Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 16, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PPS | ||
Entity Registrant Name | POST PROPERTIES INC | ||
Entity Central Index Key | 903127 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 54,593,018 | ||
Entity Public Float | $2,841,986,098 | ||
Post Apartment Homes, L.P. [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | PPS-A | ||
Entity Registrant Name | POST APARTMENT HOMES LP | ||
Entity Central Index Key | 1012271 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate assets | ||
Land | $317,077 | $327,270 |
Building and improvements | 2,323,626 | 2,408,906 |
Furniture, fixtures and equipment | 304,534 | 291,027 |
Construction in progress | 86,971 | 74,064 |
Land held for future investment | 33,197 | 61,768 |
Real estate assets, total | 3,065,405 | 3,163,035 |
Less: accumulated depreciation | -937,310 | -913,018 |
Assets held for sale, net of accumulated depreciation of $207 at December 31, 2014 | 672 | |
For-sale condominiums | 1,122 | |
Total real estate assets | 2,128,767 | 2,251,139 |
Investments in and advances to unconsolidated real estate entities | 4,059 | 4,056 |
Cash and cash equivalents | 140,512 | 82,110 |
Restricted cash | 3,572 | 4,712 |
Deferred financing costs, net | 5,117 | 8,495 |
Other assets | 29,771 | 31,165 |
Total assets | 2,311,798 | 2,381,677 |
Liabilities, redeemable common units and equity | ||
Indebtedness | 892,459 | 1,098,734 |
Accounts payable, accrued expenses and other | 70,616 | 73,431 |
Investments in unconsolidated real estate entities | 16,624 | 16,687 |
Dividends and distributions payable | 21,852 | 17,928 |
Accrued interest payable | 4,229 | 5,157 |
Security deposits and prepaid rents | 12,972 | 10,888 |
Total liabilities | 1,018,752 | 1,222,825 |
Redeemable common units | 7,086 | 6,121 |
Commitments and contingencies | ||
Equity | ||
Preferred stock, $.01 par value, 20,000 authorized: 8 1/2% Series A Cumulative Redeemable Shares, liquidation preference $50 per share, 868 shares issued and outstanding | 9 | 9 |
Common stock, $.01 par value, 100,000 authorized: 54,632 and 54,629 shares issued and 54,509 and 54,191 shares outstanding at December 31, 2014 and 2013, respectively | 546 | 546 |
Additional paid-in-capital | 1,114,851 | 1,111,861 |
Accumulated earnings | 185,001 | 66,138 |
Accumulated other comprehensive income (loss) | -3,675 | -3,419 |
Stockholders Equity Subtotal Before Treasury Stock | 1,296,732 | 1,175,135 |
Less common stock in treasury, at cost, 207 and 519 shares at December 31, 2014 and 2013, respectively | -10,772 | -22,188 |
Total Company shareholders' equity | 1,285,960 | 1,152,947 |
Noncontrolling interests - consolidated real estate entities | -216 | |
Total equity | 1,285,960 | 1,152,731 |
Total liabilities and members' equity | 2,311,798 | 2,381,677 |
Post Apartment Homes, L.P. [Member] | ||
Real estate assets | ||
Land | 317,077 | 327,270 |
Building and improvements | 2,323,626 | 2,408,906 |
Furniture, fixtures and equipment | 304,534 | 291,027 |
Construction in progress | 86,971 | 74,064 |
Land held for future investment | 33,197 | 61,768 |
Real estate assets, total | 3,065,405 | 3,163,035 |
Less: accumulated depreciation | -937,310 | -913,018 |
Assets held for sale, net of accumulated depreciation of $207 at December 31, 2014 | 672 | |
For-sale condominiums | 1,122 | |
Total real estate assets | 2,128,767 | 2,251,139 |
Investments in and advances to unconsolidated real estate entities | 4,059 | 4,056 |
Cash and cash equivalents | 140,512 | 82,110 |
Restricted cash | 3,572 | 4,712 |
Deferred financing costs, net | 5,117 | 8,495 |
Other assets | 29,771 | 31,165 |
Total assets | 2,311,798 | 2,381,677 |
Liabilities, redeemable common units and equity | ||
Indebtedness | 892,459 | 1,098,734 |
Accounts payable, accrued expenses and other | 70,616 | 73,431 |
Investments in unconsolidated real estate entities | 16,624 | 16,687 |
Dividends and distributions payable | 21,852 | 17,928 |
Accrued interest payable | 4,229 | 5,157 |
Security deposits and prepaid rents | 12,972 | 10,888 |
Total liabilities | 1,018,752 | 1,222,825 |
Redeemable common units | 7,086 | 6,121 |
Commitments and contingencies | ||
Equity | ||
Preferred units | 43,392 | 43,392 |
General partner | 14,057 | 12,715 |
Limited partners | 1,232,186 | 1,100,259 |
Accumulated other comprehensive income (loss) | -3,675 | -3,419 |
Total Company shareholders' equity | 1,285,960 | 1,152,947 |
Noncontrolling interests - consolidated real estate entities | -216 | |
Total equity | 1,285,960 | 1,152,731 |
Total liabilities and members' equity | $2,311,798 | $2,381,677 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accumulated depreciation, assets held for sale | $937,310 | $913,018 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, liquidation preference | $50 | $50 |
Preferred stock, shares issued | 868,000 | 868,000 |
Preferred stock, shares outstanding | 868,000 | 868,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 54,632,000 | 54,629,000 |
Common stock, shares outstanding | 54,509,000 | 54,191,000 |
Common stock in treasury, shares | 207,000 | 519,000 |
Post Apartment Homes, L.P. [Member] | ||
Accumulated depreciation, assets held for sale | 937,310 | 913,018 |
Assets Held-for-Sale [Member] | ||
Accumulated depreciation, assets held for sale | 207 | |
Assets Held-for-Sale [Member] | Post Apartment Homes, L.P. [Member] | ||
Accumulated depreciation, assets held for sale | $207 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Rental | $355,583 | $341,902 | $311,021 |
Other property revenues | 21,237 | 19,963 | 18,463 |
Other | 992 | 872 | 850 |
Total revenues | 377,812 | 362,737 | 330,334 |
Expenses | |||
Property operating and maintenance (exclusive of items shown separately below) | 162,959 | 155,261 | 141,775 |
Depreciation | 84,759 | 85,608 | 79,367 |
General and administrative | 17,898 | 17,245 | 16,342 |
Investment and development | 2,366 | 1,755 | 1,317 |
Other investment costs | 768 | 1,324 | 1,401 |
Severance, impairment and other | 2,266 | 2,417 | |
Total expenses | 271,016 | 263,610 | 240,202 |
Operating income | 106,796 | 99,127 | 90,132 |
Interest income | 135 | 77 | 393 |
Interest expense | -40,286 | -44,704 | -46,028 |
Amortization of deferred financing costs | -2,282 | -2,573 | -2,695 |
Net gains on condominium sales activities | 2,545 | 27,944 | 36,273 |
Equity in income of unconsolidated real estate entities, net | 1,788 | 2,090 | 7,995 |
Other income (expense), net | 19 | -839 | 1,034 |
Net loss on extinguishment of indebtedness | -18,357 | -4,318 | |
Income from continuing operations, before gains on sales of real estate assets | 50,358 | 81,122 | 82,786 |
Gains on sales of real estate assets | 187,825 | ||
Income from continuing operations | 238,183 | 81,122 | 82,786 |
Discontinued operations | |||
Income from discontinued property operations | 1,418 | 1,505 | |
Gains on sales of real estate assets | 28,380 | ||
Income from discontinued operations | 29,798 | 1,505 | |
Net income | 238,183 | 110,920 | 84,291 |
Noncontrolling interests - consolidated real estate entities | -22,554 | -107 | -135 |
Noncontrolling interests - Operating Partnership | -509 | -279 | -217 |
Net income available | 215,120 | 110,534 | 83,939 |
Distributions to preferred unitholders | -3,688 | -3,688 | -3,688 |
Net income available to common shareholders | 211,432 | 106,846 | 80,251 |
Per common share data - Basic | |||
Income from continuing operations (net of preferred distributions) | $3.89 | $1.42 | $1.46 |
Income from discontinued operations | $0.55 | $0.03 | |
Net income available to common shareholders | $3.89 | $1.96 | $1.49 |
Weighted average common shares outstanding - basic | 54,262 | 54,336 | 53,821 |
Per common share data - Diluted | |||
Income from continuing operations (net of preferred distributions) | $3.88 | $1.41 | $1.45 |
Income from discontinued operations | $0.54 | $0.03 | |
Net income available to common shareholders | $3.88 | $1.96 | $1.48 |
Weighted average common shares outstanding - diluted | 54,353 | 54,508 | 54,131 |
Post Apartment Homes, L.P. [Member] | |||
Revenues | |||
Rental | 355,583 | 341,902 | 311,021 |
Other property revenues | 21,237 | 19,963 | 18,463 |
Other | 992 | 872 | 850 |
Total revenues | 377,812 | 362,737 | 330,334 |
Expenses | |||
Property operating and maintenance (exclusive of items shown separately below) | 162,959 | 155,261 | 141,775 |
Depreciation | 84,759 | 85,608 | 79,367 |
General and administrative | 17,898 | 17,245 | 16,342 |
Investment and development | 2,366 | 1,755 | 1,317 |
Other investment costs | 768 | 1,324 | 1,401 |
Severance, impairment and other | 2,266 | 2,417 | |
Total expenses | 271,016 | 263,610 | 240,202 |
Operating income | 106,796 | 99,127 | 90,132 |
Interest income | 135 | 77 | 393 |
Interest expense | -40,286 | -44,704 | -46,028 |
Amortization of deferred financing costs | -2,282 | -2,573 | -2,695 |
Net gains on condominium sales activities | 2,545 | 27,944 | 36,273 |
Equity in income of unconsolidated real estate entities, net | 1,788 | 2,090 | 7,995 |
Other income (expense), net | 19 | -839 | 1,034 |
Net loss on extinguishment of indebtedness | -18,357 | -4,318 | |
Income from continuing operations, before gains on sales of real estate assets | 50,358 | 81,122 | 82,786 |
Gains on sales of real estate assets | 187,825 | ||
Income from continuing operations | 238,183 | 81,122 | 82,786 |
Discontinued operations | |||
Income from discontinued property operations | 1,418 | 1,505 | |
Gains on sales of real estate assets | 28,380 | ||
Income from discontinued operations | 29,798 | 1,505 | |
Net income | 238,183 | 110,920 | 84,291 |
Noncontrolling interests - consolidated real estate entities | -22,554 | -107 | -135 |
Net income available | 215,629 | 110,813 | 84,156 |
Distributions to preferred unitholders | -3,688 | -3,688 | -3,688 |
Net income available to common shareholders | $211,941 | $107,125 | $80,468 |
Per common share data - Basic | |||
Income from continuing operations (net of preferred distributions) | $3.89 | $1.42 | $1.46 |
Income from discontinued operations | $0.55 | $0.03 | |
Net income available to common shareholders | $3.89 | $1.96 | $1.49 |
Weighted average common shares outstanding - basic | 54,392 | 54,478 | 53,968 |
Per common share data - Diluted | |||
Income from continuing operations (net of preferred distributions) | $3.88 | $1.41 | $1.45 |
Income from discontinued operations | $0.54 | $0.03 | |
Net income available to common shareholders | $3.88 | $1.96 | $1.48 |
Weighted average common shares outstanding - diluted | 54,483 | 54,650 | 54,278 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $238,183 | $110,920 | $84,291 |
Net change in derivative financial instruments | -257 | 8,282 | -9,069 |
Total comprehensive income | 237,926 | 119,202 | 75,222 |
Comprehensive income attributable to noncontrolling interests: | |||
Consolidated real estate entities | -22,554 | -107 | -135 |
Operating Partnership | -508 | -301 | -194 |
Total Company comprehensive income | 214,864 | 118,794 | 74,893 |
Post Apartment Homes, L.P. [Member] | |||
Net income | 238,183 | 110,920 | 84,291 |
Net change in derivative financial instruments | -257 | 8,282 | -9,069 |
Total comprehensive income | 237,926 | 119,202 | 75,222 |
Comprehensive income attributable to noncontrolling interests: | |||
Consolidated real estate entities | -22,554 | -107 | -135 |
Total Operating Partnership comprehensive income | $215,372 | $119,095 | $75,087 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity and Accumulated Earnings (USD $) | Total | Post Apartment Homes, L.P. [Member] | Post Apartment Homes, L.P. [Member] | Post Apartment Homes, L.P. [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total Company Equity [Member] | Total Company Equity [Member] | Noncontrolling Interests - Consolidated Real Estate Entities [Member] | Noncontrolling Interests - Consolidated Real Estate Entities [Member] |
In Thousands | General Partner [Member] | Limited Partners [Member] | Post Apartment Homes, L.P. [Member] | Post Apartment Homes, L.P. [Member] | Post Apartment Homes, L.P. [Member] | Post Apartment Homes, L.P. [Member] | Post Apartment Homes, L.P. [Member] | ||||||||||
Beginning Balance at Dec. 31, 2011 | $1,047,523 | $1,047,523 | $11,662 | $995,097 | $9 | $43,392 | $530 | $1,053,612 | ($2,633) | ($2,633) | ($4,000) | $1,047,518 | $1,047,518 | $5 | $5 | ||
Beginning Balance, Common shares at Dec. 31, 2011 | 52,988 | 53,144 | |||||||||||||||
Beginning Balance, Preferred shares at Dec. 31, 2011 | 868 | 868 | |||||||||||||||
Comprehensive income (loss) | 75,028 | 75,028 | 804 | 79,447 | 3,688 | 83,939 | -9,046 | -9,046 | 74,893 | 74,893 | 135 | 135 | |||||
Sales of common stock, net | 25,457 | 25,457 | 255 | 25,202 | 6 | 25,451 | 25,457 | 25,457 | |||||||||
Sales of common stock, net, shares | 550 | 550 | |||||||||||||||
Employee stock purchase, stock option and other plan issuances | 25,414 | 25,414 | 254 | 25,160 | 9 | 25,339 | 66 | 25,414 | 25,414 | ||||||||
Employee stock purchase, stock option and other plan issuances, shares | 919 | 919 | |||||||||||||||
Conversion of redeemable common units | 591 | 591 | 591 | 438 | 153 | 591 | 591 | ||||||||||
Conversion of redeemable common units for shares, shares | 13 | ||||||||||||||||
Adjustment for ownership interest of redeemable common units | -416 | -416 | -416 | -416 | -416 | -416 | |||||||||||
Redemption of preferred units | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Redemption of preferred stock, shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Stock-based compensation | 2,930 | 2,930 | 29 | 2,901 | 2,930 | 2,930 | 2,930 | ||||||||||
Dividends to preferred shareholders | -3,688 | -3,688 | -3,688 | -3,688 | -3,688 | -3,688 | |||||||||||
Dividends to common shareholders ($0.97, 1.24 and 1.56 per share for year 2012, 2013 and 2014 respectively) | -52,551 | -52,551 | -527 | -52,024 | -52,551 | -52,551 | -52,551 | ||||||||||
Distributions to noncontrolling interests - consolidated real estate entities | -234 | -234 | -234 | -234 | |||||||||||||
Adjustment to redemption value of redeemable common units | -434 | 434 | 434 | -434 | -434 | 434 | |||||||||||
Ending Balance at Dec. 31, 2012 | 1,119,620 | 1,119,620 | 12,477 | 1,075,524 | 9 | 43,392 | 545 | 1,107,354 | 27,266 | -11,679 | -11,679 | -3,781 | 1,119,714 | 1,119,714 | -94 | -94 | |
Ending Balance, Common shares at Dec. 31, 2012 | 54,470 | 54,613 | |||||||||||||||
Ending Balance, Preferred shares at Dec. 31, 2012 | 868 | 868 | |||||||||||||||
Comprehensive income (loss) | 118,901 | 118,901 | 1,071 | 105,775 | 3,688 | 110,534 | 8,260 | 8,260 | 118,794 | 118,794 | 107 | 107 | |||||
Employee stock purchase, stock option and other plan issuances | 5,549 | 5,549 | 55 | 5,494 | 1 | 263 | 1,061 | -1,542 | 6,029 | 5,549 | 5,549 | ||||||
Employee stock purchase, stock option and other plan issuances, shares | 263 | ||||||||||||||||
Conversion of redeemable common units | 354 | 354 | 354 | -10 | 364 | 354 | 354 | ||||||||||
Conversion of redeemable common units for shares, shares | 8 | ||||||||||||||||
Adjustment for ownership interest of redeemable common units | -192 | -192 | -192 | -192 | -192 | -192 | |||||||||||
Stock-based compensation | 3,638 | 3,638 | 36 | 3,602 | 3,638 | 3,638 | 3,638 | ||||||||||
Acquisition of common units | -24,800 | -24,800 | -248 | -24,552 | -550 | -24,800 | -24,800 | -24,800 | |||||||||
Treasury stock acquisitions, shares | -550 | ||||||||||||||||
Dividends to preferred shareholders | -3,688 | -3,688 | -3,688 | -3,688 | -3,688 | -3,688 | |||||||||||
Dividends to common shareholders ($0.97, 1.24 and 1.56 per share for year 2012, 2013 and 2014 respectively) | -67,433 | -67,433 | -676 | -66,757 | -67,433 | -67,433 | -67,433 | ||||||||||
Distributions to noncontrolling interests - consolidated real estate entities | -229 | -229 | -229 | -229 | |||||||||||||
Adjustment to redemption value of redeemable common units | 1,011 | 1,011 | 1,011 | 1,011 | 1,011 | 1,011 | |||||||||||
Ending Balance at Dec. 31, 2013 | 1,152,731 | 1,152,731 | 12,715 | 1,100,259 | 9 | 43,392 | 546 | 1,111,861 | 66,138 | -3,419 | -3,419 | -22,188 | 1,152,947 | 1,152,947 | -216 | -216 | |
Ending Balance, Common shares at Dec. 31, 2013 | 54,191 | 54,191 | 54,326 | ||||||||||||||
Ending Balance, Preferred shares at Dec. 31, 2013 | 868 | 868 | 868 | ||||||||||||||
Comprehensive income (loss) | 237,418 | 237,418 | 2,119 | 209,313 | 3,688 | 215,120 | -256 | -256 | 214,864 | 214,864 | 22,554 | 22,554 | |||||
Employee stock purchase, stock option and other plan issuances | 3,394 | 3,394 | 34 | 3,360 | -701 | -6,663 | 10,758 | 3,394 | 3,394 | ||||||||
Employee stock purchase, stock option and other plan issuances, shares | 304 | 304 | |||||||||||||||
Conversion of redeemable common units | 784 | 784 | 784 | 126 | 658 | 784 | 784 | ||||||||||
Conversion of redeemable common units for shares, shares | 14 | ||||||||||||||||
Adjustment for ownership interest of redeemable common units | -425 | -425 | -425 | -425 | -425 | -425 | |||||||||||
Stock-based compensation | 3,990 | 3,990 | 40 | 3,950 | 3,990 | 3,990 | 3,990 | ||||||||||
Dividends to preferred shareholders | -3,688 | -3,688 | -3,688 | -3,688 | -3,688 | -3,688 | |||||||||||
Dividends to common shareholders ($0.97, 1.24 and 1.56 per share for year 2012, 2013 and 2014 respectively) | -84,901 | -84,901 | -851 | -84,050 | -84,901 | -84,901 | -84,901 | ||||||||||
Distributions to noncontrolling interests - consolidated real estate entities | -22,338 | -22,338 | -22,338 | -22,338 | |||||||||||||
Adjustment to redemption value of redeemable common units | -1,005 | 1,005 | 1,005 | -1,005 | -1,005 | 1,005 | |||||||||||
Ending Balance at Dec. 31, 2014 | $1,285,960 | $1,285,960 | $14,057 | $1,232,186 | $9 | $43,392 | $546 | $1,114,851 | $185,001 | ($3,675) | ($3,675) | ($10,772) | $1,285,960 | $1,285,960 | |||
Ending Balance, Common shares at Dec. 31, 2014 | 54,509 | 54,509 | 54,630 | ||||||||||||||
Ending Balance, Preferred shares at Dec. 31, 2014 | 868 | 868 | 868 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity and Accumulated Earnings (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends to common shareholders, per share | $1.56 | $1.24 | $0.97 |
Post Apartment Homes, L.P. [Member] | |||
Dividends to common shareholders, per share | $1.56 | $1.24 | $0.97 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities | |||
Net income | $238,183 | $110,920 | $84,291 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 84,759 | 86,135 | 80,145 |
Amortization of deferred financing costs | 2,282 | 2,573 | 2,695 |
Net gains on sales of real estate assets | -190,370 | -56,324 | -36,273 |
Other, net | 256 | 2,142 | 585 |
Impairment charges | 450 | 400 | |
Equity in income of unconsolidated entities, net | -1,788 | -2,090 | -7,995 |
Distributions of earnings of unconsolidated entities | 2,077 | 2,865 | 3,236 |
Stock-based compensation | 4,000 | 3,647 | 2,937 |
Net loss on extinguishment of indebtedness | 18,357 | 4,318 | |
Changes in assets, decrease (increase) in: | |||
Other assets | 2,184 | -3,524 | -812 |
Changes in liabilities, increase (decrease) in: | |||
Accrued interest payable | -928 | -564 | 536 |
Accounts payable and accrued expenses | 941 | 2,154 | 598 |
Prepaid rents and other | 2,936 | 2,040 | -72 |
Net cash provided by operating activities | 163,339 | 150,374 | 134,189 |
Cash Flows From Investing Activities | |||
Development and construction of real estate assets | -72,282 | -123,422 | -133,379 |
Acquisition of communities | -48,399 | -73,963 | |
Proceeds from sales of real estate assets | 331,578 | 116,684 | 87,673 |
Capitalized interest | -3,115 | -3,962 | -5,534 |
Property capital expenditures | -30,052 | -36,236 | -28,015 |
Corporate additions and improvements | -3,914 | -1,357 | -585 |
Proceeds from (investments in) unconsolidated entities | -447 | 7,821 | |
Other investing activities | -366 | 954 | 967 |
Net cash provided by (used in) investing activities | 221,402 | -95,738 | -145,015 |
Cash Flows From Financing Activities | |||
Lines of credit proceeds | 90,463 | 104,632 | |
Lines of credit repayments | -90,463 | -239,632 | |
Proceeds from indebtedness | 550,000 | ||
Payments on indebtedness | -206,275 | -3,730 | -282,979 |
Payments of financing costs and other | -17,338 | -302 | -11,051 |
Proceeds from sales of common stock | 25,457 | ||
Proceeds from employee stock purchase and stock options plans | 5,906 | 4,858 | 24,666 |
Acquisition of treasury stock and other | -2,084 | -24,800 | |
Distributions to noncontrolling interests - real estate entities | -22,338 | -229 | -234 |
Distributions to noncontrolling interests - common unitholders | -196 | -166 | -139 |
Dividends paid to preferred shareholders | -3,688 | -3,688 | -3,688 |
Dividends paid to common shareholders | -80,980 | -63,167 | -50,592 |
Other financing activites | 654 | ||
Net cash provided by (used in) financing activities | -326,339 | -91,224 | 116,440 |
Net increase (decrease) in cash and cash equivalents | 58,402 | -36,588 | 105,614 |
Cash and cash equivalents, beginning of period | 82,110 | 118,698 | 13,084 |
Cash and cash equivalents, end of period | 140,512 | 82,110 | 118,698 |
Post Apartment Homes, L.P. [Member] | |||
Cash Flows From Operating Activities | |||
Net income | 238,183 | 110,920 | 84,291 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 84,759 | 86,135 | 80,145 |
Amortization of deferred financing costs | 2,282 | 2,573 | 2,695 |
Net gains on sales of real estate assets | -190,370 | -56,324 | -36,273 |
Other, net | 256 | 2,142 | 585 |
Impairment charges | 450 | 400 | |
Equity in income of unconsolidated entities, net | -1,788 | -2,090 | -7,995 |
Distributions of earnings of unconsolidated entities | 2,077 | 2,865 | 3,236 |
Stock-based compensation | 4,000 | 3,647 | 2,937 |
Net loss on extinguishment of indebtedness | 18,357 | 4,318 | |
Changes in assets, decrease (increase) in: | |||
Other assets | 2,184 | -3,524 | -812 |
Changes in liabilities, increase (decrease) in: | |||
Accrued interest payable | -928 | -564 | 536 |
Accounts payable and accrued expenses | 941 | 2,154 | 598 |
Prepaid rents and other | 2,936 | 2,040 | -72 |
Net cash provided by operating activities | 163,339 | 150,374 | 134,189 |
Cash Flows From Investing Activities | |||
Development and construction of real estate assets | -72,282 | -123,422 | -133,379 |
Acquisition of communities | -48,399 | -73,963 | |
Proceeds from sales of real estate assets | 331,578 | 116,684 | 87,673 |
Capitalized interest | -3,115 | -3,962 | -5,534 |
Property capital expenditures | -30,052 | -36,236 | -28,015 |
Corporate additions and improvements | -3,914 | -1,357 | -585 |
Proceeds from (investments in) unconsolidated entities | -447 | 7,821 | |
Other investing activities | -366 | 954 | 967 |
Net cash provided by (used in) investing activities | 221,402 | -95,738 | -145,015 |
Cash Flows From Financing Activities | |||
Lines of credit proceeds | 90,463 | 104,632 | |
Lines of credit repayments | -90,463 | -239,632 | |
Proceeds from indebtedness | 550,000 | ||
Payments on indebtedness | -206,275 | -3,730 | -282,979 |
Payments of financing costs and other | -17,338 | -302 | -11,051 |
Proceeds from employee stock purchase and stock options plans | 5,906 | 4,858 | 50,123 |
Acquisition of treasury stock and other | -2,804 | -24,800 | |
Distributions to noncontrolling interests - real estate entities | -22,338 | -229 | -234 |
Distributions to noncontrolling interests - common unitholders | -196 | -166 | -139 |
Dividends paid to preferred shareholders | -3,688 | -3,688 | -3,688 |
Dividends paid to common shareholders | -80,980 | -63,167 | -50,592 |
Other financing activites | 654 | ||
Net cash provided by (used in) financing activities | -326,339 | -91,224 | 116,440 |
Net increase (decrease) in cash and cash equivalents | 58,402 | -36,588 | 105,614 |
Cash and cash equivalents, beginning of period | 82,110 | 118,698 | 13,084 |
Cash and cash equivalents, end of period | $140,512 | $82,110 | $118,698 |
ORGANIZATION_AND_SUMMARY_OF_SI
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICES | 1 | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICES | |||||||||||
Organization | |||||||||||||
Post Properties, Inc. (the “Company”) and its subsidiaries develop, own and manage upscale multi-family apartment communities in selected markets in the United States. The Company through its wholly-owned subsidiaries is the sole general partner, a limited partner and owns a majority interest in Post Apartment Homes, L.P. (the “Operating Partnership”), a Georgia limited partnership. The Operating Partnership, through its operating divisions and subsidiaries conducts substantially all of the on-going operations of the Company, a publicly traded corporation which operates as a self-administered and self-managed real estate investment trust (“REIT”). As used herein, the term “Company” includes Post Properties, Inc. and its subsidiaries, including Post Apartment Homes, L.P., unless the context indicates otherwise. | |||||||||||||
The Company has elected to qualify and operate as a self-administrated and self-managed REIT for federal income tax purposes. A REIT is a legal entity which holds real estate interests and is generally not subject to federal income tax on the income it distributes to its shareholders. The Operating Partnership is governed under the provisions of a limited partnership agreement, as amended. Under the provisions of the limited partnership agreement, as amended, Operating Partnership net profits, net losses and cash flow (after allocations to preferred ownership interests) are allocated to the partners in proportion to their common ownership interests. Cash distributions from the Operating Partnership shall be, at a minimum, sufficient to enable the Company to satisfy its annual dividend requirements to maintain its REIT status under the Internal Revenue Code of 1986, as amended. | |||||||||||||
At December 31, 2014, the Company had interests in 22,994 apartment units in 58 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 1,705 apartment units in five communities currently under development or in lease-up. At December 31, 2014, approximately 29.1%, 21.9%, 13.5% and 10.9% (on a unit basis) of the Company’s operating communities were located in the Atlanta, Georgia, Dallas, Texas, the greater Washington, D.C. and Tampa, Florida metropolitan areas, respectively. | |||||||||||||
At December 31, 2014, the Company had outstanding 54,509 shares of common stock and owned the same number of units of common limited partnership interests (“Common Units”) in the Operating Partnership, representing a 99.8% ownership interest in the Operating Partnership. Common Units held by persons other than the Company totaled 121 at December 31, 2014 and represented a 0.2% common noncontrolling interest in the Operating Partnership. Each Common Unit may be redeemed by the holder thereof for either one share of Company common stock or cash equal to the fair market value thereof at the time of redemption, at the option, but outside the control, of the Operating Partnership. The Operating Partnership presently anticipates that it will cause shares of common stock to be issued in connection with each such redemption rather than paying cash (as has been done in all redemptions to date). With each redemption of outstanding Common Units for Company common stock, the Company’s percentage ownership interest in the Operating Partnership will increase. In addition, whenever the Company issues shares of common stock, the Company will contribute any net proceeds therefrom to the Operating Partnership and the Operating Partnership will issue an equivalent number of Common Units to the Company. The Company’s weighted average common ownership interest in the Operating Partnership was 99.8% for the year ended December 31, 2014, and 99.7% for the years ended December 31, 2013 and 2012. | |||||||||||||
Basis of presentation | |||||||||||||
The accompanying consolidated financial statements include the consolidated accounts of the Company, the Operating Partnership and their wholly owned subsidiaries. The Company also consolidates other entities in which it has a controlling financial interest or entities where it is determined to be the primary beneficiary under ASC Topic 810, “Consolidation.” Under ASC Topic 810, variable interest entities (“VIEs”) are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. The primary beneficiary is required to consolidate a VIE for financial reporting purposes. The application of ASC Topic 810 requires management to make significant estimates and judgments about the Company’s and its other partners’ rights, obligations and economic interests in such entities. For entities in which the Company has less than a controlling financial interest or entities where it is not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, the Company’s share of the net earnings or losses of these entities is included in consolidated net income. All inter-company accounts and transactions have been eliminated in consolidation. The Company’s noncontrolling interest of common unitholders (also referred to as “Redeemable Common Units”) in the operations of the Operating Partnership is calculated based on the weighted average unit ownership during the period. | |||||||||||||
Revenue recognition | |||||||||||||
Residential properties are leased under operating leases with terms of generally one year or less. Rental revenues from residential leases are recognized on the straight-line method over the approximate life of the leases, which is generally one year. The recognition of rental revenues from residential leases when earned has historically not been materially different from rental revenues recognized on a straight-line basis. | |||||||||||||
Under the terms of residential leases, the residents of the Company’s residential communities are obligated to reimburse the Company for certain utility usage, water and electricity (at selected properties), where the Company is the primary obligor to the public utility entity. These utility reimbursements from residents are reflected as other property revenues in the consolidated statements of operations. | |||||||||||||
Sales and the associated gains or losses of real estate assets and for-sale condominiums are recognized in accordance with the provisions of ASC Topic 360-20, “Property, Plant and Equipment – Real Estate Sales.” In periods prior to the sale of the Company’s final condominium in the first quarter of 2014, the Company recognized condominium sales under the deposit method based on an evaluation of the factors specified in ASC 360-20. Under ASC Topic 360-20, the Company used the relative sales value method to allocate costs and recognize profits from condominium sales. Under the relative sales value method, estimates of aggregate project revenues and aggregate project costs were used to determine the allocation of project cost of sales and the resulting profit in each accounting period. In subsequent periods, cumulative project cost of sale allocations and the resulting profits were adjusted to reflect changes in the actual and estimated costs and revenues of each project. | |||||||||||||
For condominium communities, the operating results and associated gains and losses are reflected on the consolidated statement of operations in the caption titled “Net gains on condominium sales activities.” | |||||||||||||
Cost capitalization | |||||||||||||
The Company capitalizes those expenditures relating to the acquisition of new assets and the development and construction of new apartment communities. In addition, the Company capitalizes expenditures that enhance the value of existing assets and expenditures that substantially extend the life of existing assets. Annually recurring capital expenditures are expenditures of a type that are expected to be incurred on an annual basis during the life of an apartment community, such as carpet, appliances and flooring. Periodically recurring capital expenditures are expenditures that generally occur less frequently than on an annual basis, such as major exterior projects relating to landscaping and structural improvements. Revenue generating capital expenditures are expenditures for the rehabilitation of communities and other property upgrade costs that enhance the rental value of such communities. All other expenditures necessary to maintain a community in ordinary operating condition are expensed as incurred. Additionally, for new development communities, carpet, vinyl, and blind replacements are expensed as incurred during the first five years (which corresponds to their estimated depreciable life). Thereafter, these replacements are capitalized and depreciated. The Company expenses as incurred interior and exterior painting of its operating communities, unless those communities are under rehabilitation or major remediation. | |||||||||||||
