Monogram Residential Trust (BHORL) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Jan. 29, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	Monogram Residential Trust, Inc.
Entity Central Index Key	1,384,710
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		166,624,230
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 1,501,104,882

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real estate
Land ($176,233 and $58,938 related to VIEs as of December 31, 2015 and 2014, respectively)	$ 497,360	$ 389,885
Buildings and improvements ($790,235 and $227,817 related to VIEs as of December 31, 2015 and 2014, respectively)	2,627,693	2,033,819
Total real estate, gross	3,125,053	2,423,704
Less accumulated depreciation ($23,324 and $4,605 related to VIEs as of December 31, 2015 and 2014, respectively)	(357,036)	(280,400)
Net operating real estate	2,768,017	2,143,304
Construction in progress, including land ($126,149 and $582,299 related to VIEs as of December 31, 2015 and 2014, respectively)	333,153	716,930
Total real estate, net	3,101,170	2,860,234
Cash and cash equivalents	83,727	116,407
Intangibles, net	18,066	21,485
Other assets, net	80,183	110,282
Total assets	3,283,146	3,108,408
Liabilities
Mortgages and notes payable ($485,438 and $227,310 related to VIEs as of December 31, 2015 and 2014, respectively)	1,473,034	1,186,481
Credit facilities payable	49,000	10,000
Construction costs payable ($24,228 and $63,393 related to VIEs as of December 31, 2015 and 2014, respectively)	36,975	75,623
Accounts payable and other liabilities	28,922	28,053
Deferred revenues, primarily lease revenues, net	19,451	18,955
Distributions payable	12,494	12,485
Tenant security deposits	5,616	4,586
Total liabilities	$ 1,625,492	$ 1,336,183
Commitments and contingencies
Redeemable noncontrolling interests ($26,090 and $27,444 related to VIEs as of December 31, 2015 and 2014, respectively)	$ 29,073	$ 32,012
Equity
Preferred stock, $0.0001 par value per share; 125,000,000 shares authorized as of December 31, 2015 and 2014, respectively:7.0% Series A non-participating, voting, cumulative, convertible preferred stock, liquidation preference $10 per share, 10,000 shares issued and outstanding as of December 31, 2015 and 2014, respectively	0	0
Common stock, $0.0001 par value per share; 875,000,000 shares authorized, 166,611,549 and 166,467,726 shares issued and outstanding as of December 31, 2015 and 2014, respectively	17	17
Additional paid-in capital	1,436,254	1,492,799
Cumulative distributions and net income (loss)	(269,523)	(293,350)
Total equity attributable to common stockholders	1,166,748	1,199,466
Non-redeemable noncontrolling interests	461,833	540,747
Total equity	1,628,581	1,740,213
Total liabilities and equity	$ 3,283,146	$ 3,108,408

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Land	$ 497,360	$ 389,885
Buildings and improvements	2,627,693	2,033,819
Less accumulated depreciation	(357,036)	(280,400)
Construction in progress	333,153	716,930
Mortgages and notes payable	1,473,034	1,186,481
Construction costs payable	36,975	75,623
Redeemable noncontrolling interests	$ 29,073	$ 32,012
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	125,000,000	125,000,000
Preferred stock, shares issued	10,000	10,000
Preferred stock, shares outstanding	10,000	10,000
Preferred stock, liquidation preference per share	$ 10	$ 10
Preferred stock, dividend rate, percentage	7.00%	7.00%
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	875,000,000	875,000,000
Common Stock, Shares, Issued	166,611,549	166,467,726
Common stock, shares outstanding	166,611,549	166,467,726
VIEs
Land	$ 176,233	$ 58,938
Buildings and improvements	790,235	227,817
Less accumulated depreciation	(23,324)	(4,605)
Construction in progress	126,149	582,299
Mortgages and notes payable	485,438	227,310
Construction costs payable	24,228	63,393
Redeemable noncontrolling interests	$ 26,090	$ 27,444

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Rental revenues	$ 238,068	$ 209,025	$ 190,624
Expenses
Property operating expenses	67,484	55,940	51,027
Real estate taxes	34,443	29,842	24,740
Asset management fees	0	3,843	7,673
General and administrative expenses	20,813	15,627	11,373
Acquisition expenses	641	(17)	3,677
Transition expenses	0	12,672	9,003
Investment and development expenses	4,171	1,197	553
Interest expense	30,351	21,424	23,844
Amortization of deferred financing costs	4,280	2,486	1,814
Depreciation and amortization	102,726	93,308	84,296
Total expenses	264,909	236,322	218,000
Interest income	10,172	10,554	8,507
Loss on early extinguishment of debt	0	(230)	0
Equity in income of investments in unconsolidated real estate joint ventures	250	770	1,311
Other income, net	127	63	92
Loss from continuing operations before gains on sales of real estate	(16,292)	(16,140)	(17,466)
Gains on sales of real estate	82,975	16,411	0
Income (loss) from continuing operations	66,683	271	(17,466)
Income (loss) from discontinued operations:
Loss from discontinued operations	0	0	(724)
Gains on sales of real estate in discontinued operations	0	0	50,779
Income from discontinued operations	0	0	50,055
Net income	66,683	271	32,589
Net (income) loss attributable to noncontrolling interests:
Non-redeemable noncontrolling interests in continuing operations	7,112	(6,388)	3,938
Non-redeemable noncontrolling interests in discontinued operations	0	0	(6,832)
Net income (loss) available to the Company	73,795	(6,117)	29,695
Dividends to preferred stockholders	(7)	(7)	(3)
Net income (loss) attributable to common stockholders	$ 73,788	$ (6,124)	$ 29,692
Weighted average number of common shares outstanding - basic	166,561	168,793	168,650
Weighted average number of common shares outstanding - diluted	167,205	169,029	168,650
Basic and diluted income (loss) per common share:
Continuing operations (in dollars per share)	$ 0.44	$ (0.04)	$ (0.08)
Discontinued operations (in dollars per share)	0	0	0.26
Basic and diluted income per common share (in dollars per share)	$ 0.44	$ (0.04)	$ 0.18
Amounts attributable to common stockholders:
Continuing operations	$ 73,788	$ (6,124)	$ (13,531)
Discontinued operations	0	0	43,223
Net income (loss) attributable to common stockholders	$ 73,788	$ (6,124)	$ 29,692

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Convertible Stock	Preferred Stock	Common Stock	Additional Paid-in Capital	Noncontrolling Interests	Cumulative Distributions and Net Income (Loss) Available to the Company
Balance at Dec. 31, 2012	$ 1,687,802			$ 17	$ 1,523,646	$ 365,350	$ (201,211)
Balance (in shares) at Dec. 31, 2012		1		167,542
Increase (Decrease) in Stockholders' Equity
Net income (loss)	32,589					2,894	29,695
Redemptions of common stock	$ (22,936)				(22,936)
Redemptions of common stock (in shares)	(2,500)			(2,483)
Acquisition of noncontrolling interests	$ (35,972)				(23,210)	(12,762)
Sale of noncontrolling interest	5,898				148	5,750
Contributions by noncontrolling interests	146,276					146,276
Distributions:
Common stock - regular for the years ended December 31, 2015, 2014, 2013 respectively: $0.30, $0.34, $0.35	(59,035)						(59,035)
Noncontrolling interests	(51,303)					(51,303)
Preferred stock	(3)						(3)
Issuance of preferred stock (in shares)			10
Cancellation of convertible stock		(1)
Stock issued pursuant to distribution reinvestment plan, net	31,007				31,007
Stock issued pursuant to distribution reinvestment plan, net (in shares)				3,261
Balance at Dec. 31, 2013	1,734,323			$ 17	1,508,655	456,205	(230,554)
Balance (in shares) at Dec. 31, 2013			10	168,320
Increase (Decrease) in Stockholders' Equity
Net income (loss)	271					6,388	(6,117)
Redemptions of common stock	$ (36,294)				(36,294)
Redemptions of common stock (in shares)	(1,600)			(4,002)
Sale of noncontrolling interest	$ 14,166				(842)	15,008
Contributions by noncontrolling interests	111,187					111,187
Amortization of stock-based compensation	790				790
Distributions:
Common stock - regular for the years ended December 31, 2015, 2014, 2013 respectively: $0.30, $0.34, $0.35	(56,672)						(56,672)
Noncontrolling interests	(48,041)					(48,041)
Preferred stock	(7)						(7)
Stock issued pursuant to distribution reinvestment plan, net	20,490				20,490
Stock issued pursuant to distribution reinvestment plan, net (in shares)				2,150
Balance at Dec. 31, 2014	1,740,213			$ 17	1,492,799	540,747	(293,350)
Balance (in shares) at Dec. 31, 2014			10	166,468
Increase (Decrease) in Stockholders' Equity
Net income (loss)	66,683					(7,112)	73,795
Acquisition of noncontrolling interests	(119,792)				(59,152)	(60,640)
Contributions by noncontrolling interests	37,330					37,330
Amortization of stock-based compensation	3,072				3,072
Distributions:
Common stock - regular for the years ended December 31, 2015, 2014, 2013 respectively: $0.30, $0.34, $0.35	(49,961)						(49,961)
Noncontrolling interests	(48,492)					(48,492)
Preferred stock	(7)						(7)
Issuance of preferred stock (in shares)				144
Issuance of common and restricted shares, net	(465)				(465)
Balance at Dec. 31, 2015	$ 1,628,581			$ 17	$ 1,436,254	$ 461,833	$ (269,523)
Balance (in shares) at Dec. 31, 2015			10	166,612

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - $ / shares	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Common stock - regular, dividends, cash paid (in dollars per share)	$ 0.35	$ 0.30	$ 0.34	$ 0.35

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net income (loss)	$ 66,683	$ 271	$ 32,589
Adjustments to reconcile net income to cash provided by operating activities:
Gains on sales of real estate	(82,975)	(16,411)	(50,779)
Loss on early extinguishment of debt	0	230	0
Impairment related to development	3,128	0	0
Equity in income of investments in unconsolidated real estate joint ventures	(250)	(770)	(1,311)
Distributions received from investment in unconsolidated real estate joint ventures	242	300	460
Depreciation	99,234	89,113	85,054
Amortization of deferred financing costs and debt premium/discount	2,298	(1,462)	(1,618)
Amortization of intangibles	3,420	4,185	2,394
Amortization of deferred revenues, primarily lease revenues, net	(1,464)	2,728	(1,480)
Amortization of stock-based compensation	3,072	790	0
Other, net	(68)	366	663
Changes in operating assets and liabilities:
Accounts payable and other liabilities	6,270	(3,200)	10,992
Other assets, net	3,006	(8,420)	(305)
Cash provided by operating activities	102,596	67,720	76,659
Cash flows from investing activities
Acquisitions of real estate, including construction in progress of $48.2 million for the year ended December 31, 2015	(213,477)	0	(108,014)
Additions to existing real estate	(9,697)	(6,242)	(6,934)
Construction in progress, including land	(329,060)	(474,260)	(325,964)
Proceeds from sales of real estate, net	250,311	33,379	205,336
Investments in unconsolidated real estate joint ventures	0	0	(4,810)
Acquisition of a controlling interest, net of cash acquired of $0.6 million for the year ended December 31, 2013	0	0	(8,643)
Acquisitions of noncontrolling interests	(121,559)	(6,150)	(49,036)
Sale of noncontrolling interest	0	0	7,272
Advances on notes receivable	(9,877)	(6,012)	(31,078)
Collections on notes receivable	37,092	219	18,618
Escrow deposits	246	4,688	(2,842)
Other, net	(745)	(25)	(544)
Cash used in investing activities	(396,766)	(454,403)	(306,639)
Cash flows from financing activities
Mortgage and notes payable proceeds	372,184	208,686	128,664
Mortgage and notes payable principal payments	(84,733)	(38,820)	(75,314)
Proceeds from credit facilities	342,000	0	0
Credit facilities payments	(306,371)	0	0
Contributions from noncontrolling interests	37,330	126,916	153,496
Distributions paid on common stock	(49,951)	(28,718)	(27,983)
Distributions paid to noncontrolling interests	(48,497)	(48,041)	(51,303)
Dividends paid on preferred stock	(7)	(7)	(3)
Redemptions of common stock	0	(36,294)	(22,936)
Other, net	(465)	0	(5,917)
Cash provided by financing activities	261,490	183,722	98,704
Net change in cash and cash equivalents	(32,680)	(202,961)	(131,276)
Cash and cash equivalents at beginning of period	116,407	319,368	450,644
Cash and cash equivalents at end of period	$ 83,727	$ 116,407	$ 319,368

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2013USD ($)
Statement of Cash Flows [Abstract]
Cash acquired from acquisition	$ 0.6

