100,000,000 shares authorized; 74,830,726 and 42,316,398 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 747,000 | 422,000 |
Additional paid-in capital | 3,599,549,000 | 1,542,999,000 |
Accumulated distributions in excess of net income | -653,593,000 | -603,315,000 |
Accumulated other comprehensive income (losses) | 108,000 | -26,054,000 |
Total MAA shareholders' equity | 2,946,811,000 | 914,052,000 |
Noncontrolling interest | 166,726,000 | 31,058,000 |
Total equity | 3,113,537,000 | 945,110,000 |
Total liabilities and equity/capital | $6,841,925,000 | $2,751,068,000 |
Redeemable stock, shares/units issued and outstanding | 83,139 | 72,786 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, shares outstanding | 74,830,726 | 42,316,398 |
General partners' capital account, units outstanding | 74,830,726 | 42,316,398 |
Limited Partners' Capital Account, Units Outstanding | 4,227,384 | 1,731,672 |
Limited Partner [Member] | ' | ' |
Redeemable stock, shares/units issued and outstanding | 83,139 | 72,786 |
General partners' capital account, units outstanding | 74,830,726 | 42,316,398 |
Limited Partners' Capital Account, Units Outstanding | 4,227,384 | 1,731,672 |
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 | 74,830,726 | 42,316,398 |
Common stock, shares outstanding | 74,830,726 | 42,316,398 |
Redeemable stock, shares/units issued and outstanding | 83,139 | 72,786 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Property operating expenses: | ' | ' | ' | |
Income from continuing operations | $37,277,000 | $61,204,000 | $28,702,000 | |
Parent Company [Member] | ' | ' | ' | |
Operating revenues: | ' | ' | ' | |
Rental revenues | 580,207,000 | 436,658,000 | 373,797,000 | |
Other property revenues | 53,880,000 | 38,331,000 | 34,968,000 | |
Total property revenues | 634,087,000 | 474,989,000 | 408,765,000 | |
Management fee income | 647,000 | 899,000 | 1,017,000 | [1] |
Total operating revenues | 634,734,000 | 475,888,000 | 409,782,000 | |
Property operating expenses: | ' | ' | ' | |
Personnel | 68,246,000 | 54,355,000 | 48,941,000 | |
Building repairs and maintenance | 20,018,000 | 15,029,000 | 13,728,000 | |
Real estate taxes and insurance | 76,771,000 | 55,024,000 | 46,937,000 | |
Utilities | 36,606,000 | 25,941,000 | 23,852,000 | |
Landscaping | 13,245,000 | 10,447,000 | 9,642,000 | |
Other operating | 38,428,000 | 33,353,000 | 30,463,000 | |
Depreciation and amortization | 186,979,000 | 121,211,000 | 106,009,000 | [1] |
Total property operating expenses | 440,293,000 | 315,360,000 | 279,572,000 | |
Acquisition expense | 1,393,000 | 1,581,000 | 3,319,000 | [1] |
Property management expenses | 23,083,000 | 21,281,000 | 19,973,000 | [1] |
General and administrative expenses | 15,569,000 | 13,762,000 | 18,123,000 | [1] |
Merger related expenses | 32,403,000 | 0 | 0 | |
Integration related expenses | 5,102,000 | 0 | 0 | |
Income from continuing operations before non-operating items | 116,891,000 | 123,904,000 | 88,795,000 | |
Interest and other non-property income | 488,000 | 430,000 | 802,000 | [1] |
Interest expense | -75,915,000 | -57,937,000 | -56,383,000 | [1] |
Loss on debt extinguishment/modification | -426,000 | -654,000 | -755,000 | [1] |
Amortization of deferred financing costs | -3,063,000 | -3,552,000 | -2,902,000 | [1] |
Net casualty loss after insurance and other settlement proceeds | -143,000 | -6,000 | -619,000 | [1] |
Gain on sale of non-depreciable assets | 0 | 45,000 | 1,084,000 | [1] |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 37,832,000 | 62,230,000 | 30,022,000 | |
Income Tax Expense | -893,000 | -803,000 | -727,000 | |
Income (Loss) from Continuing Operations before Equity Method Investments | 36,939,000 | 61,427,000 | 29,295,000 | |
Gain (loss) from real estate joint ventures | 338,000 | -223,000 | -593,000 | [1] |
Income from continuing operations | 37,277,000 | 61,204,000 | 28,702,000 | |
Discontinued operations: | ' | ' | ' | |
Income from discontinued operations before gain on sale | 5,065,000 | 6,938,000 | 9,742,000 | |
Net casualty loss on insurance and other settlement proceeds on discontinued operations | 93,000 | 48,000 | -12,000 | |
Gain on sale of discontinued operations | 76,844,000 | 41,635,000 | 12,799,000 | |
Consolidated net income | 119,279,000 | 109,825,000 | 51,231,000 | |
Net income attributable to noncontrolling interests | 3,998,000 | 4,602,000 | 2,410,000 | [1] |
Net income attributable to MAA | 115,281,000 | 105,223,000 | 48,821,000 | [1] |
Net income available for MAA common shareholders | 115,281,000 | 105,223,000 | 48,821,000 | |
Earnings per common share - basic: | ' | ' | ' | |
Income from continuing operations available for common shareholders (dollars per share) | $0.71 | $1.43 | $0.74 | |
Discontinued property operations (dollars per share) | $1.56 | $1.13 | $0.58 | |
Net income available for common shareholders (dollars per share) | $2.27 | $2.56 | $1.32 | |
Earnings per share - diluted: | ' | ' | ' | |
Income from continuing operations available for common shareholders (dollars per share) | $0.70 | $1.43 | $0.73 | |
Discontinued property operations (dollars per share) | $1.55 | $1.13 | $0.58 | |
Net income available to common shareholders (dollars per share) | $2.25 | $2.56 | $1.31 | |
Dividends declared per common share (dollars per share) | $2.82 | $2.67 | $2.54 | |
Distribution Made to Member or Limited Partner, Distributions Declared, Per Unit | $2.82 | $2.67 | $2.54 | |
Limited Partner [Member] | ' | ' | ' | |
Operating revenues: | ' | ' | ' | |
Rental revenues | 580,207,000 | 436,658,000 | 373,797,000 | |
Other property revenues | 53,880,000 | 38,331,000 | 34,968,000 | |
Total property revenues | 634,087,000 | 474,989,000 | 408,765,000 | |
Management fee income | 647,000 | 899,000 | 1,017,000 | |
Total operating revenues | 634,734,000 | 475,888,000 | 409,782,000 | |
Property operating expenses: | ' | ' | ' | |
Personnel | 68,246,000 | 54,355,000 | 48,941,000 | |
Building repairs and maintenance | 20,018,000 | 15,029,000 | 13,728,000 | |
Real estate taxes and insurance | 76,771,000 | 55,024,000 | 46,937,000 | |
Utilities | 36,606,000 | 25,941,000 | 23,852,000 | |
Landscaping | 13,245,000 | 10,447,000 | 9,642,000 | |
Other operating | 38,428,000 | 33,353,000 | 30,463,000 | |
Depreciation and amortization | 186,979,000 | 121,211,000 | 106,009,000 | |
Total property operating expenses | 440,293,000 | 315,360,000 | 279,572,000 | |
Acquisition expense | 1,393,000 | 1,581,000 | 3,319,000 | |
Property management expenses | 23,083,000 | 21,281,000 | 19,973,000 | |
General and administrative expenses | 15,569,000 | 13,762,000 | 18,123,000 | |
Merger related expenses | 32,403,000 | 0 | 0 | |
Integration related expenses | 5,102,000 | 0 | 0 | |
Income from continuing operations before non-operating items | 116,891,000 | 123,904,000 | 88,795,000 | |
Interest and other non-property income | 488,000 | 430,000 | 802,000 | |
Interest expense | -75,915,000 | -57,937,000 | -56,383,000 | |
Loss on debt extinguishment/modification | -426,000 | -654,000 | -755,000 | |
Amortization of deferred financing costs | -3,063,000 | -3,552,000 | -2,902,000 | |
Net casualty loss after insurance and other settlement proceeds | -143,000 | -6,000 | -619,000 | |
Gain on sale of non-depreciable assets | 0 | 45,000 | 1,084,000 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 37,832,000 | 62,230,000 | 30,022,000 | |
Income Tax Expense | -893,000 | -803,000 | -727,000 | |
Income (Loss) from Continuing Operations before Equity Method Investments | 36,939,000 | 61,427,000 | 29,295,000 | |
Gain (loss) from real estate joint ventures | 338,000 | -223,000 | -593,000 | |
Income from continuing operations | 37,277,000 | 61,204,000 | 28,702,000 | |
Discontinued operations: | ' | ' | ' | |
Income from discontinued operations before gain on sale | 4,654,000 | 6,153,000 | 9,099,000 | |
Net casualty loss on insurance and other settlement proceeds on discontinued operations | 93,000 | 48,000 | -12,000 | |
Gain on sale of discontinued operations | 65,520,000 | 41,635,000 | 12,799,000 | |
Consolidated net income | 107,544,000 | 109,040,000 | 50,588,000 | |
Net income available for MAA common shareholders | 107,544,000 | 109,040,000 | 50,588,000 | |
Earnings per common share - basic: | ' | ' | ' | |
Income from continuing operations available for common shareholders (dollars per share) | $0.70 | $1.43 | $0.73 | |
Discontinued property operations (dollars per share) | $1.32 | $1.11 | $0.56 | |
Net income available for common shareholders (dollars per share) | $2.02 | $2.54 | $1.29 | |
Earnings per share - diluted: | ' | ' | ' | |
Income from continuing operations available for common shareholders (dollars per share) | $0.70 | $1.43 | $0.73 | |
Discontinued property operations (dollars per share) | $1.32 | $1.11 | $0.56 | |
Net income available to common shareholders (dollars per share) | $2.02 | $2.54 | $1.29 | |
Distribution Made to Member or Limited Partner, Distributions Declared, Per Unit | $2.82 | $2.67 | $2.54 | |
Disposal Groups, Including Discontinued Operations, Name | Parent Company [Member] | ' | ' | ' | |
Operating revenues: | ' | ' | ' | |
Rental revenues | 13,255,000 | 27,598,000 | 39,923,000 | |
Other property revenues | 1,189,000 | 2,706,000 | 4,184,000 | |
Total operating revenues | 14,444,000 | 30,304,000 | 44,107,000 | |
Property operating expenses: | ' | ' | ' | |
Total property operating expenses | 6,205,000 | 14,066,000 | 21,274,000 | |
Interest expense | -458,000 | -1,867,000 | -2,673,000 | |
Discontinued operations: | ' | ' | ' | |
Income from discontinued operations before gain on sale | 5,065,000 | 6,938,000 | 9,742,000 | |
Disposal Groups, Including Discontinued Operations, Name | Limited Partner [Member] | ' | ' | ' | |
Operating revenues: | ' | ' | ' | |
Rental revenues | 12,202,000 | 25,374,000 | 37,760,000 | |
Other property revenues | 1,099,000 | 2,514,000 | 3,990,000 | |
Total operating revenues | 13,301,000 | 27,888,000 | 41,750,000 | |
Property operating expenses: | ' | ' | ' | |
Total property operating expenses | 5,709,000 | 12,997,000 | 20,219,000 | |
Interest expense | -458,000 | -1,858,000 | -2,578,000 | |
Discontinued operations: | ' | ' | ' | |
Income from discontinued operations before gain on sale | $4,654,000 | $6,153,000 | $9,099,000 | |
[1] | The 2011 column shows the segment break down based on the 2012 same store portfolios. A comparison using the 2013 same store portfolio would not be comparative due to the nature of the classifications. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Comprehensive Income: | ' | ' | ' |
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments | ($16,370) | ($20,113) | ($27,639) |
Limited Partner [Member] | ' | ' | ' |
Consolidated net income | 107,544 | 109,040 | 50,588 |
Other Comprehensive Income: | ' | ' | ' |
Unrealized gain (loss) from the effective portion of derivative instruments | 10,684 | -8,411 | -14,012 |
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments | 16,370 | 20,113 | 27,639 |
Comprehensive income attributable to Mid-America Apartments, L.P. | 134,598 | 120,742 | 64,215 |
Parent Company [Member] | ' | ' | ' |
Consolidated net income | 119,279 | 109,825 | 51,231 |
Other Comprehensive Income: | ' | ' | ' |
Unrealized gain (loss) from the effective portion of derivative instruments | 10,684 | -8,411 | -14,012 |
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments | 16,370 | 20,113 | 27,639 |
Total Comprehensive Income | 146,333 | 121,527 | 64,858 |
Less: comprehensive income attributable to noncontrolling interest | -4,890 | -6,510 | -3,038 |
Comprehensive income attributable to MAA | $141,443 | $115,017 | $61,820 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Limited Partner [Member] | Total Partnership Capital | Redeemable Stock | General Partners' Capital Account, Class | Accumulated Other Comprehensive Income (Loss) |
USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Distributions in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Redeemable Stock | USD ($) | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Beginning balance, Redeemable Stock at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | $3,764,000 | ' | ' | $3,764,000 | ' | ' |
Beginning balance at Dec. 31, 2010 | ' | 540,628,000 | 348,000 | 1,142,023,000 | -575,021,000 | -48,847,000 | 22,125,000 | ' | ' | ' | ' | ' | ' |
Beginning balance (in shares) at Dec. 31, 2010 | ' | ' | 34,809,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 37,079,000 | 738,157,000 | ' | 739,657,000 | -38,579,000 |
Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 2,580,000 | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 51,231,000 | ' | ' | 48,821,000 | ' | 2,410,000 | ' | 50,588,000 | 50,588,000 | ' | 48,008,000 | ' |
Other comprehensive income - derivative instruments (cash flow hedges) | ' | 13,627,000 | ' | ' | ' | 12,999,000 | 628,000 | ' | ' | 13,688,000 | ' | ' | 13,688,000 |
Issuance of units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 235,334,000 | 494,000 | 235,334,000 | ' |
Units repurchased and retired | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,548,000 | ' | -2,548,000 | ' |
Exercise of unit options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 407,000 | ' | 407,000 | ' |
Issuance and registration of common shares (in shares) | ' | ' | 3,856,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General partnership units issued in exchange for limited partnership units | ' | ' | ' | ' | ' | ' | ' | ' | -3,069,000 | 0 | ' | -3,069,000 | ' |
Units reclassified to liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -150,000 | ' | ' |
Issuance and registration of common shares | ' | 235,334,000 | 38,000 | 235,296,000 | ' | ' | ' | 494,000 | ' | ' | ' | ' | ' |
Shares repurchased and retired (in shares) | ' | ' | -41,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased and retired | ' | -2,548,000 | 0 | -2,548,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | ' | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | ' | 0 | 0 | 407,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Value of Stock Issued During Period, Stock Options Exercised | ' | 407,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in exchange for units (in shares) | ' | ' | 254,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in exchange for units | ' | 0 | 3,000 | 3,066,000 | ' | ' | -3,069,000 | ' | ' | ' | ' | ' | ' |
Shares reclassified to liabilities, shares | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reclassified to liabilities | ' | 0 | 0 | 0 | ' | ' | ' | -150,000 | ' | ' | ' | ' | ' |
Redeemable stock fair market value | ' | 71,000 | ' | ' | 71,000 | ' | ' | -71,000 | ' | -71,000 | -71,000 | -71,000 | ' |
Adjustment for Noncontrolling Interest Ownership in operating partnership | ' | 0 | ' | -8,140,000 | ' | ' | 8,140,000 | ' | 7,576,000 | -96,000 | ' | -7,672,000 | ' |
Amortization of unearned compensation | ' | 5,519,000 | ' | 5,519,000 | ' | ' | ' | ' | ' | 4,035,000 | ' | 4,035,000 | ' |
Distributions | ' | ' | ' | ' | ' | ' | ' | ' | -5,103,000 | -100,807,000 | ' | -95,704,000 | ' |
Dividends on common stock ($2.8150, $2.6750 and $2.5425 per share for years ended December 31, 2013, 2012 and 2011) | ' | -95,704,000 | ' | ' | -95,704,000 | ' | 0 | ' | ' | ' | ' | ' | ' |
Dividends on noncontrolling interest units ($2.8150, $2.6750 and $2.5425 per unit for years ended December 31, 2013, 2012 and 2011) | ' | -5,103,000 | ' | ' | ' | ' | -5,103,000 | ' | ' | ' | ' | ' | ' |
Ending balance, Redeemable Stock at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | 4,037,000 | ' | ' | 4,037,000 | ' | ' |
Ending balance at Dec. 31, 2011 | ' | 743,462,000 | 389,000 | 1,375,623,000 | -621,833,000 | -35,848,000 | 25,131,000 | ' | ' | ' | ' | ' | ' |
Ending balance (in shares) at Dec. 31, 2011 | ' | ' | 38,894,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 25,068,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance, Redeemable Stock at Mar. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance, Redeemable Stock at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | 4,037,000 | ' | ' | 4,037,000 | ' | ' |
Beginning balance at Dec. 31, 2011 | ' | 743,462,000 | 389,000 | 1,375,623,000 | -621,833,000 | -35,848,000 | 25,131,000 | ' | ' | ' | ' | ' | ' |
Beginning balance (in shares) at Dec. 31, 2011 | ' | ' | 38,894,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 38,154,000 | 939,007,000 | ' | 927,734,000 | -26,881,000 |
Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 4,697,000 | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 109,825,000 | ' | ' | 105,223,000 | ' | 4,602,000 | ' | 109,040,000 | 109,040,000 | ' | 104,343,000 | ' |
Other comprehensive income - derivative instruments (cash flow hedges) | ' | 11,702,000 | ' | ' | ' | 9,794,000 | 1,908,000 | ' | ' | 11,698,000 | ' | ' | 11,698,000 |
Issuance of units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 196,326,000 | 546,000 | 196,326,000 | ' |
Units repurchased and retired | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,990,000 | ' | -1,990,000 | ' |
Issuance and registration of common shares (in shares) | ' | ' | 3,174,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General partnership units issued in exchange for limited partnership units | ' | ' | ' | ' | ' | ' | ' | ' | -3,459,000 | 0 | ' | -3,459,000 | ' |
Issuance and registration of common shares | ' | 196,326,000 | 31,000 | 196,295,000 | ' | ' | ' | 546,000 | ' | ' | ' | ' | ' |
Shares repurchased and retired (in shares) | ' | ' | -31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased and retired | ' | -1,990,000 | 0 | -1,990,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | ' | 0 | 0 | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Shares issued in exchange for units (in shares) | ' | ' | 206,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in exchange for units | ' | 0 | 2,000 | 3,457,000 | ' | ' | -3,459,000 | ' | ' | ' | ' | ' | ' |
Shares reclassified to liabilities, shares | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reclassified to liabilities | ' | 0 | 0 | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Redeemable stock fair market value | ' | -130,000 | ' | ' | -130,000 | ' | ' | 130,000 | ' | 130,000 | 130,000 | 130,000 | ' |
Adjustment for Noncontrolling Interest Ownership in operating partnership | ' | 0 | ' | -5,587,000 | ' | ' | 5,587,000 | ' | 4,710,000 | -9,000 | ' | -4,719,000 | ' |
Amortization of unearned compensation | ' | 2,233,000 | ' | 2,233,000 | ' | ' | ' | ' | ' | 2,233,000 | ' | 2,233,000 | ' |
Distributions | ' | ' | ' | ' | ' | ' | ' | ' | -4,873,000 | -116,318,000 | ' | -111,445,000 | ' |
Dividends on common stock ($2.8150, $2.6750 and $2.5425 per share for years ended December 31, 2013, 2012 and 2011) | ' | -111,445,000 | ' | ' | -111,445,000 | ' | 0 | ' | ' | ' | ' | ' | ' |
Dividends on noncontrolling interest units ($2.8150, $2.6750 and $2.5425 per unit for years ended December 31, 2013, 2012 and 2011) | ' | -4,873,000 | ' | ' | ' | ' | -4,873,000 | ' | ' | ' | ' | ' | ' |
Ending balance, Redeemable Stock at Dec. 31, 2012 | ' | 4,713,000 | ' | ' | ' | ' | ' | 4,713,000 | 4,713,000 | ' | 4,713,000 | ' | ' |
Ending balance at Dec. 31, 2012 | ' | 945,110,000 | 422,000 | 1,542,999,000 | -603,315,000 | -26,054,000 | 31,058,000 | ' | ' | ' | ' | ' | ' |
Ending balance (in shares) at Dec. 31, 2012 | ' | ' | 42,243,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance, Redeemable Stock at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 23,207,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance, Redeemable Stock at Dec. 31, 2012 | ' | 4,713,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2012 | ' | 945,110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 22,005,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance, Redeemable Stock at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance, Redeemable Stock at Dec. 31, 2012 | ' | 4,713,000 | ' | ' | ' | ' | ' | 4,713,000 | 4,713,000 | ' | 4,713,000 | ' | ' |
Beginning balance at Dec. 31, 2012 | ' | 945,110,000 | 422,000 | 1,542,999,000 | -603,315,000 | -26,054,000 | 31,058,000 | ' | ' | ' | ' | ' | ' |
Beginning balance (in shares) at Dec. 31, 2012 | ' | ' | 42,243,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 166,746,000 | 3,113,518,000 | ' | 2,946,598,000 | 174,000 |
Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 3,979,000 | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 119,279,000 | ' | ' | 115,281,000 | ' | 3,998,000 | ' | 107,544,000 | 107,544,000 | ' | 103,565,000 | ' |
Other comprehensive income - derivative instruments (cash flow hedges) | ' | 27,054,000 | ' | ' | ' | 26,162,000 | 892,000 | ' | ' | 27,055,000 | ' | ' | 27,055,000 |
Issuance of units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,188,306,000 | 692,000 | 2,027,237,000 | ' |
Units repurchased and retired | ' | ' | ' | ' | ' | ' | ' | ' | ' | -702,000 | ' | -702,000 | ' |
Issuance and registration of common shares (in shares) | ' | ' | 32,325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General partnership units issued in exchange for limited partnership units | ' | ' | ' | ' | ' | ' | ' | ' | -2,519,000 | 0 | ' | -2,519,000 | ' |
Issuance and registration of common shares | ' | 2,188,307,000 | 325,000 | 2,026,913,000 | ' | ' | 161,069,000 | 692,000 | ' | ' | ' | ' | ' |
Shares repurchased and retired (in shares) | ' | ' | -10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased and retired | ' | -702,000 | 0 | -702,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | 0 | ' | 111,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | ' | 6,212,000 | 0 | 6,212,000 | ' | ' | ' | ' | 6,212,000 | ' | ' | ' | ' |
Shares issued in exchange for units (in shares) | ' | ' | 79,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in exchange for units | ' | 0 | 0 | 2,519,000 | ' | ' | -2,519,000 | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Correction of classification of equity accounts (Note 1) (Accumulated Distributions in Excess of Net Income) | ' | ' | ' | ' | 24,870,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Correction of classification of equity accounts (Note 1) (Noncontrolling Interest) | ' | ' | ' | ' | ' | ' | 2,162,000 | ' | ' | ' | ' | ' | ' |
Correction of classification of equity accounts (Note 1) (Additional Paid-in Capital) | ' | ' | ' | -27,032,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment for Noncontrolling Interest Ownership in operating partnership | ' | 0 | ' | 19,340,000 | ' | ' | -19,340,000 | ' | -25,505,000 | 17,819,000 | ' | 43,324,000 | ' |
Amortization of unearned compensation | ' | 2,268,000 | ' | 2,268,000 | ' | ' | ' | ' | ' | 2,268,000 | ' | 2,268,000 | ' |
Distributions | ' | ' | ' | ' | ' | ' | ' | ' | -8,432,000 | -174,346,000 | ' | -165,914,000 | ' |
Dividends on common stock ($2.8150, $2.6750 and $2.5425 per share for years ended December 31, 2013, 2012 and 2011) | ' | -165,914,000 | ' | ' | -165,914,000 | ' | 0 | ' | ' | ' | ' | ' | ' |
Dividends on noncontrolling interest units ($2.8150, $2.6750 and $2.5425 per unit for years ended December 31, 2013, 2012 and 2011) | ' | -8,432,000 | ' | ' | ' | ' | -8,432,000 | ' | ' | ' | ' | ' | ' |
Ending balance, Redeemable Stock at Dec. 31, 2013 | ' | 5,050,000 | ' | ' | ' | ' | ' | 5,050,000 | 5,050,000 | ' | 5,050,000 | ' | ' |
Ending balance at Dec. 31, 2013 | ' | 3,113,537,000 | 747,000 | 3,599,549,000 | -653,593,000 | 108,000 | 166,726,000 | ' | ' | ' | ' | ' | ' |
Ending balance (in shares) at Dec. 31, 2013 | ' | ' | 74,748,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance, Redeemable Stock at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | -9,810,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance, Redeemable Stock at Dec. 31, 2013 | ' | 5,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2013 | ' | $3,113,537,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Limited Partner [Member] | ' | ' | ' |
Distribution Made to Member or Limited Partner, Distributions Declared, Per Unit | $2.82 | $2.67 | $2.54 |
Parent Company [Member] | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $2.82 | $2.67 | $2.54 |
Distribution Made to Member or Limited Partner, Distributions Declared, Per Unit | $2.82 | $2.67 | $2.54 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Limited Partner [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Consolidated net income | $107,544,000 | $109,040,000 | $50,588,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Retail revenue accretion | -35,000 | -31,000 | 0 |
Depreciation and amortization | 192,500,000 | 131,642,000 | 118,765,000 |
Stock compensation expense | 2,268,000 | 2,233,000 | 4,035,000 |
Exercise of stock options | 6,212,000 | 0 | 0 |
Redeemable stock issued | 692,000 | 546,000 | 494,000 |
Amortization of debt premium | -8,933,000 | -767,000 | -360,000 |
(Gain) loss from investments in real estate joint ventures | -338,000 | 223,000 | 593,000 |
Loss on debt extinguishment | 426,000 | 1,012,000 | 755,000 |
Derivative interest expense | 912,000 | 823,000 | 543,000 |
Settlement of forward swaps | 9,617,000 | 0 | 0 |
Gain on sale of non-depreciable assets | 0 | 45,000 | 1,084,000 |
Gain on sale of discontinued operations | -65,520,000 | -41,635,000 | -12,799,000 |
Net casualty loss (gain) and other settlement proceeds | 50,000 | -42,000 | 619,000 |
Changes in assets and liabilities: | ' | ' | ' |
Restricted cash | -11,843,000 | 554,000 | 151,000 |
Other assets | 58,904,000 | -1,430,000 | -1,265,000 |
Accounts payable | -48,641,000 | 2,468,000 | 264,000 |
Accrued expenses and other | 20,135,000 | 4,738,000 | 8,557,000 |
Security deposits | 166,000 | 355,000 | -372,000 |
Net cash provided by operating activities | 264,116,000 | 209,684,000 | 169,484,000 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of real estate and other assets | -139,199,000 | -312,001,000 | -362,745,000 |
Normal capital improvements | -53,357,000 | -46,775,000 | -51,875,000 |
Construction capital and other improvements | -4,148,000 | -3,636,000 | 0 |
Renovations to existing real estate assets | -11,008,000 | -14,420,000 | -12,680,000 |
Development | -53,042,000 | -73,991,000 | -38,153,000 |
Distributions from real estate joint ventures | 9,768,000 | 12,164,000 | 1,402,000 |
Contributions to real estate joint ventures | -268,000 | -218,000 | -1,510,000 |
Proceeds from disposition of real estate assets | 112,293,000 | 110,101,000 | 23,837,000 |
Funding of escrow for future acquisitions | -24,884,000 | 0 | 0 |
Cash acquired in connection with Colonial merger | 63,454,000 | 0 | 0 |
Net cash used in investing activities | -100,391,000 | -328,776,000 | -441,724,000 |
Cash flows from financing activities: | ' | ' | ' |
Advances from general partner | 17,220,000 | 812,000 | 2,355,000 |
Net change in credit lines | -308,000,000 | -320,064,000 | -121,533,000 |
Proceeds from notes payable | 347,759,000 | 325,000,000 | 285,350,000 |
Principal payments on notes payable | -11,103,000 | -12,944,000 | -13,895,000 |
Payment of deferred financing costs | -6,933,000 | -3,616,000 | -4,641,000 |
Repurchase of common units | 702,000 | 1,990,000 | 2,548,000 |
Proceeds from issuance of common units | 25,680,000 | 196,325,000 | 235,739,000 |
Distributions paid on common units | 147,247,000 | 112,697,000 | 97,227,000 |
Net cash (used in) provided by financing activities | -83,326,000 | 70,826,000 | 283,600,000 |
Net increase (decrease) in cash and cash equivalents | 80,399,000 | -48,266,000 | 11,360,000 |
Cash and cash equivalents, beginning of period | 8,934,000 | 57,200,000 | 45,840,000 |
Cash and cash equivalents, end of period | 89,333,000 | 8,934,000 | 57,200,000 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Income Taxes Paid | 803,000 | 727,000 | 623,000 |
Interest paid | 83,628,000 | 60,950,000 | 59,655,000 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' | ' |
Accrued construction in progress | 10,165,000 | 3,449,000 | 8,599,000 |
Interest capitalized | 2,089,000 | 2,318,000 | 1,156,000 |
Marked-to-market adjustment on derivative instruments | 26,143,000 | 10,875,000 | 13,146,000 |
Reclassification of redeemable stock to liabilities | 0 | 0 | 152,000 |
Fair value adjustment on debt assumed | 86,671,000 | 2,578,000 | 0 |
Loan assumption | 707,716,000 | 30,290,000 | 0 |
Purchase price for Colonial merger | 2,162,876,000 | 0 | 0 |
Parent Company [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Consolidated net income | 119,279,000 | 109,825,000 | 51,231,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Retail revenue accretion | -35,000 | -31,000 | 0 |
Depreciation and amortization | 192,736,000 | 132,195,000 | 119,329,000 |
Stock compensation expense | 2,268,000 | 2,233,000 | 5,519,000 |
Exercise of stock options | 6,212,000 | 0 | 0 |
Redeemable stock issued | 692,000 | 546,000 | 494,000 |
Amortization of debt premium | -8,933,000 | -767,000 | -360,000 |
(Gain) loss from investments in real estate joint ventures | -338,000 | 223,000 | 593,000 |
Loss on debt extinguishment | 426,000 | 1,012,000 | 755,000 |
Derivative interest expense | 911,000 | 827,000 | 543,000 |
Settlement of forward swaps | 9,617,000 | 0 | 0 |
Gain on sale of non-depreciable assets | 0 | 45,000 | 910,000 |
Gain on sale of discontinued operations | -76,844,000 | -41,635,000 | -12,799,000 |
Net casualty loss (gain) and other settlement proceeds | 50,000 | -42,000 | 619,000 |
Changes in assets and liabilities: | ' | ' | ' |
Restricted cash | -11,844,000 | 554,000 | 152,000 |
Other assets | 59,032,000 | -1,395,000 | -1,356,000 |
Accounts payable | -48,674,000 | 2,495,000 | 265,000 |
Accrued expenses and other | 19,890,000 | 4,613,000 | 8,596,000 |
Security deposits | 147,000 | 359,000 | -383,000 |
Net cash provided by operating activities | 264,592,000 | 210,967,000 | 172,288,000 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of real estate and other assets | -139,199,000 | -312,001,000 | -362,745,000 |
Normal capital improvements | -53,439,000 | -47,222,000 | -46,947,000 |
Construction capital and other improvements | -4,148,000 | -3,636,000 | -5,190,000 |
Renovations to existing real estate assets | -11,008,000 | -14,420,000 | -12,680,000 |
Development | -53,042,000 | -73,991,000 | -38,153,000 |
Distributions from real estate joint ventures | 9,768,000 | 12,164,000 | 1,402,000 |
Contributions to real estate joint ventures | -268,000 | -218,000 | -1,510,000 |
Proceeds from disposition of real estate assets | 128,978,000 | 110,101,000 | 23,663,000 |
Funding of escrow for future acquisitions | -24,884,000 | 0 | 0 |
Cash acquired in connection with Colonial merger | 63,454,000 | 0 | 0 |
Net cash used in investing activities | -83,788,000 | -329,223,000 | -442,160,000 |
Cash flows from financing activities: | ' | ' | ' |
Net change in credit lines | -308,000,000 | -320,064,000 | -121,533,000 |
Proceeds from notes payable | 347,759,000 | 325,000,000 | 285,350,000 |
Principal payments on notes payable | -11,103,000 | -12,944,000 | -13,895,000 |
Payment of deferred financing costs | -6,933,000 | -3,616,000 | -4,641,000 |
Repurchase of common stock | -702,000 | -1,990,000 | -2,548,000 |
Proceeds from issuances of common shares | 25,680,000 | 196,325,000 | 235,741,000 |
Distributions to noncontrolling interests | -6,550,000 | -4,948,000 | -5,199,000 |
Dividends paid on common shares | -140,697,000 | -107,749,000 | -92,028,000 |
Net cash (used in) provided by financing activities | -100,546,000 | 70,014,000 | 281,247,000 |
Net increase (decrease) in cash and cash equivalents | 80,258,000 | -48,242,000 | 11,375,000 |
Cash and cash equivalents, beginning of period | 9,075,000 | 57,317,000 | 45,942,000 |
Cash and cash equivalents, end of period | 89,333,000 | 9,075,000 | 57,317,000 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Income Taxes Paid | 803,000 | 727,000 | 623,000 |
Interest paid | 83,628,000 | 60,950,000 | 59,655,000 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' | ' |
Conversion of units to shares of common stock | 2,519,000 | 3,459,000 | 3,069,000 |
Accrued construction in progress | 10,165,000 | 3,449,000 | 8,599,000 |
Interest capitalized | 2,089,000 | 2,318,000 | 1,156,000 |
Marked-to-market adjustment on derivative instruments | 26,143,000 | 10,875,000 | 13,084,000 |
Reclassification of redeemable stock to liabilities | 0 | 0 | 152,000 |
Fair value adjustment on debt assumed | 86,671,000 | 2,578,000 | 0 |
Loan assumption | 707,716,000 | 30,290,000 | 0 |
Purchase price for Colonial merger | 2,162,876,000 | 0 | 0 |
Series of Individually Immaterial Business Acquisitions | Parent Company [Member] | ' | ' | ' |
Cash flows from investing activities: | ' | ' | ' |
Purchases of real estate and other assets | $139,200,000 | ' | ' |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
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 the 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” and the holders of the OP Units are referred to as “unitholders”. | |||||
As of December 31, 2013, MAA owned 74,830,726 units (or approximately 94.7%) 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 results in the following benefits: | |||||
• | 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. | ||||
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 limited 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 partnership 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. Each redeemable OP Unit may be redeemed by the holder thereof for either cash equal to the fair market value of one share of common stock of MAA at the time of such redemption or, at the option of MAA, one share of common stock of MAA. | |||||
Organization and Formation of Mid-America Apartment Communities, Inc. | |||||
On October 1, 2013, MAA completed its previously announced 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 previously announced 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. 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, through December 31, 2013, the end of our fiscal year. See further discussion surrounding the Merger in Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 2. | |||||
We owned and operated 270 apartment communities principally through the Operating Partnership, as of December 31, 2013. As of December 31, 2013, MAA also owned an interest in the following unconsolidated real estate joint ventures: | |||||
Percent Owned | Number of Units/Square Feet | ||||
Multifamily: | |||||
Mid-America Multifamily Fund II, LLC (Fund II) | 33.33% | 1,156 | (1) | ||
Belterra | 10.00% | 288 | |||
McKinney | 25.00% | — | (2) | ||
Commercial: | |||||
Land Title Building | 33.30% | 29,971 | |||
(1) This joint venture is comprised of four apartment communities. | |||||
(2) This joint venture consists of undeveloped land. | |||||
As of December 31, 2013, we had five development communities under construction totaling 1,461 units, with 509 units completed. Total expected costs for the development projects are $203.0 million, of which $134.5 million has been incurred to date. We expect to complete construction on all five projects by the end of 2014. Four of our multifamily properties include retail components with approximately 105,168 square feet of gross leasable area. We also acquired four wholly owned commercial properties through our merger with Colonial with approximately 1,124,596 square feet of gross leasable area, including tenant owned anchor stores, and one partially owned commercial property with approximately 29,971 square feet of gross leasable area. | |||||
Basis of Presentation and Principles of Consolidation | |||||
The accompanying condensed 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 condensed 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. | |||||
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. For properties contributed to joint ventures, we record gains on the partial sale in proportion to the outside partners’ interest in the venture. | |||||
Rental Costs | |||||
Costs associated with rental activities, including advertising costs, are expensed as incurred. Advertising expenses were approximately $9.5 million, $8.8 million, and $8.7 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||
Discontinued Operations | |||||
Properties sold during the year or those classified as held-for-sale at the end of a reporting period are classified as discontinued operations in accordance with accounting standards governing financial statement presentation. 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 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 2013, 2012 and 2011 was approximately $2.1 million, $2.3 million, and $1.2 million, respectively. Indirect costs other than interest that we capitalized included capitalized salaries of $391,000, $274,000, and $292,000 during 2013, 2012 and 2011, respectively, and real estate taxes of $288,000, $276,000, and $183,000 during 2013, 2012 and 2011, 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 on 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 $50.3 million, $1.6 million, and $1.8 million as of December 31, 2013, 2012, and 2011, respectively. Accumulated amortization for these leases totaled $21.9 million, $1.0 million, and $0.7 million as of December 31, 2013, 2012 and 2011, respectively. The amortization recorded as depreciation and amortization expense was $23.5 million, $3.7 million, and $3.5 million for the years ended December 31, 2013, 2012, and 2011, respectively. The estimated aggregate future amortization expense is approximately $23.8 million, $3.3 million, $3.3 million, $3.3 million, and $2.6 million for the years ended December 31, 2014, 2015, 2016, 2017, and 2018, 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 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/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, 2013. | |||||
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 involve a series of complex judgments about future events. Among the factors that we consider in this assessment, including with respect to the matters 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 and 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 cash, 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 escrow deposits held by lenders for property taxes, insurance, debt service, replacement reserves, and exchanges under Section 1031(b) of the Internal Revenue Code of 1986, as amended, or the Code. | |||||
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, 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 $50.3 million, $1.6 million, and $1.8 million as of December 31, 2013, 2012, and 2011, respectively | |||||
Accrued Expenses and Other Liabilities | |||||
Accrued expenses consist of accrued dividend payable, accrued real estate taxes, accrued interest payable, other accrued expenses payable, and unearned income. Significant accruals included accrued dividend payable of $57.7 million, $30.6 million and $27.0 million at December 31, 2013, 2012 and 2011, respectively, accrued real estate taxes of $40.4 million, $27.9 million and $25.4 million at December 31, 2013, 2012 and 2011, respectively, and accrued interest payable of $18.1 million, $7.5 million, and $6.3 million at December 31, 2013, 2012, and 2011, respectively. | |||||
Self Insurance | |||||
We are self insured for workers' compensation claims up to $500,000 and for general liability claims up to $50,000. 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 accrue for expected general liability claims less than $50,000 based on historical experience, adjusted as actual claims occur. | |||||
Income Taxes | |||||
MAA has elected to be taxed as a REIT under the Code beginning with the taxable year ended December 31, 1994, and intend 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. The 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. Accordingly, at December 31, 2013, 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, 2013, 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. | |||||
Recent Accounting Pronouncements | |||||
In February 2013, the Financial Account Standards Board, or FASB, issued Accounting Standards Update (ASU) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of Accumulated other comprehensive income (AOCI) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 is effective for interim and annual periods beginning after December 15, 2012 and early adoption is permitted. We early adopted ASU 2013-02 for the annual period ended December 31, 2012. The adoption of ASU 2013-02 has not had a material impact on our consolidated financial condition or results of operations taken as a whole. | |||||
In January 2013, the FASB issued ASU, No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 clarifies that the scope of ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, would apply to derivatives accounted for in accordance with FASB ASC 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC 210-20-45 or ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective for fiscal years beginning on or after January 1, 2013 and interim periods within those annual periods. We adopted ASU 2013-01 during the period ended March 31, 2013. The adoption of ASU 2013-01 has not had a material impact on our consolidated financial condition or results of operations taken as a whole. | |||||
In November 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This ASU supersedes certain paragraphs in ASU 2011-05 addressing reclassification adjustments out of accumulated other comprehensive income. The effective dates and changes to our presentation are the same as noted in the discussion of ASU 2011-05 below. | |||||
In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. This ASU allows an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. ASU 2011-05 is applied retrospectively. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We adopted ASU 2011-05 during the reporting period ended December 31, 2011, and this changed the presentation of our financial statements but not our consolidated financial condition or results of operations taken as a whole. | |||||
In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amendments change the wording, mainly for clarification, used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the Board does not intend for the amendments in this update to result in a change in the application of the requirements in ASU 2011-04. The amendments in this ASU are to be applied prospectively. The amendments are effective during interim and annual periods beginning after December 15, 2011. We adopted ASU 2011-04 for the interim and annual periods of fiscal year 2012. The adoption of ASU 2011-04 has not had a material impact on our consolidated financial condition or results of operations taken as a whole. |
Business_Combinations
Business Combinations | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
BUSINESS COMBINATIONS | ' | |||||||
BUSINESS COMBINATIONS | ||||||||
Merger of MAA and Colonial | ||||||||
On October 1, 2013, we completed our previously announced merger with Colonial. Pursuant to the merger agreement, Martha Merger Sub, LP, or OP Merger Sub, a wholly-owned indirect subsidiary of our Operating Partnership, merged with and into Colonial LP, with Colonial LP being the surviving entity of the merger and becoming a wholly-owned indirect subsidiary of our Operating Partnership, which is referred to as the partnership merger. The partnership merger was part of the transactions contemplated by the previously announced 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. 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 our Operating Partnership at the 0.36 conversion rate. | ||||||||
The merger combined two complimentary multifamily portfolios to create the second largest publicly-held owner and operator of multifamily units in the United States by number of units, diversified across the large and secondary markets of the Sunbelt region. The increased size and scale of the operating platform produces synergies and enhances the Company's competitive advantage in the region, which is expected to drive higher operating margins. The larger Company also has enhanced liquidity for shareholders and greater access to multiple forms of capital. | ||||||||
As part of the Merger, we acquired 115 wholly owned apartment communities encompassing 34,370 units principally located in the Southeast and Southwest region of the United States. In addition to the apartment communities, we also acquired four commercial properties totaling approximately 806,000 square feet. The additions have caused us to nearly double in size as a result of the Merger. The net assets and results of operations of Colonial are included in our consolidated financial statements from the closing date, October 1, 2013, through December 31, 2013, the end of our fiscal year. | ||||||||
The total purchase price of approximately $2.2 billion was determined based on the number of Colonial shares of common stock and Colonial OP Units 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 acquisition has been accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification, or 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 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. The following purchase price allocation was based on our valuation, estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed. While the current allocation of the purchase price is substantially complete, the valuation of the real estate properties and certain other assets and liabilities is in the process of being finalized. We do not expect future revisions, if any, to have a significant impact on our financial position or results of operations. | ||||||||
The purchase price was allocated as follows (in thousands): | ||||||||
Land | $ | 469,396 | ||||||
Buildings and improvements | 3,069,642 | |||||||
Furniture, fixtures and equipment | 96,377 | |||||||
Development and capital improvements in progress | 113,368 | |||||||
Undeveloped land | 58,400 | |||||||
Properties held for sale | 33,800 | |||||||
Lease intangible assets | 57,946 | |||||||
Cash and cash equivalents | 63,454 | |||||||
Restricted cash | 6,825 | |||||||
Deferred costs and other assets, excluding lease intangible assets | 87,713 | |||||||
Total assets acquired | 4,056,921 | |||||||
Notes payable | -1,759,550 | |||||||
Fair market value of interest rate swaps | -14,961 | |||||||
Accounts payable, accrued expenses, and other liabilities | -119,534 | |||||||
Total liabilities assumed, including debt | (1,894,045 | ) | ||||||
Total purchase price | $ | 2,162,876 | ||||||
The merger accounts for $104.0 million of consolidated revenue as reported and a $17.6 million consolidated net loss as reported for 2013. | ||||||||
We incurred merger and integration related expenses of $37.5 million for the year ended December 31, 2013. These amounts were expensed as incurred and are included in the Consolidated Statement of Operations in the items titled Merger related expenses and Integration related expenses. | ||||||||
Other acquisitions in 2013 | ||||||||
During 2013 we acquired properties, other than through the Colonial Merger, totaling 1,138 units for a total purchase price of $139.2 million, paid in cash, which does not include land acquired for future development. These acquisitions included $26.9 million recorded to Land, $125.7 million recorded to Buildings and improvements, $0.3 million recorded to Furniture, fixtures, and equipment, $0.1 million of Other assets, $1.2 million of fair market value of residential leases recorded in Other assets and $0.9 million of Other liabilities for a total net addition of assets of $153.3 million. These acquisitions account for $8.7 million of consolidated revenue as reported and $4.2 million of consolidated net income as reported for 2013. | ||||||||
Pro forma information | ||||||||
The unaudited pro forma information set forth below is based on MAA’s historical Consolidated Statements of Operations for the years ended December 31, 2013 and 2012, adjusted to give effect to the Merger with Colonial and the acquisition of other properties in 2013 as though they occurred on January 1, 2012, the beginning of the comparable prior annual period. The pro forma adjustments primarily relate to the depreciation expense on stepped up fixed assets, amortization of acquired intangibles, and estimated interest expense related to new financings. The pro forma information is provided for illustrative purposes only and does not necessarily reflect the actual results of operations had the transactions been consummated at the beginning of the earliest year presented nor is it necessarily indicative of future operating results. The pro forma information does not give effect to any cost synergies or other operating efficiencies that could result from the Merger with Colonial. | ||||||||
Pro forma (Unaudited) | ||||||||
Period Ended December 31, | ||||||||
(in thousands, except per share data) | ||||||||
2013 | 2012 | |||||||
Total Revenue (1) | $ | 941,662 | $ | 844,002 | ||||
Net Income available to common shareholders (1) | $ | 142,593 | $ | 100,752 | ||||
Earnings per share, diluted (1) | $ | 1.78 | $ | 1.45 | ||||
(1) Pro forma adjustments for certain acquisitions are excluded as they had no pre-acquisition operating activity in 2012 or 2013. | ||||||||
The pro forma results are based on estimates and assumptions, which we believe are reasonable. |
Earnings_per_share_of_the_Trus
Earnings per share of the Trust (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings per share of the trust [Abstract] | ' | |||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |||||||||||
Basic earnings per share is computed by dividing net income attributable to 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, 2013, 2012, and 2011, 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: | ||||||||||||
(dollars and shares in thousands, except per share amounts) | Years ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Shares Outstanding | ||||||||||||
Weighted average common shares - basic | 50,677 | 41,039 | 36,995 | |||||||||
Weighted average partnership units outstanding | 2,351 | 1,834 | 1,992 | |||||||||
Effect of dilutive securities | 88 | 64 | 100 | |||||||||
Weighted average common shares - diluted | 53,116 | 42,937 | 39,087 | |||||||||
Calculation of Earnings per Share - basic | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from continuing operations attributable to noncontrolling interests | (1,131 | ) | (2,414 | ) | (1,267 | ) | ||||||
Income from continuing operations allocated to unvested restricted shares | (34 | ) | (53 | ) | (22 | ) | ||||||
Income from continuing operations available for common shareholders, adjusted | $ | 36,112 | $ | 58,737 | $ | 27,413 | ||||||
Income from discontinued operations | $ | 82,002 | $ | 48,621 | $ | 22,529 | ||||||
Income from discontinued operations attributable to noncontrolling interest | (2,867 | ) | (2,188 | ) | (1,143 | ) | ||||||
Income from discontinued operations allocated to unvested restricted shares | (74 | ) | (41 | ) | (11 | ) | ||||||
Income from discontinued operations available for common shareholders, adjusted | $ | 79,061 | $ | 46,392 | $ | 21,375 | ||||||
Weighted average common shares - basic | 50,677 | 41,039 | 36,995 | |||||||||
Earnings per share - basic | $ | 2.27 | $ | 2.56 | $ | 1.32 | ||||||
Calculation of Earnings per Share - diluted | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from discontinued operations | $ | 82,002 | $ | 48,621 | $ | 22,529 | ||||||
Weighted average common shares - diluted | 53,116 | 42,937 | 39,087 | |||||||||
Earnings per share - diluted | $ | 2.25 | $ | 2.56 | $ | 1.31 | ||||||
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 share awards contain rights to non-forfeitable dividends 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 unit computations for the years ended December 31, 2013, 2012, and 2011 is presented below: | ||||||||||||
(dollars and units in thousands, except per unit amounts) | Years ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Units Outstanding | ||||||||||||
Weighted average common units - basic | 53,075 | 42,911 | 39,051 | |||||||||
Effect of dilutive securities | 88 | 64 | 100 | |||||||||
Weighted average common units - diluted | 53,163 | 42,975 | 39,151 | |||||||||
Calculation of Earnings per Unit - basic | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from continuing operations allocated to unvested restricted shares | 33 | 53 | 21 | |||||||||
Income from continuing operations available for common unitholders, adjusted | $ | 37,244 | $ | 61,151 | $ | 28,681 | ||||||
Income from discontinued operations | $ | 70,267 | $ | 47,836 | $ | 21,886 | ||||||
Income from discontinued operations allocated to unvested restricted shares | 62 | 41 | 10 | |||||||||
Income from discontinued operations available for common unitholders, adjusted | $ | 70,205 | $ | 47,795 | $ | 21,876 | ||||||
Earnings per unit - basic: | $ | 2.02 | $ | 2.54 | $ | 1.29 | ||||||
Calculation of Earnings per Unit - diluted | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from discontinued operations | $ | 70,267 | $ | 47,836 | $ | 21,886 | ||||||
Earnings per unit - diluted: | $ | 2.02 | $ | 2.54 | $ | 1.29 | ||||||
Earnings_per_unit_of_MAA_LP_No
Earnings per unit of MAA LP (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings per unit of MAA LP [Abstract] | ' | |||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |||||||||||
Basic earnings per share is computed by dividing net income attributable to 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, 2013, 2012, and 2011, 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: | ||||||||||||
(dollars and shares in thousands, except per share amounts) | Years ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Shares Outstanding | ||||||||||||
Weighted average common shares - basic | 50,677 | 41,039 | 36,995 | |||||||||
Weighted average partnership units outstanding | 2,351 | 1,834 | 1,992 | |||||||||
Effect of dilutive securities | 88 | 64 | 100 | |||||||||
Weighted average common shares - diluted | 53,116 | 42,937 | 39,087 | |||||||||
Calculation of Earnings per Share - basic | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from continuing operations attributable to noncontrolling interests | (1,131 | ) | (2,414 | ) | (1,267 | ) | ||||||
Income from continuing operations allocated to unvested restricted shares | (34 | ) | (53 | ) | (22 | ) | ||||||
Income from continuing operations available for common shareholders, adjusted | $ | 36,112 | $ | 58,737 | $ | 27,413 | ||||||
Income from discontinued operations | $ | 82,002 | $ | 48,621 | $ | 22,529 | ||||||
Income from discontinued operations attributable to noncontrolling interest | (2,867 | ) | (2,188 | ) | (1,143 | ) | ||||||
Income from discontinued operations allocated to unvested restricted shares | (74 | ) | (41 | ) | (11 | ) | ||||||
Income from discontinued operations available for common shareholders, adjusted | $ | 79,061 | $ | 46,392 | $ | 21,375 | ||||||
Weighted average common shares - basic | 50,677 | 41,039 | 36,995 | |||||||||
Earnings per share - basic | $ | 2.27 | $ | 2.56 | $ | 1.32 | ||||||
Calculation of Earnings per Share - diluted | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from discontinued operations | $ | 82,002 | $ | 48,621 | $ | 22,529 | ||||||
Weighted average common shares - diluted | 53,116 | 42,937 | 39,087 | |||||||||
Earnings per share - diluted | $ | 2.25 | $ | 2.56 | $ | 1.31 | ||||||
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 share awards contain rights to non-forfeitable dividends 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 unit computations for the years ended December 31, 2013, 2012, and 2011 is presented below: | ||||||||||||
(dollars and units in thousands, except per unit amounts) | Years ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Units Outstanding | ||||||||||||
Weighted average common units - basic | 53,075 | 42,911 | 39,051 | |||||||||
Effect of dilutive securities | 88 | 64 | 100 | |||||||||
Weighted average common units - diluted | 53,163 | 42,975 | 39,151 | |||||||||
Calculation of Earnings per Unit - basic | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from continuing operations allocated to unvested restricted shares | 33 | 53 | 21 | |||||||||
Income from continuing operations available for common unitholders, adjusted | $ | 37,244 | $ | 61,151 | $ | 28,681 | ||||||
Income from discontinued operations | $ | 70,267 | $ | 47,836 | $ | 21,886 | ||||||
Income from discontinued operations allocated to unvested restricted shares | 62 | 41 | 10 | |||||||||
Income from discontinued operations available for common unitholders, adjusted | $ | 70,205 | $ | 47,795 | $ | 21,876 | ||||||
Earnings per unit - basic: | $ | 2.02 | $ | 2.54 | $ | 1.29 | ||||||
Calculation of Earnings per Unit - diluted | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from discontinued operations | $ | 70,267 | $ | 47,836 | $ | 21,886 | ||||||
Earnings per unit - diluted: | $ | 2.02 | $ | 2.54 | $ | 1.29 | ||||||
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Stock Based Compensation [Abstract] | ' | |||||||
STOCK BASED COMPENSATION | ' | |||||||
STOCK BASED COMPENSATION | ||||||||
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. | ||||||||
Incentive Plans Overview and Summary | ||||||||
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 which was approved at the September 27, 2013 Shareholders Meeting. This 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 225,000 shares. MAA believes that such awards better align the interests of its employees with those of its shareholders. | ||||||||