For communities under development or construction, the Company capitalizes interest, real estate taxes, and certain internal personnel and associated costs related to the development and construction activity. Interest is capitalized to projects under development or construction based upon the weighted average cumulative project costs for each month multiplied by the Company’s weighted average borrowing costs, expressed as a percentage. Weighted average borrowing costs include the costs of the Company’s fixed rate secured and unsecured borrowings and the variable rate unsecured borrowings under its line of credit facilities. The weighted average borrowing costs, expressed as a percentage, were 4.6%, 4.6% and 5.4% in 2014, 2013 and 2012, respectively. Aggregate interest costs capitalized to projects under development or construction were $3,115, $3,962 and $5,534, respectively. Internal development and construction personnel and associated costs are capitalized to projects under development or construction based upon the effort associated with such projects. Aggregate internal development and construction personnel and associated costs capitalized to projects under development or construction were $2,794, $2,900 and $3,755 in 2014, 2013 and 2012, respectively. The Company treats each unit in an apartment community separately for cost accumulation, capitalization and expense recognition purposes. Prior to the completion of rental units, interest and other construction costs are capitalized and reflected on the balance sheet as construction in progress. The Company ceases the capitalization of such costs as the residential units in a community become substantially complete and available for occupancy. This results in a proration of costs between amounts that are capitalized and expensed as the residential units in apartment development communities become available for occupancy. In addition, prior to the completion of rental units, the Company expenses as incurred substantially all operating expenses (including pre-opening marketing as well as property management and leasing personnel expenses) of such rental communities. | |||||||||||||
For cash flow statement purposes, the Company classified capital expenditures for developed condominium communities in investing activities in the caption titled, “Development and construction of real estate assets.” Likewise, the proceeds from the sales of condominiums are included in investing activities in the caption titled, “Proceeds from the sale of real estate assets.” | |||||||||||||
Real estate assets, depreciation and impairment | |||||||||||||
Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over their estimated useful lives. Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings and components – 40 years; other building and land improvements – 20 years; furniture, fixtures and equipment – 5-10 years). | |||||||||||||
The Company continually evaluates the recoverability of the carrying value of its real estate assets using the methodology prescribed in ASC Topic 360, “Property, Plant and Equipment.” Factors considered by management in evaluating impairment of its existing real estate assets held for investment include significant declines in property operating profits, annually recurring property operating losses and other significant adverse changes in general market conditions that are considered permanent in nature. Under ASC Topic 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated future cash flows of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the theoretical sale of the asset) over its estimated holding period are in excess of the asset’s net book value at the balance sheet date. If any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value of the asset to its estimated fair value. | |||||||||||||
The Company periodically classifies real estate assets as held for sale. An asset is classified as held for sale after the approval of the Company’s board of directors and after an active program to sell the asset has commenced. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. Real estate assets held for sale are stated separately on the accompanying consolidated balance sheets. Upon a decision to no longer market an asset for sale, the asset is classified as an operating asset and depreciation expense is reinstated. | |||||||||||||
Fair value measurements | |||||||||||||
The Company applies the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures,” to the valuation of real estate assets recorded at fair value, if any, to its impairment valuation analysis of real estate assets, to its disclosure of the fair value of financial instruments, principally indebtedness and to its derivative financial instruments. Fair value disclosures required under ASC Topic 820 are summarized in note 14 utilizing the following hierarchy: | |||||||||||||
• | Level 1 – Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. | ||||||||||||
• | Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. | ||||||||||||
• | Level 3 – Unobservable inputs for the assets or liability. | ||||||||||||
Apartment community acquisitions | |||||||||||||
The Company accounts for its apartment community acquisitions in accordance with ASC Topic 805, “Business Combinations.” In accordance with the provisions of ASC Topic 805, the aggregate purchase price of apartment community acquisitions is allocated to the tangible assets and liabilities (including mortgage indebtedness, if any) as well as the intangible assets acquired in each transaction based on their estimated fair values at the acquisition date. In determining the acquisition date fair value of the component assets and liabilities, the Company uses independent market data, internal analysis of comparable communities, relevant historical data from the acquired community as well as other market data. The acquired tangible assets, principally land, building and improvements and furniture, fixtures and equipment are reflected in real estate assets, and such assets, excluding land, are depreciated over their estimated useful lives. The acquired intangible assets, principally the value of above/below market leases and the value of in-place leases are reflected in other assets and amortized over the average remaining lease terms of the acquired leases (generally 6 to 12 months for residential leases and 5 to 10 years for retail leases). The legal, professional and other expenses associated with acquisition related activities are expensed as incurred. | |||||||||||||
Stock-based compensation | |||||||||||||
The Company accounts for stock-based compensation under the fair value method prescribed by ASC Topic 505, “Equity-Based Payments to Non-Employees,” and ASC Topic 718, “Compensation – Stock Compensation.” This guidance requires the Company to expense the fair value of employee stock options and other forms of stock-based compensation. | |||||||||||||
Derivative financial instruments | |||||||||||||
The Company accounts for derivative financial instruments at fair value under the provisions of ASC Topic 815, “Derivatives and Hedging.” The Company measures its derivative financial instruments subject to master netting agreements on a net basis. The Company uses derivative financial instruments, primarily interest rate swap arrangements to manage or hedge its exposure to interest rate changes. Under ASC Topic 815, derivative instruments qualifying as hedges of specific cash flows are recorded on the balance sheet at fair value with an offsetting increase or decrease to accumulated other comprehensive income, an equity account, until the hedged transactions are recognized in earnings. Quarterly, the Company evaluates the effectiveness of its cash flow hedges. Any ineffective portion of cash flow hedges are recognized immediately in earnings. | |||||||||||||
Cash and cash equivalents | |||||||||||||
All investments purchased with an original maturity of three months or less are considered to be cash equivalents. | |||||||||||||
Restricted cash | |||||||||||||
Restricted cash is generally comprised of resident security deposits for apartment communities located in Georgia, Florida, Virginia, Maryland and North Carolina. | |||||||||||||
Deferred financing costs | |||||||||||||
Deferred financing costs are amortized using the straight-line method, which approximates the interest method, over the terms of the related indebtedness. | |||||||||||||
Per share and per unit data | |||||||||||||
The Company and Operating Partnership report both basic and diluted earnings per share and per unit, respectively, as prescribed by ASC Topic 260, “Earnings Per Share.” The guidance also requires entities with participating securities that contain non-forfeitable rights to dividends, like the Company’s unvested share-based payment awards (see note 10), to use the two-class method for computing basic and dilutive earnings per share and unit. Under the two-class method earnings are allocated to each class of common stock and to participating securities according to the dividends paid or declared and the relative participation of such securities to remaining undistributed earnings. | |||||||||||||
Basic earnings per common share and earnings per common unit are computed by dividing net income available to common shareholders or unitholders by the weighted average number of common shares or units outstanding during the year. Diluted earnings per common share and diluted earnings per common unit are computed by dividing net income available to common shareholders or unitholders by the weighted average number of common shares or units and common share or unit equivalents outstanding during the year, which are computed using the treasury stock method for outstanding stock options. Common share and unit equivalents are excluded from the computations in years in which they have an anti-dilutive effect. The computation of basic and diluted earnings per share and basic and diluted earnings per common unit for income from continuing operations is detailed in notes 6 and 7 for the Company and the Operating Partnership, respectively. | |||||||||||||
Noncontrolling interests | |||||||||||||
The Company accounts for noncontrolling interests in accordance with ASC Topic 810, “Consolidation.” ASC Topic 810, in conjunction with other existing GAAP, established criterion used to evaluate the characteristics of noncontrolling interests in consolidated entities to determine whether noncontrolling interests are classified and accounted for as permanent equity or “temporary” equity (presented between liabilities and permanent equity on the consolidated balance sheet). ASC Topic 810 also clarified the treatment of noncontrolling interests with redemption provisions. If a noncontrolling interest has a redemption feature that permits the issuer to settle in either cash or common shares at the option of the issuer but the equity settlement feature is deemed to be outside of the control of the issuer, then those noncontrolling interests are classified as “temporary” equity. At December 31, 2014 and 2013, the Company had two types of noncontrolling interests, (1) noncontrolling interests related to the common unitholders of its Operating Partnership (see note 5) and (2) noncontrolling interests related to its consolidated real estate entities (none as of December 31, 2014). | |||||||||||||
The Company accounts for the redemption of noncontrolling interests in the Operating Partnership in exchange for shares of company common stock at fair value in accordance with ASC Topic 810. These transactions result in a reduction in the noncontrolling interest of common unitholders in the Operating Partnership and a corresponding increase in equity in the accompanying consolidated balance sheet at the date of conversion. In accordance with guidance in ASC Topic 810 the noncontrolling interest in the Operating Partnership is carried at the greater of its redemption value or net book value. | |||||||||||||
Use of estimates | |||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Recently issued accounting pronouncements | |||||||||||||
In May 2014, Accounting Standards Update No. 2014-09 (“ASU 2014-09”), “Revenue from Contracts with Customers,” was issued. This new guidance establishes a single comprehensive revenue recognition model under U.S. GAAP and provides for enhanced disclosures. Under this new guidance, the amount of revenue recognized for certain transactions could differ from amounts recognized under existing accounting guidance and could also result in recognition in different reporting periods. Also, the provisions of ASU 2014-09 exclude revenue recognition regarding lease contracts. The new guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is prohibited. The Company expects to adopt ASU 2014-09 as of January 1, 2017 and is currently evaluating the impact that this new guidance may have on its results of operations. | |||||||||||||
In April 2014, Accounting Standards Update No. 2014-08 (“ASU 2014-08”), “Reporting Discontinued Operations and Disclosures of Disposals of Components of Entity” was issued. This guidance amends ASC Topics 360 and 205 and changes the requirements for reporting discontinued operations. Under the new guidance, a disposal of a component of an entity or a group of components of an entity shall be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The new guidance also modifies the disclosure requirements for disposals reported as discontinued operations and for other significant disposals not reported as discontinued operations. Generally, the new guidance will result in fewer asset disposals being reported as discontinued operations in the Company’s financial statements. ASU 2014-08 is to be applied prospectively for periods on or after December 31, 2014 with early adoption permitted, but only for assets held for sale or sold that have not been reported in previously issued financial statements. The Company early adopted ASU 2014-08, effective as of January 1, 2014 (see note 2). | |||||||||||||
Supplemental cash flow information | |||||||||||||
Supplemental cash flow information for 2014, 2013 and 2012 was as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest paid, net of interest capitalized | $ | 41,214 | $ | 45,557 | $ | 45,883 | |||||||
Interest paid, including interest capitalized | 44,329 | 49,519 | 51,417 | ||||||||||
Income tax payments, net | 1,166 | 1,192 | 3 | ||||||||||
Non-cash investing and financing activities: | |||||||||||||
Dividends and distributions payable | 21,852 | 17,928 | 13,653 | ||||||||||
Conversions of redeemable common units | 784 | 354 | 591 | ||||||||||
Common stock 401k matching contribution | 658 | 670 | 639 | ||||||||||
Construction and property capital expenditure cost accruals, increase (decrease) | (2,821 | ) | (8,435 | ) | 7,422 | ||||||||
Adjustments to equity related to redeemable common units and other, net increase (decrease) | (2,538 | ) | 819 | (850 | ) | ||||||||
REAL_ESTATE_ACTIVITIES
REAL ESTATE ACTIVITIES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Real Estate [Abstract] | |||||||||||||
REAL ESTATE ACTIVITIES | 2 | REAL ESTATE ACTIVITIES | |||||||||||
Acquisitions | |||||||||||||
In May 2013, the Company acquired a 300-unit apartment community located in Orlando, Florida for a purchase price of approximately $48,500. The purchase price of this community was allocated to land ($4,377), building improvements and equipment ($43,724) and identified lease related intangible assets ($399) based on their estimated fair values. | |||||||||||||
Dispositions | |||||||||||||
Assets held for sale/sold subsequent to January 1, 2014 | |||||||||||||
The Company classifies real estate assets as held for sale after the approval of its board of directors and after the Company had commenced an active program to sell the assets. In 2014, the Company classified three apartment communities, containing 645 units, as held for sale. In May 2014, one of these apartment communities located in Houston, Texas, containing 308 units, was sold for gross proceeds of approximately $71,750. The Company recognized a gain of $36,092 on the sale of this community. In September 2014, two additional communities, located in New York, New York, containing 337 units, were sold for gross proceeds of approximately $270,000. One of these communities was held in a consolidated entity, 68% owned by the Company. The Company recognized gains of $151,733 ($127,659 net of noncontrolling interests) on the sale of these communities. This disposition activity is part of the Company’s on-going investment strategy of recycling investment capital to fund investment and development of apartment communities. There were no apartment communities classified as held for sale at December 31, 2014. | |||||||||||||
Under ASU 2014-08 (see note 1), the Company determined that the three apartment communities discussed above did not meet the criteria requiring separate reporting as discontinued operations. As a result, the operations of these communities and the resulting gains on sales of the three apartment communities are reported in continuing operations for all periods presented. Total revenues and property net operating income of these assets is included in the segment information (see note 15) under the segment caption titled, “Held for sale and sold communities.” The net income and net income attributable to the Company, including gains on sales of real estate assets and debt extinguishment losses related to these communities for 2014, 2013 and 2012 is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 176,041 | $ | 2,717 | $ | 2,916 | |||||||
Net income, net of noncontrolling interest | $ | 153,456 | $ | 2,610 | $ | 2,781 | |||||||
Assets held for sale/sold prior to January 1, 2014 | |||||||||||||
Prior to the adoption of ASU 2014-08 and under ASC Topic 360, the operating results of real estate assets designated as held for sale and sold were included in discontinued operations in the consolidated statement of operations for all periods presented. Additionally, gains and losses on the sale of these assets were included in discontinued operations. | |||||||||||||
In 2013, the Company recognized net gains in discontinued operations of $28,380 from the sale of one apartment community, containing 342 units. This sale generated aggregate gross proceeds of $47,500. Income from discontinued operations included the results of operations of the apartment community through its sale date in October 2013. The revenues and expenses for this community in 2013 and 2012 were as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Revenues | |||||||||||||
Rental | $ | 3,557 | $ | 4,155 | |||||||||
Other property revenues | 356 | 422 | |||||||||||
Total revenues | 3,913 | 4,577 | |||||||||||
Expenses | |||||||||||||
Property operating and maintenance | 1,679 | 1,903 | |||||||||||
Depreciation | 527 | 778 | |||||||||||
Interest | 289 | 391 | |||||||||||
Total expenses | 2,495 | 3,072 | |||||||||||
Income from discontinued property operations | $ | 1,418 | $ | 1,505 | |||||||||
Condominium activities | |||||||||||||
In prior years and through the first quarter of 2014, the Company sold condominium homes at two wholly owned condominium communities, one in Atlanta, Georgia (the “Atlanta Condominium Project”) and one in Austin, Texas (the “Austin Condominium Project”). The Austin Condominium Project completed its sell-out in the second quarter of 2013, and the Atlanta Condominium Project completed the sale of its final unit in March 2014. | |||||||||||||
The revenues, costs and expenses associated with consolidated condominium activities included in continuing operations in 2014, 2013 and 2012 was as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Condominium revenues | $ | 2,442 | $ | 68,168 | $ | 89,698 | |||||||
Condominium costs and expenses | (178 | ) | (40,224 | ) | (54,037 | ) | |||||||
Net gains on sales of residential condominiums | 2,264 | 27,944 | 35,661 | ||||||||||
Net gain on sale of retail condominium | 281 | — | — | ||||||||||
Income tax benefit | — | — | 612 | ||||||||||
Net gains on sales of condominiums | $ | 2,545 | $ | 27,944 | $ | 36,273 | |||||||
The Company closed one, 62 and 96 condominium homes in 2014, 2013 and 2012, respectively, at these condominium communities. In 2014, the Company recognized a reduction to condominium warranty and related obligations of $1,454 associated with the anticipated resolution and final settlement of certain obligations during the year. Additionally in 2014, the Company sold a retail condominium, representing a portion of the available retail space at the Austin Condominium Project and recognized a net gain of $281. At December 31, 2014, the Company had the remaining retail condominiums at the Austin Condominium Project, with a net carrying value of $672, classified as held for sale. In February 2015, the retail condominiums were sold for gross proceeds of approximately $2,500, and the Company recognized a net gain of approximately $1,750. In 2012, the Company recognized an income tax benefit of $612 related to the recovery of income taxes paid in prior years by the Company’s taxable REIT subsidiaries. |
INVESTMENTS_IN_UNCONSOLIDATED_
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES | 3 | INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES | |||||||||||
At December 31, 2014, the Company held investments in two individual limited liability companies (the “Apartment LLCs”) with institutional investors that own four apartment communities, including three communities located in Atlanta, Georgia and one community located in Washington, D.C. The Company has a 25% and 35% equity interest in these Apartment LLCs. | |||||||||||||
The Company accounts for its investments in the Apartment LLCs using the equity method of accounting. At December 31, 2014 and 2013, the Company’s investment in the 35% owned Apartment LLC totaled $4,059 and $4,056, respectively, excluding the credit investments discussed below. The excess of the Company’s investment over its equity in the underlying net assets of this Apartment LLC was approximately $2,646 at December 31, 2014. The excess investment related to these Apartment LLCs is being amortized as a reduction to earnings on a straight-line basis over the lives of the related assets. The Company’s investment in the 25% owned Apartment LLC at December 31, 2014 and 2013 reflects a credit investment of $16,624 and $16,687, respectively. These credit balances resulted from distribution of financing proceeds in excess of the Company’s historical cost upon the formation of the Apartment LLC and are reflected in consolidated liabilities on the Company’s consolidated balance sheet. The operating results of the Company include its allocable share of net income from the investments in the Apartment LLCs. The Company provides property and asset management services to the Apartment LLCs for which it earns fees. | |||||||||||||
A summary of financial information for the Apartment LLCs in the aggregate is as follows: | |||||||||||||
December 31, | |||||||||||||
Apartment LLCs - Balance Sheet Data | 2014 | 2013 | |||||||||||
Real estate assets, net of accumulated depreciation of $49,153 and | $ | 208,493 | $ | 209,132 | |||||||||
$43,649 at December 31, 2014 and 2013, respectively | |||||||||||||
Cash and other | 5,490 | 4,978 | |||||||||||
Total assets | $ | 213,983 | $ | 214,110 | |||||||||
Mortgage notes payable | $ | 177,723 | $ | 177,723 | |||||||||
Other liabilities | 3,445 | 2,673 | |||||||||||
Total liabilities | 181,168 | 180,396 | |||||||||||
Members’ equity | 32,815 | 33,714 | |||||||||||
Total liabilities and members’ equity | $ | 213,983 | $ | 214,110 | |||||||||
Company’s equity investment in Apartment LLCs (1) | $ | (12,565 | ) | $ | (12,631 | ) | |||||||
-1 | At December 31, 2014 and 2013, the Company’s equity investment includes its credit investments of $16,624 and $16,687, respectively, discussed above. | ||||||||||||
Year ended December 31, | |||||||||||||
Apartment LLCs - Income Statement Data | 2014 | 2013 | 2012 | ||||||||||
Revenues | |||||||||||||
Rental | $ | 26,502 | $ | 25,692 | $ | 24,659 | |||||||
Other property revenues | 1,857 | 1,881 | 1,844 | ||||||||||
Total revenues | 28,359 | 27,573 | 26,503 | ||||||||||
Expenses | |||||||||||||
Property operating and maintenance | 11,939 | 10,955 | 10,541 | ||||||||||
Depreciation and amortization | 5,608 | 5,421 | 5,768 | ||||||||||
Interest | 9,052 | 9,052 | 9,181 | ||||||||||
Total expenses | 26,599 | 25,428 | 25,490 | ||||||||||
Net income (loss) from continuing operations | 1,760 | 2,145 | 1,013 | ||||||||||
Income (loss) from discontinued operations | - | - | 21,667 | ||||||||||
Net income | $ | 1,760 | $ | 2,145 | $ | 22,680 | |||||||
Company’s share of net income in Apartment LLCs | $ | 1,788 | $ | 2,090 | $ | 7,995 | |||||||
At December 31, 2014, mortgage notes payable included four mortgage notes. The first $51,000 mortgage note bears interest at 3.50%, requires monthly interest only payments and matures in 2019. The second and third mortgage notes collectively total $85,723, bear interest at 5.63%, require interest only payments and mature in 2017. The fourth mortgage note totals $41,000, bears interest at 5.71%, requires interest only payments, and matures in January 2018 with a one-year automatic extension at a variable interest rate. | |||||||||||||
In February 2012, a 35% owned Apartment LLC sold an apartment community located in Atlanta, Georgia. The net cash proceeds from the sale of approximately $50,500 were used to retire the Apartment LLC’s outstanding mortgage note payable of $29,273 and to make distributions to its members. The results of operations and the gain on sale of the apartment community from this Apartment LLC are included in discontinued operations in the table above in 2012. The Company’s equity in income of unconsolidated entities for the year ended December 31, 2012 includes a net gain of $6,055 resulting from this transaction. | |||||||||||||
INDEBTEDNESS
INDEBTEDNESS | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
INDEBTEDNESS | 4 | INDEBTEDNESS | |||||||||||||||||
At December 31, 2014 and 2013, the Company’s indebtedness consisted of the following: | |||||||||||||||||||
Payment | Maturity | December 31, | |||||||||||||||||
Description | Terms | Interest Rate | Date | 2014 | 2013 | ||||||||||||||
Senior Unsecured Notes | Int. | 3.375% - 4.75% | 2017 - 2022 | (1) | $ | 400,000 | $ | 400,000 | |||||||||||
Unsecured Bank Term Loan | Int. | LIBOR + 1.70% (2) | 2018 | 300,000 | 300,000 | ||||||||||||||
Secured Mortgage Notes | Prin. and Int. | 5.99% | 2019 | 192,459 | 398,734 | ||||||||||||||
Total | $ | 892,459 | $ | 1,098,734 | |||||||||||||||
-1 | The outstanding unsecured notes mature in 2017 and 2022. | ||||||||||||||||||
-2 | Represents stated rate at December 31, 2014. As discussed below, the Company has entered into interest rate swap arrangements that effectively fix the interest rate under this facility. At December 31, 2014, the effective blended interest rate under the Term Loan was 3.24%. As discussed below, the Company refinanced this facility in January 2015. | ||||||||||||||||||
Debt | maturities | ||||||||||||||||||
The aggregate maturities of the Company’s indebtedness are as follows: | |||||||||||||||||||
2015 | $ | 2,922 | |||||||||||||||||
2016 | 3,071 | ||||||||||||||||||
2017 | 153,296 | ||||||||||||||||||
2018 | 303,502 | ||||||||||||||||||
2019 | 179,668 | ||||||||||||||||||
Thereafter | 250,000 | ||||||||||||||||||
$ | 892,459 | ||||||||||||||||||
Unsecured lines of credit | |||||||||||||||||||
At December 31, 2014, the Company had a $300,000 syndicated unsecured revolving line of credit (the “Syndicated Line”). The Syndicated Line had a stated interest rate of LIBOR plus 1.225% and matured in 2016, was provided by a syndicate of eleven financial institutions and required the payment of annual facility fees of 0.225% of the aggregate loan commitments. In January 2015, the Company amended the $300,000 unsecured line of credit (the “Amended Syndicated Line”). The Amended Syndicated Line has a current stated interest rate of LIBOR plus 1.05% and is provided by a syndicate of nine financial institutions. The Amended Syndicated Line currently requires the payment of annual facility fees of 0.20% of the aggregate loan commitments. The Amended Syndicated Line matures in 2019 and may be extended for an additional year at the Company’s option, subject to the satisfaction of certain conditions. The Amended Syndicated Line provides for the interest rate and facility fee rate to be adjusted up or down based on changes in the credit ratings on the Company’s senior unsecured debt. The component of the interest rate and the facility fee rate that are based on the Company’s credit ratings range from 0.875% to 1.55% and from 0.125% to 0.30%, respectively. The Amended Syndicated Line also includes a competitive bid option for borrowings up to 50% of the loan commitments, which may result in interest rates for such borrowings below the stated interest rates for the Amended Syndicated Line, depending on market conditions. The credit agreement for the Amended Syndicated Line contains customary restrictions, representations, covenants and events of default, including minimum fixed charge coverage, minimum unsecured interest coverage, and maximum leverage ratios. The Amended Syndicated Line also restricts the amount of capital the Company can invest in specific categories of assets, such as improved land, properties under construction, non-multifamily properties, debt or equity securities, notes receivable and unconsolidated affiliates. At December 31, 2014, letters of credit to third parties totaling $122 had been issued for the account of the Company under this facility. | |||||||||||||||||||
Additionally, at December 31, 2014, the Company had a $30,000 unsecured line of credit that carried an interest rate of LIBOR plus 1.225% and matured in 2016. In January 2015, the Company amended the $30,000 unsecured line of credit (the “Amended Cash Management Line”). The Amended Cash Management Line matures in 2019, includes a one-year extension option, and carries pricing and terms, including financial covenants, substantially consistent with the Amended Syndicated Line discussed above. | |||||||||||||||||||
In connection with the refinancing of the Amended Syndicated Line, the Amended Cash Management Line and the Term Loan (discussed below) in January 2015, the Company incurred fees and expenses of approximately $4,002. In connection with the refinancing of the Syndicated Line and Term Loan facilities in January 2015, the Company recognized an extinguishment loss of approximately $200 related to the write-off of a portion of amortized deferred loan costs. | |||||||||||||||||||
Unsecured term loan | |||||||||||||||||||