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Organization Monogram Residential Trust, Inc. (which, together with its subsidiaries as the context requires, may be referred to as the “Company,” “we,” “us,” or “our”) was organized in Maryland on August 4, 2006. We are a fully integrated self-managed real estate investment trust (“REIT”) that invests in, develops and operates high quality multifamily communities offering location and lifestyle amenities. We invest in stabilized operating communities and communities in various phases of development, with a focus on communities in select markets across the United States. These include luxury high-rise, mid-rise, and garden style multifamily communities. Our targeted communities include existing “core” communities, which we define as communities that are already stabilized and producing rental income, as well as communities in various phases of development, redevelopment, lease up or repositioning with the intent to transition those communities to core communities. Further, we may invest in other real estate-related securities, including mortgage, bridge, mezzanine or other loans, or in entities that make investments similar to the foregoing. We completed our first investment in April 2007. Since June 30, 2014, we have operated as a self-managed REIT, transitioning from an externally managed REIT pursuant to agreements (the “Self-Management Transition Agreements”) entered into with our prior sponsor and its affiliates, collectively referred to as “Behringer.” Our shares of common stock have traded on the New York Stock Exchange (the “NYSE”) under the ticker symbol “MORE” since November 21, 2014. We invest in multifamily communities that may be wholly owned by us or held through joint venture arrangements with third-party institutional or other national or regional real estate developers/owners which we define as “Co-Investment Ventures” or “CO-JVs.” These are predominately equity investments but may also include debt investments. If a Co-Investment Venture makes an equity or debt investment in a separate entity with additional third parties, we refer to such a separate entity as a “Property Entity” and when applicable may name the multifamily community related to the Property Entity or CO-JV. As of December 31, 2015 , we have equity and debt investments in 56 multifamily communities, of which 40 are stabilized operating multifamily communities and 16 are in various stages of lease up, pre-development or construction. Of the 56 multifamily communities, we wholly own 13 multifamily communities and four debt investments for a total of 17 wholly owned investments. The remaining 39 investments are held through Co-Investment Ventures, all of which are consolidated. As of December 31, 2015 , we are the managing member for each of the separate Co-Investment Ventures. Our two largest Co-Investment Venture partners are Stichting Depositary PGGM Private Real Estate Fund, a Dutch foundation acting in its capacity as depositary of and for the account and risk of PGGM Private Real Estate Fund and its affiliates, a real estate investment vehicle for Dutch pension funds (“PGGM” or the “PGGM Co-Investment Partner”), and Milky Way Partners, L.P. (the “MW Co-Investment Partner”), the primary partner of which is Korea Exchange Bank, as Trustee for and on behalf of National Pension Service (acting for and on behalf of the National Pension Fund of the Republic of Korea Government) (“NPS”). Our other Co-Investment Venture partners include national or regional real estate developers/owners (“Developer Partners.”) When applicable, we refer to individual investments by referencing the individual Co-Investment Venture partner or the underlying multifamily community. We refer to our Co-Investment Ventures with the PGGM Co-Investment Partner as “PGGM CO-JVs,” those with the MW Co-Investment Partner as “MW CO-JVs,” and those with Developer Partners as “Developer CO-JVs.” Certain PGGM CO-JVs that also include Developer Partners are referred to as PGGM CO-JVs. We are the 1% general partner of Monogram Residential Master Partnership I LP (the “Master Partnership” or the PGGM Co-Investment Partner), and PGGM is the 99% limited partner. We are generally a 55% owner with control of day-to-day management operations, and the Master Partnership is generally a 45% owner in the property owning CO-JVs, all of which are consolidated. The table below presents a summary of our Co-Investment Ventures as of December 31, 2015 and 2014 . The effective ownership ranges are based on our participation in the distributable operating cash from our investment in the underlying multifamily community as of the dates indicated. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements for each respective Co-Investment Venture. Unless otherwise noted, all are reported on the consolidated basis of accounting. December 31, 2015 December 31, 2014 Co-Investment Structure Number of Multifamily Communities Our Effective Ownership Number of Multifamily Communities Our Effective Ownership PGGM CO-JVs (a) 23 50% to 70% 30 50% to 74% MW CO-JVs 14 55% 14 55% Developer CO-JVs 2 100% 2 100% Total 39 46 (a) Includes one unconsolidated investment as of December 31, 2014 , which included a debt investment that was repaid in 2015. In May 2015, we also acquired PGGM’s interests in seven PGGM CO-JVs. See Note 11, “Noncontrolling Interests” for further information. As of December 31, 2015 and 2014 , the PGGM CO-JVs include Developer Partners in 18 and 19 multifamily communities, respectively. We have elected to be taxed, and currently qualify, as a REIT for federal income tax purposes. As a REIT, we generally are not subject to corporate-level income taxes. To maintain our REIT status, we are required, among other requirements, to distribute annually at least 90% of our “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to our stockholders. If we fail to qualify as a REIT in any taxable year, we would be subject to federal income tax on our taxable income at regular corporate tax rates. As of December 31, 2015 , we believe we are in compliance with all applicable REIT requirements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include our consolidated accounts and the accounts of our wholly owned subsidiaries. We also consolidate other entities in which we have a controlling financial interest or other entities (referred to as variable interest entities or “VIEs”) where we are determined to be the primary beneficiary. VIEs, as defined by U.S. generally accepted accounting principles (“GAAP”), 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 determination of the primary beneficiary requires management to make significant estimates and judgments about our rights, obligations and economic interests in such entities as well as the same of the other owners. See Note 6, “Variable Interest Entities” for further information about our VIEs. For entities in which we have less than a controlling financial interest or entities with respect to which we are not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities is included in consolidated net income. See Note 7, “Other Assets” for further information on our unconsolidated investment. All inter-company accounts and transactions have been eliminated in consolidation. Real Estate and Other Related Intangibles Acquisitions For real estate properties acquired by us or our Co-Investment Ventures classified as business combinations, we determine the purchase price, after adjusting for contingent consideration and settlement of any pre-existing relationships. We record the acquired assets and liabilities based on their fair values, including tangible assets (consisting of land, any associated rights, buildings and improvements), identified intangible assets and liabilities, asset retirement obligations, assumed debt, other liabilities and noncontrolling interests. Identified intangible assets and liabilities primarily consist of the fair value of in-place leases and contractual rights. Goodwill is recognized as of the acquisition date and measured as the aggregate fair value of the consideration transferred and any noncontrolling interest in the acquiree over the fair value of identifiable net assets acquired. Likewise, a bargain purchase gain is recognized in current earnings when the aggregate fair value of the consideration transferred and any noncontrolling interest in the acquiree are less than the fair value of the identifiable net assets acquired. The fair value of any tangible real estate assets acquired is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, buildings and improvements. Land values are derived from appraisals, and building values are calculated as replacement cost less depreciation or estimates of the relative fair value of these assets using net operating income capitalization rates, discounted cash flow analyses or similar methods. When we acquire rights to use land or improvements through contractual rights rather than fee simple interests, we determine the value of the use of these assets based on the relative fair value of the assets after considering the contractual rights and the fair value of similar assets. Assets acquired under these contractual rights are classified as intangibles and amortized on a straight-line basis over the shorter of the contractual term or the estimated useful life of the asset. Contractual rights related to land or air rights that are substantively separated from depreciating assets are amortized over the life of the contractual term or, if no term is provided, are classified as indefinite-lived intangibles. Intangible assets are evaluated at each reporting period to determine whether the indefinite and finite useful lives are appropriate. We determine in-place lease values based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant by applying a fair value model. The estimates of fair value of in-place leases include an estimate of carrying costs during the expected lease up periods for the respective leasable area considering current market conditions. In estimating fair value of in-place leases, we consider items such as real estate taxes, insurance, leasing commissions, tenant improvements and other operating expenses to execute similar deals as well as projected rental revenue and carrying costs during the expected lease up period. We amortize the value of in-place leases acquired to expense over the remaining term of the leases. The in-place leases are amortized over the remaining term of the in-place leases, approximately a six month term for multifamily in-place leases and terms ranging from three to 20 years for retail in-place leases. We determine the value of above-market and below-market in-place leases for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) estimates of current market lease rates for the corresponding in-place leases, measured over a period equal to (i) the remaining non-cancelable lease term for above-market leases, or (ii) the remaining non-cancelable lease term plus any fixed rate renewal options for below-market leases. We record the fair value of above-market and below-market leases as intangible assets or intangible liabilities, respectively, and amortize them as an adjustment to rental income over the above determined lease term. Given the short-term nature of multifamily leases, the value of above-market or below-market in-place leases are generally not material. We determine the value of other contractual rights based on our evaluation of the specific characteristics of the underlying contracts and by applying a fair value model to the projected cash flows or usage rights that considers the timing and risks associated with the cash flows or usage. We amortize the value of finite contractual rights over the remaining contract period. Indefinite-lived contractual rights are not amortized but are evaluated for impairment. We determine the fair value of assumed debt by calculating the net present value of the scheduled debt service payments using interest rates for debt with similar terms and remaining maturities that management believes we could obtain. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan. Initial valuations are subject to change until our information is finalized, which is no later than 12 months from the acquisition date. We have had no significant valuation changes for acquisitions prior to December 31, 2015 . Developments We capitalize project costs related to the development and construction of real estate (including interest, real estate taxes, insurance, and other direct costs associated with the development) as a cost of the development. Indirect project costs not clearly related to development and construction are expensed as incurred. Indirect project costs that clearly relate to development and construction are capitalized and allocated to the developments to which they relate. For each development, capitalization begins when we determine that the development is probable and significant development activities are underway. We suspend capitalization at such time as significant development activity ceases, but future development is still probable. We cease capitalization when the developments or other improvements, including any portion, are completed and ready for their intended use, or if the intended use changes such that capitalization is no longer appropriate. Developments or improvements are generally considered ready for intended use when the certificates of occupancy have been issued and the units become ready for occupancy. Depreciation Buildings are depreciated over their estimated useful lives ranging from 25 to 35 years using the straight-line method. Improvements are depreciated over their estimated useful lives ranging from 3 to 15 years using the straight-line method. Properties classified as held for sale are not depreciated. Depreciation of developments begins when the development is substantially completed and ready for its intended use. Repairs and Maintenance Expenditures for ordinary repairs and maintenance costs are charged to expense as incurred. Investment in Unconsolidated Real Estate Joint Venture We and our Co-Investment Ventures account for investments in unconsolidated real estate joint ventures using the equity method of accounting because we exercise significant influence over, but do not control, these entities. These investments are initially recorded at cost, including any acquisition costs, and are adjusted for our share of equity in earnings and distributions. We report our share of income and losses based on our economic interests in the entities. We amortize any excess of the carrying value of our investments in joint ventures over the book value of the underlying equity over the estimated useful lives of the underlying operating property, which represents the assets to which the excess is most clearly related. When we or our Co-Investment Ventures acquire a controlling interest in a previously noncontrolled investment, a gain or loss on revaluation of equity is recognized for the differences between the investment’s carrying value and fair value. Impairment of Real Estate Related Assets and Investments in Unconsolidated Real Estate Joint Ventures If events or circumstances indicate that the carrying amount of the property may not be recoverable, we make an assessment of the property’s recoverability by comparing the carrying amount of the asset to our estimate of the undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. In addition, we evaluate indefinite-lived intangible assets for possible impairment at least annually by comparing the fair values with the carrying values. The fair value of intangibles is generally estimated by valuation of similar assets. For real estate we own through an investment in an unconsolidated real estate joint venture or other similar real estate investment structure, at each reporting date we compare the estimated fair value of our real estate investment to the carrying value. An impairment charge is recorded to the extent the fair value of our real estate investment is less than the carrying amount and the decline in value is determined to be other than a temporary decline. We recorded an impairment loss for the year ended December 31, 2015 related to one of our developments. See Note 5, “Real Estate Investments” for more information. We did not record any impairment losses for the years ended December 31, 2014 or 2013 . Assets Held for Sale and Discontinued Operations Prior to January 1, 2014, when we had no involvement after the sale of a multifamily community, the multifamily community sold was reported as a discontinued operation. Effective as of January 1, 2014, we elected to early adopt the revised guidance regarding discontinued operations. For sales of real estate or assets classified as held for sale after January 1, 2014, we evaluate whether the disposition will have a major effect on our operations and financial results and will therefore qualify as a strategic shift. If the disposition represents a strategic shift, it will be classified as discontinued operations in our consolidated statements of operations for all periods presented. If the disposition does not represent a strategic shift, it will be presented in continuing operations in our consolidated statements of operations. We classify multifamily communities as held for sale when certain criteria are met, in accordance with GAAP. At that time, we present the assets and obligations associated with the real estate held for sale separately in our consolidated balance sheet, and we cease recording depreciation and amortization expense related to that multifamily community. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. Cash and Cash Equivalents We consider investments in bank deposits, money market funds and highly-liquid cash investments with original maturities of three months or less to be cash equivalents. As of December 31, 2015 and 2014 , cash and cash equivalents include $32.5 million and $42.0 million , respectively, held by the Master Partnership and individual Co-Investment Ventures that are available only for use in the business of the Master Partnership and the other individual Co-Investment Ventures. Cash held by the Master Partnership and individual Co-Investment Ventures is not restricted to specific uses within those entities. However, the terms of the joint venture agreements define the timing and magnitude of the distribution of those funds to us or limit our use of them for our general corporate purposes. Cash held by the Master Partnership and individual Co-Investment Ventures is distributed from time to time to the Company and to the other Co-Investment Venture partners in accordance with the applicable Co-Investment Venture governing agreement, which may not be the same as the stated effective ownership interest. Cash distributions received by the Company from the Master Partnership and individual Co-Investment Ventures are then available for our general corporate purposes. Noncontrolling Interests Redeemable noncontrolling interests are comprised of our consolidated Co-Investment Venture partners’ interests in multifamily communities where we believe it is probable that we will be required to purchase the partner’s noncontrolling interest. We record obligations under the redeemable noncontrolling interest initially at the higher of (a) fair value or (b) the redemption value with subsequent adjustments. The redeemable noncontrolling interests are temporary equity not within our control and are presented in our consolidated balance sheet outside of permanent equity between debt and equity. The determination of the redeemable classification requires analysis of contractual provisions and judgments of redemption probabilities. Non-redeemable noncontrolling interests are comprised of our consolidated Co-Investment Venture partners’ interests in multifamily communities as well as preferred cumulative, non-voting membership units (“Preferred Units”) issued by subsidiary REITs. We record these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss or equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic interests. Transactions involving a partial sale or acquisition of a noncontrolling interest that does not result in a change of control are recorded at carrying value with no recognition of gain or loss. Any differences between the cash received or paid (net of any direct expenses) and the change in noncontrolling interest is recorded as a direct charge to additional paid-in capital. Transactions involving a partial sale or acquisition of a controlling interest resulting in a change in control are recorded at fair value with recognition of a gain or loss. Other Assets Other assets primarily include notes receivable, deferred financing costs, equity method investments, accounts receivable, restricted cash, interest rate caps, prepaid assets and deposits. We evaluate whether notes receivable are loans, investments in joint ventures or acquisitions of real estate based on a review of any rights to participate in expected residual profits and other equity and loan characteristics. Deferred financing costs are recorded at cost and are amortized using a straight-line method that approximates the effective interest method over the life of the related debt. As of and for the years ended December 31, 2015 and 2014 , all of our notes receivable were appropriately accounted for as loans. We account for our derivative financial instruments, all of which are interest rate caps, at fair value. We use interest rate cap arrangements to manage our exposure to interest rate changes. We have not designated any of these derivatives as hedges for accounting purposes, and accordingly, changes in fair value are recognized in earnings. Revenue Recognition Rental income related to leases is recognized on an accrual basis when due from residents or commercial tenants, generally on a monthly basis. Rental revenues for leases with uneven payments and terms greater than one year are recognized on a straight-line basis over the term of the lease. Any deferred revenue is classified as a liability on the consolidated balance sheet and recognized on a straight-line basis as income over its contractual term. Interest income is generated primarily on notes receivable and cash balances. Interest income is recorded on an accrual basis as earned. Acquisition Costs Non-reimbursed acquisition costs for business combinations, which are expected to include most consolidated property acquisitions other than land acquisitions, are expensed when it is probable that the transaction will be accounted for as a business combination and the purchase will be consummated. Our acquisition costs related to investments in unconsolidated real estate joint ventures are capitalized as a part of our basis in the investment. Acquisition costs related to unimproved or non-operating land, primarily related to developments, are capitalized. Through June 30, 2014, pursuant to our advisory management agreement, Behringer was obligated to reimburse us for all investment-related expenses that the Company pursued but ultimately did not consummate. During the period, prior to the determination of its status, amounts incurred were recorded in other assets. Acquisition expenses are recorded net of any reimbursements when probable of recovery. Transition Expenses Transition expenses include expenses directly and specifically related to our transition to self-management, primarily including legal, financial advisors, consultants, costs of the Company’s special committee of the board of directors (the “Special Committee”), general transition services (primarily related to staffing, name change, notices, transition-related insurance, information technology and facilities), expenses related to our listing on the NYSE and payments to Behringer in connection with the transition to self-management discussed further in Note 13, “Transition Expenses.” Income Taxes We have elected to be taxed as a REIT under the Code and have qualified as a REIT since the year ended December 31, 2007. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax at the corporate level. We intend to operate in such a manner as to continue to qualify for taxation as a REIT, but no assurance can be given that we will operate in a manner so as to remain qualified as a REIT. Beginning in 2013, taxable income from certain non-REIT activities is managed through a taxable REIT subsidiary (“TRS”) and is subject to applicable federal, state, and local income and margin taxes. We have no significant taxes associated with our TRS for the years ended December 31, 2015 , 2014 or 2013 . We have evaluated the current and deferred income tax related to state taxes with respect to which we do not have a REIT exemption, and we have no significant tax liability or benefit as of December 31, 2015 or 2014 . The carrying amounts of our assets and liabilities for financial statement purposes differ from our basis for federal income taxes due to tax accounting in Co-Investment Ventures, fair value accounting for business combinations, straight lining of lease and related agreements and differing depreciation methods. The primary asset and liability balance sheet accounts with differences are real estate, intangibles, other assets, mortgages and notes payable and deferred revenues, primarily lease revenues, net. As a result of these differences, our net federal income tax basis exceeds the carrying value for financial statement purposes as of December 31, 2015 by approximately $19.5 million . We recognize the financial statement benefit of an uncertain tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. As of December 31, 2015 and 2014 , we had no significant uncertain tax positions. Concentration of Credit Risk We invest our cash and cash equivalents among several banking institutions and money market accounts in an attempt to minimize exposure to any one of these entities. As of December 31, 2015 and 2014 , we had cash and cash equivalents deposited in certain financial institutions in excess of federally-insured levels. We regularly monitor the financial condition of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents. Share-based Compensation We have a stock-based incentive award plan for our employees and directors. Compensation expense associated with restricted stock units is recognized in general and administrative expenses in our consolidated statements of operations. We measure stock-based compensation at the estimated fair value on the grant date, net of estimated forfeitures, and recognize the amortization of compensation expense over the requisite service period. Earnings per Share Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting basic earnings per share for the dilutive effect of the assumed exercise of securities, including the effect of shares issuable under our preferred stock and our stock-based incentive plans. Our unvested share-based awards are considered participating securities and are reflected in the calculation of diluted earnings per share. During periods of net loss, the assumed exercise of securities is anti-dilutive and is not included in the calculation of earnings per share. During 2015, the dilutive impact was less than $0.01, and during 2014, any common stock equivalents were anti-dilutive. There were no common stock equivalents during 2013. For all periods presented, the convertible preferred stock was excluded from the calculation of earnings per share because the effect would not be dilutive. However, based on changing market conditions, the outstanding convertible preferred stock could be dilutive in future periods. Redemptions of Common Stock We account for the possible redemption of our shares by classifying securities that are convertible for cash at the option of the holder outside of equity. We do not reclassify the shares to be redeemed from equity to a liability until such time as the redemption has been formally approved by our board of directors. The portion of the redeemed common stock in excess of the par value is charged to additional paid-in capital. Reportable Segments Our current business primarily consists of investing in and operating multifamily communities. Substantially all of our consolidated net income (loss) is from investments in real estate properties that we wholly own or own through Co-Investment Ventures, the latter of which may be accounted for under the equity method of accounting. Our management evaluates operating performance on an individual investment level. However, as each of our investments has similar economic characteristics in our consolidated financial statements, the Company is managed on an enterprise-wide basis with one reportable segment. Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes to consolidated financial statements. These estimates include such items as: the purchase price allocations for real estate and other acquisitions; impairment of long-lived assets, notes receivable and equity-method real estate investments; fair value evaluations; earning recognition of noncontrolling interests and equity in earnings of investments in unconsolidated real estate joint ventures; depreciation and amortization; share-based compensation measurements; and recognition and timing of transition expenses. Actual results could differ from those estimates. Reclassifications Certain financial information on the Consolidated Statements of Operations for the years ended December 31, 2014 and 2013 have been revised to conform to the current year presentation. For the years ended December 31, 2014 and 2013 , $2.5 million and $1.8 million , respectively, of amortization of deferred financing costs previously reported in depreciation and amortization are now included in a separate line item.