In general, restricted stock is earned based on either a service condition, performance condition, or a market condition, or a combination thereof, and vests ratably over multiple periods. 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 value based upon the market price of MAA common stock on the date of grant and considers 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. | ||||||||
Compensation expense is generally recognized for service based 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 awards is 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. | ||||||||
Awards that allow employees to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s statutory minimum tax withholdings upon vesting of the shares require liability accounting and are marked to market each reporting period. Awards that do not allow for share repurchases are classified as equity and are generally valued based on grant date fair value and are not adjusted to market each reporting period. | ||||||||
Total compensation costs under the Plans were approximately $2,653,000, $2,214,000 and $5,522,000 for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, the total unrecognized compensation cost related to the Plans was approximately $4,158,000. 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 $354,000, $995,000, $1,604,000 for the years ended December 31, 2013, 2012, and 2011, respectively. Information concerning specific grants under the Plans is listed below. | ||||||||
Employee Stock Purchase Plan | ||||||||
The Mid-America Apartment Communities, Inc. Employee Stock Purchase Plan, or ESPP, provides a means for employees to purchase common stock of MAA at a discounted price. The Board of Directors has authorized the issuance of 150,000 shares for the plan. The ESPP is administered by the Compensation Committee of the Board of Directors who may annually grant options to employees to purchase up to an aggregate of 15,000 shares of common stock at a price equal to 85% of the market price of the common stock. Shares are purchased semi-annually on the last market day of June and December. The plan determines the purchase price using one of three measurement formulas based on the market activity during the measurement period. The variability caused by the combination of varying number of participants, market price fluctuations and potential changes in the formula used each measurement period makes it not possible to reasonably estimate fair value at the grant date. During the years ended December 31, 2013, 2012 and 2011, 6,865 shares, 6,019 shares and 5,732 shares, respectively, were purchased through the ESPP. The plan does not meet the criteria to be a noncompensatory plan and therefore compensation cost of approximately $66,000, $46,000, and $59,000 was recognized for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Options | ||||||||
All option awards made under the Plans have been granted with the exercise price equal to the market price on the date of grant. The options vest over five years of continuous service at a rate of 10%, 10%, 20%, 30% and 30%, and expire ten years from grant date. MAA issues new shares when options are exercised. Dividends are not paid on unexercised options. | ||||||||
The fair value of each option award is estimated on the grant date using the Black-Scholes method. Volatility is based on the historical volatility of MAA’s common stock. Expected life of the option is estimated using historical data to estimate option exercise and employee termination. MAA uses a U.S. constant-maturity Treasury close to the same expected life of the option to represent the risk-free rate. Turnover is based on the historical rate at which options are exercised. MAA uses its current dividend yield at the time of grant to estimate the dividend yield over the life of the option. No options were granted during 2013, 2012 or 2011. | ||||||||
No options were exercised or outstanding during the years ended December 31, 2013 or 2012. Cash received from the exercise of options for the year ended December 31, 2011 was approximately $407,000. Options granted as part of the Colonial Merger are discussed later in this footnote. | ||||||||
Key Management 2002 Restricted Stock Plan | ||||||||
In 2002, MAA issued 97,881 restricted shares of common stock to key managers and executive officers with a grant date fair value of $25.65 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the day prior to the date of the grant. These shares vest 20% on March 31 of each year for five consecutive years beginning in 2008. Recipients receive dividend payments on the shares of restricted stock prior to vesting. This plan was modified on August 2, 2011 recategorizing 7,316 of the shares previously categorized as a liability to equity due to the discontinuation of a practice allowing participants to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s taxes upon vesting of the shares. No other plan terms were changed. The new grant date fair value for these shares is $69.37 per share.The grant date fair value was determined by the closing trading price of MAA’s shares on the modification date. All remaining shares were earned and issued by the modification date and therefore the valuation was calculated on issued plan shares adjusted for forfeitures based on the historical experience for turnover by the key managers and executive officers. No additional compensation cost was recognized as a result of this modification. | ||||||||
There were no unvested shares outstanding for the Key Management 2002 Restricted Stock Plan during the year ended December 31, 2013. As of December 31, 2013, there was no unrecognized compensation cost related to nonvested shares granted. The total fair value of equity shares vesting plus the settlement of liabilities during the years ended December 31, 2013, 2012 and 2011 was approximately $0, $740,000 and $702,000, respectively. | ||||||||
Director Restricted Stock Plan | ||||||||
Non-employee Directors elected to the Board of Directors receive an annual grant of restricted shares of common stock. The annual grants were equivalent to $50,000 per non-employee Director in 2011, $60,000 per non-employee Director in 2012, and $60,000 per non-employee Director in 2013. Directors have the right to receive their grants either in restricted shares of common stock of MAA that will vest after one year of service on the Board of Directors or have them issued into a deferred compensation plan. | ||||||||
A summary of the status of the Director Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2013, and the changes for the year ended December 31, 2013, is presented below: | ||||||||
Nonvested Shares | Shares | Weighted | ||||||
Average | ||||||||
Grant-Date | ||||||||
Fair Value | ||||||||
Nonvested at January 1, 2013 | 5,340 | $ | 67.36 | |||||
Granted and issued | 6,510 | 69.08 | ||||||
Vested | (5,340 | ) | 67.36 | |||||
Forfeited | — | — | ||||||
Nonvested at December 31, 2013 | 6,510 | $ | 69.08 | |||||
As of December 31, 2013, there was approximately $263,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. This cost is expected to be recognized over the remaining weighted average period of 0.2 years . The total fair value of shares vesting during the years ended December 31, 2013, 2012 and 2011, was approximately $360,000, $200,000 and $200,000, respectively. | ||||||||
Key Management 2008 Restricted Stock Plan | ||||||||
In 2008, the Board of Directors adopted the 2008 Key Management Restricted Stock Plan, or the 2008 Plan, a long-term incentive program for key managers and executive officers. The 2008 Plan consists of both an annual and three year program. Under the annual program participants can earn both service and market based shares of restricted stock. The service based shares are awarded at the beginning of the 2008 Plan with the timing of vesting dependent on employment and total shareholder return performance. The earning of restricted shares under the market based program is based on employment and total shareholder return performance. No shares were earned through the annual market program. Participation in the three year program is limited to the executive officers and awards shares of restricted stock based upon both MAA’s total shareholder return performance over a three year period and that performance in relation to that of MAA’s peers. Any shares earned through the three year program were issued on January 3, 2012 and will vest 25% annually beginning on January 1, 2013. Recipients will receive dividend payments on any restricted shares of common stock earned and issued during the restriction periods. On July 1, 2008, MAA issued 15,920 restricted shares of common stock under the annual service based program of the 2008 Plan. On January 3, 2012, MAA issued 17,343 restricted shares of common stock under the three year program of the 2008 Plan. | ||||||||
The fair value of the stock award was estimated on the grant date using a multifactor Monte Carlo simulation. The valuation used an interest rate term structure as of July 1, 2008 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 1.95% for 0.25 years to 3.24% for 4.00 years. The dividend yield assumption was 4.669% and was based on the closing stock price of $52.69 on July 1, 2008. Volatility for MAA and its peers 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 interpolating between the volatilities implied by stock call option contracts that were closest to the terms and closest to the money. Volatility for MAA was 34.87% for year 1, 30.92% for year 2, 29.63% for year 3, and 28.61% for year 4. Volatilities for MAA's peers ranged from 25.05% to 49.94%. The requisite service period of the 2008 Plan is based on the criteria for the separate programs and is 5.5 years for the annual service based program, 2.5 years for the annual market based program and 7.5 years for the three-year program. Turnover is based on the historical experience for the key managers and executive officers. | ||||||||
This plan was modified on August 2, 2011, recategorizing 6,374 of the shares previously categorized as a liability to equity due to the discontinuation of a practice allowing participants to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s taxes upon vesting of the shares. No other plan terms were changed. The new grant date fair value for these shares is $69.37 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the modification date as all market conditions had been determined at such time. The measurement period was completed and all earned shares were issued by the modification date and the valuation was calculated on issued plan shares adjusted for forfeitures based on the historical experience for turnover by the key managers and executive officers. No additional compensation cost was recognized as a result of this modification. | ||||||||
A summary of the status of the Key Management 2008 Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2013, and the changes for the year ended December 31, 2013, is presented below: | ||||||||
Nonvested Shares | Shares | Weighted | ||||||
Average Grant Date | ||||||||
Fair Value | ||||||||
Nonvested at January 1, 2013 | 16,680 | $ | 56.75 | |||||
Issued | — | — | ||||||
Vested | (5,851 | ) | 59.12 | |||||
Forfeited | (40 | ) | 69.37 | |||||
Nonvested at December 31, 2013 | 10,789 | $ | 55.41 | |||||
As of December 31, 2013, there was approximately $83,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. The $83,000 unrecognized cost will be recognized accordingly over the remaining weighted average period of 0.86 years. The total fair value of equity shares vesting plus the settlement of liabilities during the years ended December 31, 2013, 2012, and 2011 was approximately $346,000, $650,000, and $230,000, respectively. | ||||||||
Key Management 2010 Restricted Stock Plan | ||||||||
In 2010, the Board of Directors adopted the 2010 Key Management Restricted Stock Plan, or the 2010 Plan, a long-term incentive program for key managers and executive officers. Under the 2010 Plan participants can earn both service and market based shares of restricted stock. The service based shares are awarded at the beginning of the 2010 Plan with the timing of vesting dependent on employment and total shareholder return performance. The earning of restricted shares under the market program is based on employment and total shareholder return performance. Recipients receive dividend payments on any shares of restricted stock earned and issued during the restriction periods. On March 23, 2010, MAA issued 18,171 shares of restricted stock under the service based program of the 2010 Plan. On January 3, 2011, MAA issued 37,002 shares of restricted stock under the market program of the 2010 Plan. All shares, including service shares, vest 50% annually beginning on January 1, 2011. | ||||||||
The fair value of the stock award was estimated on the grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of March 23, 2010 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.14% for 0.25 years to 0.41% for 1.0 year. The dividend yield assumption was 4.52% and was based on the closing stock price of $54.38 on March 23, 2010. 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 interpolating between the volatilities implied by stock call option contracts that were closest to the terms and closest to the money. Volatility for MAA was 24.12% for 0.50 years, 27.14% for 0.75 years and 35.65% for 1.00 year. The requisite service period of the 2010 Plan is based on the criteria for the separate programs and is 1.79 years for the service and market based programs. Turnover is based on the historical experience for the key managers and executive officers. | ||||||||
This plan was modified on August 2, 2011 recategorizing 18,720 of the shares previously categorized as a liability to equity due to the discontinuation of a practice allowing participants to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s taxes upon vesting of the shares. No other plan terms were changed. The new grant date fair value of these shares is $69.37 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the modification date. The measurement period was completed and all earned shares were issued by the modification date and the valuation was calculated on issued plan shares adjusted for forfeitures based on the historical experience for turnover by the key managers and executive officers. No additional compensation cost was recognized as a result of this modification. | ||||||||
There were no unvested shares outstanding for the Key Management 2010 Restricted Stock Plan during the year ended December 31, 2013. As of December 31, 2013, there was no unrecognized compensation cost related to nonvested share-based compensation arrangements granted. The total fair value of equity shares vesting plus the settlement of liabilities during the years ended December 31, 2012 and 2011 was approximately $1,733,000 and 1,689,000, respectively. No shares vested or were settled during the year ended December 31, 2013. | ||||||||
2010 Executive Restricted Stock Plan | ||||||||
In 2010, The Board of Directors of MAA approved a restricted stock grant for certain members of executive management. On March 23, 2010, MAA issued 2,710 shares of restricted common stock to those executive officers with a grant date fair value of $54.38 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the date of the grant. These shares vest 1/3rd annually beginning on March 23, 2011. Recipients receive dividend payments on the shares of restricted stock prior to vesting. | ||||||||
A summary of the status of the 2010 Executive Restricted Stock Plan nonvested shares as of December 31, 2013, and the changes for the year ended December 31, 2013, is presented below: | ||||||||
Nonvested Shares | Shares | Weighted | ||||||
Average | ||||||||
Grant-Date | ||||||||
Fair Value | ||||||||
Nonvested at January 1, 2013 | 634 | $ | 54.38 | |||||
Issued | — | — | ||||||
Vested | (634 | ) | 54.38 | |||||
Forfeited | — | — | ||||||
Nonvested at December 31, 2013 | — | $ | — | |||||
As of December 31, 2013, there was no unrecognized compensation cost related to nonvested share-based compensation arrangements granted. The total fair value of shares vesting during the years ended December 31, 2013, 2012 and 2011 was approximately $34,000, $64,000, and 49,000, respectively. | ||||||||
Key Management 2011 Restricted Stock Plan | ||||||||
In 2011, the Board of Directors adopted the 2011 Key Management Restricted Stock Plan, or the 2011 Plan, a long-term incentive program for key managers and executive officers. Under the 2011 Plan participants can earn both performance and market based shares of restricted stock. The earning of restricted shares under the performance program is based on employment and relative FFO per share performance. The earning of restricted shares under the market program is based on employment and both absolute and relative total shareholder return performance. On March 1, 2012 MAA issued 25,355 shares of restricted stock that vest 50% annually beginning on March 1, 2012. Recipients will receive dividend payments on any shares of restricted stock earned and issued during the restriction periods. | ||||||||
The fair value of the performance based stock award was estimated using the grant date stock price of $63.96 and the probability of MAA reaching the plan’s FFO targets. The fair value of the market based stock award was estimated on the grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of January 3, 2011 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.13% for 0.25 years to 0.28% for 1.0 year. The dividend yield assumption was 3.92% for MAA and was based on the closing stock price of $63.96 on January 3, 2011. 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 interpolating between the volatilities implied by stock call option contracts that were closest to the terms and closest to the money. Volatility for MAA was 22.56% for six months, 24.14% for nine months and 23.46% for twelve months. The requisite service period of the 2011 Plan is based on the criteria for the separate programs and is 2.2 years. Turnover is based on the historical experience for the key managers and executive officers. | ||||||||
This plan was modified on August 2, 2011 recategorizing shares for 52 participants previously categorized as a liability to equity due to the discontinuation of a practice allowing participants to sell shares of vested restricted stock back to MAA in excess of the amount required to cover the participant’s taxes upon vesting of the shares. No other plan terms were changed. The new grant date fair value is $69.37 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the modification date. The fair value of the modified performance based award was estimated using the grant date stock price of $69.37 and the probability of MAA reaching the plan’s FFO targets. The fair value of the modified market based award was estimated on the grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of August 2, 2011 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.06% for 0.25 years to 0.16% for 1.00 year. The dividend yield assumption was 3.618% for MAA and was based on the closing stock price of $69.37 on August 2, 2011. 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 interpolating between the volatilities implied by stock call option contracts that were closest to the terms and closest to the money. Volatility for MAA was 18.47% for six months, 18.16% for nine months and 18.71% for twelve months. The requisite service period of the modified 2011 Plan is based on the criteria for the separate programs and is 1.6 years. Turnover is based on the historical experience for the key managers and executive officers. No additional compensation cost was recognized as a result of this modification. | ||||||||
A summary of the status of the 2011 Plan nonvested shares as of December 31, 2013, and the changes for the year ended December 31, 2013, is presented below: | ||||||||
Nonvested Shares | Shares | Weighted | ||||||
Average | ||||||||
Grant-Date | ||||||||
Fair Value | ||||||||
Nonvested at January 1, 2013 | 11,021 | $ | 68.72 | |||||
Issued | — | — | ||||||
Vested | (10,938 | ) | 68.71 | |||||
Forfeited | (83 | ) | 69.37 | |||||
Nonvested at December 31, 2013 | — | $ | — | |||||
As of December 31, 2013, there was no unrecognized compensation cost related to nonvested share-based compensation arrangements granted. The total fair value of shares vesting during the years ended December 31, 2013 and 2012 was approximately $752,000 and $930,000, respectively. No equity shares vested and no liabilities settled during the years ended December 31, 2011. | ||||||||
Key Management 2012 Restricted Stock Plan | ||||||||
In 2012, the Board of Directors adopted the 2012 Key Management Restricted Stock Plan, or the 2012 Plan, a long-term incentive program for key managers and executive officers. Under the 2012 Plan participants can earn both service and market based shares of restricted stock. The earning of restricted shares under the market program is based on employment and both absolute and relative total shareholder return performance during 2012. Market and service based shares earned were issued on January 10, 2013 totaling 16,593 shares and will vest 25% annually beginning on January 10, 2014. Recipients will receive dividend payments on any shares of restricted stock earned and issued during the restriction periods. | ||||||||
The fair value of the market stock award was estimated on the January 3, 2012 grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of January 3, 2012 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.00% for 0.25 years to 0.17% for 1.00 year. The dividend yield assumption was 4.19% for MAA and was based on the closing stock price of $62.55 on December 30, 2011. 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. Volatility for MAA was 31.17% for one year, and 29.65% for two years. The requisite service period of the 2012 Plan is based on the criteria for the separate programs according to the four year vesting schedule. Turnover is based on the historical experience for the key managers and executive officers. | ||||||||
A summary of the status of the 2012 Plan nonvested shares as of December 31, 2013, and the changes for the year ended December 31, 2013, is presented below: | ||||||||
Nonvested Shares | Shares | Weighted | ||||||
Average | ||||||||
Grant-Date | ||||||||
Fair Value | ||||||||
Nonvested at January 1, 2013 | — | $ | — | |||||
Issued | 16,593 | 62.55 | ||||||
Vested | (565 | ) | 62.55 | |||||
Forfeited | (283 | ) | 62.55 | |||||
Nonvested at December 31, 2013 | 15,745 | $ | 62.55 | |||||
As of December 31, 2013, there was approximately $1,203,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. MAA's policy is to recognize compensation cost over the requisite service period for each portion of an award. The $1,203,000 unrecognized cost will be recognized accordingly over the remaining weighted average period of 1.34 years. The total fair value of shares vesting during the year ended December 31, 2013 was approximately $35,000. No shares vested during the years ended December 31, 2012 and 2011. | ||||||||
2012 Named Executive Officer Restricted Stock Plan | ||||||||
In 2013, the Board of Directors of MAA approved a restricted stock grant for certain members of executive management. On March 12, 2013, MAA issued 5,890 shares of restricted common stock to certain executive officers for company performance results for the year ended December 31, 2012 with a grant date fair value of $67.77 per share. The grant date fair value was determined by the closing trading price of MAA’s shares on the date of the grant. These shares vest 1/4th annually beginning on January 10, 2014. Recipients receive dividend payments on the shares of restricted stock prior to vesting. | ||||||||
A summary of the status of the 2012 Named Executive Officer Restricted Stock Plan nonvested shares as of December 31, 2013, and the changes for the year ended December 31, 2013, is presented below: | ||||||||
Nonvested Shares | Shares | Weighted | ||||||
Average | ||||||||
Grant-Date | ||||||||
Fair Value | ||||||||
Nonvested at January 1, 2013 | — | $ | — | |||||
Issued | 5,890 | 67.77 | ||||||
Vested | — | — | ||||||
Forfeited | — | — | ||||||
Nonvested at December 31, 2013 | 5,890 | $ | 67.77 | |||||
As of December 31, 2013, there was no unrecognized compensation cost related to nonvested share-based compensation arrangements granted. No shares had vested as of December 31, 2013. | ||||||||
Key Management 2013 Restricted Stock Plan | ||||||||
In 2013, the Board of Directors adopted the 2013 Key Management Restricted Stock Plan, or the 2013 Plan, a long-term incentive program for key managers and executive officers. Under the 2013 Plan participants can earn both performance and market based shares of restricted stock. The earning of restricted shares under the performance program is based on the grantee's individual job performance rating for 2013. The earning of restricted shares under the market program is based on employment and both absolute and relative total shareholder return performance during one, two, and three years ending December 31, 2013. Any market and performance based shares earned will be issued on January 24, 2014 and will vest 25% annually beginning on January 23, 2015. Recipients will receive dividend payments on any shares of restricted stock earned and issued during the restriction periods. | ||||||||
The fair value of the market stock award was estimated on the January 2, 2013 grant date using a Monte Carlo simulation. The valuation used an interest rate term structure as of January 2, 2013 based on a zero coupon risk-free rate to represent the risk-free rate for the simulation which varied between 0.07% for 0.25 years to 0.17% for 1.0 year. The dividend yield assumption was 4.269% for MAA and was based on the closing stock price of $65.12 on January 2, 2013. 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. Volatility for MAA was 16.40% for one year and 20.92% for two years. The requisite service period of the 2013 Plan is based on the criteria for the separate programs according to the four year vesting schedule. Turnover is based on the historical experience for the key managers and executive officers. | ||||||||
As of December 31, 2013, there was approximately $1,556,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted. MAA's policy is to recognize compensation cost over the requisite service period for each portion of an award. The $1,556,000 in unrecognized cost will be recognized accordingly over the remaining weighted average period of 1.4 years. No shares were issued or have vested as of December 31, 2013. | ||||||||
Colonial Merger Restricted Stock and Option Exchanged | ||||||||
As part of the merger with Colonial, MAA assumed the existing Colonial stock based compensation plans. Per the terms of the merger agreement, the remaining non-terminated grantees’ restricted shares and options were replaced with MAA shares and options with effectively the same terms as their original agreement. The shares and options were fully earned as of the merger date, but various vesting periods still remained. MAA issued 35,779 restricted shares and options to purchase 488,262 shares of MAA common stock for this exchange. The fair value of the restricted shares was calculated at $62.56 per share, the opening stock price on October 1, 2013, the merger date. The options were valued using a Black-Scholes Model ranging in term from 3 months to 5.5 years using a volatility range of 15.60% to 46.29%, and dividend rate of 4.21%, discount rate range of 0.02% to 1.55%. MAA used the U.S. Treasury bill rate close to the same expected life of the option to represent the risk-free rate. Turnover is based on the historical rate at which options are exercised. MAA uses its current dividend yield at the time of grant to estimate the dividend yield over the life of the option. | ||||||||
A summary of the status of the restricted stock nonvested shares exchanged in connection with the merger as of December 31, 2013, and the changes for the year ended December 31, 2013, is presented below: | ||||||||
Nonvested Shares | Shares | Weighted | ||||||
Average | ||||||||
Grant-Date | ||||||||
Fair Value | ||||||||
Nonvested at January 1, 2013 | — | $ | — | |||||
Issued | 35,779 | 62.56 | ||||||
Vested | (736 | ) | 62.56 | |||||
Forfeited | (262 | ) | 62.56 | |||||
Nonvested at December 31, 2013 | 34,781 | $ | 62.56 | |||||
As of December 31, 2013, there was approximately $739,152 of total unrecognized compensation cost related to nonvested share-based merger exchanged restricted stock granted. MAA's policy is to recognize compensation cost over the requisite service period for each portion of an award. The $739,152 unrecognized cost will be recognized accordingly over the remaining weighted average period of 0.61 years. The total fair value of shares vesting during the year ended December 31, 2013 is approximately $46,000. | ||||||||
A summary of the status of the options exchanged in connection with the merger as of December 31, 2013, and the changes for the year ended December 31, 2013, is presented below: | ||||||||
Options | Shares | Weighted | ||||||
Average | ||||||||
Exercise Price | ||||||||
Outstanding at January 1, 2013 | — | $ | — | |||||
Granted | 488,262 | 55.96 | ||||||
Exercised | (110,715 | ) | 47.36 | |||||
Expired | (21,404 | ) | 88.29 | |||||
Outstanding at December 31, 2013 | 356,143 | $ | 56.69 | |||||
Of the 356,143 options outstanding at December 31, 2013, 335,557 were exercisable with a weighted average exercise price of $56.51 and an intrinsic value of $3,608,000 and a weighted average remaining term of 1.4 years. The intrinsic value of the 356,143 options outstanding at December 31, 2013 was $3,686,000 with a weighted average remaining term of 1.7 years. The intrinsic value of options exercised during the year ended December 31, 2013 was $2,067,000. |
Undeveloped_Land_and_Construct
Undeveloped Land and Construction in Progress (Notes) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Undeveloped Land and Construction in Progress [Text Block] | ' | ||||||||
UNDEVELOPED LAND AND CONSTRUCTION IN PROGRESS | |||||||||
We currently have 7 active development projects, including multifamily and commercial sites, as set forth in the table below. In addition, we own approximately $63.9 million of undeveloped land parcels that are held for future developments. | |||||||||
Total Units/ | Costs Capitalized | ||||||||
Location | Square Feet (1) | to Date | |||||||
($ in thousands) | |||||||||
Active Developments: | |||||||||
Multifamily: | |||||||||
220 Riverside | Jacksonville, FL | 294 | $ | 15,025 | |||||
Colonial Grand at Bellevue (Phase II) | Nashville, TN | 220 | 7,462 | ||||||
Colonial Grand at Lake Mary (Phase III) | Orlando, FL | 132 | 9,117 | ||||||
Colonial Grand at Randal Lakes | Orlando, FL | 462 | 49,819 | ||||||
Colonial Reserve at South End | Charlotte, NC | 353 | 50,856 | ||||||
1,461 | $ | 132,279 | |||||||
Commercial: | |||||||||
Colonial Promenade Huntsville (Phase II) | Huntsville, AL | 23,000 | $ | 6,085 | |||||
Brookwood West Retail | Birmingham, AL | 41,300 | 9,413 | ||||||
64,300 | $ | 15,498 | |||||||
Total Active Developments | $ | 147,777 | |||||||
Other Capital improvements in progress | 18,271 | ||||||||
Total Development and capital improvements in progress | $ | 166,048 | |||||||
Undeveloped land: | |||||||||
Multifamily | $ | 20,350 | |||||||
Commercial | 28,800 | ||||||||
Commercial Outparcels/Pads | 700 | ||||||||
For-Sale Residential Land | 14,000 | ||||||||
$ | 63,850 | ||||||||
Total Undeveloped land | $ | 63,850 | |||||||
-1 | Units refer to multifamily apartment units. Square feet refers to commercial space and excludes space owned by anchor tenants. |
Borrowings
Borrowings | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Borrowings [Abstract] | ' | ||||||||||||||
BORROWINGS | ' | ||||||||||||||
BORROWINGS | |||||||||||||||
The weighted average interest rate at December 31, 2013 for the $3.5 billion of debt outstanding was 3.9%, compared to the weighted average interest rate of 3.8% on $1.7 billion of debt outstanding at December 31, 2012. We utilize both conventional and tax exempt debt to help finance our activities. Borrowings are made through individual property mortgages as well as Company-wide secured and unsecured credit facilities. 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. | |||||||||||||||
We maintain a total of $679.5 million of secured credit facilities with Prudential Mortgage Capital, credit enhanced by Fannie Mae, or Fannie Mae Facilities. The Fannie Mae Facilities provide for both fixed and variable rate borrowings and have Fannie Mae rate tranches with maturities from 2014 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 Facilities, plus a fee of 0.49% to 0.67%. Borrowings under the Fannie Mae Facilities totaled $453.5 million at December 31, 2013, consisting of $50.0 million under a fixed portion at a rate of 4.7%, and the remaining $403.5 million under the variable rate portion of the facility at an average rate of 0.8%. The available borrowing capacity at December 31, 2013, was $453.5 million. Commitment fees related to our unused Fannie Mae Facilities totaled $548,000 for the year ended December 31, 2013. The Company has 4 interest rate swap agreements, totaling a notional amount of $125 million designed to fix the interest rate on a portion of the variable rate borrowings outstanding under the Fannie Mae Facilities at approximately 4.6%. The interest rate swaps have maturities between 2014 and 2015. The swaps are highly effective and are designed as cash flow hedges. The Company has also entered into 22 interest rate caps totaling a notional amount of $273 million which are designed to cap a portion of the Fannie Mae Facilities. These interest rate caps have maturities between 2014 and 2018 and eleven are set at 6.0%, nine set at 4.5%, and two set at 5.0%. The Fannie Mae Facilities are subject to certain borrowing base calculations that can effectively reduce the amount that may be borrowed. | |||||||||||||||
The Company has a $200.0 million credit facility with Freddie MAC, or the Freddie Mac Facility. At December 31, 2013, the Company had $198.2 million borrowed against the Freddie Mac Facility at an interest rate of 0.7%. Commitment fees related to the Freddie Mac Facility totaled $3,000 for the year ended December 31, 2013. The Company has 7 interest rate swap agreements, totaling a notional amount of $94.0 million designed to fix the interest rate on a portion of the variable rate borrowings outstanding under the Freddie Mac Facility at approximately 4.6%. The interest rate swaps expire in 2014. The Company has also entered into one interest rate cap totaling a notional amount of $15.0 million which is designated against the Freddie Mac Facility. This interest rate cap has a 2014 maturity and is set at 5.0%. | |||||||||||||||
The Company also maintains a $500.0 million unsecured credit facility with fourteen banks led by Key Bank National Association (Key Bank). The Key Bank Credit Line bears an interest rate of LIBOR plus a spread of 0.90% to 1.70% based on a investment grade pricing grid. This credit line expires in August 2017 with two six month extension options. At December 31, 2013, the Company had $496.3 million available to be borrowed under the Key Bank Line agreement with zero borrowings under this facility. Approximately $3.7 million of the facility is used to support letters of credit. Commitment fees related to this facility totaled $887,000 for the year ended December 31, 2013. | |||||||||||||||
Each of the Company’s credit facilities is subject to various covenants and conditions on usage. If the Company were to fail to satisfy a condition to borrowing, the available credit under one or more of the facilities could not be drawn, which could adversely affect the Company’s liquidity. Moreover, if the Company were to fail to make a payment or violate a covenant under a credit facility, after applicable cure periods, one or more of its lenders could declare a default, accelerate the due date for repayment of all amounts outstanding and/or foreclose on properties securing such facilities. Any such event could have a material adverse effect on the Company. The Company believes it was in compliance with these covenants and conditions on usage at December 31, 2013. | |||||||||||||||
At December 31, 2013, the Company had $1.1 billion of fixed rate conventional property mortgages with an average interest rate of 4.0% and an average maturity in 2019 and a total of $27.3 million variable rate mortgages with an embedded cap rate of 7.0% at an average interest rate of 3.3% with a maturity in 2015. | |||||||||||||||
At December 31, 2013, the Company had $96.0 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 0.7%, $225.3 million of capped conventional, secured variable rate debt at an average interest rate of 1.1%, and $88.8 million of capped tax-free variable rate debt at an average rate of 0.9%. The interest rate on all other secured debt, totaling $1.4 billion, was hedged or fixed at an average interest rate of 4.3%. Additionally, the Company had $1.7 billion of senior unsecured notes and term loans fixed at an average interest rate of 4.3% and a $500.0 million variable rate credit facility with an average interest rate of 1.10% with zero borrowings at December 31, 2013. | |||||||||||||||
On October 16, 2013, MAALP issued $350 million in aggregate principal amount of notes, maturing on October 15, 2023 with an interest rate of 4.3% per annum (the "2023 Notes"). The purchase price paid by the initial purchasers was 99.047% of the principal amount. The 2023 Notes are general unsecured senior obligations of MAALP and rank equally in right of payment with all other senior unsecured indebtedness of MAALP. Interest on the 2023 Notes is payable on April 15 and October 15 of each year, beginning on April 15, 2014. The net proceeds from the offering after deducting the original issue discount of approximately $3.3 million and underwriting commissions and expenses of approximately $2.3 million was approximately $344.4 million. The 2023 Notes have been reflected net of discount in the consolidated balance sheet. The Company entered into three forward swaps totaling $150 million, which resulted in a total effective interest rate of 4.15%. | |||||||||||||||
On December 13, 2013, MAALP completed a series of exchange offers (the “Exchange Offers”) pursuant to which it exchanged $154,235,000 aggregate principal amount of 6.25% Senior Notes due 2014, $169,161,000 aggregate principal amount of 5.50% Senior Notes due 2015 and $68,130,000 aggregate principal amount of 6.05% Senior Notes due 2016 (collectively, the “Existing Notes”) issued by Colonial Realty Limited Partnership, a Delaware limited partnership and wholly owned subsidiary of MAALP, for $154,235,000 aggregate principal amount of MAALP’s new 6.25% Senior Notes due 2014 (the “2014 Notes”), $169,112,000 aggregate principal amount of MAALP’s new 5.50% Senior Notes due 2015 (the “2015 Notes”) and $68,130,000 aggregate principal amount of MAALP’s new 6.05% Senior Notes due 2016 (the “2016 Notes” and together with the 2014 Notes and the 2015 Notes, the “Exchange Notes”), plus approximately $975,000 in cash. | |||||||||||||||
The Exchange Notes are senior unsecured obligations of MAALP and will rank equally in right of payment with all of MAALP’s other existing and future senior unsecured indebtedness. Interest on the 2014 Notes will accrue from, and including, December 15, 2013 and be payable on June 15, 2014, which will also be the maturity date for the 2014 Notes. Interest on the 2015 Notes will accrue from, and including, October 1, 2013 and be payable semiannually on April 1 and October 1 of each year, beginning on April 1, 2014. Interest on the 2016 Notes will accrue from, and including, September 1, 2013 and be payable semiannually on March 1 and September 1 of each year, beginning on March 1, 2014. In certain circumstances described below MAALP may be required to pay additional interest on the Exchange Notes. | |||||||||||||||
The Indenture under which the 2023 notes were issued and the Indentures 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, 2013, MAALP was in compliance with each of these financial covenants. | |||||||||||||||
All of the Existing Notes tendered into the Exchange Offers were cancelled in connection with the settlement of the Exchange Offers. In connection with the issuance and sale of the Exchange Notes, MAALP also entered into three separate registration rights agreements, each dated as of December 13, 2013, and each with J.P. Morgan Securities LLC, the dealer manager in the Exchange Offers (the “Registration Rights Agreements”). Under the Registration Rights Agreements, MAALP agreed to use commercially reasonable efforts to complete exchange offers registered under the Securities Act pursuant to which MAALP will offer to issue new exchange notes containing terms substantially similar in all material respects to the Exchange Notes (except that the exchange notes will not contain terms with respect to transfer restrictions or any increase in annual interest rate) in exchange for the Exchange Notes. MAALP also agreed, if it determines that a registered exchange offer is not available or specified other circumstances occur, to use commercially reasonable efforts to file and have become effective a shelf registration statement relating to resales of the Exchange Notes. MAALP will be obligated to pay additional interest of up to 0.50% per annum on the Exchange Notes if it does not complete the exchange offers within 270 days after the issue date of the Exchange Notes and in other specified circumstances. | |||||||||||||||
The following table summarizes the Company’s indebtedness at December 31, 2013, (dollars in thousands): | |||||||||||||||
Borrowed | Effective | Contract | |||||||||||||
Balance | Rate | Maturity | |||||||||||||
Fixed Rate Secured Debt | |||||||||||||||
Individual property mortgages | $ | 1,111,812 | 4 | % | 4/1/13 | ||||||||||
Fannie Mae conventional credit facilities | 50,000 | 4.7 | % | 3/31/17 | |||||||||||
Credit facility balances managed with interest rate swaps | |||||||||||||||
LIBOR-based interest rate swaps | 219,000 | 5.3 | % | 8/31/14 | |||||||||||
Total fixed rate secured debt | 1,380,812 | 4.2 | % | 6/13/18 | |||||||||||
Variable Rate Secured Debt (1) | |||||||||||||||
Fannie Mae conventional credit facilities | 189,721 | 0.8 | % | 12/2/16 | |||||||||||
Fannie Mae tax-free credit facilities | 88,812 | 0.9 | % | 7/23/31 | |||||||||||
Freddie Mac credit facilities | 104,248 | 0.7 | % | 7/1/14 | |||||||||||
Freddie Mac mortgages | 27,342 | 3.3 | % | 10/31/15 | |||||||||||
Total variable rate secured debt | 410,123 | 1 | % | 5/27/19 | |||||||||||
Total Secured Debt | $ | 1,790,935 | 3.5 | % | 9/1/18 | ||||||||||
Unsecured Debt | |||||||||||||||
Term loan fixed with swaps | 550,000 | 3.1 | % | 11/10/17 | |||||||||||
Fixed rate bonds | 1,131,783 | 5 | % | 9/22/19 | |||||||||||
Total Unsecured Debt | $ | 1,681,783 | 4.3 | % | 2/12/19 | ||||||||||
Total Outstanding Debt | $ | 3,472,718 | 3.9 | % | 4/28/18 | ||||||||||
(1) Includes capped balances | |||||||||||||||
The following table summarizes interest rate ranges and maturity of the Company’s indebtedness at December 31, 2013 and the balance of the Company’s indebtedness at December 31, 2012 (dollars in millions): | |||||||||||||||
At December 31, 2013 | |||||||||||||||
Actual | Current Average | Maturity | Balance | Balance at | |||||||||||
Interest | Interest | December 31, | |||||||||||||
Rates | Rate | 2012 | |||||||||||||
Fixed Rate: | |||||||||||||||
Taxable Secured | 1.77 - 6.21% | 4.07% | 2014-2035 | $ | 1,161.80 | $ | 422.4 | ||||||||
Unsecured | 3.15 - 6.25% | 5.02% | 2017-2024 | 1,131.80 | 310 | ||||||||||
Interest rate swaps | 2.63 - 6.63% | 4.76% | 2014-2018 | 769 | 559 | ||||||||||
$ | 3,062.60 | $ | 1,291.40 | ||||||||||||
Variable Rate: (1) | |||||||||||||||
Taxable | 0.66 - 0.91% | 0.72% | 2014-2033 | 122.7 | 70.9 | ||||||||||
Interest rate caps | 0.73 - 1.02% | 0.80% | 2014-2033 | 287.4 | 288.5 | ||||||||||
Unsecured | 0.00% | —% | 2015 | — | 23 | ||||||||||
$ | 410.1 | $ | 382.4 | ||||||||||||
$ | 3,472.70 | $ | 1,673.80 | ||||||||||||
-1 | Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2013, and 2012, 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, 2013, as well as the amortization of the fair market value of debt assumed (dollars in thousands): | |||||||||||||||
Year | Amortization | Maturities | Total | ||||||||||||
2014 | $ | 26,642 | $ | 430,640 | $ | 457,282 | |||||||||
2015 | 8,361 | 388,693 | 397,054 | ||||||||||||
2016 | 9,043 | 164,300 | 173,343 | ||||||||||||
2017 | 10,014 | 469,306 | 479,320 | ||||||||||||
2018 | 11,382 | 379,247 | 390,629 | ||||||||||||
Thereafter | 71,711 | 1,503,379 | 1,575,090 | ||||||||||||
$ | 137,153 | $ | 3,335,565 | $ | 3,472,718 | ||||||||||
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | ' | ||||||||||||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | |||||||||||||||||||||||||||||||||||||||||
Risk Management Objective of Using Derivatives | |||||||||||||||||||||||||||||||||||||||||
We are exposed to certain risk arising from both our 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 our borrowings, the value of which are determined by changing interest rates. | |||||||||||||||||||||||||||||||||||||||||
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, 2013, 2012 and 2011, such derivatives were used to hedge the variable cash flows associated with existing variable-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, 2013, 2012 and 2011, we recorded ineffectiveness of $37,000 (decrease to interest expense), $39,000 (increase to interest expense) and $195,000 (increase 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. | |||||||||||||||||||||||||||||||||||||||||
Amounts reported in Accumulated other comprehensive income related to derivatives designated in qualifying cash flow hedges will be reclassified to Interest expense as interest payments are made on our variable-rate debt. During the next twelve months, we estimate that an additional $11.1 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, 2013, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||||||||||||||
Interest Rate Caps | 12 | $224,631,000 | |||||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | 18 | $769,000,000 | |||||||||||||||||||||||||||||||||||||||
Non-designated Hedges | |||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of FASB ASC 815, Derivatives and Hedging. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in losses of $16,000, $66,000, and $24,000 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, we had the following outstanding interest rate derivatives that were not designated as hedges: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||||||||||||||
Interest Rate Caps | 11 | $63,820,000 | |||||||||||||||||||||||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of December 31, 2013 and December 31, 2012, respectively (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||||||
12/31/13 | 12/31/12 | 12/31/13 | 12/31/12 | ||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | Fair Value | Fair Value | Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 396 | $ | 245 | Fair market value of interest rate swaps | $ | 20,015 | $ | 21,423 | |||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 396 | $ | 245 | $ | 20,015 | $ | 21,423 | |||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 49 | $ | 43 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 49 | $ | 43 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
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, 2013, 2012 and 2011, respectively: (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
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) | 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 | ||||||||||||||||||||||||||||||||||||
Reclassified from Accumulated | Testing) | ||||||||||||||||||||||||||||||||||||||||
OCI into Income (Effective Portion) | |||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 10,684 | $ | (8,411 | ) | $ | (14,012 | ) | Interest expense | $ | (16,370 | ) | $ | (20,113 | ) | $ | (27,639 | ) | Interest expense | $ | 37 | $ | (39 | ) | $ | (195 | ) | ||||||||||||||
Total derivatives in cash flow hedging relationships | $ | 10,684 | $ | (8,411 | ) | $ | (14,012 | ) | $ | (16,370 | ) | $ | (20,113 | ) | $ | (27,639 | ) | $ | 37 | $ | (39 | ) | $ | (195 | ) | ||||||||||||||||
Derivatives Not Designated as | Location of Gain or (Loss) Recognized | Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||||||||
Hedging Instruments | in Income on Derivative | Recognized in Income on Derivative | |||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Interest rate products | Interest income/(expense) | $ | (16 | ) | $ | (66 | ) | $ | (24 | ) | |||||||||||||||||||||||||||||||
Total | $ | (16 | ) | $ | (66 | ) | $ | (24 | ) | ||||||||||||||||||||||||||||||||
Credit-risk-related Contingent Features | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, derivatives that were in a net liability position and subject to credit-risk-related contingent features had a termination value of $22.0 million, which includes accrued interest but excludes any adjustment for nonperformance risk. These derivatives had a fair value, gross of asset positions, of $20.0 million at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
Certain of our derivative contracts contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. As of December 31, 2013, 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 their termination value of $4.9 million. | |||||||||||||||||||||||||||||||||||||||||
Certain of our derivative contracts contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of December 31, 2013, 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 their termination value of $14.9 million. | |||||||||||||||||||||||||||||||||||||||||
Certain of our derivative contracts are credit enhanced by either FNMA or Freddie Mac. These derivative contracts require that our credit enhancing party maintain credit ratings above a certain level. If our credit support providers were downgraded below Baa1 by Moody’s or BBB+ by Standard & Poor’s, or S&P, we may be required to either post 100 percent collateral or settle the obligations at their termination value of $7.0 million as of December 31, 2013. Both FNMA and Freddie Mac are currently rated Aaa by Moody’s and AA+ by S&P, and therefore, the provisions of this agreement have not been breached and no collateral has been posted related to these agreements as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||
The table below presents a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of December 31, 2013 and December 31, 2012. The net amounts of derivative assets or liabilities can be reconciled to the Tabular Disclosure of Fair Values of Derivative Instruments above, which also provides the location that derivative assets and liabilities are presented on the Consolidated Balance Sheet (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||||||||
Derivatives | $ | 444 | — | $ | 444 | — | $ | 444 | |||||||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||||||||||||||
Derivatives | $ | 20,015 | — | $ | 20,015 | — | $ | 20,015 | |||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||||||||
Derivatives | $ | 288 | — | $ | 288 | — | — | $ | 288 | ||||||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||||||||||||||
Derivatives | $ | 21,423 | — | $ | 21,423 | — | — | $ | 21,423 | ||||||||||||||||||||||||||||||||
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, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | Affected Line Item in the Consolidated Statements Of Operations | Gains and Losses on Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (26,054 | ) | $ | (35,848 | ) | $ | (48,847 | ) | ||||||||||||||||||||||||||||||||
Other comprehensive income before reclassifications | 10,684 | (8,411 | ) | (14,012 | ) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (interest rate contracts) | Interest (income)/expense | 16,370 | 20,113 | 27,639 | |||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income attributable to noncontrolling interest | (892 | ) | (1,908 | ) | (628 | ) | |||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income attributable to MAA | 26,162 | 9,794 | 12,999 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 108 | $ | (26,054 | ) | $ | (35,848 | ) | |||||||||||||||||||||||||||||||||
See also discussions in Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 9. |
Fair_Value_Disclosure_of_Finan
Fair Value Disclosure of Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
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. | ||||||||||||||||
On January 1, 2008, we adopted 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 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. 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, 2013 and December 31, 2012, totaled $2.29 billion and $732.4 million, respectively, and had estimated fair values of $2.30 billion and $777.8 million (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, 2013 and December 31, 2012. The carrying value of variable rate notes payable (excluding the effect of interest rate swap and cap agreements) at December 31, 2013 and December 31, 2012, totaled $1.18 billion and $941.5 million, respectively, and had estimated fair values of $1.12 billion and $860.1 million (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, 2013 and December 31, 2012. We estimate the fair value of our notes receivable and debt instruments by discounting the remaining cash flows of the debt instrument at a discount rate equal to the replacement market credit spread plus the corresponding treasury yields. We have determined that the majority of the inputs used to fair value our debt fall within Level 2 of the fair value hierarchy, and as a result, all of our debt held as of December 31, 2013 and December 31, 2012 was classified as Level 2 of 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 (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 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, 2013 and December 31, 2012 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, 2013 and December 31, 2012, 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, 2013 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | |||||||||||||
Active Markets | Other | Unobservable | 31-Dec-13 | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets and Liabilities | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 444 | $ | — | $ | 444 | ||||||||
Liabilities | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 20,015 | $ | — | $ | 20,015 | ||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2012 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | |||||||||||||
Active Markets | Other | Unobservable | 31-Dec-12 | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets and Liabilities | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 288 | $ | — | $ | 288 | ||||||||
Liabilities | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 21,423 | $ | — | $ | 21,423 | ||||||||
The fair value estimates presented herein are based on information available to management as of December 31, 2013 and December 31, 2012. These estimates are not necessarily indicative of the amounts we could ultimately realize. See also Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 8. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
The Company had operating lease expense of approximately $74,000, $15,000, and $18,000 for the years ended December 31, 2013, 2012 and 2011, respectively. The Company has commitments of approximately $253,000 in 2014, $250,000 in 2015, and $667,000 thereafter under operating lease agreements outstanding at December 31, 2013. MAA also has commitments of $2.1 million in 2014 under development contract agreements outstanding at December 31, 2013. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
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, 2013, 2012 and 2011, dividends per share held for the entire year were estimated to be taxable as follows: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | |||||||||||||
Ordinary income | $ | 2.36 | 84.9 | % | $ | 2.16 | 81.64 | % | $ | 1.9 | 75.59 | % | ||||||
Capital gains | 0.17 | 6.23 | % | 0.08 | 3.09 | % | 0.1 | 3.97 | % | |||||||||
Return of capital | — | — | % | — | — | % | 0.28 | 11.21 | % | |||||||||
Un-recaptured Section 1250 gain | 0.25 | 8.87 | % | 0.4 | 15.27 | % | 0.23 | 9.23 | % | |||||||||
$ | 2.78 | 100 | % | $ | 2.64 | 100 | % | $ | 2.51 | 100 | % | |||||||
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 IRC section 1031. | ||||||||||||||||||
Merger and Restructuring | ||||||||||||||||||
On September 16, 2013, MAA formed MAA Arkansas REIT, LLC or MAA Ark through, the contribution of 11 properties owned directly by MAA. The transaction is intended to qualify as a tax-free contribution pursuant to IRC Section 351, and MAA Ark will elect REIT status for 2013. | ||||||||||||||||||