At December 31, 2014, the Company had outstanding a $300,000 unsecured bank term loan facility provided by a syndicate of eight financial institutions (the “Term Loan”). The Term Loan carried a stated interest rate of LIBOR plus 1.70% and matured in 2018. In January 2015, the Company amended the $300,000 unsecured bank term loan (the “Amended Term Loan”). The Amended Term Loan has a current stated interest rate of LIBOR plus 1.15% and is provided by a syndicate of eight financial institutions. The Amended Term Loan matures in January 2020. The Amended Term Loan provides for the stated interest rate to be adjusted up or down based on changes in the credit ratings on the Company’s senior unsecured debt. The component of the interest rate based on the Company’s credit ratings ranges from 0.90% to 1.85%. The Amended Term Loan carries other terms, including financial covenants, substantially consistent with the Amended Syndicated Line discussed above. As discussed in note 14, the Company entered into interest rate swap arrangements to serve as cash flow hedges of amounts outstanding under the Term Loan. The interest rate swap arrangements effectively fix the LIBOR component of the interest rate paid under the Term Loan at a blended rate of approximately 1.54%. As a result, the effective blended interest rate on the Term Loan was 3.24% as of December 31, 2014. The effective blended interest rate on the Amended Term Loan will be 2.69% (subject to adjustment based on subsequent changes in the Company’s credit ratings) through January 2018, the termination date of the interest rate swaps. | |||||||||||||||||||
Debt issuances, retirements and modifications | |||||||||||||||||||
2014 | |||||||||||||||||||
In September 2014, the Company prepaid $82,627 of secured mortgage indebtedness using the net proceeds from the sale of two apartment communities (see note 2). The prepaid mortgage indebtedness consisted of two mortgages, each encumbering the apartment communities sold. The indebtedness was scheduled to initially mature in 2018 and 2019 and the stated interest rates on the indebtedness were 5.84% and 5.61%, respectively. In conjunction with these prepayments, the Company recognized extinguishment losses of $14,070 ($12,333, net of noncontrolling interest) in 2014 related to prepayment premiums and the write-off of unamortized deferred loan costs. | |||||||||||||||||||
In May 2014, the Company prepaid $120,000 of secured mortgage indebtedness using available cash and line of credit borrowings, which were largely repaid from the net proceeds of an apartment community sale (see note 2). The indebtedness was scheduled to initially mature in February 2015, and the stated interest rate on the indebtedness was 4.88%. In conjunction with the prepayment, the Company recognized an extinguishment loss of $4,287 in 2014 related to prepayment premiums and the write-off of unamortized deferred loan costs. | |||||||||||||||||||
2013 | |||||||||||||||||||
There were no issuances or retirements of indebtedness in 2013. | |||||||||||||||||||
Debt compliance and other | |||||||||||||||||||
The Company’s Amended Syndicated Line, Amended Cash Management Line, Amended Term Loan and senior unsecured notes contain customary restrictions, representations, covenants and events of default and require the Company to meet certain financial covenants. Debt service and fixed charge coverage covenants require the Company to maintain coverages of a minimum of 1.5 to 1.0, as defined in applicable debt arrangements. Additionally, the Company’s ratio of unencumbered adjusted property-level net operating income to unsecured interest expense may not be less than 2.0 to 1.0, as defined in the applicable debt arrangements. Leverage covenants generally require the Company to maintain calculated covenants above/below minimum/maximum thresholds. The primary leverage ratios under these arrangements include total debt to total asset value (maximum of 60%), total secured debt to total asset value (maximum of 40%) and unencumbered assets to unsecured debt (minimum of 1.5 to 1.0), as defined in the applicable debt arrangements. The Company believes it met these financial covenants at December 31, 2014. | |||||||||||||||||||
The aggregate net book value at December 31, 2014 of property pledged as collateral for indebtedness amounted to approximately $121,144. | |||||||||||||||||||
EQUITY_AND_NONCONTROLLING_INTE
EQUITY AND NONCONTROLLING INTERESTS | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||
EQUITY AND NONCONTROLLING INTERESTS | 5 | EQUITY AND NONCONTROLLING INTERESTS | |||||||||||||||||||||
Common stock | |||||||||||||||||||||||
The Company has an at-the-market (“ATM”) common equity sales program for the sale of up to 4,000 shares of common stock. At December 31, 2014, the Company had not used this program and had 4,000 shares remaining for issuance. Sales of common stock under a previous ATM program totaled 550 shares for gross process of $26,153 in 2012. The average gross sales price per share was $47.55 in 2012. The Company’s net proceeds of $25,457 in 2012 were contributed to the Operating Partnership in exchange for a like number of common units. The Company and the Operating Partnership used the proceeds from this program for general corporate purposes. | |||||||||||||||||||||||
In December 2014, the Company’s board of directors adopted a stock and unsecured note repurchase program under which the Company and the Operating Partnership may repurchase up to $200,000 of common and preferred stock and unsecured notes through December 2017. Under a previous program, the Company repurchased 550 shares of common stock at an aggregate cost of $24,800 and at an average gross price per share of $45.08 in 2013. There were no shares of common stock repurchased in 2014 or 2012 under this program or a previous stock repurchase program. | |||||||||||||||||||||||
Preferred stock | |||||||||||||||||||||||
At December 31, 2014, the Company had one outstanding series of cumulative redeemable preferred stock with the following characteristics: | |||||||||||||||||||||||
Description | Outstanding | Liquidation | Optional | Redemption | Stated | Approximate | |||||||||||||||||
Shares | Preference | Redemption | Price(1) | Dividend | Dividend | ||||||||||||||||||
Date (1) | Yield | Rate | |||||||||||||||||||||
(per share) | (per share) | (per share) | |||||||||||||||||||||
Series A | 868 | $ | 50 | 10/1/26 | $ | 50 | 8.5 | % | $ | 4.25 | |||||||||||||
-1 | The redemption price is the price at which the preferred stock is redeemable, at the Company’s option, for cash. | ||||||||||||||||||||||
Noncontrolling interests | |||||||||||||||||||||||
In accordance with ASC Topic 810, the Company and the Operating Partnership determined that the noncontrolling interests related to the common units of the Operating Partnership, held by persons other than the Company, met the criterion to be classified and accounted for as “temporary” equity (reflected outside of total equity as “Redeemable Common Units”). At December 31, 2014 and 2013, the aggregate redemption value of the noncontrolling interests in the Operating Partnership was $7,086 and $6,121, respectively, representing their fair value at the respective dates. In prior periods, the Company had noncontrolling interests in consolidated real estate entities that met the criterion to be classified and accounted for as a component of permanent equity. | |||||||||||||||||||||||
A roll-forward of activity relating to the Company’s redeemable common units for 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Redeemable common units, beginning of period | $ | 6,121 | $ | 7,159 | $ | 6,840 | |||||||||||||||||
Comprehensive income | 508 | 301 | 194 | ||||||||||||||||||||
Conversion of redeemable common units for shares | (784 | ) | (354 | ) | (591 | ) | |||||||||||||||||
Adjustment for ownership interest of redeemable common units | 425 | 192 | 416 | ||||||||||||||||||||
Stock-based compensation | 10 | 9 | 7 | ||||||||||||||||||||
Distributions to common unitholders | (199 | ) | (175 | ) | (141 | ) | |||||||||||||||||
Adjustment to redemption value of redeemable common units | 1,005 | (1,011 | ) | 434 | |||||||||||||||||||
Redeemable common units, end of period | $ | 7,086 | $ | 6,121 | $ | 7,159 | |||||||||||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
EARNINGS PER SHARE | 6 | COMPANY EARNINGS PER SHARE | |||||||||||
In 2014, 2013 and 2012, a reconciliation of the numerator and denominator used in the computation of basic and diluted income from continuing operations available to common shareholders of the Company was as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income from continuing operations available to common shareholders (numerator): | |||||||||||||
Income from continuing operations | $ | 238,183 | $ | 81,122 | $ | 82,786 | |||||||
Noncontrolling interests - consolidated real estate entities | (22,554 | ) | (107 | ) | (135 | ) | |||||||
Noncontrolling interests - Operating Partnership | (509 | ) | (202 | ) | (213 | ) | |||||||
Preferred stock dividends | (3,688 | ) | (3,688 | ) | (3,688 | ) | |||||||
Unvested restricted stock (allocation of earnings) | (481 | ) | (170 | ) | (183 | ) | |||||||
Income from continuing operations available to common shareholders | $ | 210,951 | $ | 76,955 | $ | 78,567 | |||||||
Common shares (denominator): | |||||||||||||
Weighted average shares outstanding - basic | 54,262 | 54,336 | 53,821 | ||||||||||
Dilutive shares from stock options | 91 | 172 | 310 | ||||||||||
Weighted average shares outstanding - diluted | 54,353 | 54,508 | 54,131 | ||||||||||
Per-share amount: | |||||||||||||
Basic | $ | 3.89 | $ | 1.42 | $ | 1.46 | |||||||
Diluted | $ | 3.88 | $ | 1.41 | $ | 1.45 | |||||||
Stock options to purchase 60, 186 and 158 shares of common stock in 2014, 2013 and 2012, respectively, were excluded from the computation of diluted earnings per common share as these stock options were antidilutive. | |||||||||||||
Post Apartment Homes, L.P. [Member] | |||||||||||||
EARNINGS PER SHARE | 7 | OPERATING PARTNERSHIP EARNINGS PER UNIT | |||||||||||
In 2014, 2013 and 2012, a reconciliation of the numerator and denominator used in the computation of basic and diluted income from continuing operations available to common unitholders of the Operating Partnership was as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income from continuing operations available to common unitholders (numerator): | |||||||||||||
Income from continuing operations | $ | 238,183 | $ | 81,122 | $ | 82,786 | |||||||
Noncontrolling interests - consolidated real estate entities | (22,554 | ) | (107 | ) | (135 | ) | |||||||
Preferred unit distributions | (3,688 | ) | (3,688 | ) | (3,688 | ) | |||||||
Unvested restricted stock (allocation of earnings) | (481 | ) | (170 | ) | (183 | ) | |||||||
Income from continuing operations available to common unitholders | $ | 211,460 | $ | 77,157 | $ | 78,780 | |||||||
Common units (denominator): | |||||||||||||
Weighted average units outstanding - basic | 54,392 | 54,478 | 53,968 | ||||||||||
Dilutive units from stock options | 91 | 172 | 310 | ||||||||||
Weighted average units outstanding - diluted | 54,483 | 54,650 | 54,278 | ||||||||||
Per-unit amount: | |||||||||||||
Basic | $ | 3.89 | $ | 1.42 | $ | 1.46 | |||||||
Diluted | $ | 3.88 | $ | 1.41 | $ | 1.45 | |||||||
Stock options to purchase 60, 186 and 158 shares of common stock in 2014, 2013 and 2012, respectively, were excluded from the computation of diluted earnings per common unit as these stock options were antidilutive. |
SEVERENCE_IMPAIRMENT_AND_OTHER
SEVERENCE, IMPAIRMENT AND OTHER | 12 Months Ended | |
Dec. 31, 2014 | ||
Other Income and Expenses [Abstract] | ||
SEVERENCE, IMPAIRMENT AND OTHER | 8 | SEVERENCE, IMPAIRMENT AND OTHER |
Severance, impairment and other in 2014 included a non-cash asset impairment charge of $450 to write-down to fair value a commercial property (see note 14) and $1,066 related to the conclusion of the Company’s strategic initiative to upgrade the Company’s operating and financial software systems. The Company also recognized casualty losses of $750 primarily related to extreme winter conditions in many of the Company’s markets as well as fire damage at one community. | ||
Severance, impairment and other in 2013 included severance charges of $1,189 related to the departure of an executive officer and other personnel and a non-cash asset impairment charge of $400 to write-down to fair value a parcel of land held for future investment (see note 14). The Company also recognized expenses of approximately $592 related to the upgrade of the Company’s software systems discussed above and estimated casualty losses of $236 related to fire damage sustained at one community. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
INCOME TAXES | 9 | INCOME TAXES | |||||||||||||||||||||||
The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must distribute annually at least 90% of its adjusted taxable income, as defined in the Code, to its shareholders and satisfy certain other organizational and operating requirements. It is management’s current intention to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be subject to federal income tax at the corporate level on the taxable income it distributes to its shareholders. Should the Company fail to qualify as a REIT in any tax year, it may be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. The Company may be subject to certain state and local taxes on its income and property, and to federal income taxes and excise taxes on its undistributed taxable income. | |||||||||||||||||||||||||
The Operating Partnership files tax returns as a limited partnership under the Code. As a partnership, the income and losses of the Operating Partnership are allocated to its partners, including the Company, for inclusion in their respective income tax returns. Accordingly, no provision or benefit for income taxes has been included in the accompanying Operating Partnership financial statements. The Operating Partnership intends to make sufficient cash distributions to the Company to enable it to meet its annual REIT distribution requirements. | |||||||||||||||||||||||||
In the preparation of income tax returns in federal and state jurisdictions, the Company, the Operating Partnership and its taxable REIT subsidiaries assert certain tax positions based on their understanding and interpretation of the income tax law. The taxing authorities may challenge such positions and the resolution of such matters could result in the payment and recognition of additional income tax expense. Management believes it has used reasonable judgments and conclusions in the preparation of its income tax returns. The Company and its subsidiaries, including the Company’s taxable REIT subsidiaries (“TRSs”), income tax returns are subject to examination by federal and state tax jurisdictions for years 2011 through 2013. Net income tax loss carryforwards and other tax attributes generated in years prior to 2011 are also subject to challenge in any examination of the 2011 to 2013 tax years. | |||||||||||||||||||||||||
Reconciliation of net income available to the Company to taxable income | |||||||||||||||||||||||||
As discussed in note 1, the Company conducts substantially all of its operations through its majority-owned subsidiary, the Operating Partnership. For income tax reporting purposes, the Company receives an allocable share of the Operating Partnership’s ordinary income and capital gains based on its weighted average ownership, adjusted for certain specially allocated items. All adjustments to net income in the table below are net of amounts attributable to noncontrolling interests and taxable REIT subsidiaries. A reconciliation of net income available to the Company to estimated taxable income for 2014, 2013 and 2012 is detailed below: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Net income available to the Company | $ | 215,120 | $ | 110,534 | $ | 83,939 | |||||||||||||||||||
Add (subtract) net loss (income) of taxable REIT subsidiaries | (4,088 | ) | (26,842 | ) | (33,956 | ) | |||||||||||||||||||
Adjusted net income available to the Company | 211,032 | 83,692 | 49,983 | ||||||||||||||||||||||
Book/tax depreciation difference | (5,104 | ) | (3,770 | ) | (2,611 | ) | |||||||||||||||||||
Book/tax difference in gain/loss transactions | (44,839 | ) | (28,306 | ) | 1,804 | ||||||||||||||||||||
Book/tax difference on stock-based compensation | (8,657 | ) | (1,810 | ) | (15,706 | ) | |||||||||||||||||||
Book/tax difference relating to change in tax regulations | (49,808 | ) | - | - | |||||||||||||||||||||
Other book/tax differences, net | 2,910 | 6,068 | (1,267 | ) | |||||||||||||||||||||
Taxable income of the Company before allocation of taxable capital gains | 105,534 | 55,874 | 32,203 | ||||||||||||||||||||||
Income taxable as capital gains | (117,551 | ) | - | (7,843 | ) | ||||||||||||||||||||
Taxable ordinary income (loss) of the Company | $ | (12,017 | ) | $ | 55,874 | $ | 24,360 | ||||||||||||||||||
Income tax characterization of dividends | |||||||||||||||||||||||||
For income tax purposes, dividends to common shareholders are characterized as ordinary income, capital gains or as a return of a shareholder’s invested capital. A summary of the income tax characterization of the Company’s dividends paid per common share is as follows for 2014, 2013 and 2012: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Amount (1) | % (1) | Amount (1) | % (1) | Amount (1) | % (1) | ||||||||||||||||||||
Ordinary income | $ | - | - | % | $ | 1.15 | 99.4 | % | $ | 0.53 | 56.6 | % | |||||||||||||
Capital gains | 0.83 | 55.8 | 0.01 | 0.6 | 0.07 | 7 | |||||||||||||||||||
Unrecaptured Section 1250 gains | 0.66 | 44.2 | - | - | 0.06 | 6.9 | |||||||||||||||||||
Return of capital | - | - | - | - | 0.28 | 29.5 | |||||||||||||||||||
Total | $ | 1.49 | 100 | % | $ | 1.16 | 100 | % | $ | 0.94 | 100 | % | |||||||||||||
-1 | The amounts and percentages detailed in the table above represent average amounts for the years presented. Actual quarterly amounts may differ. | ||||||||||||||||||||||||
The income tax characterization of dividends to common shareholders is based on the calculation of Taxable Earnings and Profits, as defined in the Code. Taxable Earnings and Profits differ from regular taxable income due primarily to differences in the estimated useful lives and methods used to compute depreciation and in the recognition of gains and losses on the sale of real estate assets. | |||||||||||||||||||||||||
As of December 31, 2014, the net basis for federal income tax purposes, taking into account the special allocation of gain to the partners contributing property to the Operating Partnership and including noncontrolling interest in the Operating Partnership, was lower than the net assets as reported in the Company’s consolidated financial statements by approximately $150,000. | |||||||||||||||||||||||||
Taxable REIT subsidiaries | |||||||||||||||||||||||||
The Company utilizes TRSs principally to perform such non-REIT activities as asset and property management and other services. These TRSs are subject to federal and state income taxes. No income tax provision (benefit) was recognized in 2014, 2013 and 2012 other than discussed below. As of December 31, 2013, the Company’s TRS had an unrecognized tax benefit of approximately $797 which primarily related to uncertainty regarding the sustainability of certain deductions taken on prior years TRS income tax returns. In 2014, the uncertainty surrounding this tax benefit was resolved and the benefit was recognized. The recognition of this income tax benefit is associated, in part, with the TRS simplification discussed below. In 2012, the TRSs recognized an income tax benefit of $612 related to the recovery of income taxes paid in prior years. | |||||||||||||||||||||||||
In 2014, the Company simplified its TRS structure. The income tax attributes associated with the former and remaining TRS structures are not material to the Company’s consolidated financial position or results of operations. | |||||||||||||||||||||||||
STOCKBASED_COMPENSATION_PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||
STOCK-BASED COMPENSATION PLANS | 10 | STOCK-BASED COMPENSATION PLANS | |||||||||||||||||||||||
As the primary operating subsidiary of the Company, the Operating Partnership participates in and bears the compensation expenses associated with the Company’s stock-based compensation plans. The information discussed below relating to the Company’s stock-based compensation plans is also applicable for the Operating Partnership. | |||||||||||||||||||||||||
Incentive stock plans | |||||||||||||||||||||||||
Incentive stock awards are granted under the Company’s 2003 Incentive Stock Plan, as amended and restated in October 2008 (the “2003 Stock Plan”). Under the 2003 Stock Plan, an aggregate of 3,469 shares of common stock were reserved for issuance. Of this amount, stock grants count against the total shares available under the 2003 Stock Plan as 2.7 shares for every one share issued, while options (and stock appreciation rights (“SAR”) settled in shares) count against the total shares available as one share for every one share issued on the exercise of an option (or SAR). The exercise price of each option granted under the 2003 Stock Plan may not be less than the market price of the Company’s common stock on the date of the option grant and all options may have a maximum life of ten years. Participants receiving restricted stock grants are generally eligible to vote such shares and receive dividends on such shares. Substantially all stock option and restricted stock grants are subject to annual vesting provisions (generally three to five years) as determined by the compensation committee overseeing the 2003 Stock Plan. | |||||||||||||||||||||||||
Compensation costs for stock options have been estimated on the grant date using the Black-Scholes option-pricing method. The weighted average assumptions used in the Black-Scholes option-pricing model are as follows: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Dividend yield | 2.80% | 2.00% | 2 | % | |||||||||||||||||||||
Expected volatility | 43.00% | 43.10% | 43.3 | % | |||||||||||||||||||||
Risk-free interest rate | 1.80% | 1.10% | 1.1 | % | |||||||||||||||||||||
Expected option term (years) | 6.0 years | 6.0 years | 6.0 years | ||||||||||||||||||||||
The Company’s assumptions were derived from the methodologies discussed herein. The expected dividend yield reflects the Company’s current historical yield, which was expected to approximate the future yield. Expected volatility was based on the historical volatility of the Company’s common stock. The risk-free interest rate for the expected life of the options was based on the implied yields on the U.S. Treasury yield curve. The weighted average expected option term was based on the Company’s historical data for prior period stock option exercise and forfeiture activity. | |||||||||||||||||||||||||
Restricted stock | |||||||||||||||||||||||||
Compensation cost for restricted stock is amortized ratably into compensation expense over the applicable vesting periods. Total compensation expense related to restricted stock was $3,165, $3,020 and $2,334 in 2014, 2013 and 2012, respectively. At December 31, 2014, there was $3,093 of unrecognized compensation cost related to restricted stock. This cost is expected to be recognized over a weighted average period of 1.8 years. The total intrinsic value of restricted shares vested in 2014, 2013 and 2012 was $3,670, $2,933 and $3,892, respectively. | |||||||||||||||||||||||||
A summary of the activity related to the Company’s restricted stock for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Weighted-Avg. | Shares | Weighted-Avg. | Shares | Weighted-Avg. | ||||||||||||||||||||
Grant-Date | Grant-Date | Grant-Date | |||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Unvested shares, beginning of period | 75 | $ | 48 | 65 | $ | 42 | 84 | $ | 29 | ||||||||||||||||
Granted (1) | 63 | 48 | 75 | 50 | 59 | 45 | |||||||||||||||||||
Vested | (62 | ) | 47 | (64 | ) | 44 | (78 | ) | 30 | ||||||||||||||||
Forfeited | - | - | (1 | ) | 50 | - | - | ||||||||||||||||||
Unvested shares, end of period | 76 | 49 | 75 | 48 | 65 | 42 | |||||||||||||||||||
-1 | The total value of the restricted share grants in 2014, 2013 and 2012 was $3,038, $3,743 and $2,657, respectively. | ||||||||||||||||||||||||
Stock options | |||||||||||||||||||||||||
Compensation cost for stock options is amortized ratably into compensation expense over the applicable vesting periods. In 2014, 2013 and 2012, the Company recorded compensation expense related to stock options of $507, $463 and $380, respectively, recognized under the fair value method. At December 31, 2014, there was $465 of unrecognized compensation cost related to unvested stock options. This cost is expected to be recognized over a weighted average period of 1.8 years. | |||||||||||||||||||||||||
A summary of stock option activity under all plans in 2014, 2013 and 2012, is presented below: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2011 | |||||||||||||||||||||||
Shares | Exercise Price | Shares | Exercise Price | Shares | Exercise Price | ||||||||||||||||||||
Options outstanding, beginning of period | 539 | $ | 36 | 685 | $ | 34 | 1,501 | $ | 31 | ||||||||||||||||
Granted | 35 | 47 | 29 | 50 | 29 | 44 | |||||||||||||||||||
Exercised | (426 | ) | 33 | (174 | ) | 29 | (845 | ) | 30 | ||||||||||||||||
Forfeited | - | - | (1 | ) | 50 | - | - | ||||||||||||||||||
Options outstanding, end of period (1) | 148 | 46 | 539 | 36 | 685 | 34 | |||||||||||||||||||
Options exercisable, end of period (1) | 86 | 46 | 486 | 35 | 617 | 34 | |||||||||||||||||||
Options vested and expected to vest, end of period (1) | 145 | 46 | 536 | 36 | 682 | 34 | |||||||||||||||||||
Weighted average fair value of options granted during the period | $ | 15.21 | $ | 17.26 | $ | 15.18 | |||||||||||||||||||
-1 | At December 31, 2014, the aggregate intrinsic value of stock options outstanding, exercisable and vested/expected to vest was $1,827, $1,127 and $1,795, respectively. At that same date, the weighted average remaining contractual lives of stock options outstanding, exercisable and vested/expected to vest was 5.6 years, 3.6 years and 5.6 years, respectively. | ||||||||||||||||||||||||
Upon the exercise of stock options, the Company issues shares of common stock from treasury shares or, to the extent treasury shares are not available, from authorized common shares. The total intrinsic value of stock options exercised in 2014, 2013 and 2012 and was $8,677, $2,808 and $15,808, respectively. | |||||||||||||||||||||||||
At December 31, 2014, the Company segregated its outstanding options into two ranges, based on exercise prices, as follows: | |||||||||||||||||||||||||
Option Ranges | Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Shares | Weighted Avg. | Weighted Avg. Life | Shares | Weighted Avg. | |||||||||||||||||||||
Exercise Price | (Years) | Exercise Price | |||||||||||||||||||||||
$37.04 - $46.93 | 80 | $ | 44 | 6.8 | 35 | $ | 42 | ||||||||||||||||||
$48.00 - $50.30 | 68 | 49 | 4.3 | 51 | 48 | ||||||||||||||||||||
Total | 148 | 46 | 5.6 | 86 | 46 | ||||||||||||||||||||
Employee stock purchase plan | |||||||||||||||||||||||||
The Company maintains an Employee Stock Purchase Plan (the “ESPP”) approved by Company shareholders. The purchase price of shares of common stock under the ESPP is equal to 85% of the lesser of the closing price per share of common stock on the first or last day of the trading period, as defined. The Company records the aggregate cost of the ESPP (generally the 15% discount on the share purchases) as a period expense. Total compensation expense relating to the ESPP was $328, $164 and $223 in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
EMPLOYEE_BENEFIT_PLAN
EMPLOYEE BENEFIT PLAN | 12 Months Ended | |
Dec. 31, 2014 | ||
Compensation and Retirement Disclosure [Abstract] | ||
EMPLOYEE BENEFIT PLAN | 11 | EMPLOYEE BENEFIT PLAN |
The Company maintains a defined contribution plan pursuant to Section 401 of the Code (the “401K Plan”) that allows eligible employees to contribute a percentage of their compensation to the 401K Plan. The Company matches 50% of the employee’s pre-tax contribution up to a maximum employee contribution of 6% of salary in 2014, 2013 and 2012. Company contributions of $652, $658 and $670 were made to the 401K Plan in 2014, 2013 and 2012, respectively. Contributions for 2014 were made in cash. Contributions for 2013 and 2012 were made in the Company’s common stock. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
COMMITMENTS AND CONTINGENCIES | 12 | COMMITMENTS AND CONTINGENCIES | |||
Land and equipment leases | |||||
The Company is party to two ground leases expiring in 2038 and 2074 for two separate operating communities as well as to other facility, office, equipment and other operating leases with terms expiring through 2057. One of the ground leases contains stated rent increases that generally compensate for the impact of inflation. The other ground lease does not contain any escalating payments. Future minimum lease payments for non-cancelable land, equipment and other leases at December 31, 2014, were as follows: | |||||
2015 | $ | 625 | |||
2016 | 627 | ||||
2017 | 637 | ||||
2018 | 637 | ||||
2019 | 651 | ||||
2020 and thereafter | 63,690 | ||||
The Company incurred $3,639, $3,542 and $3,738 of rent expense, including rent expense under short-term rental and lease arrangements, in 2014, 2013 and 2012, respectively. | |||||
Legal proceedings | |||||
In September 2010, the United States Department of Justice (the “DOJ”) filed a lawsuit against the Company in the United States District Court for the Northern District of Georgia. The suit alleges various violations of the Fair Housing Act (“FHA”) and the Americans with Disabilities Act (“ADA”) at properties designed, constructed or operated by the Company in the District of Columbia, Virginia, Florida, Georgia, New York, North Carolina and Texas. The plaintiff seeks statutory damages and a civil penalty in unspecified amounts, as well as injunctive relief that includes retrofitting apartments and public use areas to comply with the FHA and the ADA and prohibiting construction or sale of noncompliant units or complexes. The Company filed a motion to transfer the case to the United States District Court for the District of Columbia, where a previous civil case involving alleged violations of the FHA and ADA by the Company was filed and ultimately dismissed. On October 29, 2010, the United States District Court for the Northern District of Georgia issued an opinion finding that the complaint shows that the DOJ’s claims are essentially the same as the previous civil case, and, therefore, granted the Company’s motion and transferred the DOJ’s case to the United States District Court for the District of Columbia. Discovery has closed, and the Court has denied motions filed by the parties relating to additional discovery and expert witnesses. Each party filed Motions for Summary Judgment, which were briefed in April 2014, and are now pending before the Court. Until such time as the court issues rulings on the application of the law to the facts of this case, it is not possible to predict or determine the outcome of the legal proceeding, nor is it possible to estimate the amount of loss, if any, that would be associated with an adverse decision. | |||||
The Company is involved in various other legal proceedings incidental to their business from time to time, some of which are expected to be covered by liability or other insurance. Management of the Company believes that any resolution of pending proceedings or liability to the Company which may arise as a result of these various other legal proceedings will not have a material effect on the Company’s results of operations, cash flows or financial position. | |||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |
Dec. 31, 2014 | ||
Related Party Transactions [Abstract] | ||
RELATED PARTY TRANSACTIONS | 13 | RELATED PARTY TRANSACTIONS |
In 2014, 2013 and 2012, the Company held investments in Apartment LLCs accounted for under the equity method of accounting (see note 3). In 2014, 2013 and 2012, the Company recorded, before elimination of the Company’s equity interests, project management fees, property and asset management fees and expense reimbursements (primarily personnel costs) of approximately $3,581, $3,481 and $3,488, respectively, from these related companies. The Company’s portion of all significant intercompany transactions was eliminated in the accompanying consolidated financial statements. |
FAIR_VALUE_MEASURES_AND_FINANC
FAIR VALUE MEASURES AND FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