New Accounting Pronouncements

New Accounting Pronouncements	12 Months Ended
	Dec. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance with respect to revenue recognition. The revised guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The revised guidance will replace most existing revenue and real estate sale recognition guidance in GAAP when it becomes effective. The standard specifically excludes lease contracts, which is our primary recurring revenue source. The revised guidance allows for the use of either the full or modified retrospective transition method. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted for annual periods beginning after December 15, 2016. We have not yet selected a transition method and are currently evaluating the effect that the adoption of the revised guidance will have on our consolidated financial statements and related disclosures. In June 2014, the FASB issued an update which clarifies that entities should treat performance targets that can be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. The compensation expense related to such awards will be delayed until it becomes probable that the performance target will be met. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015, with early adoption permitted, and may be applied either prospectively or retrospectively. The adoption of this guidance will not have a material impact on our consolidated financial statements. In August 2014, the FASB issued guidance regarding management’s responsibility in evaluating whether there is a substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We do not believe the adoption of this guidance will have a material impact on our disclosures. In January 2015, the FASB issued guidance simplifying income statement presentation by eliminating the concept of extraordinary items. An entity will no longer be allowed to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is unusual in nature and occurs infrequently. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015, with early adoption permitted and may be applied either prospectively or retrospectively. The adoption of this guidance will not have a material impact on our consolidated financial statements. In February 2015, the FASB issued updated guidance related to accounting for consolidation of certain legal entities. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015, with early adoption permitted. The adoption of this guidance will not have a material impact on our financial statements, but additional disclosures will be required related to certain of our entities that were determined to be a VIE. In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of this guidance is permitted for financial statements that have not been previously issued, and an entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The adoption of this guidance will change the classification of debt issuance costs on the consolidated balance sheet but will not otherwise impact our consolidated financial statements.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Business Combinations	Business Combinations In September 2015, we acquired Ev, a 208 -unit multifamily community located in San Diego, California, from an unaffiliated seller, for an aggregate gross purchase price of $84.0 million , excluding closing costs. Ev was a recently completed development in lease up at the date of acquisition. In September 2015, we acquired The Mark, a 208 -unit multifamily community located in Boca Raton, Florida, from an unaffiliated seller, for an aggregate gross purchase price of $81.7 million , excluding closing costs. The Mark was a recently completed development in lease up at the date of acquisition. The following tables present certain additional information regarding our 2015 business combinations. There were no business combinations during the year ended December 31, 2014 . The amounts recognized for major assets acquired and liabilities assumed, including a reconciliation to cash consideration as of the business combination dates, are as follows (in millions): 2015 Acquisitions Land $ 23.9 Building and improvements 141.7 Accrued liabilities (0.4 ) Cash consideration $ 165.2 Certain operating information for the periods from the business combination dates to December 31, 2015 is as follows (in millions): For the Periods to December 31, 2015 Rental revenues $ 1.4 Acquisition expenses 0.6 Depreciation and amortization 1.8 Net loss attributable to common stockholders (2.3 )

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real Estate Investments and Intangibles and Related Depreciation and Amortization As of December 31, 2015 and 2014 , major components of our real estate investments and intangibles and related accumulated depreciation and amortization were as follows (in millions): December 31, 2015 December 31, 2014 Buildings Intangibles Buildings Intangibles and In-Place Other and In-Place Other Improvements Leases Contractual Improvements Leases Contractual Cost $ 2,627.7 $ 37.1 $ 24.2 $ 2,033.8 $ 40.7 $ 25.6 Less: accumulated depreciation and amortization (357.0 ) (34.9 ) (8.3 ) (280.4 ) (38.3 ) (6.5 ) Net $ 2,270.7 $ 2.2 $ 15.9 $ 1,753.4 $ 2.4 $ 19.1 Depreciation expense related to our real estate investments for the years ended December 31, 2015 , 2014 , and 2013 was approximately $98.8 million , $88.8 million , and $81.8 million , respectively. Cost of intangibles relates to the value of in-place leases and other contractual intangibles. Cost of other contractual intangibles as of both December 31, 2015 and 2014 , include $7.9 million and $9.2 million , respectively, of intangibles, primarily asset management and related fee revenue services. Cost of other contractual intangibles as of both December 31, 2015 and 2014 , also includes $6.8 million related to the use rights of a parking garage and site improvements and $9.5 million of indefinite-lived contractual rights related to land air rights. Amortization expense associated with our lease and other contractual intangibles for the years ended December 31, 2015 , 2014 , and 2013 was approximately $3.4 million , $4.2 million , and $2.5 million , respectively. Anticipated amortization associated with lease and other contractual intangibles for each of the following five years is as follows (in millions): Anticipated Amortization Year of Intangibles 2016 $ 1.1 2017 1.1 2018 0.5 2019 0.5 2020 0.5 Developments In December 2015, we acquired The Mile, a 120 -unit multifamily development located in Miami, Florida, from an unaffiliated seller, for an aggregate gross purchase price of $48.0 million , excluding closing costs. As of December 31, 2015 , the development was classified as construction in progress. For the years ended December 31, 2015 , 2014 , and 2013 , we capitalized the following amounts of interest, real estate taxes and direct overhead related to our developments (in millions): For the Year Ended 2015 2014 2013 Interest $ 16.5 $ 17.8 $ 10.5 Real estate taxes 4.1 4.2 2.4 Direct overhead 0.6 0.8 0.5 Sales of Real Estate Reported in Continuing Operations The following table presents our sale of real estate for the years ended December 31, 2015 and 2014 (in millions); there were no sales of real estate reported in continuing operations for the year ended December 31, 2013 : Date of Sale Multifamily Community and Location Sales Contract Price Net Cash Proceeds Gains on Sales of Real Estate For the Year Ended December 31, 2015 July 2015 Uptown Post Oak — Houston, TX $ 90.1 $ 88.3 $ 34.4 June 2015 Burnham Pointe — Chicago, IL 126.0 123.6 48.6 June 2015 Shady Grove — Rockville, MD (a) 38.5 38.4 — Total $ 254.6 $ 250.3 $ 83.0 For the Year Ended December 31, 2014 February 2014 Tupelo Alley — Portland, OR $ 52.9 $ 33.4 $ 16.4 (a) In May 2015, we recorded an impairment of $3.1 million based on the Company’s decision to sell the development at an amount below the carrying value. The impairment, which was primarily due to certain costs capitalized for GAAP not expected to be recovered in a sale, is included in “Investment and other development expenses” on the consolidated statement of operations. In June 2015, we closed on the sale of the development to a group led by the Developer Partner for net proceeds of $38.4 million , the development’s net carrying value at the date of sale. The following table presents net income related to the multifamily communities sold in 2015 and 2014 , for the years ended December 31, 2015 , 2014 and 2013 , and includes the gains on sale of real estate (in millions): For the Year Ended 2015 2014 2013 Net income (loss) from multifamily communities sold $ 83.5 $ 22.9 $ 5.7 Less: net income attributable to noncontrolling interest — (7.2 ) — Net income (loss) attributable to common stockholders $ 83.5 $ 15.7 $ 5.7 Discontinued Operations The following table presents our sales of real estate for the year ended December 31, 2013 (in millions), all of which are reported as discontinued operations: Date of Sale Multifamily Community and Location Sales Contract Price Net Cash Proceeds Gains on Sales of Real Estate For the Year Ended December 31, 2013 September 2013 Grand Reserve Orange — Orange, CT $ 35.3 $ 34.3 $ 12.8 June 2013 Halstead — Houston, TX 43.5 42.2 11.9 May 2013 Cyan/PDX (“Cyan”) — Portland, OR 95.8 95.5 19.2 March 2013 The Reserve at John’s Creek Walk — Johns Creek, GA 37.3 33.3 6.9 Total $ 211.9 $ 205.3 $ 50.8 The table below includes the major classes of line items constituting net loss from discontinued operations, gains on sale of real estate, and depreciation and amortization and capital expenditures for the year ended December 31, 2013 for the multifamily communities that have been classified as discontinued operations in the accompanying consolidated statement of operations (in millions): For the Year Ended December 31, 2013 Rental revenue $ 8.0 Expenses Property operating expenses 2.5 Real estate taxes 1.1 Interest expense 1.0 Depreciation and amortization 3.3 Total expenses 7.9 Loss on early extinguishment of debt (0.8 ) Loss from discontinued operations (0.7 ) Income attributable to noncontrolling interests (6.9 ) Loss from discontinued operations attributable to common stockholders $ (7.6 ) Gains on sales of real estate $ 50.8 Capital expenditures $ 0.2 Changes in operating and investing noncash items related to discontinued operations were not significant for the year ended December 31, 2013 .