As discussed above, on October 1, 2013, we completed our merger with Colonial. 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 IRC 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 IRC section 368(a). As a result of the tax free merger treatment, the merger transactions did not result in the recognition of gain to any 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 bullet interest rate swap with Wells Fargo Bank, N.A. ("Wells Fargo") with a fixed interest rate of 2.465%, the $200 million bullet interest rate swap with Wells Fargo with a fixed interest rate of 2.576%, the $50 million bullet interest rate swap with Wells Fargo with a fixed interest rate of 1.064%, and the $100 million bullet interest rate swap with Wells Fargo with a fixed interest rate of 1.133%. | ||||||||||||||||||
Taxable REIT subsidiaries | ||||||||||||||||||
We acquired the operations of a taxable REIT subsidiary, Colonial Properties Services, Inc., or CPSI, through our merger with Colonial. As a result, CPSI’s tax attributes are now included in the MAA consolidated financial statements. As discussed above, a TRS is an entity which is not entitled to a dividends paid deduction and is subject to Federal, state, and local income taxes. CPSI provides property development, construction services, leasing and management services for joint venture and third-party owned properties and administrative services to the company and engages in for-sale development activity. We generally reimburse CPSI for payroll and other costs incurred in providing services to us. All inter-company transactions are eliminated in accompanying consolidated financial statements. We also hold certain undeveloped land through another TRS, MAA Copper Ridge, Inc. During the years ended December 31, 2013, 2012, and 2011, 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): | ||||||||||||||||||
• | 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. | |||||||||||||||||
The components of CPSI’s deferred income tax assets and liabilities were as follows (dollars in thousands): | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||
Real estate asset basis differences | $ | 27,014 | ||||||||||||||||
Deferred revenue | 19 | |||||||||||||||||
Deferred expenses | 15,261 | |||||||||||||||||
Net operating loss carryforward | 29,864 | |||||||||||||||||
Accrued liabilities | 4,168 | |||||||||||||||||
$ | 76,326 | |||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||
Real estate asset basis differences | (1,631 | ) | ||||||||||||||||
$ | (1,631 | ) | ||||||||||||||||
Net deferred tax assets, before valuation allowance | $ | 74,695 | ||||||||||||||||
Valuation allowance | (74,695 | ) | ||||||||||||||||
Net deferred tax assets, included in other assets | $ | — | ||||||||||||||||
At December 31, 2013, CPSI had net operating loss carryforwards, or NOLs of approximately $68.8 million for income tax purposes that expire in years 2030 to 2033. Utilization of the Company’s net operating loss carryforwards is subject to an annual limitation due to ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitations may result in the expiration of net operating loss carryforwards before utilization. CPSI generated approximately $1.5 million of losses for the post acquisition period ended December 31, 2013. As of December 31, 2013, MAA held net operating loss carryforwards of approximately $46.3 million for income tax purposes that expire in years 2018 to 2030. We may use these NOLs to offset all or a portion of the taxable income generated at the REIT level. | ||||||||||||||||||
The Company's reserve for uncertain tax positions was immaterial for the years ended December 31, 2013 and 2012. The Company accrues interest on unrecognized tax benefits as a component of income tax expense. | ||||||||||||||||||
For the years ended December 31, 2013, 2012, 2011, other expenses include estimated state franchise and other taxes, including franchise taxes in North Carolina and Tennessee. We now present the Texas margin-based tax as an income tax expense. | ||||||||||||||||||
Tax years 2010 through 2013 are subject to examination. No tax examination is currently in process. |
Shareholders_Equity
Shareholder's Equity | 12 Months Ended |
Dec. 31, 2013 | |
Notes To Financial Statements [Abstract] | ' |
SHAREHOLDERbS EQUITY | ' |
SHAREHOLDERS' EQUITY OF MAA | |
On December 31, 2013, 74,830,726 shares of common stock of MAA and 4,227,384 partnership units in the Operating Partnership were issued and outstanding, representing a total of 79,058,110 shares and units. At December 31, 2012, 42,316,398 shares of common stock of MAA and 1,731,672 partnership units in the Operating Partnership were outstanding, representing a total of 44,048,070 shares and units. There were 356,143 outstanding options as of December 31, 2013 compared to zero outstanding options as of December 31, 2012. The reason for the increase in shares and units is due to the merger with Colonial Properties Trust. To complete the merger, on October 1, 2013, we issued 31,916,765 shares and 2,574,631 partnership units. | |
During the year ended December 31, 2013, 5,029 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, 2012, 15,565 shares were acquired for these purposes. | |
Noncontrolling Interest | |
Noncontrolling interest in the accompanying consolidated financial statements relates to the limited partner ownership interest in the Operating Partnership who are 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 common stock shares 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, 2013, a total of 4,227,384 Class A Units were outstanding and redeemable to MAA by the holders of the units for 4,227,384 shares of MAA common stock or approximately $256,771,304, based on the closing price of MAA’s common stock on December 31, 2013 of $60.74 per share, at MAA’s option. At December 31, 2012, a total of 1,731,672 Class A Units were outstanding and redeemable to MAA by the holders of the units for 1,731,672 shares of MAA common stock or approximately $112,125,762, based on the closing price of MAA’s common stock on December 31, 2012 of $64.75 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 2013, 2012 and 2011 was allocated approximately 4.6%, 4.5% and 5.3%, respectively, to holders of Class A Units and 95.4%, 95.5% and 94.7%, 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 plan also provides the opportunity to make optional cash investments in common shares 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 Securities and Exchange Commission the offer and sale of up to 7,600,000 shares of common stock pursuant to the DRSPP. MAA may elect to sell shares under the DRSPP at up to a 5% discount. | |
Common stock shares totaling 10,924 in 2013, 14,260 in 2012, and 509,116 in 2011 were acquired by shareholders under the DRSPP. MAA did not offer a discount for optional cash purchases in 2013 or 2012; however, an average discount of 2.0% was offered for optional cash purchases in 2011. | |
At the Market Offering | |
On August 26, 2010, MAA and its Operating Partnership entered into sales agreements with Cantor Fitzgerald & Co., Raymond James & Associates, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell up to a combined total of 6,000,000 shares of its common stock, from time to time in at-the-market offerings or negotiated transactions through a controlled equity offering program, or ATM. The Company terminated this ATM program, and on February 25, 2013, as amended and restated as of November 19, 2013, MAA and its Operating Partnership entered into sales agreements with J.P. Morgan Securities LLC, BMO Capital Markets Corp., KeyBanc Capital Markets Inc. and UBS Securities LLC to sell up to 4,500,000 shares of our common stock with materially the same terms as the Company's previous sales agreements. | |
During the years ended December 31, 2013, 2012 and 2011, MAA sold 365,011 shares, 1,155,511 shares and 3,303,273 shares, respectively, of common stock for net proceeds of $24.8 million, $75.9 million and $204.5 million, respectively, through its ATM programs. The gross proceeds for these issuances were $25.1 million, $77.0 million and $207.7 million, respectively, for the years ended December 31, 2013, 2012 and 2011. As of December 31, 2013, there were 4,134,989 shares outstanding under MAA's ATM. | |
Stock Offerings | |
On March 2, 2012, we closed on an underwritten public offering of 1,955,000 shares of common stock. UBS Investment Bank and Jefferies & Company, Inc. acted as joint bookrunning managers. We received net proceeds of approximately $120 million after underwriter discounts. The gross proceeds for this offering were approximately $124.1 million. We had no such offerings during the years ended December 31, 2013 or 2011. | |
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. Through December 31, 2013, MAA has 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 2013 under the plan. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | ' |
EMPLOYEE BENEFIT PLANS | ' |
EMPLOYEE BENEFIT PLANS | |
Following are details of employee benefit plans not previously discussed in Item 8. Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements, Note 5. | |
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 contribution to this plan was approximately $675,000, $668,000 and $597,000 in 2013, 2012 and 2011, 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. The plan is designed so that the employees’ investment earnings under the non-qualified plan should be the same as the earning assets in MAA’s 401(k) Plan. MAA’s match to this plan in 2013, 2012 and 2011 was approximately $46,000, $45,000 and $51,000, 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 as of the end of the year the director ceases to serve on the board. | |
During 2013, 2012 and 2011, directors deferred 7,173 shares, 5,549 shares and 5,328 shares of common stock, respectively, with weighted-average grant date fair values of $66.77, $66.12 and $64.55, 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 in 2013 or 2012; however, approximately $78,000 was recorded in accrued expenses and other liabilities at December 31, 2011. | |
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 Internal Revenue 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 2013, 2012 or 2011. As of December 31, 2013, there were 186,872 shares outstanding with a fair value of $11.4 million. |
Leasing_Operations_Notes
Leasing Operations (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Future Minimum Rentals | ' |
Operating Leases of Lessor Disclosure [Text Block] | ' |
LEASING OPERATIONS | |
Our business includes leasing and management of multifamily and commercial properties. For commercial properties owned by us, minimum rentals due in future periods under noncancelable operating leases extending beyond one year are $10.9 million, $9.6 million, $8.8 million, $7.2 million, and $6.5 million for the years ended December 31, 2014, 2015, 2016, 2017, and 2018, respectively. Minimum rentals thereafter are $57.7 million. The noncancelable leases are with tenants engaged in commercial operations in Alabama, Georgia, Louisiana, North Carolina, and Texas. Performance in accordance with the lease terms is in part dependent upon the economic conditions of the respective areas. No additional credit risk exposure relating to the leasing arrangements exists beyond the accounts receivable amounts shown in the December 31, 2013 balance sheet. However, financial difficulties of tenants could impact their ability to make lease payments on a timely basis which could result in actual lease payments being less than amounts shown above. Leases with residents in multifamily properties are generally for one year or less and are thus excluded from the above table. Substantially all of our land, buildings, and equipment represent property leased under the above and other short-term leasing arrangements. |
Legal_Proceedings_Notes
Legal Proceedings (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Legal Proceedings | ' |
Legal Matters and Contingencies [Text Block] | ' |
LEGAL PROCEEDINGS | |
Regatta Litigation | |
The Company (by virtue of its merger with Colonial) and Colonial LP along with multiple other parties, are named defendants in lawsuits arising out of alleged construction deficiencies with respect to condominium units at Regatta at James Island in Charleston, South Carolina. Regatta at James Island property was developed by certain of the Company's subsidiaries and constructed by Colonial Construction Services, LLC. 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 plaintiffs seek to recover has not been disclosed. The lawsuits are currently in discovery. The Company is continuing to investigate the matter and evaluate its options and intends to vigorously defend itself against these claims. No assurance can be given that the matter will be resolved favorably to the Company. The Company has included in its 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. | |
Plantation Point Litigation | |
The Company (by virtue of its merger with Colonial) and Colonial LP along with multiple other parties, are named defendants in a lawsuit arising out of alleged construction deficiencies with respect to condominium units at Plantation Point in Bluffton, South Carolina. Plantation Point was previously owned and operated by Colonial LP as a multi-family rental project by the name of the Ashley Plantation apartments. Colonial LP sold the property in 2005 to a third party, which then converted the property to condominiums and sold all 414 units. The lawsuit, filed on behalf of the condominium homeowners association and a class of unit owners, was filed in South Carolina state court (Beaufort County) in September 2011, against various parties involved in the development, construction and conversion of the Plantation Point property, including the contractors, subcontractors, architect, developer, and product manufacturers. The plaintiffs are seeking $24.7 million in damages resulting from, among other things, alleged construction deficiencies and misleading sales practices attributed to the third-party seller. The lawsuit is currently in discovery. The Company is continuing to investigate the matter and evaluate its options and intends to vigorously defend itself against these claims. No assurance can be given that the matter will be resolved favorably to the Company. The Company has included in its 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. | |
Williams Litigation | |
On June 19, 2013, a putative class action was filed in the Circuit Court for Jefferson County, Alabama captioned Williams v. Colonial Properties Trust, et al., No. 01-CV-2013-902416.00 (the “Williams Litigation”), seeking, among other things, to enjoin the previously announced combination of MAA and Colonial in accordance with the terms of the Agreement and Plan of Merger, dated June 3, 2013, by and among MAA, the Operating Partnership, Martha Merger Sub, LP, Colonial and Colonial LP. The complaint names as defendants Colonial, the ten members of Colonial’s board of trustees, Colonial LP, MAA, the Operating Partnership and OP Merger Sub. The original complaint contained two counts: The first alleges that Colonial’s trustees breached their fiduciary duties of care and loyalty in agreeing to the proposed merger because, among other things, they engaged in an unfair process, failed to maximize the Colonial shareholders’ consideration, and agreed to preclusive deal protection devices. The second count, against Colonial LP, MAA, the Operating Partnership and OP Merger Sub, alleges that those parties “aided and abetted” the alleged breaches of fiduciary duties by Colonial’s trustees. In addition to the injunction of the merger, the complaint seeks, among other things, to recover Plaintiff’s attorneys’ fees and costs, but it does not make a claim for monetary damages. On August 2, 2013, Plaintiff filed an amended complaint that re-asserted Plaintiff’s earlier claims and added a new claim that the Colonial trustees breached their duty of candor by not providing Colonial shareholders full and complete disclosures regarding the merger. On August 14, 2013, the parties to the Williams Litigation reached an agreement in principle to settle the Williams Litigation, in which (a) defendants agreed to make certain additional disclosures in the joint proxy statement/prospectus related to the merger, and (b) the parties agreed that they would use their best efforts to agree upon, execute and present to the court a stipulation of settlement which would, among other things, (i) provide for the conditional certification of a non-opt out settlement class pursuant to Alabama Rules of Civil Procedure 23(b)(1) and (b)(2) consisting generally of all record and beneficial holders of the common stock of Colonial from June 3, 2013 through and including the date of the closing of the parent merger (the “Settlement Class”) (ii) release all claims that members of the Settlement Class may have that were alleged in the Williams Litigation or otherwise arising out of or relating in any manner to the merger and (iii) dismiss the Williams Litigation with prejudice. The proposed settlement, including the payment by Colonial (or its successors) of Plaintiff’s attorneys’ fees awarded by the Court, is subject to, among other things, confirmatory discovery, agreement to a stipulation of settlement, and final court approval following notice to the Settlement Class. Based on the terms of the agreement in principle reached in the Williams Litigation, the Company will not pay any monetary damages to the Settlement Class and the only monetary obligation will be the payment of Plaintiff’s attorneys’ fees, to the extent approved by the Court, up to an immaterial amount agreed to by the parties. | |
On December 3, 2013, following the confirmatory discovery contemplated in the agreement in principle reached on August 14, 2013, the parties to the Williams Litigation executed a Stipulation of Settlement. On December 6, 2013, Plaintiff filed an unopposed motion for preliminary approval of class action settlement (“Motion for Preliminary Approval”), which attached as an exhibit the executed Stipulation of Settlement. On December 13, 2013, the Court held a hearing on Plaintiff’s Motion for Preliminary Approval and preliminarily approved the Settlement and issued an Order for Notice and Scheduling of Hearing on Settlement (“Order”). In the Order, the Court set the final Settlement approval hearing for March 6, 2014 and also directed that notice of the Settlement and preliminary approval be sent to all Settlement Class members within ten business days. Such notice was sent out to Settlement Class members as set forth in the Order. | |
Loss Contingencies | |
The outcomes of the claims, disputes and legal proceedings described or referenced above are subject to significant uncertainty. The Company records an accrual for loss contingencies when a loss is probable and the amount of the loss can be reasonably estimated. The Company reviews these accruals quarterly and makes revisions based on changes in facts and circumstances. When a loss contingency is not both probable and reasonably estimable, the Company does 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 the Company discloses a reasonable estimate of the possible loss, or range of loss, if such reasonable estimate can be made. If the Company cannot make a reasonable estimate of the possible loss, or range of loss, then that 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 involve a series of complex judgments about future events. Among the factors that the Company considers in this assessment, including with respect to the matters disclosed in this Note, 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, the Company's experience in similar matters, the facts available to the Company at the time of assessment, and how the Company intends to respond, or has responded, to the proceeding or claim. The Company's assessment of these factors may change over time as individual proceedings or claims progress. For matters where the Company is 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 the Company believes a reasonable estimate of loss, or range of loss, can be made. In such instances, the Company believes that there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss or business impact, if any. | |
As of December 31, 2013 and December 31, 2012, the Company's accrual for loss contingencies was $11.9 million and $0.0 million in the aggregate, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
Pursuant to management contracts with the Company’s joint ventures, the Company manages the operations of the joint venture apartment communities for a fee of 4.00% to 4.25% of the revenues of the joint venture. The Company received approximately $647,000, $899,000 and $1,017,000 as management fees from the joint ventures in 2013, 2012 and 2011, respectively. The Company also received approximately $93,000, $346,000 and $426,000 in asset management fees in 2013, 2012 and 2011, respectively, and $1,000, $3,000 and $3,000 in construction management fees in 2013, 2012 and 2011, respectively, from our joint ventures. The Company had receivables from joint ventures totaling $1,800,000, $3,100,000, and $400,000, as of December 31, 2013, 2012, and 2011, 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 and $617,000 at December 31, 2013 and 2012 respectively. 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_Ope
Earnings from Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||
EARNINGS FROM DISCONTINUED OPERATIONS | ' | |||||||||||
EARNINGS FROM DISCONTINUED OPERATIONS | ||||||||||||
The nine properties that we sold in 2013, the nine properties sold during 2012, and the two properties sold during 2011 have been classified as discontinued operations in the Consolidated Statements of Operations. Two additional properties that were classified as held for sale during the fourth quarter of 2013 are classified as discontinued operations as well. | ||||||||||||
The following table lists the communities classified as discontinued operations for the year ended December 31, 2013: | ||||||||||||
Community | Number of Units/Sq. Ft. | Date Sold | Location | Operating Segment | ||||||||
Woodbridge at the Lake | 188 | May 15, 2013 | Jacksonville, Florida | Large market same store | ||||||||
Savannahs at James Landing (1) | 256 | June 13, 2013 | Melbourne, Florida | Secondary market same store | ||||||||
High Ridge | 160 | June 13, 2013 | Athens, Georgia | Secondary market same store | ||||||||
TPC Jacksonville | 440 | June 20, 2013 | Jacksonville, Florida | Large market same store | ||||||||
Marsh Oaks | 120 | August 15, 2013 | Jacksonville, Florida | Large market same store | ||||||||
Three Oaks | 240 | September 11, 2013 | Valdosta, Georgia | Secondary market same store | ||||||||
Wildwood | 216 | September 11, 2013 | Thomasville, Georgia | Secondary market same store | ||||||||
Shenandoah Ridge | 272 | September 30, 2013 | Augusta, Georgia | Secondary market same store | ||||||||
Whispering Pines | 216 | October 31, 2013 | LaGrange, Georgia | Secondary market same store | ||||||||
Willow Creek | 285 | Held for Sale | Columbus, Georgia | Secondary market same store | ||||||||
Colonial Promenade Nord du Lac | 282,946 | Held for Sale | New Orleans, Louisiana | Non-same store and other | ||||||||
(1) Note that Savannahs at James Landing was owned by MAA and not MAALP. Based on such, its results of operations are only included in the discontinued operations of MAA, and not those of MAALP. | ||||||||||||
The following is a summary of income from continuing and discontinued operations attributable to MAA and noncontrolling interest for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income from continuing operations: | ||||||||||||
Attributable to MAA | $ | 36,146 | $ | 58,790 | $ | 27,435 | ||||||
Attributable to noncontrolling interest | 1,131 | 2,414 | 1,267 | |||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from discontinued operations: | ||||||||||||
Attributable to MAA | $ | 79,135 | $ | 46,433 | $ | 21,386 | ||||||
Attributable to noncontrolling interest | 2,867 | 2,188 | 1,143 | |||||||||
Income from discontinued operations | $ | 82,002 | $ | 48,621 | $ | 22,529 | ||||||
The following is a summary of earnings from discontinued operations for MAA for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
Rental revenues | $ | 13,255 | $ | 27,598 | $ | 39,923 | ||||||
Other revenues | 1,189 | 2,706 | 4,184 | |||||||||
Total revenues | 14,444 | 30,304 | 44,107 | |||||||||
Expenses: | ||||||||||||
Property operating expenses | 6,205 | 14,066 | 21,274 | |||||||||
Depreciation and amortization | 2,716 | 7,433 | 10,418 | |||||||||
Interest expense | 458 | 1,867 | 2,673 | |||||||||
Total expenses | 9,379 | 23,366 | 34,365 | |||||||||
Income from discontinued operations before gain on sale | 5,065 | 6,938 | 9,742 | |||||||||
Net gain (loss) on insurance and other settlement proceeds on discontinued operations | 93 | 48 | (12 | ) | ||||||||
Gain on sale of discontinued operations | 76,844 | 41,635 | 12,799 | |||||||||
Income from discontinued operations | $ | 82,002 | $ | 48,621 | $ | 22,529 | ||||||
The following is a summary of earnings from discontinued operations for MAALP for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
Rental revenues | $ | 12,202 | $ | 25,374 | $ | 37,760 | ||||||
Other revenues | 1,099 | 2,514 | 3,990 | |||||||||
Total revenues | 13,301 | 27,888 | 41,750 | |||||||||
Expenses: | ||||||||||||
Property operating expenses | 5,709 | 12,997 | 20,219 | |||||||||
Depreciation and amortization | 2,480 | 6,880 | 9,854 | |||||||||
Interest expense | 458 | 1,858 | 2,578 | |||||||||
Total expenses | 8,647 | 21,735 | 32,651 | |||||||||
Income from discontinued operations before gain on sale | 4,654 | 6,153 | 9,099 | |||||||||
Net gain (loss) on insurance and other settlement proceeds on discontinued operations | 93 | 48 | (12 | ) | ||||||||
Gain on sale of discontinued operations | 65,520 | 41,635 | 12,799 | |||||||||
Income from discontinued operations | $ | 70,267 | $ | 47,836 | $ | 21,886 | ||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||
SEGMENT INFORMATION | ' | |||||||||||
SEGMENT INFORMATION | ||||||||||||
As of December 31, 2013, we owned or had an ownership interest in 275 multifamily apartment communities in 14 different states from which we derived all significant sources of earnings and operating cash flows. Senior management evaluates performance and determines resource allocations by reviewing apartment communities individually and in the following reportable operating segments: | ||||||||||||
• | 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 and have not been classified as held for sale. | |||||||||||
• | 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 and have not been classified as held for sale. | |||||||||||
• | Non same store communities and other generally includes recent acquisitions, communities in development or lease-up and communities that have been classified as held for sale. Also included in non same store communities are non multifamily activities which represent less than 1% of our portfolio. | |||||||||||
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. | ||||||||||||
Note that all properties acquired from Colonial have been placed in our Non-Same Store and Other operating segment, as the properties are recent acquisitions and have not been owned and stabilized for at least 12 months. Also note that management looks at segments for the parent company and does not breakout segments for the Operating Partnership, therefore the presentation below is for MAA only. | ||||||||||||
Revenues and NOI for each reportable segment for the years ended December 31, 2013, 2012 and 2011, were as follows (dollars in thousands): | ||||||||||||
2013 | 2012 | 2011 (1) | ||||||||||
Revenues | ||||||||||||
Large Market Same Store | $ | 256,141 | $ | 243,721 | $ | 213,800 | ||||||
Secondary Market Same Store | 207,572 | 201,834 | 187,202 | |||||||||
Non-Same Store and Other | 170,374 | 29,434 | 28,787 | |||||||||
Total property revenues | 634,087 | 474,989 | 429,789 | |||||||||
Management fee income | 647 | 899 | 1,017 | |||||||||
Total operating revenues | $ | 634,734 | $ | 475,888 | $ | 430,806 | ||||||
NOI | ||||||||||||
Large Market Same Store | $ | 152,725 | $ | 143,060 | $ | 122,447 | ||||||
Secondary Market Same Store | 123,787 | 119,764 | 108,024 | |||||||||
Non-Same Store and Other | 112,500 | 34,252 | 27,565 | |||||||||
Total NOI | 389,012 | 297,076 | 258,036 | |||||||||
Discontinued operations NOI included above | (8,239 | ) | (16,236 | ) | (22,834 | ) | ||||||
Management fee income | 647 | 899 | 1,017 | |||||||||
Depreciation and amortization | (186,979 | ) | (121,211 | ) | (106,009 | ) | ||||||
Acquisition expense | (1,393 | ) | (1,581 | ) | (3,319 | ) | ||||||
Property management expense | (23,083 | ) | (21,281 | ) | (19,973 | ) | ||||||
General and administrative expense | (15,569 | ) | (13,762 | ) | (18,123 | ) | ||||||
Merger related expenses | (32,403 | ) | — | — | ||||||||
Integration costs | (5,102 | ) | — | — | ||||||||
Interest and other non-property income | 488 | 430 | 802 | |||||||||
Interest expense | (75,915 | ) | (57,937 | ) | (56,383 | ) | ||||||
Loss on debt extinguishment/modification | (426 | ) | (654 | ) | (755 | ) | ||||||
Amortization of deferred financing costs | (3,063 | ) | (3,552 | ) | (2,902 | ) | ||||||
Net casualty loss after insurance and other settlement proceeds | (143 | ) | (6 | ) | (619 | ) | ||||||
Income tax expense | (893 | ) | (803 | ) | (727 | ) | ||||||
Gain on sale of non-depreciable assets | — | 45 | 1,084 | |||||||||
Gain (loss) from real estate joint ventures | 338 | (223 | ) | (593 | ) | |||||||
Discontinued operations | 82,002 | 48,621 | 22,529 | |||||||||
Net income attributable to noncontrolling interests | (3,998 | ) | (4,602 | ) | (2,410 | ) | ||||||
Net income attributable to MAA | $ | 115,281 | $ | 105,223 | $ | 48,821 | ||||||
(1) The 2011 column shows the segment break down based on the 2012 same store portfolios. A comparison using the 2013 same store portfolio would not be comparative due to the nature of the classifications. | ||||||||||||
Assets for each reportable segment as of December 31, 2013 and 2012 were as follows (dollars in thousands): | ||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||
Assets | ||||||||||||
Large Market Same Store | $ | 1,252,575 | $ | 1,108,827 | ||||||||
Secondary Market Same Store | 796,697 | 654,315 | ||||||||||
Non-Same Store and Other | 4,638,892 | 949,398 | ||||||||||
Corporate assets | 153,761 | 38,528 | ||||||||||
Total assets | $ | 6,841,925 | $ | 2,751,068 | ||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Notes To Financial Statements [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
Acquisitions | |
On January 15, 2014, we closed on the purchase of the 312-unit Grand Cypress apartment community located in Cypress (Houston), Texas. This property was previously a part of our Fund II Joint Venture. | |
On January 31, 2014, we closed on the purchase of the 250-unit Venue at Stonebridge Ranch apartment community located in McKinney (Dallas), Texas. This property was previously a part of our Fund II Joint Venture. | |
Dispositions | |
On January 15, 2014, we closed on the sale of the 285-unit Willow Creek apartment community located in Columbus, Georgia. |
Selected_Quarterly_Financial_I
Selected Quarterly Financial Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' | |||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION OF MID-AMERICA APARTMENT COMMUNITIES, INC. (UNAUDITED) | ||||||||||||||||
On October 1, 2013, we completed our previously announced merger with Colonial. The following table sets forth selected unaudited quarterly financial information for MAA. The results of operations of Colonial are included from the closing date of the merger, October 1, 2013, through the end of our fiscal year, December 31, 2013. | ||||||||||||||||
(Dollars in thousands except per share data) | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Total operating revenues | $ | 127,920 | $ | 131,801 | $ | 135,406 | $ | 239,607 | ||||||||
Income from continuing operations before non-operating items | $ | 36,847 | $ | 31,920 | $ | 32,405 | $ | 15,719 | ||||||||
Interest expense | $ | (15,545 | ) | $ | (15,189 | ) | $ | (14,923 | ) | $ | (30,258 | ) | ||||
Gain from real estate joint ventures | $ | 54 | $ | 47 | $ | 60 | $ | 177 | ||||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations before gain on sale | $ | 1,782 | $ | 1,697 | $ | 972 | $ | 614 | ||||||||
Gain on sale of discontinued operations | $ | — | $ | 43,121 | $ | 28,788 | $ | 4,935 | ||||||||
Consolidated net income (loss) | $ | 22,005 | $ | 61,028 | $ | 46,056 | $ | (9,810 | ) | |||||||
Net income (loss) attributable to noncontrolling interest | $ | 825 | $ | 1,939 | $ | 1,772 | $ | (538 | ) | |||||||
Net income (loss) available for MAA common shareholders | $ | 21,180 | $ | 59,089 | $ | 44,284 | $ | (9,272 | ) | |||||||
Per share: | ||||||||||||||||
Net income (loss) available per common share - basic | $ | 0.5 | $ | 1.38 | $ | 1.04 | $ | (0.12 | ) | |||||||
Net income (loss) available per common share - diluted | $ | 0.5 | $ | 1.37 | $ | 1.04 | $ | (0.12 | ) | |||||||
Dividend paid | $ | 0.695 | $ | 0.695 | $ | 0.695 | $ | 0.695 | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Total operating revenues | $ | 110,982 | $ | 116,729 | $ | 122,157 | $ | 126,020 | ||||||||
Income from continuing operations before non-operating items | $ | 28,353 | $ | 29,482 | $ | 30,477 | $ | 35,592 | ||||||||
Interest expense | $ | (13,876 | ) | $ | (13,971 | ) | $ | (14,507 | ) | $ | (15,583 | ) | ||||
Loss from real estate joint ventures | $ | (31 | ) | $ | (67 | ) | $ | (72 | ) | $ | (53 | ) | ||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations before gain on sale | $ | 2,061 | $ | 2,051 | $ | 1,046 | $ | 1,780 | ||||||||
Gain on sale of discontinued operations | $ | 9,429 | $ | 12,953 | $ | 16,092 | $ | 3,161 | ||||||||
Consolidated net income | $ | 25,068 | $ | 29,472 | $ | 32,078 | $ | 23,207 | ||||||||
Net income attributable to noncontrolling interest | $ | 1,178 | $ | 1,312 | $ | 1,212 | $ | 900 | ||||||||
Net income available for MAA common shareholders | $ | 23,890 | $ | 28,160 | $ | 30,866 | $ | 22,307 | ||||||||
Per share: | ||||||||||||||||
Net income available per common share - basic | $ | 0.6 | $ | 0.69 | $ | 0.74 | $ | 0.53 | ||||||||
Net income available per common share - diluted | $ | 0.6 | $ | 0.69 | $ | 0.74 | $ | 0.53 | ||||||||
Dividend paid | $ | 0.66 | $ | 0.66 | $ | 0.66 | $ | 0.66 | ||||||||
Some of the financial data in the tables above differ from the values as originally reported in their respective Form 10-Qs or Form 10-Ks due to the reclassification of certain properties into discontinued operations. | ||||||||||||||||
22. SELECTED QUARTERLY FINANCIAL INFORMATION OF MID-AMERICA APARTMENTS, L.P. (UNAUDITED) | ||||||||||||||||
On October 1, 2013, we completed our previously announced merger with Colonial. The following table sets forth selected unaudited quarterly financial information for MAALP. The results of operations of Colonial are included from the closing date of the merger, October 1, 2013, through the end of our fiscal year, December 31, 2013. | ||||||||||||||||
(Dollars in thousands except per unit data) | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Total operating revenues | $ | 127,920 | $ | 131,801 | $ | 135,406 | $ | 239,607 | ||||||||
Income from continuing operations before non-operating items | $ | 36,847 | $ | 31,920 | $ | 32,405 | $ | 15,719 | ||||||||
Interest expense | $ | (15,545 | ) | $ | (15,189 | ) | $ | (14,923 | ) | $ | (30,258 | ) | ||||
Gain from real estate joint ventures | $ | 54 | $ | 47 | $ | 60 | $ | 177 | ||||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations before gain on sale | $ | 1,570 | $ | 1,511 | $ | 973 | $ | 600 | ||||||||
Gain on sale of discontinued operations | $ | — | $ | 31,779 | $ | 28,806 | $ | 4,935 | ||||||||
Net income (loss) available for common unitholders | $ | 21,793 | $ | 49,500 | $ | 46,075 | $ | (9,824 | ) | |||||||
Per unit: | ||||||||||||||||
Net income (loss) available per common unit - basic | $ | 0.49 | $ | 1.12 | $ | 1.04 | $ | (0.12 | ) | |||||||
Net income (loss) available per common unit - diluted | $ | 0.49 | $ | 1.12 | $ | 1.04 | $ | (0.12 | ) | |||||||
Distribution paid | $ | 0.695 | $ | 0.695 | $ | 0.695 | $ | 0.695 | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Total operating revenues | $ | 110,982 | $ | 116,729 | $ | 122,157 | $ | 126,020 | ||||||||
Income from continuing operations before non-operating items | $ | 28,353 | $ | 29,482 | $ | 30,477 | $ | 35,592 | ||||||||
Interest expense | $ | (13,876 | ) | $ | (13,971 | ) | $ | (14,507 | ) | $ | (15,583 | ) | ||||
Loss from real estate joint ventures | $ | (31 | ) | $ | (67 | ) | $ | (72 | ) | $ | (53 | ) | ||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations before gain on sale | $ | 1,874 | $ | 1,863 | $ | 850 | $ | 1,566 | ||||||||
Gain on sale of discontinued operations | $ | 9,429 | $ | 12,953 | $ | 16,092 | $ | 3,161 | ||||||||
Net income available for common unitholders | $ | 24,881 | $ | 29,284 | $ | 31,882 | $ | 22,993 | ||||||||
Per unit: | ||||||||||||||||
Net income available per common unit - basic | $ | 0.6 | $ | 0.69 | $ | 0.75 | $ | 0.52 | ||||||||
Net income available per common unit - diluted | $ | 0.6 | $ | 0.69 | $ | 0.75 | $ | 0.52 | ||||||||
Distribution paid | $ | 0.66 | $ | 0.66 | $ | 0.66 | $ | 0.66 | ||||||||
Some of the financial data in the tables above differ from the values as originally reported in their respective Form 10-Qs or Form 10-Ks due to the reclassification of certain properties into discontinued operations. |
Schedule_III_Real_Estate_and_A
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Life used to compute depreciation in latest income statement (20) | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized subsequent to Acquisition | Gross Amount carried at December 31, 2013 (19) | |||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | 548 | $ | 2,640 | $ | 29,390 | $ | 32,030 | $ | (2,358 | ) | $ | 29,672 | 2009 | Jan-40 | ||||||||||||||||||||||||||
Colonial Village at Inverness | Birmingham, AL | — | 2,280 | 28,807 | — | 203 | 2,280 | 29,010 | 31,290 | (328 | ) | 30,962 | 1986/87/90/97 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Riverchase Trails | Birmingham, AL | — | 3,769 | 22,079 | — | 94 | 3,769 | 22,173 | 25,942 | (273 | ) | 25,669 | 2010 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Trussville | Birmingham, AL | — | 3,409 | 31,813 | — | 132 | 3,409 | 31,945 | 35,354 | (352 | ) | 35,002 | 1996/97 | Jan-40 | |||||||||||||||||||||||||||||||||||
Eagle Ridge | Birmingham, AL | — | -1 | 851 | 7,667 | — | 3,928 | 851 | 11,595 | 12,446 | (6,467 | ) | 5,979 | 1986 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Traditions | Gulf Shores, AL | — | 3,218 | 25,162 | — | 173 | 3,218 | 25,335 | 28,553 | (299 | ) | 28,254 | 2007 | Jan-40 | |||||||||||||||||||||||||||||||||||
Abbington Place | Huntsville, AL | — | -1 | 524 | 4,724 | — | 2,696 | 524 | 7,420 | 7,944 | (4,235 | ) | 3,709 | 1987 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Edgewater | Huntsville, AL | 28,462 | 4,953 | 38,673 | — | 215 | 4,953 | 38,888 | 43,841 | (402 | ) | 43,439 | 1990 | Jan-40 | |||||||||||||||||||||||||||||||||||
Paddock Club Huntsville | Huntsville, AL | — | 909 | 10,152 | 830 | 13,119 | 1,739 | 23,271 | 25,010 | (11,469 | ) | 13,541 | 1993 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Madison | Madison, AL | 23,102 | 3,608 | 28,934 | — | 154 | 3,608 | 29,088 | 32,696 | (333 | ) | 32,363 | 2000 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Ashford Place | Mobile, AL | — | 1,152 | 6,195 | — | (976 | ) | 1,152 | 5,219 | 6,371 | (72 | ) | 6,299 | 1983 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Huntleigh Woods | Mobile, AL | — | 1,192 | 8,202 | — | (1,265 | ) | 1,192 | 6,937 | 8,129 | (93 | ) | 8,036 | 1978 | Jan-40 | ||||||||||||||||||||||||||||||||||
Paddock Club Montgomery | Montgomery, AL | — | -1 | 965 | 13,190 | — | 1,796 | 965 | 14,986 | 15,951 | (6,442 | ) | 9,509 | 1999 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Cypress Village | Orange Beach, AL | — | 1,293 | 12,238 | — | 62 | 1,293 | 12,300 | 13,593 | (132 | ) | 13,461 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Liberty Park | Vestavia Hills, AL | 18,531 | 3,930 | 30,977 | — | 1,086 | 3,930 | 32,063 | 35,993 | (344 | ) | 35,649 | 2000 | Jan-40 | |||||||||||||||||||||||||||||||||||
Calais Forest | Little Rock, AR | — | 1,026 | 9,244 | — | 7,523 | 1,026 | 16,767 | 17,793 | (9,748 | ) | 8,045 | 1987 | Jan-40 | |||||||||||||||||||||||||||||||||||
Napa Valley | Little Rock, AR | — | 960 | 8,642 | — | 4,547 | 960 | 13,189 | 14,149 | (7,407 | ) | 6,742 | 1984 | Jan-40 | |||||||||||||||||||||||||||||||||||
Palisades at Chenal Valley | Little Rock, AR | — | 2,560 | 25,234 | — | 946 | 2,560 | 26,180 | 28,740 | (1,881 | ) | 26,859 | 2006 | Jan-40 | |||||||||||||||||||||||||||||||||||
Ridge at Chenal Valley | Little Rock, AR | — | 2,626 | — | — | 26,600 | 2,626 | 26,600 | 29,226 | (962 | ) | 28,264 | 2012 | Jan-40 | |||||||||||||||||||||||||||||||||||
Westside Creek I & II | Little Rock, AR | — | 1,271 | 11,463 | — | 7,051 | 1,271 | 18,514 | 19,785 | (9,558 | ) | 10,227 | 1985 | Jan-40 | |||||||||||||||||||||||||||||||||||
Edge at Lyon's Gate | Phoenix, AZ | — | 7,901 | 27,182 | — | 1,042 | 7,901 | 28,224 | 36,125 | (5,311 | ) | 30,814 | 2007 | Jan-40 | |||||||||||||||||||||||||||||||||||
Sky View Ranch | Gilbert, AZ | — | 2,668 | 14,577 | — | 661 | 2,668 | 15,238 | 17,906 | (2,506 | ) | 15,400 | 2007 | Jan-40 | |||||||||||||||||||||||||||||||||||
Talus Ranch | Phoenix, AZ | — | 12,741 | 47,701 | — | 1,692 | 12,741 | 49,393 | 62,134 | (12,381 | ) | 49,753 | 2005 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Inverness Commons | Mesa, AZ | — | 4,228 | 26,255 | — | 106 | 4,228 | 26,361 | 30,589 | (284 | ) | 30,305 | 2001 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Scottsdale | Scottsdale, AZ | — | 3,620 | 20,273 | — | 91 | 3,620 | 20,364 | 23,984 | (218 | ) | 23,766 | 1999 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at OldTown Scottsdale North | Scottsdale, AZ | — | 3,918 | 29,556 | — | 123 | 3,918 | 29,679 | 33,597 | (311 | ) | 33,286 | 2001 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at OldTown Scottsdale South | Scottsdale, AZ | — | 3,918 | 22,071 | — | 102 | 3,918 | 22,173 | 26,091 | (232 | ) | 25,859 | 2001 | Jan-40 | |||||||||||||||||||||||||||||||||||
Tiffany Oaks | Altamonte Springs, FL | — | -1 | 1,024 | 9,219 | — | 5,518 | 1,024 | 14,737 | 15,761 | (9,246 | ) | 6,515 | 1985 | Jan-40 | ||||||||||||||||||||||||||||||||||
Indigo Point | Brandon, FL | — | -1 | 1,167 | 10,500 | — | 3,326 | 1,167 | 13,826 | 14,993 | (7,014 | ) | 7,979 | 1989 | Jan-40 | ||||||||||||||||||||||||||||||||||
Paddock Club Brandon | Brandon, FL | — | 2,896 | 26,111 | — | 4,141 | 2,896 | 30,252 | 33,148 | (15,464 | ) | 17,684 | 1998 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Lakewood Ranch | Bradenton, FL | — | 2,986 | 40,230 | — | 236 | 2,986 | 40,466 | 43,452 | (423 | ) | 43,029 | 1999 | Jan-40 | |||||||||||||||||||||||||||||||||||
Preserve at Coral Square | Coral Springs, FL | — | -3 | 9,600 | 40,004 | — | 6,872 | 9,600 | 46,876 | 56,476 | (15,323 | ) | 41,153 | 1996 | Jan-40 | ||||||||||||||||||||||||||||||||||
Anatole | Daytona Beach, FL | 6,758 | (6)(17) | 1,227 | 5,879 | — | 3,541 | 1,227 | 9,420 | 10,647 | (5,874 | ) | 4,773 | 1986 | Jan-40 | ||||||||||||||||||||||||||||||||||
Paddock Club Gainesville | Gainesville, FL | — | 1,800 | 15,879 | — | 2,788 | 1,800 | 18,667 | 20,467 | (7,457 | ) | 13,010 | 1999 | Jan-40 | |||||||||||||||||||||||||||||||||||
The Retreat at Magnolia Parke | Gainesville, FL | — | 2,040 | 16,338 | — | 173 | 2,040 | 16,511 | 18,551 | (1,505 | ) | 17,046 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Heathrow | Heathrow, FL | 21,412 | 4,110 | 35,684 | — | 177 | 4,110 | 35,861 | 39,971 | (394 | ) | 39,577 | 1997 | Jan-40 | |||||||||||||||||||||||||||||||||||
Atlantic Crossing | Jacksonville, FL | — | 4,000 | 19,495 | — | 1,087 | 4,000 | 20,582 | 24,582 | (1,945 | ) | 22,637 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Cooper's Hawk | Jacksonville, FL | — | 854 | 7,500 | — | 3,460 | 854 | 10,960 | 11,814 | (6,912 | ) | 4,902 | 1987 | Jan-40 | |||||||||||||||||||||||||||||||||||
Hunter's Ridge at Deerwood | Jacksonville, FL | — | 1,533 | 13,835 | — | 6,400 | 1,533 | 20,235 | 21,768 | (11,126 | ) | 10,642 | 1987 | Jan-40 | |||||||||||||||||||||||||||||||||||
Lakeside | Jacksonville, FL | — | 1,430 | 12,883 | — | 9,320 | 1,430 | 22,203 | 23,633 | (14,330 | ) | 9,303 | 1985 | Jan-40 | |||||||||||||||||||||||||||||||||||
Lighthouse at Fleming Island | Jacksonville, FL | — | -1 | 4,047 | 35,052 | — | 4,017 | 4,047 | 39,069 | 43,116 | (14,091 | ) | 29,025 | 2003 | Jan-40 | ||||||||||||||||||||||||||||||||||
Paddock Club Mandarin | Jacksonville, FL | — | 1,411 | 14,967 | — | 2,477 | 1,411 | 17,444 | 18,855 | (7,306 | ) | 11,549 | 1998 | Jan-40 | |||||||||||||||||||||||||||||||||||
St. Augustine | Jacksonville, FL | 13,235 | (16)(17) | 2,857 | 6,475 | — | 6,479 | 2,857 | 12,954 | 15,811 | (8,823 | ) | 6,988 | 1987 | Jan-40 | ||||||||||||||||||||||||||||||||||
St. Augustine II | Jacksonville, FL | — | -1 | — | — | — | 13,445 | — | 13,445 | 13,445 | (1,684 | ) | 11,761 | 2008 | Jan-40 | ||||||||||||||||||||||||||||||||||
Tattersall at Tapestry Park | Jacksonville, FL | — | 6,417 | 36,069 | — | 375 | 6,417 | 36,444 | 42,861 | (3,133 | ) | 39,728 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Woodhollow | Jacksonville, FL | — | -1 | 1,686 | 15,179 | (8 | ) | 9,254 | 1,678 | 24,433 | 26,111 | (14,210 | ) | 11,901 | 1986 | Jan-40 | |||||||||||||||||||||||||||||||||
Paddock Club Lakeland | Lakeland, FL | — | -1 | 2,254 | 20,452 | (1,033 | ) | 7,895 | 1,221 | 28,347 | 29,568 | (15,596 | ) | 13,972 | 1989 | Jan-40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Lake Mary | Lake Mary, FL | — | 3,788 | 33,543 | — | 110 | 3,788 | 33,653 | 37,441 | (323 | ) | 37,118 | 2012 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Oval Park | Lake Mary, FL | — | 1,263 | 11,654 | — | 39 | 1,263 | 11,693 | 12,956 | (118 | ) | 12,838 | 2013 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Town Park | Lake Mary, FL | 33,818 | 5,754 | 56,562 | — | 251 | 5,754 | 56,813 | 62,567 | (651 | ) | 61,916 | 2005 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Town Park Reserve | Lake Mary, FL | — | 3,488 | 10,311 | — | 43 | 3,488 | 10,354 | 13,842 | (116 | ) | 13,726 | 2004 | Jan-40 | |||||||||||||||||||||||||||||||||||
Paddock Park Ocala | Ocala, FL | 6,570 | (2)(17) | 2,284 | 21,970 | — | 5,118 | 2,284 | 27,088 | 29,372 | (15,178 | ) | 14,194 | 1987 | Jan-40 | ||||||||||||||||||||||||||||||||||
Retreat at Lake Nona | Orlando, FL | — | 7,880 | 41,175 | — | 1,214 | 7,880 | 42,389 | 50,269 | (1,937 | ) | 48,332 | 2006 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Heather Glen | Orlando, FL | — | 4,672 | 56,988 | — | 335 | 4,672 | 57,323 | 61,995 | (593 | ) | 61,402 | 2000 | Jan-40 | |||||||||||||||||||||||||||||||||||
The Club at Panama Beach | Panama City, FL | — | 898 | 14,276 | (5 | ) | 3,330 | 893 | 17,606 | 18,499 | (8,236 | ) | 10,263 | 2000 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Twin Lakes | Sanford, FL | 26,243 | 3,097 | 47,793 | — | 194 | 3,097 | 47,987 | 51,084 | (512 | ) | 50,572 | 2005 | Jan-40 | |||||||||||||||||||||||||||||||||||
Paddock Club Tallahassee | Tallahassee, FL | — | 530 | 4,805 | 950 | 13,802 | 1,480 | 18,607 | 20,087 | (10,043 | ) | 10,044 | 1992 | Jan-40 | |||||||||||||||||||||||||||||||||||
Belmere | Tampa, FL | — | -1 | 852 | 7,667 | — | 5,277 | 852 | 12,944 | 13,796 | (8,682 | ) | 5,114 | 1984 | Jan-40 | ||||||||||||||||||||||||||||||||||
Links at Carrollwood | Tampa, FL | — | 817 | 7,355 | 110 | 5,107 | 927 | 12,462 | 13,389 | (6,999 | ) | 6,390 | 1980 | Jan-40 | |||||||||||||||||||||||||||||||||||
Village Oaks | Tampa, FL | — | 2,738 | 19,055 | 153 | 1,358 | 2,891 | 20,413 | 23,304 | (3,735 | ) | 19,569 | 2007 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Hampton Preserve | Tampa, FL | — | 6,246 | 69,535 | — | 223 | 6,246 | 69,758 | 76,004 | (692 | ) | 75,312 | 2012 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Seven Oaks | Wesley Chapel, FL | 21,274 | 3,057 | 42,768 | — | 162 | 3,057 | 42,930 | 45,987 | (428 | ) | 45,559 | 2004 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Windermere | Windermere, FL | — | 2,717 | 36,710 | — | 121 | 2,717 | 36,831 | 39,548 | (359 | ) | 39,189 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Park Crest at Innisbrook | Palm Harbor, FL | 29,574 | 6,900 | 26,613 | — | (388 | ) | 6,900 | 26,225 | 33,125 | (4,208 | ) | 28,917 | 2000 | Jan-40 | ||||||||||||||||||||||||||||||||||
Allure at Brookwood | Atlanta, GA | — | 11,168 | 52,758 | — | 1,033 | 11,168 | 53,791 | 64,959 | (2,574 | ) | 62,385 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Allure in Buckhead Village Residential | Atlanta, GA | — | 8,633 | 19,844 | — | 2,361 | 8,633 | 22,205 | 30,838 | (1,231 | ) | 29,607 | 2002 | Jan-40 | |||||||||||||||||||||||||||||||||||
Sanctuary at Oglethorpe | Atlanta, GA | 23,500 | 6,875 | 31,441 | — | 2,746 | 6,875 | 34,187 | 41,062 | (6,766 | ) | 34,296 | 1994 | Jan-40 | |||||||||||||||||||||||||||||||||||
Bradford Pointe | Augusta, GA | — | 772 | 6,949 | — | 3,106 | 772 | 10,055 | 10,827 | (5,593 | ) | 5,234 | 1986 | Jan-40 | |||||||||||||||||||||||||||||||||||
Westbury Creek | Augusta, GA | 3,428 | (11)(17) | 400 | 3,626 | — | 1,822 | 400 | 5,448 | 5,848 | (3,106 | ) | 2,742 | 1984 | Jan-40 | ||||||||||||||||||||||||||||||||||
Fountain Lake | Brunswick, GA | — | 502 | 4,551 | — | 2,897 | 502 | 7,448 | 7,950 | (4,099 | ) | 3,851 | 1983 | Jan-40 | |||||||||||||||||||||||||||||||||||
Whisperwood | Columbus, GA | — | 4,286 | 42,722 | — | 18,048 | 4,286 | 60,770 | 65,056 | (32,583 | ) | 32,473 | 1986 | Jan-40 | |||||||||||||||||||||||||||||||||||
Terraces at Fieldstone | Conyers, GA | — | 1,284 | 15,819 | — | 2,362 | 1,284 | 18,181 | 19,465 | (7,340 | ) | 12,125 | 1999 | Jan-40 | |||||||||||||||||||||||||||||||||||
Prescott | Duluth, GA | — | -4 | 3,840 | 24,011 | — | 2,238 | 3,840 | 26,249 | 30,089 | (8,765 | ) | 21,324 | 2001 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Berkeley Lake | Duluth, GA | — | 1,964 | 15,707 | — | 105 | 1,964 | 15,812 | 17,776 | (202 | ) | 17,574 | 1988 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at River Oaks | Duluth, GA | 11,992 | 4,369 | 13,579 | — | 173 | 4,369 | 13,752 | 18,121 | (225 | ) | 17,896 | 1992 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at River Plantation | Duluth, GA | — | 2,063 | 19,158 | — | 118 | 2,063 | 19,276 | 21,339 | (245 | ) | 21,094 | 1994 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at McDaniel Farm | Duluth, GA | — | 3,993 | 32,206 | — | 145 | 3,993 | 32,351 | 36,344 | (413 | ) | 35,931 | 1997 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Pleasant Hill | Duluth, GA | — | 6,767 | 32,202 | — | 169 | 6,767 | 32,371 | 39,138 | (394 | ) | 38,744 | 1996 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Mount Vernon | Dunwoody, GA | 15,936 | 6,875 | 23,748 | — | 144 | 6,875 | 23,892 | 30,767 | (249 | ) | 30,518 | 1997 | Jan-40 | |||||||||||||||||||||||||||||||||||
Lanier | Gainesville, GA | 15,558 | 3,560 | 22,611 | — | 2,924 | 3,560 | 25,535 | 29,095 | (8,148 | ) | 20,947 | 1988 | Jan-40 | |||||||||||||||||||||||||||||||||||
Lake Club | Gainesville, GA | — | -4 | 3,150 | 18,383 | — | 1,367 | 3,150 | 19,750 | 22,900 | (6,168 | ) | 16,732 | 2001 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Shiloh | Kennesaw, GA | 31,663 | 4,875 | 45,893 | — | 225 | 4,875 | 46,118 | 50,993 | (529 | ) | 50,464 | 2002 | Jan-40 | |||||||||||||||||||||||||||||||||||
Millstead Village | LaGrange, GA | — | 3,100 | 29,240 | — | (704 | ) | 3,100 | 28,536 | 31,636 | (891 | ) | 30,745 | 1983 | Jan-40 | ||||||||||||||||||||||||||||||||||
Austin Chase | Macon, GA | — | 1,409 | 12,687 | — | 3,289 | 1,409 | 15,976 | 17,385 | (8,206 | ) | 9,179 | 1996 | Jan-40 | |||||||||||||||||||||||||||||||||||
The Vistas | Macon, GA | — | 595 | 5,403 | — | 2,079 | 595 | 7,482 | 8,077 | (4,330 | ) | 3,747 | 1985 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Barrett Creek | Marietta, GA | 19,772 | 5,673 | 26,186 | — | 117 | 5,673 | 26,303 | 31,976 | (340 | ) | 31,636 | 1999 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Godley Station | Pooler, GA | 14,747 | 1,804 | 35,454 | — | 145 | 1,804 | 35,599 | 37,403 | (358 | ) | 37,045 | 2001 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Godley Lake | Pooler, GA | — | 1,754 | 30,893 | — | 105 | 1,754 | 30,998 | 32,752 | (331 | ) | 32,421 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Avala at Savannah Quarters | Savannah, GA | — | 1,500 | 24,862 | — | 610 | 1,500 | 25,472 | 26,972 | (2,282 | ) | 24,690 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Georgetown Grove | Savannah, GA | — | -3 | 1,288 | 11,579 | — | 2,699 | 1,288 | 14,278 | 15,566 | (7,558 | ) | 8,008 | 1997 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Hammocks | Savannah, GA | — | 2,446 | 36,863 | — | 158 | 2,446 | 37,021 | 39,467 | (384 | ) | 39,083 | 1997 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Greentree | Savannah, GA | — | 1,715 | 10,494 | — | 96 | 1,715 | 10,590 | 12,305 | (178 | ) | 12,127 | 1994 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Huntington | Savannah, GA | — | 2,526 | 8,223 | — | 58 | 2,526 | 8,281 | 10,807 | (101 | ) | 10,706 | 1986 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Marsh Cove | Savannah, GA | — | 5,242 | 8,555 | — | 60 | 5,242 | 8,615 | 13,857 | (126 | ) | 13,731 | 1983 | Jan-40 | |||||||||||||||||||||||||||||||||||
Oaks at Wilmington Island | Savannah, GA | — | -3 | 2,910 | 25,315 | — | 2,267 | 2,910 | 27,582 | 30,492 | (7,112 | ) | 23,380 | 1999 | Jan-40 | ||||||||||||||||||||||||||||||||||
Huntington Chase | Warner Robins, GA | — | -3 | 1,160 | 10,437 | — | 2,651 | 1,160 | 13,088 | 14,248 | (6,198 | ) | 8,050 | 1997 | Jan-40 | ||||||||||||||||||||||||||||||||||
Southland Station | Warner Robins, GA | — | 1,470 | 13,284 | — | 3,709 | 1,470 | 16,993 | 18,463 | (9,678 | ) | 8,785 | 1988 | Jan-40 | |||||||||||||||||||||||||||||||||||
Terraces at Townelake | Woodstock, GA | — | 1,331 | 11,918 | 1,688 | 20,881 | 3,019 | 32,799 | 35,818 | (15,963 | ) | 19,855 | 1999 | Jan-40 | |||||||||||||||||||||||||||||||||||
Fairways at Hartland | Bowling Green, KY | — | 1,038 | 9,342 | — | 3,472 | 1,038 | 12,814 | 13,852 | (7,262 | ) | 6,590 | 1996 | Jan-40 | |||||||||||||||||||||||||||||||||||
Grand Reserve Lexington | Lexington, KY | — | -1 | 2,024 | 31,525 | — | 2,188 | 2,024 | 33,713 | 35,737 | (12,843 | ) | 22,894 | 2000 | Jan-40 | ||||||||||||||||||||||||||||||||||
Lakepointe | Lexington, KY | — | 411 | 3,699 | — | 2,305 | 411 | 6,004 | 6,415 | (3,891 | ) | 2,524 | 1986 | Jan-40 | |||||||||||||||||||||||||||||||||||
Mansion, The | Lexington, KY | — | -1 | 694 | 6,242 | — | 3,372 | 694 | 9,614 | 10,308 | (6,117 | ) | 4,191 | 1989 | Jan-40 | ||||||||||||||||||||||||||||||||||
Village, The | Lexington, KY | — | -1 | 900 | 8,097 | — | 4,504 | 900 | 12,601 | 13,501 | (8,073 | ) | 5,428 | 1989 | Jan-40 | ||||||||||||||||||||||||||||||||||
Stonemill Village | Louisville, KY | — | 1,169 | 10,518 | — | 8,676 | 1,169 | 19,194 | 20,363 | (11,721 | ) | 8,642 | 1985 | Jan-40 | |||||||||||||||||||||||||||||||||||
Crosswinds | Jackson, MS | — | -1 | 1,535 | 13,826 | — | 4,931 | 1,535 | 18,757 | 20,292 | (11,321 | ) | 8,971 | 1989 | Jan-40 | ||||||||||||||||||||||||||||||||||
Pear Orchard | Jackson, MS | — | -1 | 1,351 | 12,168 | — | 8,045 | 1,351 | 20,213 | 21,564 | (12,649 | ) | 8,915 | 1985 | Jan-40 | ||||||||||||||||||||||||||||||||||
Reflection Pointe | Jackson, MS | 5,692 | (7)(17) | 710 | 8,770 | 138 | 7,750 | 848 | 16,520 | 17,368 | (9,659 | ) | 7,709 | 1986 | Jan-40 | ||||||||||||||||||||||||||||||||||
Lakeshore Landing | Ridgeland, MS | — | 676 | 6,284 | — | 2,282 | 676 | 8,566 | 9,242 | (3,242 | ) | 6,000 | 1974 | Jan-40 | |||||||||||||||||||||||||||||||||||
Savannah Creek | Southaven, MS | — | -1 | 778 | 7,013 | — | 3,014 | 778 | 10,027 | 10,805 | (6,205 | ) | 4,600 | 1989 | Jan-40 | ||||||||||||||||||||||||||||||||||
Sutton Place | Southaven, MS | — | 894 | 8,053 | — | 3,755 | 894 | 11,808 | 12,702 | (7,264 | ) | 5,438 | 1991 | Jan-40 | |||||||||||||||||||||||||||||||||||
Market Station | Kansas City, MO | — | 5,814 | 46,241 | — | 317 | 5,814 | 46,558 | 52,372 | (1,974 | ) | 50,398 | 2010 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Beaver Creek | Apex, NC | — | 7,507 | 34,863 | — | 139 | 7,507 | 35,002 | 42,509 | (351 | ) | 42,158 | 2007 | Jan-40 | |||||||||||||||||||||||||||||||||||
Hermitage at Beechtree | Cary, NC | — | -1 | 900 | 8,099 | — | 4,750 | 900 | 12,849 | 13,749 | (7,269 | ) | 6,480 | 1988 | Jan-40 | ||||||||||||||||||||||||||||||||||
Waterford Forest | Cary, NC | — | -4 | 4,000 | 20,250 | — | 2,486 | 4,000 | 22,736 | 26,736 | (7,109 | ) | 19,627 | 1996 | Jan-40 | ||||||||||||||||||||||||||||||||||
1225 South Church I | Charlotte, NC | — | 4,780 | 22,342 | — | 234 | 4,780 | 22,576 | 27,356 | (1,872 | ) | 25,484 | 2010 | Jan-40 | |||||||||||||||||||||||||||||||||||