FAIR VALUE MEASURES AND FINANCIAL INSTRUMENTS | 14 | FAIR VALUE MEASURES AND FINANCIAL INSTRUMENTS | |||||||||||
From time to time, the Company records certain assets and liabilities at fair value. Real estate assets may be stated at fair value if they become impaired in a given period and may be stated at fair value if they are held for sale and the fair value of such assets is below historical cost. Additionally, the Company records derivative financial instruments at fair value. The Company also uses fair value metrics to evaluate the carrying values of its real estate assets and for the disclosure of certain financial instruments. Fair value measurements were determined by management using available market information and appropriate valuation methodologies available to management at December 31, 2014. Considerable judgment is necessary to interpret market data and estimate fair value. Accordingly, there can be no assurance that the estimates discussed herein, using Level 2 and 3 inputs, are indicative of the amounts the Company could realize on disposition of the real estate assets or other financial instruments. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. | |||||||||||||
Real estate assets | |||||||||||||
The Company periodically reviews its real estate assets, including operating assets, construction in progress and land held for future investment, for impairment purposes using Level 3 inputs, primarily comparable sales and market data, independent valuations and discounted cash flow models. | |||||||||||||
In 2014, the Company recognized impairment charges of $450 to write-down a commercial property to its estimated fair value. In 2013, the Company recognized impairment charges of $400 to write-down a parcel of land held for future investment to its estimated fair value. The estimated fair values of the commercial property and land were determined using Level 3 inputs, consisting primarily of comparable market sales data. In 2012, the Company did not recognize any impairment charges related to its real estate assets. | |||||||||||||
Derivatives | |||||||||||||
The Company manages its exposure to interest rate changes through the use of derivative financial instruments, primarily interest rate swap arrangements. At December 31, 2014, the Company had outstanding three interest rate swap arrangements with substantially similar terms and conditions. These arrangements have an aggregate notional amount of $230,000 and require the Company to pay a blended fixed rate of approximately 1.55% (with the counterparties paying the Company the floating one-month LIBOR rate). Additionally, the Company had outstanding a fourth interest rate swap arrangement with a notional amount of $70,000 and it requires the Company to pay a fixed rate of approximately 1.50% (with the counterparty paying the Company the floating one-month LIBOR rate) (together, the “Interest Rate Swaps”). The Interest Rate Swaps serve as cash flow hedges of amounts outstanding under the Company’s variable rate Term Loan (see note 4) entered into in 2012 and provide for an effective blended fixed rate for the corresponding amount of Term Loan borrowings, of approximately 3.24% at December 31, 2014. The Interest Rate Swaps terminate in January 2018. In January 2015, the Company refinanced the Term Loan. The Interest Rate Swaps will continue to serve as cash flow hedges of borrowings outstanding on the Amended Term Loan and provide for an effective blended fixed rate for the corresponding amount of Amended Term Loan borrowings of approximately 2.69% (subject to an adjustment based on subsequent changes in the Company’s credit ratings) through January 2018, the termination date of the interest rate swap arrangements. | |||||||||||||
The Interest Rate Swaps are measured and accounted for at fair value on a recurring basis. The Interest Rate Swaps outstanding at December 31, 2014 and 2013 were valued as net liabilities of $3,685 and $3,428, respectively, primarily using level 2 inputs, as substantially all of the fair value was determined using widely accepted discounted cash flow valuation techniques along with observable market-based inputs for similar types of arrangements. The Company reflects both the respective counterparty’s nonperformance risks and its own nonperformance risks in its fair value measurements using unobservable inputs. However, the impact of such risks was not considered material to the overall fair value measurements of the derivatives. These liabilities are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. Under ASC Topic 815, a corresponding amount is included in accumulated other comprehensive income (loss), an equity account, until the hedged transactions are recognized in earnings. The following table summarizes the effect of these Interest Rate Swaps (designated as cash flow hedges) on the Company’s consolidated statements of operations and comprehensive income for 2014 and 2013: | |||||||||||||
Year ended December 31, | |||||||||||||
Interest Rate Swap / Cash Flow Hedging Instruments | 2014 | 2013 | 2012 | ||||||||||
Gain (loss) recognized in other comprehensive income | $ | (4,449 | ) | $ | 4,191 | $ | (11,804 | ) | |||||
Loss reclassified from accumulated other comprehensive income (loss) into interest expense | $ | (4,192 | ) | $ | (4,091 | ) | $ | (2,735 | ) | ||||
The amounts reported in accumulated other comprehensive income (loss) as of December 31, 2014 will be reclassified to interest expense as interest payments are made under the hedged indebtedness. Over the next year, the Company estimates that $3,658 will be reclassified from accumulated comprehensive income (loss) to interest expense. | |||||||||||||
As part of the Company’s on-going procedures, the Company monitors the credit worthiness of its financial institution counterparties and its exposure to any single entity, which it believes minimizes credit risk concentration. The Company believes the likelihood of realized losses from counterparty non-performance is remote. The Interest Rate Swaps are cross defaulted with the Company’s Term Loan and Syndicated Line (see note 4) and contain certain provisions consistent with these types of arrangements. If the Company was required to terminate the Interest Rate Swaps and settle the obligations thereunder as of December 31, 2014, the termination payment by the Company would have been approximately $3,686. | |||||||||||||
Other financial instruments | |||||||||||||
Cash equivalents, rents and accounts receivables, accounts payable, accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values because of the short-term nature of these instruments. December 31, 2014, the fair value of fixed rate debt was approximately $620,641 (carrying value of $592,459) and the fair value of variable rate debt, including the Company’s lines of credit, was approximately $304,983 (carrying value of $300,000). At December 31, 2013, the fair value of fixed rate debt was approximately $816,582 (carrying value of $798,734) and the fair value of variable rate debt, including the Company’s lines of credit, was approximately $305,653 (carrying value of $300,000). Long-term indebtedness was valued using Level 2 inputs, primarily market prices of comparable debt instruments. | |||||||||||||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
SEGMENT INFORMATION | 15 | SEGMENT INFORMATION | |||||||||||
Segment description | |||||||||||||
In accordance with ASC Topic 280, “Segment Reporting,” the Company presents segment information based on the way that management organizes the segments within the enterprise for making operating decisions and assessing performance. The segment information is prepared on the same basis as the internally reported information used by the Company’s chief operating decision makers to manage the business. | |||||||||||||
The Company’s chief operating decision makers focus on the Company’s primary sources of income from apartment community rental operations. Apartment community rental operations are generally broken down into segments based on the various stages in the apartment community ownership lifecycle. These segments are described below. All commercial properties and other ancillary service and support operations are combined in the line item “other property segments” in the accompanying segment information. The segment information presented below reflects the segment categories based on the lifecycle status of each community as of January 1, 2013. The segment information for 2014, 2013 and 2012 has been adjusted to reflect the impact of reclassifying, from the fully stabilized community segment to the held for sale and sold community segment, the operating results of three apartment communities designated as held for sale and sold in 2014 as described below. | |||||||||||||
• | Fully stabilized communities – those apartment communities which have been stabilized (the earlier of the point at which a property reaches 95% occupancy or one year after completion of construction) for both 2014 and 2013. | ||||||||||||
• | Newly stabilized communities – those apartment communities which reached stabilized occupancy in 2013. | ||||||||||||
• | Lease-up communities – those apartment communities that were under development and lease-up but were not stabilized by the beginning of 2014, including communities that stabilized in 2014. | ||||||||||||
• | Acquired communities – those communities acquired in 2014 or in 2013. | ||||||||||||
• | Held for sale and sold communities – those apartment and mixed-use communities classified as held for sale and sold in 2014 (see note 2). | ||||||||||||
Segment performance measure | |||||||||||||
Management uses contribution to consolidated property net operating income (“NOI”) as the performance measure for its operating segments. The Company uses NOI, including NOI of stabilized communities, as an operating measure. NOI is defined as rental and other property revenue from real estate operations less total property and maintenance expenses from real estate operations (excluding depreciation and amortization). The Company believes that NOI is an important supplemental measure of operating performance for a REIT’s operating real estate because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs and general and administrative expenses generally incurred at the corporate level. This measure is particularly useful, in the opinion of the Company, in evaluating the performance of operating segment groupings and individual properties. Additionally, the Company believes that NOI, as defined, is a widely accepted measure of comparative operating performance in the real estate investment community. The Company believes that the line on the Company’s consolidated statement of operations entitled “net income” is the most directly comparable GAAP measure to NOI. | |||||||||||||
Segment information | |||||||||||||
The following table reflects each segment’s contribution to consolidated revenues and NOI together with a reconciliation of segment contribution to property NOI to consolidated net income in 2014, 2013 and 2012. Additionally, substantially all of the Company’s assets relate to the Company’s property rental operations. Asset cost, depreciation and amortization by segment are not presented because such information at the segment level is not reported internally. | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | |||||||||||||
Fully stabilized communities | $ | 306,657 | $ | 298,578 | $ | 284,528 | |||||||
Newly stabilized communities | 17,401 | 14,178 | 1,779 | ||||||||||
Lease-up communities | 13,012 | 2,587 | - | ||||||||||
Acquired communities | 4,978 | 2,762 | - | ||||||||||
Held for sale or sold communities | 14,168 | 23,025 | 22,281 | ||||||||||
Other property segments | 20,604 | 20,735 | 20,896 | ||||||||||
Other | 992 | 872 | 850 | ||||||||||
Consolidated revenues | $ | 377,812 | $ | 362,737 | $ | 330,334 | |||||||
Contribution to Property Net Operating Income | |||||||||||||
Fully stabilized communities | $ | 188,064 | $ | 184,712 | $ | 176,239 | |||||||
Newly stabilized communities | 10,809 | 8,029 | (6 | ) | |||||||||
Lease-up communities | 6,653 | 609 | - | ||||||||||
Acquired communities | 3,089 | 1,747 | - | ||||||||||
Held for sale or sold communities | 7,157 | 12,725 | 12,880 | ||||||||||
Other property segments, including corporate management expenses | (1,911 | ) | (1,218 | ) | (1,404 | ) | |||||||
Consolidated property net operating income | 213,861 | 206,604 | 187,709 | ||||||||||
Interest income | 135 | 77 | 393 | ||||||||||
Other revenues | 992 | 872 | 850 | ||||||||||
Depreciation | (84,759 | ) | (85,608 | ) | (79,367 | ) | |||||||
Interest expense | (40,286 | ) | (44,704 | ) | (46,028 | ) | |||||||
Amortization of deferred financing costs | (2,282 | ) | (2,573 | ) | (2,695 | ) | |||||||
General and administrative | (17,898 | ) | (17,245 | ) | (16,342 | ) | |||||||
Investment and development | (2,366 | ) | (1,755 | ) | (1,317 | ) | |||||||
Other investment costs | (768 | ) | (1,324 | ) | (1,401 | ) | |||||||
Severance, impairment and other | (2,266 | ) | (2,417 | ) | - | ||||||||
Gains on condominium sales activities, net | 2,545 | 27,944 | 36,273 | ||||||||||
Equity in income of unconsolidated real estate entities, net | 1,788 | 2,090 | 7,995 | ||||||||||
Other income (expense), net | 19 | (839 | ) | 1,034 | |||||||||
Net loss on extinguishment of indebtedness | (18,357 | ) | - | (4,318 | ) | ||||||||
Income from continuing operations, before gains on sales of real estate assets | 50,358 | 81,122 | 82,786 | ||||||||||
Gains on sales of real estate assets | 187,825 | - | - | ||||||||||
Income from discontinued operations | - | 29,798 | 1,505 | ||||||||||
Net income | $ | 238,183 | $ | 110,920 | $ | 84,291 | |||||||
OTHER_INCOME_EXPENSE
OTHER INCOME (EXPENSE) | 12 Months Ended | |
Dec. 31, 2014 | ||
Other Income and Expenses [Abstract] | ||
OTHER INCOME (EXPENSE) | 16 | OTHER INCOME (EXPENSE) |
In 2014, 2013 and 2012, other expense included state franchise taxes of $778, $839 and $625, respectively. Franchise taxes are associated with the income-based taxes in Texas that became effective in 2007. In 2014, other income (expense) included an income tax benefit of $797 related to the Company’s taxable REIT subsidiaries (see note 9). In addition, for 2012, other income (expense) included income of $1,554 related to the settlement of construction litigation at one of the Company’s apartment communities, income of $62 from the sale of a technology investment and income of $43 related to receivable recoveries. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | 17 | SUBSEQUENT EVENTS |
The Company evaluated the accounting and disclosure requirements for subsequent events reporting through the issuance date of the financial statements. In January 2015, the Company entered into amended syndicated line of credit, amended cash management line of credit and amended unsecured term loan facility arrangements, as more fully described in note 4. Also, in February 2015, the Company completed the sale of its held for sale retail condominiums, as more fully described in note 2. | ||
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 18 | COMPANY QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||
Quarterly financial information in 2014 and 2013 was as follows: | |||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenues | $ | 93,512 | $ | 95,026 | $ | 96,461 | $ | 92,813 | |||||||||
Income from continuing operations | 14,253 | 47,991 | 156,435 | 19,504 | |||||||||||||
Income from discontinued operations | - | - | - | - | |||||||||||||
Net income | 14,253 | 47,991 | 156,435 | 19,504 | |||||||||||||
Noncontrolling interests | (17 | ) | (272 | ) | (22,729 | ) | (45 | ) | |||||||||
Dividends to preferred shareholders | (922 | ) | (922 | ) | (922 | ) | (922 | ) | |||||||||
Net income available to common shareholders | $ | 13,314 | $ | 46,797 | $ | 132,784 | $ | 18,537 | |||||||||
Earnings per common share: | |||||||||||||||||
Net income available to common shareholders – basic | $ | 0.25 | $ | 0.86 | $ | 2.44 | $ | 0.34 | |||||||||
Net income available to common shareholders – diluted | $ | 0.24 | $ | 0.86 | $ | 2.44 | $ | 0.34 | |||||||||
Year ended December 31, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenues | $ | 86,358 | $ | 89,280 | $ | 93,394 | $ | 93,705 | |||||||||
Income from continuing operations | 19,957 | 27,171 | 18,632 | 15,362 | |||||||||||||
Income from discontinued operations | 433 | 443 | 421 | 28,501 | |||||||||||||
Net income | 20,390 | 27,614 | 19,053 | 43,863 | |||||||||||||
Noncontrolling interests | (48 | ) | (126 | ) | (80 | ) | (132 | ) | |||||||||
Dividends to preferred shareholders | (922 | ) | (922 | ) | (922 | ) | (922 | ) | |||||||||
Net income available to common shareholders | $ | 19,420 | $ | 26,566 | $ | 18,051 | $ | 42,809 | |||||||||
Earnings per common share: | |||||||||||||||||
Net income available to common shareholders – basic | $ | 0.36 | $ | 0.49 | $ | 0.33 | $ | 0.79 | |||||||||
Net income available to common shareholders – diluted | $ | 0.35 | $ | 0.48 | $ | 0.33 | $ | 0.79 | |||||||||
In the second quarter of 2014, the increase in net income available to common shareholders primarily reflects gains on the sale of an apartment community, offset by a loss on the early extinguishment of a indebtedness. In the third quarter of 2014, the increase in net income available to common shareholders is the result on gains on the sales of two apartment communities, net of noncontrolling interests, and partially offset by losses on early extinguishment of indebtedness. | |||||||||||||||||
In the second quarter of 2013, the increase in net income available to common shareholders primarily reflects the timing of condominium sales and gains between periods. In the fourth quarter of 2013, the Company recognized a gain in discontinued operations on the sale of an apartment community. | |||||||||||||||||
Post Apartment Homes, L.P. [Member] | |||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 19 | OPERATING PARTNERSHIP QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||
Quarterly financial information in 2014 and 2013 was as follows: | |||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenues | $ | 93,512 | $ | 95,026 | $ | 96,461 | $ | 92,813 | |||||||||
Income from continuing operations | 14,253 | 47,991 | 156,435 | 19,504 | |||||||||||||
Income from discontinued operations | - | - | - | - | |||||||||||||
Net income | 14,253 | 47,991 | 156,435 | 19,504 | |||||||||||||
Noncontrolling interests – consolidated real estate entities | 16 | (154 | ) | (22,416 | ) | - | |||||||||||
Distributions to preferred unitholders | (922 | ) | (922 | ) | (922 | ) | (922 | ) | |||||||||
Net income available to common unitholders | $ | 13,347 | $ | 46,915 | $ | 133,097 | $ | 18,582 | |||||||||
Earnings per common unit: | |||||||||||||||||
Net income available to common unitholders – basic | $ | 0.25 | $ | 0.86 | $ | 2.44 | $ | 0.34 | |||||||||
Net income available to common unitholders – diluted | $ | 0.24 | $ | 0.86 | $ | 2.44 | $ | 0.34 | |||||||||
Year ended December 31, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenues | $ | 86,358 | $ | 89,280 | $ | 93,394 | $ | 93,705 | |||||||||
Income from continuing operations | 19,957 | 27,171 | 18,632 | 15,362 | |||||||||||||
Income from discontinued operations | 433 | 443 | 421 | 28,501 | |||||||||||||
Net income | 20,390 | 27,614 | 19,053 | 43,863 | |||||||||||||
Noncontrolling interests – consolidated real estate entities | 3 | (58 | ) | (32 | ) | (20 | ) | ||||||||||
Distributions to preferred unitholders | (922 | ) | (922 | ) | (922 | ) | (922 | ) | |||||||||
Net income available to common unitholders | $ | 19,471 | $ | 26,634 | $ | 18,099 | $ | 42,921 | |||||||||
Earnings per common unit: | |||||||||||||||||
Net income available to common unitholders – basic | $ | 0.36 | $ | 0.49 | $ | 0.33 | $ | 0.79 | |||||||||
Net income available to common unitholders – diluted | $ | 0.35 | $ | 0.48 | $ | 0.33 | $ | 0.79 | |||||||||
In the second quarter of 2014, the increase in net income available to common unitholders primarily reflects gains on the sale of an apartment community, offset by a loss on the early extinguishment of a indebtedness. In the third quarter of 2014, the increase in net income available to common unitholders is the result on gains on the sales of two apartment communities, net of noncontrolling interest, and partially offset by losses on early extinguishment of indebtedness. | |||||||||||||||||
In the second quarter of 2013, the increase in net income available to common unitholders primarily reflects the timing of condominium sales and gains between periods. In the fourth quarter of 2013, the Operating Partnership recognized a gain in discontinued operations on the sale of an apartment community. | |||||||||||||||||
Schedule_III_REAL_ESTATE_INVES
Schedule III - REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule III - REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | Schedule III | ||||||||||||||||||||||||||||||||||||||||
POST PROPERTIES, INC. | |||||||||||||||||||||||||||||||||||||||||
POST APARTMENT HOMES, L.P. | |||||||||||||||||||||||||||||||||||||||||
REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs | Gross Amount at Which | |||||||||||||||||||||||||||||||||||||||
Capitalized | Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||||
Subsequent | |||||||||||||||||||||||||||||||||||||||||
To | |||||||||||||||||||||||||||||||||||||||||
Description | Related | Land | Building and | Acquisition | Land | Building and | Total (1) | Accumulated | Date of | Date | |||||||||||||||||||||||||||||||
Encumbrances | Improvements | Improvements | Depreciation (2) | Construction | Acquired | ||||||||||||||||||||||||||||||||||||
Georgia | |||||||||||||||||||||||||||||||||||||||||
Post Alexander™ | Apartments | $ | - | $ | 7,392 | $ | - | $ | 49,921 | $ | 7,395 | $ | 49,918 | $ | 57,313 | $ | 14,144 | 6-Apr | N/A | ||||||||||||||||||||||
Post Briarcliff™ | Apartments | 57,144 | 13,344 | - | 52,900 | 13,344 | 52,900 | 66,244 | 27,029 | Dec-96 | Sep-96 | ||||||||||||||||||||||||||||||
Post Brookhaven® | Apartments | - | 7,921 | - | 40,235 | 7,921 | 40,235 | 48,156 | 27,114 | 07/89 - 12/92 | Mar-89 | ||||||||||||||||||||||||||||||
Post Chastain® | Apartments | - | 6,352 | - | 62,717 | 6,779 | 62,290 | 69,069 | 35,511 | 06/88 - 10/90 | Jun-88 | ||||||||||||||||||||||||||||||
Post Crossing® | Apartments | 25,656 | 3,951 | - | 24,368 | 3,951 | 24,368 | 28,319 | 13,514 | 04/94- 08/95 | Nov-93 | ||||||||||||||||||||||||||||||
Post Gardens® | Apartments | - | 5,859 | - | 37,472 | 5,931 | 37,400 | 43,331 | 20,778 | Jul-96 | May-96 | ||||||||||||||||||||||||||||||
Post Glen® | Apartments | 26,656 | 5,591 | - | 25,322 | 5,784 | 25,129 | 30,913 | 13,591 | Jul-96 | May-96 | ||||||||||||||||||||||||||||||
Post Parkside™ | Mixed Use | - | 3,402 | - | 22,290 | 3,465 | 22,227 | 25,692 | 10,152 | Feb-99 | Dec-97 | ||||||||||||||||||||||||||||||
Post Peachtree Hills® | Apartments | - | 4,215 | - | 27,224 | 4,857 | 26,582 | 31,439 | 12,193 | 02/92 - 09/94 | 02/92 & 9/92 | ||||||||||||||||||||||||||||||
Post Riverside® | Mixed Use | - | 11,130 | - | 125,083 | 12,457 | 123,756 | 136,213 | 63,418 | Jul-96 | Jan-96 | ||||||||||||||||||||||||||||||
Post Spring™ | Apartments | - | 2,105 | - | 42,066 | 2,105 | 42,066 | 44,171 | 19,699 | Sep-99 | Sep-99 | ||||||||||||||||||||||||||||||
Post Stratford™ (3) | Apartments | - | 328 | - | 29,704 | 620 | 29,412 | 30,032 | 13,665 | Apr-99 | Jan-99 | ||||||||||||||||||||||||||||||
Virginia | |||||||||||||||||||||||||||||||||||||||||
Post Carlyle Square™ | Mixed Use | - | 5,920 | - | 136,720 | 8,474 | 134,166 | 142,640 | 20,063 | 12/04 - 08/10 | N/A | ||||||||||||||||||||||||||||||
Post Corners® | Apartments | 38,820 | 4,404 | - | 27,971 | 4,493 | 27,882 | 32,375 | 14,964 | Jun-94 | Jun-94 | ||||||||||||||||||||||||||||||
Post Pentagon Row™ | Mixed Use | - | 2,359 | 7,659 | 90,738 | 3,470 | 97,286 | 100,756 | 35,668 | Jun-99 | Feb-99 | ||||||||||||||||||||||||||||||
Post Tysons Corner™ | Apartments | - | 20,000 | 65,478 | 11,894 | 20,000 | 77,372 | 97,372 | 22,992 | N/A | 4-Jun | ||||||||||||||||||||||||||||||
Maryland | |||||||||||||||||||||||||||||||||||||||||
Post Fallsgrove | Apartments | - | 14,801 | 69,179 | 6,876 | 14,801 | 76,055 | 90,856 | 17,979 | N/A | 6-Jul | ||||||||||||||||||||||||||||||
Post Park® | Mixed Use | - | 8,555 | - | 75,760 | 8,555 | 75,760 | 84,315 | 17,796 | 7-Dec | N/A | ||||||||||||||||||||||||||||||
Initial Costs | Costs | Gross Amount at Which | |||||||||||||||||||||||||||||||||||||||
Capitalized | Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||||
Subsequent | |||||||||||||||||||||||||||||||||||||||||
To | |||||||||||||||||||||||||||||||||||||||||
Description | Related | Land | Building and | Acquisition | Land | Building and | Total (1) | Accumulated | Date of | Date | |||||||||||||||||||||||||||||||
Encumbrances | Improvements | Improvements | Depreciation (2) | Construction | Acquired | ||||||||||||||||||||||||||||||||||||
Texas | |||||||||||||||||||||||||||||||||||||||||
Post Abbey™ | Apartments | $ | - | $ | 575 | $ | 6,276 | $ | 3,136 | $ | 575 | $ | 9,412 | $ | 9,987 | $ | 3,888 | N/A | Oct-97 | ||||||||||||||||||||||
Post Addison Circle™ | Mixed Use | - | 2,885 | 41,482 | 140,508 | 8,382 | 176,493 | 184,875 | 85,244 | Oct-97 | Oct-97 | ||||||||||||||||||||||||||||||
Post Barton Creek™ | Apartments | - | 1,920 | 24,482 | 5,419 | 1,920 | 29,901 | 31,821 | 7,332 | N/A | 6-Mar | ||||||||||||||||||||||||||||||
Post Cole’s Corner™ | Mixed Use | - | 1,886 | 18,006 | 4,822 | 2,086 | 22,628 | 24,714 | 11,588 | N/A | Oct-97 | ||||||||||||||||||||||||||||||
Post Eastside™ | Mixed Use | - | 5,735 | - | 54,798 | 5,735 | 54,798 | 60,533 | 14,225 | 6-Oct | N/A | ||||||||||||||||||||||||||||||
Post 510™ | Apartments | 4,420 | - | 29,997 | 4,420 | 29,997 | 34,417 | 1,028 | 12-May | N/A | |||||||||||||||||||||||||||||||
Post Heights™/Gallery | Mixed Use | - | 5,455 | 15,559 | 44,768 | 5,812 | 59,970 | 65,782 | 26,783 | Oct-97 | Oct-97 | ||||||||||||||||||||||||||||||
Post Katy Trail™ | Mixed Use | - | 7,324 | 40,355 | 409 | 7,324 | 40,764 | 48,088 | 3,754 | N/A | 11-Dec | ||||||||||||||||||||||||||||||
Post Legacy | Mixed Use | - | 684 | - | 38,662 | 811 | 38,535 | 39,346 | 15,984 | Mar-99 | Mar-99 | ||||||||||||||||||||||||||||||
Post Meridian™ | Apartments | - | 1,535 | 11,605 | 3,635 | 1,535 | 15,240 | 16,775 | 7,477 | N/A | Oct-97 | ||||||||||||||||||||||||||||||
Post Midtown Square® | Mixed Use | - | 6,370 | 1,412 | 78,337 | 5,399 | 80,720 | 86,119 | 27,528 | 10/97 -05/11 | Oct-97 | ||||||||||||||||||||||||||||||
Post Park Mesa™ | Apartments | - | 1,480 | 17,861 | 2,886 | 1,480 | 20,747 | 22,227 | 5,292 | N/A | 6-Mar | ||||||||||||||||||||||||||||||
Post Sierra at Frisco Bridges™ | Mixed Use | - | 3,581 | - | 39,435 | 3,581 | 39,435 | 43,016 | 9,527 | 7-Oct | N/A | ||||||||||||||||||||||||||||||
Post South Lamar™ | Mixed Use | - | 4,942 | - | 35,185 | 4,942 | 35,185 | 40,127 | 3,727 | 11-Feb | N/A | ||||||||||||||||||||||||||||||
Post Square™ | Mixed Use | - | 4,565 | 24,595 | 5,865 | 4,565 | 30,460 | 35,025 | 12,892 | N/A | Oct-97 | ||||||||||||||||||||||||||||||
Post Uptown Village™ | Apartments | - | 3,955 | 22,120 | 22,452 | 6,195 | 42,332 | 48,527 | 19,105 | N/A | Oct-97 | ||||||||||||||||||||||||||||||
Post Vineyard™ | Apartments | - | 1,133 | 8,560 | 1,900 | 1,133 | 10,460 | 11,593 | 4,494 | N/A | Oct-97 | ||||||||||||||||||||||||||||||
Post Vintage™ | Apartments | - | 2,614 | 12,188 | 2,649 | 2,614 | 14,837 | 17,451 | 7,083 | N/A | Oct-97 | ||||||||||||||||||||||||||||||
Post West Austin™ | Apartments | - | 10,865 | - | 40,539 | 10,865 | 40,539 | 51,404 | 11,067 | 8-Feb | N/A | ||||||||||||||||||||||||||||||
Post Worthington™ | Mixed Use | - | 3,744 | 34,700 | 19,919 | 3,744 | 54,619 | 58,363 | 22,873 | N/A | Oct-97 | ||||||||||||||||||||||||||||||
Florida | |||||||||||||||||||||||||||||||||||||||||
Post Bay at Rocky Point™ | Apartments | - | 528 | 5,081 | 22,030 | 2,400 | 25,239 | 27,639 | 5,902 | N/A | 6-Oct | ||||||||||||||||||||||||||||||
Post Harbour Place™ | Mixed Use | - | 3,854 | - | 72,956 | 8,312 | 68,498 | 76,810 | 32,543 | Mar-97 | Jan-97 | ||||||||||||||||||||||||||||||
Post Hyde Park® | Apartments | 44,183 | 3,498 | - | 47,296 | 9,680 | 41,114 | 50,794 | 18,403 | 09/94 -10/06 | Jul-94 | ||||||||||||||||||||||||||||||
Post Lake at Baldwin Park® | Apartments | - | 27,341 | 56,702 | 48,096 | 27,341 | 104,798 | 132,139 | 15,817 | 11-Jun | 7-Jul | ||||||||||||||||||||||||||||||
Post Lakeside™ | Apartments | - | 4,377 | 43,724 | 255 | 4,377 | 43,979 | 48,356 | 2,183 | N/A | 13-May | ||||||||||||||||||||||||||||||
Post Parkside™ | Mixed Use | - | 2,493 | - | 39,691 | 2,493 | 39,691 | 42,184 | 16,663 | Mar-99 | Mar-99 | ||||||||||||||||||||||||||||||
Post Rocky Point® | Apartments | - | 10,510 | - | 78,358 | 10,567 | 78,301 | 88,868 | 38,098 | 04/94 - 11/96 | 02/94 & 09/96 | ||||||||||||||||||||||||||||||
Post Soho | Mixed Use | 5,168 | - | 32,957 | 5,168 | 32,957 | 38,125 | 440 | 12-Oct | N/A | |||||||||||||||||||||||||||||||
Initial Costs | Costs | Gross Amount at Which | |||||||||||||||||||||||||||||||||||||||
Capitalized | Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||||
Subsequent | |||||||||||||||||||||||||||||||||||||||||
To | |||||||||||||||||||||||||||||||||||||||||
Description | Related | Land | Building and | Acquisition | Land | Building and | Total (1) | Accumulated | Date of | Date | |||||||||||||||||||||||||||||||
Encumbrances | Improvements | Improvements | Depreciation (2) | Construction | Acquired | ||||||||||||||||||||||||||||||||||||
North Carolina | |||||||||||||||||||||||||||||||||||||||||
Post Ballantyne | Apartments | - | 6,400 | 30,850 | 3,922 | 6,400 | 34,772 | 41,172 | 10,781 | 4-Nov | 5-May | ||||||||||||||||||||||||||||||
Post Gateway Place™ | Mixed Use | - | 2,424 | - | 64,728 | 3,481 | 63,671 | 67,152 | 26,113 | Nov-00 | Aug-99 | ||||||||||||||||||||||||||||||
Post Park at Phillips Place® | Mixed Use | - | 4,305 | - | 42,357 | 4,307 | 42,355 | 46,662 | 22,310 | Jan-96 | Nov-95 | ||||||||||||||||||||||||||||||
Post Parkside™ at Wade | Mixed Use | - | 3,970 | - | 48,198 | 3,970 | 48,198 | 52,168 | 3,222 | 11-Jun | N/A | ||||||||||||||||||||||||||||||
Post South End™ | Mixed Use | - | 7,732 | 65,803 | 1,460 | 7,732 | 67,263 | 74,995 | 4,955 | N/A | 12-Jul | ||||||||||||||||||||||||||||||
Post Uptown Place™ | Mixed Use | - | 2,336 | - | 30,769 | 2,363 | 30,742 | 33,105 | 12,912 | Sep-98 | Sep-98 | ||||||||||||||||||||||||||||||
Miscellaneous Investments (4) | - | 66,813 | 1,304 | 87,723 | 68,263 | 87,577 | 155,840 | 25,807 | |||||||||||||||||||||||||||||||||
Total | $ | 192,459 | $ | 355,046 | $ | 624,981 | $ | 2,085,378 | $ | 384,374 | $ | 2,681,031 | (5) | $ | 3,065,405 | (5) | $ | 937,310 | |||||||||||||||||||||||
-1 | The aggregate cost for Federal Income Tax purposes to the Company was approximately $2,816,490 at December 31, 2014, taking into account the special allocation of gain to the partners contributing property to the Operating Partnership. | ||||||||||||||||||||||||||||||||||||||||
-2 | Depreciation is computed on a straight-line basis over the useful lives of the properties: buildings – 40 years, other building and land improvements – 20 years, and furniture, fixtures and equipment 5-10 years. | ||||||||||||||||||||||||||||||||||||||||
-3 | The Company has a leasehold interest in the land underlying this community. | ||||||||||||||||||||||||||||||||||||||||
-4 | Miscellaneous investments include construction in progress, land held for investment and certain other corporate assets. | ||||||||||||||||||||||||||||||||||||||||
-5 | This total excludes assets held for sale of $879 at December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
A summary of activity for real estate investments and accumulated depreciation is as follows: | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Real estate investments | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 3,163,035 | $ | 3,011,352 | $ | 2,787,689 | |||||||||||||||||||||||||||||||||||
Improvements | 105,508 | 136,935 | 152,696 | ||||||||||||||||||||||||||||||||||||||