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2015
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities As of December 31, 2015 and 2014 , we have concluded that we are the primary beneficiary of 15 VIEs. All of these VIEs are the Property Entities of PGGM CO-JVs or Developer CO-JVs created for the purpose of developing and operating multifamily communities. At the inception of each respective Property Entity, we had determined that none of the Co-Investment Ventures were VIEs and because we were the managing member (directly or indirectly) of each Co-Investment Venture and had control of their operations and business affairs, we consolidated each Co-Investment Venture. After separate reconsideration events from 2012 through the present, all of which were related to predetermined activities, we have concluded that all of these Co-Investment Ventures are now VIEs. Because these Co-Investment Ventures were previously consolidated, the VIE determination did not affect our financial position, financial operations or cash flows. Our ownership interest in each of the Co-Investment Ventures based upon contributed capital ranges from 55% to 100% . The significant amounts of assets and liabilities related to our consolidated VIEs are identified parenthetically on our accompanying consolidated balance sheets. Twelve VIEs, all of which are actively developing or operating multifamily communities, have closed aggregate construction financing of $577.9 million as of December 31, 2015 , which we expect to be substantially drawn on during the construction of the developments. As of December 31, 2015 , $485.4 million has been drawn under these construction loans. For ten of these construction loans, we have provided partial payment guarantees ranging from 10% to 25% of the total construction loan. The total commitment of these ten construction loans is $528.1 million , of which $435.6 million is outstanding as of December 31, 2015 . Each guarantee may terminate or be reduced upon completion of the development or if the development achieves certain operating results. On the other two construction loans, the lenders have no recourse to us other than a guaranty provided by the Company with respect to the construction of the project (a completion guaranty). The construction loans are secured by a first mortgage in each multifamily community. See Note 9, “Mortgages and Notes Payable” for further information on our construction loans. The total assets of the VIEs are $1,089.9 million and $906.9 million as of December 31, 2015 and 2014 , respectively, $126.1 million and $582.3 million of which is reflected in construction in progress, respectively. The total net operating real estate of the VIEs is $943.1 million and $282.1 million as of December 31, 2015 and 2014 , respectively.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2015
Other Assets [Abstract]
Other Assets	Other Assets The components of other assets as of December 31, 2015 and 2014 are as follows (in millions): December 31, 2015 December 31, 2014 Notes receivable, net (a) $ 36.5 $ 59.8 Deferred financing costs, net 15.2 17.4 Resident, tenant and other receivables 12.2 14.0 Escrows and restricted cash 8.7 8.0 Prepaid assets, deposits and other assets 7.6 6.1 Investment in unconsolidated real estate joint venture (b) — 5.0 Total other assets $ 80.2 $ 110.3 (a) Notes receivable include mezzanine loans, primarily related to multifamily development projects. As of December 31, 2015 , the weighted average interest rate is 15.0% and the remaining years to scheduled maturity is 0.9 years. The borrowers generally have options to prepay prior to maturity or to extend the maturity for one to two years. (b) As of December 31, 2014 , we had a $5.0 million investment in an unconsolidated joint venture, the Custer PGGM CO-JV. The primary asset of the Custer PGGM CO-JV was a mezzanine loan collateralized by the development of a 444 unit multifamily community in Allen, Texas, a suburb of Dallas. The mezzanine loan was repaid during May 2015.

Leasing Activity

Leasing Activity	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Leasing Activity	Leasing Activity In addition to multifamily resident units, certain of our consolidated multifamily communities have retail areas, representing approximately 1% of total rentable area of our consolidated multifamily communities. Future minimum base rental receipts due to us under these non-cancelable retail leases in effect as of December 31, 2015 are as follows (in millions): Future Minimum Year Lease Receipts 2016 $ 3.5 2017 3.6 2018 3.5 2019 3.4 2020 3.3 Thereafter 22.7 Total $ 40.0

Mortgages and Notes Payable

Mortgages and Notes Payable	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Mortgages and Notes Payable	Mortgages and Notes Payable The following table summarizes the carrying amounts of the mortgages and notes payable classified by whether the obligation is ours or that of the applicable consolidated Co-Investment Venture as of December 31, 2015 and 2014 (dollar amounts in millions and monthly LIBOR at December 31, 2015 is 0.43% ): As of December 31, 2015 December 31, December 31, Weighted Average 2015 2014 Interest Rates Maturity Dates Company level (a) Fixed rate mortgages payable $ 297.3 $ 87.2 3.88% 2018 to 2020 Total Company level 297.3 87.2 Co-Investment Venture level - consolidated (b) Fixed rate mortgages payable 631.6 827.7 3.49% 2016 to 2020 Variable rate mortgage payable 11.6 12.0 Monthly LIBOR + 2.35% 2017 Fixed Rate construction loans payable (c) Operating 29.2 29.0 4.31% 2016 (e) In Construction 44.5 28.0 4.00% 2018 Variable rate construction loans payable (d) Operating 355.3 87.3 Monthly LIBOR + 2.12% 2016 to 2018 In Construction 101.0 111.0 Monthly LIBOR + 2.02% 2017 to 2018 1,173.2 1,095.0 Plus: unamortized adjustments from business combinations 2.5 4.3 Total Co-Investment Venture level - consolidated 1,175.7 1,099.3 Total consolidated mortgages and notes payable $ 1,473.0 $ 1,186.5 (a) Company level debt is defined as debt that is a direct obligation of the Company or one of the Company’s wholly owned subsidiaries. (b) Co-Investment Venture level debt is defined as debt that is an obligation of the Co-Investment Venture and not an obligation or contingency for us. (c) Includes two loans with total commitments of $82.7 million . One of the construction loans has an option to convert into a permanent loan with a maturity of 2023 and the other includes a one to two year extension option. As of December 31, 2015 , there is $8.9 million remaining to draw under the construction loans. We may elect not to fully draw down any unfunded commitment. (d) Includes eleven loans with total commitments of $548.7 million . As of December 31, 2015 , the Company has partially guaranteed ten of these loans with total commitments of $528.1 million , and as of December 31, 2015 , $82.8 million is recourse to the Company. Our percentage guarantee on each of these loans ranges from 10% to 25% . These loans include one to two year extension options. As of December 31, 2015 , there is $92.5 million remaining to draw under the construction loans. We may elect not to fully draw down any unfunded commitment. (e) Construction loan has an extension right to convert the loan to a permanent loan and extend the maturity to 2023. As of December 31, 2015 , $2.5 billion of the net consolidated carrying value of real estate collateralized the mortgages and notes payable. We believe we are in compliance with all financial covenants as of December 31, 2015 . As of December 31, 2015 , contractual principal payments for our mortgages and notes payable for the five subsequent years and thereafter are as follows (in millions): Co-Investment Total Year Company Level Venture Level Consolidated 2016 $ 4.7 $ 181.3 $ 186.0 2017 5.8 298.2 304.0 2018 153.4 381.3 534.7 2019 79.5 141.0 220.5 2020 53.9 171.4 225.3 Thereafter — — — Total $ 297.3 $ 1,173.2 1,470.5 Add: unamortized adjustments from business combinations 2.5 Total mortgages and notes payable $ 1,473.0

Credit Facility Payable

Credit Facility Payable	12 Months Ended
	Dec. 31, 2015
Line of Credit Facility [Abstract]
Credit Facility Payable	Credit Facilities Payable We have two credit facilities as of December 31, 2015 : a $150 million credit facility (the “$150 Million Facility”) and a $200 million revolving credit facility (the $200 Million Facility”). The following table presents the amounts outstanding under the two credit facilities as of December 31, 2015 and 2014 (dollar amounts in millions, and monthly LIBOR at December 31, 2015 was 0.43% ): Balance Outstanding December 31, 2015 December 31, 2014 Interest Rate as of December 31, 2015 Maturity Date $150 Million Facility $ 49.0 $ 10.0 Monthly LIBOR + 2.08% April 1, 2017 $200 Million Facility — — Monthly LIBOR + 2.50% January 14, 2019 Total $ 49.0 $ 10.0 The $150 Million Facility matures on April 1, 2017, when all unpaid principal and interest is due. Borrowing tranches under the $150 Million Facility bear interest at a “ base rate ” based on either the one-month or three-month LIBOR rate , selected at our option, plus an applicable margin which adjusts based on the credit facility’s debt service requirements. The $150 Million Facility also provides for fees based on unutilized amounts and minimum usage. The loan requires minimum borrowing of $10.0 million and monthly interest-only payments and monthly or annual payment of fees. Draws under the $150 Million Facility are secured by a pool of certain wholly owned multifamily communities. We have the ability to add and remove multifamily communities from the collateral pool, pursuant to the requirements under the credit facility agreement. We may also add multifamily communities at our discretion in order to increase amounts available for borrowing. As of December 31, 2015 , $118.6 million of the net carrying value of real estate collateralized the $150 Million Facility. The aggregate borrowings under the $150 Million Facility are limited to 70% of the value of the collateral pool, which may be different than the carrying value for financial statement reporting. As of December 31, 2015 , our availability to draw under the $150 Million Facility was limited to $108.2 million based upon the value of the collateral pool. The $150 Million Facility agreement contains customary provisions with respect to events of default, covenants and borrowing conditions. In particular, the $150 Million Facility agreement requires us to maintain a consolidated net worth of at least $150.0 million , liquidity of at least $15.0 million and net operating income of the collateral pool to be no less than 155% of the facility debt service cost. Certain prepayments may be required upon a breach of covenants or borrowing conditions. We believe we are in compliance with all provisions as of December 31, 2015 . In January 2015, we entered into the $200 Million Facility. The $200 Million Facility matures on January 14, 2019 , and may be extended for an additional one year term at our option. Borrowing tranches bear interest at rates based on defined leverage ratios, which as of December 31, 2015 is LIBOR + 2.5% . The $200 Million Facility also provides for fees based on unutilized amounts and minimum usage. We may increase the size of the $200 Million Facility from $200.0 million up to a total of $400.0 million after satisfying certain conditions. Draws under the $200 Million Facility are primarily supported by equity pledges of our wholly owned subsidiaries, and are secured by a first mortgage lien, an assignment of leases and rents against two wholly owned multifamily communities, and a first priority perfected assignment of a portion of certain of our notes receivable. In addition, we may provide additional security related to future property acquisitions. The $200 Million Facility agreement contains customary provisions with respect to events of default, covenants and borrowing conditions. In particular, the $200 Million Facility agreement requires us to maintain (as defined in the agreement) a tangible consolidated net worth of at least $1.16 billion , consolidated total indebtedness to total gross asset value of less than 65% , and adjusted consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) to consolidated fixed charges of not less than 1.50 to 1. Beginning December 31, 2015 , our $200 Million Facility agreement may also limit our ability to pay distributions and share repurchases in excess of 95% of our funds from operations generally calculated in accordance with the current definition of funds from operations adopted by the National Association of Real Estate Investment Trusts. For the year ended December 31, 2015 , our declared distributions were 78% of such defined funds from operations during such period. We believe we are in compliance with all provisions of the $200 Million Facility agreement as of December 31, 2015 .