1225 South Church II | Charlotte, NC | — | 4,832 | — | — | 22,275 | 4,832 | 22,275 | 27,107 | (451 | ) | 26,656 | 2013 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Ayrsley | Charlotte, NC | — | 1,243 | 52,119 | — | 175 | 1,243 | 52,294 | 53,537 | (479 | ) | 53,058 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Ayrsley II | Charlotte, NC | — | 1,244 | 11,659 | — | 34 | 1,244 | 11,693 | 12,937 | (121 | ) | 12,816 | 2013 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Beverly Crest | Charlotte, NC | 16,111 | 3,168 | 24,004 | — | 305 | 3,168 | 24,309 | 27,477 | (250 | ) | 27,227 | 1996 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Legacy Park | Charlotte, NC | — | 2,897 | 28,272 | — | 185 | 2,897 | 28,457 | 31,354 | (313 | ) | 31,041 | 2001 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Mallard Creek | Charlotte, NC | 16,250 | 4,601 | 27,713 | — | 109 | 4,601 | 27,822 | 32,423 | (301 | ) | 32,122 | 2005 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Mallard Lake | Charlotte, NC | 18,342 | 3,257 | 31,389 | — | 221 | 3,257 | 31,610 | 34,867 | (352 | ) | 34,515 | 1988 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at University Center | Charlotte, NC | — | 1,623 | 17,499 | — | 68 | 1,623 | 17,567 | 19,190 | (175 | ) | 19,015 | 2005 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Chancellor Park | Charlotte, NC | — | 5,322 | 28,016 | — | 209 | 5,322 | 28,225 | 33,547 | (292 | ) | 33,255 | 1999 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Charleston Place | Charlotte, NC | — | 1,444 | 9,570 | — | 80 | 1,444 | 9,650 | 11,094 | (120 | ) | 10,974 | 1986 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Greystone | Charlotte, NC | 14,559 | 4,129 | 25,974 | — | 144 | 4,129 | 26,118 | 30,247 | (264 | ) | 29,983 | 1998/2000 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at South Tryon | Charlotte, NC | — | 2,265 | 19,489 | — | 100 | 2,265 | 19,589 | 21,854 | (216 | ) | 21,638 | 2002 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Stone Point | Charlotte, NC | — | 2,145 | 11,564 | — | 91 | 2,145 | 11,655 | 13,800 | (160 | ) | 13,640 | 1986 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Timber Crest | Charlotte, NC | 12,142 | 2,907 | 17,192 | — | 141 | 2,907 | 17,333 | 20,240 | (177 | ) | 20,063 | 2000 | Jan-40 | |||||||||||||||||||||||||||||||||||
Enclave | Charlotte, NC | — | 1,464 | 18,984 | — | 73 | 1,464 | 19,057 | 20,521 | (168 | ) | 20,353 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Cornelius | Cornelius, NC | — | 4,580 | 29,151 | — | 102 | 4,580 | 29,253 | 33,833 | (323 | ) | 33,510 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Patterson Place | Durham, NC | 15,971 | 2,595 | 27,126 | — | 107 | 2,595 | 27,233 | 29,828 | (292 | ) | 29,536 | 1997 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Woodlake | Durham, NC | — | 2,747 | 17,686 | — | 71 | 2,747 | 17,757 | 20,504 | (207 | ) | 20,297 | 1996 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Deerfield | Durham, NC | — | 3,278 | 15,609 | — | 79 | 3,278 | 15,688 | 18,966 | (207 | ) | 18,759 | 1985 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Research Park | Durham, NC | — | 4,210 | 37,682 | — | 196 | 4,210 | 37,878 | 42,088 | (424 | ) | 41,664 | 2002 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Autumn Park | Greensboro, NC | — | 4,191 | 26,214 | — | 140 | 4,191 | 26,354 | 30,545 | (270 | ) | 30,275 | 2001/04 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Huntersville | Huntersville, NC | 15,239 | 4,260 | 31,948 | — | (1,229 | ) | 4,260 | 30,719 | 34,979 | (342 | ) | 34,637 | 2002 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Matthews | Matthews, NC | 14,923 | 3,077 | 21,830 | — | 165 | 3,077 | 21,995 | 25,072 | (265 | ) | 24,807 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Matthews Commons | Matthews, NC | — | 3,698 | 28,536 | — | 108 | 3,698 | 28,644 | 32,342 | (291 | ) | 32,051 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Arringdon | Morrisville, NC | 20,087 | 6,414 | 31,134 | — | 139 | 6,414 | 31,273 | 37,687 | (375 | ) | 37,312 | 2003 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Brier Creek | Raleigh, NC | 26,502 | 7,387 | 50,202 | — | 190 | 7,387 | 50,392 | 57,779 | (509 | ) | 57,270 | 2010 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Brier Falls | Raleigh, NC | — | 6,586 | 48,910 | — | 170 | 6,586 | 49,080 | 55,666 | (488 | ) | 55,178 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Crabtree Valley | Raleigh, NC | 10,950 | 2,246 | 18,434 | — | 361 | 2,246 | 18,795 | 21,041 | (187 | ) | 20,854 | 1997 | Jan-40 | |||||||||||||||||||||||||||||||||||
Hue | Raleigh, NC | — | 3,690 | 29,910 | — | 1,318 | 3,690 | 31,228 | 34,918 | (3,031 | ) | 31,887 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Trinity Commons | Raleigh, NC | 31,769 | 5,243 | 45,138 | — | 174 | 5,243 | 45,312 | 50,555 | (514 | ) | 50,041 | 2000/02 | Jan-40 | |||||||||||||||||||||||||||||||||||
Preserve at Brier Creek | Raleigh, NC | — | 5,850 | 21,980 | (19 | ) | 23,129 | 5,831 | 45,109 | 50,940 | (10,088 | ) | 40,852 | 2004 | Jan-40 | ||||||||||||||||||||||||||||||||||
Providence at Brier Creek | Raleigh, NC | — | 4,695 | 29,007 | — | 932 | 4,695 | 29,939 | 34,634 | (5,699 | ) | 28,935 | 2007 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Wilmington | Wilmington, NC | 27,105 | 4,201 | 25,121 | — | 131 | 4,201 | 25,252 | 29,453 | (348 | ) | 29,105 | 1998/2002 | Jan-40 | |||||||||||||||||||||||||||||||||||
Corners, The | Winston-Salem, NC | — | 685 | 6,165 | — | 2,859 | 685 | 9,024 | 9,709 | (6,313 | ) | 3,396 | 1982 | Jan-40 | |||||||||||||||||||||||||||||||||||
Glen Eagles | Winston-Salem, NC | — | 3,407 | 15,002 | — | (380 | ) | 3,407 | 14,622 | 18,029 | (177 | ) | 17,852 | 1990/2000 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Mill Creek | Winston-Salem, NC | — | 2,356 | 7,354 | — | 79 | 2,356 | 7,433 | 9,789 | (91 | ) | 9,698 | 1984 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Desert Vista | North Las Vegas, NV | — | 4,100 | 29,826 | — | 123 | 4,100 | 29,949 | 34,049 | (340 | ) | 33,709 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Palm Vista | North Las Vegas, NV | — | 4,919 | 25,643 | — | 108 | 4,919 | 25,751 | 30,670 | (300 | ) | 30,370 | 2007 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colony at South Park | Aiken, SC | — | -1 | 862 | 7,867 | — | 1,969 | 862 | 9,836 | 10,698 | (3,725 | ) | 6,973 | 1982 | Jan-40 | ||||||||||||||||||||||||||||||||||
Woodwinds | Aiken, SC | — | 503 | 4,540 | — | 2,296 | 503 | 6,836 | 7,339 | (3,902 | ) | 3,437 | 1988 | Jan-40 | |||||||||||||||||||||||||||||||||||
Tanglewood | Anderson, SC | — | 427 | 3,853 | — | 3,184 | 427 | 7,037 | 7,464 | (4,541 | ) | 2,923 | 1980 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Cypress Cove | Charleston, SC | — | 3,617 | 28,645 | — | 123 | 3,617 | 28,768 | 32,385 | (319 | ) | 32,066 | 2001 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Hampton Pointe | Charleston, SC | — | 3,979 | 22,790 | — | 477 | 3,979 | 23,267 | 27,246 | (259 | ) | 26,987 | 1986 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Quarterdeck | Charleston, SC | — | 922 | 24,097 | — | 58 | 922 | 24,155 | 25,077 | (244 | ) | 24,833 | 1987 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Westchase | Charleston, SC | — | 4,580 | 20,091 | — | 111 | 4,580 | 20,202 | 24,782 | (259 | ) | 24,523 | 1985 | Jan-40 | |||||||||||||||||||||||||||||||||||
River's Walk | Charleston, SC | — | 5,200 | — | — | 28,189 | 5,200 | 28,189 | 33,389 | (160 | ) | 33,229 | 2013 | Jan-40 | |||||||||||||||||||||||||||||||||||
Fairways, The | Columbia, SC | 7,488 | (8)(17) | 910 | 8,207 | — | 3,210 | 910 | 11,417 | 12,327 | (7,051 | ) | 5,276 | 1992 | Jan-40 | ||||||||||||||||||||||||||||||||||
Paddock Club Columbia | Columbia, SC | — | -1 | 1,840 | 16,560 | — | 3,798 | 1,840 | 20,358 | 22,198 | (11,466 | ) | 10,732 | 1991 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Windsor Place | Goose Creek, SC | — | 1,324 | — | 14,163 | — | 67 | 1,324 | 14,230 | 15,554 | (177 | ) | 15,377 | 1985 | Jan-40 | ||||||||||||||||||||||||||||||||||
Highland Ridge | Greenville, SC | — | 482 | 4,337 | — | 2,367 | 482 | 6,704 | 7,186 | (3,939 | ) | 3,247 | 1984 | Jan-40 | |||||||||||||||||||||||||||||||||||
Howell Commons | Greenville, SC | — | -1 | 1,304 | 11,740 | — | 3,842 | 1,304 | 15,582 | 16,886 | (9,278 | ) | 7,608 | 1987 | Jan-40 | ||||||||||||||||||||||||||||||||||
Paddock Club Greenville | Greenville, SC | — | -1 | 1,200 | 10,800 | — | 2,042 | 1,200 | 12,842 | 14,042 | (7,187 | ) | 6,855 | 1996 | Jan-40 | ||||||||||||||||||||||||||||||||||
Park Haywood | Greenville, SC | — | -1 | 325 | 2,925 | 35 | 4,643 | 360 | 7,568 | 7,928 | (5,116 | ) | 2,812 | 1983 | Jan-40 | ||||||||||||||||||||||||||||||||||
Spring Creek | Greenville, SC | — | 597 | 5,374 | (14 | ) | 2,975 | 583 | 8,349 | 8,932 | (5,315 | ) | 3,617 | 1985 | Jan-40 | ||||||||||||||||||||||||||||||||||
Runaway Bay | Mt. Pleasant, SC | 8,365 | (5)(17) | 1,085 | 7,269 | (2 | ) | 6,207 | 1,083 | 13,476 | 14,559 | (8,243 | ) | 6,316 | 1988 | Jan-40 | |||||||||||||||||||||||||||||||||
Colonial Grand at Commerce Park | North Charleston, SC | — | 2,786 | 33,966 | — | 121 | 2,786 | 34,087 | 36,873 | (351 | ) | 36,522 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
535 Brookwood | Simpsonville, SC | 13,413 | 1,216 | 18,666 | — | 531 | 1,216 | 19,197 | 20,413 | (2,351 | ) | 18,062 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Park Place | Spartanburg, SC | — | 723 | 6,504 | — | 3,053 | 723 | 9,557 | 10,280 | (5,537 | ) | 4,743 | 1987 | Jan-40 | |||||||||||||||||||||||||||||||||||
Farmington Village | Summerville, SC | 15,200 | 2,800 | 26,295 | — | 809 | 2,800 | 27,104 | 29,904 | (5,778 | ) | 24,126 | 2007 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Waters Edge | Summerville, SC | — | 2,107 | 9,187 | — | 123 | 2,107 | 9,310 | 11,417 | (130 | ) | 11,287 | 1985 | Jan-40 | |||||||||||||||||||||||||||||||||||
Hamilton Pointe | Chattanooga, TN | — | -1 | 1,131 | 10,632 | — | 2,902 | 1,131 | 13,534 | 14,665 | (5,232 | ) | 9,433 | 1989 | Jan-40 | ||||||||||||||||||||||||||||||||||
Hidden Creek | Chattanooga, TN | — | -1 | 972 | 8,954 | — | 2,236 | 972 | 11,190 | 12,162 | (4,410 | ) | 7,752 | 1987 | Jan-40 | ||||||||||||||||||||||||||||||||||
Steeplechase | Chattanooga, TN | — | -1 | 217 | 1,957 | — | 3,082 | 217 | 5,039 | 5,256 | (3,284 | ) | 1,972 | 1986 | Jan-40 | ||||||||||||||||||||||||||||||||||
Windridge | Chattanooga, TN | 5,383 | (12)(17) | 817 | 7,416 | — | 4,006 | 817 | 11,422 | 12,239 | (6,311 | ) | 5,928 | 1984 | Jan-40 | ||||||||||||||||||||||||||||||||||
Oaks, The | Jackson, TN | — | 177 | 1,594 | 12 | 2,253 | 189 | 3,847 | 4,036 | (2,527 | ) | 1,509 | 1978 | Jan-40 | |||||||||||||||||||||||||||||||||||
Post House Jackson | Jackson, TN | 4,919 | (17)(18) | 443 | 5,078 | — | 4,170 | 443 | 9,248 | 9,691 | (5,215 | ) | 4,476 | 1987 | Jan-40 | ||||||||||||||||||||||||||||||||||
Post House North | Jackson, TN | 3,267 | (9)(17) | 381 | 4,299 | (57 | ) | 2,866 | 324 | 7,165 | 7,489 | (4,521 | ) | 2,968 | 1987 | Jan-40 | |||||||||||||||||||||||||||||||||
Bradford Chase | Jackson, TN | — | 523 | 4,711 | — | 2,129 | 523 | 6,840 | 7,363 | (4,379 | ) | 2,984 | 1987 | Jan-40 | |||||||||||||||||||||||||||||||||||
Woods at Post House | Jackson, TN | — | 240 | 6,839 | — | 2,684 | 240 | 9,523 | 9,763 | (6,343 | ) | 3,420 | 1997 | Jan-40 | |||||||||||||||||||||||||||||||||||
Greenbrook | Memphis, TN | 27,853 | 2,100 | 24,468 | 25 | 26,986 | 2,125 | 51,454 | 53,579 | (35,558 | ) | 18,021 | 1978 | Jan-40 | |||||||||||||||||||||||||||||||||||
Kirby Station | Memphis, TN | — | -1 | 1,148 | 10,337 | — | 9,256 | 1,148 | 19,593 | 20,741 | (11,111 | ) | 9,630 | 1978 | Jan-40 | ||||||||||||||||||||||||||||||||||
Lincoln on the Green | Memphis, TN | — | -1 | 1,498 | 20,483 | — | 14,392 | 1,498 | 34,875 | 36,373 | (20,734 | ) | 15,639 | 1992 | Jan-40 | ||||||||||||||||||||||||||||||||||
Park Estate | Memphis, TN | — | 178 | 1,141 | — | 4,742 | 178 | 5,883 | 6,061 | (4,396 | ) | 1,665 | 1974 | Jan-40 | |||||||||||||||||||||||||||||||||||
Reserve at Dexter Lake | Memphis, TN | — | 1,260 | 16,043 | 2,147 | 37,608 | 3,407 | 53,651 | 57,058 | (19,319 | ) | 37,739 | 2000 | Jan-40 | |||||||||||||||||||||||||||||||||||
Paddock Club Murfreesboro | Murfreesboro, TN | — | 915 | 14,774 | — | 2,305 | 915 | 17,079 | 17,994 | (7,067 | ) | 10,927 | 1999 | Jan-40 | |||||||||||||||||||||||||||||||||||
Aventura at Indian Lake Village | Nashville, TN | — | 4,950 | 28,053 | — | 685 | 4,950 | 28,738 | 33,688 | (2,191 | ) | 31,497 | 2010 | Jan-40 | |||||||||||||||||||||||||||||||||||
Avondale at Kennesaw | Nashville, TN | 18,484 | 3,456 | 22,443 | — | 826 | 3,456 | 23,269 | 26,725 | (2,797 | ) | 23,928 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Brentwood Downs | Nashville, TN | — | 1,193 | 10,739 | (2 | ) | 6,718 | 1,191 | 17,457 | 18,648 | (10,643 | ) | 8,005 | 1986 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Bellevue | Nashville, TN | 23,143 | 8,640 | 34,229 | — | 252 | 8,640 | 34,481 | 43,121 | (405 | ) | 42,716 | 1996 | Jan-40 | |||||||||||||||||||||||||||||||||||
Grand View Nashville | Nashville, TN | — | 2,963 | 33,673 | — | 4,863 | 2,963 | 38,536 | 41,499 | (14,058 | ) | 27,441 | 2001 | Jan-40 | |||||||||||||||||||||||||||||||||||
Monthaven Park | Nashville, TN | — | -3 | 2,736 | 28,902 | — | 4,155 | 2,736 | 33,057 | 35,793 | (11,952 | ) | 23,841 | 2000 | Jan-40 | ||||||||||||||||||||||||||||||||||
Park at Hermitage | Nashville, TN | 6,645 | (13)(17) | 1,524 | 14,800 | — | 7,900 | 1,524 | 22,700 | 24,224 | (13,992 | ) | 10,232 | 1987 | Jan-40 | ||||||||||||||||||||||||||||||||||
Venue at Cool Springs | Nashville, TN | — | 6,670 | — | — | 49,864 | 6,670 | 49,864 | 56,534 | (1,748 | ) | 54,786 | 2012 | Jan-40 | |||||||||||||||||||||||||||||||||||
Verandas at Sam Ridley | Nashville, TN | 22,749 | 3,350 | 28,308 | — | 621 | 3,350 | 28,929 | 32,279 | (3,412 | ) | 28,867 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at North Arlington | Arlington, TX | — | 1,885 | 9,906 | — | 125 | 1,885 | 10,031 | 11,916 | (116 | ) | 11,800 | 1985 | Jan-40 | |||||||||||||||||||||||||||||||||||
Northwood | Arlington, TX | — | 886 | 8,051 | — | 2,094 | 886 | 10,145 | 11,031 | (3,896 | ) | 7,135 | 1980 | Jan-40 | |||||||||||||||||||||||||||||||||||
Balcones Woods | Austin, TX | — | 1,598 | 14,398 | — | 10,522 | 1,598 | 24,920 | 26,518 | (14,746 | ) | 11,772 | 1983 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Canyon Creek | Austin, TX | 16,160 | 3,629 | 32,137 | — | 89 | 3,629 | 32,226 | 35,855 | (343 | ) | 35,512 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Canyon Pointe | Austin, TX | — | 3,786 | 20,201 | — | 92 | 3,786 | 20,293 | 24,079 | (269 | ) | 23,810 | 2003 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Double Creek | Austin, TX | — | 3,138 | 29,375 | — | 95 | 3,138 | 29,470 | 32,608 | (324 | ) | 32,284 | 2013 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Onion Creek | Austin, TX | — | 4,912 | 33,010 | — | 146 | 4,912 | 33,156 | 38,068 | (361 | ) | 37,707 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Wells Branch | Austin, TX | — | 3,094 | 32,283 | — | 118 | 3,094 | 32,401 | 35,495 | (327 | ) | 35,168 | 1996 | Jan-40 | |||||||||||||||||||||||||||||||||||
Grand Reserve at Sunset Valley | Austin, TX | — | -3 | 3,150 | 11,393 | — | 2,616 | 3,150 | 14,009 | 17,159 | (4,893 | ) | 12,266 | 1996 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Quarry Oaks | Austin, TX | 27,898 | 4,631 | 34,461 | — | 171 | 4,631 | 34,632 | 39,263 | (383 | ) | 38,880 | 1996 | Jan-40 | |||||||||||||||||||||||||||||||||||
Legacy at Western Oaks | Austin, TX | 31,591 | 9,100 | 49,339 | — | (3,049 | ) | 9,100 | 46,290 | 55,390 | (2,742 | ) | 52,648 | 2001 | Jan-40 | ||||||||||||||||||||||||||||||||||
Silverado | Austin, TX | — | -3 | 2,900 | 24,009 | — | 1,686 | 2,900 | 25,695 | 28,595 | (7,120 | ) | 21,475 | 2003 | Jan-40 | ||||||||||||||||||||||||||||||||||
Stassney Woods | Austin, TX | 4,050 | (14)(17) | 1,621 | 7,501 | — | 5,856 | 1,621 | 13,357 | 14,978 | (8,570 | ) | 6,408 | 1985 | Jan-40 | ||||||||||||||||||||||||||||||||||
Travis Station | Austin, TX | 3,585 | (15)(17) | 2,281 | 6,169 | — | 6,589 | 2,281 | 12,758 | 15,039 | (7,626 | ) | 7,413 | 1987 | Jan-40 | ||||||||||||||||||||||||||||||||||
Woods, The | Austin, TX | — | 1,405 | 12,769 | — | 5,413 | 1,405 | 18,182 | 19,587 | (6,943 | ) | 12,644 | 1977 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Shoal Creek | Bedford, TX | 23,713 | 4,992 | 27,377 | — | 297 | 4,992 | 27,674 | 32,666 | (327 | ) | 32,339 | 1996 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Willow Creek | Bedford, TX | 27,479 | 3,115 | 33,488 | — | 183 | 3,115 | 33,671 | 36,786 | (369 | ) | 36,417 | 1996 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Hebron | Carrollton, TX | — | 4,240 | 42,237 | — | 143 | 4,240 | 42,380 | 46,620 | (413 | ) | 46,207 | 2011 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Silverado | Cedar Park, TX | — | 3,289 | 24,935 | — | 96 | 3,289 | 25,031 | 28,320 | (264 | ) | 28,056 | 2005 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Silverado Reserve | Cedar Park, TX | — | 3,959 | 31,705 | — | (1,547 | ) | 3,959 | 30,158 | 34,117 | (325 | ) | 33,792 | 2005 | Jan-40 | ||||||||||||||||||||||||||||||||||
Courtyards at Campbell | Dallas, TX | — | 988 | 8,893 | — | 3,590 | 988 | 12,483 | 13,471 | (6,741 | ) | 6,730 | 1986 | Jan-40 | |||||||||||||||||||||||||||||||||||
Deer Run | Dallas, TX | — | 1,252 | 11,271 | — | 4,470 | 1,252 | 15,741 | 16,993 | (8,710 | ) | 8,283 | 1985 | Jan-40 | |||||||||||||||||||||||||||||||||||
Grand Courtyard | Dallas, TX | — | -3 | 2,730 | 22,240 | — | 1,842 | 2,730 | 24,082 | 26,812 | (6,680 | ) | 20,132 | 2000 | Jan-40 | ||||||||||||||||||||||||||||||||||
Legends at Lowe's Farm | Dallas, TX | — | 5,016 | 41,091 | — | 828 | 5,016 | 41,919 | 46,935 | (3,288 | ) | 43,647 | 2008 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Reserve at Medical District | Dallas, TX | — | 4,058 | 33,779 | — | 125 | 4,058 | 33,904 | 37,962 | (314 | ) | 37,648 | 2007 | Jan-40 | |||||||||||||||||||||||||||||||||||
Watermark | Dallas, TX | — | -4 | 960 | 14,438 | — | 1,459 | 960 | 15,897 | 16,857 | (5,445 | ) | 11,412 | 2002 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Main Park | Duncanville, TX | — | 1,825 | 10,960 | — | 48 | 1,825 | 11,008 | 12,833 | (134 | ) | 12,699 | 1984 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Bear Creek | Euless, TX | 25,038 | 6,466 | 30,048 | — | 149 | 6,466 | 30,197 | 36,663 | (368 | ) | 36,295 | 1998 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Fairview | Fairview, TX | — | 2,176 | 35,077 | — | 136 | 2,176 | 35,213 | 37,389 | (338 | ) | 37,051 | 2012 | Jan-40 | |||||||||||||||||||||||||||||||||||
La Valencia at Starwood | Frisco, TX | 21,718 | 3,240 | 26,069 | — | 521 | 3,240 | 26,590 | 29,830 | (3,081 | ) | 26,749 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Reserve at Frisco Bridges | Frisco, TX | — | 1,972 | 34,018 | — | 154 | 1,972 | 34,172 | 36,144 | (332 | ) | 35,812 | 2013 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Grapevine | Grapevine, TX | — | 2,356 | 29,757 | — | 194 | 2,356 | 29,951 | 32,307 | (327 | ) | 31,980 | 1985/1986 | Jan-40 | |||||||||||||||||||||||||||||||||||
Greenwood Forest | Houston, TX | 18,536 | 3,465 | 23,482 | — | (755 | ) | 3,465 | 22,727 | 26,192 | (515 | ) | 25,677 | 1994 | Jan-40 | ||||||||||||||||||||||||||||||||||
Legacy Pines | Houston, TX | — | -4 | 2,157 | 19,066 | (15 | ) | 3,142 | 2,142 | 22,208 | 24,350 | (8,830 | ) | 15,520 | 1999 | Jan-40 | |||||||||||||||||||||||||||||||||
Reserve at Woodwind Lakes | Houston, TX | 11,285 | 1,968 | 19,928 | — | 2,772 | 1,968 | 22,700 | 24,668 | (6,147 | ) | 18,521 | 1999 | Jan-40 | |||||||||||||||||||||||||||||||||||
Park Place (Houston) | Houston, TX | — | 2,061 | 15,830 | — | 2,881 | 2,061 | 18,711 | 20,772 | (4,948 | ) | 15,824 | 1996 | Jan-40 | |||||||||||||||||||||||||||||||||||
Ranchstone | Houston, TX | — | -3 | 1,480 | 14,807 | — | 1,975 | 1,480 | 16,782 | 18,262 | (4,192 | ) | 14,070 | 1996 | Jan-40 | ||||||||||||||||||||||||||||||||||
Cascade at Fall Creek | Humble, TX | — | 3,230 | 19,926 | — | 894 | 3,230 | 20,820 | 24,050 | (4,458 | ) | 19,592 | 2007 | Jan-40 | |||||||||||||||||||||||||||||||||||
Chalet at Fall Creek | Humble, TX | — | -3 | 2,755 | 20,085 | — | 657 | 2,755 | 20,742 | 23,497 | (4,826 | ) | 18,671 | 2006 | Jan-40 | ||||||||||||||||||||||||||||||||||
Bella Casita at Las Colinas | Irving, TX | — | -4 | 2,521 | 26,432 | — | 674 | 2,521 | 27,106 | 29,627 | (2,887 | ) | 26,740 | 2007 | Jan-40 | ||||||||||||||||||||||||||||||||||
Remington Hills | Irving, TX | — | 4,399 | 21,822 | — | 601 | 4,399 | 22,423 | 26,822 | (260 | ) | 26,562 | 1984 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Reserve at Las Colinas | Irving, TX | — | 3,910 | 40,691 | — | 238 | 3,910 | 40,929 | 44,839 | (380 | ) | 44,459 | 2006 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Valley Ranch | Irving, TX | 26,243 | 5,083 | 37,397 | — | 968 | 5,083 | 38,365 | 43,448 | (413 | ) | 43,035 | 1997 | Jan-40 | |||||||||||||||||||||||||||||||||||
Lane at Towne Crossing | Mesquite, TX | — | 1,311 | 11,867 | (8 | ) | 2,554 | 1,303 | 14,421 | 15,724 | (5,592 | ) | 10,132 | 1983 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Oakbend | Lewisville, TX | 22,527 | 5,610 | 28,616 | — | 165 | 5,610 | 28,781 | 34,391 | (329 | ) | 34,062 | 1997 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Vista Ridge | Lewisville, TX | — | 3,288 | 13,118 | — | 106 | 3,288 | 13,224 | 16,512 | (168 | ) | 16,344 | 1985 | Jan-40 | |||||||||||||||||||||||||||||||||||
Times Square at Craig Ranch | McKinney, TX | — | 1,130 | 28,058 | — | 2,126 | 1,130 | 30,184 | 31,314 | (3,619 | ) | 27,695 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Highwood | Plano, TX | — | 864 | 7,783 | — | 3,547 | 864 | 11,330 | 12,194 | (6,516 | ) | 5,678 | 1983 | Jan-40 | |||||||||||||||||||||||||||||||||||
Los Rios Park | Plano, TX | — | 3,273 | 28,823 | — | 3,666 | 3,273 | 32,489 | 35,762 | (12,187 | ) | 23,575 | 2000 | Jan-40 | |||||||||||||||||||||||||||||||||||
Boulder Ridge | Roanoke, TX | — | 3,382 | 26,930 | — | 4,673 | 3,382 | 31,603 | 34,985 | (9,620 | ) | 25,365 | 1999 | Jan-40 | |||||||||||||||||||||||||||||||||||
Copper Ridge | Roanoke, TX | — | 4,166 | — | (1 | ) | 21,052 | 4,165 | 21,052 | 25,217 | (2,733 | ) | 22,484 | 2009 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Grand at Ashton Oaks | Round Rock, TX | — | 5,522 | 36,241 | — | 131 | 5,522 | 36,372 | 41,894 | (382 | ) | 41,512 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Grand at Round Rock | Round Rock, TX | 25,456 | 4,701 | 45,379 | — | 166 | 4,701 | 45,545 | 50,246 | (464 | ) | 49,782 | 1997 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Sierra Vista | Round Rock, TX | 11,333 | 2,566 | 16,488 | — | 76 | 2,566 | 16,564 | 19,130 | (191 | ) | 18,939 | 1999 | Jan-40 | |||||||||||||||||||||||||||||||||||
Alamo Ranch | San Antonio, TX | — | 2,380 | 26,982 | — | 1,128 | 2,380 | 28,110 | 30,490 | (2,924 | ) | 27,566 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Haven at Blanco | San Antonio, TX | — | 5,450 | 45,958 | — | 826 | 5,450 | 46,784 | 52,234 | (2,125 | ) | 50,109 | 2010 | Jan-40 | |||||||||||||||||||||||||||||||||||
Stone Ranch at Westover Hills | San Antonio, TX | 19,061 | 4,000 | 24,992 | — | 1,151 | 4,000 | 26,143 | 30,143 | (3,703 | ) | 26,440 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Cypresswood Court | Spring, TX | — | -4 | 576 | 5,190 | — | 3,275 | 576 | 8,465 | 9,041 | (5,533 | ) | 3,508 | 1984 | Jan-40 | ||||||||||||||||||||||||||||||||||
Villages at Kirkwood | Stafford, TX | — | -3 | 1,918 | 15,846 | — | 2,051 | 1,918 | 17,897 | 19,815 | (6,146 | ) | 13,669 | 1996 | Jan-40 | ||||||||||||||||||||||||||||||||||
Green Tree Place | Woodlands, TX | — | -4 | 539 | 4,850 | — | 2,967 | 539 | 7,817 | 8,356 | (5,071 | ) | 3,285 | 1984 | Jan-40 | ||||||||||||||||||||||||||||||||||
Adalay Bay | Chesapeake, VA | — | 5,280 | 31,341 | — | 1,052 | 5,280 | 32,393 | 37,673 | (1,948 | ) | 35,725 | 2002 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Greenbrier | Fredericksburg, VA | — | 4,852 | 21,677 | — | 95 | 4,852 | 21,772 | 26,624 | (224 | ) | 26,400 | 1980 | Jan-40 | |||||||||||||||||||||||||||||||||||
Seasons at Celebrate Virginia | Fredericksburg, VA | — | 6,960 | 32,083 | — | 276 | 6,960 | 32,359 | 39,319 | (2,302 | ) | 37,017 | 2011 | Jan-40 | |||||||||||||||||||||||||||||||||||
Seasons at Celebrate II | Fredericksburg, VA | — | 7,530 | 37,534 | — | 3 | 7,530 | 37,537 | 45,067 | (158 | ) | 44,909 | 2013 | Jan-40 | |||||||||||||||||||||||||||||||||||
Station Square at Cosner's Corner | Fredericksburg, VA | — | 8,580 | 35,700 | — | 115 | 8,580 | 35,815 | 44,395 | (534 | ) | 43,861 | 2013 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Hampton Glen | Glen Allen, VA | — | 4,861 | 21,678 | — | 106 | 4,861 | 21,784 | 26,645 | (238 | ) | 26,407 | 1986 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at West End | Glen Allen, VA | 13,112 | 4,671 | 18,908 | — | 93 | 4,671 | 19,001 | 23,672 | (200 | ) | 23,472 | 1987 | Jan-40 | |||||||||||||||||||||||||||||||||||
Township | Hampton, VA | 10,430 | (10)(17) | 1,509 | 8,189 | — | 8,578 | 1,509 | 16,767 | 18,276 | (9,454 | ) | 8,822 | 1987 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Village at Tradewinds | Hampton, VA | — | 5,643 | 15,660 | — | 113 | 5,643 | 15,773 | 21,416 | (174 | ) | 21,242 | 1988 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Waterford | Midlothian, VA | — | 6,747 | 29,221 | — | 179 | 6,747 | 29,400 | 36,147 | (331 | ) | 35,816 | 1989 | Jan-40 | |||||||||||||||||||||||||||||||||||
Ashley Park | Richmond, VA | — | 4,771 | 13,365 | — | 90 | 4,771 | 13,455 | 18,226 | (171 | ) | 18,055 | 1988 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Chase Gayton | Richmond, VA | — | 6,034 | 29,004 | — | 100 | 6,034 | 29,104 | 35,138 | (327 | ) | 34,811 | 1984 | Jan-40 | |||||||||||||||||||||||||||||||||||
Hamptons at Hunton Park | Richmond, VA | — | 4,930 | 35,598 | — | 1,776 | 4,930 | 37,374 | 42,304 | (3,373 | ) | 38,931 | 2003 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Village at Harbour Club | Virginia Beach, VA | — | 3,490 | 14,796 | — | 73 | 3,490 | 14,869 | 18,359 | (159 | ) | 18,200 | 1988 | Jan-40 | |||||||||||||||||||||||||||||||||||
Total Residential Properties | 1,107,341 | 822,370 | 5,738,844 | 4,924 | 784,734 | 827,294 | 6,523,578 | 7,350,872 | (1,123,272 | ) | 6,227,600 | ||||||||||||||||||||||||||||||||||||||
Colonial Center Brookwood Village | Birmingham, AL | — | 1,447 | 32,049 | — | (455 | ) | 1,447 | 31,594 | 33,041 | (303 | ) | 32,738 | 2007 | Jan-40 | ||||||||||||||||||||||||||||||||||
Colonial Brookwood Village | Birmingham, AL | — | 8,026 | 17,780 | — | 22 | 8,026 | 17,802 | 25,828 | (199 | ) | 25,629 | 1973/91/00 | Jan-40 | |||||||||||||||||||||||||||||||||||
Colonial Promenade Craft Farms | Gulf Shores, AL | — | 2,775 | 5,109 | — | 1,863 | 2,775 | 6,972 | 9,747 | (66 | ) | 9,681 | 2010 | Jan-40 | |||||||||||||||||||||||||||||||||||
Times Square at Craig Ranch | McKinney, TX | — | 253 | 1,310 | — | 1,152 | 253 | 2,462 | 2,715 | (115 | ) | 2,600 | 2009 | Jan-40 | |||||||||||||||||||||||||||||||||||
Bella Casita at Las Colinas | Irving, TX | — | 46 | 186 | — | 126 | 46 | 312 | 358 | (30 | ) | 328 | 2007 | Jan-40 | |||||||||||||||||||||||||||||||||||
Allure at Buckhead | Atlanta, GA | — | 867 | 3,465 | — | — | 867 | 3,465 | 4,332 | (192 | ) | 4,140 | 2002 | Jan-40 | |||||||||||||||||||||||||||||||||||
1225 South Church | Charlotte, NC | — | 43 | 199 | 9 | 242 | 52 | 441 | 493 | (30 | ) | 463 | 2010 | Jan-40 | |||||||||||||||||||||||||||||||||||
Total Commercial Properties | — | 13,457 | 60,098 | 9 | 2,950 | 13,466 | 63,048 | 76,514 | (935 | ) | 75,579 | ||||||||||||||||||||||||||||||||||||||
Brookwood West - Retail | Birmingham, AL | — | 1,652 | 6,632 | — | 1,248 | 1,652 | 7,880 | 9,532 | — | 9,532 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Colonial Promenade Huntsville (Phase II) | Huntsville, AL | — | 6,113 | 5,113 | — | 598 | 6,113 | 5,711 | 11,824 | — | 11,824 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Colonial Grand at Lake Mary (Phase III) | Orlando, FL | — | 1,309 | 7,996 | — | 1,061 | 1,309 | 9,057 | 10,366 | — | 10,366 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Colonial Grand at Randal Lakes | Orlando, FL | — | 5,671 | 50,553 | — | (803 | ) | 5,671 | 49,750 | 55,421 | — | 55,421 | N/A | N/A | |||||||||||||||||||||||||||||||||||
Colonial Reserve at South End | Charlotte, NC | — | 4,639 | 44,282 | — | 6,579 | 4,639 | 50,861 | 55,500 | — | 55,500 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Colonial Grand at Bellevue (Phase II) | Nashville, TN | — | 8,672 | 4,549 | — | 2,913 | 8,672 | 7,462 | 16,134 | — | 16,134 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
220 Riverside | Jacksonville, FL | — | 2,500 | — | — | 14,975 | 2,500 | 14,975 | 17,475 | — | 17,475 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Total Active Development Properties | — | 30,556 | 119,125 | — | 26,571 | 30,556 | 145,696 | 176,252 | — | 176,252 | |||||||||||||||||||||||||||||||||||||||
Total Properties | 1,107,341 | 866,383 | 5,918,067 | 4,933 | 814,255 | 871,316 | 6,732,322 | 7,603,638 | (1,124,207 | ) | 6,479,431 | ||||||||||||||||||||||||||||||||||||||
Total Land Held for Future Developments | — | 63,951 | — | (101 | ) | — | 63,850 | — | 63,850 | — | 63,850 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Corporate Properties | — | — | — | — | 21,631 | — | 21,631 | 21,631 | (14,108 | ) | 7,523 | Various | Jan-40 | ||||||||||||||||||||||||||||||||||||
Total Other | — | 63,951 | — | (101 | ) | 21,631 | 63,850 | 21,631 | 85,481 | (14,108 | ) | 71,373 | |||||||||||||||||||||||||||||||||||||
Total Real Estate Assets, net of Joint Ventures | $ | 1,107,341 | $ | 930,334 | $ | 5,918,067 | $ | 4,832 | $ | 835,886 | $ | 935,166 | $ | 6,753,953 | $ | 7,689,119 | $ | (1,138,315 | ) | $ | 6,550,804 | ||||||||||||||||||||||||||||
-1 | Encumbered by a $571.8 million Fannie Mae facility, with $345.8 million available and $345.8 million outstanding with a variable interest rate of 1.33% on which there exist four interest rate swap agreements totaling $125 million at an average rate of 4.62% and six interest rate caps totaling $165 million at an average rate of 4.58% at December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Encumbered by $6.6 million in bonds on which there exists a $6.6 million interest rate cap of 6.00% which terminates on October 24, 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Encumbered by a $200 million Freddie Mac facility, with $198.2 million available and an outstanding balance of $198.2 million and a variable interest rate of 0.73% on which there exists seven interest rate swap agreements totaling $94 million at an average rate of 4.58% and a $15 million interest rate cap of 5% at December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
-4 | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||
-5 | Encumbered by $8.4 million in bonds on which there exists a $8.4 million interest rate cap of 4.50% which terminates on March 1, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||
-6 | Encumbered by $6.8 million in bonds on which there exists a $6.8 million interest rate cap of 6.00% and maturing on October 15, 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||
-7 | Encumbered by $5.7 million in bonds on which there exists a $5.7 million interest rate cap of 6.00% which terminates on October 31, 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||
-8 | Encumbered by $7.5 million in bonds on which there exists a $7.5 million interest rate cap of 6.00% which terminates on October 31, 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||
-9 | Encumbered by $3.3 million in bonds on which there exists a $3.3 million interest rate cap of 6.00% which terminates on October 31, 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||
-10 | Encumbered by $10.4 million in bonds on which there exists a $10.4 million interest rate cap of 6.00% and maturing on October 15, 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||
-11 | Encumbered by $3.4 million in bonds with $0.5 million having a variable rate of 0.908% and $2.9 million with a variable rate of 0.867% on which there exists a $2.9 million interest rate cap of 6.00% which terminates on May 31, 2018. | ||||||||||||||||||||||||||||||||||||||||||||||||
-12 | Encumbered by $5.4 million in bonds, $0.5 million having a variable rate of 0.908% and $4.9 million with a variable rate of 0.867% on which there exists a $4.9 million interest rate cap of 6.00% which terminates on May 31, 2018. | ||||||||||||||||||||||||||||||||||||||||||||||||
-13 | Encumbered by $6.6 million in bonds on which there exists a $6.6 million interest rate cap of 6.00% which terminates on November 15, 2016. | ||||||||||||||||||||||||||||||||||||||||||||||||
-14 | Encumbered by $4.1 million in bonds on which there exists a $4.1 million interest rate cap of 6.00% which terminates on November 15, 2016. | ||||||||||||||||||||||||||||||||||||||||||||||||
-15 | Encumbered by $3.6 million in bonds on which there exists a $3.6 million interest rate cap of 6.00% which terminates on November 15, 2016. | ||||||||||||||||||||||||||||||||||||||||||||||||
-16 | Encumbered by $13.2 million in bonds on which exists a $13.2 million interest rate cap of 4.50% which terminates on March 1, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||
-17 | Also encumbered by a $17.9 million FNMA facility maturing on March 1, 2014 with a variable interest rate of 0.80% on which there exists a $11.7 million interest rate cap of 5.00% which terminates on March 1, 2014, and a $6.2 million interest rate cap of 4.50% which terminates on March 1, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||
-18 | Encumbered by $4.9 million in bonds on which there exists a $4.9 million interest rate cap of 4.50% which terminates on March 1, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||
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): |
Activity_for_Real_Estate_Inves
Activity for Real Estate Investments and Accumulated Depreciation | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||
Summary and rollforward of real estate investments and accumulated depreciation | ' | |||||||||||
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, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Real estate investments: | ||||||||||||
Balance at beginning of year | $ | 3,729,706 | $ | 3,379,929 | $ | 2,941,261 | ||||||
Acquisitions (1) | 3,999,895 | 344,869 | 362,745 | |||||||||
Less: FMV of Leases included in Acquisitions | (51,728 | ) | (3,144 | ) | (3,829 | ) | ||||||
Improvement and development | 130,824 | 134,118 | 104,705 | |||||||||
Assets held for sale | (4,897 | ) | — | — | ||||||||
Disposition of real estate assets (2) | (114,681 | ) | (126,066 | ) | (24,953 | ) | ||||||
Balance at end of year | $ | 7,689,119 | $ | 3,729,706 | $ | 3,379,929 | ||||||
Accumulated depreciation: | ||||||||||||
Balance at beginning of year | $ | 1,040,473 | $ | 973,126 | $ | 873,903 | ||||||
Depreciation | 165,885 | 124,691 | 112,726 | |||||||||
Assets held for sale | (6,164 | ) | — | — | ||||||||
Disposition of real estate assets (2) | (61,879 | ) | (57,344 | ) | (13,503 | ) | ||||||
Balance at end of year | $ | 1,138,315 | $ | 1,040,473 | $ | 973,126 | ||||||
MAA's consolidated balance sheet at December 31, 2013, 2012, and 2011, includes accumulated depreciation of $14,108,000, $12,855,000, and $11,402,000, respectively, in the caption "Corporate properties, net". | ||||||||||||
(1) Includes non-cash activity related to the Colonial merger. | ||||||||||||
(2) Includes assets sold, casualty losses, and removal of certain fully depreciated assets. | ||||||||||||
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Principles of Consolidation | ' |
Basis of Presentation and Principles of Consolidation | |
The accompanying condensed 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 condensed 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. | |
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. | |
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. | |
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. For properties contributed to joint ventures, we record gains on the partial sale in proportion to the outside partners’ interest in the venture. | |
Rental Costs | ' |
Rental Costs | |
Costs associated with rental activities, including advertising costs, are expensed as incurred. Advertising expenses were approximately $9.5 million, $8.8 million, and $8.7 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Discontinued Operations | ' |
Discontinued Operations | |
Properties sold during the year or those classified as held-for-sale at the end of a reporting period are classified as discontinued operations in accordance with accounting standards governing financial statement presentation. Once a property is classified as held-for-sale, depreciation is no longer recognized. | |
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. | |
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 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 2013, 2012 and 2011 was approximately $2.1 million, $2.3 million, and $1.2 million, respectively. Indirect costs other than interest that we capitalized included capitalized salaries of $391,000, $274,000, and $292,000 during 2013, 2012 and 2011, respectively, and real estate taxes of $288,000, $276,000, and $183,000 during 2013, 2012 and 2011, 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 | ' |
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 on 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 $50.3 million, $1.6 million, and $1.8 million as of December 31, 2013, 2012, and 2011, respectively. Accumulated amortization for these leases totaled $21.9 million, $1.0 million, and $0.7 million as of December 31, 2013, 2012 and 2011, respectively. The amortization recorded as depreciation and amortization expense was $23.5 million, $3.7 million, and $3.5 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
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/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, 2013. | |
Land Held for Future Development | ' |
Undeveloped land includes sites intended for future multifamily developments, sites for future commercial development and sites intended for residential use and 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 | ' |
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 | ' |
Cash and Cash Equivalents | |
We consider cash, 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 | |
Restricted cash consists of escrow deposits held by lenders for property taxes, insurance, debt service, replacement reserves, and exchanges under Section 1031(b) of the Internal Revenue Code of 1986, as amended, or the Code. | |
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. | |
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, value of derivative contracts and other prepaid expenses including prepaid insurance and prepaid interest. | |
Accrued Expenses and Other Liabilities | ' |
Accrued Expenses and Other Liabilities | |
Accrued expenses consist of accrued dividend payable, accrued real estate taxes, accrued interest payable, other accrued expenses payable, and unearned income. Significant accruals included accrued dividend payable of $57.7 million, $30.6 million and $27.0 million at December 31, 2013, 2012 and 2011, respectively, accrued real estate taxes of $40.4 million, $27.9 million and $25.4 million at December 31, 2013, 2012 and 2011, respectively | |
Self Insurance | ' |
Self Insurance | |
We are self insured for workers' compensation claims up to $500,000 and for general liability claims up to $50,000. 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 accrue for expected general liability claims less than $50,000 based on historical experience, adjusted as actual claims occur. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the Financial Account Standards Board, or FASB, issued Accounting Standards Update (ASU) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of Accumulated other comprehensive income (AOCI) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 is effective for interim and annual periods beginning after December 15, 2012 and early adoption is permitted. We early adopted ASU 2013-02 for the annual period ended December 31, 2012. The adoption of ASU 2013-02 has not had a material impact on our consolidated financial condition or results of operations taken as a whole. | |
In January 2013, the FASB issued ASU, No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 clarifies that the scope of ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, would apply to derivatives accounted for in accordance with FASB ASC 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC 210-20-45 or ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective for fiscal years beginning on or after January 1, 2013 and interim periods within those annual periods. We adopted ASU 2013-01 during the period ended March 31, 2013. The adoption of ASU 2013-01 has not had a material impact on our consolidated financial condition or results of operations taken as a whole. | |
In November 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This ASU supersedes certain paragraphs in ASU 2011-05 addressing reclassification adjustments out of accumulated other comprehensive income. The effective dates and changes to our presentation are the same as noted in the discussion of ASU 2011-05 below. | |
In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. This ASU allows an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. ASU 2011-05 is applied retrospectively. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We adopted ASU 2011-05 during the reporting period ended December 31, 2011, and this changed the presentation of our financial statements but not our consolidated financial condition or results of operations taken as a whole. | |
In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amendments change the wording, mainly for clarification, used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the Board does not intend for the amendments in this update to result in a change in the application of the requirements in ASU 2011-04. The amendments in this ASU are to be applied prospectively. The amendments are effective during interim and annual periods beginning after December 15, 2011. We adopted ASU 2011-04 for the interim and annual periods of fiscal year 2012. The adoption of ASU 2011-04 has not had a material impact on our consolidated financial condition or results of operations taken as a whole. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Real Estate Properties | ' | ||||
Schedule of Real Estate Properties [Table Text Block] | ' | ||||
We owned and operated 270 apartment communities principally through the Operating Partnership, as of December 31, 2013. As of December 31, 2013, MAA also owned an interest in the following unconsolidated real estate joint ventures: | |||||
Percent Owned | Number of Units/Square Feet | ||||
Multifamily: | |||||
Mid-America Multifamily Fund II, LLC (Fund II) | 33.33% | 1,156 | (1) | ||
Belterra | 10.00% | 288 | |||
McKinney | 25.00% | — | (2) | ||
Commercial: | |||||
Land Title Building | 33.30% | 29,971 | |||
(1) This joint venture is comprised of four apartment communities. | |||||
(2) This joint venture consists of undeveloped land. |
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Unaudited Pro Forma Information Based on MAA's Historical Consolidated Statement of Operations | ' | |||||||
The unaudited pro forma information set forth below is based on MAA’s historical Consolidated Statements of Operations for the years ended December 31, 2013 and 2012, adjusted to give effect to the Merger with Colonial and the acquisition of other properties in 2013 as though they occurred on January 1, 2012, the beginning of the comparable prior annual period. The pro forma adjustments primarily relate to the depreciation expense on stepped up fixed assets, amortization of acquired intangibles, and estimated interest expense related to new financings. The pro forma information is provided for illustrative purposes only and does not necessarily reflect the actual results of operations had the transactions been consummated at the beginning of the earliest year presented nor is it necessarily indicative of future operating results. The pro forma information does not give effect to any cost synergies or other operating efficiencies that could result from the Merger with Colonial. | ||||||||
Pro forma (Unaudited) | ||||||||
Period Ended December 31, | ||||||||
(in thousands, except per share data) | ||||||||
2013 | 2012 | |||||||
Total Revenue (1) | $ | 941,662 | $ | 844,002 | ||||
Net Income available to common shareholders (1) | $ | 142,593 | $ | 100,752 | ||||
Earnings per share, diluted (1) | $ | 1.78 | $ | 1.45 | ||||
(1) Pro forma adjustments for certain acquisitions are excluded as they had no pre-acquisition operating activity in 2012 or 2013. | ||||||||
The pro forma results are based on estimates and assumptions, which we believe are reasonable. |
Earnings_per_share_of_the_Trus1
Earnings per share of the Trust (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings per share of the trust [Abstract] | ' | |||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | ' | |||||||||||
(dollars and shares in thousands, except per share amounts) | Years ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Shares Outstanding | ||||||||||||
Weighted average common shares - basic | 50,677 | 41,039 | 36,995 | |||||||||
Weighted average partnership units outstanding | 2,351 | 1,834 | 1,992 | |||||||||
Effect of dilutive securities | 88 | 64 | 100 | |||||||||
Weighted average common shares - diluted | 53,116 | 42,937 | 39,087 | |||||||||
Calculation of Earnings per Share - basic | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from continuing operations attributable to noncontrolling interests | (1,131 | ) | (2,414 | ) | (1,267 | ) | ||||||
Income from continuing operations allocated to unvested restricted shares | (34 | ) | (53 | ) | (22 | ) | ||||||
Income from continuing operations available for common shareholders, adjusted | $ | 36,112 | $ | 58,737 | $ | 27,413 | ||||||
Income from discontinued operations | $ | 82,002 | $ | 48,621 | $ | 22,529 | ||||||
Income from discontinued operations attributable to noncontrolling interest | (2,867 | ) | (2,188 | ) | (1,143 | ) | ||||||
Income from discontinued operations allocated to unvested restricted shares | (74 | ) | (41 | ) | (11 | ) | ||||||
Income from discontinued operations available for common shareholders, adjusted | $ | 79,061 | $ | 46,392 | $ | 21,375 | ||||||
Weighted average common shares - basic | 50,677 | 41,039 | 36,995 | |||||||||
Earnings per share - basic | $ | 2.27 | $ | 2.56 | $ | 1.32 | ||||||
Calculation of Earnings per Share - diluted | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from discontinued operations | $ | 82,002 | $ | 48,621 | $ | 22,529 | ||||||
Weighted average common shares - diluted | 53,116 | 42,937 | 39,087 | |||||||||
Earnings per share - diluted | $ | 2.25 | $ | 2.56 | $ | 1.31 | ||||||
(dollars and units in thousands, except per unit amounts) | Years ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Units Outstanding | ||||||||||||
Weighted average common units - basic | 53,075 | 42,911 | 39,051 | |||||||||
Effect of dilutive securities | 88 | 64 | 100 | |||||||||
Weighted average common units - diluted | 53,163 | 42,975 | 39,151 | |||||||||
Calculation of Earnings per Unit - basic | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from continuing operations allocated to unvested restricted shares | 33 | 53 | 21 | |||||||||
Income from continuing operations available for common unitholders, adjusted | $ | 37,244 | $ | 61,151 | $ | 28,681 | ||||||
Income from discontinued operations | $ | 70,267 | $ | 47,836 | $ | 21,886 | ||||||
Income from discontinued operations allocated to unvested restricted shares | 62 | 41 | 10 | |||||||||
Income from discontinued operations available for common unitholders, adjusted | $ | 70,205 | $ | 47,795 | $ | 21,876 | ||||||
Earnings per unit - basic: | $ | 2.02 | $ | 2.54 | $ | 1.29 | ||||||
Calculation of Earnings per Unit - diluted | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from discontinued operations | $ | 70,267 | $ | 47,836 | $ | 21,886 | ||||||
Earnings per unit - diluted: | $ | 2.02 | $ | 2.54 | $ | 1.29 | ||||||
Earnings_per_unit_of_MAA_LP_Ta
Earnings per unit of MAA LP (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings per unit of MAA LP [Abstract] | ' | |||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | ' | |||||||||||
(dollars and shares in thousands, except per share amounts) | Years ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Shares Outstanding | ||||||||||||
Weighted average common shares - basic | 50,677 | 41,039 | 36,995 | |||||||||
Weighted average partnership units outstanding | 2,351 | 1,834 | 1,992 | |||||||||
Effect of dilutive securities | 88 | 64 | 100 | |||||||||
Weighted average common shares - diluted | 53,116 | 42,937 | 39,087 | |||||||||
Calculation of Earnings per Share - basic | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from continuing operations attributable to noncontrolling interests | (1,131 | ) | (2,414 | ) | (1,267 | ) | ||||||
Income from continuing operations allocated to unvested restricted shares | (34 | ) | (53 | ) | (22 | ) | ||||||
Income from continuing operations available for common shareholders, adjusted | $ | 36,112 | $ | 58,737 | $ | 27,413 | ||||||
Income from discontinued operations | $ | 82,002 | $ | 48,621 | $ | 22,529 | ||||||
Income from discontinued operations attributable to noncontrolling interest | (2,867 | ) | (2,188 | ) | (1,143 | ) | ||||||
Income from discontinued operations allocated to unvested restricted shares | (74 | ) | (41 | ) | (11 | ) | ||||||
Income from discontinued operations available for common shareholders, adjusted | $ | 79,061 | $ | 46,392 | $ | 21,375 | ||||||
Weighted average common shares - basic | 50,677 | 41,039 | 36,995 | |||||||||
Earnings per share - basic | $ | 2.27 | $ | 2.56 | $ | 1.32 | ||||||
Calculation of Earnings per Share - diluted | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from discontinued operations | $ | 82,002 | $ | 48,621 | $ | 22,529 | ||||||
Weighted average common shares - diluted | 53,116 | 42,937 | 39,087 | |||||||||
Earnings per share - diluted | $ | 2.25 | $ | 2.56 | $ | 1.31 | ||||||
(dollars and units in thousands, except per unit amounts) | Years ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Units Outstanding | ||||||||||||
Weighted average common units - basic | 53,075 | 42,911 | 39,051 | |||||||||
Effect of dilutive securities | 88 | 64 | 100 | |||||||||
Weighted average common units - diluted | 53,163 | 42,975 | 39,151 | |||||||||
Calculation of Earnings per Unit - basic | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from continuing operations allocated to unvested restricted shares | 33 | 53 | 21 | |||||||||
Income from continuing operations available for common unitholders, adjusted | $ | 37,244 | $ | 61,151 | $ | 28,681 | ||||||
Income from discontinued operations | $ | 70,267 | $ | 47,836 | $ | 21,886 | ||||||
Income from discontinued operations allocated to unvested restricted shares | 62 | 41 | 10 | |||||||||
Income from discontinued operations available for common unitholders, adjusted | $ | 70,205 | $ | 47,795 | $ | 21,876 | ||||||
Earnings per unit - basic: | $ | 2.02 | $ | 2.54 | $ | 1.29 | ||||||
Calculation of Earnings per Unit - diluted | ||||||||||||
Income from continuing operations | $ | 37,277 | $ | 61,204 | $ | 28,702 | ||||||
Income from discontinued operations | $ | 70,267 | $ | 47,836 | $ | 21,886 | ||||||
Earnings per unit - diluted: | $ | 2.02 | $ | 2.54 | $ | 1.29 | ||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Stock Based Compensation [Abstract] | ' | |||||||
Changes and Status of Nonvested Shares | ' | |||||||
A summary of the status of the 2011 Plan nonvested shares as of December 31, 2013, and the changes for the year ended December 31, 2013, is presented below: | ||||||||
Nonvested Shares | Shares | Weighted | ||||||
Average | ||||||||
Grant-Date | ||||||||
Fair Value | ||||||||
Nonvested at January 1, 2013 | 11,021 | $ | 68.72 | |||||
Issued | — | — | ||||||
Vested | (10,938 | ) | 68.71 | |||||
Forfeited | (83 | ) | 69.37 | |||||
Nonvested at December 31, 2013 | — | $ | — | |||||
There were no unvested shares outstanding for the Key Management 2010 Restricted Stock Plan during the year ended December 31, 2013. | ||||||||
There were no unvested shares outstanding for the Key Management 2002 Restricted Stock Plan during the year ended December 31, 2013. | ||||||||
A summary of the status of the Key Management 2008 Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2013, and the changes for the year ended December 31, 2013, is presented below: | ||||||||
Nonvested Shares | Shares | Weighted | ||||||
Average Grant Date | ||||||||
Fair Value | ||||||||
Nonvested at January 1, 2013 | 16,680 | $ | 56.75 | |||||
Issued | — | — | ||||||
Vested | (5,851 | ) | 59.12 | |||||
Forfeited | (40 | ) | 69.37 | |||||
Nonvested at December 31, 2013 | 10,789 | $ | 55.41 | |||||
A summary of the status of the 2010 Executive Restricted Stock Plan nonvested shares as of December 31, 2013, and the changes for the year ended December 31, 2013, is presented below: | ||||||||
Nonvested Shares | Shares | Weighted | ||||||
Average | ||||||||
Grant-Date | ||||||||
Fair Value | ||||||||
Nonvested at January 1, 2013 | 634 | $ | 54.38 | |||||
Issued | — | — | ||||||
Vested | (634 | ) | 54.38 | |||||
Forfeited | — | — | ||||||
Nonvested at December 31, 2013 | — | $ | — | |||||
A summary of the status of the Director Restricted Stock Plan nonvested restricted shares of common stock as of December 31, 2013, and the changes for the year ended December 31, 2013, is presented below: | ||||||||
Nonvested Shares | Shares | Weighted | ||||||
Average | ||||||||
Grant-Date | ||||||||
Fair Value | ||||||||
Nonvested at January 1, 2013 | 5,340 | $ | 67.36 | |||||
Granted and issued | 6,510 | 69.08 | ||||||
Vested | (5,340 | ) | 67.36 | |||||
Forfeited | — | — | ||||||
Nonvested at December 31, 2013 | 6,510 | $ | 69.08 | |||||
Undeveloped_Land_and_Construct1
Undeveloped Land and Construction in Progress (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Undeveloped Land and Construction in Progress [Table Text Block] | ' | ||||||||
Total Units/ | Costs Capitalized | ||||||||
Location | Square Feet (1) | to Date | |||||||
($ in thousands) | |||||||||
Active Developments: | |||||||||
Multifamily: | |||||||||
220 Riverside | Jacksonville, FL | 294 | $ | 15,025 | |||||
Colonial Grand at Bellevue (Phase II) | Nashville, TN | 220 | 7,462 | ||||||
Colonial Grand at Lake Mary (Phase III) | Orlando, FL | 132 | 9,117 | ||||||
Colonial Grand at Randal Lakes | Orlando, FL | 462 | 49,819 | ||||||
Colonial Reserve at South End | Charlotte, NC | 353 | 50,856 | ||||||
1,461 | $ | 132,279 | |||||||
Commercial: | |||||||||
Colonial Promenade Huntsville (Phase II) | Huntsville, AL | 23,000 | $ | 6,085 | |||||
Brookwood West Retail | Birmingham, AL | 41,300 | 9,413 | ||||||
64,300 | $ | 15,498 | |||||||
Total Active Developments | $ | 147,777 | |||||||
Other Capital improvements in progress | 18,271 | ||||||||
Total Development and capital improvements in progress | $ | 166,048 | |||||||
Undeveloped land: | |||||||||
Multifamily | $ | 20,350 | |||||||
Commercial | 28,800 | ||||||||
Commercial Outparcels/Pads | 700 | ||||||||
For-Sale Residential Land | 14,000 | ||||||||
$ | 63,850 | ||||||||
Total Undeveloped land | $ | 63,850 | |||||||
-1 | Units refer to multifamily apartment units. Square feet refers to commercial space and excludes space owned by anchor tenants. |
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Borrowings [Abstract] | ' | ||||||||||||||
Indebtedness | ' | ||||||||||||||
The following table summarizes the Company’s indebtedness at December 31, 2013, (dollars in thousands): | |||||||||||||||
Borrowed | Effective | Contract | |||||||||||||
Balance | Rate | Maturity | |||||||||||||
Fixed Rate Secured Debt | |||||||||||||||
Individual property mortgages | $ | 1,111,812 | 4 | % | 4/1/13 | ||||||||||
Fannie Mae conventional credit facilities | 50,000 | 4.7 | % | 3/31/17 | |||||||||||
Credit facility balances managed with interest rate swaps | |||||||||||||||
LIBOR-based interest rate swaps | 219,000 | 5.3 | % | 8/31/14 | |||||||||||
Total fixed rate secured debt | 1,380,812 | 4.2 | % | 6/13/18 | |||||||||||
Variable Rate Secured Debt (1) | |||||||||||||||
Fannie Mae conventional credit facilities | 189,721 | 0.8 | % | 12/2/16 | |||||||||||
Fannie Mae tax-free credit facilities | 88,812 | 0.9 | % | 7/23/31 | |||||||||||
Freddie Mac credit facilities | 104,248 | 0.7 | % | 7/1/14 | |||||||||||
Freddie Mac mortgages | 27,342 | 3.3 | % | 10/31/15 | |||||||||||
Total variable rate secured debt | 410,123 | 1 | % | 5/27/19 | |||||||||||
Total Secured Debt | $ | 1,790,935 | 3.5 | % | 9/1/18 | ||||||||||
Unsecured Debt | |||||||||||||||
Term loan fixed with swaps | 550,000 | 3.1 | % | 11/10/17 | |||||||||||
Fixed rate bonds | 1,131,783 | 5 | % | 9/22/19 | |||||||||||
Total Unsecured Debt | $ | 1,681,783 | 4.3 | % | 2/12/19 | ||||||||||
Total Outstanding Debt | $ | 3,472,718 | 3.9 | % | 4/28/18 | ||||||||||
(1) Includes capped balances | |||||||||||||||
Interest Rate Ranges, Maturity and Balance of Indebtedness | ' | ||||||||||||||
The following table summarizes interest rate ranges and maturity of the Company’s indebtedness at December 31, 2013 and the balance of the Company’s indebtedness at December 31, 2012 (dollars in millions): | |||||||||||||||
At December 31, 2013 | |||||||||||||||