Acquisitions of communities | - | 48,101 | 73,535 | ||||||||||||||||||||||||||||||||||||||
Asset impairment charges (a) | (450 | ) | (400 | ) | - | ||||||||||||||||||||||||||||||||||||
Disposition of property (b) | (202,688 | ) | (32,953 | ) | (2,568 | ) | |||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 3,065,405 | $ | 3,163,035 | $ | 3,011,352 | |||||||||||||||||||||||||||||||||||
Accumulated depreciation | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 913,018 | $ | 842,925 | $ | 767,017 | |||||||||||||||||||||||||||||||||||
Depreciation (c) | 84,110 | 84,617 | 78,476 | ||||||||||||||||||||||||||||||||||||||
Accumulated depreciation on disposed property | (59,818 | ) | (14,524 | ) | (2,568 | ) | |||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 937,310 | $ | 913,018 | $ | 842,925 | |||||||||||||||||||||||||||||||||||
(a) | Represents reductions in total real estate assets due to non-cash impairment charges recorded in 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||
(b) | Represents reductions for real estate assets held for sale, sold and other asset retirements. | ||||||||||||||||||||||||||||||||||||||||
(c) | Represents depreciation expense of real estate assets. Amounts exclude depreciation and amortization of lease intangible assets, commercial leasing costs and excess joint venture investments. | ||||||||||||||||||||||||||||||||||||||||
ORGANIZATION_AND_SUMMARY_OF_SI1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICES (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Organization | Organization | |||
Post Properties, Inc. (the “Company”) and its subsidiaries develop, own and manage upscale multi-family apartment communities in selected markets in the United States. The Company through its wholly-owned subsidiaries is the sole general partner, a limited partner and owns a majority interest in Post Apartment Homes, L.P. (the “Operating Partnership”), a Georgia limited partnership. The Operating Partnership, through its operating divisions and subsidiaries conducts substantially all of the on-going operations of the Company, a publicly traded corporation which operates as a self-administered and self-managed real estate investment trust (“REIT”). As used herein, the term “Company” includes Post Properties, Inc. and its subsidiaries, including Post Apartment Homes, L.P., unless the context indicates otherwise. | ||||
The Company has elected to qualify and operate as a self-administrated and self-managed REIT for federal income tax purposes. A REIT is a legal entity which holds real estate interests and is generally not subject to federal income tax on the income it distributes to its shareholders. The Operating Partnership is governed under the provisions of a limited partnership agreement, as amended. Under the provisions of the limited partnership agreement, as amended, Operating Partnership net profits, net losses and cash flow (after allocations to preferred ownership interests) are allocated to the partners in proportion to their common ownership interests. Cash distributions from the Operating Partnership shall be, at a minimum, sufficient to enable the Company to satisfy its annual dividend requirements to maintain its REIT status under the Internal Revenue Code of 1986, as amended. | ||||
At December 31, 2014, the Company had interests in 22,994 apartment units in 58 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 1,705 apartment units in five communities currently under development or in lease-up. At December 31, 2014, approximately 29.1%, 21.9%, 13.5% and 10.9% (on a unit basis) of the Company’s operating communities were located in the Atlanta, Georgia, Dallas, Texas, the greater Washington, D.C. and Tampa, Florida metropolitan areas, respectively. | ||||
At December 31, 2014, the Company had outstanding 54,509 shares of common stock and owned the same number of units of common limited partnership interests (“Common Units”) in the Operating Partnership, representing a 99.8% ownership interest in the Operating Partnership. Common Units held by persons other than the Company totaled 121 at December 31, 2014 and represented a 0.2% common noncontrolling interest in the Operating Partnership. Each Common Unit may be redeemed by the holder thereof for either one share of Company common stock or cash equal to the fair market value thereof at the time of redemption, at the option, but outside the control, of the Operating Partnership. The Operating Partnership presently anticipates that it will cause shares of common stock to be issued in connection with each such redemption rather than paying cash (as has been done in all redemptions to date). With each redemption of outstanding Common Units for Company common stock, the Company’s percentage ownership interest in the Operating Partnership will increase. In addition, whenever the Company issues shares of common stock, the Company will contribute any net proceeds therefrom to the Operating Partnership and the Operating Partnership will issue an equivalent number of Common Units to the Company. The Company’s weighted average common ownership interest in the Operating Partnership was 99.8% for the year ended December 31, 2014, and 99.7% for the years ended December 31, 2013 and 2012. | ||||
Basis of presentation | Basis of presentation | |||
The accompanying consolidated financial statements include the consolidated accounts of the Company, the Operating Partnership and their wholly owned subsidiaries. The Company also consolidates other entities in which it has a controlling financial interest or entities where it is determined to be the primary beneficiary under ASC Topic 810, “Consolidation.” Under ASC Topic 810, variable interest entities (“VIEs”) are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. The primary beneficiary is required to consolidate a VIE for financial reporting purposes. The application of ASC Topic 810 requires management to make significant estimates and judgments about the Company’s and its other partners’ rights, obligations and economic interests in such entities. For entities in which the Company has less than a controlling financial interest or entities where it is not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, the Company’s share of the net earnings or losses of these entities is included in consolidated net income. All inter-company accounts and transactions have been eliminated in consolidation. The Company’s noncontrolling interest of common unitholders (also referred to as “Redeemable Common Units”) in the operations of the Operating Partnership is calculated based on the weighted average unit ownership during the period. | ||||
Revenue recognition | Revenue recognition | |||
Residential properties are leased under operating leases with terms of generally one year or less. Rental revenues from residential leases are recognized on the straight-line method over the approximate life of the leases, which is generally one year. The recognition of rental revenues from residential leases when earned has historically not been materially different from rental revenues recognized on a straight-line basis. | ||||
Under the terms of residential leases, the residents of the Company’s residential communities are obligated to reimburse the Company for certain utility usage, water and electricity (at selected properties), where the Company is the primary obligor to the public utility entity. These utility reimbursements from residents are reflected as other property revenues in the consolidated statements of operations. | ||||
Sales and the associated gains or losses of real estate assets and for-sale condominiums are recognized in accordance with the provisions of ASC Topic 360-20, “Property, Plant and Equipment – Real Estate Sales.” In periods prior to the sale of the Company’s final condominium in the first quarter of 2014, the Company recognized condominium sales under the deposit method based on an evaluation of the factors specified in ASC 360-20. Under ASC Topic 360-20, the Company used the relative sales value method to allocate costs and recognize profits from condominium sales. Under the relative sales value method, estimates of aggregate project revenues and aggregate project costs were used to determine the allocation of project cost of sales and the resulting profit in each accounting period. In subsequent periods, cumulative project cost of sale allocations and the resulting profits were adjusted to reflect changes in the actual and estimated costs and revenues of each project. | ||||
For condominium communities, the operating results and associated gains and losses are reflected on the consolidated statement of operations in the caption titled “Net gains on condominium sales activities.” | ||||
Cost capitalization | Cost capitalization | |||
The Company capitalizes those expenditures relating to the acquisition of new assets and the development and construction of new apartment communities. In addition, the Company capitalizes expenditures that enhance the value of existing assets and expenditures that substantially extend the life of existing assets. Annually recurring capital expenditures are expenditures of a type that are expected to be incurred on an annual basis during the life of an apartment community, such as carpet, appliances and flooring. Periodically recurring capital expenditures are expenditures that generally occur less frequently than on an annual basis, such as major exterior projects relating to landscaping and structural improvements. Revenue generating capital expenditures are expenditures for the rehabilitation of communities and other property upgrade costs that enhance the rental value of such communities. All other expenditures necessary to maintain a community in ordinary operating condition are expensed as incurred. Additionally, for new development communities, carpet, vinyl, and blind replacements are expensed as incurred during the first five years (which corresponds to their estimated depreciable life). Thereafter, these replacements are capitalized and depreciated. The Company expenses as incurred interior and exterior painting of its operating communities, unless those communities are under rehabilitation or major remediation. | ||||
For communities under development or construction, the Company capitalizes interest, real estate taxes, and certain internal personnel and associated costs related to the development and construction activity. Interest is capitalized to projects under development or construction based upon the weighted average cumulative project costs for each month multiplied by the Company’s weighted average borrowing costs, expressed as a percentage. Weighted average borrowing costs include the costs of the Company’s fixed rate secured and unsecured borrowings and the variable rate unsecured borrowings under its line of credit facilities. The weighted average borrowing costs, expressed as a percentage, were 4.6%, 4.6% and 5.4% in 2014, 2013 and 2012, respectively. Aggregate interest costs capitalized to projects under development or construction were $3,115, $3,962 and $5,534, respectively. Internal development and construction personnel and associated costs are capitalized to projects under development or construction based upon the effort associated with such projects. Aggregate internal development and construction personnel and associated costs capitalized to projects under development or construction were $2,794, $2,900 and $3,755 in 2014, 2013 and 2012, respectively. The Company treats each unit in an apartment community separately for cost accumulation, capitalization and expense recognition purposes. Prior to the completion of rental units, interest and other construction costs are capitalized and reflected on the balance sheet as construction in progress. The Company ceases the capitalization of such costs as the residential units in a community become substantially complete and available for occupancy. This results in a proration of costs between amounts that are capitalized and expensed as the residential units in apartment development communities become available for occupancy. In addition, prior to the completion of rental units, the Company expenses as incurred substantially all operating expenses (including pre-opening marketing as well as property management and leasing personnel expenses) of such rental communities. | ||||
For cash flow statement purposes, the Company classified capital expenditures for developed condominium communities in investing activities in the caption titled, “Development and construction of real estate assets.” Likewise, the proceeds from the sales of condominiums are included in investing activities in the caption titled, “Proceeds from the sale of real estate assets.” | ||||
Real estate assets, depreciation and impairment | Real estate assets, depreciation and impairment | |||
Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over their estimated useful lives. Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings and components – 40 years; other building and land improvements – 20 years; furniture, fixtures and equipment – 5-10 years). | ||||
The Company continually evaluates the recoverability of the carrying value of its real estate assets using the methodology prescribed in ASC Topic 360, “Property, Plant and Equipment.” Factors considered by management in evaluating impairment of its existing real estate assets held for investment include significant declines in property operating profits, annually recurring property operating losses and other significant adverse changes in general market conditions that are considered permanent in nature. Under ASC Topic 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated future cash flows of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the theoretical sale of the asset) over its estimated holding period are in excess of the asset’s net book value at the balance sheet date. If any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value of the asset to its estimated fair value. | ||||
The Company periodically classifies real estate assets as held for sale. An asset is classified as held for sale after the approval of the Company’s board of directors and after an active program to sell the asset has commenced. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. Real estate assets held for sale are stated separately on the accompanying consolidated balance sheets. Upon a decision to no longer market an asset for sale, the asset is classified as an operating asset and depreciation expense is reinstated. | ||||
Fair value measurements | Fair value measurements | |||
The Company applies the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures,” to the valuation of real estate assets recorded at fair value, if any, to its impairment valuation analysis of real estate assets, to its disclosure of the fair value of financial instruments, principally indebtedness and to its derivative financial instruments. Fair value disclosures required under ASC Topic 820 are summarized in note 14 utilizing the following hierarchy: | ||||
• | Level 1 – Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. | |||
• | Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. | |||
• | Level 3 – Unobservable inputs for the assets or liability. | |||
Apartment community acquisitions | Apartment community acquisitions | |||
The Company accounts for its apartment community acquisitions in accordance with ASC Topic 805, “Business Combinations.” In accordance with the provisions of ASC Topic 805, the aggregate purchase price of apartment community acquisitions is allocated to the tangible assets and liabilities (including mortgage indebtedness, if any) as well as the intangible assets acquired in each transaction based on their estimated fair values at the acquisition date. In determining the acquisition date fair value of the component assets and liabilities, the Company uses independent market data, internal analysis of comparable communities, relevant historical data from the acquired community as well as other market data. The acquired tangible assets, principally land, building and improvements and furniture, fixtures and equipment are reflected in real estate assets, and such assets, excluding land, are depreciated over their estimated useful lives. The acquired intangible assets, principally the value of above/below market leases and the value of in-place leases are reflected in other assets and amortized over the average remaining lease terms of the acquired leases (generally 6 to 12 months for residential leases and 5 to 10 years for retail leases). The legal, professional and other expenses associated with acquisition related activities are expensed as incurred. | ||||
Stock-based compensation | Stock-based compensation | |||
The Company accounts for stock-based compensation under the fair value method prescribed by ASC Topic 505, “Equity-Based Payments to Non-Employees,” and ASC Topic 718, “Compensation – Stock Compensation.” This guidance requires the Company to expense the fair value of employee stock options and other forms of stock-based compensation. | ||||
Derivative financial instruments | Derivative financial instruments | |||
The Company accounts for derivative financial instruments at fair value under the provisions of ASC Topic 815, “Derivatives and Hedging.” The Company measures its derivative financial instruments subject to master netting agreements on a net basis. The Company uses derivative financial instruments, primarily interest rate swap arrangements to manage or hedge its exposure to interest rate changes. Under ASC Topic 815, derivative instruments qualifying as hedges of specific cash flows are recorded on the balance sheet at fair value with an offsetting increase or decrease to accumulated other comprehensive income, an equity account, until the hedged transactions are recognized in earnings. Quarterly, the Company evaluates the effectiveness of its cash flow hedges. Any ineffective portion of cash flow hedges are recognized immediately in earnings. | ||||
Cash and cash equivalents | Cash and cash equivalents | |||
All investments purchased with an original maturity of three months or less are considered to be cash equivalents. | ||||
Restricted cash | Restricted cash | |||
Restricted cash is generally comprised of resident security deposits for apartment communities located in Georgia, Florida, Virginia, Maryland and North Carolina. | ||||
Deferred financing costs | Deferred financing costs | |||
Deferred financing costs are amortized using the straight-line method, which approximates the interest method, over the terms of the related indebtedness. | ||||
Per share and per unit data | Per share and per unit data | |||
The Company and Operating Partnership report both basic and diluted earnings per share and per unit, respectively, as prescribed by ASC Topic 260, “Earnings Per Share.” The guidance also requires entities with participating securities that contain non-forfeitable rights to dividends, like the Company’s unvested share-based payment awards (see note 10), to use the two-class method for computing basic and dilutive earnings per share and unit. Under the two-class method earnings are allocated to each class of common stock and to participating securities according to the dividends paid or declared and the relative participation of such securities to remaining undistributed earnings. | ||||
Basic earnings per common share and earnings per common unit are computed by dividing net income available to common shareholders or unitholders by the weighted average number of common shares or units outstanding during the year. Diluted earnings per common share and diluted earnings per common unit are computed by dividing net income available to common shareholders or unitholders by the weighted average number of common shares or units and common share or unit equivalents outstanding during the year, which are computed using the treasury stock method for outstanding stock options. Common share and unit equivalents are excluded from the computations in years in which they have an anti-dilutive effect. The computation of basic and diluted earnings per share and basic and diluted earnings per common unit for income from continuing operations is detailed in notes 6 and 7 for the Company and the Operating Partnership, respectively. | ||||
Noncontrolling interests | Noncontrolling interests | |||
The Company accounts for noncontrolling interests in accordance with ASC Topic 810, “Consolidation.” ASC Topic 810, in conjunction with other existing GAAP, established criterion used to evaluate the characteristics of noncontrolling interests in consolidated entities to determine whether noncontrolling interests are classified and accounted for as permanent equity or “temporary” equity (presented between liabilities and permanent equity on the consolidated balance sheet). ASC Topic 810 also clarified the treatment of noncontrolling interests with redemption provisions. If a noncontrolling interest has a redemption feature that permits the issuer to settle in either cash or common shares at the option of the issuer but the equity settlement feature is deemed to be outside of the control of the issuer, then those noncontrolling interests are classified as “temporary” equity. At December 31, 2014 and 2013, the Company had two types of noncontrolling interests, (1) noncontrolling interests related to the common unitholders of its Operating Partnership (see note 5) and (2) noncontrolling interests related to its consolidated real estate entities (none as of December 31, 2014). | ||||
The Company accounts for the redemption of noncontrolling interests in the Operating Partnership in exchange for shares of company common stock at fair value in accordance with ASC Topic 810. These transactions result in a reduction in the noncontrolling interest of common unitholders in the Operating Partnership and a corresponding increase in equity in the accompanying consolidated balance sheet at the date of conversion. In accordance with guidance in ASC Topic 810 the noncontrolling interest in the Operating Partnership is carried at the greater of its redemption value or net book value. | ||||
Use of estimates | Use of estimates | |||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Recently issued accounting pronouncements | Recently issued accounting pronouncements | |||
In May 2014, Accounting Standards Update No. 2014-09 (“ASU 2014-09”), “Revenue from Contracts with Customers,” was issued. This new guidance establishes a single comprehensive revenue recognition model under U.S. GAAP and provides for enhanced disclosures. Under this new guidance, the amount of revenue recognized for certain transactions could differ from amounts recognized under existing accounting guidance and could also result in recognition in different reporting periods. Also, the provisions of ASU 2014-09 exclude revenue recognition regarding lease contracts. The new guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is prohibited. The Company expects to adopt ASU 2014-09 as of January 1, 2017 and is currently evaluating the impact that this new guidance may have on its results of operations. | ||||
In April 2014, Accounting Standards Update No. 2014-08 (“ASU 2014-08”), “Reporting Discontinued Operations and Disclosures of Disposals of Components of Entity” was issued. This guidance amends ASC Topics 360 and 205 and changes the requirements for reporting discontinued operations. Under the new guidance, a disposal of a component of an entity or a group of components of an entity shall be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The new guidance also modifies the disclosure requirements for disposals reported as discontinued operations and for other significant disposals not reported as discontinued operations. Generally, the new guidance will result in fewer asset disposals being reported as discontinued operations in the Company’s financial statements. ASU 2014-08 is to be applied prospectively for periods on or after December 31, 2014 with early adoption permitted, but only for assets held for sale or sold that have not been reported in previously issued financial statements. The Company early adopted ASU 2014-08, effective as of January 1, 2014 (see note 2). |
ORGANIZATION_AND_SUMMARY_OF_SI2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Supplemental cash flow information | Supplemental cash flow information | ||||||||||||
Supplemental cash flow information for 2014, 2013 and 2012 was as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest paid, net of interest capitalized | $ | 41,214 | $ | 45,557 | $ | 45,883 | |||||||
Interest paid, including interest capitalized | 44,329 | 49,519 | 51,417 | ||||||||||
Income tax payments, net | 1,166 | 1,192 | 3 | ||||||||||
Non-cash investing and financing activities: | |||||||||||||
Dividends and distributions payable | 21,852 | 17,928 | 13,653 | ||||||||||
Conversions of redeemable common units | 784 | 354 | 591 | ||||||||||
Common stock 401k matching contribution | 658 | 670 | 639 | ||||||||||
Construction and property capital expenditure cost accruals, increase (decrease) | (2,821 | ) | (8,435 | ) | 7,422 | ||||||||
Adjustments to equity related to redeemable common units and other, net increase (decrease) | (2,538 | ) | 819 | (850 | ) | ||||||||
REAL_ESTATE_ACTIVITIES_Tables
REAL ESTATE ACTIVITIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Real Estate [Abstract] | |||||||||||||
Net Income Attributable to Noncontrolling Interest | The net income and net income attributable to the Company, including gains on sales of real estate assets and debt extinguishment losses related to these communities for 2014, 2013 and 2012 is as follows: | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 176,041 | $ | 2,717 | $ | 2,916 | |||||||
Net income, net of noncontrolling interest | $ | 153,456 | $ | 2,610 | $ | 2,781 | |||||||
Summary of Revenues and Expenses of Income from Discontinued Operations | The revenues and expenses for this community in 2013 and 2012 were as follows: | ||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Revenues | |||||||||||||
Rental | $ | 3,557 | $ | 4,155 | |||||||||
Other property revenues | 356 | 422 | |||||||||||
Total revenues | 3,913 | 4,577 | |||||||||||
Expenses | |||||||||||||
Property operating and maintenance | 1,679 | 1,903 | |||||||||||
Depreciation | 527 | 778 | |||||||||||
Interest | 289 | 391 | |||||||||||
Total expenses | 2,495 | 3,072 | |||||||||||
Income from discontinued property operations | $ | 1,418 | $ | 1,505 | |||||||||
Revenues Costs and Expenses Associated with Consolidated Condominium Activities | The revenues, costs and expenses associated with consolidated condominium activities included in continuing operations in 2014, 2013 and 2012 was as follows: | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Condominium revenues | $ | 2,442 | $ | 68,168 | $ | 89,698 | |||||||
Condominium costs and expenses | (178 | ) | (40,224 | ) | (54,037 | ) | |||||||
Net gains on sales of residential condominiums | 2,264 | 27,944 | 35,661 | ||||||||||
Net gain on sale of retail condominium | 281 | — | — | ||||||||||
Income tax benefit | — | — | 612 | ||||||||||
Net gains on sales of condominiums | $ | 2,545 | $ | 27,944 | $ | 36,273 | |||||||
INVESTMENTS_IN_UNCONSOLIDATED_1
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES (Tables) (Unconsolidated Properties [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Unconsolidated Properties [Member] | |||||||||||||
Summary of Financial Information for Apartment LLCs | A summary of financial information for the Apartment LLCs in the aggregate is as follows: | ||||||||||||
December 31, | |||||||||||||
Apartment LLCs - Balance Sheet Data | 2014 | 2013 | |||||||||||
Real estate assets, net of accumulated depreciation of $49,153 and $43,649 at December 31, 2014 and 2013, respectively | $ | 208,493 | $ | 209,132 | |||||||||
Cash and other | 5,490 | 4,978 | |||||||||||
Total assets | $ | 213,983 | $ | 214,110 | |||||||||
Mortgage notes payable | $ | 177,723 | $ | 177,723 | |||||||||
Other liabilities | 3,445 | 2,673 | |||||||||||
Total liabilities | 181,168 | 180,396 | |||||||||||
Members’ equity | 32,815 | 33,714 | |||||||||||
Total liabilities and members’ equity | $ | 213,983 | $ | 214,110 | |||||||||
Company’s equity investment in Apartment LLCs (1) | $ | (12,565 | ) | $ | (12,631 | ) | |||||||
-1 | At December 31, 2014 and 2013, the Company’s equity investment includes its credit investments of $16,624 and $16,687, respectively, discussed above. | ||||||||||||
Schedule of Operation for Apartment LLCs | |||||||||||||
Year ended December 31, | |||||||||||||
Apartment LLCs - Income Statement Data | 2014 | 2013 | 2012 | ||||||||||
Revenues | |||||||||||||
Rental | $ | 26,502 | $ | 25,692 | $ | 24,659 | |||||||
Other property revenues | 1,857 | 1,881 | 1,844 | ||||||||||
Total revenues | 28,359 | 27,573 | 26,503 | ||||||||||
Expenses | |||||||||||||
Property operating and maintenance | 11,939 | 10,955 | 10,541 | ||||||||||
Depreciation and amortization | 5,608 | 5,421 | 5,768 | ||||||||||
Interest | 9,052 | 9,052 | 9,181 | ||||||||||
Total expenses | 26,599 | 25,428 | 25,490 | ||||||||||
Net income (loss) from continuing operations | 1,760 | 2,145 | 1,013 | ||||||||||
Income (loss) from discontinued operations | — | — | 21,667 | ||||||||||
Net income | $ | 1,760 | $ | 2,145 | $ | 22,680 | |||||||
Company’s share of net income in Apartment LLCs | $ | 1,788 | $ | 2,090 | $ | 7,995 | |||||||
INDEBTEDNESS_Tables
INDEBTEDNESS (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Schedule of Indebtedness | At December 31, 2014 and 2013, the Company’s indebtedness consisted of the following: | ||||||||||||||
Description | Payment | Interest Rate | Maturity | December 31, | |||||||||||
Terms | Date | 2014 | 2013 | ||||||||||||
Senior Unsecured Notes | Int. | 3.375% - 4.75% | 2017 - 2022 (1) | $ | 400,000 | $ | 400,000 | ||||||||
Unsecured Bank Term Loan | Int. | LIBOR + 1.70% (2) | 2018 | 300,000 | 300,000 | ||||||||||
Secured Mortgage Notes | Prin. and Int. | 5.99% | 2019 | 192,459 | 398,734 | ||||||||||
Total | $ | 892,459 | $ | 1,098,734 | |||||||||||
-1 | The outstanding unsecured notes mature in 2017 and 2022. | ||||||||||||||
-2 | Represents stated rate at December 31, 2014. As discussed below, the Company has entered into interest rate swap arrangements that effectively fix the interest rate under this facility. At December 31, 2014, the effective blended interest rate under the Term Loan was 3.24%. As discussed below, the Company refinanced this facility in January 2015. | ||||||||||||||
Schedule of Aggregate Maturities of Indebtedness | The aggregate maturities of the Company’s indebtedness are as follows: | ||||||||||||||
2015 | $ | 2,922 | |||||||||||||
2016 | 3,071 | ||||||||||||||
2017 | 153,296 | ||||||||||||||
2018 | 303,502 | ||||||||||||||
2019 | 179,668 | ||||||||||||||
Thereafter | 250,000 | ||||||||||||||
$ | 892,459 | ||||||||||||||
EQUITY_AND_NONCONTROLLING_INTE1
EQUITY AND NONCONTROLLING INTERESTS (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||
Cumulative Redeemable Preferred Stock | Preferred stock | ||||||||||||||||||||||
At December 31, 2014, the Company had one outstanding series of cumulative redeemable preferred stock with the following characteristics: | |||||||||||||||||||||||
Description | Outstanding | Liquidation | Optional | Redemption | Stated | Approximate | |||||||||||||||||
Shares | Preference | Redemption | Price(1) | Dividend | Dividend | ||||||||||||||||||
Date (1) | Yield | Rate | |||||||||||||||||||||
(per share) | (per share) | (per share) | |||||||||||||||||||||
Series A | 868 | $ | 50 | 10/1/26 | $ | 50 | 8.5 | % | $ | 4.25 | |||||||||||||
-1 | The redemption price is the price at which the preferred stock is redeemable, at the Company’s option, for cash. | ||||||||||||||||||||||
Schedule of Redeemable Common Units | A roll-forward of activity relating to the Company’s redeemable common units for 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Redeemable common units, beginning of period | $ | 6,121 | $ | 7,159 | $ | 6,840 | |||||||||||||||||