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Non-redeemable Noncontrolling Interests Non-redeemable noncontrolling interests for the Co-Investment Venture partners represent their proportionate share of the equity in consolidated real estate ventures. Each noncontrolling interest is not redeemable by the holder, and accordingly, is reported as equity. Income and losses are allocated to the noncontrolling interest holders based on their effective ownership percentage. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. As of December 31, 2015 and 2014 , non-redeemable noncontrolling interests (“NCI”) consisted of the following, including the direct and non-direct noncontrolling interests ownership ranges where applicable (dollar amounts in millions): December 31, 2015 December 31, 2014 Effective Effective Amount NCI % (a) Amount NCI % (a) PGGM Co-Investment Partner $ 332.0 30% to 45% $ 390.5 26% to 45% MW Co-Investment Partner 123.7 45% 144.9 45% Developer Partners 4.0 0% 3.4 0% Subsidiary preferred units 2.1 (b) 1.9 (b) Total non-redeemable NCI $ 461.8 $ 540.7 (a) Effective noncontrolling interest percentage is based upon the noncontrolling interest’s participation in distributable operating cash. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. (b) The effective NCI for the preferred units is not meaningful and the preferred units have no voting rights. Each noncontrolling interest relates to ownership interests in CO-JVs where we have substantial operational control rights. In the case of the PGGM Co-Investment Partner, their noncontrolling interest includes an interest in the Master Partnership and the PGGM CO-JVs. For PGGM CO-JVs and MW CO-JVs, capital contributions and distributions are generally made pro rata in accordance with these ownership interests; however, the Master Partnership’s and the PGGM CO-JV’s pro rata interests are subject to a promoted interest to us if certain performance returns are achieved. Developer CO-JVs generally have limited participation in contributions and generally only participate in distributions after certain preferred returns are collected by us or the PGGM CO-JVs, as applicable, which in some cases may not be until we have received all of our investment capital. None of these Co-Investment Venture partners have any rights to put or redeem their ownership interest; however, they generally provide for buy/sell rights after certain periods. In certain circumstances, the governing documents of the PGGM CO-JV or MW CO-JV may require a sale of the Co-Investment Venture or its subsidiary REIT rather than an asset sale. Noncontrolling interests also include between 121 to 125 preferred units issued by a subsidiary of each of the PGGM CO-JVs and the MW CO-JVs in order for such subsidiaries to qualify as a REIT for federal income tax purposes. The subsidiary preferred units pay an annual distribution of 12.5% on their face value and are senior in priority to all other members’ equity. The PGGM CO-JVs and MW CO-JVs may cause the subsidiary REIT, at their option, to redeem the subsidiary preferred units in whole or in part, at any time for cash at a redemption price of $500 per unit (the face value), plus all accrued and unpaid distributions thereon to and including the date fixed for redemption, plus a premium per unit generally of $50 to $100 for the first year which generally declines in value $25 per unit each year until there is no redemption premium remaining. The subsidiary preferred units are not redeemable by the unit holders, and as of December 31, 2015 , we have no current intent to exercise our redemption option. Accordingly, these noncontrolling interests are reported as equity. For the years ended December 31, 2015 , 2014 and 2013 , we paid the following distributions to noncontrolling interests (in millions): For the Year Ended December 31, 2015 2014 2013 Distributions paid to noncontrolling interests: Operating activities $ 17.7 $ 22.5 $ 25.0 Investing and financing activities 30.8 25.5 26.3 Total $ 48.5 $ 48.0 $ 51.3 On May 7, 2015, we acquired six noncontrolling interests in PGGM CO-JVs, which related to equity investments in six multifamily communities, and one controlling interest in a PGGM CO-JV, which related to a debt investment in a multifamily community. The net purchase price was $119.8 million , exclusive of closing costs. The consideration for the acquisitions was paid in cash, with $9.8 million funded from existing cash balances and the remaining $110.0 million from draws under our credit facilities. In connection with the acquisitions, we also received from the Master Partnership a disposition fee of $1.0 million and a promoted interest payment of $3.5 million , which are eliminated in our consolidation of the Master Partnership but did increase net income available to the Company. The following table summarizes each of the multifamily community interests related to the acquisition of noncontrolling and controlling interests: Our Ownership Interest (a) Multifamily Community and Location Total Units Pre-Acquisition Acquired Interest Post-Acquisition Equity investments: The District Universal Boulevard, Orlando, FL 425 55.5 % 44.5 % 100 % Veritas, Henderson, NV (b) 430 51.9 % 41.6 % 93.5 % The Cameron, Silver Spring, MD 325 55.5 % 44.5 % 100 % Skye 2905, Denver, CO 400 55.5 % 44.5 % 100 % Grand Reserve, Dallas, TX 149 74.4 % 25.6 % 100 % Stone Gate, Marlborough, MA 332 55.5 % 44.5 % 100 % 2,061 Debt investment: Jefferson Creekside, Allen, TX 444 55.5 % 44.5 % 100 % (a) Our ownership interest is based on our share of contributed capital. This ownership interest may differ over time from percentages for distributions, contributions or financing requirements for each respective CO-JV. The post-acquisition effective ownership interests based on our participation in distributable cash from the CO-JVs are the same as those presented based on contributed capital, except for Veritas where our post-acquisition effective ownership based on our current participation in distributable cash is 100%. Each of the equity investments was previously accounted for on the consolidated method of accounting with the same accounting method post-acquisition. The debt investment was previously accounted for on the equity method of accounting and post-acquisition will be accounted for on the consolidated method of accounting. (b) The remaining 6.5% is owned by a Developer Partner. Because these equity investments were previously accounted for on the consolidated method of accounting, the acquisition of the investment interests did not change the carrying value for the related assets or liabilities or reported consolidated operations for revenues and expenses included in reported net income. The acquisition of the equity investments reduced noncontrolling interests for the related amounts of the CO-JVs with the difference between the noncontrolling interest amounts and the purchase price of $59.2 million recorded to additional paid in capital. The acquisition of the debt investment resulted in a change from equity method accounting to the consolidated method of accounting and accordingly, the underlying assets and liabilities were recorded at a fair value of $16.6 million . On February 28, 2014 , we sold an approximately 37% noncontrolling interest in two Developer CO-JVs to PGGM for $13.2 million . No gain or loss was recognized in recording these transactions, but a net decrease to additional paid-in capital of $0.8 million was recorded. During the year ended 2014 , we formed two new PGGM CO-JVs to develop two separate multifamily communities in California. On July 31, 2013, we acquired the GP Master Interest in a related party transaction with Behringer for $23.1 million in cash, excluding closing costs, of which $13.8 million related to the partial acquisition of an approximate 1% noncontrolling interest in the Master Partnership’s interest in the PGGM CO-JVs. The remaining $9.3 million was accounted for as a business combination. Additionally, during the year ended 2013 , we acquired all of the noncontrolling interests in the Cyan MW CO-JV for $27.9 million in cash and sold a portion of our noncontrolling interest in the Cameron PGGM CO-JV to PGGM for $7.3 million in cash. On December 20, 2013, the Master Partnership was restructured to increase PGGM’s equity commitment, and we partially sold an approximate 42% noncontrolling interest in 13 Developer CO-JVs to PGGM for $146.4 million . No gain or loss was recognized in recording these transactions, but a net decrease to additional paid-in capital of $23.1 million was recorded. Redeemable Noncontrolling Interests As of December 31, 2015 and 2014 , redeemable noncontrolling interests (“NCI”) consisted of the following (dollar amounts in millions): December 31, 2015 December 31, 2014 Effective Effective Amount NCI % (a) Amount NCI % (a) Developer Partners $ 29.1 0% to 10% $ 32.0 0% to 10% (a) Effective noncontrolling interest percentage is based upon the noncontrolling interest’s participation in distributable operating cash. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. For Co-Investment Ventures where the developer’s equity has been returned, the effective noncontrolling interest percentage is shown as zero. Developer Partners included in redeemable noncontrolling interests represent ownership interests in Developer CO-JVs by regional or national multifamily developers, which may require that we pay or reimburse our Developer Partners upon certain events. These amounts include reimbursing partners once certain development milestones are achieved, generally related to permits or final budgeted construction costs. They also generally have put options, usually exercisable one year after completion of the development and thereafter, pursuant to which we would be required to acquire their ownership interest at a set price. As of December 31, 2015 , we have recorded in redeemable noncontrolling interests $28.8 million of puts, of which $5.0 million are eligible for exercise as of that date. These Developer CO-JVs also include buy/sell provisions, generally available after the tenth year after completion of the development. Each of these Developer CO-JVs is managed by a subsidiary of ours. As manager, we have substantial operational control rights. These Developer CO-JVs generally provide that we have a preferred cash flow distribution until we receive certain returns on and of our investment. All of these Developer Partners also have a back end interest, generally only attributable to distributions related to a property sale or financing. Generally, these noncontrolling interests have no obligation to make any additional capital contributions.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Capitalization In connection with our transition to self-management, on July 31, 2013, we issued 10,000 shares of a new Series A non-participating, voting, cumulative, 7.0% convertible preferred stock, par value $0.0001 per share (the “Series A Preferred Stock”), to Behringer. The shares of Series A Preferred Stock entitle the holder to one vote per share on all matters submitted to the holders of the common stock, a liquidation preference equal to $10.00 per share before the holders of common stock are paid any liquidation proceeds, and 7.0% cumulative cash dividends on the liquidation preference and any accrued and unpaid dividends. As determined and limited pursuant to the Articles Supplementary establishing the Series A Preferred Stock, the Series A Preferred Stock will automatically convert into shares of our common stock on the earlier of December 31, 2016, or the election by the holders of a majority of the then outstanding shares of Series A Preferred Stock, in each case based on the trading prices of our shares of common stock over a subsequent measurement period. At conversion, all of the shares of Series A Preferred Stock will, in total, generally convert into an amount of shares of our common stock equal in value to 17.25% of the excess, if any, of (i) (a) the per share value of our common stock at the time of conversion, as determined pursuant to the Articles Supplementary establishing the Series A Preferred Stock and assuming no shares of the Series A Preferred Stock are outstanding, multiplied by 168,537,343 shares of common stock, plus (b) the aggregate value of distributions (including distributions constituting a return of capital) paid through such time on the 168,537,343 shares of common stock over (ii) the aggregate issue price of those outstanding shares plus a 7% cumulative, non-compounded, annual return on the issue price of those outstanding shares. The conversion option terminates December 31, 2016. Stock Plans Our Second Amended and Restated Incentive Award Plan (the “Incentive Award Plan”) authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards. A total of 20 million shares has been authorized and reserved for issuance under the Incentive Award Plan as of December 31, 2015 . Compensation cost is measured at the grant date based on the estimated fair value at the time of the award being granted and will be recognized as expense over the service period based on the tiered lapse schedule and estimated forfeiture rates. Restricted Stock Units As of December 31, 2015 , we had 549,496 restricted stock units outstanding, held by our directors and certain executive employees. These restricted stock units generally vest over a three year period. The following table includes the number of restricted stock units granted, exercised (including units used to satisfy employee income tax withholding) and outstanding as of and for the years ended December 31, 2015 and 2014 . No restricted stock units were granted in 2013. 2015 2014 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Outstanding January 1, 248,691 $ 10.03 — $ — Granted 482,846 9.47 248,691 10.03 Exercised (170,632 ) 9.71 — — Forfeited (11,409 ) 9.64 — — Outstanding December 31, 549,496 $ 9.64 248,691 $ 10.03 Vested restricted stock units 64,437 $ 9.90 11,356 $ 10.03 Unvested restricted stock units 485,059 $ 9.61 237,335 $ 10.03 Restricted Stock As of December 31, 2015 , we had 20,868 shares of restricted stock outstanding held by employees. Restrictions on these shares lapse in equal increments over a three year period following the grant date. The following is a summary of the restricted stock granted, forfeited and outstanding as of and for the year ended December 31, 2015 . No restricted stock was granted in 2014 or 2013 : 2015 Shares Weighted Average Grant Date Fair Value Outstanding January 1, — $ — Granted 25,746 9.21 Forfeited (4,878 ) 9.21 Outstanding December 31, 20,868 $ 9.21 Unvested restricted stock 20,868 $ 9.21 For the years ended December 31, 2015 and 2014 , we had approximately $3.2 million and $0.8 million , respectively, in compensation costs related to share-based payments including dividend equivalent payments. For the year ended December 31, 2013 , we had no compensation cost related to share-based payments. Unearned compensation costs for restricted stock units and restricted stock was approximately $3.4 million at December 31, 2015 , and is expected to be recognized over a weighted average period of 1.9 years. Distributions The following table presents the regular distributions declared for the years ended December 31, 2015 , 2014 and 2013 (in millions, except per share amounts): For the Year Ended 2015 2014 2013 Declared (a) Declared per Share (a) Declared (a) Declared per Share (a) Declared (a) Declared per Share (a) Fourth quarter $ 12.5 $ 0.075 $ 12.5 $ 0.075 $ 14.9 $ 0.089 Third quarter 12.5 0.075 14.9 0.088 14.9 0.088 Second quarter 12.5 0.075 14.7 0.087 14.7 0.087 First quarter 12.5 0.075 14.6 0.086 14.5 0.086 Total $ 50.0 $ 0.300 $ 56.7 $ 0.336 $ 59.0 $ 0.350 (a) Represents distributions accruing during the period. Beginning with the fourth quarter of 2014, the board of directors authorizes regular distributions to be paid to stockholders of record with respect to a single record date each quarter. Prior to the fourth quarter of 2014, regular distributions accrued on a daily basis at a daily amount of $0.000958904 ( $0.35 annualized) per share of common stock and were paid in the following month. On August 12, 2014, in anticipation of the Company’s listing on a national securities exchange, our board of directors elected to suspend our distribution reinvestment plan (“DRIP”) effective August 24, 2014 , and on November 4, 2014, our board of directors approved the termination of the DRIP. As a result, all distributions paid subsequent to August 24, 2014 were paid in cash and not reinvested in shares of our common stock. During 2015 , 2014 and 2013 , our distributions were classified as follows for federal income tax purposes: 2015 2014 2013 Ordinary income 58 % 42 % 36 % Capital gains 23 % 19 % 32 % Section 1250 recapture capital gains 5 % — % 4 % Return of capital 14 % 39 % 28 % Total 100 % 100 % 100 % The classification changes in 2015 were primarily due to increased dispositions in 2015 as compared to 2014 and improved operating performance in 2015 compared to 2014 . The classification changes in 2014 were primarily due to decreased dispositions in 2014 as compared to 2013 and improved operating performance in 2014 compared to 2013 . Share Redemption Program On August 12, 2014, in anticipation of the Company’s listing on a national securities exchange, our board of directors elected to suspend our share redemption program (“SRP”), effective August 14, 2014, and on November 4, 2014, our board of directors approved the termination of the SRP. Prior to the suspension and subsequent termination of our SRP, the purchase price per share redeemed under the SRP was generally set at 85% of the then-current estimated share value pursuant to our valuation policy for ordinary redemptions and at the lesser of the then-current estimated share value pursuant to our valuation policy and the average price per share paid by the original purchaser of the shares being redeemed, less any special distributions, pursuant to our valuation policy for redemptions sought upon a stockholder’s death, qualifying disability or confinement to a long-term care facility. Prior to the suspension of our SRP in August 2014 and subsequent termination, we redeemed approximately 1.6 million common shares at an average price of $8.80 per share for $14.2 million for the year ended December 31, 2014 . For the year ended December 31, 2013 , we redeemed approximately 2.5 million common shares at an average price of $9.24 per share for $22.9 million . On December 29, 2014 , the Company acquired through a tender offer approximately 2.4 million common shares at a price of $9.25 per share for $22.1 million .