Actual | Current Average | Maturity | Balance | Balance at | |||||||||||
Interest | Interest | December 31, | |||||||||||||
Rates | Rate | 2012 | |||||||||||||
Fixed Rate: | |||||||||||||||
Taxable Secured | 1.77 - 6.21% | 4.07% | 2014-2035 | $ | 1,161.80 | $ | 422.4 | ||||||||
Unsecured | 3.15 - 6.25% | 5.02% | 2017-2024 | 1,131.80 | 310 | ||||||||||
Interest rate swaps | 2.63 - 6.63% | 4.76% | 2014-2018 | 769 | 559 | ||||||||||
$ | 3,062.60 | $ | 1,291.40 | ||||||||||||
Variable Rate: (1) | |||||||||||||||
Taxable | 0.66 - 0.91% | 0.72% | 2014-2033 | 122.7 | 70.9 | ||||||||||
Interest rate caps | 0.73 - 1.02% | 0.80% | 2014-2033 | 287.4 | 288.5 | ||||||||||
Unsecured | 0.00% | —% | 2015 | — | 23 | ||||||||||
$ | 410.1 | $ | 382.4 | ||||||||||||
$ | 3,472.70 | $ | 1,673.80 | ||||||||||||
-1 | Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2013, and 2012, 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. | ||||||||||||||
Scheduled Principal Repayments on Borrowings | ' | ||||||||||||||
The following table includes scheduled principal repayments on the borrowings at December 31, 2013, as well as the amortization of the fair market value of debt assumed (dollars in thousands): | |||||||||||||||
Year | Amortization | Maturities | Total | ||||||||||||
2014 | $ | 26,642 | $ | 430,640 | $ | 457,282 | |||||||||
2015 | 8,361 | 388,693 | 397,054 | ||||||||||||
2016 | 9,043 | 164,300 | 173,343 | ||||||||||||
2017 | 10,014 | 469,306 | 479,320 | ||||||||||||
2018 | 11,382 | 379,247 | 390,629 | ||||||||||||
Thereafter | 71,711 | 1,503,379 | 1,575,090 | ||||||||||||
$ | 137,153 | $ | 3,335,565 | $ | 3,472,718 | ||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Derivative | ' | ||||||||||||||||||||||||||||||||||||||||
Outstanding Interest Rate Derivatives | ' | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, we had the following outstanding interest rate derivatives that were not designated as hedges: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||||||||||||||
Interest Rate Caps | 11 | $63,820,000 | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||||||||||||||
Interest Rate Caps | 12 | $224,631,000 | |||||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | 18 | $769,000,000 | |||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheet | ' | ||||||||||||||||||||||||||||||||||||||||
The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of December 31, 2013 and December 31, 2012, respectively (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||||||
12/31/13 | 12/31/12 | 12/31/13 | 12/31/12 | ||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | Fair Value | Fair Value | Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 396 | $ | 245 | Fair market value of interest rate swaps | $ | 20,015 | $ | 21,423 | |||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 396 | $ | 245 | $ | 20,015 | $ | 21,423 | |||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 49 | $ | 43 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 49 | $ | 43 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||||||||
Derivatives | $ | 444 | — | $ | 444 | — | $ | 444 | |||||||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||||||||||||||
Derivatives | $ | 20,015 | — | $ | 20,015 | — | $ | 20,015 | |||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||||||||
Derivatives | $ | 288 | — | $ | 288 | — | — | $ | 288 | ||||||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||||||||||||||
Derivatives | $ | 21,423 | — | $ | 21,423 | — | — | $ | 21,423 | ||||||||||||||||||||||||||||||||
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, 2013, 2012 and 2011, respectively: (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
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) | 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 | ||||||||||||||||||||||||||||||||||||
Reclassified from Accumulated | Testing) | ||||||||||||||||||||||||||||||||||||||||
OCI into Income (Effective Portion) | |||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 10,684 | $ | (8,411 | ) | $ | (14,012 | ) | Interest expense | $ | (16,370 | ) | $ | (20,113 | ) | $ | (27,639 | ) | Interest expense | $ | 37 | $ | (39 | ) | $ | (195 | ) | ||||||||||||||
Total derivatives in cash flow hedging relationships | $ | 10,684 | $ | (8,411 | ) | $ | (14,012 | ) | $ | (16,370 | ) | $ | (20,113 | ) | $ | (27,639 | ) | $ | 37 | $ | (39 | ) | $ | (195 | ) | ||||||||||||||||
Derivatives Not Designated as | Location of Gain or (Loss) Recognized | Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||||||||
Hedging Instruments | in Income on Derivative | Recognized in Income on Derivative | |||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Interest rate products | Interest income/(expense) | $ | (16 | ) | $ | (66 | ) | $ | (24 | ) | |||||||||||||||||||||||||||||||
Total | $ | (16 | ) | $ | (66 | ) | $ | (24 | ) | ||||||||||||||||||||||||||||||||
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, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | Affected Line Item in the Consolidated Statements Of Operations | Gains and Losses on Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (26,054 | ) | $ | (35,848 | ) | $ | (48,847 | ) | ||||||||||||||||||||||||||||||||
Other comprehensive income before reclassifications | 10,684 | (8,411 | ) | (14,012 | ) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (interest rate contracts) | Interest (income)/expense | 16,370 | 20,113 | 27,639 | |||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income attributable to noncontrolling interest | (892 | ) | (1,908 | ) | (628 | ) | |||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income attributable to MAA | 26,162 | 9,794 | 12,999 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 108 | $ | (26,054 | ) | $ | (35,848 | ) | |||||||||||||||||||||||||||||||||
Fair_Value_Disclosure_of_Finan1
Fair Value Disclosure of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
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, 2013 and December 31, 2012, 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, 2013 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | |||||||||||||
Active Markets | Other | Unobservable | 31-Dec-13 | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets and Liabilities | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 444 | $ | — | $ | 444 | ||||||||
Liabilities | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 20,015 | $ | — | $ | 20,015 | ||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2012 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | |||||||||||||
Active Markets | Other | Unobservable | 31-Dec-12 | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets and Liabilities | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 288 | $ | — | $ | 288 | ||||||||
Liabilities | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 21,423 | $ | — | $ | 21,423 | ||||||||
The fair value estima |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
Valuation Allowance [Line Items] | ' | ' | ||||||||||||||||||||
Summary of Taxability of Cash Distributions Paid on Common Shares | ' | ' | ||||||||||||||||||||
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, 2013, 2012 and 2011, dividends per share held for the entire year were estimated to be taxable as follows: | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | |||||||||||||||||
Ordinary income | $ | 2.36 | 84.9 | % | $ | 2.16 | 81.64 | % | $ | 1.9 | 75.59 | % | ||||||||||
Capital gains | 0.17 | 6.23 | % | 0.08 | 3.09 | % | 0.1 | 3.97 | % | |||||||||||||
Return of capital | — | — | % | — | — | % | 0.28 | 11.21 | % | |||||||||||||
Un-recaptured Section 1250 gain | 0.25 | 8.87 | % | 0.4 | 15.27 | % | 0.23 | 9.23 | % | |||||||||||||
$ | 2.78 | 100 | % | $ | 2.64 | 100 | % | $ | 2.51 | 100 | % | |||||||||||
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 IRC section 1031. | ||||||||||||||||||||||
Summary of Valuation Allowance [Table Text Block] | ' | ' | ||||||||||||||||||||
The components of CPSI’s deferred income tax assets and liabilities were as follows (dollars in thousands): | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
Real estate asset basis differences | $ | 27,014 | ||||||||||||||||||||
Deferred revenue | 19 | |||||||||||||||||||||
Deferred expenses | 15,261 | |||||||||||||||||||||
Net operating loss carryforward | 29,864 | |||||||||||||||||||||
Accrued liabilities | 4,168 | |||||||||||||||||||||
$ | 76,326 | |||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Real estate asset basis differences | (1,631 | ) | ||||||||||||||||||||
$ | (1,631 | ) | ||||||||||||||||||||
Net deferred tax assets, before valuation allowance | $ | 74,695 | ||||||||||||||||||||
Valuation allowance | (74,695 | ) | ||||||||||||||||||||
Net deferred tax assets, included in other assets | $ | — | ||||||||||||||||||||
Earnings_from_Discontinued_Ope1
Earnings from Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||
Schedule of discontinued operation properties sold | ' | |||||||||||
The following table lists the communities classified as discontinued operations for the year ended December 31, 2013: | ||||||||||||
Community | Number of Units/Sq. Ft. | Date Sold | Location | Operating Segment | ||||||||
Woodbridge at the Lake | 188 | May 15, 2013 | Jacksonville, Florida | Large market same store | ||||||||
Savannahs at James Landing (1) | 256 | June 13, 2013 | Melbourne, Florida | Secondary market same store | ||||||||
High Ridge | 160 | June 13, 2013 | Athens, Georgia | Secondary market same store | ||||||||
TPC Jacksonville | 440 | June 20, 2013 | Jacksonville, Florida | Large market same store | ||||||||
Marsh Oaks | 120 | August 15, 2013 | Jacksonville, Florida | Large market same store | ||||||||
Three Oaks | 240 | September 11, 2013 | Valdosta, Georgia | Secondary market same store | ||||||||
Wildwood | 216 | September 11, 2013 | Thomasville, Georgia | Secondary market same store | ||||||||
Shenandoah Ridge | 272 | September 30, 2013 | Augusta, Georgia | Secondary market same store | ||||||||
Whispering Pines | 216 | October 31, 2013 | LaGrange, Georgia | Secondary market same store | ||||||||
Willow Creek | 285 | Held for Sale | Columbus, Georgia | Secondary market same store | ||||||||
Colonial Promenade Nord du Lac | 282,946 | Held for Sale | New Orleans, Louisiana | Non-same store and other | ||||||||
Summary of Discontinued Operations | ' | |||||||||||
The following is a summary of earnings from discontinued operations for MAA for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
Rental revenues | $ | 13,255 | $ | 27,598 | $ | 39,923 | ||||||
Other revenues | 1,189 | 2,706 | 4,184 | |||||||||
Total revenues | 14,444 | 30,304 | 44,107 | |||||||||
Expenses: | ||||||||||||
Property operating expenses | 6,205 | 14,066 | 21,274 | |||||||||
Depreciation and amortization | 2,716 | 7,433 | 10,418 | |||||||||
Interest expense | 458 | 1,867 | 2,673 | |||||||||
Total expenses | 9,379 | 23,366 | 34,365 | |||||||||
Income from discontinued operations before gain on sale | 5,065 | 6,938 | 9,742 | |||||||||
Net gain (loss) on insurance and other settlement proceeds on discontinued operations | 93 | 48 | (12 | ) | ||||||||
Gain on sale of discontinued operations | 76,844 | 41,635 | 12,799 | |||||||||
Income from discontinued operations | $ | 82,002 | $ | 48,621 | $ | 22,529 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
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, 2013, 2012 and 2011, were as follows (dollars in thousands): | ||||||||||||
2013 | 2012 | 2011 (1) | ||||||||||
Revenues | ||||||||||||
Large Market Same Store | $ | 256,141 | $ | 243,721 | $ | 213,800 | ||||||
Secondary Market Same Store | 207,572 | 201,834 | 187,202 | |||||||||
Non-Same Store and Other | 170,374 | 29,434 | 28,787 | |||||||||
Total property revenues | 634,087 | 474,989 | 429,789 | |||||||||
Management fee income | 647 | 899 | 1,017 | |||||||||
Total operating revenues | $ | 634,734 | $ | 475,888 | $ | 430,806 | ||||||
NOI | ||||||||||||
Large Market Same Store | $ | 152,725 | $ | 143,060 | $ | 122,447 | ||||||
Secondary Market Same Store | 123,787 | 119,764 | 108,024 | |||||||||
Non-Same Store and Other | 112,500 | 34,252 | 27,565 | |||||||||
Total NOI | 389,012 | 297,076 | 258,036 | |||||||||
Discontinued operations NOI included above | (8,239 | ) | (16,236 | ) | (22,834 | ) | ||||||
Management fee income | 647 | 899 | 1,017 | |||||||||
Depreciation and amortization | (186,979 | ) | (121,211 | ) | (106,009 | ) | ||||||
Acquisition expense | (1,393 | ) | (1,581 | ) | (3,319 | ) | ||||||
Property management expense | (23,083 | ) | (21,281 | ) | (19,973 | ) | ||||||
General and administrative expense | (15,569 | ) | (13,762 | ) | (18,123 | ) | ||||||
Merger related expenses | (32,403 | ) | — | — | ||||||||
Integration costs | (5,102 | ) | — | — | ||||||||
Interest and other non-property income | 488 | 430 | 802 | |||||||||
Interest expense | (75,915 | ) | (57,937 | ) | (56,383 | ) | ||||||
Loss on debt extinguishment/modification | (426 | ) | (654 | ) | (755 | ) | ||||||
Amortization of deferred financing costs | (3,063 | ) | (3,552 | ) | (2,902 | ) | ||||||
Net casualty loss after insurance and other settlement proceeds | (143 | ) | (6 | ) | (619 | ) | ||||||
Income tax expense | (893 | ) | (803 | ) | (727 | ) | ||||||
Gain on sale of non-depreciable assets | — | 45 | 1,084 | |||||||||
Gain (loss) from real estate joint ventures | 338 | (223 | ) | (593 | ) | |||||||
Discontinued operations | 82,002 | 48,621 | 22,529 | |||||||||
Net income attributable to noncontrolling interests | (3,998 | ) | (4,602 | ) | (2,410 | ) | ||||||
Net income attributable to MAA | $ | 115,281 | $ | 105,223 | $ | 48,821 | ||||||
(1) The 2011 column shows the segment break down based on the 2012 same store portfolios. A comparison using the 2013 same store portfolio would not be comparative due to the nature of the classifications. | ||||||||||||
Assets for each reportable segment | ' | |||||||||||
Assets for each reportable segment as of December 31, 2013 and 2012 were as follows (dollars in thousands): | ||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||
Assets | ||||||||||||
Large Market Same Store | $ | 1,252,575 | $ | 1,108,827 | ||||||||
Secondary Market Same Store | 796,697 | 654,315 | ||||||||||
Non-Same Store and Other | 4,638,892 | 949,398 | ||||||||||
Corporate assets | 153,761 | 38,528 | ||||||||||
Total assets | $ | 6,841,925 | $ | 2,751,068 | ||||||||
Selected_Quarterly_Financial_I1
Selected Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
(Dollars in thousands except per share data) | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Total operating revenues | $ | 127,920 | $ | 131,801 | $ | 135,406 | $ | 239,607 | ||||||||
Income from continuing operations before non-operating items | $ | 36,847 | $ | 31,920 | $ | 32,405 | $ | 15,719 | ||||||||
Interest expense | $ | (15,545 | ) | $ | (15,189 | ) | $ | (14,923 | ) | $ | (30,258 | ) | ||||
Gain from real estate joint ventures | $ | 54 | $ | 47 | $ | 60 | $ | 177 | ||||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations before gain on sale | $ | 1,782 | $ | 1,697 | $ | 972 | $ | 614 | ||||||||
Gain on sale of discontinued operations | $ | — | $ | 43,121 | $ | 28,788 | $ | 4,935 | ||||||||
Consolidated net income (loss) | $ | 22,005 | $ | 61,028 | $ | 46,056 | $ | (9,810 | ) | |||||||
Net income (loss) attributable to noncontrolling interest | $ | 825 | $ | 1,939 | $ | 1,772 | $ | (538 | ) | |||||||
Net income (loss) available for MAA common shareholders | $ | 21,180 | $ | 59,089 | $ | 44,284 | $ | (9,272 | ) | |||||||
Per share: | ||||||||||||||||
Net income (loss) available per common share - basic | $ | 0.5 | $ | 1.38 | $ | 1.04 | $ | (0.12 | ) | |||||||
Net income (loss) available per common share - diluted | $ | 0.5 | $ | 1.37 | $ | 1.04 | $ | (0.12 | ) | |||||||
Dividend paid | $ | 0.695 | $ | 0.695 | $ | 0.695 | $ | 0.695 | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Total operating revenues | $ | 110,982 | $ | 116,729 | $ | 122,157 | $ | 126,020 | ||||||||
Income from continuing operations before non-operating items | $ | 28,353 | $ | 29,482 | $ | 30,477 | $ | 35,592 | ||||||||
Interest expense | $ | (13,876 | ) | $ | (13,971 | ) | $ | (14,507 | ) | $ | (15,583 | ) | ||||
Loss from real estate joint ventures | $ | (31 | ) | $ | (67 | ) | $ | (72 | ) | $ | (53 | ) | ||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations before gain on sale | $ | 2,061 | $ | 2,051 | $ | 1,046 | $ | 1,780 | ||||||||
Gain on sale of discontinued operations | $ | 9,429 | $ | 12,953 | $ | 16,092 | $ | 3,161 | ||||||||
Consolidated net income | $ | 25,068 | $ | 29,472 | $ | 32,078 | $ | 23,207 | ||||||||
Net income attributable to noncontrolling interest | $ | 1,178 | $ | 1,312 | $ | 1,212 | $ | 900 | ||||||||
Net income available for MAA common shareholders | $ | 23,890 | $ | 28,160 | $ | 30,866 | $ | 22,307 | ||||||||
Per share: | ||||||||||||||||
Net income available per common share - basic | $ | 0.6 | $ | 0.69 | $ | 0.74 | $ | 0.53 | ||||||||
Net income available per common share - diluted | $ | 0.6 | $ | 0.69 | $ | 0.74 | $ | 0.53 | ||||||||
Dividend paid | $ | 0.66 | $ | 0.66 | $ | 0.66 | $ | 0.66 | ||||||||
Year Ended December 31, 2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Total operating revenues | $ | 127,920 | $ | 131,801 | $ | 135,406 | $ | 239,607 | ||||||||
Income from continuing operations before non-operating items | $ | 36,847 | $ | 31,920 | $ | 32,405 | $ | 15,719 | ||||||||
Interest expense | $ | (15,545 | ) | $ | (15,189 | ) | $ | (14,923 | ) | $ | (30,258 | ) | ||||
Gain from real estate joint ventures | $ | 54 | $ | 47 | $ | 60 | $ | 177 | ||||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations before gain on sale | $ | 1,570 | $ | 1,511 | $ | 973 | $ | 600 | ||||||||
Gain on sale of discontinued operations | $ | — | $ | 31,779 | $ | 28,806 | $ | 4,935 | ||||||||
Net income (loss) available for common unitholders | $ | 21,793 | $ | 49,500 | $ | 46,075 | $ | (9,824 | ) | |||||||
Per unit: | ||||||||||||||||
Net income (loss) available per common unit - basic | $ | 0.49 | $ | 1.12 | $ | 1.04 | $ | (0.12 | ) | |||||||
Net income (loss) available per common unit - diluted | $ | 0.49 | $ | 1.12 | $ | 1.04 | $ | (0.12 | ) | |||||||
Distribution paid | $ | 0.695 | $ | 0.695 | $ | 0.695 | $ | 0.695 | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Total operating revenues | $ | 110,982 | $ | 116,729 | $ | 122,157 | $ | 126,020 | ||||||||
Income from continuing operations before non-operating items | $ | 28,353 | $ | 29,482 | $ | 30,477 | $ | 35,592 | ||||||||
Interest expense | $ | (13,876 | ) | $ | (13,971 | ) | $ | (14,507 | ) | $ | (15,583 | ) | ||||
Loss from real estate joint ventures | $ | (31 | ) | $ | (67 | ) | $ | (72 | ) | $ | (53 | ) | ||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations before gain on sale | $ | 1,874 | $ | 1,863 | $ | 850 | $ | 1,566 | ||||||||
Gain on sale of discontinued operations | $ | 9,429 | $ | 12,953 | $ | 16,092 | $ | 3,161 | ||||||||
Net income available for common unitholders | $ | 24,881 | $ | 29,284 | $ | 31,882 | $ | 22,993 | ||||||||
Per unit: | ||||||||||||||||
Net income available per common unit - basic | $ | 0.6 | $ | 0.69 | $ | 0.75 | $ | 0.52 | ||||||||
Net income available per common unit - diluted | $ | 0.6 | $ | 0.69 | $ | 0.75 | $ | 0.52 | ||||||||
Distribution paid | $ | 0.66 | $ | 0.66 | $ | 0.66 | $ | 0.66 | ||||||||
Some of the financial data in the tables above differ from the values as originally reported in their respective Form 10-Qs or Form 10-Ks due to the reclassification of certain properties into discontinued operations. |
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies (Textual) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Communities | |||||
Property | |||||
Real Estate Properties | ' | ' | ' | ||
General partners' capital account, units outstanding | 74,830,726 | 42,316,398 | ' | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 94.70% | 96.10% | ' | ||
Number of apartment communities owned (properties) | 270 | ' | ' | ||
Number of Real Estate Properties | 275 | ' | ' | ||
Advertising expenses | $9,500,000 | $8,800,000 | $8,700,000 | ||
Development and capital improvements in progress | 166,048,000 | ' | ' | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 23,800,000 | ' | ' | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,300,000 | ' | ' | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,300,000 | ' | ' | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,300,000 | ' | ' | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 2,600,000 | ' | ' | ||
Furniture, fixtures and equipment | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Estimated useful lives (years) | '5 years | ' | ' | ||
Leases, Acquired-in-Place | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Amortization period of in-place leases and residential relationships (months) | '6 months | ' | ' | ||
Gross real estate assets | 50,300,000 | 1,600,000 | 1,800,000 | ||
Depreciation and amortization | 23,500,000 | 3,700,000 | 3,500,000 | ||
Accumulated amortization | 21,900,000 | 1,000,000 | 700,000 | ||
Dividend Declared | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Accrued expenses and other liabilities | 57,700,000 | 30,600,000 | 27,000,000 | ||
Real Estate Taxes | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Accrued expenses and other liabilities | 40,400,000 | 27,900,000 | 25,400,000 | ||
Interest Expense | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Accrued expenses and other liabilities | 18,100,000 | 7,500,000 | 6,300,000 | ||
Minimum | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Percentage of ownership interests of all consolidated subsidiaries (percent) | 95.00% | ' | ' | ||
Minimum | Land improvements and buildings | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Estimated useful lives (years) | '8 years | ' | ' | ||
Minimum | Computer and software | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Estimated useful lives (years) | '3 years | ' | ' | ||
Maximum | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Percentage of ownership interests of all consolidated subsidiaries (percent) | 100.00% | ' | ' | ||
Maximum self insurance reserve for general liability claims | 50,000 | ' | ' | ||
Maximum self insurance reserve for workers' compensation claims | 500,000 | ' | ' | ||
Maximum | Land improvements and buildings | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Estimated useful lives (years) | '40 years | ' | ' | ||
Maximum | Computer and software | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Estimated useful lives (years) | '5 years | ' | ' | ||
Out Of Period Adjustment | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Description of prior period adjustments | 'In the twelve months ended December 31, 2011, we recorded a $1.8 million non-cash adjustment to general and administrative expensesB related to restricted stock grants issued to certain employees. This adjustment was made during the second quarter of 2011. ThisB error correctionB represents a cumulative adjustment for the 3.5 year period ended June 30, 2011, required by Accounting Standards Codification, or ASC, 718to recordB expense under certain of our restricted stock grant based incentive plans using liability accounting rather than treating these grants as equity awards. | ' | ' | ||
Development Properties | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Number of Real Estate Properties | 5 | ' | ' | ||
Number of units under development community | 1,461 | ' | ' | ||
Number of impaired units in a community as a result of purchase offer received and long term considerations (units) | 509 | ' | ' | ||
Development Properties | Expected Costs | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Development and capital improvements in progress | 203,000,000 | ' | ' | ||
Development Properties | Costs Incurred to Date | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Development and capital improvements in progress | 134,500,000 | ' | ' | ||
Retail | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Number of Real Estate Properties | 4 | ' | ' | ||
Square footage of real estate property (square foot) | 105,168 | ' | ' | ||
Commercial Properties | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Number of Real Estate Properties | 4 | ' | ' | ||
Square footage of real estate property (square foot) | 1,124,596 | ' | ' | ||
Mid America Multifamily Fund II, LLC | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Equity Method Investment, Ownership Percentage | 33.33% | ' | ' | ||
Number Of Units Acquired In Real Estate Property | 1,156 | [1] | ' | ' | |
Belterra | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Equity Method Investment, Ownership Percentage | 10.00% | ' | ' | ||
Number Of Units Acquired In Real Estate Property | 288 | ' | ' | ||
Colonial Grand at McKinney | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Equity Method Investment, Ownership Percentage | 25.00% | ' | ' | ||
Number Of Units Acquired In Real Estate Property | 0 | [2] | ' | ' | |
Land Title Building | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Equity Method Investment, Ownership Percentage | 33.30% | ' | ' | ||
Number of Real Estate Properties | 1 | ' | ' | ||
Interest in real estate joint ventures (percent) | 33.33% | ' | ' | ||
Square footage of real estate property (square foot) | 29,971 | ' | ' | ||
Parent Company [Member] | ' | ' | ' | ||
Real Estate Properties | ' | ' | ' | ||
Total interest capitalized during period | 2,089,000 | 2,318,000 | 1,156,000 | ||
Gross real estate assets | 7,603,638,000 | 3,707,582,000 | ' | ||
Depreciation and amortization | 186,979,000 | 121,211,000 | 106,009,000 | [3] | |
Accumulated amortization | 1,124,207,000 | 1,027,618,000 | ' | ||
Accrued expenses and other liabilities | 206,190,000 | 94,719,000 | ' | ||
Development and capital improvements in progress | 166,048,000 | 52,455,000 | ' | ||
Capitalized Salaries | 391,000 | 274,000 | 292,000 | ||
Capitalized Real Estate Taxes | $288,000 | $276,000 | $183,000 | ||
[1] | This joint venture is comprised of four apartment communities. | ||||
[2] | This joint venture consists of undeveloped land. | ||||
[3] | The 2011 column shows the segment break down based on the 2012 same store portfolios. A comparison using the 2013 same store portfolio would not be comparative due to the nature of the classifications. |
Business_Combinations_Unaudite
Business Combinations (Unaudited Pro forma Information) (Details) (Parent Company [Member], USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Business Acquisition [Line Items] | ' | ' | ' | ||
Payments To Acquire Real Estate And Other Assets | $139,199,000 | $312,001,000 | $362,745,000 | ||
Purchase price for Colonial merger | 2,162,876,000 | 0 | 0 | ||
Total Revenue | 941,662,000 | [1] | 844,002,000 | [1] | ' |
Net Income available to common shareholders | 142,593,000 | [1] | 100,752,000 | [1] | ' |
Earnings per share, diluted (dollars per share) | $1.78 | [1] | $1.45 | [1] | ' |
Business Combination, Merger and Integration Related Expenses | 37,500,000 | ' | ' | ||
Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 104,000,000 | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 4,056,921,000 | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | -1,894,045,000 | ' | ' | ||
Purchase price for Colonial merger | 2,200,000,000 | ' | ' | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 17,600,000 | ' | ' | ||
Series of Individually Immaterial Business Acquisitions | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Payments To Acquire Real Estate And Other Assets | -139,200,000 | ' | ' | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 8,700,000 | ' | ' | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 4,200,000 | ' | ' | ||
Land | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 469,396,000 | ' | ' | ||
Land | Series of Individually Immaterial Business Acquisitions | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 26,900,000 | ' | ' | ||
Building and Building Improvements | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 3,069,642,000 | ' | ' | ||
Building and Building Improvements | Series of Individually Immaterial Business Acquisitions | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 125,700,000 | ' | ' | ||
Furniture Fixtures And Equipment | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 96,377,000 | ' | ' | ||
Furniture Fixtures And Equipment | Series of Individually Immaterial Business Acquisitions | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 300,000 | ' | ' | ||
Construction in Progress | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 113,368,000 | ' | ' | ||
Unimproved Land | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 58,400,000 | ' | ' | ||
Assets Held-for-sale | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 33,800,000 | ' | ' | ||
Finite-Lived Intangible Assets, Major Class Name | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 57,946,000 | ' | ' | ||
Finite-Lived Intangible Assets, Major Class Name | Series of Individually Immaterial Business Acquisitions | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 1,200,000 | ' | ' | ||
Cash and Cash Equivalents | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 63,454,000 | ' | ' | ||
Restricted Cash | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 6,825,000 | ' | ' | ||
Other Assets | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 87,713,000 | ' | ' | ||
Other Assets | Series of Individually Immaterial Business Acquisitions | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 100,000 | ' | ' | ||
Debt | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | -1,759,550,000 | ' | ' | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | -14,961,000 | ' | ' | ||
Other Liabilities | Colonial | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | -119,534,000 | ' | ' | ||
Other Liabilities | Series of Individually Immaterial Business Acquisitions | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ($900,000) | ' | ' | ||
[1] | Pro forma adjustments for certain acquisitions are excluded as they had no pre-acquisition operating activity in 2012 or 2013. |
Business_Combinations_Textual_
Business Combinations (Textual) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Noncontrolling Interest | Building and Building Improvements | Building and Building Improvements | Furniture Fixtures And Equipment | Furniture Fixtures And Equipment | Other Assets | Other Assets | Finite-Lived Intangible Assets, Major Class Name | Finite-Lived Intangible Assets, Major Class Name | Other Liabilities | Other Liabilities | Land | Land | ||
Colonial | Series of Individually Immaterial Business Acquisitions | Commercial | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | ||||||
properties | Communities | sqft | Colonial | Series of Individually Immaterial Business Acquisitions | Colonial | Series of Individually Immaterial Business Acquisitions | Colonial | Series of Individually Immaterial Business Acquisitions | Colonial | Series of Individually Immaterial Business Acquisitions | Colonial | Series of Individually Immaterial Business Acquisitions | Colonial | Series of Individually Immaterial Business Acquisitions | ||||||
Communities | ||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Units Acquired In Real Estate Property | ' | ' | ' | ' | 34,370 | 1,138 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | ' | ' | ' | ' | ' | $153,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | ' | 1,894,045,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,534,000 | 900,000 | ' | ' |
Square footage of real estate property (square foot) | ' | ' | ' | ' | ' | ' | 806,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Commercial Properties Acquired in Real Estate Property | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired | ' | ' | ' | ' | 4,056,921,000 | ' | ' | ' | 3,069,642,000 | 125,700,000 | 96,377,000 | 300,000 | 87,713,000 | 100,000 | 57,946,000 | 1,200,000 | ' | ' | 469,396,000 | 26,900,000 |
Acquired properties, purchase price | ' | -2,162,876,000 | 0 | 0 | -2,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | 31,916,765 | ' | ' | ' | 31,900,000 | ' | ' | 2,574,631 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | 104,000,000 | 8,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | $62.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | $17,600,000 | $4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Apartment Communities Acquired in Real Estate Property | ' | ' | ' | ' | 115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_share_of_the_Trus2
Earnings per share of the Trust (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $37,277 | $61,204 | $28,702 | |
Income from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,131 | 2,414 | 1,267 | |
Income from discontinued operations attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 2,867 | 2,188 | 1,143 | |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 82,002 | 48,621 | 22,529 | |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Earnings Per Share Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted average common shares, basic | ' | ' | ' | ' | ' | ' | ' | ' | 50,677 | ' | ' | |
Weighted average partnership units outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 2,351 | ' | ' | |
Effect of dilutive securities (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 88 | ' | ' | |
Weighted average common shares - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 53,116 | ' | ' | |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 37,277 | 61,204 | 28,702 | |
Income from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,131 | ' | ' | |
Income from continuing operations allocated to unvested restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | 34 | ' | ' | |
Income from continuing operations available for common shareholders, adjusted | ' | ' | ' | ' | ' | ' | ' | ' | 36,112 | 58,737 | 27,413 | |
Income from discontinued operations attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 2,867 | ' | ' | |
Income from discontinued operations allocated to unvested restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | 74 | ' | ' | |
Income from discontinued operations available for common shareholders, adjusted | ' | ' | ' | ' | ' | ' | ' | ' | 79,061 | ' | ' | |
Earnings per share - basic | ($0.12) | $1.04 | $1.38 | $0.50 | $0.53 | $0.74 | $0.69 | $0.60 | $2.27 | $2.56 | $1.32 | |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $82,002 | $48,621 | $22,529 | [1] |
Earnings per unit - diluted | ($0.12) | $1.04 | $1.37 | $0.50 | $0.53 | $0.74 | $0.69 | $0.60 | $2.25 | $2.56 | $1.31 | |
[1] | The 2011 column shows the segment break down based on the 2012 same store portfolios. A comparison using the 2013 same store portfolio would not be comparative due to the nature of the classifications. |
Earnings_per_unit_of_MAA_LP_De
Earnings per unit of MAA LP (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Unit Disclosure | ' | ' | ' |
Income from continuing operations | $37,277 | $61,204 | $28,702 |
Income from continuing operations allocated to unvested restricted shares | 1,131 | 2,414 | 1,267 |
Income from discontinued operations | 82,002 | 48,621 | 22,529 |
Income from discontinued operations allocated to unvested restricted shares | 2,867 | 2,188 | 1,143 |
Limited Partner [Member] | ' | ' | ' |
Earnings Per Unit Disclosure | ' | ' | ' |
Income (Loss) from Continuing Operations, Per Basic Share | $0.70 | $1.43 | $0.73 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $1.32 | $1.11 | $0.56 |
Weighted average common units - basic | 53,075 | 42,911 | 39,051 |
Effect of dilutive securities (units) | 88 | 64 | 100 |
Weighted average common units - diluted | 53,163 | 42,975 | 39,151 |
Income from continuing operations | 37,277 | 61,204 | 28,702 |
Income from continuing operations allocated to unvested restricted shares | 33 | 53 | 21 |
Income from continuing operations available for common unitholders, adjusted | 37,244 | 61,151 | 28,681 |
Income from discontinued operations | 70,267 | 47,836 | 21,886 |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.70 | $1.43 | $0.73 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $1.32 | $1.11 | $0.56 |
Income from discontinued operations allocated to unvested restricted shares | 62 | 41 | 10 |
Income from discontinued operations available for common unitholders, adjusted | 70,205 | 47,795 | 21,876 |
Earnings per unit - basic | $2.02 | $2.54 | $1.29 |
Earnings per share - diluted | $2.02 | $2.54 | $1.29 |
Net Income (Loss) Available to Common Stockholders, Basic | $107,544 | $109,040 | $50,588 |
Stock_Based_Compensation_Chang
Stock Based Compensation (Changes and Status of Key Management 2002 Restricted Stock Nonvested Shares) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Aug. 02, 2011 | Dec. 31, 2002 | |
Key Management 2002 Restricted Stock Plan | Key Management 2002 Restricted Stock Plan | |||
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | ' | ' | 97,881 |
Weighted Average Fair value | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | $0 | $69.37 | $25.65 |
Stock_Based_Compensation_Chang1
Stock Based Compensation (Changes and Status of Director Restricted Stock Nonvested Shares) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted Average Fair value | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | $0 |
Director Restricted Stock Plan | ' | ' |
Nonvested Shares | ' | ' |
Beginning Balance (shares) | 5,340 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,510 | ' |
Vested (shares) | -5,340 | ' |
Forfeited (shares) | 0 | ' |
Ending Balance (shares) | 6,510 | ' |
Weighted Average Fair value | ' | ' |
Beginning Balance, weighted average grant date fair value (dollars per share) | $67.36 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $69.08 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $67.36 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeits In Period Weighted Average Grant Date Fair Value | $0 | ' |
Ending Balance, weighted average grant date fair value (dollars per share) | $69.08 | ' |
Stock_Based_Compensation_Chang2
Stock Based Compensation (Changes and Status of Key Management 2008 Restricted Stock Nonvested Shares) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
Aug. 02, 2011 | Aug. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted Average Fair value | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $0 | $0 | ' |
Key Management 2008 Restricted Stock | ' | ' | ' | ' | ' |
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, Vested in Period, Total Fair Value | ' | ' | $346,000 | $650,000 | $230,000 |
Shares Recategorized from Liabilities to Equity | ' | 6,374 | ' | ' | ' |
Nonvested Shares | ' | ' | ' | ' | ' |
Beginning Balance (shares) | ' | ' | 16,680 | ' | ' |
Issued (shares) | ' | ' | 0 | ' | ' |
Vested (shares) | ' | ' | -5,851 | ' | ' |
Forfeited (shares) | ' | ' | -40 | ' | ' |
Ending Balance (shares) | ' | ' | 10,789 | 16,680 | ' |
Weighted Average Fair value | ' | ' | ' | ' | ' |
Beginning Balance, weighted average grant date fair value (dollars per share) | ' | ' | $56.75 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $69.37 | ' | $0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | ' | ' | $59.12 | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeits In Period Weighted Average Grant Date Fair Value | ' | ' | $69.37 | ' | ' |
Ending Balance, weighted average grant date fair value (dollars per share) | ' | ' | $55.41 | $56.75 | ' |
Stock_Based_Compensation_Chang3
Stock Based Compensation (Changes and Status of Key Management 2010 Restricted Stock Nonvested Shares) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Aug. 02, 2011 | Dec. 31, 2012 | |
Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | |||
Nonvested Shares | ' | ' | ' | ' |
Vested (shares) | ' | ' | ' | 0 |
Weighted Average Fair value | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | $0 | $69.37 | ' |
Stock_Based_Compensation_Chang4
Stock Based Compensation (Changes and Status of 2010 Executive Restricted Stock Nonvested Shares) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Aug. 02, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 23, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Executive 2010 Restricted Stock | Executive 2010 Restricted Stock | Executive 2010 Restricted Stock | Executive 2010 Restricted Stock | Nine Months | |||
Key Management 2010 Restricted Stock | ||||||||||
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27.14% |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | ' | ' | ' | $0 | ' | $0 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | ' | ' | ' | $1,733,000 | ' | ' | $34,000 | $64,000 | $49,000 | ' |
Nonvested Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance (shares) | ' | ' | ' | ' | ' | ' | 634 | ' | ' | ' |
Issued (shares) | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Vested (shares) | ' | ' | ' | 0 | ' | ' | -634 | ' | ' | ' |
Forfeited (shares) | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Ending Balance (shares) | ' | ' | ' | ' | ' | ' | 0 | 634 | ' | ' |
Weighted Average Fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance, weighted average grant date fair value (dollars per share) | ' | ' | ' | ' | ' | ' | $54.38 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | $0 | $69.37 | ' | ' | $54.38 | $0 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | $54.38 | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeits In Period Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' |
Ending Balance, weighted average grant date fair value (dollars per share) | ' | ' | ' | ' | ' | ' | $0 | $54.38 | ' | ' |
Stock_Based_Compensation_Chang5
Stock Based Compensation (Changes and Status of 2011 Restricted Stock Nonvested Shares) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Aug. 02, 2011 | Jan. 03, 2011 | Dec. 31, 2013 | Aug. 02, 2011 | Jan. 03, 2011 | |
Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | One Year from Balance Sheet Date | One Year from Balance Sheet Date | |||
Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | ||||||
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 | ' | ' | ' | ' | ' | 0.16% | 0.28% |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | ' | ' | ' | $0 | ' | ' |
Nonvested Shares | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance (shares) | ' | ' | ' | ' | 11,021 | ' | ' |
Issued (shares) | ' | ' | ' | ' | 0 | ' | ' |
Vested (shares) | ' | ' | ' | ' | -10,938 | ' | ' |
Forfeited (shares) | ' | ' | ' | ' | -83 | ' | ' |
Ending Balance (shares) | ' | ' | ' | ' | 0 | ' | ' |
Weighted Average Fair value | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance, weighted average grant date fair value (dollars per share) | ' | ' | ' | ' | $68.72 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | $0 | $69.37 | $63.96 | $0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | $68.71 | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeits In Period Weighted Average Grant Date Fair Value | ' | ' | ' | ' | $69.37 | ' | ' |
Ending Balance, weighted average grant date fair value (dollars per share) | ' | ' | ' | ' | $0 | ' | ' |
Stock_Based_Compensation_Textu
Stock Based Compensation (Textual) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2002 | Dec. 31, 2013 | Mar. 23, 2010 | Mar. 23, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 02, 2011 | Jan. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 02, 2011 | Jan. 03, 2011 | Dec. 31, 2013 | Aug. 02, 2011 | Jan. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 02, 2011 | Jan. 03, 2011 | Aug. 02, 2011 | Jan. 03, 2011 | Aug. 02, 2011 | Jan. 03, 2011 | Aug. 02, 2011 | Aug. 02, 2011 | Mar. 23, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 23, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 23, 2010 | Mar. 23, 2010 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 02, 2011 | Aug. 02, 2011 | Sep. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 03, 2012 | Sep. 30, 2008 | Dec. 31, 2013 | Sep. 30, 2008 | Sep. 30, 2008 | Sep. 30, 2008 | Sep. 30, 2008 | Dec. 31, 2013 | Sep. 30, 2008 | Dec. 31, 2013 | Sep. 30, 2008 | Sep. 30, 2008 | Sep. 30, 2008 | |
Stock Incentive Plan 2004 | Stock Incentive Plan 2004 | Stock Incentive Plan 2004 | Stock Incentive Plan 2004 | Director Restricted Stock Plan | Director Restricted Stock Plan | Director Restricted Stock Plan | Director Restricted Stock Plan | Director Restricted Stock Plan | Director Restricted Stock Plan | Key Management 2002 Restricted Stock Plan | Key Management 2002 Restricted Stock Plan | Key Management 2002 Restricted Stock Plan | Key Management 2002 Restricted Stock Plan | Key Management 2002 Restricted Stock Plan | Stock Incentive Plan 2013 | Executive 2010 Restricted Stock | Executive 2010 Restricted Stock | Executive 2010 Restricted Stock | Executive 2010 Restricted Stock | Executive 2010 Restricted Stock | Stock Options | Stock Options | Stock Option And Incentive Plan 1994 | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management Twenty Eleven Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2010 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | Key Management 2008 Restricted Stock | |||
Maximum | Annual Grant | Annual Grant | Annual Grant | Maximum | Maximum | One Year from Balance Sheet Date | One Year from Balance Sheet Date | One Year from Balance Sheet Date | More than One and within Two Years from Balance Sheet Date | More than One and within Two Years from Balance Sheet Date | Three Months | Three Months | Market Based Restricted Stock | Person | Three-year Program | One Year from Balance Sheet Date | One Year from Balance Sheet Date | One Year from Balance Sheet Date | Three Months | Three Months | Three Months | Market Based Restricted Stock | For 0.50 years | For 0.50 years | Nine Months | Nine Months | Performance Based Awards | Performance Based Awards | One Year from Balance Sheet Date | One Year from Balance Sheet Date | Service Based Awards | Service Based Awards | Three Months | Market Based Restricted Stock | For 0.50 years | Nine Months | Maximum | Minimum | Three-year Program | Three-year Program | Three-year Program | One Year from Balance Sheet Date | More than One and within Two Years from Balance Sheet Date | Service Based Awards | Three Months | Three Months | For 4.00 years | For 4.00 years | More than Two and within Three Years from Balance Sheet Date | More than Three and within Four Years from Balance Sheet Date | Market Based Restricted Stock | ||||||||||||||||||||||||||||||||||||||||||
Three-year Program | Three-year Program | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock and stock option granted under the plan (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock and stock option to be granted under the plan (shares) | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation costs | ' | ' | $2,653,000 | $2,214,000 | $5,522,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $66,000 | $46,000 | $59,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | ' | 4,158,000 | ' | ' | ' | 263,000 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share Based Compensation Unrecognized Compensation Costs Nonvested Awards Weighted Average Period Of Recognition | ' | ' | '1 year 2 months | ' | ' | ' | '2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 4 months 2 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 months 10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cash paid for settlement of plan shares | ' | ' | 354,000 | 995,000 | 1,604,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized for issuance under employee stock purchase plan (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares that can be purchased under employee stock purchase plan (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock price as percentage of the market price (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares purchased under employee stock purchase plan (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,865 | 6,019 | 5,732 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | ' | '2 years | ' | '3 months | ' | ' | ' | ' | ' | ' | '3 months | '1 year | ' | '1 year | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '3 months | ' | '4 years | ' | ' | ' |
Shares Recategorized from Liabilities to Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,316 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,720 | ' | ' | ' | 1,689,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,374 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage option vested in year one (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage option vested in year two (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage option vested in year three (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage option vested in year four (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage option in year five (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration period (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted (shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of option exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 407,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,881 | ' | ' | 2,710 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,171 | ' | 37,002 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,343 | ' | ' | ' | ' | 15,920 | ' | ' | ' | ' | ' | ' | ' |
Restricted stock fair values at the grant date (dollars per share) | $0 | $0 | ' | ' | ' | ' | $69.08 | ' | ' | ' | ' | ' | $69.37 | ' | ' | ' | $25.65 | ' | $54.38 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $62.55 | $62.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $69.37 | $63.96 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $69.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $69.37 | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Vesting Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | ' | ' | ' | ' | ' | ' | 360,000 | 200,000 | 200,000 | ' | ' | ' | ' | 0 | 740,000 | 702,000 | ' | ' | ' | ' | 34,000 | 64,000 | 49,000 | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 752,000 | 930,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,733,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 346,000 | 650,000 | 230,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock incentive nonemployee directors restricted share units granted, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000 | $60,000 | $50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requisite service period to receive grants in restricted shares of common stock (years) | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted common stock vesting rights description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares vest beginning date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-Mar-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Mar-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.17% | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | 0.16% | 0.28% | ' | 0.06% | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.41% | ' | ' | ' | 0.14% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.95% | ' | 3.24% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.19% | ' | ' | ' | ' | ' | ' | ' | ' | 3.62% | 3.92% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.52% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted, fair value per share (dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $69.37 | ' | $63.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $54.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $52.69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.17% | ' | 29.65% | ' | ' | ' | ' | ' | ' | ' | ' | 18.71% | 23.46% | ' | ' | ' | ' | ' | 18.47% | 22.56% | 18.16% | 24.14% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.65% | ' | ' | ' | ' | 24.12% | 27.14% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.87% | 30.92% | ' | ' | ' | ' | ' | 29.63% | 28.61% | ' |
Volatilities for peers, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatilities for peers, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.94% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 7 months | '2 years 2 months | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year 9 months 14 days | ' | ' | ' | '6 months | '9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years 6 months | ' | ' | ' | '5 years 6 months | ' | ' | ' | ' | ' | ' | '2 years 6 months |
Issued (shares) | ' | ' | ' | ' | ' | ' | 6,510 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,593 | ' | ' | ' | ' | ' | ' | ' | ' | 16,593 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 25,355 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock plan modification, number of participants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | ' | ' | ' | 5,340 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 634 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 565 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,938 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,851 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Chang6
Stock Based Compensation Changes and Status of 2012 Restricted Stock Nonvested Shares (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Jan. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Twenty Twelve Named Executive Officer Restricted Stock Plan | Twenty Twelve Named Executive Officer Restricted Stock Plan | Twenty Twelve Named Executive Officer Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Market Based Restricted Stock | Market Based Restricted Stock | |||
Twenty Twelve Named Executive Officer Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | |||||||||
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 | ' | ' | ' | ' | ' | ' | ' | 4.19% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | ' | ' | ' | ' | ' | ' | $35,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | 5,890 | 0 | 0 | 15,745 | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' | ' | ' | $67.77 | $0 | $0 | $62.55 | $0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | 5,890 | ' | ' | 16,593 | ' | 5,890 | 16,593 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | $0 | $67.77 | $67.77 | ' | $62.55 | $62.55 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | 0 | ' | ' | -565 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | $0 | ' | ' | $62.55 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | ' | ' | ' | 0 | ' | ' | -283 | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeits In Period Weighted Average Grant Date Fair Value | ' | ' | ' | $0 | ' | ' | $62.55 | ' | ' | ' |
Stock_Based_Compensation_Chang7
Stock Based Compensation Changes and Status 2013 Restricted Stock Nonvested Shares (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Thirteen Restricted Stock Plan | Market Based Restricted Stock | Market Based Restricted Stock | Three Months | Three Months | Three Months | One Year from Balance Sheet Date | One Year from Balance Sheet Date | One Year from Balance Sheet Date | One Year from Balance Sheet Date | More than One and within Two Years from Balance Sheet Date | More than One and within Two Years from Balance Sheet Date | More than One and within Two Years from Balance Sheet Date | |||
Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Thirteen Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Thirteen Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Thirteen Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Twelve Restricted Stock Plan | Key Management Twenty Thirteen Restricted Stock Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Vesting Percentage | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.07% | ' | ' | 0.17% | 0.17% | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | '3 months | '1 year | '1 year | ' | '1 year | '2 years | ' | '2 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | 4.19% | 4.27% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | $0 | $62.55 | $62.55 | ' | $65.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.17% | 16.40% | ' | 29.65% | 20.92% |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | ' | ' | $1,203,000 | ' | $1,556,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share Based Compensation Unrecognized Compensation Costs Nonvested Awards Weighted Average Period Of Recognition | ' | ' | ' | '1 year 4 months 2 days | ' | '1 year 5 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Colon
Stock Based Compensation Colonial Merger Restricted Stock and Options Exchanged (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 356,143 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | $0 |
Colonial Merger Restricted Stock and Options Exchanged | ' | ' |
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 | 34,781 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $62.56 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 35,779 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 262 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeits In Period Weighted Average Grant Date Fair Value | $62.56 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 356,143 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $56.69 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 488,262 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $55.96 | ' |
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, Equity Instruments Other than Options, Vested in Period | -110,715 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $47.36 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -21,404 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeits In Period Weighted Average Grant Date Fair Value | $88.29 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $739,152 | ' |