Comprehensive income | 508 | 301 | 194 | ||||||||||||||||||||
Conversion of redeemable common units for shares | (784 | ) | (354 | ) | (591 | ) | |||||||||||||||||
Adjustment for ownership interest of redeemable common units | 425 | 192 | 416 | ||||||||||||||||||||
Stock-based compensation | 10 | 9 | 7 | ||||||||||||||||||||
Distributions to common unitholders | (199 | ) | (175 | ) | (141 | ) | |||||||||||||||||
Adjustment to redemption value of redeemable common units | 1,005 | (1,011 | ) | 434 | |||||||||||||||||||
Redeemable common units, end of period | $ | 7,086 | $ | 6,121 | $ | 7,159 | |||||||||||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Schedule of Computation of Basic and Diluted Net Income Per Share | In 2014, 2013 and 2012, a reconciliation of the numerator and denominator used in the computation of basic and diluted income from continuing operations available to common shareholders of the Company was as follows: | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income from continuing operations available to common shareholders (numerator): | |||||||||||||
Income from continuing operations | $ | 238,183 | $ | 81,122 | $ | 82,786 | |||||||
Noncontrolling interests - consolidated real estate entities | (22,554 | ) | (107 | ) | (135 | ) | |||||||
Noncontrolling interests - Operating Partnership | (509 | ) | (202 | ) | (213 | ) | |||||||
Preferred stock dividends | (3,688 | ) | (3,688 | ) | (3,688 | ) | |||||||
Unvested restricted stock (allocation of earnings) | (481 | ) | (170 | ) | (183 | ) | |||||||
Income from continuing operations available to common shareholders | $ | 210,951 | $ | 76,955 | $ | 78,567 | |||||||
Common shares (denominator): | |||||||||||||
Weighted average shares outstanding - basic | 54,262 | 54,336 | 53,821 | ||||||||||
Dilutive shares from stock options | 91 | 172 | 310 | ||||||||||
Weighted average shares outstanding - diluted | 54,353 | 54,508 | 54,131 | ||||||||||
Per-share amount: | |||||||||||||
Basic | $ | 3.89 | $ | 1.42 | $ | 1.46 | |||||||
Diluted | $ | 3.88 | $ | 1.41 | $ | 1.45 | |||||||
Post Apartment Homes, L.P. [Member] | |||||||||||||
Schedule of Computation of Basic and Diluted Net Income Per Share | In 2014, 2013 and 2012, a reconciliation of the numerator and denominator used in the computation of basic and diluted income from continuing operations available to common unitholders of the Operating Partnership was as follows: | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income from continuing operations available to common unitholders (numerator): | |||||||||||||
Income from continuing operations | $ | 238,183 | $ | 81,122 | $ | 82,786 | |||||||
Noncontrolling interests - consolidated real estate entities | (22,554 | ) | (107 | ) | (135 | ) | |||||||
Preferred unit distributions | (3,688 | ) | (3,688 | ) | (3,688 | ) | |||||||
Unvested restricted stock (allocation of earnings) | (481 | ) | (170 | ) | (183 | ) | |||||||
Income from continuing operations available to common unitholders | $ | 211,460 | $ | 77,157 | $ | 78,780 | |||||||
Common units (denominator): | |||||||||||||
Weighted average units outstanding - basic | 54,392 | 54,478 | 53,968 | ||||||||||
Dilutive units from stock options | 91 | 172 | 310 | ||||||||||
Weighted average units outstanding - diluted | 54,483 | 54,650 | 54,278 | ||||||||||
Per-unit amount: | |||||||||||||
Basic | $ | 3.89 | $ | 1.42 | $ | 1.46 | |||||||
Diluted | $ | 3.88 | $ | 1.41 | $ | 1.45 | |||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Reconciliation of Net Income to Taxable Income | A reconciliation of net income available to the Company to estimated taxable income for 2014, 2013 and 2012 is detailed below: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Net income available to the Company | $ | 215,120 | $ | 110,534 | $ | 83,939 | |||||||||||||||||||
Add (subtract) net loss (income) of taxable REIT subsidiaries | (4,088 | ) | (26,842 | ) | (33,956 | ) | |||||||||||||||||||
Adjusted net income available to the Company | 211,032 | 83,692 | 49,983 | ||||||||||||||||||||||
Book/tax depreciation difference | (5,104 | ) | (3,770 | ) | (2,611 | ) | |||||||||||||||||||
Book/tax difference in gain/loss transactions | (44,839 | ) | (28,306 | ) | 1,804 | ||||||||||||||||||||
Book/tax difference on stock-based compensation | (8,657 | ) | (1,810 | ) | (15,706 | ) | |||||||||||||||||||
Book/tax difference relating to change in tax regulations | (49,808 | ) | - | - | |||||||||||||||||||||
Other book/tax differences, net | 2,910 | 6,068 | (1,267 | ) | |||||||||||||||||||||
Taxable income of the Company before allocation of taxable capital gains | 105,534 | 55,874 | 32,203 | ||||||||||||||||||||||
Income taxable as capital gains | (117,551 | ) | - | (7,843 | ) | ||||||||||||||||||||
Taxable ordinary income (loss) of the Company | $ | (12,017 | ) | $ | 55,874 | $ | 24,360 | ||||||||||||||||||
Income Tax Characterization of Dividends | A summary of the income tax characterization of the Company’s dividends paid per common share is as follows for 2014, 2013 and 2012: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Amount (1) | % (1) | Amount (1) | % (1) | Amount (1) | % (1) | ||||||||||||||||||||
Ordinary income | $ | - | - | % | $ | 1.15 | 99.4 | % | $ | 0.53 | 56.6 | % | |||||||||||||
Capital gains | 0.83 | 55.8 | 0.01 | 0.6 | 0.07 | 7 | |||||||||||||||||||
Unrecaptured Section 1250 gains | 0.66 | 44.2 | - | - | 0.06 | 6.9 | |||||||||||||||||||
Return of capital | - | - | - | - | 0.28 | 29.5 | |||||||||||||||||||
Total | $ | 1.49 | 100 | % | $ | 1.16 | 100 | % | $ | 0.94 | 100 | % | |||||||||||||
-1 | The amounts and percentages detailed in the table above represent average amounts for the years presented. Actual quarterly amounts may differ. |
STOCKBASED_COMPENSATION_PLANS_
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||
Schedule of Assumptions Used in Black-Scholes Option-Pricing Model | The weighted average assumptions used in the Black-Scholes option-pricing model are as follows: | ||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Dividend yield | 2.80% | 2.00% | 2 | % | |||||||||||||||||||||
Expected volatility | 43.00% | 43.10% | 43.3 | % | |||||||||||||||||||||
Risk-free interest rate | 1.80% | 1.10% | 1.1 | % | |||||||||||||||||||||
Expected option term (years) | 6.0 years | 6.0 years | 6.0 years | ||||||||||||||||||||||
Summary of Activity Related to Company's Restricted Stock | A summary of the activity related to the Company’s restricted stock for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Weighted-Avg. | Shares | Weighted-Avg. | Shares | Weighted-Avg. | ||||||||||||||||||||
Grant-Date | Grant-Date | Grant-Date | |||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Unvested shares, beginning of period | 75 | $ | 48 | 65 | $ | 42 | 84 | $ | 29 | ||||||||||||||||
Granted (1) | 63 | 48 | 75 | 50 | 59 | 45 | |||||||||||||||||||
Vested | (62 | ) | 47 | (64 | ) | 44 | (78 | ) | 30 | ||||||||||||||||
Forfeited | - | - | (1 | ) | 50 | - | - | ||||||||||||||||||
Unvested shares, end of period | 76 | 49 | 75 | 48 | 65 | 42 | |||||||||||||||||||
-1 | The total value of the restricted share grants in 2014, 2013 and 2012 was $3,038, $3,743 and $2,657, respectively. | ||||||||||||||||||||||||
Summary of Stock Option Activity Under All Plans | A summary of stock option activity under all plans in 2014, 2013 and 2012, is presented below: | ||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2011 | |||||||||||||||||||||||
Shares | Exercise Price | Shares | Exercise Price | Shares | Exercise Price | ||||||||||||||||||||
Options outstanding, beginning of period | 539 | $ | 36 | 685 | $ | 34 | 1,501 | $ | 31 | ||||||||||||||||
Granted | 35 | 47 | 29 | 50 | 29 | 44 | |||||||||||||||||||
Exercised | (426 | ) | 33 | (174 | ) | 29 | (845 | ) | 30 | ||||||||||||||||
Forfeited | - | - | (1 | ) | 50 | - | - | ||||||||||||||||||
Options outstanding, end of period (1) | 148 | 46 | 539 | 36 | 685 | 34 | |||||||||||||||||||
Options exercisable, end of period (1) | 86 | 46 | 486 | 35 | 617 | 34 | |||||||||||||||||||
Options vested and expected to vest, end of period (1) | 145 | 46 | 536 | 36 | 682 | 34 | |||||||||||||||||||
Weighted average fair value of options granted during the period | $ | 15.21 | $ | 17.26 | $ | 15.18 | |||||||||||||||||||
-1 | At December 31, 2014, the aggregate intrinsic value of stock options outstanding, exercisable and vested/expected to vest was $1,827, $1,127 and $1,795, respectively. At that same date, the weighted average remaining contractual lives of stock options outstanding, exercisable and vested/expected to vest was 5.6 years, 3.6 years and 5.6 years, respectively. | ||||||||||||||||||||||||
Schedule of Outstanding Options into Two Ranges, Based on Exercise Prices | At December 31, 2014, the Company segregated its outstanding options into two ranges, based on exercise prices, as follows: | ||||||||||||||||||||||||
Option Ranges | Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Shares | Weighted Avg. | Weighted Avg. Life | Shares | Weighted Avg. | |||||||||||||||||||||
Exercise Price | (Years) | Exercise Price | |||||||||||||||||||||||
$37.04 - $46.93 | 80 | $ | 44 | 6.8 | 35 | $ | 42 | ||||||||||||||||||
$48.00 - $50.30 | 68 | 49 | 4.3 | 51 | 48 | ||||||||||||||||||||
Total | 148 | 46 | 5.6 | 86 | 46 | ||||||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Future Minimum Lease Payments | Future minimum lease payments for non-cancelable land, equipment and other leases at December 31, 2014, were as follows: | ||||
2015 | $ | 625 | |||
2016 | 627 | ||||
2017 | 637 | ||||
2018 | 637 | ||||
2019 | 651 | ||||
2020 and thereafter | 63,690 |
FAIR_VALUE_MEASURES_AND_FINANC1
FAIR VALUE MEASURES AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Schedule of Effect of Interest Rate Swaps Designated as Cash Flow Hedges | The following table summarizes the effect of these Interest Rate Swaps (designated as cash flow hedges) on the Company’s consolidated statements of operations and comprehensive income for 2014 and 2013: | ||||||||||||
Year ended December 31, | |||||||||||||
Interest Rate Swap / Cash Flow Hedging Instruments | 2014 | 2013 | 2012 | ||||||||||
Gain (loss) recognized in other comprehensive income | $ | (4,449 | ) | $ | 4,191 | $ | (11,804 | ) | |||||
Loss reclassified from accumulated other comprehensive income (loss) into interest expense | $ | (4,192 | ) | $ | (4,091 | ) | $ | (2,735 | ) | ||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment's Contribution to Consolidated Revenues and Net Operating Income | Asset cost, depreciation and amortization by segment are not presented because such information at the segment level is not reported internally. | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | |||||||||||||
Fully stabilized communities | $ | 306,657 | $ | 298,578 | $ | 284,528 | |||||||
Newly stabilized communities | 17,401 | 14,178 | 1,779 | ||||||||||
Lease-up communities | 13,012 | 2,587 | - | ||||||||||
Acquired communities | 4,978 | 2,762 | - | ||||||||||
Held for sale or sold communities | 14,168 | 23,025 | 22,281 | ||||||||||
Other property segments | 20,604 | 20,735 | 20,896 | ||||||||||
Other | 992 | 872 | 850 | ||||||||||
Consolidated revenues | $ | 377,812 | $ | 362,737 | $ | 330,334 | |||||||
Contribution to Property Net Operating Income | |||||||||||||
Fully stabilized communities | $ | 188,064 | $ | 184,712 | $ | 176,239 | |||||||
Newly stabilized communities | 10,809 | 8,029 | (6 | ) | |||||||||
Lease-up communities | 6,653 | 609 | - | ||||||||||
Acquired communities | 3,089 | 1,747 | - | ||||||||||
Held for sale or sold communities | 7,157 | 12,725 | 12,880 | ||||||||||
Other property segments, including corporate management expenses | (1,911 | ) | (1,218 | ) | (1,404 | ) | |||||||
Consolidated property net operating income | 213,861 | 206,604 | 187,709 | ||||||||||
Interest income | 135 | 77 | 393 | ||||||||||
Other revenues | 992 | 872 | 850 | ||||||||||
Depreciation | (84,759 | ) | (85,608 | ) | (79,367 | ) | |||||||
Interest expense | (40,286 | ) | (44,704 | ) | (46,028 | ) | |||||||
Amortization of deferred financing costs | (2,282 | ) | (2,573 | ) | (2,695 | ) | |||||||
General and administrative | (17,898 | ) | (17,245 | ) | (16,342 | ) | |||||||
Investment and development | (2,366 | ) | (1,755 | ) | (1,317 | ) | |||||||
Other investment costs | (768 | ) | (1,324 | ) | (1,401 | ) | |||||||
Severance, impairment and other | (2,266 | ) | (2,417 | ) | - | ||||||||
Gains on condominium sales activities, net | 2,545 | 27,944 | 36,273 | ||||||||||
Equity in income of unconsolidated real estate entities, net | 1,788 | 2,090 | 7,995 | ||||||||||
Other income (expense), net | 19 | (839 | ) | 1,034 | |||||||||
Net loss on extinguishment of indebtedness | (18,357 | ) | - | (4,318 | ) | ||||||||
Income from continuing operations, before gains on sales of real estate assets | 50,358 | 81,122 | 82,786 | ||||||||||
Gains on sales of real estate assets | 187,825 | - | - | ||||||||||
Income from discontinued operations | - | 29,798 | 1,505 | ||||||||||
Net income | $ | 238,183 | $ | 110,920 | $ | 84,291 | |||||||
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Schedule of Quarterly Financial Information | Quarterly financial information in 2014 and 2013 was as follows: | ||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenues | $ | 93,512 | $ | 95,026 | $ | 96,461 | $ | 92,813 | |||||||||
Income from continuing operations | 14,253 | 47,991 | 156,435 | 19,504 | |||||||||||||
Income from discontinued operations | - | - | - | - | |||||||||||||
Net income | 14,253 | 47,991 | 156,435 | 19,504 | |||||||||||||
Noncontrolling interests | (17 | ) | (272 | ) | (22,729 | ) | (45 | ) | |||||||||
Dividends to preferred shareholders | (922 | ) | (922 | ) | (922 | ) | (922 | ) | |||||||||
Net income available to common shareholders | $ | 13,314 | $ | 46,797 | $ | 132,784 | $ | 18,537 | |||||||||
Earnings per common share: | |||||||||||||||||
Net income available to common shareholders – basic | $ | 0.25 | $ | 0.86 | $ | 2.44 | $ | 0.34 | |||||||||
Net income available to common shareholders – diluted | $ | 0.24 | $ | 0.86 | $ | 2.44 | $ | 0.34 | |||||||||
Year ended December 31, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenues | $ | 86,358 | $ | 89,280 | $ | 93,394 | $ | 93,705 | |||||||||
Income from continuing operations | 19,957 | 27,171 | 18,632 | 15,362 | |||||||||||||
Income from discontinued operations | 433 | 443 | 421 | 28,501 | |||||||||||||
Net income | 20,390 | 27,614 | 19,053 | 43,863 | |||||||||||||
Noncontrolling interests | (48 | ) | (126 | ) | (80 | ) | (132 | ) | |||||||||
Dividends to preferred shareholders | (922 | ) | (922 | ) | (922 | ) | (922 | ) | |||||||||
Net income available to common shareholders | $ | 19,420 | $ | 26,566 | $ | 18,051 | $ | 42,809 | |||||||||
Earnings per common share: | |||||||||||||||||
Net income available to common shareholders – basic | $ | 0.36 | $ | 0.49 | $ | 0.33 | $ | 0.79 | |||||||||
Net income available to common shareholders – diluted | $ | 0.35 | $ | 0.48 | $ | 0.33 | $ | 0.79 | |||||||||
Post Apartment Homes, L.P. [Member] | |||||||||||||||||
Schedule of Quarterly Financial Information | Quarterly financial information in 2014 and 2013 was as follows: | ||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenues | $ | 93,512 | $ | 95,026 | $ | 96,461 | $ | 92,813 | |||||||||
Income from continuing operations | 14,253 | 47,991 | 156,435 | 19,504 | |||||||||||||
Income from discontinued operations | - | - | - | - | |||||||||||||
Net income | 14,253 | 47,991 | 156,435 | 19,504 | |||||||||||||
Noncontrolling interests – consolidated real estate entities | 16 | (154 | ) | (22,416 | ) | - | |||||||||||
Distributions to preferred unitholders | (922 | ) | (922 | ) | (922 | ) | (922 | ) | |||||||||
Net income available to common unitholders | $ | 13,347 | $ | 46,915 | $ | 133,097 | $ | 18,582 | |||||||||
Earnings per common unit: | |||||||||||||||||
Net income available to common unitholders – basic | $ | 0.25 | $ | 0.86 | $ | 2.44 | $ | 0.34 | |||||||||
Net income available to common unitholders – diluted | $ | 0.24 | $ | 0.86 | $ | 2.44 | $ | 0.34 | |||||||||
Year ended December 31, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenues | $ | 86,358 | $ | 89,280 | $ | 93,394 | $ | 93,705 | |||||||||
Income from continuing operations | 19,957 | 27,171 | 18,632 | 15,362 | |||||||||||||
Income from discontinued operations | 433 | 443 | 421 | 28,501 | |||||||||||||
Net income | 20,390 | 27,614 | 19,053 | 43,863 | |||||||||||||
Noncontrolling interests – consolidated real estate entities | 3 | (58 | ) | (32 | ) | (20 | ) | ||||||||||
Distributions to preferred unitholders | (922 | ) | (922 | ) | (922 | ) | (922 | ) | |||||||||
Net income available to common unitholders | $ | 19,471 | $ | 26,634 | $ | 18,099 | $ | 42,921 | |||||||||
Earnings per common unit: | |||||||||||||||||
Net income available to common unitholders – basic | $ | 0.36 | $ | 0.49 | $ | 0.33 | $ | 0.79 | |||||||||
Net income available to common unitholders – diluted | $ | 0.35 | $ | 0.48 | $ | 0.33 | $ | 0.79 |
Recovered_Sheet1
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property | |||
Apartment | |||
Real Estate Properties [Line Items] | |||
Number of units in real estate property | 22,994 | ||
Number of real estate properties | 58 | ||
Common stock, shares outstanding | 54,509,000 | 54,191,000 | |
Common units, shares outstanding | 54,509,000 | ||
Ownership interest percentage in Operating Partnership | 99.80% | 99.70% | 99.70% |
Common units held by persons other than the Company | 121,000 | ||
Noncontrolling interest, ownership percentage by noncontrolling owners | 0.20% | ||
Number of shares for redemption of each common unit | 1 | ||
Operating leases term (in years) | 1 year | ||
Revenue recognized lease (in years) | 1 year | ||
Aggregate interest costs capitalized to projects under development or construction | $3,115 | $3,962 | $5,534 |
Development or construction costs | $2,794 | $2,900 | $3,755 |
Unconsolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of units in real estate property | 1,471 | ||
Number of real estate properties | 4 | ||
Unconsolidated Properties [Member] | Atlanta, Georgia [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 3 | ||
Unconsolidated Properties [Member] | Washington, D.C. [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 1 | ||
Under Development [Member] | |||
Real Estate Properties [Line Items] | |||
Number of units in real estate property | 1,705 | ||
Number of real estate properties | 5 | ||
Cost Capitalization [Member] | |||
Real Estate Properties [Line Items] | |||
Weighted average borrowing costs, percentage | 4.60% | 4.60% | 5.40% |
Operating Communities [Member] | Geographic Concentration Risk [Member] | Atlanta, Georgia [Member] | |||
Real Estate Properties [Line Items] | |||
Concentration of location for communities, percentage | 29.10% | ||
Operating Communities [Member] | Geographic Concentration Risk [Member] | Dallas, Texas [Member] | |||
Real Estate Properties [Line Items] | |||
Concentration of location for communities, percentage | 21.90% | ||
Operating Communities [Member] | Geographic Concentration Risk [Member] | Washington, D.C. [Member] | |||
Real Estate Properties [Line Items] | |||
Concentration of location for communities, percentage | 13.50% | ||
Operating Communities [Member] | Geographic Concentration Risk [Member] | Tampa, Florida [Member] | |||
Real Estate Properties [Line Items] | |||
Concentration of location for communities, percentage | 10.90% | ||
Minimum [Member] | Residential Leases [Member] | |||
Real Estate Properties [Line Items] | |||
Average remaining lease term | 6 months | ||
Minimum [Member] | Retail Leases [Member] | |||
Real Estate Properties [Line Items] | |||
Average remaining lease term | 5 years | ||
Maximum [Member] | Residential Leases [Member] | |||
Real Estate Properties [Line Items] | |||
Average remaining lease term | 12 months | ||
Maximum [Member] | Retail Leases [Member] | |||
Real Estate Properties [Line Items] | |||
Average remaining lease term | 10 years | ||
Buildings and Components [Member] | |||
Real Estate Properties [Line Items] | |||
Estimated useful life (in years) | 40 years | ||
Other Building and Land Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Estimated useful life (in years) | 20 years | ||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||
Real Estate Properties [Line Items] | |||
Estimated useful life (in years) | 5 years | ||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Estimated useful life (in years) | 10 years |
Recovered_Sheet2
Organization and Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Interest paid, net of capitalized | $41,214 | $45,557 | $45,883 |
Interest paid, including interest capitalized | 44,329 | 49,519 | 51,417 |
Income tax payments, net | 1,166 | 1,192 | 3 |
Non-cash investing and financing activities: | |||
Dividends and distributions payable | 21,852 | 17,928 | 13,653 |
Conversions of redeemable common units | 784 | 354 | 591 |
Common stock 401k matching contribution | 658 | 670 | 639 |
Construction and property capital expenditure cost accruals, increase (decrease) | -2,821 | -8,435 | 7,422 |
Adjustments to equity related to redeemable common units and other, net increase (decrease) | ($2,538) | $819 | ($850) |
Real_Estate_Activities_Acquisi
Real Estate Activities (Acquisitions) - Additional Information (Detail) (USD $) | 1 Months Ended | |
In Thousands, unless otherwise specified | 31-May-13 | Dec. 31, 2014 |
Apartment | Apartment | |
Real Estate Properties [Line Items] | ||
Number of units in real estate property | 22,994 | |
Post Lakeside [Member] | ||
Real Estate Properties [Line Items] | ||
Number of units in real estate property | 300 | |
Purchase price | $48,500 | |
Purchase price allocation, land | -4,377 | |
Purchase price allocation, building, improvements and equipment | -43,724 | |
Purchase price allocation, identified lease related intangible assets | ($399) |
Real_Estate_Activities_Disposi
Real Estate Activities (Dispositions) - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | 31-May-14 |
Property | Apartment | Apartment | ||
Apartment | Community | |||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 58 | |||
Number of units in real estate property | 22,994 | |||
Net gain on sale of apartment community | $187,825 | |||
Gains on sales of real estate assets | 28,380 | |||
Assets Held-for-Sale [Member] | Apartment Communities Sold [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 3 | |||
Discontinued Operations [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units in real estate property | 342 | |||
Gains on sales of real estate assets | 28,380 | |||
Net proceeds from sale of building | 47,500 | |||
Discontinued Operations [Member] | Held for Sale [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 0 | |||
Discontinued Operations [Member] | Apartment Communities Sold [Member] | New York [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 2 | |||
Number of units in real estate property | 337 | |||
Apartment community sold approximately for gross proceeds | 270,000 | |||
Net gain on sale of apartment community | 151,733 | |||
One of these communities was held in a consolidated joint venture with Company ownership | 68.00% | |||
Discontinued Operations [Member] | Apartment Communities Sold [Member] | New York [Member] | Total Company Equity [Member] | ||||
Real Estate Properties [Line Items] | ||||
Net gain on sale of apartment community | 127,659 | |||
Discontinued Operations [Member] | Apartment Communities Sold [Member] | Houston, Texas [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 1 | |||
Number of units in real estate property | 308 | |||
Apartment community sold approximately for gross proceeds | 71,750 | |||
Net gain on sale of apartment community | $36,092 | |||
Discontinued Operations [Member] | Assets Held-for-Sale [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units in real estate property | 645 | |||
Discontinued Operations [Member] | Assets Held-for-Sale [Member] | Apartment Communities Sold [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 3 |
Real_Estate_Activities_Net_Inc
Real Estate Activities - Net Income Attributable to Noncontrolling Interest (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Loss From Operations Net Of Non Controlling Interest [Line Items] | |||||||||||
Net income | $19,504 | $156,435 | $47,991 | $14,253 | $43,863 | $19,053 | $27,614 | $20,390 | $238,183 | $110,920 | $84,291 |
Net income, net of noncontrolling interest | 215,120 | 110,534 | 83,939 | ||||||||
Apartment Communities Sold [Member] | Assets Held-for-Sale [Member] | |||||||||||
Income Loss From Operations Net Of Non Controlling Interest [Line Items] | |||||||||||
Net income | 176,041 | 2,717 | 2,916 | ||||||||
Net income, net of noncontrolling interest | $153,456 | $2,610 | $2,781 |
Real_Estate_Activities_Summary
Real Estate Activities - Summary of Revenues and Expenses of Income from Discontinued Operations (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | ||
Rental | $3,557 | $4,155 |
Other property revenues | 356 | 422 |
Total revenues | 3,913 | 4,577 |
Expenses | ||
Property operating and maintenance | 1,679 | 1,903 |
Depreciation | 527 | 778 |
Interest | 289 | 391 |
Total expenses | 2,495 | 3,072 |
Income from discontinued property operations | $1,418 | $1,505 |
Real_Estate_Activities_Condomi
Real Estate Activities (Condominium activities) - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 |
Home | Home | Home | ||
Property | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 58 | |||
Condominium homes sold | 1 | 62 | 96 | |
Reduction to condominium warranty and related obligation | ($1,454) | |||
Net gains on condominium sales activities | 281 | |||
Net gains on condominium sales activities | 2,545 | 27,944 | 36,273 | |
Net carrying value of condominium units | 1,122 | |||
Income tax benefit | 612 | |||
Subsequent Event [Member] | ||||
Real Estate Properties [Line Items] | ||||
Net gains on condominium sales activities | 1,750 | |||
Gross proceeds of Condominium | 2,500 | |||
For-Sale Condominium Homes [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 2 | |||
Assets Held-for-Sale [Member] | ||||
Real Estate Properties [Line Items] | ||||
Net carrying value of condominium units | $672 | |||
Austin Condominium Project [Member] | For-Sale Condominium Homes [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 1 | |||
Atlanta Condominium Project [Member] | For-Sale Condominium Homes [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 1 |
Real_Estate_Activities_Revenue
Real Estate Activities - Revenues Costs and Expenses Associated with Consolidated Condominium Activities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate [Abstract] | |||
Condominium revenues | $2,442 | $68,168 | $89,698 |
Condominium costs and expenses | -178 | -40,224 | -54,037 |
Net gains on sales of residential condominiums | 2,264 | 27,944 | 35,661 |
Net gain on sale of retail condominium | 281 | ||
Income tax benefit | 612 | ||
Net gains on sales of condominiums | $2,545 | $27,944 | $36,273 |
Recovered_Sheet3
Investments in Unconsolidated Real Estate Entities - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 29, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Number of real estate properties | 58 | |||
Investment in owned subsidiaries | $4,059 | $4,056 | ||
Investments in unconsolidated real estate entities | 16,624 | 16,687 | ||
Unconsolidated Properties [Member] | ||||
Equity method investment, ownership percentage | 35.00% | |||
Number of real estate properties | 4 | |||
Investments in unconsolidated real estate entities | 16,624 | 16,687 | ||
Investment over equity underlying net assets | 2,646 | |||
Net proceeds from sale of entire community | 50,500 | |||
Mortgage note payable | 29,273 | 177,723 | 177,723 | |
Equity in income of unconsolidated real estate entities, net | 6,055 | |||
3.50% Mortgage Note Payable [Member] | ||||
Mortgage note payable | 51,000 | |||
Mortgage notes payable bearing interest rate | 3.50% | |||
Mortgage note payable maturity date | 2019 | |||
5.63% Mortgage Notes Payable [Member] | ||||
Mortgage note payable | 85,724 | |||
Mortgage notes payable bearing interest rate | 5.63% | |||
Mortgage note payable maturity date | 2017 | |||
5.71% Mortgage Notes Payable [Member] | ||||
Mortgage note payable | $41,000 | |||
Mortgage notes payable bearing interest rate | 5.71% | |||
Automatic extension period (in years) | 1 year | |||
Mortgage note payable maturity date | Jan-18 | |||
Washington, D.C. [Member] | Unconsolidated Properties [Member] | ||||
Number of real estate properties | 1 | |||
Atlanta, Georgia [Member] | Unconsolidated Properties [Member] | ||||
Number of real estate properties | 3 | |||
Minimum [Member] | Unconsolidated Properties [Member] | ||||
Equity method investment, ownership percentage | 25.00% | |||
Maximum [Member] | Unconsolidated Properties [Member] | ||||
Equity method investment, ownership percentage | 35.00% |
Recovered_Sheet4
Investments in Unconsolidated Real Estate Entities - Summary of Financial Information for Apartment LLCs (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 29, 2012 |
In Thousands, unless otherwise specified | |||||
Real Estate Properties [Line Items] | |||||
Real estate assets, net of accumulated depreciation of $49,153 and $43,649 at December 31, 2014 and 2013, respectively | $2,128,767 | $2,251,139 | |||
Total assets | 2,311,798 | 2,381,677 | |||
Total liabilities | 1,018,752 | 1,222,825 | |||
Members' equity | 1,285,960 | 1,152,731 | 1,119,620 | 1,047,523 | |
Total liabilities and members' equity | 2,311,798 | 2,381,677 | |||
Unconsolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real estate assets, net of accumulated depreciation of $49,153 and $43,649 at December 31, 2014 and 2013, respectively | 208,493 | 209,132 | |||
Cash and other | 5,490 | 4,978 | |||
Total assets | 213,983 | 214,110 | |||
Mortgage notes payable | 177,723 | 177,723 | 29,273 | ||
Other liabilities | 3,445 | 2,673 | |||
Total liabilities | 181,168 | 180,396 | |||
Members' equity | 32,815 | 33,714 | |||
Total liabilities and members' equity | 213,983 | 214,110 | |||
Company's equity investment in Apartment LLCs | ($12,565) | ($12,631) |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Real Estate Entities - Summary of Financial Information for Apartment LLCs (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ||
Real estate assets, accumulated depreciation | $937,310 | $913,018 |
Investments in unconsolidated real estate entities | 16,624 | 16,687 |
Unconsolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate assets, accumulated depreciation | 49,153 | 43,649 |
Investments in unconsolidated real estate entities | $16,624 | $16,687 |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Real Estate Entities - Schedule of Operation for Apartment LLCs (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||||||||||
Rental | $355,583 | $341,902 | $311,021 | ||||||||
Other property revenues | 21,237 | 19,963 | 18,463 | ||||||||
Total revenues | 92,813 | 96,461 | 95,026 | 93,512 | 93,705 | 93,394 | 89,280 | 86,358 | 377,812 | 362,737 | 330,334 |
Expenses | |||||||||||
Property operating and maintenance | 162,959 | 155,261 | 141,775 | ||||||||
Interest | 40,286 | 44,704 | 46,028 | ||||||||
Total expenses | 271,016 | 263,610 | 240,202 | ||||||||
Net income (loss) from continuing operations | 210,951 | 76,955 | 78,567 | ||||||||
Net income available | 215,120 | 110,534 | 83,939 | ||||||||
Company's share of net income in Apartment LLCs | 1,788 | 2,090 | 7,995 | ||||||||
Unconsolidated Properties [Member] | |||||||||||
Revenues | |||||||||||
Rental | 26,502 | 25,692 | 24,659 | ||||||||
Other property revenues | 1,857 | 1,881 | 1,844 | ||||||||
Total revenues | 28,359 | 27,573 | 26,503 | ||||||||
Expenses | |||||||||||
Property operating and maintenance | 11,939 | 10,955 | 10,541 | ||||||||
Depreciation and amortization | 5,608 | 5,421 | 5,768 | ||||||||
Interest | 9,052 | 9,052 | 9,181 | ||||||||
Total expenses | 26,599 | 25,428 | 25,490 | ||||||||
Net income (loss) from continuing operations | 1,760 | 2,145 | 1,013 | ||||||||
Income (loss) from discontinued operations | 21,667 | ||||||||||