Transition Expenses

Transition Expenses	12 Months Ended
	Dec. 31, 2015
Transition to Self-Management [Abstract]
Transition Expenses	Transition Expenses On July 31, 2013 (the “Initial Closing”), we entered into a series of agreements and amendments to our existing agreements and arrangements with Behringer, setting forth various terms of and conditions to the modification of the business relationships between us and Behringer. We collectively refer to these agreements as the “Self-Management Transition Agreements.” From the Initial Closing through June 30, 2014, we hired executives and staff who were previously employees of Behringer and began hiring other employees, completing our transition to a self-managed company. Commencing at the Initial Closing, the Self-Management Transition Agreements provide that in certain circumstances, Behringer will rebate to us, or may provide us a credit with respect to acquisition fees paid pursuant to the amended and restated advisory management agreement. For the years ended December 31, 2015 and 2014 , $0.1 million and $2.5 million , respectively, of acquisition fees were trued up to us. No amounts were credited for the year ended December 31, 2013. During the period from the Initial Closing through September 30, 2014, Behringer provided general transition services in support of our transition to self-management for a total cost of $7.2 million ; $0.4 million was expensed for the year ended December 31, 2014 and $6.8 million was expensed for the year ended December 31, 2013. For the period from August 1, 2013 through June 30, 2014, Behringer was paid fees and reimbursements under the terms of amended advisory and property management agreements that included a reduction of certain fees and expenses paid to Behringer under the prior agreements, which are described in Note 16, “Related Party Arrangements.” We consummated the second and final closing of the Self-Management Transition Agreements on June 30, 2014 (the “Self-Management Closing”), terminating the advisory and property management services with Behringer and paying Behringer $3.5 million for certain intangible assets, rights and contracts, $1.25 million as part of the general transition services described above and a monthly installment of $0.4 million for general transition services. Effective July 1, 2014 , we hired corporate and property management employees who were previously employees of Behringer. We also reconciled certain miscellaneous closing matters related to employee benefits of former Behringer employees hired by us, transfers of office equipment and similar items. Behringer provided shareholder services from June 30, 2014 through November 20, 2014 at a cost of $2.9 million , including an early termination payment related to our listing on the NYSE. In addition to the above transactions, the Company incurred other expenses related to our transition to self-management and listing on the NYSE, primarily related to Special Committee and Company legal and financial advisors and general transition services (primarily staffing, name change, notices, transition-related insurance, information technology and facilities). The table below represents the components of our transition expenses for the years ended December 31, 2014 and 2013 are as follows (in millions). We did not incur any transition expenses for the year ended December 31, 2015 . For the Year Ended 2014 2013 Special Committee and Company legal and financial advisors $ 0.9 $ 0.7 General transition services: Behringer 2.9 7.9 Other service providers 2.5 0.4 Expenses related to listing on the NYSE 6.4 — Total transition expenses $ 12.7 $ 9.0

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies All of our Co-Investment Ventures include buy/sell provisions. Under most of these provisions and during specific periods, a partner could make an offer to purchase the interest of the other partner and the other partner would have the option to accept the offer or purchase the offering partner’s interest at that price. As of December 31, 2015 , no such buy/sell offers are outstanding. In the ordinary course of business, the multifamily communities in which we have investments may have commitments to provide affordable housing. Under these arrangements, we generally receive from the resident a below market rent, which is determined by a local or national authority. In certain markets, a local or national housing authority may make payments covering some or substantially all of the difference between the restricted rent paid by residents and market rents. In connection with our acquisition of The Gallery at NoHo Commons, we assumed an obligation to provide affordable housing through 2048. As partial reimbursement for this obligation, the California housing authority will make level annual payments of approximately $2.0 million through 2028 and no reimbursement for the remaining 20 -year period. We may also be required to reimburse the California housing authority if certain operating results are achieved on a cumulative basis during the term of the agreement. At the acquisition, we recorded a liability of $14.0 million based on the fair value of the terms over the life of the agreement. In addition, we record rental revenue from the California housing authority on a straight-line basis, deferring a portion of the collections as deferred lease revenues. As of December 31, 2015 and 2014 , we have approximately $18.9 million and $18.3 million , respectively, of carrying value for deferred lease revenues related to The Gallery at NoHo Commons. As of December 31, 2015 , we have entered into construction and development contracts with $82.6 million remaining to be paid. These construction costs are expected to be paid during the completion of the development and construction period, generally within 24 months . Future minimum lease payments due on our lease commitment payables, primarily related to our corporate office lease which expires in 2024, are as follows (in millions): Future Minimum Lease Payments 2016 $ 0.6 2017 0.9 2018 0.8 2019 0.8 2020 0.8 Thereafter 3.2 Total $ 7.1 On November 10, 2015 , a complaint was filed in the District Court of Dallas County, Texas against the Company by Behringer, the Company’s former external advisor. The complaint alleges the Company breached certain terms of the Self-Management Transition Agreements. In the complaint, Behringer makes claims for damages to recover approximately $2.3 million in debt financing fees purportedly owed to Behringer relating to the Company’s $200 Million Facility as well as certain property-level debt financing arrangements. On January 13, 2016 , the Company filed an answer and counterclaim in the Behringer lawsuit. The Company’s counterclaim seeks approximately $1.5 million in refunds of development fees previously paid by the Company in connection with the Shady Grove acquisition. Because the litigation related to Behringer’s claims and our claims is in the beginning stages of discovery, management cannot estimate the ultimate resolution of the matters. As of December 31, 2015 , no liabilities for the matter have been recorded. We do not believe the ultimate outcome will have a material effect on our financial condition or results of operations. We are also subject to various legal proceedings and claims which arise in the ordinary course of business. Matters which relate to property damage or general liability claims are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on our consolidated financial statements.

Fair Value of Derivatives and F

Fair Value of Derivatives and Financial Instruments	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Derivatives and Financial Instruments	Fair Value of Derivatives and Financial Instruments Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy) has been established. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. In connection with our measurements of fair value related to many real estate assets, noncontrolling interests, financial instruments and contractual rights, there are generally not available observable market price inputs for substantially the same items. Accordingly, each of these are classified as Level 3, and we make assumptions and use various estimates and pricing models, including, but not limited to, the estimated cash flows, discount and interest rates used to determine present values, market capitalization rates, sales of comparable investments, rental rates, costs to lease properties, useful lives of the assets, the cost of replacing certain assets, and equity valuations. These estimates are from the perspective of market participants and may also be obtained from independent third-party appraisals. However, we are responsible for the source and use of these estimates. A change in these estimates and assumptions could be material to our results of operations and financial condition. Financial Instruments Carried at Fair Value on a Recurring Basis For the years ended December 31, 2015 , 2014 and 2013 , we had no fair value adjustments on a recurring basis. Nonrecurring Basis — Fair Value Adjustments As discussed in Note 5, “Real Estate Investments,” we recorded an impairment charge related to one of our developments in May 2015. Prior to the impairment, the development had a net carrying value of $44.4 million . The $3.1 million impairment is included in the line item “Investment and other development expenses” on the consolidated statement of operations. The fair value for the development was determined based upon the terms of the purchase and sale agreement which closed in June 2015. We consider this a Level 2 input under the fair value hierarchy. As discussed in Note 11, “Noncontrolling Interests”, we acquired a controlling interest in an unconsolidated investment in real estate joint venture in May 2015. We consolidated the Custer PGGM CO-JV and recognized a loss related to the revaluation of our equity interest for the difference between our carrying value and the fair value of the investment. The fair value was determined based upon the pay-off value of the note receivable and its related accrued interest, both of which were repaid shortly after the acquisition of the controlling interest. We consider this a Level 2 input under the fair value hierarchy. The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015 (in millions): For the Year Ended December 31, 2015 Level 1 Level 2 Level 3 Total Fair Value Gain (Loss) Assets Construction in progress $ — $ 41.2 $ — $ 41.2 $ (3.1 ) Other Assets — 16.6 — 16.6 — $ — $ 57.8 $ — $ 57.8 $ (3.1 ) For the years ended December 31, 2014 and 2013, we had no fair value adjustments on a nonrecurring basis. Financial Instruments Not Carried at Fair Value Financial instruments held as of December 31, 2015 and 2014 and not measured at fair value on a recurring basis include cash and cash equivalents, notes receivable, credit facilities payable and mortgages and notes payable. With the exception of our mortgages and notes payable, the financial statement carrying amounts of these items approximate their fair values due to their short-term nature. Because the credit facilities payable bears interest at a variable rate and has a prepayment option, we believe its carrying amount approximates its fair value. Estimated fair values for mortgages and notes payable have been determined using market pricing for similar mortgages payable, which are classified as Level 2 in the fair value hierarchy. Carrying amounts and the related estimated fair value of our mortgages and notes payable as of December 31, 2015 and 2014 are as follows (in millions): December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair Amount Value Amount Value Mortgages and notes payable $ 1,473.0 $ 1,473.1 $ 1,186.5 $ 1,199.6

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements From our inception to July 31, 2013, we had no employees, were externally managed by Behringer and were supported by related party service agreements, as further described below. Through July 31, 2013, we exclusively relied on Behringer to provide certain services and personnel for management and day-to-day operations, including advisory services and property management services provided or performed by Behringer. Effective July 31, 2013, we entered into the Self-Management Transition Agreements as discussed in Note 13, “Transition Expenses.” From the Initial Closing through June 30, 2014, we hired executives and staff who were previously employees of Behringer and began hiring other employees, completing our transition to a self-managed company. Behringer provided capital market services to the Company for a fee ranging from 0.9% to 1.0% of our share of the financings. Such capital market services terminated on June 30, 2015. In addition, certain acquisition and advisory fees and other reimbursements are still subject to true-up and reconciliations as of December 31, 2015. For the years ended December 31, 2015 and 2014 , $0.1 million and $2.5 million , respectively, of acquisition fees were credited to us, all of which were previously capitalized, and offset against total real estate, net. The services provided by Behringer included acquisition and advisory, property management, and asset management services which terminated on June 30, 2014 and capital market services which terminated on June 30, 2015. The table below shows the fees and expense reimbursements to Behringer in exchange for such services for the years ended December 31, 2015 , 2014 and 2013 (in millions): For the Year Ended 2015 2014 2013 Acquisition and advisory fees $ — $ 4.3 $ 15.0 Property management fees — 11.3 23.4 Debt financing fees 0.2 2.4 1.5 Asset management fees — 3.8 7.7 Administrative expense reimbursements — 1.0 1.8 Shareholder services (a) — 2.9 — (a) Includes an early termination payment of $2.3 million to Behringer related to our listing on the NYSE. See further discussion in Note 13, “Transition Expenses.” See Note 14, “Commitments and Contingencies” for discussion of litigation with Behringer.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Supplemental cash flow information for the years ended December 31, 2015 , 2014 and 2013 is summarized below (in millions): For the Year Ended 2015 2014 2013 Supplemental disclosure of cash flow information: Interest paid, net of amounts capitalized of $16.5 million, $17.8 million and $10.5 million in 2015, 2014 and 2013, respectively $ 30.1 $ 20.8 $ 25.8 Non-cash investing and financing activities: Acquisition of a noncontrolling interest — — 9.0 Conversion of note receivable into an equity investment — — 4.9 Funds deposited in escrow related to a development acquisition — 1.5 1.1 Transfer of real estate from construction in progress to operating real estate 679.4 286.6 48.9 Conversion of investment in unconsolidated real estate joint venture into notes receivable 5.0 0.8 9.5 Stock issued pursuant to our DRIP — 20.5 31.0 Distributions payable 12.5 12.5 5.0 Construction costs and other related payables 34.9 92.2 43.7

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements. Distributions for the First Quarter of 2016 Our board of directors has authorized a distribution in the amount of $0.075 per share on all outstanding shares of common stock of the Company for the first quarter of 2016. The distribution is payable April 7, 2016 to stockholders of record at the close of business on March 31, 2016 .