Employee Service Share Based Compensation Unrecognized Compensation Costs Nonvested Awards Weighted Average Period Of Recognition | '7 months 10 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 46,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 335,557 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $56.51 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 3,608,000 | ' |
Share-based compensation arrangement by share-based payment award, options, exercisable, remaining term | '1 year 5 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 3,686,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '1 year 8 months | ' |
Share-based compensation arrangement by share-based payment award, options, exercised during period, intrinsic value | $2,067,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $62.56 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 736 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $62.56 | ' |
Colonial Merger Restricted Stock and Options Exchanged | Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '3 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 15.60% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.02% | ' |
Colonial Merger Restricted Stock and Options Exchanged | Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '5 years 6 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 46.29% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.55% | ' |
Undeveloped_Land_and_Construct2
Undeveloped Land and Construction in Progress (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||
In Thousands, unless otherwise specified | Active Development | Active Development | Active Development | Active Development | Active Development | Active Development | Active Development | Active Development | Active Development | Active Development | Active Development | Future Development | Future Development | Future Development | Future Development | Future Development | Parent Company [Member] | Parent Company [Member] | ||||||||||
Other Miscellaneous Projects | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Commercial | Commercial | Commercial | Multifamily | Commercial | Commercial Outparcels/Pads | For-Sale Residential Land | |||||||||||||||
apartmentunits | 220 Riverside (Jacksonville, FL) | Colonial Grand at Bellevue Phase II (Nashville, TN) | Colonial Grand at Lake Mary Phase III (Orlando, FL) | Colonial Grand at Randal Lakes (Orlando, FL) | Colonial Reserve at South End (Charlotte, NC) | sqft | Colonial Promenade Huntsville Phase II (Huntsville, AL) | Brookwood West - Retail (Birmingham, AL) | ||||||||||||||||||||
apartmentunits | apartmentunits | apartmentunits | apartmentunits | apartmentunits | sqft | sqft | ||||||||||||||||||||||
Undeveloped Land and Construction in Progress | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Number of active development projects | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Number of units in real estate property | ' | ' | ' | 1,461 | [1] | 294 | [1] | 220 | [1] | 132 | [1] | 462 | [1] | 353 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Square footage of real estate property (square foot) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,300 | [1] | 23,000 | [1] | 41,300 | [1] | ' | ' | ' | ' | ' | ' | ' | ||||||
Costs capitalized to date | $166,048 | $147,777 | $18,271 | $132,279 | $15,025 | $7,462 | $9,117 | $49,819 | $50,856 | $15,498 | $6,085 | $9,413 | ' | ' | ' | ' | ' | $166,048 | $52,455 | |||||||||
Undeveloped land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $63,850 | $20,350 | $28,800 | $700 | $14,000 | $63,850 | $1,205 | |||||||||
[1] | Units refer to multifamily apartment units. Square feet refers to commercial space and excludes space owned by anchor tenants. |
Borrowings_Indebtedness_Detail
Borrowings (Indebtedness) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 16, 2013 | Oct. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||
Secured Debt | Unsecured Debt | Interest Rate Forward Swap | Interest Rate Forward Swap | Senior Notes | FNMA | FNMA | Fixed Rate Debt | Fixed Rate Debt | Fixed Rate Debt | Fixed Rate Debt | Fixed Rate Debt | Fixed Rate Debt | Fixed Rate Debt | Fixed Rate Debt | Fixed Rate Debt | Variable Rate Debt | Variable Rate Debt | Variable Rate Debt | Variable Rate Debt | Variable Rate Debt | Variable Rate Debt | FNMA | FNMA | FNMA | Freddie Mac | Freddie Mac | Interest Rate Cap | Interest Rate Swap | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | |||||||||||
Contract | Unsecured Debt | Secured Debt | Secured Debt | Unsecured Debt | Unsecured Debt | Individual Property Mortgages | LIBOR-based interest rate swaps | Term loan fixed with swaps | Senior Notes | Secured Debt | Unsecured Debt | Unsecured Debt | Mortgages | Fixed Rate Debt | Variable Rate Debt | Variable Rate Debt | Variable Rate Debt | Variable Rate Debt | FNMA | FNMA | Interest Rate Cap | Interest Rate Swap | Interest Rate Cap | Interest Rate Swap | |||||||||||||||||||||
Secured Debt | Secured Debt | Unsecured Debt | Unsecured Debt | Secured Debt | Conventional Credit Facility | Conventional Credit Facility | Tax Free Credit Facility | Conventional Credit Facility | Mortgages | Contract | Contract | FNMA | FNMA | FNMA | FNMA | ||||||||||||||||||||||||||||||
Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Notional amount of interest rate derivatives | ' | ' | ' | ' | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $273,000,000 | $125,000,000 | ' | ' | ' | ' | ' | ' | ||||||||
Line of credit facility, maximum borrowing capacity | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | 453,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Line of credit average interest rate | 1.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative instrument maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014 | '2014 | ' | '2018 | '2015 | ||||||||
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.90% | ' | ' | 1.70% | ' | ' | ||||||||
Total outstanding debt | 3,472,718,000 | 1,673,800,000 | 1,790,935,000 | 1,681,783,000 | ' | ' | ' | ' | ' | 3,062,600,000 | 1,291,400,000 | 1,380,812,000 | 1,131,800,000 | 310,000,000 | 1,111,812,000 | 219,000,000 | 550,000,000 | 1,131,783,000 | 410,100,000 | 382,400,000 | 410,123,000 | [1] | 0 | [2] | 23,000,000 | [2] | 27,342,000 | [1] | 50,000,000 | 189,721,000 | [1] | 88,812,000 | [1] | 104,248,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Average interest rate (percentage) | 3.90% | 3.80% | 3.50% | 4.30% | ' | 4.15% | ' | ' | ' | ' | ' | 4.20% | ' | ' | 4.00% | 5.30% | 3.10% | 5.00% | ' | ' | 1.00% | [1] | ' | ' | 3.30% | [1] | 4.70% | 0.80% | [1] | 0.90% | [1] | 0.70% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of Interest rate derivatives held | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 4 | ' | ' | ' | ' | ' | ' | ||||||||
Contract maturity | 28-Apr-18 | ' | 1-Sep-18 | 12-Feb-19 | ' | ' | ' | ' | ' | ' | ' | 13-Jun-18 | ' | ' | 1-Apr-13 | 31-Aug-14 | 10-Nov-17 | 22-Sep-19 | ' | ' | 27-May-19 | [1] | ' | ' | ' | 31-Mar-17 | 2-Dec-16 | [1] | 23-Jul-31 | [1] | 1-Jul-14 | [1] | 31-Oct-15 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | 0.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Line of credit facility, amount outstanding | 0 | ' | ' | ' | ' | ' | ' | 453,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest rate, stated percentage | ' | ' | ' | ' | ' | ' | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.46% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Debt instrument, issue price | ' | ' | ' | ' | ' | ' | $0.99 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Includes capped balances | ||||||||||||||||||||||||||||||||||||||||||||
[2] | Amounts are adjusted to reflect interest rate swap and cap agreements in effect at DecemberB 31, 2013, and 2012, 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. |
Borrowings_Interest_Rate_Range
Borrowings (Interest Rate Ranges, Maturity and Balance of Indebtedness) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Total outstanding debt | $3,472,718 | $1,673,800 | ||
Unsecured Debt | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total outstanding debt | 1,681,783 | ' | ||
Fixed Rate Debt | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total outstanding debt | 3,062,600 | 1,291,400 | ||
Fixed Rate Debt | Taxable Secured | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Actual Interest Rates, Minimum | 3.51% | ' | ||
Actual Interest Rates, Maximum | 6.21% | ' | ||
Average Interest Rates | 4.07% | ' | ||
Total outstanding debt | 1,161,800 | 422,400 | ||
Fixed Rate Debt | Unsecured Debt | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Actual Interest Rates, Minimum | 3.15% | ' | ||
Actual Interest Rates, Maximum | 5.57% | ' | ||
Average Interest Rates | 5.02% | ' | ||
Total outstanding debt | 1,131,800 | 310,000 | ||
Fixed Rate Debt | Interest Rate Swap | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Actual Interest Rates, Minimum | 4.38% | ' | ||
Actual Interest Rates, Maximum | 6.63% | ' | ||
Average Interest Rates | 4.76% | ' | ||
Total outstanding debt | 769,000 | 559,000 | ||
Fixed Rate Debt | Minimum | Taxable Secured | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity date | '2014 | ' | ||
Fixed Rate Debt | Minimum | Unsecured Debt | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity date | '2017 | ' | ||
Fixed Rate Debt | Minimum | Interest Rate Swap | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity date | '2013 | ' | ||
Fixed Rate Debt | Maximum | Taxable Secured | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity date | '2035 | ' | ||
Fixed Rate Debt | Maximum | Unsecured Debt | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity date | '2024 | ' | ||
Fixed Rate Debt | Maximum | Interest Rate Swap | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity date | '2017 | ' | ||
Variable Rate Debt | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total outstanding debt | 410,100 | 382,400 | ||
Variable Rate Debt | Taxable Secured | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Actual Interest Rates, Minimum | 0.66% | [1] | ' | |
Actual Interest Rates, Maximum | 1.13% | [1] | ' | |
Average Interest Rates | 0.72% | [1] | ' | |
Total outstanding debt | 122,700 | [1] | 70,900 | [1] |
Variable Rate Debt | Unsecured Debt | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Average Interest Rates | 0.00% | [1] | ' | |
Maturity date | '2015 | [1] | ' | |
Total outstanding debt | 0 | [1] | 23,000 | [1] |
Interest rate, stated percentage | 1.46% | [1] | ' | |
Variable Rate Debt | Interest Rate Cap | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Actual Interest Rates, Minimum | 0.72% | [1] | ' | |
Actual Interest Rates, Maximum | 1.06% | [1] | ' | |
Average Interest Rates | 0.80% | [1] | ' | |
Total outstanding debt | $287,400 | [1] | $288,500 | [1] |
Variable Rate Debt | Minimum | Taxable Secured | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity date | '2013 | [1] | ' | |
Variable Rate Debt | Minimum | Interest Rate Cap | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity date | '2013 | [1] | ' | |
Variable Rate Debt | Maximum | Taxable Secured | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity date | '2033 | [1] | ' | |
Variable Rate Debt | Maximum | Interest Rate Cap | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity date | '2033 | [1] | ' | |
[1] | Amounts are adjusted to reflect interest rate swap and cap agreements in effect at DecemberB 31, 2013, and 2012, 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. |
Borrowings_Scheduled_Principal
Borrowings (Scheduled Principal Repayments on Borrowings) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2013 | $457,282 | ' |
2014 | 397,054 | ' |
2015 | 173,343 | ' |
2016 | 479,320 | ' |
2017 | 390,629 | ' |
Thereafter | 1,575,090 | ' |
Total outstanding debt | 3,472,718 | 1,673,800 |
Amortization | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2013 | 26,642 | ' |
2014 | 8,361 | ' |
2015 | 9,043 | ' |
2016 | 10,014 | ' |
2017 | 11,382 | ' |
Thereafter | 71,711 | ' |
Total outstanding debt | 137,153 | ' |
Maturities | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2013 | 430,640 | ' |
2014 | 388,693 | ' |
2015 | 164,300 | ' |
2016 | 469,306 | ' |
2017 | 379,247 | ' |
Thereafter | 1,503,379 | ' |
Total outstanding debt | $3,335,565 | ' |
Borrowings_Textual_Details
Borrowings (Textual) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 16, 2013 | Dec. 31, 2013 | Oct. 16, 2013 | Dec. 31, 2013 | Oct. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 31, 2013 | ||||
FNMA | Freddie Mac | Bank Borrowings | Fixed Rate Debt | Fixed Rate Debt | Conventional Variable Rate Debt | Floating Rate Debt | Floating Rate Debt | Capped Conventional Variable Rate Debt | Capped Tax Free Variable Rate Debt | Other Than Conventional Variable Rate Debt | Fixed Rate Senior Notes | Minimum | Maximum | Scenario 1 | Scenario 2 | Floating Rate Debt | Floating Rate Debt | Floating Rate Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Interest Rate Cap | Two Interest Rate Caps | Colonial | Colonial | Colonial | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | ||||||
FNMA | FNMA | FNMA | FNMA | FNMA | Mortgages | Maximum | Bank Borrowings | Fixed Rate Debt | Fixed Rate Debt | Floating Rate Debt | Floating Rate Debt | Senior Notes | Senior Notes | Minimum | Minimum | Maximum | Maximum | FNMA | Fixed Rate Debt | Mortgages | Floating Rate Debt | FNMA | Freddie Mac | Minimum | Maximum | Maximum | FNMA | Freddie Mac | Minimum | Maximum | FNMA | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | ||||||||||||||||||||||||
instrument | instrument | Mortgages | Fixed Rate Debt | Senior Notes | Fixed Rate Debt | Senior Notes | Contract | Contract | FNMA | FNMA | Freddie Mac | Contract | Contract | FNMA | FNMA | instrument | 6.25% Senior Notes due 2014 | 5.5% Senior Notes due 2015 | 6.05% Senior Notes due 2016 | 6.25% Senior Notes due 2014 | 5.5% Senior Notes due 2015 | 6.05% Senior Notes due 2016 | Exchange Notes | |||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Notes payable | $3,472,718,000 | $1,673,800,000 | ' | ' | ' | $3,062,600,000 | $1,291,400,000 | ' | $410,100,000 | $382,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,681,783,000 | ' | $1,131,800,000 | $310,000,000 | $0 | [1] | $23,000,000 | [1] | ' | ' | ' | ' | ' | ' | $1,790,935,000 | ' | $1,380,812,000 | ' | $410,123,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average interest rate (percentage) | 3.90% | 3.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | 4.20% | ' | 1.00% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Credit facilities, total amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 679,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt renewal period (days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Description of variable rate basis | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Secured credit facilities, commitment fee percentage (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.49% | 0.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of credit facility, amount outstanding | 0 | ' | 453,500,000 | 198,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 403,500,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Variable interest rate (percent) | ' | ' | 0.80% | ' | ' | ' | ' | 0.70% | ' | ' | 1.10% | 0.90% | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of credit facility, maximum borrowing capacity | 500,000,000 | ' | ' | 200,000,000 | 496,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 453,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Credit facilities, commitment fees | ' | ' | 548,000 | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 887,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of Interest rate derivatives held (contracts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 7 | ' | ' | ' | 22 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Notional amount of interest rate derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | 94,000,000 | ' | ' | ' | 273,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Variable rate borrowings after interest rate swaps (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.60% | 4.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of credit average interest rate | 1.10% | ' | ' | 0.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Derivative instrument maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014 | '2015 | '2014 | ' | '2014 | '2014 | '2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Derivative cap interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of instruments held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Letters of credit outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Average maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2015 | ' | ' | ' | ' | ' | '2015 | [1] | ' | ' | ' | '2017 | ' | '2024 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | 96,000,000 | ' | ' | 225,300,000 | 88,800,000 | 1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Average interest rates (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.02% | ' | 0.00% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unsecured debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,681,783,000 | 483,000,000 | ' | ' | ' | ' | ' | ' | |||
Long-term debt fixed interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt instrument, unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Underwriting commissions and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 344,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 347,759,000 | 325,000,000 | 285,350,000 | ' | ' | ' | ' | ' | |||
Debt instruments maturity date | ' | ' | ' | ' | '2015-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest rate description | ' | ' | '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 MAA, has historically approximated three-month LIBOR less an average of 0.17% over the life of the FNMA Facilities, plus a fee of 0.49% to 0.67%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest rate terms | ' | ' | ' | ' | 'The Key Bank Credit Line bears an interest rate of LIBOR plus a spread of 1.05% to 1.85% based on a leveraged based pricing grid. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Aggregate principal amount of notes exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,235,000 | 169,161,000 | 68,130,000 | ' | ' | ' | ' | 154,235,000 | 169,112,000 | 68,130,000 | ' | |||
Interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.46% | [1] | ' | ' | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% | 5.50% | 6.05% | ' | ' | ' | ' | 6.25% | 5.50% | 6.05% | ' | ||
Cash received from notes exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $975,000 | ' | ' | ' | ' | |||
Covenant obligation, Debt to Total Asset Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Covenant obligation, Secured Debt to Total Asset Value Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Covenant obligation, Fixed Charge Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Covenant obligation, Unencumbered Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest rate, additional interest, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | |||
[1] | Amounts are adjusted to reflect interest rate swap and cap agreements in effect at DecemberB 31, 2013, and 2012, 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes capped balances |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk) (Details) (Designated as Hedging Instrument, USD $) | Dec. 31, 2013 |
Contract | |
Interest Rate Cap | ' |
Derivative | ' |
Number of Instruments | 12 |
Notional amount of interest rate derivatives | $224,631,000 |
Interest Rate Swap | ' |
Derivative | ' |
Number of Instruments | 18 |
Notional amount of interest rate derivatives | $769,000,000 |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Outstanding Interest Rate Derivatives Not Designated as Hedges) (Details) (Not Designated as Hedging Instrument, Interest Rate Cap, USD $) | Dec. 31, 2013 |
Contract | |
Not Designated as Hedging Instrument | Interest Rate Cap | ' |
Derivative | ' |
Number of Instruments | 11 |
Notional amount of interest rate derivatives | $63,820,000 |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities (Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $396 | $245 |
Liability Derivatives, Fair Value | 20,015 | 21,423 |
Derivatives not designated as hedging instruments, Asset at Fair Value | 49 | 43 |
Derivatives not designated as hedging instruments, Liability at Fair Value | 0 | 0 |
Other Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 396 | 245 |
Derivatives not designated as hedging instruments, Asset at Fair Value | 49 | 43 |
Interest Rate Swap | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | 20,015 | 21,423 |
Derivatives not designated as hedging instruments, Liability at Fair Value | $0 | $0 |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities (Effect of Derivative Instruments on Consolidated Statement of Operations) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Derivative | ' | ' | ' | ' |
Accumulated other comprehensive income (losses) | $108,000 | ($26,054,000) | ($35,848,000) | ($48,847,000) |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | 10,684,000 | -8,411,000 | -14,012,000 | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -16,370,000 | -20,113,000 | -27,639,000 | ' |
Interest Expense | ' | ' | ' | ' |
Derivative | ' | ' | ' | ' |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | -37,000 | 39,000 | 195,000 | ' |
Interest Rate Contract | ' | ' | ' | ' |
Derivative | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | 10,684,000 | -8,411,000 | -14,012,000 | ' |
Interest Rate Contract | Interest Expense | ' | ' | ' | ' |
Derivative | ' | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -16,370,000 | -20,113,000 | -27,639,000 | ' |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 37,000 | -39,000 | -195,000 | ' |
Not Designated as Hedging Instrument | ' | ' | ' | ' |
Derivative | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -16,000 | -66,000 | -24,000 | ' |
Not Designated as Hedging Instrument | Interest Expense | ' | ' | ' | ' |
Derivative | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -16,000 | -66,000 | -24,000 | ' |
Parent Company [Member] | ' | ' | ' | ' |
Derivative | ' | ' | ' | ' |
Accumulated other comprehensive income (losses) | $108,000 | ($26,054,000) | ' | ' |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities (Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' |
Beginning balance | ($26,054) | ($35,848) | ($48,847) |
Unrealized losses from the effective portion of derivative instruments | 10,684 | -8,411 | -14,012 |
Amounts reclassified from accumulated other comprehensive income (interest rate contracts) | 16,370 | 20,113 | 27,639 |
Net current-period other comprehensive income attributable to noncontrolling interest | 892 | 1,908 | -628 |
Net current-period other comprehensive income attributable to MAA | 26,162 | 9,794 | 12,999 |
Ending balance | $108 | ($26,054) | ($35,848) |
Derivatives_and_Hedging_Activi7
Derivatives and Hedging Activities (Textual) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative | ' | ' | ' |
Credit risk related contingent features termination value | $7,000,000 | ' | ' |
Percentage of collateral required to be posted (percent) | 100.00% | ' | ' |
Cross acceleration | ' | ' | ' |
Derivative | ' | ' | ' |
Credit risk related contingent features termination value | 4,900,000 | ' | ' |
Other Credit Enhancements | ' | ' | ' |
Derivative | ' | ' | ' |
Credit risk related contingent features termination value | 14,900,000 | ' | ' |
Termination | ' | ' | ' |
Derivative | ' | ' | ' |
Fair value of credit risk derivatives | 20,000,000 | ' | ' |
Net liability position | ' | ' | ' |
Derivative | ' | ' | ' |
Credit risk related contingent features termination value | 22,000,000 | ' | ' |
Interest Expense | ' | ' | ' |
Derivative | ' | ' | ' |
Change in fair value of derivatives, ineffective portion | 37,000 | -39,000 | -195,000 |
Interest Expense | Cash Flow Hedges of Interest Rate Risk | Interest Rate Cap | ' | ' | ' |
Derivative | ' | ' | ' |
Change in fair value of interest rate derivatives included in AOCI and expected to be reclassified in the next 12 months | $11,100,000 | ' | ' |
Gross_Presentation_Effects_of_
Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives (Details) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $444 | $288 |
Derivative Liability, Fair Value, Gross Liability | 20,015 | 21,423 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liability, Fair Value, Net | 20,015 | 21,423 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Asset, Fair Value, Net | 444 | 288 |
Derivative, Fair Value, Gross Amount Not Offset Against Collateral, Net | ' | $0 |
Fair_Value_Disclosure_of_Finan2
Fair Value Disclosure of Financial Instruments (Textual) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fixed Rate Debt | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Notes payable | $2,290 | $732.40 |
Notes payable at fair value | 2,300 | 777.8 |
Variable Rate Debt | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Notes payable | 1,180 | 941.5 |
Notes payable at fair value | $1,120 | $860.10 |
Fair_Value_Disclosure_of_Finan3
Fair Value Disclosure of Financial Instruments (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Derivative financial instruments, Asset | $444 | $288 |
Derivative financial instruments, Liability | 20,015 | 21,423 |
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 | 444 | 288 |
Derivative financial instruments, Liability | 20,015 | 21,423 |
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 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Commitments And Contingencies Additional Information [Abstract] | ' | ' | ' |
Operating lease expense | $74,000 | $15,000 | $18,000 |
Commitments under operating lease agreements in 2013 | 253,000 | ' | ' |
Commitments under operating lease agreements in 2014 | 250,000 | ' | ' |
Operating leases, future minimum payments, due thereafter | 667,000 | ' | ' |
Commitments under development contract agreements in 2013 | $2,100,000 | ' | ' |
Income_Taxes_Textual_Details
Income Taxes (Textual) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Derivative | ' |
Income tax description | 'No provision for federal income taxes has been made in the accompanying consolidated financial statements. MAA has made an election to be taxed as a Real Estate Investment Trust, or REIT, under Sections 856 through 860 of the Internal Revenue Code. As a REIT, MAA is generally not subject to federal income tax to the extent that we distribute 100% of our taxable income to our shareholders. We must meet certain requirements, including the requirement to distribute at least 90% of our taxable income, to maintain REIT status. If we fail to qualify as a REIT in any taxable year, MAA will be subject to the federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate rates. Even though we qualify for taxation as a REIT, MAA may be subject to certain federal, state and local taxes on our income and property and to federal income and excise tax on our undistributed income |
Interest Rate Swap | Designated as Hedging Instrument | ' |
Derivative | ' |
Notional amount of interest rate derivatives | 769,000,000 |
Interest Rate Swap | Designated as Hedging Instrument | Parent Company [Member] | ' |
Derivative | ' |
Notional amount of interest rate derivatives | 50,000,000 |
Derivative, Fixed Interest Rate | 2.47% |
Interest Rate Swap | Designated as Hedging Instrument | Wells Fargo with Fixed Interest Rate of 2.576% | Parent Company [Member] | ' |
Derivative | ' |
Notional amount of interest rate derivatives | 200,000,000 |
Derivative, Fixed Interest Rate | 2.58% |
Interest Rate Swap | Designated as Hedging Instrument | Wells Fargo with Fixed Interest Rate of 1.064% | Parent Company [Member] | ' |
Derivative | ' |
Notional amount of interest rate derivatives | 50,000,000 |
Derivative, Fixed Interest Rate | 1.06% |
Interest Rate Swap | Designated as Hedging Instrument | Wells Fargo with Fixed Interest Rate of 1.133% | Parent Company [Member] | ' |
Derivative | ' |
Notional amount of interest rate derivatives | 100,000,000 |
Derivative, Fixed Interest Rate | 1.13% |
Income_Taxes_Taxability_of_Cas
Income Taxes (Taxability of Cash Distributions Paid on Common Shares) (Details) (Parent Company [Member], USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments, Owned, Federal Income Tax Note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary income (dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.36 | $2.16 | $1.90 |
Ordinary income (percentage per share) | ' | ' | ' | ' | ' | ' | ' | ' | 84.90% | 81.64% | 75.59% |
Capital gains (dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.17 | $0.08 | $0.10 |
Capital gains (percentage per share) | ' | ' | ' | ' | ' | ' | ' | ' | 6.23% | 3.09% | 3.97% |
Return of capital (dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.28 |
Return of capital (percentage per share) | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 11.21% |
Un-recaptured Section 1250 gain dividends per share | ' | ' | ' | ' | ' | ' | ' | ' | $0.25 | $0.40 | $0.23 |
Un-recaptured Section 1250 gain dividends per share percentage | ' | ' | ' | ' | ' | ' | ' | ' | 8.87% | 15.27% | 9.23% |
Total (dollars per share) | $0.70 | $0.70 | $0.70 | $0.70 | $0.66 | $0.66 | $0.66 | $0.66 | $2.78 | $2.64 | $2.51 |
Total (percentage per share) | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Income_Taxes_Taxable_REIT_Subs
Income Taxes Taxable REIT Subsidiaries (Details) (USD $) | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Subsidiary of Common Parent | Parent Company [Member] | Post Acquisition Period | ||
Subsidiary of Common Parent | ||||
Investments, Owned, Federal Income Tax Note | ' | ' | ' | ' |
Income tax expense/(benefit) | ' | $0 | ' | ' |
Real estate asset basis differences | ' | 27,014,000 | ' | ' |
Deferred revenue | ' | 19,000 | ' | ' |
Deferred expenses | ' | 15,261,000 | ' | ' |
Net operating loss carryforward | ' | 29,864,000 | ' | ' |
Accrued liabilities | ' | 4,168,000 | ' | ' |
Deferred tax assets | ' | 76,326,000 | ' | ' |
Deferred tax liabilities, real estate asset basis differences | ' | -1,631,000 | ' | ' |
Net deferred tax assets, before valuation allowance | ' | 74,695,000 | ' | ' |
Valuation Allowance | ' | -74,695,000 | ' | ' |
Net deferred tax assets, included in other assets | ' | 0 | ' | ' |
Operating loss carryforwards | ' | $68,800,000 | $46,300,000 | $1,500,000 |
Income tax examinations in process | 0 | ' | ' | ' |
Shareholders_Equity_Details
Shareholder's Equity (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 02, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Aug. 26, 2010 | Dec. 31, 1999 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
At The Market (ATM) Programs | At The Market (ATM) Programs | At The Market (ATM) Programs | At The Market ATM Programs | At The Market ATM Programs | At The Market ATM Programs | Initial Public Offering | Maximum | Maximum | Period Covered from 1999 to 2011 | Dividend And Distribution Reinvestment And Share Purchase Plan | Dividend And Distribution Reinvestment And Share Purchase Plan | Dividend And Distribution Reinvestment And Share Purchase Plan | Dividend And Distribution Reinvestment And Share Purchase Plan | Dividend And Distribution Reinvestment And Share Purchase Plan | Noncontrolling Interest | Noncontrolling Interest | Noncontrolling Interest | MAA | MAA | MAA | |||||
Minimum | Maximum | ||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 74,830,726 | 42,316,398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Shares Issuable Upon Conversion Of Convertible Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,227,384 | 1,731,672 | ' | ' | ' | ' |
Common shares and operating partnership units outstanding | 79,058,110 | 44,048,070 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 356,143 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | 31,916,765 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,574,631 | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | 5,029 | 15,565 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Partners' Capital Account | $256,771,304 | $112,125,762 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable Capital Shares Par Or Stated Value Per Share | ' | $64.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60.74 | ' | ' | ' | ' | ' |
Percentage of Operating Partnership net income (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.60% | 4.50% | 5.30% | 95.40% | 95.50% | 94.70% |
Optional cash investments in common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 5,000 | ' | ' | ' | ' | ' | ' |
Common stock registered for Dividend and Distribution Reinvestment and Share Purchase Plan (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' | ' | ' | ' | ' | ' |
Discount rate on sale of common stock (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' |
Common stock issued for shareholders to reinvest distributions (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,924 | 14,260 | 509,116 | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate for optional cash purchases (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Subject To Issuance Pursuant To Sales Agreement | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued (shares) | ' | ' | ' | ' | 365,011 | 1,155,511 | 3,303,273 | 4,134,989 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares sold on underwritten public offering | ' | ' | ' | 1,955,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock, net of applicable fees | ' | ' | ' | ' | ' | ' | ' | 24,800,000 | 75,900,000 | 204,500,000 | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | 25,100,000 | 77,000,000 | 207,700,000 | 124,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock authorized for repurchase plan (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners_Capital_of_MAA_LP_Det
Partners' Capital of MAA LP (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Capital Structure [Line Items] | ' | ' |
Operating partnership units outstanding | 79,058,110 | 44,048,070 |
General partners' capital account, units outstanding | 74,830,726 | 42,316,398 |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 94.70% | 96.10% |
Limited Partners' Capital Account, Units Outstanding | 4,227,384 | 1,731,672 |
Stock Issued During Period, Shares, Acquisitions | 34,491,396 | ' |
Redeemable Capital Shares Par Or Stated Value Per Share | ' | $64.75 |
Limited Partners' Capital Account | $256,771,304 | $112,125,762 |
Noncontrolling Interest | ' | ' |
Schedule of Capital Structure [Line Items] | ' | ' |
Common Shares Issuable Upon Conversion Of Convertible Stock | 4,227,384 | 1,731,672 |
Redeemable Capital Shares Par Or Stated Value Per Share | $60.74 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Option And Incentive Plan 1994 | Employee Stock Ownership Plan ESOP Plan | Initial Public Offering | Outside Directors | Outside Directors | Outside Directors | Outside Directors | Nonqualified Deferred Compensation Plan | Nonqualified Deferred Compensation Plan | Nonqualified Deferred Compensation Plan | ||||
installment | |||||||||||||
Defined Benefit Plan Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contribution for defined contribution plan | $675,000 | $668,000 | $597,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,000 | 45,000 | 51,000 |
Number of annual installments of deferred compensation (installment) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Number of days after departure from board of directors for payment of deferred compensation (days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' |
Number of deferred common stock (shares) | ' | ' | ' | ' | ' | ' | 7,173 | 5,549 | 5,328 | ' | ' | ' | ' |
Weighted-average grant date fair values of deferred common stock (dollars per share) | ' | ' | ' | ' | ' | ' | $66.77 | $66.12 | $64.55 | ' | ' | ' | ' |
Directors Deferred Compensation Plan, cash payout liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,000 | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution to Employee Stock Ownership Plan, common stock (shares) | ' | ' | ' | ' | ' | 22,500 | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan, common stock, shares outstanding (shares) | 186,872 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan, common stock, fair value | $11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of bonus | ' | ' | ' | 'Under the terms of the supplemental bonus agreements, MAA will pay bonuses to these employees equal to 3% of the original note balance on each anniversary date of the advance, limited to 15% of the aggregate purchase price of the shares and units. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leasing_Operations_Details
Leasing Operations (Details) (USD $) | Dec. 31, 2013 |
Future Minimum Rentals | ' |
Operating leases, future minimum payments receivable, current | $10,900,000 |
Operating leases, future minimum payments receivable, in two years | 9,600,000 |
Operating leases, future minimum payments receivable, in three years | 8,800,000 |
Operating leases, future minimum payments receivable, in four years | 7,200,000 |
Operating leases, future minimum payments receivable, in five years | 6,500,000 |
Operating leases, future minimum payments receivable, thereafter | 57,700,000 |
Credit risk exposure relating to leasing arrangements | $0 |
Legal_Proceedings_Details
Legal Proceedings (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Legal Proceedings | ' | ' |
Loss contingency accrual, at carrying value | 11.9 | $0 |
Regatta Litigation | ' | ' |
Legal Proceedings | ' | ' |
For-sale residential unit dispositions | 212 | ' |
Plantation Point Litigation | ' | ' |
Legal Proceedings | ' | ' |
For-sale residential unit dispositions | 414 | ' |
Loss contingency, damages sought, value | ' | $24.70 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Joint Venture Apartment Communities | ' | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | ' | |
Asset management fees | $93,000 | $346,000 | $426,000 | |
Construction management fees | 1,000 | 3,000 | 3,000 | |
Due from related parties | 1,800,000 | 3,100,000 | 400,000 | |
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 | 647,000 | 899,000 | 1,017,000 | [1] |
Limited Partner [Member] | ' | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | ' | |
Management fees income | 647,000 | 899,000 | 1,017,000 | |
Due to Related Parties, Current | $19,000 | $617,000 | ' | |
[1] | The 2011 column shows the segment break down based on the 2012 same store portfolios. A comparison using the 2013 same store portfolio would not be comparative due to the nature of the classifications. |
Earnings_from_Discontinued_Ope2
Earnings from Discontinued Operations (Summary of Communities Sold) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property | Property | Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of Properties Sold | 9 | 9 | 2 |
Number of Real Estate Properties | 275 | ' | ' |
Woodbridge at the Lake | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of units in real estate property | 188 | ' | ' |
Savannah's at James Landing | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of units in real estate property | 256 | ' | ' |
High Ridge | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of units in real estate property | 160 | ' | ' |
Paddock Club Jacksonville | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of units in real estate property | 440 | ' | ' |
Marsh Oaks | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of units in real estate property | 120 | ' | ' |
Three Oaks | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of units in real estate property | 240 | ' | ' |
Wildwood | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of units in real estate property | 216 | ' | ' |
Shenandoah Ridge | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of units in real estate property | 272 | ' | ' |
Whispering Pines | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of units in real estate property | 216 | ' | ' |
Willow Creek | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of units in real estate property | 285 | ' | ' |
Colonial Promenade Nord du Lac | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Square footage of real estate property (square foot) | 282,946 | ' | ' |
Held For Sale | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of Real Estate Properties | 2 | ' | ' |
Earnings_from_Discontinued_Ope3
Earnings from Discontinued Operations (Summary of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income from continuing operations attributable to MAA | ' | ' | ' | ' | ' | ' | ' | ' | $36,146 | $58,790 | $27,435 | |
Income from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,131 | 2,414 | 1,267 | |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 37,277 | 61,204 | 28,702 | |
Income from discontinued operations attributable to MAA | ' | ' | ' | ' | ' | ' | ' | ' | 79,135 | 46,433 | 21,386 | |
Income from discontinued operations attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 2,867 | 2,188 | 1,143 | |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 82,002 | 48,621 | 22,529 | |
Limited Partner [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 53 | 21 | |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 37,277 | 61,204 | 28,702 | |
Income from discontinued operations attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 62 | 41 | 10 | |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 70,267 | 47,836 | 21,886 | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental revenues | ' | ' | ' | ' | ' | ' | ' | ' | 580,207 | 436,658 | 373,797 | |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 53,880 | 38,331 | 34,968 | |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 634,734 | 475,888 | 409,782 | |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 440,293 | 315,360 | 279,572 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 75,915 | 57,937 | 56,383 | |
Income from discontinued operations before gain on sale | ' | ' | ' | ' | ' | ' | ' | ' | 4,654 | 6,153 | 9,099 | |
Net gain (loss) on insurance and other settlement proceeds on discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 93 | 48 | -12 | |
Gain (loss) on sale of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 65,520 | 41,635 | 12,799 | |
Limited Partner [Member] | Disposal Groups, Including Discontinued Operations, Name | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 70,267 | 47,836 | 21,886 | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental revenues | ' | ' | ' | ' | ' | ' | ' | ' | 12,202 | 25,374 | 37,760 | |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,099 | 2,514 | 3,990 | |
Total operating revenues | 239,607 | 135,406 | 131,801 | 127,920 | 126,020 | 122,157 | 116,729 | 110,982 | 13,301 | 27,888 | 41,750 | |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 5,709 | 12,997 | 20,219 | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,480 | 6,880 | 9,854 | |
Interest expense | 30,258 | 14,923 | 15,189 | 15,545 | 15,583 | 14,507 | 13,971 | 13,876 | 458 | 1,858 | 2,578 | |
Total expense | ' | ' | ' | ' | ' | ' | ' | ' | 8,647 | 21,735 | 32,651 | |
Income from discontinued operations before gain on sale | 600 | 973 | 1,511 | 1,570 | 1,566 | 850 | 1,863 | 1,874 | 4,654 | 6,153 | 9,099 | |
Gain (loss) on sale of discontinued operations | 4,935 | 28,806 | 31,779 | 0 | 3,161 | 16,092 | 12,953 | 9,429 | ' | ' | ' | |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,131 | ' | ' | |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 37,277 | 61,204 | 28,702 | |
Income from discontinued operations attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 2,867 | ' | ' | |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 82,002 | 48,621 | 22,529 | [1] |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental revenues | ' | ' | ' | ' | ' | ' | ' | ' | 580,207 | 436,658 | 373,797 | |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 53,880 | 38,331 | 34,968 | |
Total operating revenues | 239,607 | 135,406 | 131,801 | 127,920 | 126,020 | 122,157 | 116,729 | 110,982 | 634,734 | 475,888 | 409,782 | |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 440,293 | 315,360 | 279,572 | |
Interest expense | 30,258 | 14,923 | 15,189 | 15,545 | 15,583 | 14,507 | 13,971 | 13,876 | 75,915 | 57,937 | 56,383 | [1] |
Income from discontinued operations before gain on sale | 614 | 972 | 1,697 | 1,782 | 1,780 | 1,046 | 2,051 | 2,061 | 5,065 | 6,938 | 9,742 | |
Net gain (loss) on insurance and other settlement proceeds on discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 93 | 48 | -12 | |
Gain (loss) on sale of discontinued operations | 4,935 | 28,788 | 43,121 | 0 | 3,161 | 16,092 | 12,953 | 9,429 | 76,844 | 41,635 | 12,799 | |
Parent Company [Member] | Disposal Groups, Including Discontinued Operations, Name | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 82,002 | 48,621 | 22,529 | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental revenues | ' | ' | ' | ' | ' | ' | ' | ' | 13,255 | 27,598 | 39,923 | |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,189 | 2,706 | 4,184 | |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 14,444 | 30,304 | 44,107 | |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 6,205 | 14,066 | 21,274 | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,716 | 7,433 | 10,418 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 458 | 1,867 | 2,673 | |
Total expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,379 | 23,366 | 34,365 | |
Income from discontinued operations before gain on sale | ' | ' | ' | ' | ' | ' | ' | ' | $5,065 | $6,938 | $9,742 | |
[1] | The 2011 column shows the segment break down based on the 2012 same store portfolios. A comparison using the 2013 same store portfolio would not be comparative due to the nature of the classifications. |
Segment_Information_Textual_De
Segment Information (Textual) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
individual | |
Property | |
States | |
Segment Reporting Information [Line Items] | ' |
Number of Real Estate Properties | 275 |
Number of states in which apartment units are located (states) | 14 |
Apartment community population (individuals) | 1,000,000 |
Percentage of Total Public Multifamily REIT Units | 1.00% |
Period properties owned and stabilized (months) | '12 months |
Large Market Same Store | ' |
Segment Reporting Information [Line Items] | ' |
Apartment communities in reportable operating segments | '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 and have not been classified as held for sale. |
Secondary Market Same Store | ' |
Segment Reporting Information [Line Items] | ' |
Apartment communities in reportable operating segments | '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 and have not been classified as held for sale. |
Non Same Store And Other | ' |
Segment Reporting Information [Line Items] | ' |
Apartment communities in reportable operating segments | 'recent acquisitions, communities in development or lease-up and communities that have been classified as held for sale. Also included in non same store communities are non multifamily activities which represent less than 1% of our portfolio. |
Segment_Information_Revenues_a
Segment Information (Revenues and NOI for Reportable Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $82,002,000 | $48,621,000 | $22,529,000 | |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total property revenues | ' | ' | ' | ' | ' | ' | ' | ' | 634,087,000 | 474,989,000 | 429,789,000 | [1] |
Management fee income | ' | ' | ' | ' | ' | ' | ' | ' | 647,000 | 899,000 | 1,017,000 | [1] |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 634,734,000 | 475,888,000 | 430,806,000 | [1] |
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 389,012,000 | 297,076,000 | 258,036,000 | [1] |
Discontinued operations NOI included above | ' | ' | ' | ' | ' | ' | ' | ' | -8,239,000 | -16,236,000 | -22,834,000 | [1] |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -186,979,000 | -121,211,000 | -106,009,000 | [1] |
Acquisition expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,393,000 | -1,581,000 | -3,319,000 | [1] |
Property management expense | ' | ' | ' | ' | ' | ' | ' | ' | -23,083,000 | -21,281,000 | -19,973,000 | [1] |
General and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | -15,569,000 | -13,762,000 | -18,123,000 | [1] |
Merger related expenses | ' | ' | ' | ' | ' | ' | ' | ' | -32,403,000 | 0 | 0 | |
Integration costs | ' | ' | ' | ' | ' | ' | ' | ' | -5,102,000 | 0 | 0 | |
Interest and other non-property income | ' | ' | ' | ' | ' | ' | ' | ' | 488,000 | 430,000 | 802,000 | [1] |
Interest expense | -30,258,000 | -14,923,000 | -15,189,000 | -15,545,000 | -15,583,000 | -14,507,000 | -13,971,000 | -13,876,000 | -75,915,000 | -57,937,000 | -56,383,000 | [1] |
Loss on debt extinguishment/modification | ' | ' | ' | ' | ' | ' | ' | ' | -426,000 | -654,000 | -755,000 | [1] |
Amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -3,063,000 | -3,552,000 | -2,902,000 | [1] |
Net casualty (loss) gain after insurance and other settlement proceeds | ' | ' | ' | ' | ' | ' | ' | ' | -143,000 | -6,000 | -619,000 | [1] |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -893,000 | -803,000 | -727,000 | |
Gain on sale of non-depreciable assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 45,000 | 1,084,000 | [1] |
Gain (loss) from real estate joint ventures | 177,000 | 60,000 | 47,000 | 54,000 | -53,000 | -72,000 | -67,000 | -31,000 | 338,000 | -223,000 | -593,000 | [1] |
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 82,002,000 | 48,621,000 | 22,529,000 | [1] |
Net income attributable to noncontrolling interests | 538,000 | -1,772,000 | -1,939,000 | -825,000 | -900,000 | -1,212,000 | -1,312,000 | -1,178,000 | -3,998,000 | -4,602,000 | -2,410,000 | [1] |
Net income attributable to MAA | -9,272,000 | 44,284,000 | 59,089,000 | 21,180,000 | 22,307,000 | 30,866,000 | 28,160,000 | 23,890,000 | 115,281,000 | 105,223,000 | 48,821,000 | [1] |
Parent Company [Member] | Large Market Same Store | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total property revenues | ' | ' | ' | ' | ' | ' | ' | ' | 256,141,000 | 243,721,000 | 213,800,000 | [1] |
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 152,725,000 | 143,060,000 | 122,447,000 | [1] |
Parent Company [Member] | Secondary Market Same Store | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total property revenues | ' | ' | ' | ' | ' | ' | ' | ' | 207,572,000 | 201,834,000 | 187,202,000 | [1] |
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 123,787,000 | 119,764,000 | 108,024,000 | [1] |
Parent Company [Member] | Non Same Store And Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total property revenues | ' | ' | ' | ' | ' | ' | ' | ' | 170,374,000 | 29,434,000 | 28,787,000 | [1] |
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | $112,500,000 | $34,252,000 | $27,565,000 | [1] |
[1] | The 2011 column shows the segment break down based on the 2012 same store portfolios. A comparison using the 2013 same store portfolio would not be comparative due to the nature of the classifications. |
Segment_Information_Assets_for
Segment Information (Assets for Reportable Segments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $6,841,925 | $2,751,068 |
Large Market Same Store | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,252,575 | 1,108,827 |
Secondary Market Same Store | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 796,697 | 654,315 |
Non Same Store And Other | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 4,638,892 | 949,398 |
Corporate assets | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $153,761 | $38,528 |
Subsequent_Events_Details
Subsequent Events (Details) | Jan. 15, 2014 | Jan. 31, 2014 | Jan. 15, 2014 |
Grand Cypress [Member] | Venue at Stonebridge Ranch | Willow Creek | |
Apartments | Apartments | Apartments | |
Subsequent Event [Line Items] | ' | ' | ' |
Number of units in real estate property | 312 | 250 | 285 |
Selected_Quarterly_Financial_I2
Selected Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Limited Partner [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | $634,734 | $475,888 | $409,782 | |
Income from continuing operations before non-operating items | ' | ' | ' | ' | ' | ' | ' | ' | 116,891 | 123,904 | 88,795 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 75,915 | 57,937 | 56,383 | |
Loss from real estate joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 338 | -223 | -593 | |
Income from discontinued operations before gain on sale | ' | ' | ' | ' | ' | ' | ' | ' | 4,654 | 6,153 | 9,099 | |
Gain on sale of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 65,520 | 41,635 | 12,799 | |
Consolidated net income | ' | ' | ' | ' | ' | ' | ' | ' | 107,544 | 109,040 | 50,588 | |
Earnings per share - basic | ' | ' | ' | ' | ' | ' | ' | ' | $2.02 | $2.54 | $1.29 | |
Earnings per share - diluted | ' | ' | ' | ' | ' | ' | ' | ' | $2.02 | $2.54 | $1.29 | |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total operating revenues | 239,607 | 135,406 | 131,801 | 127,920 | 126,020 | 122,157 | 116,729 | 110,982 | 634,734 | 475,888 | 409,782 | |
Income from continuing operations before non-operating items | 15,719 | 32,405 | 31,920 | 36,847 | 35,592 | 30,477 | 29,482 | 28,353 | 116,891 | 123,904 | 88,795 | |
Interest expense | 30,258 | 14,923 | 15,189 | 15,545 | 15,583 | 14,507 | 13,971 | 13,876 | 75,915 | 57,937 | 56,383 | [1] |
Loss from real estate joint ventures | 177 | 60 | 47 | 54 | -53 | -72 | -67 | -31 | 338 | -223 | -593 | [1] |
Income from discontinued operations before gain on sale | 614 | 972 | 1,697 | 1,782 | 1,780 | 1,046 | 2,051 | 2,061 | 5,065 | 6,938 | 9,742 | |
Gain on sale of discontinued operations | 4,935 | 28,788 | 43,121 | 0 | 3,161 | 16,092 | 12,953 | 9,429 | 76,844 | 41,635 | 12,799 | |
Consolidated net income | -9,810 | 46,056 | 61,028 | 22,005 | 23,207 | 32,078 | 29,472 | 25,068 | 119,279 | 109,825 | 51,231 | |
Net income attributable to noncontrolling interest | -538 | 1,772 | 1,939 | 825 | 900 | 1,212 | 1,312 | 1,178 | 3,998 | 4,602 | 2,410 | [1] |
Net income (loss) available for MAA common shareholders | -9,272 | 44,284 | 59,089 | 21,180 | 22,307 | 30,866 | 28,160 | 23,890 | 115,281 | 105,223 | 48,821 | [1] |
Earnings per share - basic | ($0.12) | $1.04 | $1.38 | $0.50 | $0.53 | $0.74 | $0.69 | $0.60 | $2.27 | $2.56 | $1.32 | |
Earnings per share - diluted | ($0.12) | $1.04 | $1.37 | $0.50 | $0.53 | $0.74 | $0.69 | $0.60 | $2.25 | $2.56 | $1.31 | |
Common Stock, Dividends, Per Share, Cash Paid | $0.70 | $0.70 | $0.70 | $0.70 | $0.66 | $0.66 | $0.66 | $0.66 | $2.78 | $2.64 | $2.51 | |
Disposal Groups, Including Discontinued Operations, Name | Limited Partner [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total operating revenues | 239,607 | 135,406 | 131,801 | 127,920 | 126,020 | 122,157 | 116,729 | 110,982 | 13,301 | 27,888 | 41,750 | |
Income from continuing operations before non-operating items | 15,719 | 32,405 | 31,920 | 36,847 | 35,592 | 30,477 | 29,482 | 28,353 | ' | ' | ' | |
Interest expense | 30,258 | 14,923 | 15,189 | 15,545 | 15,583 | 14,507 | 13,971 | 13,876 | 458 | 1,858 | 2,578 | |
Loss from real estate joint ventures | 177 | 60 | 47 | 54 | -53 | -72 | -67 | -31 | ' | ' | ' | |
Income from discontinued operations before gain on sale | 600 | 973 | 1,511 | 1,570 | 1,566 | 850 | 1,863 | 1,874 | 4,654 | 6,153 | 9,099 | |
Gain on sale of discontinued operations | 4,935 | 28,806 | 31,779 | 0 | 3,161 | 16,092 | 12,953 | 9,429 | ' | ' | ' | |
Net Income (Loss) Available to Common Unitholders | -9,824 | 46,075 | 49,500 | 21,793 | 22,993 | 31,882 | 29,284 | 24,881 | ' | ' | ' | |
Earnings per share - basic | ($0.12) | $1.04 | $1.12 | $0.49 | $0.52 | $0.75 | $0.69 | $0.60 | ' | ' | ' | |
Earnings per share - diluted | ($0.12) | $1.04 | $1.12 | $0.49 | $0.52 | $0.75 | $0.69 | $0.60 | ' | ' | ' | |
Distribution Paid | $0.70 | $0.70 | $0.70 | $0.70 | $0.66 | $0.66 | $0.66 | $0.66 | ' | ' | ' | |
Disposal Groups, Including Discontinued Operations, Name | Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 14,444 | 30,304 | 44,107 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 458 | 1,867 | 2,673 | |
Income from discontinued operations before gain on sale | ' | ' | ' | ' | ' | ' | ' | ' | $5,065 | $6,938 | $9,742 | |
[1] | The 2011 column shows the segment break down based on the 2012 same store portfolios. A comparison using the 2013 same store portfolio would not be comparative due to the nature of the classifications. |
Schedule_III_Real_Estate_and_A1