Net income available | 1,760 | 2,145 | 22,680 | ||||||||
Company's share of net income in Apartment LLCs | $1,788 | $2,090 | $7,995 |
Indebtedness_Schedule_of_Indeb
Indebtedness - Schedule of Indebtedness (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||
Total | $892,459 | $1,098,734 | |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Payment Terms | Int. | ||
Interest Rate, minimum | 3.38% | ||
Interest Rate, maximum | 4.75% | ||
Unsecured debt | 400,000 | 400,000 | |
Unsecured Bank Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Payment Terms | Int. | ||
Interest Rate, spread over LIBOR | 1.15% | 1.70% | |
Debt instrument, Maturity | 2018 | ||
Unsecured debt | 300,000 | 300,000 | |
Secured Mortgage Notes [Member] | |||
Debt Instrument [Line Items] | |||
Payment Terms | Prin. and Int. | ||
Interest Rate | 5.99% | ||
Debt instrument, Maturity | 2019 | ||
Secured debt | $192,459 | $398,734 | |
Minimum [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, Maturity | 2017 | ||
Maximum [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, Maturity | 2022 |
Indebtedness_Schedule_of_Indeb1
Indebtedness - Schedule of Indebtedness (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Unsecured Bank Term Loan [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, Maturity | 2018 |
Effective blended interest rate | 3.24% |
Minimum [Member] | Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, Maturity | 2017 |
Maximum [Member] | Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, Maturity | 2022 |
Indebtedness_Schedule_of_Aggre
Indebtedness - Schedule of Aggregate Maturities of Indebtedness (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $2,922 | |
2016 | 3,071 | |
2017 | 153,296 | |
2018 | 303,502 | |
2019 | 179,668 | |
Thereafter | 250,000 | |
Total | $892,459 | $1,098,734 |
Indebtedness_Unsecured_lines_o
Indebtedness (Unsecured lines of credit) - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Jan. 31, 2015 |
Debt Instrument [Line Items] | |||
Letters of credit issued | $122 | ||
Net gain (loss) on extinguishment of indebtedness | -18,357 | -4,318 | |
Cash Management Line [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | 30,000 | ||
Interest Rate, spread over LIBOR | 1.23% | ||
Line of credit facility, expiration year | Jan-16 | ||
Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Incurred fees and expenses | 4,002 | ||
Net gain (loss) on extinguishment of indebtedness | -200 | ||
Subsequent Event [Member] | Amended Cash Management Line [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | 30,000 | ||
Line of credit facility, expiration year | 2019 | ||
Number of extension options | 1 | ||
Time period extension option | 1 year | ||
Lines of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | 300,000 | ||
Interest Rate, spread over LIBOR | 1.23% | ||
Line of credit facility annual facility fees percentage | 0.23% | ||
Lines of Credit [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | $300,000 | ||
Interest Rate, spread over LIBOR | 1.05% | ||
Line of credit facility annual facility fees percentage | 0.20% | ||
Line of credit facility, expiration year | 2019 | ||
Interest rate based on credit ratings ranges, minimum | 0.88% | ||
Interest rate based on credit ratings ranges, maximum | 1.55% | ||
Facility fee rate based on credit ratings range, minimum | 0.13% | ||
Facility fee rate based on credit ratings range, maximum | 0.30% | ||
Line of credit facility, competitive bid option for short-term funds, percentage | 50.00% |
Indebtedness_Unsecured_term_lo
Indebtedness (Unsecured term loan) - Additional Information (Detail) (Unsecured Bank Term Loan [Member], USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Term loan facility, borrowing capacity | $300,000 | $300,000 |
Interest Rate, spread over LIBOR | 1.15% | 1.70% |
Interest rate based on credit ratings ranges, minimum | 0.90% | |
Interest rate based on credit ratings ranges, maximum | 1.85% | |
Line of credit facility, expiration year | Jan-20 | |
Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate paid under the Term Loan | 1.54% | |
Effective blended interest rate on the Term Loan | 3.24% |
Indebtedness_Debt_issuances_re
Indebtedness (Debt issuances, retirements and modifications) - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Sep. 30, 2014 | 31-May-14 |
Debt Instrument [Line Items] | ||||
Net gain (loss) on extinguishment of indebtedness | ($18,357) | ($4,318) | ||
New York [Member] | ||||
Debt Instrument [Line Items] | ||||
Prepaid secured mortgage indebtedness | 82,627 | |||
Net gain (loss) on extinguishment of indebtedness | -14,070 | |||
New York [Member] | Total Company Equity [Member] | ||||
Debt Instrument [Line Items] | ||||
Net gain (loss) on extinguishment of indebtedness | -12,333 | |||
First Mortgage Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated rate on the indebtedness | 5.84% | |||
Indebtedness maturity date | 2018 | |||
Second Mortgage Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated rate on the indebtedness | 5.61% | |||
Indebtedness maturity date | 2019 | |||
Secured Mortgage Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated rate on the indebtedness | 5.99% | |||
Indebtedness maturity date | 2019 | |||
Secured Mortgage Notes [Member] | Dallas, Texas [Member] | ||||
Debt Instrument [Line Items] | ||||
Prepaid secured mortgage indebtedness | 120,000 | |||
Stated rate on the indebtedness | 4.88% | |||
Net gain (loss) on extinguishment of indebtedness | ($4,287) | |||
Indebtedness maturity date | 2015-02 |
Indebtedness_Debt_compliance_a
Indebtedness (Debt compliance and other) - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Debt Disclosure [Abstract] | |
Coverage's ratio | 1.5 |
Company's ratio | 2 |
Unencumbered assets to unsecured debt | 1.5 |
Leverage ratio | 60.00% |
Total secured debt to total asset value | 40.00% |
Line of credit facility, covenant terms | The Company's Amended Syndicated Line, Amended Cash Management Line, Amended Term Loan and senior unsecured notes contain customary restrictions, representations, covenants and events of default and require the Company to meet certain financial covenants. Debt service and fixed charge coverage covenants require the Company to maintain coverages of a minimum of 1.5 to 1.0, as defined in applicable debt arrangements |
Aggregate net book value of property pledged | $121,144 |
Recovered_Sheet5
Equity and Noncontrolling Interests (Common stock) - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity And Noncontrolling Interests [Line Items] | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Proceeds from sales of common stock | $25,457 | ||
Stock repurchase program, authorized amount | 200,000 | ||
Repurchased shares of common stock, shares | 0 | 550,000 | 0 |
Repurchased shares of common stock, aggregate cost | 24,800 | ||
Repurchased shares of common stock, average gross price | $45.08 | ||
At-The-Market Common Equity Sales Program [Member] | |||
Equity And Noncontrolling Interests [Line Items] | |||
Common stock, shares authorized | 4,000,000 | ||
Sale of common stock, shares | 550,000 | ||
Sales price per share | $47.55 | ||
At-The-Market Common Equity Sales Program [Member] | Gross [Member] | |||
Equity And Noncontrolling Interests [Line Items] | |||
Proceeds from sales of common stock | 26,153 | ||
At-The-Market Common Equity Sales Program [Member] | Net [Member] | |||
Equity And Noncontrolling Interests [Line Items] | |||
Proceeds from sales of common stock | $25,457 |
Recovered_Sheet6
Equity and Noncontrolling Interests - Cumulative Redeemable Preferred Stock (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Equity And Noncontrolling Interests [Line Items] | ||
Outstanding Shares | 868 | 868 |
Liquidation Preference | $50 | $50 |
8-1/2% Series A Cumulative Redeemable Shares [Member] | ||
Equity And Noncontrolling Interests [Line Items] | ||
Outstanding Shares | 868 | |
Liquidation Preference | $50 | |
Optional Redemption Date | 1-Oct-26 | |
Redemption Price | $50 | |
Stated Dividend Yield | 8.50% | |
Approximate Dividend Rate | $4.25 |
Equity_and_Noncontrolling_Inte2
Equity and Noncontrolling Interests (Noncontrolling interests) - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Equity [Abstract] | ||
Redeemable common units | $7,086 | $6,121 |
Noncontrolling interests in the Operating Partnership, net book value | $7,086 | $6,121 |
Equity_and_Noncontrolling_Inte3
Equity and Noncontrolling Interests - Schedule of Redeemable Common Units (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity And Noncontrolling Interests [Line Items] | |||
Redeemable common units, beginning of period | $6,121 | ||
Comprehensive income | 237,418 | 118,901 | 75,028 |
Conversion of redeemable common units for shares | 784 | 354 | 591 |
Stock-based compensation | 3,990 | 3,638 | 2,930 |
Distributions to common unitholders | -84,901 | -67,433 | -52,551 |
Adjustment to redemption value of redeemable common units | -1,005 | 1,011 | -434 |
Redeemable common units, end of period | 7,086 | 6,121 | |
Redeemable Common Units [Member] | |||
Equity And Noncontrolling Interests [Line Items] | |||
Redeemable common units, beginning of period | 6,121 | 7,159 | 6,840 |
Comprehensive income | 508 | 301 | 194 |
Conversion of redeemable common units for shares | -784 | -354 | -591 |
Adjustment for ownership interest of redeemable common units | 425 | 192 | 416 |
Stock-based compensation | 10 | 9 | 7 |
Distributions to common unitholders | -199 | -175 | -141 |
Adjustment to redemption value of redeemable common units | 1,005 | -1,011 | 434 |
Redeemable common units, end of period | $7,086 | $6,121 | $7,159 |
Company_Earnings_Per_Share_Sch
Company Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income from continuing operations | $19,504 | $156,435 | $47,991 | $14,253 | $15,362 | $18,632 | $27,171 | $19,957 | $238,183 | $81,122 | $82,786 |
Noncontrolling interests - consolidated real estate entities | -22,554 | -107 | -135 | ||||||||
Noncontrolling interests - Operating Partnership | -509 | -279 | -217 | ||||||||
Preferred stock dividends | -922 | -922 | -922 | -922 | -922 | -922 | -922 | -922 | -3,688 | -3,688 | -3,688 |
Unvested restricted stock (allocation of earnings) | -481 | -170 | -183 | ||||||||
Net income (loss) from continuing operations | 210,951 | 76,955 | 78,567 | ||||||||
Weighted average shares outstanding - basic | 54,262 | 54,336 | 53,821 | ||||||||
Dilutive shares from stock options | 91 | 172 | 310 | ||||||||
Weighted average shares outstanding - diluted | 54,353 | 54,508 | 54,131 | ||||||||
Basic | $3.89 | $1.42 | $1.46 | ||||||||
Diluted | $3.88 | $1.41 | $1.45 | ||||||||
Continuing Operations [Member] | |||||||||||
Noncontrolling interests - Operating Partnership | ($202) | ($213) |
Company_Earnings_Per_Share_Add
Company Earnings Per Share - Additional Information (Detail) (Gross Antidilutive [Member]) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gross Antidilutive [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive stock options to purchase common stock | 60 | 186 | 158 |
Operating_Partnership_Earnings
Operating Partnership Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Income from continuing operations | $19,504 | $156,435 | $47,991 | $14,253 | $15,362 | $18,632 | $27,171 | $19,957 | $238,183 | $81,122 | $82,786 |
Noncontrolling interests - consolidated real estate entities | -22,554 | -107 | -135 | ||||||||
Distributions to preferred unitholders | -922 | -922 | -922 | -922 | -922 | -922 | -922 | -922 | -3,688 | -3,688 | -3,688 |
Unvested restricted stock (allocation of earnings) | -481 | -170 | -183 | ||||||||
Net income (loss) from continuing operations | 210,951 | 76,955 | 78,567 | ||||||||
Weighted average units outstanding - basic | 54,262 | 54,336 | 53,821 | ||||||||
Dilutive units from stock options | 91 | 172 | 310 | ||||||||
Weighted average units outstanding - diluted | 54,353 | 54,508 | 54,131 | ||||||||
Basic | $3.89 | $1.42 | $1.46 | ||||||||
Diluted | $3.88 | $1.41 | $1.45 | ||||||||
Post Apartment Homes, L.P. [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Income from continuing operations | 19,504 | 156,435 | 47,991 | 14,253 | 15,362 | 18,632 | 27,171 | 19,957 | 238,183 | 81,122 | 82,786 |
Noncontrolling interests - consolidated real estate entities | -22,416 | -154 | 16 | -20 | -32 | -58 | 3 | -22,554 | -107 | -135 | |
Distributions to preferred unitholders | -922 | -922 | -922 | -922 | -922 | -922 | -922 | -922 | -3,688 | -3,688 | -3,688 |
Unvested restricted stock (allocation of earnings) | -481 | -170 | -183 | ||||||||
Net income (loss) from continuing operations | $211,460 | $77,157 | $78,780 | ||||||||
Weighted average units outstanding - basic | 54,392 | 54,478 | 53,968 | ||||||||
Dilutive units from stock options | 91 | 172 | 310 | ||||||||
Weighted average units outstanding - diluted | 54,483 | 54,650 | 54,278 | ||||||||
Basic | $3.89 | $1.42 | $1.46 | ||||||||
Diluted | $3.88 | $1.41 | $1.45 |
Operating_Partnership_Earnings1
Operating Partnership Earnings Per Unit - Additional Information (Detail) (Gross Antidilutive [Member]) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive stock options to purchase common stock | 60 | 186 | 158 |
Post Apartment Homes, L.P. [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive stock options to purchase common stock | 60 | 186 | 158 |
Severance_Impairment_and_Other
Severance, Impairment and Other - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ||
Severance, impairment and other | $2,266 | $2,417 |
Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance, impairment and other | 1,189 | |
Commercial Property [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance, impairment and other | 450 | |
Software Systems [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance, impairment and other | 1,066 | 592 |
Land Parcel [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance, impairment and other | 400 | |
Natural Disasters and Other Casualty Events [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance, impairment and other | $750 | $236 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Net Income to Taxable Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Net income available to the Company | $215,120 | $110,534 | $83,939 |
Add (subtract) net loss (income) of taxable REIT subsidiaries | -4,088 | -26,842 | -33,956 |
Adjusted net income available to the Company | 211,032 | 83,692 | 49,983 |
Book/tax depreciation difference | -5,104 | -3,770 | -2,611 |
Book/tax difference on gains from real estate sales and other capital loss transactions | -44,839 | -28,306 | 1,804 |
Book/tax difference on stock-based compensation | -8,657 | -1,810 | -15,706 |
Book/tax difference relating to real estate carrying values | -49,808 | ||
Other book/tax differences, net | 2,910 | 6,068 | -1,267 |
Taxable income of the Company before allocation of taxable capital gains | 105,534 | 55,874 | 32,203 |
Taxable income of the Company before allocation of taxable capital gains | 105,534 | 55,874 | 32,203 |
Income taxable as capital gains | -117,551 | -7,843 | |
Taxable ordinary income (loss) of the Company | ($12,017) | $55,874 | $24,360 |
Income_Taxes_Income_Tax_Charac
Income Taxes - Income Tax Characterization of Dividends (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | $1.15 | $0.53 | |
Capital gains | $0.83 | $0.01 | $0.07 |
Unrecaptured Section 1250 gains | $0.66 | $0.06 | |
Return of capital | $0.28 | ||
Dividends paid per common share | $1.49 | $1.16 | $0.94 |
Percentage of Ordinary income | 99.40% | 56.60% | |
Percentage of Capital gains | 55.80% | 0.60% | 7.00% |
Percentage of Unrecaptured Section 1250 gains | 44.20% | 6.90% | |
Percentage of Return of capital | 29.50% | ||
Percentage of dividend paid per common share | 100.00% | 100.00% | 100.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 |
Income Tax Contingency [Line Items] | |||
Basis of net assets for federal income tax purposes | $150,000 | ||
Income tax benefit | 612 | ||
Internal Revenue Service (IRS) [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits, increases resulting from prior period tax positions | $797 |
Recovered_Sheet7
Stock-Based Compensation Plans (Incentive stock plans) - Additional Information (Detail) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of common stock reserved for issuance | 3,469 |
Stock grants counted against the total shares for every share issued | 2.7 |
Stock-based compensation arrangement maximum assumption expected period, years | 10 years |
Description and terms of 2003 incentive stock plan | Incentive stock awards are granted under the Companybs 2003 Incentive Stock Plan, as amended and restated in October 2008 (the b2003 Stock Planb). Under the 2003 Stock Plan, an aggregate of 3,469 shares of common stock were reserved for issuance. Of this amount, stock grants count against the total shares available under the 2003 Stock Plan as 2.7 shares for every one share issued, while options (and stock appreciation rights (bSARb) settled in shares) count against the total shares available as one share for every one share issued on the exercise of an option (or SAR). The exercise price of each option granted under the 2003 Stock Plan may not be less than the market price of the Companybs common stock on the date of the option grant and all options may have a maximum life of ten years. Participants receiving restricted stock grants are generally eligible to vote such shares and receive dividends on such shares. Substantially all stock option and restricted stock grants are subject to annual vesting provisions (generally three to five years) as determined by the compensation committee overseeing the 2003 Stock Plan. |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award vesting period, (in years) | 3 years |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award vesting period, (in years) | 5 years |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans - Schedule of Assumptions Used in Black-Scholes Option-Pricing Model (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend yield | 2.80% | 2.00% | 2.00% |
Expected volatility | 43.00% | 43.10% | 43.30% |
Risk-free interest rate | 1.80% | 1.10% | 1.10% |
Expected option term (years) | 6 years | 6 years | 6 years |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans (Restricted stock) - Additional Information (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense relating to restricted stock | $3,165 | $3,020 | $2,334 |
Unrecognized compensation cost related to unvested stock options | 3,093 | ||
Unrecognized compensation costs, weighted average period of recognition, years | 1 year 9 months 18 days | ||
Total intrinsic value of restricted shares vested | $3,670 | $2,933 | $3,892 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans - Summary of Activity Related to Company's Restricted Stock (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested shares, beginning of period | 75 | 65 | 84 |
Granted, Shares | 63 | 75 | 59 |
Vested, Shares | -62 | -64 | -78 |
Forfeited, Shares | -1 | ||
Unvested shares, end of period | 76 | 75 | 65 |
Weighted-Avg. Grant-Date Fair Value, Unvested shares, beginning of period | $48 | $42 | $29 |
Weighted-Avg. Grant-Date Fair Value, Granted | $48 | $50 | $45 |
Weighted-Avg. Grant-Date Fair Value, Vested | $47 | $44 | $30 |
Weighted-Avg. Grant-Date Fair Value, Forfeited | $50 | ||
Weighted-Avg. Grant-Date Fair Value, Unvested Shares, end of period | $49 | $48 | $42 |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans - Summary of Activity Related to Company's Restricted Stock (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total value of the restricted share grants | $3,038 | $3,743 | $2,657 |
StockBased_Compensation_Plans_5
Stock-Based Compensation Plans (Stock options) - Additional Information (Detail) (Stock Options [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense relating to the stock option | $507 | $463 | $380 |
Unrecognized compensation cost related to unvested stock options | 465 | ||
Unrecognized compensation costs, weighted average period of recognition, years | 1 year 9 months 18 days | ||
Intrinsic value of stock options exercised | $8,677 | $2,808 | $15,808 |
StockBased_Compensation_Plans_6
Stock-Based Compensation Plans - Summary of Stock Option Activity Under All Plans (Detail) (Stock Options [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding, beginning of period, Shares | 539 | 685 | 1,501 |
Granted, Shares | 35 | 29 | 29 |
Exercised, Shares | -426 | -174 | -845 |
Forfeited, Shares | -1 | ||
Options outstanding, end of period, Shares | 148 | 539 | 685 |
Options exercisable, end of period, Shares | 86 | 486 | 617 |
Options vested and expected to vest, end of period, Shares | 145 | 536 | 682 |
Weighted average fair value of options granted during the period | $15.21 | $17.26 | $15.18 |
Options outstanding, beginning of period, Exercise Price | $36 | $34 | $31 |
Granted, Exercise Price | $47 | $50 | $44 |
Exercised, Exercise Price | $33 | $29 | $30 |
Forfeited, Exercise Price | $50 | ||
Options outstanding, end of period, Exercise Price | $46 | $36 | $34 |
Options exercisable, end of period, Exercise Price | $46 | $35 | $34 |
Options vested and expected to vest, end of period, Exercise Price | $46 | $36 | $34 |
StockBased_Compensation_Plans_7
Stock-Based Compensation Plans - Summary of Stock Option Activity Under All Plans (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Aggregate intrinsic value of stock options outstanding | $1,827 |
Aggregate intrinsic value of stock options exercisable | 1,127 |
Aggregate intrinsic values of stock options expected to vest | $1,795 |
Weighted average remaining contractual lives of stock options outstanding, years | 5 years 7 months 6 days |
Weighted average remaining contractual lives of stock options exercisable, years | 3 years 7 months 6 days |
Weighted average remaining contractual lives of stock options expected to vest, years | 5 years 7 months 6 days |
StockBased_Compensation_Plans_8
Stock-Based Compensation Plans - Schedule of Outstanding Options into Two Ranges, Based on Exercise Prices (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices remaining contractual life, outstanding | 5 years 7 months 6 days |
Range of exercise prices shares, outstanding | 148 |
Range of exercise prices weighted average exercise price, outstanding | $46 |
Range of exercise prices shares, exercisable | 86 |
Options Exercisable, Weighted Avg. Exercise Price | $46 |
Outstanding Options with Range Based Exercise Prices Set One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | $37.04 |
Exercise price range, upper range limit | $46.93 |
Range of exercise prices remaining contractual life, outstanding | 6 years 9 months 18 days |
Range of exercise prices shares, outstanding | 80 |
Range of exercise prices weighted average exercise price, outstanding | $44 |
Range of exercise prices shares, exercisable | 35 |
Options Exercisable, Weighted Avg. Exercise Price | $42 |
Outstanding Options with Range Based Exercise Prices Set Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | $48 |
Exercise price range, upper range limit | $50.30 |
Range of exercise prices remaining contractual life, outstanding | 4 years 3 months 18 days |
Range of exercise prices shares, outstanding | 68 |
Range of exercise prices weighted average exercise price, outstanding | $49 |
Range of exercise prices shares, exercisable | 51 |
Options Exercisable, Weighted Avg. Exercise Price | $48 |
StockBased_Compensation_Plans_9
Stock-Based Compensation Plans (Employee stock purchase plan) - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Maximum number of shares issuable under the ESPP | 300 | ||
Percentage of share purchase price | 85.00% | ||
Discount on the share purchases | 15.00% | ||
Employee stock purchase plan description, compensation expense | $328 | $164 | $223 |
Employee_Benefit_Plan_Addition
Employee Benefit Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Employee pre-tax contribution | 50.00% | 50.00% | 50.00% |
Employee contribution salary | 6.00% | 6.00% | 6.00% |
Company contributions for 401K plan | $652 | $658 | $670 |
Recovered_Sheet8
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Lease | |||
Commitments And Contingencies [Line Items] | |||
Number of ground leases | 2 | ||
Rent expense | $3,639 | $3,542 | $3,738 |
Land Lease Communities [Member] | |||
Commitments And Contingencies [Line Items] | |||
Number of operating communities | 2 | ||
Ground Lease One [Member] | |||
Commitments And Contingencies [Line Items] | |||
Lease expiration term | 2038 | ||
Ground Lease Two [Member] | |||
Commitments And Contingencies [Line Items] | |||
Lease expiration term | 2074 | ||
Other Operating Leases [Member] | |||
Commitments And Contingencies [Line Items] | |||
Lease expiration term | 2057 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $625 |
2016 | 627 |
2017 | 637 |
2018 | 637 |
2019 | 651 |
2020 and thereafter | $63,690 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transactions [Abstract] | |||
Investments in Apartment LLC's | $3,581 | $3,481 | $3,488 |
Recovered_Sheet9
Fair Value Measures and Financial Instruments (Real estate assets) - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment charges | $450 | $400 | |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment charges | $450 | $400 | $0 |
Recovered_Sheet10
Fair Value Measures and Financial Instruments (Derivatives) - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Reduction in blended interest rate | 3.24% | ||
Derivative maturity period | 2018-01 | ||
Accumulated comprehensive income (loss) to interest expense, future periods | $3,658 | ||
Termination payment | 3,686 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net liabilities | 3,685 | 3,428 | |
Subsequent Event [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Reduction in blended interest rate | 2.69% | ||
Three Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amounts | 230,000 | ||
Derivative, fixed interest rate | 1.55% | ||
Three Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Counterparty paying | Counterparties paying the Company the floating one-month LIBOR rate | ||
Fourth Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amounts | $70,000 | ||
Derivative, fixed interest rate | 1.50% | ||
Fourth Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Counterparty paying | Counterparty paying the Company the floating one-month LIBOR rate | ||
Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of interest rate swap agreements | 3 |
Fair_Value_Measures_and_Other_
Fair Value Measures and Other Financial Instruments - Schedule of Effect of Interest Rate Swaps Designated as Cash Flow Hedges (Detail) (Cash Flow Hedging [Member], Interest Rate Swap [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in other comprehensive income | ($4,449) | $4,191 | ($11,804) |
Loss reclassified from accumulated other comprehensive income (loss) into interest expense | ($4,192) | ($4,091) | ($2,735) |
Fair_Value_Measures_and_Financ2
Fair Value Measures and Financial Instruments (Other financial instruments) - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fixed Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $620,641 | $816,582 |
Carrying value of debt | 592,459 | 798,734 |
Variable Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 304,983 | 305,653 |
Carrying value of debt | $300,000 | $300,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property | ||
Segment Reporting Information [Line Items] | ||
Number of real estate properties | 58 | |
Stabilized occupancy benchmark percentage | 95.00% | 95.00% |
Number of years to achieve stabilized occupancy subsequent to completion of construction | 1 year | 1 year |
Apartment Communities Sold [Member] | Assets Held-for-Sale [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of real estate properties | 3 |
Segment_Information_Schedule_o
Segment Information - Schedule of Segment's Contribution to Consolidated Revenues and Net Operating Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Other | $992 | $872 | $850 | ||||||||
Revenues | 92,813 | 96,461 | 95,026 | 93,512 | 93,705 | 93,394 | 89,280 | 86,358 | 377,812 | 362,737 | 330,334 |
Consolidated property net operating income | 213,861 | 206,604 | 187,709 | ||||||||
Interest income | 135 | 77 | 393 | ||||||||
Other revenues | 992 | 872 | 850 | ||||||||
Depreciation | -84,759 | -85,608 | -79,367 | ||||||||
Interest expense | -40,286 | -44,704 | -46,028 | ||||||||
Amortization of deferred financing costs | -2,282 | -2,573 | -2,695 | ||||||||
General and administrative | -17,898 | -17,245 | -16,342 | ||||||||
Investment and development | -2,366 | -1,755 | -1,317 | ||||||||
Other investment costs | -768 | -1,324 | -1,401 | ||||||||
Severance, impairment and other | -2,266 | -2,417 | |||||||||
Gains on condominium sales activities, net | 2,545 | 27,944 | 36,273 | ||||||||
Equity in income of unconsolidated real estate entities, net | 1,788 | 2,090 | 7,995 | ||||||||
Other income (expense), net | 19 | -839 | 1,034 | ||||||||
Net loss on extinguishment of indebtedness | -18,357 | -4,318 | |||||||||
Income from continuing operations, before gains on sales of real estate assets | 50,358 | 81,122 | 82,786 | ||||||||
Gains on sales of real estate assets | 187,825 | ||||||||||
Income from discontinued operations | 28,501 | 421 | 443 | 433 | 29,798 | 1,505 | |||||
Net income | 19,504 | 156,435 | 47,991 | 14,253 | 43,863 | 19,053 | 27,614 | 20,390 | 238,183 | 110,920 | 84,291 |
Fully Stabilized Communities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 306,657 | 298,578 | 284,528 | ||||||||
Consolidated property net operating income | 188,064 | 184,712 | 176,239 | ||||||||
Communities Stabilized During 2013 [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 17,401 | 14,178 | 1,779 | ||||||||
Consolidated property net operating income | 10,809 | 8,029 | -6 | ||||||||
Lease Up Communities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 13,012 | 2,587 | |||||||||
Consolidated property net operating income | 6,653 | 609 | |||||||||
Acquired Communities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4,978 | 2,762 | |||||||||
Consolidated property net operating income | 3,089 | 1,747 | |||||||||
Held For Sale Or Sold Communities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 14,168 | 23,025 | 22,281 | ||||||||
Consolidated property net operating income | 7,157 | 12,725 | 12,880 | ||||||||
Other Property Segments, Including Corporate Management Expenses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 20,604 | 20,735 | 20,896 | ||||||||
Consolidated property net operating income | ($1,911) | ($1,218) | ($1,404) |
Other_Income_Expense_Additiona
Other Income (Expense) - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Component Of Other Income (Expense), Nonoperating [Line Items] | |||
Other income (expense) | $19 | ($839) | $1,034 |
Income tax benefit | 797 | ||
Texas Franchise Tax [Member] | |||
Component Of Other Income (Expense), Nonoperating [Line Items] | |||
Other income (expense) | -778 | -839 | -625 |
Construction Litigation [Member] | |||
Component Of Other Income (Expense), Nonoperating [Line Items] | |||
Other income (expense) | 1,554 | ||
Technology Investment [Member] | |||
Component Of Other Income (Expense), Nonoperating [Line Items] | |||
Other income (expense) | 62 | ||
Receivable Recoveries [Member] | |||
Component Of Other Income (Expense), Nonoperating [Line Items] | |||
Other income (expense) | $43 |
Company_Quarterly_Financial_In
Company Quarterly Financial Information - Schedule of Company Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $92,813 | $96,461 | $95,026 | $93,512 | $93,705 | $93,394 | $89,280 | $86,358 | $377,812 | $362,737 | $330,334 |
Income from continuing operations | 19,504 | 156,435 | 47,991 | 14,253 | 15,362 | 18,632 | 27,171 | 19,957 | 238,183 | 81,122 | 82,786 |
Income from discontinued operations | 28,501 | 421 | 443 | 433 | 29,798 | 1,505 | |||||
Net income | 19,504 | 156,435 | 47,991 | 14,253 | 43,863 | 19,053 | 27,614 | 20,390 | 238,183 | 110,920 | 84,291 |
Noncontrolling interests | -45 | -22,729 | -272 | -17 | -132 | -80 | -126 | -48 | |||
Distributions to preferred unitholders | -922 | -922 | -922 | -922 | -922 | -922 | -922 | -922 | -3,688 | -3,688 | -3,688 |