Quarterly Results (unaudited)

Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (unaudited)	Quarterly Results (unaudited) Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2015 and 2014 (in thousands, except per share data): 2015 Quarters Ended March 31 June 30 September 30 December 31 Rental revenues $ 56,643 $ 59,105 $ 59,191 $ 63,129 Income (loss) from continuing operations $ (1,177 ) $ 44,473 $ 30,876 $ (7,489 ) Net income (loss) attributable to common stockholders $ (833 ) $ 49,196 $ 31,362 $ (5,937 ) Basic weighted average shares outstanding 166,509 166,541 166,563 166,628 Diluted weighted average shares outstanding 166,509 167,202 167,260 167,247 Basic and diluted earnings (loss) per share $ (0.01 ) $ 0.29 $ 0.19 $ (0.04 ) 2014 Quarters Ended March 31 June 30 September 30 December 31 Rental revenues $ 50,182 $ 51,047 $ 53,091 $ 54,705 Income (loss) from continuing operations $ 14,476 $ (6,870 ) $ (858 ) $ (6,477 ) Net income (loss) attributable to common stockholders $ 7,423 $ (6,775 ) $ (619 ) $ (6,153 ) Basic weighted average shares outstanding 168,714 168,857 168,780 168,818 Diluted weighted average shares outstanding 168,919 169,096 169,028 169,066 Basic and diluted earnings (loss) per share $ 0.04 $ (0.04 ) $ — $ (0.04 ) *****

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts Schedule II	12 Months Ended
	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts Schedule II	Monogram Residential Trust, Inc. Valuation and Qualifying Accounts Schedule II December 31, 2015 (in thousands) Allowance for Doubtful Accounts Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Year For the Year Ended December 31, 2015 $ 144 $ 746 $ — $ 644 $ 246 For the Year Ended December 31, 2014 102 550 — 508 144 For the Year Ended December 31, 2013 193 492 — 583 102

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation Schedule III	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Schedule III	Monogram Residential Trust, Inc. Real Estate and Accumulated Depreciation Schedule III December 31, 2015 (in thousands) Initial Cost Costs Subsequent to Acquisition/ Construction Gross Property Name Location Land Buildings and Improvements Accumulated Depreciation (a) Year of Completion/ Acquisition(b) Encumbrances(c) 4110 Fairmount Dallas, TX $ 7,244 $ 36,150 $ 153 $ 43,547 $ 2,720 2014/2012 $ 24,825 4550 Cherry Creek(d) Denver, CO 7,910 70,184 1,594 79,688 14,016 2004/2011 39,500 55 Hundred(d) Arlington, VA 13,196 67,515 619 81,330 12,830 2010/2011 41,047 7166 at Belmar(d) Lakewood, CO 3,385 52,298 1,828 57,511 10,222 2008/2011 28,500 Acacia on Santa Rosa Creek Santa Rosa, CA 8,100 29,512 1,847 39,459 8,561 2003/2010 29,000 Acappella San Bruno, CA 8,000 46,973 562 55,535 10,996 2010/2010 30,070 Allegro (e) Addison, TX 3,900 55,355 1,688 60,943 11,237 2013/2010 20,829 Allusion West University Houston, TX 9,440 31,372 111 40,923 2,611 2014/2012 20,623 Argenta San Francisco, CA 11,100 81,624 1,536 94,260 16,341 2008/2011 51,000 Arpeggio Victory Park Dallas, TX 11,000 47,443 117 58,560 3,713 2014/2012 29,161 Bailey's Crossing(d) Alexandria, VA 22,214 108,145 803 131,162 20,689 2010/2011 76,000 Blue Sol Costa Mesa, CA 7,167 30,145 132 37,444 1,718 2014/2013 — Briar Forest Lofts(d) Houston, TX 4,623 40,155 733 45,511 7,868 2008/2011 20,211 Burrough's Mill(d) Cherry Hill, NJ 10,075 51,869 823 62,767 11,395 2004/2011 24,440 Calypso Apartments and Lofts(d) Irvine, CA 13,902 42,730 511 57,143 8,240 2008/2011 29,500 The Cameron Silver Spring, MD 25,191 77,737 565 103,493 14,607 2010/2011 63,579 Cyan on Peachtree Atlanta, GA 9,302 59,839 — 69,141 1,497 2015/2013 39,114 The District Universal Boulevard Orlando, FL 5,161 57,448 995 63,604 11,057 2009/2011 36,589 Eclipse(d) Houston, TX 6,927 44,078 420 51,425 8,987 2009/2011 20,061 Ev San Diego, CA 10,400 73,547 — 83,947 1,062 2015/2015 — Everly Wakefield, MA 6,101 39,503 866 46,470 2,171 2014/2012 22,982 Fitzhugh Urban Flats(d) Dallas, TX 9,394 48,884 1,135 59,413 9,997 2009/2011 26,886 Forty55 Lofts(d) Marina del Rey, CA 11,382 68,966 523 80,871 13,262 2010/2011 25,500 The Franklin Delray Delray Beach, FL 9,065 24,229 79 33,373 2,499 2013/2012 — The Gallery at NoHo Commons Los Angeles, CA 28,700 78,309 2,308 109,317 22,462 2008/2009 51,300 Grand Reserve Dallas, TX 2,980 29,231 (640 ) 31,571 4,828 2009/2012 20,364 The Lofts at Park Crest McLean, VA — 49,737 482 50,219 12,288 2008/2010 43,321 Muse Museum District Houston, TX 11,533 36,189 616 48,338 2,292 2014/2012 26,700 Nouvelle Tysons Corner, VA 30,515 137,645 — 168,160 1,538 2015/2013 64,406 Pembroke Woods Pembroke, MA 11,520 29,807 1,144 42,471 5,184 2006/2012 14,516 Point 21 Denver, CO 6,453 41,375 — 47,828 1,485 2014/2012 26,552 Renaissance - Phase I(d) Concord, CA 5,786 33,660 1,669 41,115 6,208 2008/2011 — Initial Cost Costs Gross Property Name Location Land Buildings and Accumulated Depreciation (a) Year of Encumbrances(c) The Reserve at LaVista Walk Atlanta, GA 4,530 34,159 1,263 39,952 8,331 2008/2010 13,655 San Sebastian(d) Laguna Woods, CA 7,841 29,037 252 37,130 6,455 2010/2011 21,000 Satori(d) Fort Lauderdale, FL 8,223 75,126 1,260 84,609 14,629 2010/2011 51,000 SEVEN Austin, TX 6,041 54,117 — 60,158 1,385 2015/2011 31,407 Skye 2905 Denver, CO 13,831 87,491 214 101,536 16,394 2010/2011 55,647 SoMa(f) Miami, FL 21,647 51,150 — 72,797 170 2015/2013 50,431 Stone Gate Marlborough, MA 8,300 54,634 1,821 64,755 11,591 2007/2011 34,029 The Mark Boca Raton, FL 13,520 68,574 — 82,094 735 2015/2015 — Verge(f) San Diego, CA 26,620 64,262 — 90,882 887 2015/2013 50,519 Vara San Francisco, CA 20,200 88,500 602 109,302 9,308 2013/2013 57,000 The Venue(d) Clark County, NV 1,520 24,249 255 26,024 4,887 2009/2011 10,500 Veritas(d) Henderson, NV 4,950 55,607 449 61,006 9,948 2011/2012 34,775 West Village Mansfield, MA 5,301 30,068 679 36,048 6,603 2008/2011 19,747 Zinc Cambridge, MA 23,170 159,051 — 182,221 1,132 2015/2012 98,718 $ 497,360 $ 2,597,679 $ 30,014 $ 3,125,053 $ 357,036 $ 1,475,004 ____________________________________________________________________________ (a) Each of our properties has a depreciable life of 25 to 35 years . Improvements have depreciable lives ranging from 3 to 15 years . (b) For multifamily communities developed by the Company, year of acquisition represents the year of our initial investment in the development. (c) Encumbrances include mortgages and notes payable and the $150 Million Facility which had an outstanding balance of $49.0 million as of December 31, 2015 . The $150 Million Facility is collateralized by the following properties: Allegro, The Reserve at La Vista Walk and Pembroke Woods. The $150 Million Facility balance was allocated to each property based upon its relative gross real estate amount carried at December 31, 2015 . Encumbrances related to mortgage loans excludes the $2.5 million of unamortized adjustment from business combinations as of December 31, 2015 . (d) Property is owned through a Co-Investment Venture. Initial cost is the cost recorded at time of consolidation. Year acquired is the year the property was consolidated. (e) During 2013, we completed development of the second phase of Allegro which added an additional 121 units. Phase I of the property was initially completed in 2010. (f) For our developments, we transfer costs of a property to land, buildings and improvements as units are completed and capable of generating operating revenue. As of December 31, 2015 , SoMa was 95% complete and Verge was 94% complete. Both are expected to be completed in 2016 . A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2015 , 2014 , and 2013 is as follows (in thousands): For the Year Ended December 31, 2015 2014 2013 Real Estate: Balance at beginning of year $ 2,423,704 $ 2,170,747 $ 2,177,429 Additions: Additions, acquisitions and/or consolidation of joint ventures 854,472 292,802 163,401 Deductions: Sale of real estate property (153,123 ) (39,845 ) (170,083 ) Balance at end of year $ 3,125,053 $ 2,423,704 $ 2,170,747 Accumulated Depreciation: Balance at beginning of year $ 280,400 $ 195,048 $ 123,360 Depreciation expense 98,796 88,806 85,054 Deductions (22,160 ) (3,454 ) (13,366 ) Balance at end of year $ 357,036 $ 280,400 $ 195,048

Mortgage Loans on Real Estate S

Mortgage Loans on Real Estate Schedule IV	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans on Real Estate Schedule IV	Monogram Residential Trust, Inc. Mortgage Loans on Real Estate Schedule IV December 31, 2015 (in thousands) Mezzanine Loans by Community Interest Rate Maturity Date Periodic Payment Terms Prior Liens Face Amount of Note Carrying Amount of Note Principal Amount of Loans Subject to Delinquent Principal or Interest Kendall Square 15 % January 2016 (a) Principal and interest at maturity N/A $ 12,300 $ 12,300 $ — Jefferson Center 15 % September 2016 Principal and interest at maturity N/A 14,989 15,012 — Jefferson at Stonebriar 15 % June 2018 Principal and interest at maturity N/A 16,735 8,115 — Jefferson at Riverside 15 % June 2018 Principal and interest at maturity N/A 10,436 1,059 — $ 54,460 $ 36,486 $ — (a) In January 2016 , the borrower exercised the extension option and extended the maturity to April 15, 2016 resetting the interest rate to 17% . Reconciliation of the Carrying Amount of Mortgage Loans (in thousands): Balance at January 1, 2013 $ 36,040 Additions during 2013: New notes receivable, including advances under mezzanine loans 40,078 Capitalized acquisition costs, net of unearned fee income (31 ) Deductions during 2013: Note receivable converted into equity investment (4,880 ) Collections of principal and loan payoffs (18,425 ) Amortization of acquisition costs and fee income 29 Balance at December 31, 2013 52,811 Additions during 2014: New notes receivable, including advances under mezzanine loans 6,762 Capitalized acquisition costs, net of unearned fee income 133 Deductions during 2014: Note receivable converted into equity investment — Collections of principal and loan payoffs — Amortization of acquisition costs and fee income 44 Balance at December 31, 2014 59,750 Additions during 2015: New notes receivable, including advances under mezzanine loans (1) 9,877 Capitalized acquisition costs, net of unearned fee income (843 ) Deductions during 2015: Collections of principal and loan payoffs (1) (32,462 ) Amortization of acquisition costs and fee income 164 Balance at December 31, 2015 $ 36,486 (1) Excludes $4.4 million related to the conversion of an investment in an unconsolidated real estate joint venture into a note receivable that was subsequently repaid in May 2015.