Schedule III Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 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31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 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Birchall at Ross Bridge | Birchall at Ross Bridge | Birchall at Ross Bridge | Colonial Village at Inverness | Colonial Village at Inverness | Colonial Village at Inverness | Colonial Grand at Riverchase Trails | Colonial Grand at Riverchase Trails | Colonial Grand at Riverchase Trails | Colonial Village at Trussville | Colonial Village at Trussville | Colonial Village at Trussville | Eagle Ridge | Eagle Ridge | Eagle Ridge | Colonial Grand at Traditions | Colonial Grand at Traditions | Colonial Grand at Traditions | Abbington Place | Abbington Place | Abbington Place | Colonial Grand at Edgewater | Colonial Grand at Edgewater | Colonial Grand at Edgewater | Paddock Club Huntsville | Paddock Club Huntsville | Paddock Club Huntsville | Colonial Grand at Madison | Colonial Grand at Madison | Colonial Grand at Madison | Colonial Village at Ashford Place | Colonial Village at Ashford Place | Colonial Village at Ashford Place | Colonial Village at Huntleigh Woods | Colonial Village at Huntleigh Woods | Colonial Village at Huntleigh Woods | Paddock Club Montgomery | Paddock Club Montgomery | Paddock Club Montgomery | Cypress Village at Cypress Village | Cypress Village at Cypress Village | Cypress Village at Cypress Village | Colonial Grand at Liberty Park | Colonial Grand at Liberty Park | Colonial Grand at Liberty Park | Calais Forest | Calais Forest | Calais Forest | Napa Valley | Napa Valley | Napa Valley | Palisades at Chenal Valley | Palisades at Chenal Valley | Palisades at Chenal Valley | Ridge at Chenal Valley | Ridge at Chenal Valley | Ridge at Chenal Valley | Westside Creek I & II | Westside Creek I & II | Westside Creek I & II | Edge at Lyon's Gate | Edge at Lyon's Gate | Edge at Lyon's Gate | Sky View Ranch | Sky View Ranch | Sky View Ranch | Talus Ranch | Talus Ranch | Talus Ranch | Colonial Grand at Inverness Commons | Colonial Grand at Inverness Commons | Colonial Grand at Inverness Commons | Colonial Grand at Scottsdale | Colonial Grand at Scottsdale | Colonial Grand at Scottsdale | Colonial Grand at OldTown Scottsdale North | Colonial Grand at OldTown Scottsdale North | Colonial Grand at OldTown Scottsdale North | Colonial Grand at OldTown Scottsdale South | Colonial Grand at OldTown Scottsdale South | Colonial Grand at OldTown Scottsdale South | Tiffany Oaks | Tiffany Oaks | Tiffany Oaks | Indigo Point | Indigo Point | Indigo Point | Paddock Club Brandon | Paddock Club Brandon | Paddock Club Brandon | Colonial Grand at Lakewood Ranch | Colonial Grand at Lakewood Ranch | Colonial Grand at Lakewood Ranch | Preserve at Coral Square | Preserve at Coral Square | Preserve at Coral Square | Anatole | Anatole | Anatole | Paddock Club Gainesville | Paddock Club Gainesville | Paddock Club Gainesville | The Retreat at Magnolia Parke | The Retreat at Magnolia Parke | The Retreat at Magnolia Parke | Colonial Grand at Heathrow | Colonial Grand at Heathrow | Colonial Grand at Heathrow | Atlantic Crossing | Atlantic Crossing | Atlantic Crossing | Cooper's Hawk | Cooper's Hawk | Cooper's Hawk | Hunter's Ridge at Deerwood | Hunter's Ridge at Deerwood | Hunter's Ridge at Deerwood | Lakeside | Lakeside | Lakeside | Lighthouse at Fleming Island | Lighthouse at Fleming Island | Lighthouse at Fleming Island | Paddock Club Mandarin | Paddock Club Mandarin | Paddock Club Mandarin | St Augustine | St Augustine | St Augustine | St Augustine II | St Augustine II | St Augustine II | Tattersall at Tapestry Park | Tattersall at Tapestry Park | Tattersall at Tapestry Park | Woodhollow | Woodhollow | Woodhollow | Paddock Club Lakeland | Paddock Club Lakeland | Paddock Club Lakeland | Colonial Grand at Lake Mary | Colonial Grand at Lake Mary | Colonial Grand at Lake Mary | Colonial Grand at Oval Park | Colonial Grand at Oval Park | Colonial Grand at Oval Park | Colonial Grand at Town Park | Colonial Grand at Town Park | Colonial Grand at Town Park | Colonial Grand at Town Park Reserve | Colonial Grand at Town Park Reserve | Colonial Grand at Town Park Reserve | Paddock Park Ocala | Paddock Park Ocala | Paddock Park Ocala | Retreat at Lake Nona | Retreat at Lake Nona | Retreat at Lake Nona | Colonial Grand at Heather Glen | Colonial Grand at Heather Glen | Colonial Grand at Heather Glen | The Club at Panama Beach | The Club at Panama Beach | The Club at Panama Beach | Colonial Village at Twin Lakes | Colonial Village at Twin Lakes | Colonial Village at Twin Lakes | Paddock Club Tallahassee | Paddock Club Tallahassee | Paddock Club Tallahassee | Belmere | Belmere | Belmere | Links at Carrollwood | Links at Carrollwood | Links at Carrollwood | Village Oaks | Village Oaks | Village Oaks | Colonial Grand at Hampton Preserve | Colonial Grand at Hampton Preserve | Colonial Grand at Hampton Preserve | Colonial Grand at Seven Oaks | Colonial Grand at Seven Oaks | Colonial Grand at Seven Oaks | Colonial Grand at Windermere | Colonial Grand at Windermere | Colonial Grand at Windermere | Park Crest At Innisbrook | Park Crest At Innisbrook | Park Crest At Innisbrook | Allure at Brookwood | Allure at Brookwood | Allure at Brookwood | Allure in Buckhead Village Residential | Allure in Buckhead Village Residential | Allure in Buckhead Village Residential | Sanctuary at Oglethorpe | Sanctuary at Oglethorpe | Sanctuary at Oglethorpe | Bradford Pointe | Bradford Pointe | Bradford Pointe | Westbury Creek | Westbury Creek | Westbury Creek | Fountain Lake | Fountain Lake | Fountain Lake | Whisperwood | Whisperwood | Whisperwood | Terraces at Fieldstone | Terraces at Fieldstone | Terraces at Fieldstone | Prescott | Prescott | Prescott | Colonial Grand at Berkeley Lake | Colonial Grand at Berkeley Lake | Colonial Grand at Berkeley Lake | Colonial Grand at River Oaks | Colonial Grand at River Oaks | Colonial Grand at River Oaks | Colonial Grand at River Plantation | Colonial Grand at River Plantation | Colonial Grand at River Plantation | Colonial Grand at McDaniel Farm | Colonial Grand at McDaniel Farm | Colonial Grand at McDaniel Farm | Colonial Grand at Pleasant Hill | Colonial Grand at Pleasant Hill | Colonial Grand at Pleasant Hill | Colonial Grand at Mount Vernon | Colonial Grand at Mount Vernon | Colonial Grand at Mount Vernon | Lanier | Lanier | Lanier | Lake Club | Lake Club | Lake Club | Colonial Grand at Shiloh | Colonial Grand at Shiloh | Colonial Grand at Shiloh | Milstead Village | Milstead Village | Milstead Village | Austin Chase | Austin Chase | Austin Chase | The Vistas | The Vistas | The Vistas | Colonial Grand at Barrett Creek | Colonial Grand at Barrett Creek | Colonial Grand at Barrett Creek | Colonial Grand at Godley Station | Colonial Grand at Godley Station | Colonial Grand at Godley Station | Colonial Village at Godley Lake | Colonial Village at Godley Lake | Colonial Village at Godley Lake | Avala at Savannah Quarters | Avala at Savannah Quarters | Avala at Savannah Quarters | Georgetown Grove | Georgetown Grove | Georgetown Grove | Colonial Grand at Hammocks | Colonial Grand at Hammocks | Colonial Grand at Hammocks | Colonial Village at Greentree | Colonial Village at Greentree | Colonial Village at Greentree | Colonial Village at Huntington | Colonial Village at Huntington | Colonial Village at Huntington | Colonial Village at Marsh Cove | Colonial Village at Marsh Cove | Colonial Village at Marsh Cove | Oaks at Wilmington Island | Oaks at Wilmington Island | Oaks at Wilmington Island | Huntington Chase | Huntington Chase | Huntington Chase | Southland Station | Southland Station | Southland Station | Terraces at Townelake | Terraces at Townelake | Terraces at Townelake | Fairways at Hartland | Fairways at Hartland | Fairways at Hartland | Grand Reserve Lexington | Grand Reserve Lexington | Grand Reserve Lexington | Lakepointe | Lakepointe | Lakepointe | Mansion, The | Mansion, The | Mansion, The | Village, The | Village, The | Village, The | Stonemill Village | Stonemill Village | Stonemill Village | Crosswinds | Crosswinds | Crosswinds | Pear Orchard | Pear Orchard | Pear Orchard | Reflection Pointe | Reflection Pointe | Reflection Pointe | Lakeshore Landing | Lakeshore Landing | Lakeshore Landing | Savannah Creek | Savannah Creek | Savannah Creek | Sutton Place | Sutton Place | Sutton Place | Market Station | Market Station | Market Station | Colonial Village at Beaver Creek | Colonial Village at Beaver Creek | Colonial Village at Beaver Creek | Hermitage at Beechtree | Hermitage at Beechtree | Hermitage at Beechtree | Waterford Forest | Waterford Forest | Waterford Forest | 1225 South Church I | 1225 South Church I | 1225 South Church I | 1225 South Church II | 1225 South Church II | 1225 South Church II | Colonial Grand at Ayrsley | Colonial Grand at Ayrsley | Colonial Grand at Ayrsley | Colonial Grand at Ayrsley II | Colonial Grand at Ayrsley II | Colonial Grand at Ayrsley II | Colonial Grand at Beverly Crest | Colonial Grand at Beverly Crest | Colonial Grand at Beverly Crest | Colonial Grand at Legacy Park | Colonial Grand at Legacy Park | Colonial Grand at Legacy Park | Colonial Grand at Mallard Creek | Colonial Grand at Mallard Creek | Colonial Grand at Mallard Creek | Colonial Grand at Mallard Lake | Colonial Grand at Mallard Lake | Colonial Grand at Mallard Lake | Colonial Grand at University Center | Colonial Grand at University Center | Colonial Grand at University Center | Colonial Village at Chancellor Park | Colonial Village at Chancellor Park | Colonial Village at Chancellor Park | Colonial Village at Charleston Place | Colonial Village at Charleston Place | Colonial Village at Charleston Place | Colonial Village at Greystone | Colonial Village at Greystone | Colonial Village at Greystone | Colonial Village at South Tryon | Colonial Village at South Tryon | Colonial Village at South Tryon | Colonial Village at Stone Point | Colonial Village at Stone Point | Colonial Village at Stone Point | Colonial Village at Timber Crest | Colonial Village at Timber Crest | Colonial Village at Timber Crest | Enclave | Enclave | Enclave | Colonial Grand at Cornelius | Colonial Grand at Cornelius | Colonial Grand at Cornelius | Colonial Grand at Patterson Place | Colonial Grand at Patterson Place | Colonial Grand at Patterson Place | Colonial Village at Woodlake | Colonial Village at Woodlake | Colonial Village at Woodlake | Colonial Village at Deerfield | Colonial Village at Deerfield | Colonial Village at Deerfield | Colonial Grand at Research Park | Colonial Grand at Research Park | Colonial Grand at Research Park | Colonial Grand at Autumn Park | Colonial Grand at Autumn Park | Colonial Grand at Autumn Park | Colonial Grand at Huntersville | Colonial Grand at Huntersville | Colonial Grand at Huntersville | Colonial Village at Matthews | Colonial Village at Matthews | Colonial Village at Matthews | Colonial Grand at Matthews Commons | Colonial Grand at Matthews Commons | Colonial Grand at Matthews Commons | Colonial Grand at Arringdon | Colonial Grand at Arringdon | Colonial Grand at Arringdon | Colonial Grand at Brier Creek | Colonial Grand at Brier Creek | Colonial Grand at Brier Creek | Colonial Grand at Brier Falls | Colonial Grand at Brier Falls | Colonial Grand at Brier Falls | Colonial Grand at Crabtree Valley | Colonial Grand at Crabtree Valley | Colonial Grand at Crabtree Valley | Hue | Hue | Hue | Colonial Grand at Trinity Commons | Colonial Grand at Trinity Commons | Colonial Grand at Trinity Commons | Preserve at Brier Creek | Preserve at Brier Creek | Preserve at Brier Creek | Providence at Brier Creek | Providence at Brier Creek | Providence at Brier Creek | Colonial Grand at Wilmington | Colonial Grand at Wilmington | Colonial Grand at Wilmington | Corners, The | Corners, The | Corners, The | Colonial Village at Glen Eagles | Colonial Village at Glen Eagles | Colonial Village at Glen Eagles | Colonial Village at Mill Creek | Colonial Village at Mill Creek | Colonial Village at Mill Creek | Colonial Grand at Desert Vista | Colonial Grand at Desert Vista | Colonial Grand at Desert Vista | Colonial Grand at Palm Vista | Colonial Grand at Palm Vista | Colonial Grand at Palm Vista | Colony at South Park | Colony at South Park | Colony at South Park | Woodwinds | Woodwinds | Woodwinds | Tanglewood | Tanglewood | Tanglewood | Colonial Grand at Cypress Cove | Colonial Grand at Cypress Cove | Colonial Grand at Cypress Cove | Colonial Village at Hampton Pointe | Colonial Village at Hampton Pointe | Colonial Village at Hampton Pointe | Colonial Grand at Quarterdeck | Colonial Grand at Quarterdeck | Colonial Grand at Quarterdeck | Colonial Village at Westchase | Colonial Village at Westchase | Colonial Village at Westchase | River's Walk | River's Walk | River's Walk | Fairways, The | Fairways, The | Fairways, The | Paddock Club Columbia | Paddock Club Columbia | Paddock Club Columbia | Colonial Village at Windsor Place | Colonial Village at Windsor Place | Colonial Village at Windsor Place | Highland Ridge | Highland Ridge | Highland Ridge | Howell Commons | Howell Commons | Howell Commons | Paddock Club Greenville | Paddock Club Greenville | Paddock Club Greenville | Park Haywood | Park Haywood | Park Haywood | Spring Creek | Spring Creek | Spring Creek | Runaway Bay | Runaway Bay | Runaway Bay | Colonial Grand at Commerce Park | Colonial Grand at Commerce Park | Colonial Grand at Commerce Park | 535 Brookwood | 535 Brookwood | 535 Brookwood | Park Place | Park Place | Park Place | Farmington Village | Farmington Village | Farmington Village | Colonial Village at Waters Edge | Colonial Village at Waters Edge | Colonial Village at Waters Edge | Hamilton Pointe | Hamilton Pointe | Hamilton Pointe | Hidden Creek | Hidden Creek | Hidden Creek | Steeplechase | Steeplechase | Steeplechase | Windridge | Windridge | Windridge | Oaks, The | Oaks, The | Oaks, The | Post House Jackson | Post House Jackson | Post House Jackson | Post House North | Post House North | Post House North | Bradford Chase | Bradford Chase | Bradford Chase | Woods at Post House | Woods at Post House | Woods at Post House | Greenbrook | Greenbrook | Greenbrook | Kirby Station | Kirby Station | Kirby Station | Lincoln on the Green | Lincoln on the Green | Lincoln on the Green | Park Estate | Park Estate | Park Estate | Reserve at Dexter Lake | Reserve at Dexter Lake | Reserve at Dexter Lake | Paddock Club Murfreesboro | Paddock Club Murfreesboro | Paddock Club Murfreesboro | Aventura at Indian Lake Village | Aventura at Indian Lake Village | Aventura at Indian Lake Village | Avondale at Kennesaw | Avondale at Kennesaw | Avondale at Kennesaw | Brentwood Downs | Brentwood Downs | Brentwood Downs | Colonial Grand at Bellevue | Colonial Grand at Bellevue | Colonial Grand at Bellevue | Grand View Nashville | Grand View Nashville | Grand View Nashville | Monthaven Park | Monthaven Park | Monthaven Park | Park at Hermitage | Park at Hermitage | Park at Hermitage | Venue at Cool Springs | Venue at Cool Springs | Venue at Cool Springs | Verandas at Sam Ridley | Verandas at Sam Ridley | Verandas at Sam Ridley | Colonial Village at North Arlington | Colonial Village at North Arlington | Colonial Village at North Arlington | Northwood | Northwood | Northwood | Balcones Woods | Balcones Woods | Balcones Woods | Colonial Grand at Canyon Creek | Colonial Grand at Canyon Creek | Colonial Grand at Canyon Creek | Colonial Grand at Canyon Pointe | Colonial Grand at Canyon Pointe | Colonial Grand at Canyon Pointe | Colonial Grand at Double Creek | Colonial Grand at Double Creek | Colonial Grand at Double Creek | Colonial Grand at Onion Creek | Colonial Grand at Onion Creek | Colonial Grand at Onion Creek | Grand Reserve at Sunset Valley | Grand Reserve at Sunset Valley | Grand Reserve at Sunset Valley | Colonial Village at Quarry Oaks | Colonial Village at Quarry Oaks | Colonial Village at Quarry Oaks | Colonial Grand at Wells Branch | Colonial Grand at Wells Branch | Colonial Grand at Wells Branch | Legacy at Western Oaks | Legacy at Western Oaks | Legacy at Western Oaks | Silverado | Silverado | Silverado | Stassney Woods | Stassney Woods | Stassney Woods | Travis Station | Travis Station | Travis Station | Woods, The | Woods, The | Woods, The | Colonial Village at Shoal Creek | Colonial Village at Shoal Creek | Colonial Village at Shoal Creek | Colonial Village at Willow Creek | Colonial Village at Willow Creek | Colonial Village at Willow Creek | Colonial Grand at Hebron | Colonial Grand at Hebron | Colonial Grand at Hebron | Colonial Grand at Silverado | Colonial Grand at Silverado | Colonial Grand at Silverado | Colonial Grand at Silverado Reserve | Colonial Grand at Silverado Reserve | Colonial Grand at Silverado Reserve | Courtyards at Campbell | Courtyards at Campbell | Courtyards at Campbell | Deer Run | Deer Run | Deer Run | Grand Courtyard | Grand Courtyard | Grand Courtyard | Legends at Lowe's Farm | Legends at Lowe's Farm | Legends at Lowe's Farm | Colonial Reserve at Medical District | Colonial Reserve at Medical District | Colonial Reserve at Medical District | Watermark | Watermark | Watermark | Colonial Village at Main Park | Colonial Village at Main Park | Colonial Village at Main Park | Colonial Grand at Bear Creek | Colonial Grand at Bear Creek | Colonial Grand at Bear Creek | Colonial Grand at Fairview | Colonial Grand at Fairview | Colonial Grand at Fairview | La Valencia at Starwood | La Valencia at Starwood | La Valencia at Starwood | Colonial Reserve at Frisco Bridges | Colonial Reserve at Frisco Bridges | Colonial Reserve at Frisco Bridges | Colonial Village at Grapevine | Colonial Village at Grapevine | Colonial Village at Grapevine | Greenwood Forest | Greenwood Forest | Greenwood Forest | Legacy Pines | Legacy Pines | Legacy Pines | Reserve at Woodwind Lakes | Reserve at Woodwind Lakes | Reserve at Woodwind Lakes | Park Place (Houston) | Park Place (Houston) | Park Place (Houston) | Ranchstone | Ranchstone | Ranchstone | Cascade at Fall Creek | Cascade at Fall Creek | Cascade at Fall Creek | Chalet at Fall Creek | Chalet at Fall Creek | Chalet at Fall Creek | Bella Casita at Las Colinas | Bella Casita at Las Colinas | Bella Casita at Las Colinas | Remington Hills | Remington Hills | Remington Hills | Colonial Reserve at Las Colinas | Colonial Reserve at Las Colinas | Colonial Reserve at Las Colinas | Colonial Grand at Valley Ranch | Colonial Grand at Valley Ranch | Colonial Grand at Valley Ranch | Lane at Towne Crossing | Lane at Towne Crossing | Lane at Towne Crossing | Colonial Village at Oakbend | Colonial Village at Oakbend | Colonial Village at Oakbend | Colonial Village at Vista Ridge | Colonial Village at Vista Ridge | Colonial Village at Vista Ridge | Times Square at Craig Ranch | Times Square at Craig Ranch | Times Square at Craig Ranch | Highwood | Highwood | Highwood | Los Rios Park | Los Rios Park | Los Rios Park | Boulder Ridge | Boulder Ridge | Boulder Ridge | Copper Ridge | Copper Ridge | Copper Ridge | Colonial Grand at Ashton Oaks | Colonial Grand at Ashton Oaks | Colonial Grand at Ashton Oaks | Colonial Grand at Round Rock | Colonial Grand at Round Rock | Colonial Grand at Round Rock | Colonial Village at Sierra Vista | Colonial Village at Sierra Vista | Colonial Village at Sierra Vista | Alamo Ranch | Alamo Ranch | Alamo Ranch | Haven at Blanco | Haven at Blanco | Haven at Blanco | Stone Ranch at Westover Hills | Stone Ranch at Westover Hills | Stone Ranch at Westover Hills | Cypresswood Court | Cypresswood Court | Cypresswood Court | Villages at Kirkwood | Villages at Kirkwood | Villages at Kirkwood | Green Tree Place | Green Tree Place | Green Tree Place | Adalay Bay | Adalay Bay | Adalay Bay | Colonial Village at Greenbrier | Colonial Village at Greenbrier | Colonial Village at Greenbrier | Seasons at Celebrate Virginia | Seasons at Celebrate Virginia | Seasons at Celebrate Virginia | Seasons at Celebrate II | Seasons at Celebrate II | Seasons at Celebrate II | Station Square at Cosner's Corner | Station Square at Cosner's Corner | Station Square at Cosner's Corner | Colonial Village at Hampton Glen | Colonial Village at Hampton Glen | Colonial Village at Hampton Glen | Colonial Village at West End | Colonial Village at West End | Colonial Village at West End | Township | Township | Township | Colonial Village at Tradewinds | Colonial Village at Tradewinds | Colonial Village at Tradewinds | Colonial Village at Waterford | Colonial Village at Waterford | Colonial Village at Waterford | Ashley Park | Ashley Park | Ashley Park | Colonial Village at Chase Gayton | Colonial Village at Chase Gayton | Colonial Village at Chase Gayton | Hamptons at Hunton Park | Hamptons at Hunton Park | Hamptons at Hunton Park | Colonial Village at Harbour Club | Colonial Village at Harbour Club | Colonial Village at Harbour Club | Brookwood West - Retail | Colonial Promenade Huntsville Phase II | Colonial Grand at Lake Mary Phase III | Colonial Grand at Randal Lakes | Colonial Reserve at South End | Colonial Grand at Bellevue (Phase II) | 220 Riverside | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land | Land 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| Land | Land | Land | Land | Land | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Bella Casita at Las Colinas | Bella Casita at Las Colinas | Bella Casita at Las Colinas | Times Square at Craig Ranch | Times Square at Craig Ranch | Times Square at Craig Ranch | Colonial Center Brookwood Village | Colonial Center Brookwood Village | Colonial Center Brookwood Village | Colonial Brookwood Village | Colonial Brookwood Village | Colonial Brookwood Village | Colonial Promenade Craft Farms | Colonial Promenade Craft Farms | Colonial Promenade Craft Farms | Allure at Buckhead | Allure at Buckhead | Allure at Buckhead | 1225 South Church | 1225 South Church | 1225 South Church | Land | Land | Land | Land | Land | Land | Land | Land | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Buildings and Fixtures | Brookwood West - Retail | Colonial Promenade Huntsville Phase II | Colonial Grand at Lake Mary Phase III | Colonial Grand at Randal Lakes | Colonial Reserve at South End | Colonial Grand at Bellevue (Phase II) | 220 Riverside | Land | Land | Buildings and Fixtures | Buildings and Fixtures | Land | Buildings and Fixtures | Land | Buildings and Fixtures | Beginning of Period | End of Period | Land | Buildings and Fixtures | Total Residential Properties | Total Residential Properties | Total Residential Properties | Total Residential Properties | Total Residential Properties | Total Residential Properties | Total Residential Properties | Retail Properties | Total Residential Properties | Total Residential Properties | Total Residential Properties | Total Residential Properties | Total Residential Properties | Total Residential Properties | Total Residential Properties | Total Residential Properties | Retail Properties | Total Residential Properties | Retail Properties | Total Residential Properties |
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of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Birchall at Ross Bridge | Colonial Village at Inverness | Colonial Grand at Riverchase Trails | Colonial Village at Trussville | Eagle Ridge | Colonial Grand at Traditions | Abbington Place | Colonial Grand at Edgewater | Paddock Club Huntsville | Colonial Grand at Madison | Colonial Village at Ashford Place | Colonial Village at Huntleigh Woods | Paddock Club Montgomery | Cypress Village at Cypress Village | Colonial Grand at Liberty Park | Calais Forest | Napa Valley | Palisades at Chenal Valley | Ridge at Chenal Valley | Westside Creek I & II | Edge at Lyon's Gate | Sky View Ranch | Talus Ranch | Colonial Grand at Inverness Commons | Colonial Grand at Scottsdale | Colonial Grand at OldTown Scottsdale North | Colonial Grand at OldTown Scottsdale South | Tiffany Oaks | Indigo Point | Paddock Club Brandon | Colonial Grand at Lakewood Ranch | Preserve at Coral Square | Anatole | Paddock Club Gainesville | The Retreat at Magnolia Parke | Colonial Grand at Heathrow | Atlantic Crossing | Cooper's Hawk | Hunter's Ridge at Deerwood | Lakeside | Lighthouse at Fleming Island | Paddock Club Mandarin | St Augustine | St Augustine II | Tattersall at Tapestry Park | Woodhollow | Paddock Club Lakeland | Colonial Grand at Lake Mary | Colonial Grand at Oval Park | Colonial Grand at Town Park | Colonial Grand at Town Park Reserve | Paddock Park Ocala | Retreat at Lake Nona | Colonial Grand at Heather Glen | The Club at Panama Beach | Colonial Village at Twin Lakes | Paddock Club Tallahassee | Belmere | Links at Carrollwood | Village Oaks | Colonial Grand at Hampton Preserve | Colonial Grand at Seven Oaks | Colonial Grand at Windermere | Park Crest At Innisbrook | Allure at Brookwood | Allure in Buckhead Village Residential | Sanctuary at Oglethorpe | Bradford Pointe | Westbury Creek | Fountain Lake | Whisperwood | Terraces at Fieldstone | Prescott | Colonial Grand at Berkeley Lake | Colonial Grand at River Oaks | Colonial Grand at River Plantation | Colonial Grand at McDaniel Farm | Colonial Grand at Pleasant Hill | Colonial Grand at Mount Vernon | Lanier | Lake Club | Colonial Grand at Shiloh | Milstead Village | Austin Chase | The Vistas | Colonial Grand at Barrett Creek | Colonial Grand at Godley Station | Colonial Village at Godley Lake | Avala at Savannah Quarters | Georgetown Grove | Colonial Grand at Hammocks | Colonial Village at Greentree | Colonial Village at Huntington | Colonial Village at Marsh Cove | Oaks at Wilmington Island | Huntington Chase | Southland Station | Terraces at Townelake | Fairways at Hartland | Grand Reserve Lexington | Lakepointe | Mansion, The | Village, The | Stonemill Village | Crosswinds | Pear Orchard | Reflection Pointe | Lakeshore Landing | Savannah Creek | Sutton Place | Market Station | Colonial Village at Beaver Creek | Hermitage at Beechtree | Waterford Forest | 1225 South Church I | 1225 South Church II | Colonial Grand at Ayrsley | Colonial Grand at Ayrsley II | Colonial Grand at Beverly Crest | Colonial Grand at Legacy Park | Colonial Grand at Mallard Creek | Colonial Grand at Mallard Lake | Colonial Grand at University Center | Colonial Village at Chancellor Park | Colonial Village at Charleston Place | Colonial Village at Greystone | Colonial Village at South Tryon | Colonial Village at Stone Point | Colonial Village at Timber Crest | Enclave | Colonial Grand at Cornelius | Colonial Grand at Patterson Place | Colonial Village at Woodlake | Colonial Village at Deerfield | Colonial Grand at Research Park | Colonial Grand at Autumn Park | Colonial Grand at Huntersville | Colonial Village at Matthews | Colonial Grand at Matthews Commons | Colonial Grand at Arringdon | Colonial Grand at Brier Creek | Colonial Grand at Brier Falls | Colonial Grand at Crabtree Valley | Hue | Colonial Grand at Trinity Commons | Preserve at Brier Creek | Providence at Brier Creek | Colonial Grand at Wilmington | Corners, The | Colonial Village at Glen Eagles | Colonial Village at Mill Creek | Colonial Grand at Desert Vista | Colonial Grand at Palm Vista | Colony at South Park | Woodwinds | Tanglewood | Colonial Grand at Cypress Cove | Colonial Village at Hampton Pointe | Colonial Grand at Quarterdeck | Colonial Village at Westchase | River's Walk | Fairways, The | Paddock Club Columbia | Colonial Village at Windsor Place | Highland Ridge | Howell Commons | Paddock Club Greenville | Park Haywood | Spring Creek | Runaway Bay | Colonial Grand at Commerce Park | 535 Brookwood | Park Place | Farmington Village | Colonial Village at Waters Edge | Hamilton Pointe | Hidden Creek | Steeplechase | Windridge | Oaks, The | Post House Jackson | Post House North | Bradford Chase | Woods at Post House | Greenbrook | Kirby Station | Lincoln on the Green | Park Estate | Reserve at Dexter Lake | Paddock Club Murfreesboro | Aventura at Indian Lake Village | Avondale at Kennesaw | Brentwood Downs | Colonial Grand at Bellevue | Grand View Nashville | Monthaven Park | Park at Hermitage | Venue at Cool Springs | Verandas at Sam Ridley | Colonial Village at North Arlington | Northwood | Balcones Woods | Colonial Grand at Canyon Creek | Colonial Grand at Canyon Pointe | Colonial Grand at Double Creek | Colonial Grand at Onion Creek | Grand Reserve at Sunset Valley | Colonial Village at Quarry Oaks | Colonial Grand at Wells Branch | Legacy at Western Oaks | Silverado | Stassney Woods | Travis Station | Woods, The | Colonial Village at Shoal Creek | Colonial Village at Willow Creek | Colonial Grand at Hebron | Colonial Grand at Silverado | Colonial Grand at Silverado Reserve | Courtyards at Campbell | Deer Run | Grand Courtyard | Legends at Lowe's Farm | Colonial Reserve at Medical District | Watermark | Colonial Village at Main Park | Colonial Grand at Bear Creek | Colonial Grand at Fairview | La Valencia at Starwood | Colonial Reserve at Frisco Bridges | Colonial Village at Grapevine | Greenwood Forest | Legacy Pines | Reserve at Woodwind Lakes | Park Place (Houston) | Ranchstone | Cascade at Fall Creek | Chalet at Fall Creek | Bella Casita at Las Colinas | Remington Hills | Colonial Reserve at Las Colinas | Colonial Grand at Valley Ranch | Lane at Towne Crossing | Colonial Village at Oakbend | Colonial Village at Vista Ridge | Times Square at Craig Ranch | Highwood | Los Rios Park | Boulder Ridge | Copper Ridge | Colonial Grand at Ashton Oaks | Colonial Grand at Round Rock | Colonial Village at Sierra Vista | Alamo Ranch | Haven at Blanco | Stone Ranch at Westover Hills | Cypresswood Court | Villages at Kirkwood | Green Tree Place | Adalay Bay | Colonial Village at Greenbrier | Seasons at Celebrate Virginia | Seasons at Celebrate II | Station Square at Cosner's Corner | Colonial Village at Hampton Glen | Colonial Village at West End | Township | Colonial Village at Tradewinds | Colonial Village at Waterford | Ashley Park | Colonial Village at Chase Gayton | Hamptons at Hunton Park | Colonial Village at Harbour Club | Brookwood West - Retail | Colonial Promenade Huntsville Phase II | Colonial Grand at Lake Mary Phase III | Colonial Grand at Randal Lakes | Colonial Reserve at South End | Colonial Grand at Bellevue (Phase II) | Birchall at Ross Bridge | Colonial Village at Inverness | Colonial Grand at Riverchase Trails | Colonial Village at Trussville | Eagle Ridge | Colonial Grand at Traditions | Abbington Place | Colonial Grand at Edgewater | Paddock Club Huntsville | Colonial Grand at Madison | Colonial Village at Ashford Place | Colonial Village at Huntleigh Woods | Paddock Club Montgomery | Cypress Village at Cypress Village | Colonial Grand at Liberty Park | Calais Forest | Napa Valley | Palisades at Chenal Valley | Ridge at Chenal Valley | Westside Creek I & II | Edge at Lyon's Gate | Sky View Ranch | Talus Ranch | Colonial Grand at Inverness Commons | Colonial Grand at Scottsdale | Colonial Grand at OldTown Scottsdale North | Colonial Grand at OldTown Scottsdale South | Tiffany Oaks | Indigo Point | Paddock Club Brandon | Colonial Grand at Lakewood Ranch | Preserve at Coral Square | Anatole | Paddock Club Gainesville | The Retreat at Magnolia Parke | Colonial Grand at Heathrow | Atlantic Crossing | Cooper's Hawk | Hunter's Ridge at Deerwood | Lakeside | Lighthouse at Fleming Island | Paddock Club Mandarin | St Augustine | St Augustine II | Tattersall at Tapestry Park | Woodhollow | Paddock Club Lakeland | Colonial Grand at Lake Mary | Colonial Grand at Oval Park | Colonial Grand at Town Park | Colonial Grand at Town Park Reserve | Paddock Park Ocala | Retreat at Lake Nona | Colonial Grand at Heather Glen | The Club at Panama Beach | Colonial Village at Twin Lakes | Paddock Club Tallahassee | Belmere | Links at Carrollwood | Village Oaks | Colonial Grand at Hampton Preserve | Colonial Grand at Seven Oaks | Colonial Grand at Windermere | Park Crest At Innisbrook | Allure at Brookwood | Allure in Buckhead Village Residential | Sanctuary at Oglethorpe | Bradford Pointe | Westbury Creek | Fountain Lake | Whisperwood | Terraces at Fieldstone | Prescott | Colonial Grand at Berkeley Lake | Colonial Grand at River Oaks | Colonial Grand at River Plantation | Colonial Grand at McDaniel Farm | Colonial Grand at Pleasant Hill | Colonial Grand at Mount Vernon | Lanier | Lake Club | Colonial Grand at Shiloh | Milstead Village | Austin Chase | The Vistas | Colonial Grand at Barrett Creek | Colonial Grand at Godley Station | Colonial Village at Godley Lake | Avala at Savannah Quarters | Georgetown Grove | Colonial Grand at Hammocks | Colonial Village at Greentree | Colonial Village at Huntington | Colonial Village at Marsh Cove | Oaks at Wilmington Island | Huntington Chase | Southland Station | Terraces at Townelake | Fairways at Hartland | Grand Reserve Lexington | Lakepointe | Mansion, The | Village, The | Stonemill Village | Crosswinds | Pear Orchard | Reflection Pointe | Lakeshore Landing | Savannah Creek | Sutton Place | Market Station | Colonial Village at Beaver Creek | Hermitage at Beechtree | Waterford Forest | 1225 South Church I | 1225 South Church II | Colonial Grand at Ayrsley | Colonial Grand at Ayrsley II | Colonial Grand at Beverly Crest | Colonial Grand at Legacy Park | Colonial Grand at Mallard Creek | Colonial Grand at Mallard Lake | Colonial Grand at University Center | Colonial Village at Chancellor Park | Colonial Village at Charleston Place | Colonial Village at Greystone | Colonial Village at South Tryon | Colonial Village at Stone Point | Colonial Village at Timber Crest | Enclave | Colonial Grand at Cornelius | Colonial Grand at Patterson Place | Colonial Village at Woodlake | Colonial Village at Deerfield | Colonial Grand at Research Park | Colonial Grand at Autumn Park | Colonial Grand at Huntersville | Colonial Village at Matthews | Colonial Grand at Matthews Commons | Colonial Grand at Arringdon | Colonial Grand at Brier Creek | Colonial Grand at Brier Falls | Colonial Grand at Crabtree Valley | Hue | Colonial Grand at Trinity Commons | Preserve at Brier Creek | Providence at Brier Creek | Colonial Grand at Wilmington | Corners, The | Colonial Village at Glen Eagles | Colonial Village at Mill Creek | Colonial Grand at Desert Vista | Colonial Grand at Palm Vista | Colony at South Park | Woodwinds | Tanglewood | Colonial Grand at Cypress Cove | Colonial Village at Hampton Pointe | Colonial Grand at Quarterdeck | Colonial Village at Westchase | River's Walk | Fairways, The | Paddock Club Columbia | Colonial Village at Windsor Place | Highland Ridge | Howell Commons | Paddock Club Greenville | Park Haywood | Spring Creek | Runaway Bay | Colonial Grand at Commerce Park | 535 Brookwood | Park Place | Farmington Village | Colonial Village at Waters Edge | Hamilton Pointe | Hidden Creek | Steeplechase | Windridge | Oaks, The | Post House Jackson | Post House North | Bradford Chase | Woods at Post House | Greenbrook | Kirby Station | Lincoln on the Green | Park Estate | Reserve at Dexter Lake | Paddock Club Murfreesboro | Aventura at Indian Lake Village | Avondale at Kennesaw | Brentwood Downs | Colonial Grand at Bellevue | Grand View Nashville | Monthaven Park | Park at Hermitage | Venue at Cool Springs | Verandas at Sam Ridley | Colonial Village at North Arlington | Northwood | Balcones Woods | Colonial Grand at Canyon Creek | Colonial Grand at Canyon Pointe | Colonial Grand at Double Creek | Colonial Grand at Onion Creek | Grand Reserve at Sunset Valley | Colonial Village at Quarry Oaks | Colonial Grand at Wells Branch | Legacy at Western Oaks | Silverado | Stassney Woods | Travis Station | Woods, The | Colonial Village at Shoal Creek | Colonial Village at Willow Creek | Colonial Grand at Hebron | Colonial Grand at Silverado | Colonial Grand at Silverado Reserve | Courtyards at Campbell | Deer Run | Grand Courtyard | Legends at Lowe's Farm | Colonial Reserve at Medical District | Watermark | Colonial Village at Main Park | Colonial Grand at Bear Creek | Colonial Grand at Fairview | La Valencia at Starwood | Colonial Reserve at Frisco Bridges | Colonial Village at Grapevine | Greenwood Forest | Legacy Pines | Reserve at Woodwind Lakes | Park Place (Houston) | Ranchstone | Cascade at Fall Creek | Chalet at Fall Creek | Bella Casita at Las Colinas | Remington Hills | Colonial Reserve at Las Colinas | Colonial Grand at Valley Ranch | Lane at Towne Crossing | Colonial Village at Oakbend | Colonial Village at Vista Ridge | Times Square at Craig Ranch | Highwood | Los Rios Park | Boulder Ridge | Copper Ridge | Colonial Grand at Ashton Oaks | Colonial Grand at Round Rock | Colonial Village at Sierra Vista | Alamo Ranch | Haven at Blanco | Stone Ranch at Westover Hills | Cypresswood Court | Villages at Kirkwood | Green Tree Place | Adalay Bay | Colonial Village at Greenbrier | Seasons at Celebrate Virginia | Seasons at Celebrate II | Station Square at Cosner's Corner | Colonial Village at Hampton Glen | Colonial Village at West End | Township | Colonial Village at Tradewinds | Colonial Village at Waterford | Ashley Park | Colonial Village at Chase Gayton | Hamptons at Hunton Park | Colonial Village at Harbour Club | Brookwood West - Retail | Colonial Promenade Huntsville Phase II | Colonial Grand at Lake Mary Phase III | Colonial Grand at Randal Lakes | Colonial Reserve at South End | Colonial Grand at Bellevue (Phase II) | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Beginning of Period | End of Period | Bella Casita at Las Colinas | Times Square at Craig Ranch | Colonial Center Brookwood Village | Colonial Brookwood Village | Colonial Promenade Craft Farms | Allure at Buckhead | 1225 South Church | Bella Casita at Las Colinas | Times Square at Craig Ranch | Colonial Center Brookwood Village | Colonial Brookwood Village | Colonial Promenade Craft Farms | Allure at Buckhead | 1225 South Church | 220 Riverside | 220 Riverside | Colonial Village at Inverness | Colonial Village at Trussville | Colonial Village at Greystone | Colonial Grand at Autumn Park | Colonial Grand at Wilmington | Colonial Village at Glen Eagles | Colonial Village at Grapevine | Colonial Brookwood Village | Colonial Village at Inverness | Colonial Village at Trussville | Colonial Village at Greystone | Colonial Grand at Autumn Park | Colonial Grand at Trinity Commons | Colonial Grand at Wilmington | Colonial Village at Glen Eagles | Colonial Village at Grapevine | Colonial Brookwood Village | Colonial Village at Inverness | Colonial Brookwood Village | Colonial Village at Inverness |
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' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Location | ' | ' | ' | ' | ' | ' | ' | 'Birmingham, AL | ' | ' | 'Birmingham, AL | ' | ' | 'Birmingham, AL | ' | ' | 'Birmingham, AL | ' | ' | 'Birmingham, AL | ' | ' | 'Gulf Shores, AL | ' | ' | 'Huntsville, AL | ' | ' | 'Huntsville, AL | ' | ' | 'Huntsville, AL | ' | ' | 'Madison, AL | ' | ' | 'Mobile, AL | ' | ' | 'Mobile, AL | ' | ' | 'Montgomery, AL | ' | ' | 'Orange Beach, AL | ' | ' | 'Vestavia Hills, AL | ' | ' | 'Little Rock, AR | ' | ' | 'Little Rock, AR | ' | ' | 'Little Rock, AR | ' | ' | 'Little Rock, AR | ' | ' | 'Little Rock, AR | ' | ' | 'Phoenix, AZ | ' | ' | 'Gilbert, AZ | ' | ' | 'Phoenix, AZ | ' | ' | 'Mesa, AZ | ' | ' | 'Scottsdale, AZ | ' | ' | 'Scottsdale, AZ | ' | ' | 'Scottsdale, AZ | ' | ' | 'Altamonte Springs, FL | ' | ' | 'Brandon, FL | ' | ' | 'Brandon, FL | ' | ' | 'Bradenton, FL | ' | ' | 'Coral Springs, FL | ' | ' | 'Daytona Beach, FL | ' | ' | 'Gainesville, FL | ' | ' | 'Gainesville, FL | ' | ' | 'Heathrow, FL | ' | ' | 'Jacksonville, FL | ' | ' | 'Jacksonville, FL | ' | ' | 'Jacksonville, FL | ' | ' | 'Jacksonville, FL | ' | ' | 'Jacksonville, FL | ' | ' | 'Jacksonville, FL | ' | ' | 'Jacksonville, FL | ' | ' | 'Jacksonville, FL | ' | ' | 'Jacksonville, FL | ' | ' | 'Jacksonville, FL | ' | ' | 'Lakeland, FL | ' | ' | 'Lake Mary, FL | ' | ' | 'Lake Mary, FL | ' | ' | 'Lake Mary, FL | ' | ' | 'Lake Mary, FL | ' | ' | 'Ocala, FL | ' | ' | 'Orlando, FL | ' | ' | 'Orlando, FL | ' | ' | 'Panama City, FL | ' | ' | 'Sanford, FL | ' | ' | 'Tallahassee, FL | ' | ' | 'Tampa, FL | ' | ' | 'Tampa, FL | ' | ' | 'Tampa, FL | ' | ' | 'Tampa, FL | ' | ' | 'Wesley Chapel, FL | ' | ' | 'Windermere, FL | ' | ' | 'Palm Harbor, FL | ' | ' | 'Atlanta, GA | ' | ' | 'Atlanta, GA | ' | ' | 'Atlanta, GA | ' | ' | 'Augusta, GA | ' | ' | 'Augusta, GA | ' | ' | 'Brunswick, GA | ' | ' | 'Columbus, GA | ' | ' | 'Conyers, GA | ' | ' | 'Duluth, GA | ' | ' | 'Duluth, GA | ' | ' | 'Duluth, GA | ' | ' | 'Duluth, GA | ' | ' | 'Duluth, GA | ' | ' | 'Duluth, GA | ' | ' | 'Dunwoody, GA | ' | ' | 'Gainesville, GA | ' | ' | 'Gainesville, GA | ' | ' | 'Kennesaw, GA | ' | ' | 'LaGrange, GA | ' | ' | 'Macon, GA | ' | ' | 'Macon, GA | ' | ' | 'Marietta, GA | ' | ' | 'Pooler, GA | ' | ' | 'Pooler, GA | ' | ' | 'Savannah, GA | ' | ' | 'Savannah, GA | ' | ' | 'Savannah, GA | ' | ' | 'Savannah, GA | ' | ' | 'Savannah, GA | ' | ' | 'Savannah, GA | ' | ' | 'Savannah, GA | ' | ' | 'Warner Robins, GA | ' | ' | 'Warner Robins, GA | ' | ' | 'Woodstock, GA | ' | ' | 'Bowling Green, KY | ' | ' | 'Lexington, KY | ' | ' | 'Lexington, KY | ' | ' | 'Lexington, KY | ' | ' | 'Lexington, KY | ' | ' | 'Louisville, KY | ' | ' | 'Jackson, MS | ' | ' | 'Jackson, MS | ' | ' | 'Jackson, MS | ' | ' | 'Ridgeland, MS | ' | ' | 'Southaven, MS | ' | ' | 'Southaven, MS | ' | ' | 'Kansas City, MO | ' | ' | 'Apex, NC | ' | ' | 'Cary, NC | ' | ' | 'Cary, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Charlotte, NC | ' | ' | 'Cornelius, NC | ' | ' | 'Durham, NC | ' | ' | 'Durham, NC | ' | ' | 'Durham, NC | ' | ' | 'Durham, NC | ' | ' | 'Greensboro, NC | ' | ' | 'Huntersville, NC | ' | ' | 'Matthews, NC | ' | ' | 'Matthews, NC | ' | ' | 'Morrisville, NC | ' | ' | 'Raleigh, NC | ' | ' | 'Raleigh, NC | ' | ' | 'Raleigh, NC | ' | ' | 'Raleigh, NC | ' | ' | 'Raleigh, NC | ' | ' | 'Raleigh, NC | ' | ' | 'Raleigh, NC | ' | ' | 'Wilmington, NC | ' | ' | 'Winston-Salem, NC | ' | ' | 'Winston-Salem, NC | ' | ' | 'Winston-Salem, NC | ' | ' | 'North Las Vegas, NV | ' | ' | 'North Las Vegas, NV | ' | ' | 'Aiken, SC | ' | ' | 'Aiken, SC | ' | ' | 'Anderson, SC | ' | ' | 'Charleston, SC | ' | ' | 'Charleston, SC | ' | ' | 'Charleston, SC | ' | ' | 'Charleston, SC | ' | ' | 'Charleston, SC | ' | ' | 'Columbia, SC | ' | ' | 'Columbia, SC | ' | ' | 'Goose Creek, SC | ' | ' | 'Greenville, SC | ' | ' | 'Greenville, SC | ' | ' | 'Greenville, SC | ' | ' | 'Greenville, SC | ' | ' | 'Greenville, SC | ' | ' | 'Mt. Pleasant, SC | ' | ' | 'North Charleston, SC | ' | ' | 'Simpsonville, SC | ' | ' | 'Spartanburg, SC | ' | ' | 'Summerville, SC | ' | ' | 'Summerville, SC | ' | ' | 'Chattanooga, TN | ' | ' | 'Chattanooga, TN | ' | ' | 'Chattanooga, TN | ' | ' | 'Chattanooga, TN | ' | ' | 'Jackson, TN | ' | ' | 'Jackson, TN | ' | ' | 'Jackson, TN | ' | ' | 'Jackson, TN | ' | ' | 'Jackson, TN | ' | ' | 'Memphis, TN | ' | ' | 'Memphis, TN | ' | ' | 'Memphis, TN | ' | ' | 'Memphis, TN | ' | ' | 'Memphis, TN | ' | ' | 'Murfreesboro, TN | ' | ' | 'Nashville, TN | ' | ' | 'Nashville, TN | ' | ' | 'Nashville, TN | ' | ' | 'Nashville, TN | ' | ' | 'Nashville, TN | ' | ' | 'Nashville, TN | ' | ' | 'Nashville, TN | ' | ' | 'Nashville, TN | ' | ' | 'Nashville, TN | ' | ' | 'Arlington, TX | ' | ' | 'Arlington, TX | ' | ' | 'Austin, TX | ' | ' | 'Austin, TX | ' | ' | 'Austin, TX | ' | ' | 'Austin, TX | ' | ' | 'Austin, TX | ' | ' | 'Austin, TX | ' | ' | 'Austin, TX | ' | ' | 'Austin, TX | ' | ' | 'Austin, TX | ' | ' | 'Austin, TX | ' | ' | 'Austin, TX | ' | ' | 'Austin, TX | ' | ' | 'Austin, TX | ' | ' | 'Bedford, TX | ' | ' | 'Bedford, TX | ' | ' | 'Carrollton, TX | ' | ' | 'Cedar Park, TX | ' | ' | 'Cedar Park, TX | ' | ' | 'Dallas, TX | ' | ' | 'Dallas, TX | ' | ' | 'Dallas, TX | ' | ' | 'Dallas, TX | ' | ' | 'Dallas, TX | ' | ' | 'Dallas, TX | ' | ' | 'Duncanville, TX | ' | ' | 'Euless, TX | ' | ' | 'Fairview, TX | ' | ' | 'Frisco, TX | ' | ' | 'Frisco, TX | ' | ' | 'Grapevine, TX | ' | ' | 'Houston, TX | ' | ' | 'Houston, TX | ' | ' | 'Houston, TX | ' | ' | 'Houston, TX | ' | ' | 'Houston, TX | ' | ' | 'Humble, TX | ' | ' | 'Humble, TX | ' | ' | 'Irving, TX | ' | ' | 'Irving, TX | ' | ' | 'Irving, TX | ' | ' | 'Irving, TX | ' | ' | 'Mesquite, TX | ' | ' | 'Lewisville, TX | ' | ' | 'Lewisville, TX | ' | ' | 'McKinney, TX | ' | ' | 'Plano, TX | ' | ' | 'Plano, TX | ' | ' | 'Roanoke, TX | ' | ' | 'Roanoke, TX | ' | ' | 'Round Rock, TX | ' | ' | 'Round Rock, TX | ' | ' | 'Round Rock, TX | ' | ' | 'San Antonio, TX | ' | ' | 'San Antonio, TX | ' | ' | 'San Antonio, TX | ' | ' | 'Spring, TX | ' | ' | 'Stafford, TX | ' | ' | 'Woodlands, TX | ' | ' | 'Chesapeake, VA | ' | ' | 'Fredericksburg, VA | ' | ' | 'Fredericksburg, VA | ' | ' | 'Fredericksburg, VA | ' | ' | 'Fredericksburg, VA | ' | ' | 'Glen Allen, VA | ' | ' | 'Glen Allen, VA | ' | ' | 'Hampton, VA | ' | ' | 'Hampton, VA | ' | ' | 'Midlothian, VA | ' | ' | 'Richmond, VA | ' | ' | 'Richmond, VA | ' | ' | 'Richmond, VA | ' | ' | 'Virginia Beach, VA | ' | ' | 'Birmingham, AL | 'Huntsville, AL | 'Orlando, FL | 'Orlando, FL | 'Charlotte, NC | 'Nashville, TN | 'Jacksonville, FL | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Irving, TX | ' | ' | 'McKinney, TX | ' | ' | 'Birmingham, AL | ' | ' | 'Birmingham, AL | ' | ' | 'Gulf Shores, AL | ' | ' | 'Atlanta, GA | ' | ' | 'Charlotte, NC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Encumbrances | $1,107,341,000 | ' | ' | ' | ' | ' | $1,107,341,000 | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $28,462,000 | ' | ' | $0 | ' | ' | $23,102,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $18,531,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [2] | ' | ' | $6,758,000 | [3],[4] | ' | ' | $0 | ' | ' | $0 | ' | ' | $21,412,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $13,235,000 | [3],[5] | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $0 | ' | ' | $33,818,000 | ' | ' | $0 | ' | ' | $6,570,000 | [3],[6] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $26,243,000 | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $21,274,000 | ' | ' | $0 | ' | ' | $29,574,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $23,500,000 | ' | ' | $0 | ' | ' | $3,428,000 | [3],[7] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [8] | ' | ' | $0 | ' | ' | $11,992,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $15,936,000 | ' | ' | $15,558,000 | ' | ' | $0 | [8] | ' | ' | $31,663,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $19,772,000 | ' | ' | $14,747,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [2] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [2] | ' | ' | $0 | [2] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | [1] | ' | ' | $5,692,000 | [3],[9] | ' | ' | $0 | [1] | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | [8] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $16,111,000 | ' | ' | $0 | ' | ' | $16,250,000 | ' | ' | $18,342,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $14,559,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $12,142,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $15,971,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $15,239,000 | ' | ' | $14,923,000 | ' | ' | $0 | ' | ' | $20,087,000 | ' | ' | $26,502,000 | ' | ' | $0 | ' | ' | $10,950,000 | ' | ' | $0 | ' | ' | $31,769,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $27,105,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $7,488,000 | [10],[3] | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | [1] | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $8,365,000 | [11],[3] | ' | ' | $0 | ' | ' | $13,413,000 | ' | ' | $0 | ' | ' | $15,200,000 | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | $0 | [1] | ' | ' | $0 | [1] | ' | ' | $5,383,000 | [12],[3] | ' | ' | $0 | ' | ' | $4,919,000 | [13],[3] | ' | ' | $3,267,000 | [14],[3] | ' | ' | $0 | ' | ' | $0 | ' | ' | $27,853,000 | ' | ' | $0 | [1] | ' | ' | $0 | [1] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $18,484,000 | ' | ' | $0 | ' | ' | $23,143,000 | ' | ' | $0 | ' | ' | $0 | [2] | ' | ' | $6,645,000 | [15],[3] | ' | ' | $0 | ' | ' | $22,749,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $16,160,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [2] | ' | ' | $27,898,000 | ' | ' | $0 | ' | ' | $31,591,000 | ' | ' | $0 | [2] | ' | ' | $4,050,000 | [16],[3] | ' | ' | $3,585,000 | [17],[3] | ' | ' | $0 | ' | ' | $23,713,000 | ' | ' | $27,479,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [2] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | [8] | ' | ' | $0 | ' | ' | $25,038,000 | ' | ' | $0 | ' | ' | $21,718,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $18,536,000 | ' | ' | $0 | [8] | ' | ' | $11,285,000 | ' | ' | $0 | ' | ' | $0 | [2] | ' | ' | $0 | ' | ' | $0 | [2] | ' | ' | $0 | [8] | ' | ' | $0 | ' | ' | $0 | ' | ' | $26,243,000 | ' | ' | $0 | ' | ' | $22,527,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $25,456,000 | ' | ' | $11,333,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $19,061,000 | ' | ' | $0 | [8] | ' | ' | $0 | [2] | ' | ' | $0 | [8] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $13,112,000 | ' | ' | $10,430,000 | [18],[3] | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | $0 | ' | ' | ' | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,107,341,000 | ' | ' | $0 | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Cost Land | 930,334,000 | ' | ' | ' | ' | ' | 822,370,000 | 2,640,000 | ' | ' | 2,280,000 | ' | ' | 3,769,000 | ' | ' | 3,409,000 | ' | ' | 851,000 | ' | ' | 3,218,000 | ' | ' | 524,000 | ' | ' | 4,953,000 | ' | ' | 909,000 | ' | ' | 3,608,000 | ' | ' | 1,152,000 | ' | ' | 1,192,000 | ' | ' | 965,000 | ' | ' | 1,293,000 | ' | ' | 3,930,000 | ' | ' | 1,026,000 | ' | ' | 960,000 | ' | ' | 2,560,000 | ' | ' | 2,626,000 | ' | ' | 1,271,000 | ' | ' | 7,901,000 | ' | ' | 2,668,000 | ' | ' | 12,741,000 | ' | ' | 4,228,000 | ' | ' | 3,620,000 | ' | ' | 3,918,000 | ' | ' | 3,918,000 | ' | ' | 1,024,000 | ' | ' | 1,167,000 | ' | ' | 2,896,000 | ' | ' | 2,986,000 | ' | ' | 9,600,000 | ' | ' | 1,227,000 | ' | ' | 1,800,000 | ' | ' | 2,040,000 | ' | ' | 4,110,000 | ' | ' | 4,000,000 | ' | ' | 854,000 | ' | ' | 1,533,000 | ' | ' | 1,430,000 | ' | ' | 4,047,000 | ' | ' | 1,411,000 | ' | ' | 2,857,000 | ' | ' | 0 | ' | ' | 6,417,000 | ' | ' | 1,686,000 | ' | ' | 2,254,000 | ' | ' | 3,788,000 | ' | ' | 1,263,000 | ' | ' | 5,754,000 | ' | ' | 3,488,000 | ' | ' | 2,284,000 | ' | ' | 7,880,000 | ' | ' | 4,672,000 | ' | ' | 898,000 | ' | ' | 3,097,000 | ' | ' | 530,000 | ' | ' | 852,000 | ' | ' | 817,000 | ' | ' | 2,738,000 | ' | ' | 6,246,000 | ' | ' | 3,057,000 | ' | ' | 2,717,000 | ' | ' | 6,900,000 | ' | ' | 11,168,000 | ' | ' | 8,633,000 | ' | ' | 6,875,000 | ' | ' | 772,000 | ' | ' | 400,000 | ' | ' | 502,000 | ' | ' | 4,286,000 | ' | ' | 1,284,000 | ' | ' | 3,840,000 | ' | ' | 1,964,000 | ' | ' | 4,369,000 | ' | ' | 2,063,000 | ' | ' | 3,993,000 | ' | ' | 6,767,000 | ' | ' | 6,875,000 | ' | ' | 3,560,000 | ' | ' | 3,150,000 | ' | ' | 4,875,000 | ' | ' | 3,100,000 | ' | ' | 1,409,000 | ' | ' | 595,000 | ' | ' | 5,673,000 | ' | ' | 1,804,000 | ' | ' | 1,754,000 | ' | ' | 1,500,000 | ' | ' | 1,288,000 | ' | ' | 2,446,000 | ' | ' | 1,715,000 | ' | ' | 2,526,000 | ' | ' | 5,242,000 | ' | ' | 2,910,000 | ' | ' | 1,160,000 | ' | ' | 1,470,000 | ' | ' | 1,331,000 | ' | ' | 1,038,000 | ' | ' | 2,024,000 | ' | ' | 411,000 | ' | ' | 694,000 | ' | ' | 900,000 | ' | ' | 1,169,000 | ' | ' | 1,535,000 | ' | ' | 1,351,000 | ' | ' | 710,000 | ' | ' | 676,000 | ' | ' | 778,000 | ' | ' | 894,000 | ' | ' | 5,814,000 | ' | ' | 7,507,000 | ' | ' | 900,000 | ' | ' | 4,000,000 | ' | ' | 4,780,000 | ' | ' | 4,832,000 | ' | ' | 1,243,000 | ' | ' | 1,244,000 | ' | ' | 3,168,000 | ' | ' | 2,897,000 | ' | ' | 4,601,000 | ' | ' | 3,257,000 | ' | ' | 1,623,000 | ' | ' | 5,322,000 | ' | ' | 1,444,000 | ' | ' | 4,129,000 | ' | ' | 2,265,000 | ' | ' | 2,145,000 | ' | ' | 2,907,000 | ' | ' | 1,464,000 | ' | ' | 4,580,000 | ' | ' | 2,595,000 | ' | ' | 2,747,000 | ' | ' | 3,278,000 | ' | ' | 4,210,000 | ' | ' | 4,191,000 | ' | ' | 4,260,000 | ' | ' | 3,077,000 | ' | ' | 3,698,000 | ' | ' | 6,414,000 | ' | ' | 7,387,000 | ' | ' | 6,586,000 | ' | ' | 2,246,000 | ' | ' | 3,690,000 | ' | ' | 5,243,000 | ' | ' | 5,850,000 | ' | ' | 4,695,000 | ' | ' | 4,201,000 | ' | ' | 685,000 | ' | ' | 3,407,000 | ' | ' | 2,356,000 | ' | ' | 4,100,000 | ' | ' | 4,919,000 | ' | ' | 862,000 | ' | ' | 503,000 | ' | ' | 427,000 | ' | ' | 3,617,000 | ' | ' | 3,979,000 | ' | ' | 922,000 | ' | ' | 4,580,000 | ' | ' | 5,200,000 | ' | ' | 910,000 | ' | ' | 1,840,000 | ' | ' | 1,324,000 | ' | ' | 482,000 | ' | ' | 1,304,000 | ' | ' | 1,200,000 | ' | ' | 325,000 | ' | ' | 597,000 | ' | ' | 1,085,000 | ' | ' | 2,786,000 | ' | ' | 1,216,000 | ' | ' | 723,000 | ' | ' | 2,800,000 | ' | ' | 2,107,000 | ' | ' | 1,131,000 | ' | ' | 972,000 | ' | ' | 217,000 | ' | ' | 817,000 | ' | ' | 177,000 | ' | ' | 443,000 | ' | ' | 381,000 | ' | ' | 523,000 | ' | ' | 240,000 | ' | ' | 2,100,000 | ' | ' | 1,148,000 | ' | ' | 1,498,000 | ' | ' | 178,000 | ' | ' | 1,260,000 | ' | ' | 915,000 | ' | ' | 4,950,000 | ' | ' | 3,456,000 | ' | ' | 1,193,000 | ' | ' | 8,640,000 | ' | ' | 2,963,000 | ' | ' | 2,736,000 | ' | ' | 1,524,000 | ' | ' | 6,670,000 | ' | ' | 3,350,000 | ' | ' | 1,885,000 | ' | ' | 886,000 | ' | ' | 1,598,000 | ' | ' | 3,629,000 | ' | ' | 3,786,000 | ' | ' | 3,138,000 | ' | ' | 4,912,000 | ' | ' | 3,150,000 | ' | ' | 4,631,000 | ' | ' | 3,094,000 | ' | ' | 9,100,000 | ' | ' | 2,900,000 | ' | ' | 1,621,000 | ' | ' | 2,281,000 | ' | ' | 1,405,000 | ' | ' | 4,992,000 | ' | ' | 3,115,000 | ' | ' | 4,240,000 | ' | ' | 3,289,000 | ' | ' | 3,959,000 | ' | ' | 988,000 | ' | ' | 1,252,000 | ' | ' | 2,730,000 | ' | ' | 5,016,000 | ' | ' | 4,058,000 | ' | ' | 960,000 | ' | ' | 1,825,000 | ' | ' | 6,466,000 | ' | ' | 2,176,000 | ' | ' | 3,240,000 | ' | ' | 1,972,000 | ' | ' | 2,356,000 | ' | ' | 3,465,000 | ' | ' | 2,157,000 | ' | ' | 1,968,000 | ' | ' | 2,061,000 | ' | ' | 1,480,000 | ' | ' | 3,230,000 | ' | ' | 2,755,000 | ' | ' | 2,521,000 | ' | ' | 4,399,000 | ' | ' | 3,910,000 | ' | ' | 5,083,000 | ' | ' | 1,311,000 | ' | ' | 5,610,000 | ' | ' | 3,288,000 | ' | ' | 1,130,000 | ' | ' | 864,000 | ' | ' | 3,273,000 | ' | ' | 3,382,000 | ' | ' | 4,166,000 | ' | ' | 5,522,000 | ' | ' | 4,701,000 | ' | ' | 2,566,000 | ' | ' | 2,380,000 | ' | ' | 5,450,000 | ' | ' | 4,000,000 | ' | ' | 576,000 | ' | ' | 1,918,000 | ' | ' | 539,000 | ' | ' | 5,280,000 | ' | ' | 4,852,000 | ' | ' | 6,960,000 | ' | ' | 7,530,000 | ' | ' | 8,580,000 | ' | ' | 4,861,000 | ' | ' | 4,671,000 | ' | ' | 1,509,000 | ' | ' | 5,643,000 | ' | ' | 6,747,000 | ' | ' | 4,771,000 | ' | ' | 6,034,000 | ' | ' | 4,930,000 | ' | ' | 3,490,000 | ' | ' | 1,652,000 | 6,113,000 | 1,309,000 | 5,671,000 | 4,639,000 | 8,672,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,457,000 | 46,000 | ' | ' | 253,000 | ' | ' | 1,447,000 | ' | ' | 8,026,000 | ' | ' | 2,775,000 | ' | ' | 867,000 | ' | ' | 43,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,556,000 | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | 866,383,000 | ' | ' | 63,951,000 | ' | ' | 63,951,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Cost Buildings and Fixtures | 5,918,067,000 | ' | ' | ' | ' | ' | 5,738,844,000 | 28,842,000 | ' | ' | 28,807,000 | ' | ' | 22,079,000 | ' | ' | 31,813,000 | ' | ' | 7,667,000 | ' | ' | 25,162,000 | ' | ' | 4,724,000 | ' | ' | 38,673,000 | ' | ' | 10,152,000 | ' | ' | 28,934,000 | ' | ' | 6,195,000 | ' | ' | 8,202,000 | ' | ' | 13,190,000 | ' | ' | 12,238,000 | ' | ' | 30,977,000 | ' | ' | 9,244,000 | ' | ' | 8,642,000 | ' | ' | 25,234,000 | ' | ' | 0 | ' | ' | 11,463,000 | ' | ' | 27,182,000 | ' | ' | 14,577,000 | ' | ' | 47,701,000 | ' | ' | 26,255,000 | ' | ' | 20,273,000 | ' | ' | 29,556,000 | ' | ' | 22,071,000 | ' | ' | 9,219,000 | ' | ' | 10,500,000 | ' | ' | 26,111,000 | ' | ' | 40,230,000 | ' | ' | 40,004,000 | ' | ' | 5,879,000 | ' | ' | 15,879,000 | ' | ' | 16,338,000 | ' | ' | 35,684,000 | ' | ' | 19,495,000 | ' | ' | 7,500,000 | ' | ' | 13,835,000 | ' | ' | 12,883,000 | ' | ' | 35,052,000 | ' | ' | 14,967,000 | ' | ' | 6,475,000 | ' | ' | 0 | ' | ' | 36,069,000 | ' | ' | 15,179,000 | ' | ' | 20,452,000 | ' | ' | 33,543,000 | ' | ' | 11,654,000 | ' | ' | 56,562,000 | ' | ' | 10,311,000 | ' | ' | 21,970,000 | ' | ' | 41,175,000 | ' | ' | 56,988,000 | ' | ' | 14,276,000 | ' | ' | 47,793,000 | ' | ' | 4,805,000 | ' | ' | 7,667,000 | ' | ' | 7,355,000 | ' | ' | 19,055,000 | ' | ' | 69,535,000 | ' | ' | 42,768,000 | ' | ' | 36,710,000 | ' | ' | 26,613,000 | ' | ' | 52,758,000 | ' | ' | 19,844,000 | ' | ' | 31,441,000 | ' | ' | 6,949,000 | ' | ' | 3,626,000 | ' | ' | 4,551,000 | ' | ' | 42,722,000 | ' | ' | 15,819,000 | ' | ' | 24,011,000 | ' | ' | 15,707,000 | ' | ' | 13,579,000 | ' | ' | 19,158,000 | ' | ' | 32,206,000 | ' | ' | 32,202,000 | ' | ' | 23,748,000 | ' | ' | 22,611,000 | ' | ' | 18,383,000 | ' | ' | 45,893,000 | ' | ' | 29,240,000 | ' | ' | 12,687,000 | ' | ' | 5,403,000 | ' | ' | 26,186,000 | ' | ' | 35,454,000 | ' | ' | 30,893,000 | ' | ' | 24,862,000 | ' | ' | 11,579,000 | ' | ' | 36,863,000 | ' | ' | 10,494,000 | ' | ' | 8,223,000 | ' | ' | 8,555,000 | ' | ' | 25,315,000 | ' | ' | 10,437,000 | ' | ' | 13,284,000 | ' | ' | 11,918,000 | ' | ' | 9,342,000 | ' | ' | 31,525,000 | ' | ' | 3,699,000 | ' | ' | 6,242,000 | ' | ' | 8,097,000 | ' | ' | 10,518,000 | ' | ' | 13,826,000 | ' | ' | 12,168,000 | ' | ' | 8,770,000 | ' | ' | 6,284,000 | ' | ' | 7,013,000 | ' | ' | 8,053,000 | ' | ' | 46,241,000 | ' | ' | 34,863,000 | ' | ' | 8,099,000 | ' | ' | 20,250,000 | ' | ' | 22,342,000 | ' | ' | 0 | ' | ' | 52,119,000 | ' | ' | 11,659,000 | ' | ' | 24,004,000 | ' | ' | 28,272,000 | ' | ' | 27,713,000 | ' | ' | 31,389,000 | ' | ' | 17,499,000 | ' | ' | 28,016,000 | ' | ' | 9,570,000 | ' | ' | 25,974,000 | ' | ' | 19,489,000 | ' | ' | 11,564,000 | ' | ' | 17,192,000 | ' | ' | 18,984,000 | ' | ' | 29,151,000 | ' | ' | 27,126,000 | ' | ' | 17,686,000 | ' | ' | 15,609,000 | ' | ' | 37,682,000 | ' | ' | 26,214,000 | ' | ' | 31,948,000 | ' | ' | 21,830,000 | ' | ' | 28,536,000 | ' | ' | 31,134,000 | ' | ' | 50,202,000 | ' | ' | 48,910,000 | ' | ' | 18,434,000 | ' | ' | 29,910,000 | ' | ' | 45,138,000 | ' | ' | 21,980,000 | ' | ' | 29,007,000 | ' | ' | 25,121,000 | ' | ' | 6,165,000 | ' | ' | 15,002,000 | ' | ' | 7,354,000 | ' | ' | 29,826,000 | ' | ' | 25,643,000 | ' | ' | 7,867,000 | ' | ' | 4,540,000 | ' | ' | 3,853,000 | ' | ' | 28,645,000 | ' | ' | 22,790,000 | ' | ' | 24,097,000 | ' | ' | 20,091,000 | ' | ' | ' | ' | ' | 8,207,000 | ' | ' | 16,560,000 | ' | ' | 14,163,000 | ' | ' | 4,337,000 | ' | ' | 11,740,000 | ' | ' | 10,800,000 | ' | ' | 2,925,000 | ' | ' | 5,374,000 | ' | ' | 7,269,000 | ' | ' | 33,966,000 | ' | ' | 18,666,000 | ' | ' | 6,504,000 | ' | ' | 26,295,000 | ' | ' | 9,187,000 | ' | ' | 10,632,000 | ' | ' | 8,954,000 | ' | ' | 1,957,000 | ' | ' | 7,416,000 | ' | ' | 1,594,000 | ' | ' | 5,078,000 | ' | ' | 4,299,000 | ' | ' | 4,711,000 | ' | ' | 6,839,000 | ' | ' | 24,468,000 | ' | ' | 10,337,000 | ' | ' | 20,483,000 | ' | ' | 1,141,000 | ' | ' | 16,043,000 | ' | ' | 14,774,000 | ' | ' | 28,053,000 | ' | ' | 22,443,000 | ' | ' | 10,739,000 | ' | ' | 34,229,000 | ' | ' | 33,673,000 | ' | ' | 28,902,000 | ' | ' | 14,800,000 | ' | ' | 0 | ' | ' | 28,308,000 | ' | ' | 9,906,000 | ' | ' | 8,051,000 | ' | ' | 14,398,000 | ' | ' | 32,137,000 | ' | ' | 20,201,000 | ' | ' | 29,375,000 | ' | ' | 33,010,000 | ' | ' | 11,393,000 | ' | ' | 34,461,000 | ' | ' | 32,283,000 | ' | ' | 49,339,000 | ' | ' | 24,009,000 | ' | ' | 7,501,000 | ' | ' | 6,169,000 | ' | ' | 12,769,000 | ' | ' | 27,377,000 | ' | ' | 33,488,000 | ' | ' | 42,237,000 | ' | ' | 24,935,000 | ' | ' | 31,705,000 | ' | ' | 8,893,000 | ' | ' | 11,271,000 | ' | ' | 22,240,000 | ' | ' | 41,091,000 | ' | ' | 33,779,000 | ' | ' | 14,438,000 | ' | ' | 10,960,000 | ' | ' | 30,048,000 | ' | ' | 35,077,000 | ' | ' | 26,069,000 | ' | ' | 34,018,000 | ' | ' | 29,757,000 | ' | ' | 23,482,000 | ' | ' | 19,066,000 | ' | ' | 19,928,000 | ' | ' | 15,830,000 | ' | ' | 14,807,000 | ' | ' | 19,926,000 | ' | ' | 20,085,000 | ' | ' | 26,432,000 | ' | ' | 21,822,000 | ' | ' | 40,691,000 | ' | ' | 37,397,000 | ' | ' | 11,867,000 | ' | ' | 28,616,000 | ' | ' | 13,118,000 | ' | ' | 28,058,000 | ' | ' | 7,783,000 | ' | ' | 28,823,000 | ' | ' | 26,930,000 | ' | ' | 0 | ' | ' | 36,241,000 | ' | ' | 45,379,000 | ' | ' | 16,488,000 | ' | ' | 26,982,000 | ' | ' | 45,958,000 | ' | ' | 24,992,000 | ' | ' | 5,190,000 | ' | ' | 15,846,000 | ' | ' | 4,850,000 | ' | ' | 31,341,000 | ' | ' | 21,677,000 | ' | ' | 32,083,000 | ' | ' | 37,534,000 | ' | ' | 35,700,000 | ' | ' | 21,678,000 | ' | ' | 18,908,000 | ' | ' | 8,189,000 | ' | ' | 15,660,000 | ' | ' | 29,221,000 | ' | ' | 13,365,000 | ' | ' | 29,004,000 | ' | ' | 35,598,000 | ' | ' | 14,796,000 | ' | ' | 6,632,000 | 5,113,000 | 7,996,000 | 50,553,000 | 44,282,000 | 4,549,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,098,000 | 186,000 | ' | ' | 1,310,000 | ' | ' | 32,049,000 | ' | ' | 17,780,000 | ' | ' | 5,109,000 | ' | ' | 3,465,000 | ' | ' | 199,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,125,000 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 5,918,067,000 | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost Capitalized subsequent to Acquisition | ' | ' | ' | ' | 4,832,000 | 835,886,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,924,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 830,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8,000 | -1,033,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5,000 | 0 | 950,000 | 0 | 110,000 | 153,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,688,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 138,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35,000 | -14,000 | -2,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12,000 | 0 | -57,000 | 0 | 0 | 25,000 | 0 | 0 | 0 | 2,147,000 | 0 | 0 | 0 | -2,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8,000 | 0 | 0 | 0 | 0 | 0 | 0 | -1,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 784,734,000 | 548,000 | 203,000 | 94,000 | 132,000 | 3,928,000 | 173,000 | 2,696,000 | 215,000 | 13,119,000 | 154,000 | -976,000 | -1,265,000 | 1,796,000 | 62,000 | 1,086,000 | 7,523,000 | 4,547,000 | 946,000 | 26,600,000 | 7,051,000 | 1,042,000 | 661,000 | 1,692,000 | 106,000 | 91,000 | 123,000 | 102,000 | 5,518,000 | 3,326,000 | 4,141,000 | 236,000 | 6,872,000 | 3,541,000 | 2,788,000 | 173,000 | 177,000 | 1,087,000 | 3,460,000 | 6,400,000 | 9,320,000 | 4,017,000 | 2,477,000 | 6,479,000 | 13,445,000 | 375,000 | 9,254,000 | 7,895,000 | 110,000 | 39,000 | 251,000 | 43,000 | 5,118,000 | 1,214,000 | 335,000 | 3,330,000 | 194,000 | 13,802,000 | 5,277,000 | 5,107,000 | 1,358,000 | 223,000 | 162,000 | 121,000 | -388,000 | 1,033,000 | 2,361,000 | 2,746,000 | 3,106,000 | 1,822,000 | 2,897,000 | 18,048,000 | 2,362,000 | 2,238,000 | 105,000 | 173,000 | 118,000 | 145,000 | 169,000 | 144,000 | 2,924,000 | 1,367,000 | 225,000 | -704,000 | 3,289,000 | 2,079,000 | 117,000 | 145,000 | 105,000 | 610,000 | 2,699,000 | 158,000 | 96,000 | 58,000 | 60,000 | 2,267,000 | 2,651,000 | 3,709,000 | 20,881,000 | 3,472,000 | 2,188,000 | 2,305,000 | 3,372,000 | 4,504,000 | 8,676,000 | 4,931,000 | 8,045,000 | 7,750,000 | 2,282,000 | 3,014,000 | 3,755,000 | 317,000 | 139,000 | 4,750,000 | 2,486,000 | 234,000 | 22,275,000 | 175,000 | 34,000 | 305,000 | 185,000 | 109,000 | 221,000 | 68,000 | 209,000 | 80,000 | 144,000 | 100,000 | 91,000 | 141,000 | 73,000 | 102,000 | 107,000 | 71,000 | 79,000 | 196,000 | 140,000 | -1,229,000 | 165,000 | 108,000 | 139,000 | 190,000 | 170,000 | 361,000 | 1,318,000 | 174,000 | 23,129,000 | 932,000 | 131,000 | 2,859,000 | -380,000 | 79,000 | 123,000 | 108,000 | 1,969,000 | 2,296,000 | 3,184,000 | 123,000 | 477,000 | 58,000 | 111,000 | 28,189,000 | 3,210,000 | 3,798,000 | 67,000 | 2,367,000 | 3,842,000 | 2,042,000 | 4,643,000 | 2,975,000 | 6,207,000 | 121,000 | 531,000 | 3,053,000 | 809,000 | 123,000 | 2,902,000 | 2,236,000 | 3,082,000 | 4,006,000 | 2,253,000 | 4,170,000 | 2,866,000 | 2,129,000 | 2,684,000 | 26,986,000 | 9,256,000 | 14,392,000 | 4,742,000 | 37,608,000 | 2,305,000 | 685,000 | 826,000 | 6,718,000 | 252,000 | 4,863,000 | 4,155,000 | 7,900,000 | 49,864,000 | 621,000 | 125,000 | 2,094,000 | 10,522,000 | 89,000 | 92,000 | 95,000 | 146,000 | 2,616,000 | 171,000 | 118,000 | -3,049,000 | 1,686,000 | 5,856,000 | 6,589,000 | 5,413,000 | 297,000 | 183,000 | 143,000 | 96,000 | -1,547,000 | 3,590,000 | 4,470,000 | 1,842,000 | 828,000 | 125,000 | 1,459,000 | 48,000 | 149,000 | 136,000 | 521,000 | 154,000 | 194,000 | -755,000 | 3,142,000 | 2,772,000 | 2,881,000 | 1,975,000 | 894,000 | 657,000 | 674,000 | 601,000 | 238,000 | 968,000 | 2,554,000 | 165,000 | 106,000 | 2,126,000 | 3,547,000 | 3,666,000 | 4,673,000 | 21,052,000 | 131,000 | 166,000 | 76,000 | 1,128,000 | 826,000 | 1,151,000 | 3,275,000 | 2,051,000 | 2,967,000 | 1,052,000 | 95,000 | 276,000 | 3,000 | 115,000 | 106,000 | 93,000 | 8,578,000 | 113,000 | 179,000 | 90,000 | 100,000 | 1,776,000 | 73,000 | 1,248,000 | 598,000 | 1,061,000 | -803,000 | 6,579,000 | 2,913,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000 | 0 | 0 | 0 | 0 | 0 | 0 | 9,000 | 2,950,000 | 126,000 | 1,152,000 | -455,000 | 22,000 | 1,863,000 | 0 | 242,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 26,571,000 | 14,975,000 | ' | 4,933,000 | 814,255,000 | ' | -101,000 | 0 | ' | ' | ' | ' | 0 | 21,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Amount, Land | 935,166,000 | ' | ' | ' | ' | ' | 827,294,000 | 2,640,000 | ' | ' | 2,280,000 | ' | ' | 3,769,000 | ' | ' | 3,409,000 | ' | ' | 851,000 | ' | ' | 3,218,000 | ' | ' | 524,000 | ' | ' | 4,953,000 | ' | ' | 1,739,000 | ' | ' | 3,608,000 | ' | ' | 1,152,000 | ' | ' | 1,192,000 | ' | ' | 965,000 | ' | ' | 1,293,000 | ' | ' | 3,930,000 | ' | ' | 1,026,000 | ' | ' | 960,000 | ' | ' | 2,560,000 | ' | ' | 2,626,000 | ' | ' | 1,271,000 | ' | ' | 7,901,000 | ' | ' | 2,668,000 | ' | ' | 12,741,000 | ' | ' | 4,228,000 | ' | ' | 3,620,000 | ' | ' | 3,918,000 | ' | ' | 3,918,000 | ' | ' | 1,024,000 | ' | ' | 1,167,000 | ' | ' | 2,896,000 | ' | ' | 2,986,000 | ' | ' | 9,600,000 | ' | ' | 1,227,000 | ' | ' | 1,800,000 | ' | ' | 2,040,000 | ' | ' | 4,110,000 | ' | ' | 4,000,000 | ' | ' | 854,000 | ' | ' | 1,533,000 | ' | ' | 1,430,000 | ' | ' | 4,047,000 | ' | ' | 1,411,000 | ' | ' | 2,857,000 | ' | ' | 0 | ' | ' | 6,417,000 | ' | ' | 1,678,000 | ' | ' | 1,221,000 | ' | ' | 3,788,000 | ' | ' | 1,263,000 | ' | ' | 5,754,000 | ' | ' | 3,488,000 | ' | ' | 2,284,000 | ' | ' | 7,880,000 | ' | ' | 4,672,000 | ' | ' | 893,000 | ' | ' | 3,097,000 | ' | ' | 1,480,000 | ' | ' | 852,000 | ' | ' | 927,000 | ' | ' | 2,891,000 | ' | ' | 6,246,000 | ' | ' | 3,057,000 | ' | ' | 2,717,000 | ' | ' | 6,900,000 | ' | ' | 11,168,000 | ' | ' | 8,633,000 | ' | ' | 6,875,000 | ' | ' | 772,000 | ' | ' | 400,000 | ' | ' | 502,000 | ' | ' | 4,286,000 | ' | ' | 1,284,000 | ' | ' | 3,840,000 | ' | ' | 1,964,000 | ' | ' | 4,369,000 | ' | ' | 2,063,000 | ' | ' | 3,993,000 | ' | ' | 6,767,000 | ' | ' | 6,875,000 | ' | ' | 3,560,000 | ' | ' | 3,150,000 | ' | ' | 4,875,000 | ' | ' | 3,100,000 | ' | ' | 1,409,000 | ' | ' | 595,000 | ' | ' | 5,673,000 | ' | ' | 1,804,000 | ' | ' | 1,754,000 | ' | ' | 1,500,000 | ' | ' | 1,288,000 | ' | ' | 2,446,000 | ' | ' | 1,715,000 | ' | ' | 2,526,000 | ' | ' | 5,242,000 | ' | ' | 2,910,000 | ' | ' | 1,160,000 | ' | ' | 1,470,000 | ' | ' | 3,019,000 | ' | ' | 1,038,000 | ' | ' | 2,024,000 | ' | ' | 411,000 | ' | ' | 694,000 | ' | ' | 900,000 | ' | ' | 1,169,000 | ' | ' | 1,535,000 | ' | ' | 1,351,000 | ' | ' | 848,000 | ' | ' | 676,000 | ' | ' | 778,000 | ' | ' | 894,000 | ' | ' | 5,814,000 | ' | ' | 7,507,000 | ' | ' | 900,000 | ' | ' | 4,000,000 | ' | ' | 4,780,000 | ' | ' | 4,832,000 | ' | ' | 1,243,000 | ' | ' | 1,244,000 | ' | ' | 3,168,000 | ' | ' | 2,897,000 | ' | ' | 4,601,000 | ' | ' | 3,257,000 | ' | ' | 1,623,000 | ' | ' | 5,322,000 | ' | ' | 1,444,000 | ' | ' | 4,129,000 | ' | ' | 2,265,000 | ' | ' | 2,145,000 | ' | ' | 2,907,000 | ' | ' | 1,464,000 | ' | ' | 4,580,000 | ' | ' | 2,595,000 | ' | ' | 2,747,000 | ' | ' | 3,278,000 | ' | ' | 4,210,000 | ' | ' | 4,191,000 | ' | ' | 4,260,000 | ' | ' | 3,077,000 | ' | ' | 3,698,000 | ' | ' | 6,414,000 | ' | ' | 7,387,000 | ' | ' | 6,586,000 | ' | ' | 2,246,000 | ' | ' | 3,690,000 | ' | ' | 5,243,000 | ' | ' | 5,831,000 | ' | ' | 4,695,000 | ' | ' | 4,201,000 | ' | ' | 685,000 | ' | ' | 3,407,000 | ' | ' | 2,356,000 | ' | ' | 4,100,000 | ' | ' | 4,919,000 | ' | ' | 862,000 | ' | ' | 503,000 | ' | ' | 427,000 | ' | ' | 3,617,000 | ' | ' | 3,979,000 | ' | ' | 922,000 | ' | ' | 4,580,000 | ' | ' | 5,200,000 | ' | ' | 910,000 | ' | ' | 1,840,000 | ' | ' | 1,324,000 | ' | ' | 482,000 | ' | ' | 1,304,000 | ' | ' | 1,200,000 | ' | ' | 360,000 | ' | ' | 583,000 | ' | ' | 1,083,000 | ' | ' | 2,786,000 | ' | ' | 1,216,000 | ' | ' | 723,000 | ' | ' | 2,800,000 | ' | ' | 2,107,000 | ' | ' | 1,131,000 | ' | ' | 972,000 | ' | ' | 217,000 | ' | ' | 817,000 | ' | ' | 189,000 | ' | ' | 443,000 | ' | ' | 324,000 | ' | ' | 523,000 | ' | ' | 240,000 | ' | ' | 2,125,000 | ' | ' | 1,148,000 | ' | ' | 1,498,000 | ' | ' | 178,000 | ' | ' | 3,407,000 | ' | ' | 915,000 | ' | ' | 4,950,000 | ' | ' | 3,456,000 | ' | ' | 1,191,000 | ' | ' | 8,640,000 | ' | ' | 2,963,000 | ' | ' | 2,736,000 | ' | ' | 1,524,000 | ' | ' | 6,670,000 | ' | ' | 3,350,000 | ' | ' | 1,885,000 | ' | ' | 886,000 | ' | ' | 1,598,000 | ' | ' | 3,629,000 | ' | ' | 3,786,000 | ' | ' | 3,138,000 | ' | ' | 4,912,000 | ' | ' | 3,150,000 | ' | ' | 4,631,000 | ' | ' | 3,094,000 | ' | ' | 9,100,000 | ' | ' | 2,900,000 | ' | ' | 1,621,000 | ' | ' | 2,281,000 | ' | ' | 1,405,000 | ' | ' | 4,992,000 | ' | ' | 3,115,000 | ' | ' | 4,240,000 | ' | ' | 3,289,000 | ' | ' | 3,959,000 | ' | ' | 988,000 | ' | ' | 1,252,000 | ' | ' | 2,730,000 | ' | ' | 5,016,000 | ' | ' | 4,058,000 | ' | ' | 960,000 | ' | ' | 1,825,000 | ' | ' | 6,466,000 | ' | ' | 2,176,000 | ' | ' | 3,240,000 | ' | ' | 1,972,000 | ' | ' | 2,356,000 | ' | ' | 3,465,000 | ' | ' | 2,142,000 | ' | ' | 1,968,000 | ' | ' | 2,061,000 | ' | ' | 1,480,000 | ' | ' | 3,230,000 | ' | ' | 2,755,000 | ' | ' | 2,521,000 | ' | ' | 4,399,000 | ' | ' | 3,910,000 | ' | ' | 5,083,000 | ' | ' | 1,303,000 | ' | ' | 5,610,000 | ' | ' | 3,288,000 | ' | ' | 1,130,000 | ' | ' | 864,000 | ' | ' | 3,273,000 | ' | ' | 3,382,000 | ' | ' | 4,165,000 | ' | ' | 5,522,000 | ' | ' | 4,701,000 | ' | ' | 2,566,000 | ' | ' | 2,380,000 | ' | ' | 5,450,000 | ' | ' | 4,000,000 | ' | ' | 576,000 | ' | ' | 1,918,000 | ' | ' | 539,000 | ' | ' | 5,280,000 | ' | ' | 4,852,000 | ' | ' | 6,960,000 | ' | ' | 7,530,000 | ' | ' | 8,580,000 | ' | ' | 4,861,000 | ' | ' | 4,671,000 | ' | ' | 1,509,000 | ' | ' | 5,643,000 | ' | ' | 6,747,000 | ' | ' | 4,771,000 | ' | ' | 6,034,000 | ' | ' | 4,930,000 | ' | ' | 3,490,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,466,000 | 46,000 | ' | ' | 253,000 | ' | ' | 1,447,000 | ' | ' | 8,026,000 | ' | ' | 2,775,000 | ' | ' | 867,000 | ' | ' | 52,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,556,000 | 1,652,000 | 6,113,000 | 1,309,000 | 5,671,000 | 4,639,000 | 8,672,000 | 2,500,000 | ' | ' | ' | ' | 871,316,000 | ' | ' | 63,850,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Amount, Buildings and Fixtures | 6,753,953,000 | ' | ' | ' | ' | ' | 6,523,578,000 | 29,390,000 | ' | ' | 29,010,000 | ' | ' | 22,173,000 | ' | ' | 31,945,000 | ' | ' | 11,595,000 | ' | ' | 25,335,000 | ' | ' | 7,420,000 | ' | ' | 38,888,000 | ' | ' | 23,271,000 | ' | ' | 29,088,000 | ' | ' | 5,219,000 | ' | ' | 6,937,000 | ' | ' | 14,986,000 | ' | ' | 12,300,000 | ' | ' | 32,063,000 | ' | ' | 16,767,000 | ' | ' | 13,189,000 | ' | ' | 26,180,000 | ' | ' | 26,600,000 | ' | ' | 18,514,000 | ' | ' | 28,224,000 | ' | ' | 15,238,000 | ' | ' | 49,393,000 | ' | ' | 26,361,000 | ' | ' | 20,364,000 | ' | ' | 29,679,000 | ' | ' | 22,173,000 | ' | ' | 14,737,000 | ' | ' | 13,826,000 | ' | ' | 30,252,000 | ' | ' | 40,466,000 | ' | ' | 46,876,000 | ' | ' | 9,420,000 | ' | ' | 18,667,000 | ' | ' | 16,511,000 | ' | ' | 35,861,000 | ' | ' | 20,582,000 | ' | ' | 10,960,000 | ' | ' | 20,235,000 | ' | ' | 22,203,000 | ' | ' | 39,069,000 | ' | ' | 17,444,000 | ' | ' | 12,954,000 | ' | ' | 13,445,000 | ' | ' | 36,444,000 | ' | ' | 24,433,000 | ' | ' | 28,347,000 | ' | ' | 33,653,000 | ' | ' | 11,693,000 | ' | ' | 56,813,000 | ' | ' | 10,354,000 | ' | ' | 27,088,000 | ' | ' | 42,389,000 | ' | ' | 57,323,000 | ' | ' | 17,606,000 | ' | ' | 47,987,000 | ' | ' | 18,607,000 | ' | ' | 12,944,000 | ' | ' | 12,462,000 | ' | ' | 20,413,000 | ' | ' | 69,758,000 | ' | ' | 42,930,000 | ' | ' | 36,831,000 | ' | ' | 26,225,000 | ' | ' | 53,791,000 | ' | ' | 22,205,000 | ' | ' | 34,187,000 | ' | ' | 10,055,000 | ' | ' | 5,448,000 | ' | ' | 7,448,000 | ' | ' | 60,770,000 | ' | ' | 18,181,000 | ' | ' | 26,249,000 | ' | ' | 15,812,000 | ' | ' | 13,752,000 | ' | ' | 19,276,000 | ' | ' | 32,351,000 | ' | ' | 32,371,000 | ' | ' | 23,892,000 | ' | ' | 25,535,000 | ' | ' | 19,750,000 | ' | ' | 46,118,000 | ' | ' | 28,536,000 | ' | ' | 15,976,000 | ' | ' | 7,482,000 | ' | ' | 26,303,000 | ' | ' | 35,599,000 | ' | ' | 30,998,000 | ' | ' | 25,472,000 | ' | ' | 14,278,000 | ' | ' | 37,021,000 | ' | ' | 10,590,000 | ' | ' | 8,281,000 | ' | ' | 8,615,000 | ' | ' | 27,582,000 | ' | ' | 13,088,000 | ' | ' | 16,993,000 | ' | ' | 32,799,000 | ' | ' | 12,814,000 | ' | ' | 33,713,000 | ' | ' | 6,004,000 | ' | ' | 9,614,000 | ' | ' | 12,601,000 | ' | ' | 19,194,000 | ' | ' | 18,757,000 | ' | ' | 20,213,000 | ' | ' | 16,520,000 | ' | ' | 8,566,000 | ' | ' | 10,027,000 | ' | ' | 11,808,000 | ' | ' | 46,558,000 | ' | ' | 35,002,000 | ' | ' | 12,849,000 | ' | ' | 22,736,000 | ' | ' | 22,576,000 | ' | ' | 22,275,000 | ' | ' | 52,294,000 | ' | ' | 11,693,000 | ' | ' | 24,309,000 | ' | ' | 28,457,000 | ' | ' | 27,822,000 | ' | ' | 31,610,000 | ' | ' | 17,567,000 | ' | ' | 28,225,000 | ' | ' | 9,650,000 | ' | ' | 26,118,000 | ' | ' | 19,589,000 | ' | ' | 11,655,000 | ' | ' | 17,333,000 | ' | ' | 19,057,000 | ' | ' | 29,253,000 | ' | ' | 27,233,000 | ' | ' | 17,757,000 | ' | ' | 15,688,000 | ' | ' | 37,878,000 | ' | ' | 26,354,000 | ' | ' | 30,719,000 | ' | ' | 21,995,000 | ' | ' | 28,644,000 | ' | ' | 31,273,000 | ' | ' | 50,392,000 | ' | ' | 49,080,000 | ' | ' | 18,795,000 | ' | ' | 31,228,000 | ' | ' | 45,312,000 | ' | ' | 45,109,000 | ' | ' | 29,939,000 | ' | ' | 25,252,000 | ' | ' | 9,024,000 | ' | ' | 14,622,000 | ' | ' | 7,433,000 | ' | ' | 29,949,000 | ' | ' | 25,751,000 | ' | ' | 9,836,000 | ' | ' | 6,836,000 | ' | ' | 7,037,000 | ' | ' | 28,768,000 | ' | ' | 23,267,000 | ' | ' | 24,155,000 | ' | ' | 20,202,000 | ' | ' | 28,189,000 | ' | ' | 11,417,000 | ' | ' | 20,358,000 | ' | ' | 14,230,000 | ' | ' | 6,704,000 | ' | ' | 15,582,000 | ' | ' | 12,842,000 | ' | ' | 7,568,000 | ' | ' | 8,349,000 | ' | ' | 13,476,000 | ' | ' | 34,087,000 | ' | ' | 19,197,000 | ' | ' | 9,557,000 | ' | ' | 27,104,000 | ' | ' | 9,310,000 | ' | ' | 13,534,000 | ' | ' | 11,190,000 | ' | ' | 5,039,000 | ' | ' | 11,422,000 | ' | ' | 3,847,000 | ' | ' | 9,248,000 | ' | ' | 7,165,000 | ' | ' | 6,840,000 | ' | ' | 9,523,000 | ' | ' | 51,454,000 | ' | ' | 19,593,000 | ' | ' | 34,875,000 | ' | ' | 5,883,000 | ' | ' | 53,651,000 | ' | ' | 17,079,000 | ' | ' | 28,738,000 | ' | ' | 23,269,000 | ' | ' | 17,457,000 | ' | ' | 34,481,000 | ' | ' | 38,536,000 | ' | ' | 33,057,000 | ' | ' | 22,700,000 | ' | ' | 49,864,000 | ' | ' | 28,929,000 | ' | ' | 10,031,000 | ' | ' | 10,145,000 | ' | ' | 24,920,000 | ' | ' | 32,226,000 | ' | ' | 20,293,000 | ' | ' | 29,470,000 | ' | ' | 33,156,000 | ' | ' | 14,009,000 | ' | ' | 34,632,000 | ' | ' | 32,401,000 | ' | ' | 46,290,000 | ' | ' | 25,695,000 | ' | ' | 13,357,000 | ' | ' | 12,758,000 | ' | ' | 18,182,000 | ' | ' | 27,674,000 | ' | ' | 33,671,000 | ' | ' | 42,380,000 | ' | ' | 25,031,000 | ' | ' | 30,158,000 | ' | ' | 12,483,000 | ' | ' | 15,741,000 | ' | ' | 24,082,000 | ' | ' | 41,919,000 | ' | ' | 33,904,000 | ' | ' | 15,897,000 | ' | ' | 11,008,000 | ' | ' | 30,197,000 | ' | ' | 35,213,000 | ' | ' | 26,590,000 | ' | ' | 34,172,000 | ' | ' | 29,951,000 | ' | ' | 22,727,000 | ' | ' | 22,208,000 | ' | ' | 22,700,000 | ' | ' | 18,711,000 | ' | ' | 16,782,000 | ' | ' | 20,820,000 | ' | ' | 20,742,000 | ' | ' | 27,106,000 | ' | ' | 22,423,000 | ' | ' | 40,929,000 | ' | ' | 38,365,000 | ' | ' | 14,421,000 | ' | ' | 28,781,000 | ' | ' | 13,224,000 | ' | ' | 30,184,000 | ' | ' | 11,330,000 | ' | ' | 32,489,000 | ' | ' | 31,603,000 | ' | ' | 21,052,000 | ' | ' | 36,372,000 | ' | ' | 45,545,000 | ' | ' | 16,564,000 | ' | ' | 28,110,000 | ' | ' | 46,784,000 | ' | ' | 26,143,000 | ' | ' | 8,465,000 | ' | ' | 17,897,000 | ' | ' | 7,817,000 | ' | ' | 32,393,000 | ' | ' | 21,772,000 | ' | ' | 32,359,000 | ' | ' | 37,537,000 | ' | ' | 35,815,000 | ' | ' | 21,784,000 | ' | ' | 19,001,000 | ' | ' | 16,767,000 | ' | ' | 15,773,000 | ' | ' | 29,400,000 | ' | ' | 13,455,000 | ' | ' | 29,104,000 | ' | ' | 37,374,000 | ' | ' | 14,869,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,048,000 | 312,000 | ' | ' | 2,462,000 | ' | ' | 31,594,000 | ' | ' | 17,802,000 | ' | ' | 6,972,000 | ' | ' | 3,465,000 | ' | ' | 441,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,696,000 | 7,880,000 | 5,711,000 | 9,057,000 | 49,750,000 | 50,861,000 | 7,462,000 | 14,975,000 | ' | ' | ' | ' | 6,732,322,000 | ' | ' | 0 | ' | ' | ' | 21,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 7,689,119,000 | ' | ' | ' | ' | ' | 7,350,872,000 | 32,030,000 | ' | ' | 31,290,000 | ' | ' | 25,942,000 | ' | ' | 35,354,000 | ' | ' | 12,446,000 | ' | ' | 28,553,000 | ' | ' | 7,944,000 | ' | ' | 43,841,000 | ' | ' | 25,010,000 | ' | ' | 32,696,000 | ' | ' | 6,371,000 | ' | ' | 8,129,000 | ' | ' | 15,951,000 | ' | ' | 13,593,000 | ' | ' | 35,993,000 | ' | ' | 17,793,000 | ' | ' | 14,149,000 | ' | ' | 28,740,000 | ' | ' | 29,226,000 | ' | ' | 19,785,000 | ' | ' | 36,125,000 | ' | ' | 17,906,000 | ' | ' | 62,134,000 | ' | ' | 30,589,000 | ' | ' | 23,984,000 | ' | ' | 33,597,000 | ' | ' | 26,091,000 | ' | ' | 15,761,000 | ' | ' | 14,993,000 | ' | ' | 33,148,000 | ' | ' | 43,452,000 | ' | ' | 56,476,000 | ' | ' | 10,647,000 | ' | ' | 20,467,000 | ' | ' | 18,551,000 | ' | ' | 39,971,000 | ' | ' | 24,582,000 | ' | ' | 11,814,000 | ' | ' | 21,768,000 | ' | ' | 23,633,000 | ' | ' | 43,116,000 | ' | ' | 18,855,000 | ' | ' | 15,811,000 | ' | ' | 13,445,000 | ' | ' | 42,861,000 | ' | ' | 26,111,000 | ' | ' | 29,568,000 | ' | ' | 37,441,000 | ' | ' | 12,956,000 | ' | ' | 62,567,000 | ' | ' | 13,842,000 | ' | ' | 29,372,000 | ' | ' | 50,269,000 | ' | ' | 61,995,000 | ' | ' | 18,499,000 | ' | ' | 51,084,000 | ' | ' | 20,087,000 | ' | ' | 13,796,000 | ' | ' | 13,389,000 | ' | ' | 23,304,000 | ' | ' | 76,004,000 | ' | ' | 45,987,000 | ' | ' | 39,548,000 | ' | ' | 33,125,000 | ' | ' | 64,959,000 | ' | ' | 30,838,000 | ' | ' | 41,062,000 | ' | ' | 10,827,000 | ' | ' | 5,848,000 | ' | ' | 7,950,000 | ' | ' | 65,056,000 | ' | ' | 19,465,000 | ' | ' | 30,089,000 | ' | ' | 17,776,000 | ' | ' | 18,121,000 | ' | ' | 21,339,000 | ' | ' | 36,344,000 | ' | ' | 39,138,000 | ' | ' | 30,767,000 | ' | ' | 29,095,000 | ' | ' | 22,900,000 | ' | ' | 50,993,000 | ' | ' | 31,636,000 | ' | ' | 17,385,000 | ' | ' | 8,077,000 | ' | ' | 31,976,000 | ' | ' | 37,403,000 | ' | ' | 32,752,000 | ' | ' | 26,972,000 | ' | ' | 15,566,000 | ' | ' | 39,467,000 | ' | ' | 12,305,000 | ' | ' | 10,807,000 | ' | ' | 13,857,000 | ' | ' | 30,492,000 | ' | ' | 14,248,000 | ' | ' | 18,463,000 | ' | ' | 35,818,000 | ' | ' | 13,852,000 | ' | ' | 35,737,000 | ' | ' | 6,415,000 | ' | ' | 10,308,000 | ' | ' | 13,501,000 | ' | ' | 20,363,000 | ' | ' | 20,292,000 | ' | ' | 21,564,000 | ' | ' | 17,368,000 | ' | ' | 9,242,000 | ' | ' | 10,805,000 | ' | ' | 12,702,000 | ' | ' | 52,372,000 | ' | ' | 42,509,000 | ' | ' | 13,749,000 | ' | ' | 26,736,000 | ' | ' | 27,356,000 | ' | ' | 27,107,000 | ' | ' | 53,537,000 | ' | ' | 12,937,000 | ' | ' | 27,477,000 | ' | ' | 31,354,000 | ' | ' | 32,423,000 | ' | ' | 34,867,000 | ' | ' | 19,190,000 | ' | ' | 33,547,000 | ' | ' | 11,094,000 | ' | ' | 30,247,000 | ' | ' | 21,854,000 | ' | ' | 13,800,000 | ' | ' | 20,240,000 | ' | ' | 20,521,000 | ' | ' | 33,833,000 | ' | ' | 29,828,000 | ' | ' | 20,504,000 | ' | ' | 18,966,000 | ' | ' | 42,088,000 | ' | ' | 30,545,000 | ' | ' | 34,979,000 | ' | ' | 25,072,000 | ' | ' | 32,342,000 | ' | ' | 37,687,000 | ' | ' | 57,779,000 | ' | ' | 55,666,000 | ' | ' | 21,041,000 | ' | ' | 34,918,000 | ' | ' | 50,555,000 | ' | ' | 50,940,000 | ' | ' | 34,634,000 | ' | ' | 29,453,000 | ' | ' | 9,709,000 | ' | ' | 18,029,000 | ' | ' | 9,789,000 | ' | ' | 34,049,000 | ' | ' | 30,670,000 | ' | ' | 10,698,000 | ' | ' | 7,339,000 | ' | ' | 7,464,000 | ' | ' | 32,385,000 | ' | ' | 27,246,000 | ' | ' | 25,077,000 | ' | ' | 24,782,000 | ' | ' | 33,389,000 | ' | ' | 12,327,000 | ' | ' | 22,198,000 | ' | ' | 15,554,000 | ' | ' | 7,186,000 | ' | ' | 16,886,000 | ' | ' | 14,042,000 | ' | ' | 7,928,000 | ' | ' | 8,932,000 | ' | ' | 14,559,000 | ' | ' | 36,873,000 | ' | ' | 20,413,000 | ' | ' | 10,280,000 | ' | ' | 29,904,000 | ' | ' | 11,417,000 | ' | ' | 14,665,000 | ' | ' | 12,162,000 | ' | ' | 5,256,000 | ' | ' | 12,239,000 | ' | ' | 4,036,000 | ' | ' | 9,691,000 | ' | ' | 7,489,000 | ' | ' | 7,363,000 | ' | ' | 9,763,000 | ' | ' | 53,579,000 | ' | ' | 20,741,000 | ' | ' | 36,373,000 | ' | ' | 6,061,000 | ' | ' | 57,058,000 | ' | ' | 17,994,000 | ' | ' | 33,688,000 | ' | ' | 26,725,000 | ' | ' | 18,648,000 | ' | ' | 43,121,000 | ' | ' | 41,499,000 | ' | ' | 35,793,000 | ' | ' | 24,224,000 | ' | ' | 56,534,000 | ' | ' | 32,279,000 | ' | ' | 11,916,000 | ' | ' | 11,031,000 | ' | ' | 26,518,000 | ' | ' | 35,855,000 | ' | ' | 24,079,000 | ' | ' | 32,608,000 | ' | ' | 38,068,000 | ' | ' | 17,159,000 | ' | ' | 39,263,000 | ' | ' | ' | ' | ' | 55,390,000 | ' | ' | 28,595,000 | ' | ' | 14,978,000 | ' | ' | 15,039,000 | ' | ' | 19,587,000 | ' | ' | 32,666,000 | ' | ' | 36,786,000 | ' | ' | 46,620,000 | ' | ' | 28,320,000 | ' | ' | 34,117,000 | ' | ' | 13,471,000 | ' | ' | 16,993,000 | ' | ' | 26,812,000 | ' | ' | 46,935,000 | ' | ' | 37,962,000 | ' | ' | 16,857,000 | ' | ' | 12,833,000 | ' | ' | 36,663,000 | ' | ' | 37,389,000 | ' | ' | 29,830,000 | ' | ' | 36,144,000 | ' | ' | 32,307,000 | ' | ' | 26,192,000 | ' | ' | 24,350,000 | ' | ' | 24,668,000 | ' | ' | 20,772,000 | ' | ' | 18,262,000 | ' | ' | 24,050,000 | ' | ' | 23,497,000 | ' | ' | 29,627,000 | ' | ' | 26,822,000 | ' | ' | 44,839,000 | ' | ' | 43,448,000 | ' | ' | 15,724,000 | ' | ' | 34,391,000 | ' | ' | 16,512,000 | ' | ' | 31,314,000 | ' | ' | 12,194,000 | ' | ' | 35,762,000 | ' | ' | 34,985,000 | ' | ' | 25,217,000 | ' | ' | 41,894,000 | ' | ' | 50,246,000 | ' | ' | 19,130,000 | ' | ' | 30,490,000 | ' | ' | 52,234,000 | ' | ' | 30,143,000 | ' | ' | 9,041,000 | ' | ' | 19,815,000 | ' | ' | 8,356,000 | ' | ' | 37,673,000 | ' | ' | 26,624,000 | ' | ' | 39,319,000 | ' | ' | 45,067,000 | ' | ' | 44,395,000 | ' | ' | 26,645,000 | ' | ' | 23,672,000 | ' | ' | 18,276,000 | ' | ' | 21,416,000 | ' | ' | 36,147,000 | ' | ' | 18,226,000 | ' | ' | 35,138,000 | ' | ' | 42,304,000 | ' | ' | 18,359,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,514,000 | 358,000 | ' | ' | 2,715,000 | ' | ' | 33,041,000 | ' | ' | 25,828,000 | ' | ' | 9,747,000 | ' | ' | 4,332,000 | ' | ' | 493,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 176,252,000 | 9,532,000 | 11,824,000 | 10,366,000 | 55,421,000 | 55,500,000 | 16,134,000 | 17,475,000 | ' | ' | ' | ' | 7,603,638,000 | ' | ' | 63,850,000 | ' | ' | ' | 21,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Depreciation | -1,138,315,000 | -1,040,473,000 | -973,126,000 | -873,903,000 | ' | ' | -1,123,272,000 | -2,358,000 | ' | ' | -328,000 | ' | ' | -273,000 | ' | ' | -352,000 | ' | ' | -6,467,000 | ' | ' | -299,000 | ' | ' | -4,235,000 | ' | ' | -402,000 | ' | ' | -11,469,000 | ' | ' | -333,000 | ' | ' | -72,000 | ' | ' | -93,000 | ' | ' | -6,442,000 | ' | ' | -132,000 | ' | ' | -344,000 | ' | ' | -9,748,000 | ' | ' | -7,407,000 | ' | ' | -1,881,000 | ' | ' | -962,000 | ' | ' | -9,558,000 | ' | ' | -5,311,000 | ' | ' | -2,506,000 | ' | ' | -12,381,000 | ' | ' | -284,000 | ' | ' | -218,000 | ' | ' | -311,000 | ' | ' | -232,000 | ' | ' | -9,246,000 | ' | ' | -7,014,000 | ' | ' | -15,464,000 | ' | ' | -423,000 | ' | ' | -15,323,000 | ' | ' | -5,874,000 | ' | ' | -7,457,000 | ' | ' | -1,505,000 | ' | ' | -394,000 | ' | ' | -1,945,000 | ' | ' | -6,912,000 | ' | ' | -11,126,000 | ' | ' | -14,330,000 | ' | ' | -14,091,000 | ' | ' | -7,306,000 | ' | ' | -8,823,000 | ' | ' | -1,684,000 | ' | ' | -3,133,000 | ' | ' | -14,210,000 | ' | ' | -15,596,000 | ' | ' | -323,000 | ' | ' | -118,000 | ' | ' | -651,000 | ' | ' | -116,000 | ' | ' | -15,178,000 | ' | ' | -1,937,000 | ' | ' | -593,000 | ' | ' | -8,236,000 | ' | ' | -512,000 | ' | ' | -10,043,000 | ' | ' | -8,682,000 | ' | ' | -6,999,000 | ' | ' | -3,735,000 | ' | ' | -692,000 | ' | ' | -428,000 | ' | ' | -359,000 | ' | ' | -4,208,000 | ' | ' | -2,574,000 | ' | ' | -1,231,000 | ' | ' | -6,766,000 | ' | ' | -5,593,000 | ' | ' | -3,106,000 | ' | ' | -4,099,000 | ' | ' | -32,583,000 | ' | ' | -7,340,000 | ' | ' | -8,765,000 | ' | ' | -202,000 | ' | ' | -225,000 | ' | ' | -245,000 | ' | ' | -413,000 | ' | ' | -394,000 | ' | ' | -249,000 | ' | ' | -8,148,000 | ' | ' | -6,168,000 | ' | ' | -529,000 | ' | ' | -891,000 | ' | ' | -8,206,000 | ' | ' | -4,330,000 | ' | ' | -340,000 | ' | ' | -358,000 | ' | ' | -331,000 | ' | ' | -2,282,000 | ' | ' | -7,558,000 | ' | ' | -384,000 | ' | ' | -178,000 | ' | ' | -101,000 | ' | ' | -126,000 | ' | ' | -7,112,000 | ' | ' | -6,198,000 | ' | ' | -9,678,000 | ' | ' | -15,963,000 | ' | ' | -7,262,000 | ' | ' | -12,843,000 | ' | ' | -3,891,000 | ' | ' | -6,117,000 | ' | ' | -8,073,000 | ' | ' | -11,721,000 | ' | ' | -11,321,000 | ' | ' | -12,649,000 | ' | ' | -9,659,000 | ' | ' | -3,242,000 | ' | ' | -6,205,000 | ' | ' | -7,264,000 | ' | ' | -1,974,000 | ' | ' | -351,000 | ' | ' | -7,269,000 | ' | ' | -7,109,000 | ' | ' | -1,872,000 | ' | ' | -451,000 | ' | ' | -479,000 | ' | ' | -121,000 | ' | ' | -250,000 | ' | ' | -313,000 | ' | ' | -301,000 | ' | ' | -352,000 | ' | ' | -175,000 | ' | ' | -292,000 | ' | ' | -120,000 | ' | ' | -264,000 | ' | ' | -216,000 | ' | ' | -160,000 | ' | ' | -177,000 | ' | ' | -168,000 | ' | ' | -323,000 | ' | ' | -292,000 | ' | ' | -207,000 | ' | ' | -207,000 | ' | ' | -424,000 | ' | ' | -270,000 | ' | ' | -342,000 | ' | ' | -265,000 | ' | ' | -291,000 | ' | ' | -375,000 | ' | ' | -509,000 | ' | ' | -488,000 | ' | ' | -187,000 | ' | ' | -3,031,000 | ' | ' | -514,000 | ' | ' | -10,088,000 | ' | ' | -5,699,000 | ' | ' | -348,000 | ' | ' | -6,313,000 | ' | ' | -177,000 | ' | ' | -91,000 | ' | ' | -340,000 | ' | ' | -300,000 | ' | ' | -3,725,000 | ' | ' | -3,902,000 | ' | ' | -4,541,000 | ' | ' | -319,000 | ' | ' | -259,000 | ' | ' | -244,000 | ' | ' | -259,000 | ' | ' | -160,000 | ' | ' | -7,051,000 | ' | ' | -11,466,000 | ' | ' | -177,000 | ' | ' | -3,939,000 | ' | ' | -9,278,000 | ' | ' | -7,187,000 | ' | ' | -5,116,000 | ' | ' | -5,315,000 | ' | ' | -8,243,000 | ' | ' | -351,000 | ' | ' | -2,351,000 | ' | ' | -5,537,000 | ' | ' | -5,778,000 | ' | ' | -130,000 | ' | ' | -5,232,000 | ' | ' | -4,410,000 | ' | ' | -3,284,000 | ' | ' | -6,311,000 | ' | ' | -2,527,000 | ' | ' | -5,215,000 | ' | ' | -4,521,000 | ' | ' | -4,379,000 | ' | ' | -6,343,000 | ' | ' | -35,558,000 | ' | ' | -11,111,000 | ' | ' | -20,734,000 | ' | ' | -4,396,000 | ' | ' | -19,319,000 | ' | ' | -7,067,000 | ' | ' | -2,191,000 | ' | ' | -2,797,000 | ' | ' | -10,643,000 | ' | ' | -405,000 | ' | ' | -14,058,000 | ' | ' | -11,952,000 | ' | ' | -13,992,000 | ' | ' | -1,748,000 | ' | ' | -3,412,000 | ' | ' | -116,000 | ' | ' | -3,896,000 | ' | ' | -14,746,000 | ' | ' | -343,000 | ' | ' | -269,000 | ' | ' | -324,000 | ' | ' | -361,000 | ' | ' | -4,893,000 | ' | ' | -383,000 | ' | ' | -327,000 | ' | ' | -2,742,000 | ' | ' | -7,120,000 | ' | ' | -8,570,000 | ' | ' | -7,626,000 | ' | ' | -6,943,000 | ' | ' | -327,000 | ' | ' | -369,000 | ' | ' | -413,000 | ' | ' | -264,000 | ' | ' | -325,000 | ' | ' | -6,741,000 | ' | ' | -8,710,000 | ' | ' | -6,680,000 | ' | ' | -3,288,000 | ' | ' | -314,000 | ' | ' | -5,445,000 | ' | ' | -134,000 | ' | ' | -368,000 | ' | ' | -338,000 | ' | ' | -3,081,000 | ' | ' | -332,000 | ' | ' | -327,000 | ' | ' | -515,000 | ' | ' | -8,830,000 | ' | ' | -6,147,000 | ' | ' | -4,948,000 | ' | ' | -4,192,000 | ' | ' | -4,458,000 | ' | ' | -4,826,000 | ' | ' | -2,887,000 | ' | ' | -260,000 | ' | ' | -380,000 | ' | ' | -413,000 | ' | ' | -5,592,000 | ' | ' | -329,000 | ' | ' | -168,000 | ' | ' | -3,619,000 | ' | ' | -6,516,000 | ' | ' | -12,187,000 | ' | ' | -9,620,000 | ' | ' | -2,733,000 | ' | ' | -382,000 | ' | ' | -464,000 | ' | ' | -191,000 | ' | ' | -2,924,000 | ' | ' | -2,125,000 | ' | ' | -3,703,000 | ' | ' | -5,533,000 | ' | ' | -6,146,000 | ' | ' | -5,071,000 | ' | ' | -1,948,000 | ' | ' | -224,000 | ' | ' | -2,302,000 | ' | ' | -158,000 | ' | ' | -534,000 | ' | ' | -238,000 | ' | ' | -200,000 | ' | ' | -9,454,000 | ' | ' | -174,000 | ' | ' | -331,000 | ' | ' | -171,000 | ' | ' | -327,000 | ' | ' | -3,373,000 | ' | ' | -159,000 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -935,000 | -30,000 | ' | ' | -115,000 | ' | ' | -303,000 | ' | ' | -199,000 | ' | ' | -66,000 | ' | ' | -192,000 | ' | ' | -30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | -1,124,207,000 | ' | ' | 0 | ' | ' | ' | -14,108,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net | $6,550,804,000 | ' | ' | ' | ' | ' | $6,227,600,000 | $29,672,000 | ' | ' | $30,962,000 | ' | ' | $25,669,000 | ' | ' | $35,002,000 | ' | ' | $5,979,000 | ' | ' | $28,254,000 | ' | ' | $3,709,000 | ' | ' | $43,439,000 | ' | ' | $13,541,000 | ' | ' | $32,363,000 | ' | ' | $6,299,000 | ' | ' | $8,036,000 | ' | ' | $9,509,000 | ' | ' | $13,461,000 | ' | ' | $35,649,000 | ' | ' | $8,045,000 | ' | ' | $6,742,000 | ' | ' | $26,859,000 | ' | ' | $28,264,000 | ' | ' | $10,227,000 | ' | ' | $30,814,000 | ' | ' | $15,400,000 | ' | ' | $49,753,000 | ' | ' | $30,305,000 | ' | ' | $23,766,000 | ' | ' | $33,286,000 | ' | ' | $25,859,000 | ' | ' | $6,515,000 | ' | ' | $7,979,000 | ' | ' | $17,684,000 | ' | ' | $43,029,000 | ' | ' | $41,153,000 | ' | ' | $4,773,000 | ' | ' | $13,010,000 | ' | ' | $17,046,000 | ' | ' | $39,577,000 | ' | ' | $22,637,000 | ' | ' | $4,902,000 | ' | ' | $10,642,000 | ' | ' | $9,303,000 | ' | ' | $29,025,000 | ' | ' | $11,549,000 | ' | ' | $6,988,000 | ' | ' | $11,761,000 | ' | ' | $39,728,000 | ' | ' | $11,901,000 | ' | ' | $13,972,000 | ' | ' | $37,118,000 | ' | ' | $12,838,000 | ' | ' | $61,916,000 | ' | ' | $13,726,000 | ' | ' | $14,194,000 | ' | ' | $48,332,000 | ' | ' | $61,402,000 | ' | ' | $10,263,000 | ' | ' | $50,572,000 | ' | ' | $10,044,000 | ' | ' | $5,114,000 | ' | ' | $6,390,000 | ' | ' | $19,569,000 | ' | ' | $75,312,000 | ' | ' | $45,559,000 | ' | ' | $39,189,000 | ' | ' | $28,917,000 | ' | ' | $62,385,000 | ' | ' | $29,607,000 | ' | ' | $34,296,000 | ' | ' | $5,234,000 | ' | ' | $2,742,000 | ' | ' | $3,851,000 | ' | ' | $32,473,000 | ' | ' | $12,125,000 | ' | ' | $21,324,000 | ' | ' | $17,574,000 | ' | ' | $17,896,000 | ' | ' | $21,094,000 | ' | ' | $35,931,000 | ' | ' | $38,744,000 | ' | ' | $30,518,000 | ' | ' | $20,947,000 | ' | ' | $16,732,000 | ' | ' | $50,464,000 | ' | ' | $30,745,000 | ' | ' | $9,179,000 | ' | ' | $3,747,000 | ' | ' | $31,636,000 | ' | ' | $37,045,000 | ' | ' | $32,421,000 | ' | ' | $24,690,000 | ' | ' | $8,008,000 | ' | ' | $39,083,000 | ' | ' | $12,127,000 | ' | ' | $10,706,000 | ' | ' | $13,731,000 | ' | ' | $23,380,000 | ' | ' | $8,050,000 | ' | ' | $8,785,000 | ' | ' | $19,855,000 | ' | ' | $6,590,000 | ' | ' | $22,894,000 | ' | ' | $2,524,000 | ' | ' | $4,191,000 | ' | ' | $5,428,000 | ' | ' | $8,642,000 | ' | ' | $8,971,000 | ' | ' | $8,915,000 | ' | ' | $7,709,000 | ' | ' | $6,000,000 | ' | ' | $4,600,000 | ' | ' | $5,438,000 | ' | ' | $50,398,000 | ' | ' | $42,158,000 | ' | ' | $6,480,000 | ' | ' | $19,627,000 | ' | ' | $25,484,000 | ' | ' | $26,656,000 | ' | ' | $53,058,000 | ' | ' | $12,816,000 | ' | ' | $27,227,000 | ' | ' | $31,041,000 | ' | ' | $32,122,000 | ' | ' | $34,515,000 | ' | ' | $19,015,000 | ' | ' | $33,255,000 | ' | ' | $10,974,000 | ' | ' | $29,983,000 | ' | ' | $21,638,000 | ' | ' | $13,640,000 | ' | ' | $20,063,000 | ' | ' | $20,353,000 | ' | ' | $33,510,000 | ' | ' | $29,536,000 | ' | ' | $20,297,000 | ' | ' | $18,759,000 | ' | ' | $41,664,000 | ' | ' | $30,275,000 | ' | ' | $34,637,000 | ' | ' | $24,807,000 | ' | ' | $32,051,000 | ' | ' | $37,312,000 | ' | ' | $57,270,000 | ' | ' | $55,178,000 | ' | ' | $20,854,000 | ' | ' | $31,887,000 | ' | ' | $50,041,000 | ' | ' | $40,852,000 | ' | ' | $28,935,000 | ' | ' | $29,105,000 | ' | ' | $3,396,000 | ' | ' | $17,852,000 | ' | ' | $9,698,000 | ' | ' | $33,709,000 | ' | ' | $30,370,000 | ' | ' | $6,973,000 | ' | ' | $3,437,000 | ' | ' | $2,923,000 | ' | ' | $32,066,000 | ' | ' | $26,987,000 | ' | ' | $24,833,000 | ' | ' | $24,523,000 | ' | ' | $33,229,000 | ' | ' | $5,276,000 | ' | ' | $10,732,000 | ' | ' | $15,377,000 | ' | ' | $3,247,000 | ' | ' | $7,608,000 | ' | ' | $6,855,000 | ' | ' | $2,812,000 | ' | ' | $3,617,000 | ' | ' | $6,316,000 | ' | ' | $36,522,000 | ' | ' | $18,062,000 | ' | ' | $4,743,000 | ' | ' | $24,126,000 | ' | ' | $11,287,000 | ' | ' | $9,433,000 | ' | ' | $7,752,000 | ' | ' | $1,972,000 | ' | ' | $5,928,000 | ' | ' | $1,509,000 | ' | ' | $4,476,000 | ' | ' | $2,968,000 | ' | ' | $2,984,000 | ' | ' | $3,420,000 | ' | ' | $18,021,000 | ' | ' | $9,630,000 | ' | ' | $15,639,000 | ' | ' | $1,665,000 | ' | ' | $37,739,000 | ' | ' | $10,927,000 | ' | ' | $31,497,000 | ' | ' | $23,928,000 | ' | ' | $8,005,000 | ' | ' | $42,716,000 | ' | ' | $27,441,000 | ' | ' | $23,841,000 | ' | ' | $10,232,000 | ' | ' | $54,786,000 | ' | ' | $28,867,000 | ' | ' | $11,800,000 | ' | ' | $7,135,000 | ' | ' | $11,772,000 | ' | ' | $35,512,000 | ' | ' | $23,810,000 | ' | ' | $32,284,000 | ' | ' | $37,707,000 | ' | ' | $12,266,000 | ' | ' | $38,880,000 | ' | ' | ' | ' | ' | $52,648,000 | ' | ' | $21,475,000 | ' | ' | $6,408,000 | ' | ' | $7,413,000 | ' | ' | $12,644,000 | ' | ' | $32,339,000 | ' | ' | $36,417,000 | ' | ' | $46,207,000 | ' | ' | $28,056,000 | ' | ' | $33,792,000 | ' | ' | $6,730,000 | ' | ' | $8,283,000 | ' | ' | $20,132,000 | ' | ' | $43,647,000 | ' | ' | $37,648,000 | ' | ' | $11,412,000 | ' | ' | $12,699,000 | ' | ' | $36,295,000 | ' | ' | $37,051,000 | ' | ' | $26,749,000 | ' | ' | $35,812,000 | ' | ' | $31,980,000 | ' | ' | $25,677,000 | ' | ' | $15,520,000 | ' | ' | $18,521,000 | ' | ' | $15,824,000 | ' | ' | $14,070,000 | ' | ' | $19,592,000 | ' | ' | $18,671,000 | ' | ' | $26,740,000 | ' | ' | $26,562,000 | ' | ' | $44,459,000 | ' | ' | $43,035,000 | ' | ' | $10,132,000 | ' | ' | $34,062,000 | ' | ' | $16,344,000 | ' | ' | $27,695,000 | ' | ' | $5,678,000 | ' | ' | $23,575,000 | ' | ' | $25,365,000 | ' | ' | $22,484,000 | ' | ' | $41,512,000 | ' | ' | $49,782,000 | ' | ' | $18,939,000 | ' | ' | $27,566,000 | ' | ' | $50,109,000 | ' | ' | $26,440,000 | ' | ' | $3,508,000 | ' | ' | $13,669,000 | ' | ' | $3,285,000 | ' | ' | $35,725,000 | ' | ' | $26,400,000 | ' | ' | $37,017,000 | ' | ' | $44,909,000 | ' | ' | $43,861,000 | ' | ' | $26,407,000 | ' | ' | $23,472,000 | ' | ' | $8,822,000 | ' | ' | $21,242,000 | ' | ' | $35,816,000 | ' | ' | $18,055,000 | ' | ' | $34,811,000 | ' | ' | $38,931,000 | ' | ' | $18,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,579,000 | $328,000 | ' | ' | $2,600,000 | ' | ' | $32,738,000 | ' | ' | $25,629,000 | ' | ' | $9,681,000 | ' | ' | $4,140,000 | ' | ' | $463,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $176,252,000 | $9,532,000 | $11,824,000 | $10,366,000 | $55,421,000 | $55,500,000 | $16,134,000 | $17,475,000 | ' | ' | ' | ' | $6,479,431,000 | ' | ' | $63,850,000 | ' | ' | ' | $7,523,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of Construction | ' | ' | ' | ' | ' | ' | ' | 31-Dec-09 | ' | ' | ' | ' | ' | 31-Dec-10 | ' | ' | ' | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-07 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-90 | ' | ' | 31-Dec-93 | ' | ' | 31-Dec-00 | ' | ' | 31-Dec-83 | ' | ' | 31-Dec-78 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-00 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-84 | ' | ' | 31-Dec-06 | ' | ' | 31-Dec-12 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-07 | ' | ' | 31-Dec-07 | ' | ' | 31-Dec-05 | ' | ' | 31-Dec-01 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-01 | ' | ' | 31-Dec-01 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-89 | ' | ' | 31-Dec-98 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-97 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-03 | ' | ' | 31-Dec-98 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-89 | ' | ' | 31-Dec-12 | ' | ' | 31-Dec-13 | ' | ' | 31-Dec-05 | ' | ' | 31-Dec-04 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-06 | ' | ' | 31-Dec-00 | ' | ' | 31-Dec-00 | ' | ' | 31-Dec-05 | ' | ' | 31-Dec-92 | ' | ' | 31-Dec-84 | ' | ' | 31-Dec-80 | ' | ' | 31-Dec-07 | ' | ' | 31-Dec-12 | ' | ' | 31-Dec-04 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-00 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-02 | ' | ' | 31-Dec-94 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-84 | ' | ' | 31-Dec-83 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-01 | ' | ' | 31-Dec-88 | ' | ' | 31-Dec-92 | ' | ' | 31-Dec-94 | ' | ' | 31-Dec-97 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-97 | ' | ' | 31-Dec-88 | ' | ' | 31-Dec-01 | ' | ' | 31-Dec-02 | ' | ' | 31-Dec-83 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-01 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-97 | ' | ' | 31-Dec-97 | ' | ' | 31-Dec-94 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-83 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-97 | ' | ' | 31-Dec-88 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-00 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-89 | ' | ' | 31-Dec-89 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-89 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-74 | ' | ' | 31-Dec-89 | ' | ' | 31-Dec-91 | ' | ' | 31-Dec-10 | ' | ' | 31-Dec-07 | ' | ' | 31-Dec-88 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-10 | ' | ' | 31-Dec-13 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-13 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-01 | ' | ' | 31-Dec-05 | ' | ' | 31-Dec-88 | ' | ' | 31-Dec-05 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-86 | ' | ' | ' | ' | ' | 31-Dec-02 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-00 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-97 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-02 | ' | ' | ' | ' | ' | 31-Dec-02 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-03 | ' | ' | 31-Dec-10 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-97 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-00 | ' | ' | 31-Dec-04 | ' | ' | 31-Dec-07 | ' | ' | ' | ' | ' | 31-Dec-82 | ' | ' | ' | ' | ' | 31-Dec-84 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-07 | ' | ' | 31-Dec-82 | ' | ' | 31-Dec-88 | ' | ' | 31-Dec-80 | ' | ' | 31-Dec-01 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-13 | ' | ' | 31-Dec-92 | ' | ' | 31-Dec-91 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-84 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-83 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-88 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-07 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-89 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-84 | ' | ' | 31-Dec-78 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-97 | ' | ' | 31-Dec-78 | ' | ' | 31-Dec-78 | ' | ' | 31-Dec-92 | ' | ' | 31-Dec-74 | ' | ' | 31-Dec-00 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-10 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-01 | ' | ' | 31-Dec-00 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-12 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-80 | ' | ' | 31-Dec-83 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-03 | ' | ' | 31-Dec-13 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-01 | ' | ' | 31-Dec-03 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-77 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-11 | ' | ' | 31-Dec-05 | ' | ' | 31-Dec-05 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-00 | ' | ' | 31-Dec-08 | ' | ' | 31-Dec-07 | ' | ' | 31-Dec-02 | ' | ' | 31-Dec-84 | ' | ' | 31-Dec-98 | ' | ' | 31-Dec-12 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-13 | ' | ' | ' | ' | ' | 31-Dec-94 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-07 | ' | ' | 31-Dec-06 | ' | ' | 31-Dec-07 | ' | ' | 31-Dec-84 | ' | ' | 31-Dec-06 | ' | ' | 31-Dec-97 | ' | ' | 31-Dec-83 | ' | ' | 31-Dec-97 | ' | ' | 31-Dec-85 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-83 | ' | ' | 31-Dec-00 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-97 | ' | ' | 31-Dec-99 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-10 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-84 | ' | ' | 31-Dec-96 | ' | ' | 31-Dec-84 | ' | ' | 31-Dec-02 | ' | ' | 31-Dec-80 | ' | ' | 31-Dec-11 | ' | ' | 31-Dec-13 | ' | ' | 31-Dec-13 | ' | ' | 31-Dec-86 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-87 | ' | ' | 31-Dec-88 | ' | ' | 31-Dec-89 | ' | ' | 31-Dec-88 | ' | ' | 31-Dec-84 | ' | ' | 31-Dec-03 | ' | ' | 31-Dec-88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-07 | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-07 | ' | ' | ' | ' | ' | 31-Dec-10 | ' | ' | 31-Dec-02 | ' | ' | 31-Dec-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-86 | 31-Dec-96 | 31-Dec-98 | 31-Dec-01 | 31-Dec-98 | 31-Dec-90 | 31-Dec-85 | 31-Dec-73 | 31-Dec-87 | 31-Dec-97 | 31-Dec-00 | 31-Dec-04 | 31-Dec-02 | 31-Dec-02 | 31-Dec-00 | 31-Dec-86 | 31-Dec-91 | 31-Dec-90 | 31-Dec-00 | 31-Dec-97 |
Life used to compute depreciation in latest income statement | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | 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| ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | '1 year | '40 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '40 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | Encumbered by a $571.8 million Fannie Mae facility, with $345.8 million available and $345.8 million outstanding with a variable interest rate of 1.33% on which there exist four interest rate swap agreements totaling $125 million at an average rate of 4.62% and six interest rate caps totaling $165 million at an average rate of 4.58% at December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Encumbered by a $200 million Freddie Mac facility, with $198.2 million available and an outstanding balance of $198.2 million and a variable interest rate of 0.73% on which there exists seven interest rate swap agreements totaling $94 million at an average rate of 4.58% and a $15 million interest rate cap of 5% at December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Also encumbered by a $17.9 million FNMA facility maturing on March 1, 2014 with a variable interest rate of 0.80% on which there exists a $11.7 million interest rate cap of 5.00% which terminates on March 1, 2014, and a $6.2 million interest rate cap of 4.50% which terminates on March 1, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Encumbered by $6.8 million in bonds on which there exists a $6.8 million interest rate cap of 6.00% and maturing on October 15, 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Encumbered by $13.2 million in bonds on which exists a $13.2 million interest rate cap of 4.50% which terminates on March 1, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Encumbered by $6.6 million in bonds on which there exists a $6.6 million interest rate cap of 6.00% which terminates on October 24, 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Encumbered by $3.4 million in bonds with $0.5 million having a variable rate of 0.908% and $2.9 million with a variable rate of 0.867% on which there exists a $2.9 million interest rate cap of 6.00% which terminates on May 31, 2018. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Encumbered by $5.7 million in bonds on which there exists a $5.7 million interest rate cap of 6.00% which terminates on October 31, 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | Encumbered by $7.5 million in bonds on which there exists a $7.5 million interest rate cap of 6.00% which terminates on October 31, 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | Encumbered by $8.4 million in bonds on which there exists a $8.4 million interest rate cap of 4.50% which terminates on March 1, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | Encumbered by $5.4 million in bonds, $0.5 million having a variable rate of 0.908% and $4.9 million with a variable rate of 0.867% on which there exists a $4.9 million interest rate cap of 6.00% which terminates on May 31, 2018. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | Encumbered by $4.9 million in bonds on which there exists a $4.9 million interest rate cap of 4.50% which terminates on March 1, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | Encumbered by $3.3 million in bonds on which there exists a $3.3 million interest rate cap of 6.00% which terminates on October 31, 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[15] | Encumbered by $6.6 million in bonds on which there exists a $6.6 million interest rate cap of 6.00% which terminates on November 15, 2016. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[16] | Encumbered by $4.1 million in bonds on which there exists a $4.1 million interest rate cap of 6.00% which terminates on November 15, 2016. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[17] | Encumbered by $3.6 million in bonds on which there exists a $3.6 million interest rate cap of 6.00% which terminates on November 15, 2016. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[18] | Encumbered by $10.4 million in bonds on which there exists a $10.4 million interest rate cap of 6.00% and maturing on October 15, 2017. |
Schedule_III_Real_Estate_and_A2
Schedule III Real Estate and Accumulated Depreciation (Parenthetical) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Encumbrances | $1,107,341,000 |
Secured credit facilities, amount available | 500,000,000 |
Line of credit facility, amount outstanding | 0 |
FNMA | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Line of credit facility, amount outstanding | 453,500,000 |
Variable interest rate (percent) | 0.80% |
Freddie Mac | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Secured credit facilities, amount available | 200,000,000 |
Line of credit facility, amount outstanding | 198,200,000 |
Encumbrance 1 | FNMA | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Encumbrances | 571,800,000 |
Secured credit facilities, amount available | 345,800,000 |
Line of credit facility, amount outstanding | 345,800,000 |
Variable interest rate (percent) | 1.33% |
Encumbrance 1 | FNMA | Interest Rate Swap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Number of Interest rate derivatives held (contracts) | 4 |
Notional amount of interest rate derivatives | 125,000,000 |
Variable rate borrowings after interest rate swaps (percent) | 4.62% |
Encumbrance 1 | FNMA | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Number of Interest rate derivatives held (contracts) | 6 |
Notional amount of interest rate derivatives | 165,000,000 |
Derivative cap interest rate (percent) | 4.58% |
Encumbrance 3 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 6,800,000 |
Encumbrance 3 | Bonds [Member] | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 6,600,000 |
Derivative cap interest rate (percent) | 6.00% |
Derivative termination date | 24-Oct-17 |
Encumbrance 4 | Freddie Mac | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Encumbrances | 200,000,000 |
Secured credit facilities, amount available | 198,200,000 |
Line of credit facility, amount outstanding | 198,200,000 |
Variable interest rate (percent) | 0.73% |
Encumbrance 4 | Freddie Mac | Interest Rate Swap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Number of Interest rate derivatives held (contracts) | 7 |
Notional amount of interest rate derivatives | 94,000,000 |
Variable rate borrowings after interest rate swaps (percent) | 4.58% |
Encumbrance 4 | Freddie Mac | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 15,000,000 |
Derivative cap interest rate (percent) | 5.00% |
Encumbrance 5 | Fixed Rate Debt | Loan [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 128,000,000 |
Notional amount of interest rate derivatives | 128,000,000 |
Derivative cap interest rate (percent) | 5.08% |
Derivative termination date | 10-Jun-21 |
Encumbrance 6 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 8,400,000 |
Encumbrance 6 | Bonds [Member] | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 8,400,000 |
Derivative cap interest rate (percent) | 4.50% |
Derivative termination date | 1-Mar-14 |
Encumbrance 7 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 6,800,000 |
Encumbrance 7 | Bonds [Member] | Interest Rate Swap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 6,800,000 |
Variable rate borrowings after interest rate swaps (percent) | 6.00% |
Derivative termination date | 15-Oct-17 |
Encumbrance 8 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 5,700,000 |
Encumbrance 8 | Bonds [Member] | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 5,700,000 |
Derivative cap interest rate (percent) | 6.00% |
Derivative termination date | 31-Oct-17 |
Encumbrance 9 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 7,500,000 |
Encumbrance 9 | Bonds [Member] | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 7,500,000 |
Derivative cap interest rate (percent) | 6.00% |
Derivative termination date | 31-Oct-17 |
Encumbrance 10 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 3,300,000 |
Encumbrance 10 | Bonds [Member] | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 3,300,000 |
Derivative cap interest rate (percent) | 6.00% |
Derivative termination date | 31-Oct-17 |
Encumbrance 11 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 10,400,000 |
Encumbrance 11 | Bonds [Member] | Interest Rate Swap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 10,400,000 |
Variable rate borrowings after interest rate swaps (percent) | 6.00% |
Derivative termination date | 15-Oct-17 |
Encumbrance 12 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 3,400,000 |
Encumbrance 12 | Variable Rate Debt 1 [Member] | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 500,000 |
Variable interest rate (percent) | 0.91% |
Encumbrance 12 | Variable Rate Debt 2 [Member] | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 2,900,000 |
Variable interest rate (percent) | 0.87% |
Encumbrance 12 | Variable Rate Debt 2 [Member] | Bonds [Member] | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 2,900,000 |
Derivative cap interest rate (percent) | 6.00% |
Derivative termination date | 31-May-18 |
Encumbrance 13 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 5,400,000 |
Encumbrance 13 | Variable Rate Debt 1 [Member] | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 500,000 |
Variable interest rate (percent) | 0.91% |
Encumbrance 13 | Variable Rate Debt 2 [Member] | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 4,900,000 |
Variable interest rate (percent) | 0.87% |
Encumbrance 13 | Variable Rate Debt 2 [Member] | Bonds [Member] | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 4,900,000 |
Derivative cap interest rate (percent) | 6.00% |
Derivative termination date | 31-May-18 |
Encumbrance 14 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 6,600,000 |
Encumbrance 14 | Bonds [Member] | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 6,600,000 |
Derivative cap interest rate (percent) | 6.00% |
Derivative termination date | 15-Nov-16 |
Encumbrance 15 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 4,100,000 |
Encumbrance 15 | Bonds [Member] | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 4,100,000 |
Variable interest rate (percent) | 6.00% |
Derivative termination date | 15-Nov-16 |
Encumbrance 16 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 3,600,000 |
Encumbrance 16 | Bonds [Member] | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 3,600,000 |
Variable interest rate (percent) | 6.00% |
Derivative termination date | 15-Nov-16 |
Encumbrance 17 | Bonds [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Amount of bond used as encumbrance | 13,200,000 |
Encumbrance 17 | Bonds [Member] | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 13,200,000 |
Derivative cap interest rate (percent) | 4.50% |
Derivative termination date | 1-Mar-14 |
Encumbrance 18 | FNMA | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Secured credit facilities, amount available | 17,900,000 |
Variable interest rate (percent) | 0.80% |
Derivative termination date | 1-Mar-14 |
Encumbrance 21 | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Encumbrances | 4,900,000 |
Encumbrance 21 | FNMA | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 4,900,000 |
Derivative cap interest rate (percent) | 4.50% |
Derivative termination date | 1-Mar-14 |
Furniture, fixtures and equipment | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Estimated useful lives (years) | '5 years |
Interest Rate Cap 1 [Member] | Encumbrance 18 | FNMA | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 11,700,000 |
Derivative cap interest rate (percent) | 5.00% |
Derivative termination date | 1-Mar-14 |
Interest Rate Cap 2 [Member] | Encumbrance 18 | FNMA | Interest Rate Cap | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Notional amount of interest rate derivatives | 6,200,000 |
Derivative cap interest rate (percent) | 4.50% |
Derivative termination date | 1-Mar-14 |
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 | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Encumbrances | $0 |
Corporate Real Estate Owned | Beginning of Period | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '1 year |
Activity_for_Real_Estate_Inves1
Activity for Real Estate Investments and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Real Estate Investments [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year | $3,729,706,000 | $3,379,929,000 | $2,941,261,000 | ' | |||
Acquisitions | 3,999,895,000 | [1] | 344,869,000 | [1] | 362,745,000 | [1] | ' |
Less: FMV of Leases included in Acquisitions | -51,728,000 | -3,144,000 | ' | -3,829,000 | |||
Improvement and development | 130,824,000 | 134,118,000 | 104,705,000 | ' | |||
Disposition of real estate assets | -114,681,000 | [2] | -126,066,000 | [2] | -24,953,000 | [2] | ' |
Balance at end of year | 7,689,119,000 | 3,729,706,000 | 3,379,929,000 | ' | |||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year | 1,040,473,000 | 973,126,000 | 873,903,000 | ' | |||
Depreciation | 165,885,000 | 124,691,000 | 112,726,000 | ' | |||
Disposition of real estate assets | -61,879,000 | [2] | -57,344,000 | [2] | -13,503,000 | [2] | ' |
Balance at end of year | 1,138,315,000 | 1,040,473,000 | 973,126,000 | ' | |||
Commercial | ' | ' | ' | ' | |||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ' | ' | ' | |||
Accumulated depreciation | 14,108,000 | 12,855,000 | ' | 11,402,000 | |||
Assets Held-for-sale | ' | ' | ' | ' | |||
Real Estate Investments [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year | ' | ' | ' | 0 | |||
Balance at end of year | -4,897,000 | 0 | ' | 0 | |||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ' | ' | ' | |||
Accumulated depreciation | ($6,164,000) | $0 | $0 | ' | |||
[1] | Includes non-cash activity related to the Colonial merger. | ||||||
[2] | Includes assets sold, casualty losses, and removal of certain fully depreciated assets. |