Net income available to common shareholders | $18,537 | $132,784 | $46,797 | $13,314 | $42,809 | $18,051 | $26,566 | $19,420 | $211,432 | $106,846 | $80,251 |
Earnings per common share: | |||||||||||
Net income available to common shareholders - basic | $0.34 | $2.44 | $0.86 | $0.25 | $0.79 | $0.33 | $0.49 | $0.36 | $3.89 | $1.96 | $1.49 |
Net income available to common shareholders - diluted | $0.34 | $2.44 | $0.86 | $0.24 | $0.79 | $0.33 | $0.48 | $0.35 | $3.88 | $1.96 | $1.48 |
Operating_Partnership_Quarterl
Operating Partnership Quarterly Financial Information - Schedule of Company Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Revenues | $92,813 | $96,461 | $95,026 | $93,512 | $93,705 | $93,394 | $89,280 | $86,358 | $377,812 | $362,737 | $330,334 |
Income from continuing operations | 19,504 | 156,435 | 47,991 | 14,253 | 15,362 | 18,632 | 27,171 | 19,957 | 238,183 | 81,122 | 82,786 |
Net income | 19,504 | 156,435 | 47,991 | 14,253 | 43,863 | 19,053 | 27,614 | 20,390 | 238,183 | 110,920 | 84,291 |
Noncontrolling interests - consolidated real estate entities | -22,554 | -107 | -135 | ||||||||
Distributions to preferred unitholders | -922 | -922 | -922 | -922 | -922 | -922 | -922 | -922 | -3,688 | -3,688 | -3,688 |
Net income available to common shareholders | 18,537 | 132,784 | 46,797 | 13,314 | 42,809 | 18,051 | 26,566 | 19,420 | 211,432 | 106,846 | 80,251 |
Earnings per common unit: | |||||||||||
Net income available to common unitholders - basic | $0.34 | $2.44 | $0.86 | $0.25 | $0.79 | $0.33 | $0.49 | $0.36 | $3.89 | $1.96 | $1.49 |
Net income available to common unitholders - diluted | $0.34 | $2.44 | $0.86 | $0.24 | $0.79 | $0.33 | $0.48 | $0.35 | $3.88 | $1.96 | $1.48 |
Post Apartment Homes, L.P. [Member] | |||||||||||
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Revenues | 92,813 | 96,461 | 95,026 | 93,512 | 93,705 | 93,394 | 89,280 | 86,358 | 377,812 | 362,737 | 330,334 |
Income from continuing operations | 19,504 | 156,435 | 47,991 | 14,253 | 15,362 | 18,632 | 27,171 | 19,957 | 238,183 | 81,122 | 82,786 |
Income from discontinued operations | 28,501 | 421 | 443 | 433 | |||||||
Net income | 19,504 | 156,435 | 47,991 | 14,253 | 43,863 | 19,053 | 27,614 | 20,390 | 238,183 | 110,920 | 84,291 |
Noncontrolling interests - consolidated real estate entities | -22,416 | -154 | 16 | -20 | -32 | -58 | 3 | -22,554 | -107 | -135 | |
Distributions to preferred unitholders | -922 | -922 | -922 | -922 | -922 | -922 | -922 | -922 | -3,688 | -3,688 | -3,688 |
Net income available to common shareholders | $18,582 | $133,097 | $46,915 | $13,347 | $42,921 | $18,099 | $26,634 | $19,471 | $211,941 | $107,125 | $80,468 |
Earnings per common unit: | |||||||||||
Net income available to common unitholders - basic | $0.34 | $2.44 | $0.86 | $0.25 | $0.79 | $0.33 | $0.49 | $0.36 | $3.89 | $1.96 | $1.49 |
Net income available to common unitholders - diluted | $0.34 | $2.44 | $0.86 | $0.24 | $0.79 | $0.33 | $0.48 | $0.35 | $3.88 | $1.96 | $1.48 |
Real_Estate_Investments_and_Ac
Real Estate Investments and Accumulated Depreciation - Schedule of Real Estate Investments and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encumbrances | $192,459 | |||
Initial Costs Land | 355,046 | |||
Initial Costs Building and Improvements | 624,981 | |||
Costs Capitalized Subsequent To Acquisition | 2,085,378 | |||
Gross Amount at Which Carried at Close of Period Land | 384,374 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 2,681,031 | |||
Gross Amount at Which Carried at Close of Period Total | 3,065,405 | 3,163,035 | 3,011,352 | 2,787,689 |
Accumulated Depreciation | 937,310 | 913,018 | 842,925 | 767,017 |
Miscellaneous Investments [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 66,813 | |||
Initial Costs Building and Improvements | 1,304 | |||
Costs Capitalized Subsequent To Acquisition | 87,723 | |||
Gross Amount at Which Carried at Close of Period Land | 68,263 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 87,577 | |||
Gross Amount at Which Carried at Close of Period Total | 155,840 | |||
Accumulated Depreciation | 25,807 | |||
Georgia [Member] | Post Alexander [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 7,392 | |||
Costs Capitalized Subsequent To Acquisition | 49,921 | |||
Gross Amount at Which Carried at Close of Period Land | 7,395 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 49,918 | |||
Gross Amount at Which Carried at Close of Period Total | 57,313 | |||
Accumulated Depreciation | 14,144 | |||
Date of Construction | 2006-04 | |||
Georgia [Member] | Post Briarcliff [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encumbrances | 57,144 | |||
Initial Costs Land | 13,344 | |||
Costs Capitalized Subsequent To Acquisition | 52,900 | |||
Gross Amount at Which Carried at Close of Period Land | 13,344 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 52,900 | |||
Gross Amount at Which Carried at Close of Period Total | 66,244 | |||
Accumulated Depreciation | 27,029 | |||
Date of Construction | 1996-12 | |||
Date Acquired | 1996-09 | |||
Georgia [Member] | Post Brookhaven [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 7,921 | |||
Costs Capitalized Subsequent To Acquisition | 40,235 | |||
Gross Amount at Which Carried at Close of Period Land | 7,921 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 40,235 | |||
Gross Amount at Which Carried at Close of Period Total | 48,156 | |||
Accumulated Depreciation | 27,114 | |||
Date Acquired | 1989-03 | |||
Georgia [Member] | Post Brookhaven [Member] | Apartment Building [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1989-07 | |||
Georgia [Member] | Post Brookhaven [Member] | Apartment Building [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1992-12 | |||
Georgia [Member] | Post Chastain [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 6,352 | |||
Costs Capitalized Subsequent To Acquisition | 62,717 | |||
Gross Amount at Which Carried at Close of Period Land | 6,779 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 62,290 | |||
Gross Amount at Which Carried at Close of Period Total | 69,069 | |||
Accumulated Depreciation | 35,511 | |||
Date Acquired | 1988-06 | |||
Georgia [Member] | Post Chastain [Member] | Apartment Building [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1988-06 | |||
Georgia [Member] | Post Chastain [Member] | Apartment Building [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1990-10 | |||
Georgia [Member] | Post Crossing [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encumbrances | 25,656 | |||
Initial Costs Land | 3,951 | |||
Costs Capitalized Subsequent To Acquisition | 24,368 | |||
Gross Amount at Which Carried at Close of Period Land | 3,951 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 24,368 | |||
Gross Amount at Which Carried at Close of Period Total | 28,319 | |||
Accumulated Depreciation | 13,514 | |||
Date Acquired | 1993-11 | |||
Georgia [Member] | Post Crossing [Member] | Apartment Building [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1994-04 | |||
Georgia [Member] | Post Crossing [Member] | Apartment Building [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1995-08 | |||
Georgia [Member] | Post Gardens [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 5,859 | |||
Costs Capitalized Subsequent To Acquisition | 37,472 | |||
Gross Amount at Which Carried at Close of Period Land | 5,931 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 37,400 | |||
Gross Amount at Which Carried at Close of Period Total | 43,331 | |||
Accumulated Depreciation | 20,778 | |||
Date of Construction | 1996-07 | |||
Date Acquired | 1996-05 | |||
Georgia [Member] | Post Glen [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encumbrances | 26,656 | |||
Initial Costs Land | 5,591 | |||
Costs Capitalized Subsequent To Acquisition | 25,322 | |||
Gross Amount at Which Carried at Close of Period Land | 5,784 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 25,129 | |||
Gross Amount at Which Carried at Close of Period Total | 30,913 | |||
Accumulated Depreciation | 13,591 | |||
Date of Construction | 1996-07 | |||
Date Acquired | 1996-05 | |||
Georgia [Member] | Post Parkside [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 3,402 | |||
Costs Capitalized Subsequent To Acquisition | 22,290 | |||
Gross Amount at Which Carried at Close of Period Land | 3,465 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 22,227 | |||
Gross Amount at Which Carried at Close of Period Total | 25,692 | |||
Accumulated Depreciation | 10,152 | |||
Date of Construction | 1999-02 | |||
Date Acquired | 1997-12 | |||
Georgia [Member] | Post Peachtree Hills [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 4,215 | |||
Costs Capitalized Subsequent To Acquisition | 27,224 | |||
Gross Amount at Which Carried at Close of Period Land | 4,857 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 26,582 | |||
Gross Amount at Which Carried at Close of Period Total | 31,439 | |||
Accumulated Depreciation | 12,193 | |||
Georgia [Member] | Post Peachtree Hills [Member] | Apartment Building [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1992-02 | |||
Date Acquired | 1992-02 | |||
Georgia [Member] | Post Peachtree Hills [Member] | Apartment Building [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1994-09 | |||
Date Acquired | 1992-09 | |||
Georgia [Member] | Post Riverside [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 11,130 | |||
Costs Capitalized Subsequent To Acquisition | 125,083 | |||
Gross Amount at Which Carried at Close of Period Land | 12,457 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 123,756 | |||
Gross Amount at Which Carried at Close of Period Total | 136,213 | |||
Accumulated Depreciation | 63,418 | |||
Date of Construction | 1996-07 | |||
Date Acquired | 1996-01 | |||
Georgia [Member] | Post Spring [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 2,105 | |||
Costs Capitalized Subsequent To Acquisition | 42,066 | |||
Gross Amount at Which Carried at Close of Period Land | 2,105 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 42,066 | |||
Gross Amount at Which Carried at Close of Period Total | 44,171 | |||
Accumulated Depreciation | 19,699 | |||
Date of Construction | 1999-09 | |||
Date Acquired | 1999-09 | |||
Georgia [Member] | Post Stratford [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 328 | |||
Costs Capitalized Subsequent To Acquisition | 29,704 | |||
Gross Amount at Which Carried at Close of Period Land | 620 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 29,412 | |||
Gross Amount at Which Carried at Close of Period Total | 30,032 | |||
Accumulated Depreciation | 13,665 | |||
Date of Construction | 1999-04 | |||
Date Acquired | 1999-01 | |||
Virginia [Member] | Post Carlyle Square [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 5,920 | |||
Costs Capitalized Subsequent To Acquisition | 136,720 | |||
Gross Amount at Which Carried at Close of Period Land | 8,474 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 134,166 | |||
Gross Amount at Which Carried at Close of Period Total | 142,640 | |||
Accumulated Depreciation | 20,063 | |||
Virginia [Member] | Post Carlyle Square [Member] | Mixed Use Property [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2004-12 | |||
Virginia [Member] | Post Carlyle Square [Member] | Mixed Use Property [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2010-08 | |||
Virginia [Member] | Post Corners [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encumbrances | 38,820 | |||
Initial Costs Land | 4,404 | |||
Costs Capitalized Subsequent To Acquisition | 27,971 | |||
Gross Amount at Which Carried at Close of Period Land | 4,493 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 27,882 | |||
Gross Amount at Which Carried at Close of Period Total | 32,375 | |||
Accumulated Depreciation | 14,964 | |||
Date of Construction | 1994-06 | |||
Date Acquired | 1994-06 | |||
Virginia [Member] | Post Pentagon Row [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 2,359 | |||
Initial Costs Building and Improvements | 7,659 | |||
Costs Capitalized Subsequent To Acquisition | 90,738 | |||
Gross Amount at Which Carried at Close of Period Land | 3,470 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 97,286 | |||
Gross Amount at Which Carried at Close of Period Total | 100,756 | |||
Accumulated Depreciation | 35,668 | |||
Date of Construction | 1999-06 | |||
Date Acquired | 1999-02 | |||
Virginia [Member] | Post Tysons Corner [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 20,000 | |||
Initial Costs Building and Improvements | 65,478 | |||
Costs Capitalized Subsequent To Acquisition | 11,894 | |||
Gross Amount at Which Carried at Close of Period Land | 20,000 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 77,372 | |||
Gross Amount at Which Carried at Close of Period Total | 97,372 | |||
Accumulated Depreciation | 22,992 | |||
Date Acquired | 2004-06 | |||
Maryland [Member] | Post Fallsgrove [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 14,801 | |||
Initial Costs Building and Improvements | 69,179 | |||
Costs Capitalized Subsequent To Acquisition | 6,876 | |||
Gross Amount at Which Carried at Close of Period Land | 14,801 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 76,055 | |||
Gross Amount at Which Carried at Close of Period Total | 90,856 | |||
Accumulated Depreciation | 17,979 | |||
Date Acquired | 2006-07 | |||
Maryland [Member] | Post Park [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 8,555 | |||
Costs Capitalized Subsequent To Acquisition | 75,760 | |||
Gross Amount at Which Carried at Close of Period Land | 8,555 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 75,760 | |||
Gross Amount at Which Carried at Close of Period Total | 84,315 | |||
Accumulated Depreciation | 17,796 | |||
Date of Construction | 2007-12 | |||
Texas [Member] | Post Abbey [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 575 | |||
Initial Costs Building and Improvements | 6,276 | |||
Costs Capitalized Subsequent To Acquisition | 3,136 | |||
Gross Amount at Which Carried at Close of Period Land | 575 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 9,412 | |||
Gross Amount at Which Carried at Close of Period Total | 9,987 | |||
Accumulated Depreciation | 3,888 | |||
Date Acquired | 1997-10 | |||
Texas [Member] | Post Addison Circle [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 2,885 | |||
Initial Costs Building and Improvements | 41,482 | |||
Costs Capitalized Subsequent To Acquisition | 140,508 | |||
Gross Amount at Which Carried at Close of Period Land | 8,382 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 176,493 | |||
Gross Amount at Which Carried at Close of Period Total | 184,875 | |||
Accumulated Depreciation | 85,244 | |||
Date of Construction | 1997-10 | |||
Date Acquired | 1997-10 | |||
Texas [Member] | Post Barton Creek [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 1,920 | |||
Initial Costs Building and Improvements | 24,482 | |||
Costs Capitalized Subsequent To Acquisition | 5,419 | |||
Gross Amount at Which Carried at Close of Period Land | 1,920 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 29,901 | |||
Gross Amount at Which Carried at Close of Period Total | 31,821 | |||
Accumulated Depreciation | 7,332 | |||
Date Acquired | 2006-03 | |||
Texas [Member] | Post Cole's Corner [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 1,886 | |||
Initial Costs Building and Improvements | 18,006 | |||
Costs Capitalized Subsequent To Acquisition | 4,822 | |||
Gross Amount at Which Carried at Close of Period Land | 2,086 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 22,628 | |||
Gross Amount at Which Carried at Close of Period Total | 24,714 | |||
Accumulated Depreciation | 11,588 | |||
Date Acquired | 1997-10 | |||
Texas [Member] | Post Eastside [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 5,735 | |||
Costs Capitalized Subsequent To Acquisition | 54,798 | |||
Gross Amount at Which Carried at Close of Period Land | 5,735 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 54,798 | |||
Gross Amount at Which Carried at Close of Period Total | 60,533 | |||
Accumulated Depreciation | 14,225 | |||
Date of Construction | 2006-10 | |||
Texas [Member] | Post 510 [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 4,420 | |||
Costs Capitalized Subsequent To Acquisition | 29,997 | |||
Gross Amount at Which Carried at Close of Period Land | 4,420 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 29,997 | |||
Gross Amount at Which Carried at Close of Period Total | 34,417 | |||
Accumulated Depreciation | 1,028 | |||
Date of Construction | 2012-05 | |||
Texas [Member] | Post Heights/Gallery [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 5,455 | |||
Initial Costs Building and Improvements | 15,559 | |||
Costs Capitalized Subsequent To Acquisition | 44,768 | |||
Gross Amount at Which Carried at Close of Period Land | 5,812 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 59,970 | |||
Gross Amount at Which Carried at Close of Period Total | 65,782 | |||
Accumulated Depreciation | 26,783 | |||
Date of Construction | 1997-10 | |||
Date Acquired | 1997-10 | |||
Texas [Member] | Post Katy Trail [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 7,324 | |||
Initial Costs Building and Improvements | 40,355 | |||
Costs Capitalized Subsequent To Acquisition | 409 | |||
Gross Amount at Which Carried at Close of Period Land | 7,324 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 40,764 | |||
Gross Amount at Which Carried at Close of Period Total | 48,088 | |||
Accumulated Depreciation | 3,754 | |||
Date Acquired | 2011-12 | |||
Texas [Member] | Post Legacy [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 684 | |||
Costs Capitalized Subsequent To Acquisition | 38,662 | |||
Gross Amount at Which Carried at Close of Period Land | 811 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 38,535 | |||
Gross Amount at Which Carried at Close of Period Total | 39,346 | |||
Accumulated Depreciation | 15,984 | |||
Date of Construction | 1999-03 | |||
Date Acquired | 1999-03 | |||
Texas [Member] | Post Meridian [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 1,535 | |||
Initial Costs Building and Improvements | 11,605 | |||
Costs Capitalized Subsequent To Acquisition | 3,635 | |||
Gross Amount at Which Carried at Close of Period Land | 1,535 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 15,240 | |||
Gross Amount at Which Carried at Close of Period Total | 16,775 | |||
Accumulated Depreciation | 7,477 | |||
Date Acquired | 1997-10 | |||
Texas [Member] | Post Midtown Square [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 6,370 | |||
Initial Costs Building and Improvements | 1,412 | |||
Costs Capitalized Subsequent To Acquisition | 78,337 | |||
Gross Amount at Which Carried at Close of Period Land | 5,399 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 80,720 | |||
Gross Amount at Which Carried at Close of Period Total | 86,119 | |||
Accumulated Depreciation | 27,528 | |||
Date Acquired | 1997-10 | |||
Texas [Member] | Post Midtown Square [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1997-10 | |||
Texas [Member] | Post Midtown Square [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2011-05 | |||
Texas [Member] | Post Park Mesa [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 1,480 | |||
Initial Costs Building and Improvements | 17,861 | |||
Costs Capitalized Subsequent To Acquisition | 2,886 | |||
Gross Amount at Which Carried at Close of Period Land | 1,480 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 20,747 | |||
Gross Amount at Which Carried at Close of Period Total | 22,227 | |||
Accumulated Depreciation | 5,292 | |||
Date Acquired | 2006-03 | |||
Texas [Member] | Post Sierra At Frisco Bridges [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 3,581 | |||
Costs Capitalized Subsequent To Acquisition | 39,435 | |||
Gross Amount at Which Carried at Close of Period Land | 3,581 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 39,435 | |||
Gross Amount at Which Carried at Close of Period Total | 43,016 | |||
Accumulated Depreciation | 9,527 | |||
Date of Construction | 2007-10 | |||
Texas [Member] | Post South Lamar [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 4,942 | |||
Costs Capitalized Subsequent To Acquisition | 35,185 | |||
Gross Amount at Which Carried at Close of Period Land | 4,942 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 35,185 | |||
Gross Amount at Which Carried at Close of Period Total | 40,127 | |||
Accumulated Depreciation | 3,727 | |||
Date of Construction | 2011-02 | |||
Texas [Member] | Post Square [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 4,565 | |||
Initial Costs Building and Improvements | 24,595 | |||
Costs Capitalized Subsequent To Acquisition | 5,865 | |||
Gross Amount at Which Carried at Close of Period Land | 4,565 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 30,460 | |||
Gross Amount at Which Carried at Close of Period Total | 35,025 | |||
Accumulated Depreciation | 12,892 | |||
Date Acquired | 1997-10 | |||
Texas [Member] | Post Uptown Village [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 3,955 | |||
Initial Costs Building and Improvements | 22,120 | |||
Costs Capitalized Subsequent To Acquisition | 22,452 | |||
Gross Amount at Which Carried at Close of Period Land | 6,195 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 42,332 | |||
Gross Amount at Which Carried at Close of Period Total | 48,527 | |||
Accumulated Depreciation | 19,105 | |||
Date Acquired | 1997-10 | |||
Texas [Member] | Post Vineyard [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 1,133 | |||
Initial Costs Building and Improvements | 8,560 | |||
Costs Capitalized Subsequent To Acquisition | 1,900 | |||
Gross Amount at Which Carried at Close of Period Land | 1,133 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 10,460 | |||
Gross Amount at Which Carried at Close of Period Total | 11,593 | |||
Accumulated Depreciation | 4,494 | |||
Date Acquired | 1997-10 | |||
Texas [Member] | Post Vintage [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 2,614 | |||
Initial Costs Building and Improvements | 12,188 | |||
Costs Capitalized Subsequent To Acquisition | 2,649 | |||
Gross Amount at Which Carried at Close of Period Land | 2,614 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 14,837 | |||
Gross Amount at Which Carried at Close of Period Total | 17,451 | |||
Accumulated Depreciation | 7,083 | |||
Date Acquired | 1997-10 | |||
Texas [Member] | Post West Austin [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 10,865 | |||
Costs Capitalized Subsequent To Acquisition | 40,539 | |||
Gross Amount at Which Carried at Close of Period Land | 10,865 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 40,539 | |||
Gross Amount at Which Carried at Close of Period Total | 51,404 | |||
Accumulated Depreciation | 11,067 | |||
Date of Construction | 2008-02 | |||
Texas [Member] | Post Worthington [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 3,744 | |||
Initial Costs Building and Improvements | 34,700 | |||
Costs Capitalized Subsequent To Acquisition | 19,919 | |||
Gross Amount at Which Carried at Close of Period Land | 3,744 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 54,619 | |||
Gross Amount at Which Carried at Close of Period Total | 58,363 | |||
Accumulated Depreciation | 22,873 | |||
Date Acquired | 1997-10 | |||
Florida [Member] | Post Parkside [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 2,493 | |||
Costs Capitalized Subsequent To Acquisition | 39,691 | |||
Gross Amount at Which Carried at Close of Period Land | 2,493 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 39,691 | |||
Gross Amount at Which Carried at Close of Period Total | 42,184 | |||
Accumulated Depreciation | 16,663 | |||
Date of Construction | 1999-03 | |||
Date Acquired | 1999-03 | |||
Florida [Member] | Post Bay At Rocky Point [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 528 | |||
Initial Costs Building and Improvements | 5,081 | |||
Costs Capitalized Subsequent To Acquisition | 22,030 | |||
Gross Amount at Which Carried at Close of Period Land | 2,400 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 25,239 | |||
Gross Amount at Which Carried at Close of Period Total | 27,639 | |||
Accumulated Depreciation | 5,902 | |||
Date Acquired | 2006-10 | |||
Florida [Member] | Post Harbour Place [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 3,854 | |||
Costs Capitalized Subsequent To Acquisition | 72,956 | |||
Gross Amount at Which Carried at Close of Period Land | 8,312 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 68,498 | |||
Gross Amount at Which Carried at Close of Period Total | 76,810 | |||
Accumulated Depreciation | 32,543 | |||
Date of Construction | 1997-03 | |||
Date Acquired | 1997-01 | |||
Florida [Member] | Post Hyde Park [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encumbrances | 44,183 | |||
Initial Costs Land | 3,498 | |||
Costs Capitalized Subsequent To Acquisition | 47,296 | |||
Gross Amount at Which Carried at Close of Period Land | 9,680 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 41,114 | |||
Gross Amount at Which Carried at Close of Period Total | 50,794 | |||
Accumulated Depreciation | 18,403 | |||
Date Acquired | 1994-07 | |||
Florida [Member] | Post Hyde Park [Member] | Apartment Building [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1994-09 | |||
Florida [Member] | Post Hyde Park [Member] | Apartment Building [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2006-10 | |||
Florida [Member] | Post Lake At Baldwin Park [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 27,341 | |||
Initial Costs Building and Improvements | 56,702 | |||
Costs Capitalized Subsequent To Acquisition | 48,096 | |||
Gross Amount at Which Carried at Close of Period Land | 27,341 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 104,798 | |||
Gross Amount at Which Carried at Close of Period Total | 132,139 | |||
Accumulated Depreciation | 15,817 | |||
Date of Construction | 2011-06 | |||
Date Acquired | 2007-07 | |||
Florida [Member] | Post Lakeside [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 4,377 | |||
Initial Costs Building and Improvements | 43,724 | |||
Costs Capitalized Subsequent To Acquisition | 255 | |||
Gross Amount at Which Carried at Close of Period Land | 4,377 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 43,979 | |||
Gross Amount at Which Carried at Close of Period Total | 48,356 | |||
Accumulated Depreciation | 2,183 | |||
Date Acquired | 2013-05 | |||
Florida [Member] | Post Rocky Point [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 10,510 | |||
Costs Capitalized Subsequent To Acquisition | 78,358 | |||
Gross Amount at Which Carried at Close of Period Land | 10,567 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 78,301 | |||
Gross Amount at Which Carried at Close of Period Total | 88,868 | |||
Accumulated Depreciation | 38,098 | |||
Florida [Member] | Post Rocky Point [Member] | Apartment Building [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1994-04 | |||
Date Acquired | 1994-02 | |||
Florida [Member] | Post Rocky Point [Member] | Apartment Building [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1996-11 | |||
Date Acquired | 1996-09 | |||
Florida [Member] | Post Soho [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 5,168 | |||
Costs Capitalized Subsequent To Acquisition | 32,957 | |||
Gross Amount at Which Carried at Close of Period Land | 5,168 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 32,957 | |||
Gross Amount at Which Carried at Close of Period Total | 38,125 | |||
Accumulated Depreciation | 440 | |||
Date of Construction | 2012-10 | |||
North Carolina [Member] | Post Parkside [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 3,970 | |||
Costs Capitalized Subsequent To Acquisition | 48,198 | |||
Gross Amount at Which Carried at Close of Period Land | 3,970 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 48,198 | |||
Gross Amount at Which Carried at Close of Period Total | 52,168 | |||
Accumulated Depreciation | 3,222 | |||
Date of Construction | 2011-06 | |||
North Carolina [Member] | Post Ballantyne [Member] | Apartment Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 6,400 | |||
Initial Costs Building and Improvements | 30,850 | |||
Costs Capitalized Subsequent To Acquisition | 3,922 | |||
Gross Amount at Which Carried at Close of Period Land | 6,400 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 34,772 | |||
Gross Amount at Which Carried at Close of Period Total | 41,172 | |||
Accumulated Depreciation | 10,781 | |||
Date of Construction | 2004-11 | |||
Date Acquired | 2005-05 | |||
North Carolina [Member] | Post Gateway Place [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 2,424 | |||
Costs Capitalized Subsequent To Acquisition | 64,728 | |||
Gross Amount at Which Carried at Close of Period Land | 3,481 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 63,671 | |||
Gross Amount at Which Carried at Close of Period Total | 67,152 | |||
Accumulated Depreciation | 26,113 | |||
Date of Construction | 2000-11 | |||
Date Acquired | 1999-08 | |||
North Carolina [Member] | Post Park At Phillips Place [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 4,305 | |||
Costs Capitalized Subsequent To Acquisition | 42,357 | |||
Gross Amount at Which Carried at Close of Period Land | 4,307 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 42,355 | |||
Gross Amount at Which Carried at Close of Period Total | 46,662 | |||
Accumulated Depreciation | 22,310 | |||
Date of Construction | 1996-01 | |||
Date Acquired | 1995-11 | |||
North Carolina [Member] | Post South End [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 7,732 | |||
Initial Costs Building and Improvements | 65,803 | |||
Costs Capitalized Subsequent To Acquisition | 1,460 | |||
Gross Amount at Which Carried at Close of Period Land | 7,732 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 67,263 | |||
Gross Amount at Which Carried at Close of Period Total | 74,995 | |||
Accumulated Depreciation | 4,955 | |||
Date Acquired | 2012-07 | |||
North Carolina [Member] | Post Uptown Place [Member] | Mixed Use Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs Land | 2,336 | |||
Costs Capitalized Subsequent To Acquisition | 30,769 | |||
Gross Amount at Which Carried at Close of Period Land | 2,363 | |||
Gross Amount at Which Carried at Close of Period Building and Improvements | 30,742 | |||
Gross Amount at Which Carried at Close of Period Total | 33,105 | |||
Accumulated Depreciation | $12,912 | |||
Date of Construction | 1998-09 | |||
Date Acquired | 1998-09 |
Real_Estate_Investments_and_Ac1
Real Estate Investments and Accumulated Depreciation - Schedule of Real Estate Investments and Accumulated Depreciation (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Aggregate cost for Federal Tax purposes | 2,816,490 |
Assets held for sale | 879 |
Building [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable lives (in years) | 40 years |
Other Building and Land Improvements [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable lives (in years) | 20 years |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable lives (in years) | 5 years |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable lives (in years) | 10 years |
Real_Estate_Investments_and_Ac2
Real Estate Investments and Accumulated Depreciation - Summary of Activity for Real Estate Investments and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Real estate investments, beginning balance | $3,163,035 | $3,011,352 | $2,787,689 |
Improvements | 105,508 | 136,935 | 152,696 |
Acquisitions of communities | 48,101 | 73,535 | |
Asset impairment charges | -450 | -400 | |
Disposition of property | -202,688 | -32,953 | -2,568 |
Real estate investments, ending balance | 3,065,405 | 3,163,035 | 3,011,352 |
Accumulated depreciation, beginning balance | 913,018 | 842,925 | 767,017 |
Depreciation | 84,110 | 84,617 | 78,476 |
Accumulated depreciation on disposed property | -59,818 | -14,524 | -2,568 |
Accumulated depreciation, ending balance | $937,310 | $913,018 | $842,925 |