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include our consolidated accounts and the accounts of our wholly owned subsidiaries. We also consolidate other entities in which we have a controlling financial interest or other entities (referred to as variable interest entities or “VIEs”) where we are determined to be the primary beneficiary. VIEs, as defined by U.S. generally accepted accounting principles (“GAAP”), 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 determination of the primary beneficiary requires management to make significant estimates and judgments about our rights, obligations and economic interests in such entities as well as the same of the other owners. See Note 6, “Variable Interest Entities” for further information about our VIEs. For entities in which we have less than a controlling financial interest or entities with respect to which we are not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities is included in consolidated net income. See Note 7, “Other Assets” for further information on our unconsolidated investment. All inter-company accounts and transactions have been eliminated in consolidation.
Consolidation	The accompanying consolidated financial statements include our consolidated accounts and the accounts of our wholly owned subsidiaries. We also consolidate other entities in which we have a controlling financial interest or other entities (referred to as variable interest entities or “VIEs”) where we are determined to be the primary beneficiary. VIEs, as defined by U.S. generally accepted accounting principles (“GAAP”), 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 determination of the primary beneficiary requires management to make significant estimates and judgments about our rights, obligations and economic interests in such entities as well as the same of the other owners. See Note 6, “Variable Interest Entities” for further information about our VIEs. For entities in which we have less than a controlling financial interest or entities with respect to which we are not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities is included in consolidated net income. See Note 7, “Other Assets” for further information on our unconsolidated investment. All inter-company accounts and transactions have been eliminated in consolidation.
Real Estate and Other Related Intangibles	Real Estate and Other Related Intangibles Acquisitions For real estate properties acquired by us or our Co-Investment Ventures classified as business combinations, we determine the purchase price, after adjusting for contingent consideration and settlement of any pre-existing relationships. We record the acquired assets and liabilities based on their fair values, including tangible assets (consisting of land, any associated rights, buildings and improvements), identified intangible assets and liabilities, asset retirement obligations, assumed debt, other liabilities and noncontrolling interests. Identified intangible assets and liabilities primarily consist of the fair value of in-place leases and contractual rights. Goodwill is recognized as of the acquisition date and measured as the aggregate fair value of the consideration transferred and any noncontrolling interest in the acquiree over the fair value of identifiable net assets acquired. Likewise, a bargain purchase gain is recognized in current earnings when the aggregate fair value of the consideration transferred and any noncontrolling interest in the acquiree are less than the fair value of the identifiable net assets acquired. The fair value of any tangible real estate assets acquired is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, buildings and improvements. Land values are derived from appraisals, and building values are calculated as replacement cost less depreciation or estimates of the relative fair value of these assets using net operating income capitalization rates, discounted cash flow analyses or similar methods. When we acquire rights to use land or improvements through contractual rights rather than fee simple interests, we determine the value of the use of these assets based on the relative fair value of the assets after considering the contractual rights and the fair value of similar assets. Assets acquired under these contractual rights are classified as intangibles and amortized on a straight-line basis over the shorter of the contractual term or the estimated useful life of the asset. Contractual rights related to land or air rights that are substantively separated from depreciating assets are amortized over the life of the contractual term or, if no term is provided, are classified as indefinite-lived intangibles. Intangible assets are evaluated at each reporting period to determine whether the indefinite and finite useful lives are appropriate. We determine in-place lease values based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant by applying a fair value model. The estimates of fair value of in-place leases include an estimate of carrying costs during the expected lease up periods for the respective leasable area considering current market conditions. In estimating fair value of in-place leases, we consider items such as real estate taxes, insurance, leasing commissions, tenant improvements and other operating expenses to execute similar deals as well as projected rental revenue and carrying costs during the expected lease up period. We amortize the value of in-place leases acquired to expense over the remaining term of the leases. The in-place leases are amortized over the remaining term of the in-place leases, approximately a six month term for multifamily in-place leases and terms ranging from three to 20 years for retail in-place leases. We determine the value of above-market and below-market in-place leases for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) estimates of current market lease rates for the corresponding in-place leases, measured over a period equal to (i) the remaining non-cancelable lease term for above-market leases, or (ii) the remaining non-cancelable lease term plus any fixed rate renewal options for below-market leases. We record the fair value of above-market and below-market leases as intangible assets or intangible liabilities, respectively, and amortize them as an adjustment to rental income over the above determined lease term. Given the short-term nature of multifamily leases, the value of above-market or below-market in-place leases are generally not material. We determine the value of other contractual rights based on our evaluation of the specific characteristics of the underlying contracts and by applying a fair value model to the projected cash flows or usage rights that considers the timing and risks associated with the cash flows or usage. We amortize the value of finite contractual rights over the remaining contract period. Indefinite-lived contractual rights are not amortized but are evaluated for impairment. We determine the fair value of assumed debt by calculating the net present value of the scheduled debt service payments using interest rates for debt with similar terms and remaining maturities that management believes we could obtain. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan. Initial valuations are subject to change until our information is finalized, which is no later than 12 months from the acquisition date. We have had no significant valuation changes for acquisitions prior to December 31, 2015 . Developments We capitalize project costs related to the development and construction of real estate (including interest, real estate taxes, insurance, and other direct costs associated with the development) as a cost of the development. Indirect project costs not clearly related to development and construction are expensed as incurred. Indirect project costs that clearly relate to development and construction are capitalized and allocated to the developments to which they relate. For each development, capitalization begins when we determine that the development is probable and significant development activities are underway. We suspend capitalization at such time as significant development activity ceases, but future development is still probable. We cease capitalization when the developments or other improvements, including any portion, are completed and ready for their intended use, or if the intended use changes such that capitalization is no longer appropriate. Developments or improvements are generally considered ready for intended use when the certificates of occupancy have been issued and the units become ready for occupancy. Depreciation Buildings are depreciated over their estimated useful lives ranging from 25 to 35 years using the straight-line method. Improvements are depreciated over their estimated useful lives ranging from 3 to 15 years using the straight-line method. Properties classified as held for sale are not depreciated. Depreciation of developments begins when the development is substantially completed and ready for its intended use. Repairs and Maintenance Expenditures for ordinary repairs and maintenance costs are charged to expense as incurred.
Investment in Unconsolidated Real Estate Joint Venture	Investment in Unconsolidated Real Estate Joint Venture We and our Co-Investment Ventures account for investments in unconsolidated real estate joint ventures using the equity method of accounting because we exercise significant influence over, but do not control, these entities. These investments are initially recorded at cost, including any acquisition costs, and are adjusted for our share of equity in earnings and distributions. We report our share of income and losses based on our economic interests in the entities. We amortize any excess of the carrying value of our investments in joint ventures over the book value of the underlying equity over the estimated useful lives of the underlying operating property, which represents the assets to which the excess is most clearly related. When we or our Co-Investment Ventures acquire a controlling interest in a previously noncontrolled investment, a gain or loss on revaluation of equity is recognized for the differences between the investment’s carrying value and fair value.
Impairment of Real Estate Related Assets and Investments in Unconsolidated Real Estate Joint Ventures	Impairment of Real Estate Related Assets and Investments in Unconsolidated Real Estate Joint Ventures If events or circumstances indicate that the carrying amount of the property may not be recoverable, we make an assessment of the property’s recoverability by comparing the carrying amount of the asset to our estimate of the undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. In addition, we evaluate indefinite-lived intangible assets for possible impairment at least annually by comparing the fair values with the carrying values. The fair value of intangibles is generally estimated by valuation of similar assets. For real estate we own through an investment in an unconsolidated real estate joint venture or other similar real estate investment structure, at each reporting date we compare the estimated fair value of our real estate investment to the carrying value. An impairment charge is recorded to the extent the fair value of our real estate investment is less than the carrying amount and the decline in value is determined to be other than a temporary decline.
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations Prior to January 1, 2014, when we had no involvement after the sale of a multifamily community, the multifamily community sold was reported as a discontinued operation. Effective as of January 1, 2014, we elected to early adopt the revised guidance regarding discontinued operations. For sales of real estate or assets classified as held for sale after January 1, 2014, we evaluate whether the disposition will have a major effect on our operations and financial results and will therefore qualify as a strategic shift. If the disposition represents a strategic shift, it will be classified as discontinued operations in our consolidated statements of operations for all periods presented. If the disposition does not represent a strategic shift, it will be presented in continuing operations in our consolidated statements of operations. We classify multifamily communities as held for sale when certain criteria are met, in accordance with GAAP. At that time, we present the assets and obligations associated with the real estate held for sale separately in our consolidated balance sheet, and we cease recording depreciation and amortization expense related to that multifamily community. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider investments in bank deposits, money market funds and highly-liquid cash investments with original maturities of three months or less to be cash equivalents. As of December 31, 2015 and 2014 , cash and cash equivalents include $32.5 million and $42.0 million , respectively, held by the Master Partnership and individual Co-Investment Ventures that are available only for use in the business of the Master Partnership and the other individual Co-Investment Ventures. Cash held by the Master Partnership and individual Co-Investment Ventures is not restricted to specific uses within those entities. However, the terms of the joint venture agreements define the timing and magnitude of the distribution of those funds to us or limit our use of them for our general corporate purposes. Cash held by the Master Partnership and individual Co-Investment Ventures is distributed from time to time to the Company and to the other Co-Investment Venture partners in accordance with the applicable Co-Investment Venture governing agreement, which may not be the same as the stated effective ownership interest. Cash distributions received by the Company from the Master Partnership and individual Co-Investment Ventures are then available for our general corporate purposes.
Noncontrolling Interests	Noncontrolling Interests Redeemable noncontrolling interests are comprised of our consolidated Co-Investment Venture partners’ interests in multifamily communities where we believe it is probable that we will be required to purchase the partner’s noncontrolling interest. We record obligations under the redeemable noncontrolling interest initially at the higher of (a) fair value or (b) the redemption value with subsequent adjustments. The redeemable noncontrolling interests are temporary equity not within our control and are presented in our consolidated balance sheet outside of permanent equity between debt and equity. The determination of the redeemable classification requires analysis of contractual provisions and judgments of redemption probabilities. Non-redeemable noncontrolling interests are comprised of our consolidated Co-Investment Venture partners’ interests in multifamily communities as well as preferred cumulative, non-voting membership units (“Preferred Units”) issued by subsidiary REITs. We record these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss or equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic interests. Transactions involving a partial sale or acquisition of a noncontrolling interest that does not result in a change of control are recorded at carrying value with no recognition of gain or loss. Any differences between the cash received or paid (net of any direct expenses) and the change in noncontrolling interest is recorded as a direct charge to additional paid-in capital. Transactions involving a partial sale or acquisition of a controlling interest resulting in a change in control are recorded at fair value with recognition of a gain or loss.
Other Assets	Other Assets Other assets primarily include notes receivable, deferred financing costs, equity method investments, accounts receivable, restricted cash, interest rate caps, prepaid assets and deposits. We evaluate whether notes receivable are loans, investments in joint ventures or acquisitions of real estate based on a review of any rights to participate in expected residual profits and other equity and loan characteristics. Deferred financing costs are recorded at cost and are amortized using a straight-line method that approximates the effective interest method over the life of the related debt. As of and for the years ended December 31, 2015 and 2014 , all of our notes receivable were appropriately accounted for as loans. We account for our derivative financial instruments, all of which are interest rate caps, at fair value. We use interest rate cap arrangements to manage our exposure to interest rate changes. We have not designated any of these derivatives as hedges for accounting purposes, and accordingly, changes in fair value are recognized in earnings.
Revenue Recognition	Revenue Recognition Rental income related to leases is recognized on an accrual basis when due from residents or commercial tenants, generally on a monthly basis. Rental revenues for leases with uneven payments and terms greater than one year are recognized on a straight-line basis over the term of the lease. Any deferred revenue is classified as a liability on the consolidated balance sheet and recognized on a straight-line basis as income over its contractual term. Interest income is generated primarily on notes receivable and cash balances. Interest income is recorded on an accrual basis as earned.
Acquisition Costs	Acquisition Costs Non-reimbursed acquisition costs for business combinations, which are expected to include most consolidated property acquisitions other than land acquisitions, are expensed when it is probable that the transaction will be accounted for as a business combination and the purchase will be consummated. Our acquisition costs related to investments in unconsolidated real estate joint ventures are capitalized as a part of our basis in the investment. Acquisition costs related to unimproved or non-operating land, primarily related to developments, are capitalized. Through June 30, 2014, pursuant to our advisory management agreement, Behringer was obligated to reimburse us for all investment-related expenses that the Company pursued but ultimately did not consummate. During the period, prior to the determination of its status, amounts incurred were recorded in other assets. Acquisition expenses are recorded net of any reimbursements when probable of recovery.
Transition Expenses	Transition Expenses Transition expenses include expenses directly and specifically related to our transition to self-management, primarily including legal, financial advisors, consultants, costs of the Company’s special committee of the board of directors (the “Special Committee”), general transition services (primarily related to staffing, name change, notices, transition-related insurance, information technology and facilities), expenses related to our listing on the NYSE and payments to Behringer in connection with the transition to self-management discussed further in Note 13, “Transition Expenses.”
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Code and have qualified as a REIT since the year ended December 31, 2007. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax at the corporate level. We intend to operate in such a manner as to continue to qualify for taxation as a REIT, but no assurance can be given that we will operate in a manner so as to remain qualified as a REIT. Beginning in 2013, taxable income from certain non-REIT activities is managed through a taxable REIT subsidiary (“TRS”) and is subject to applicable federal, state, and local income and margin taxes. We have no significant taxes associated with our TRS for the years ended December 31, 2015 , 2014 or 2013 . We have evaluated the current and deferred income tax related to state taxes with respect to which we do not have a REIT exemption, and we have no significant tax liability or benefit as of December 31, 2015 or 2014 . The carrying amounts of our assets and liabilities for financial statement purposes differ from our basis for federal income taxes due to tax accounting in Co-Investment Ventures, fair value accounting for business combinations, straight lining of lease and related agreements and differing depreciation methods. The primary asset and liability balance sheet accounts with differences are real estate, intangibles, other assets, mortgages and notes payable and deferred revenues, primarily lease revenues, net. As a result of these differences, our net federal income tax basis exceeds the carrying value for financial statement purposes as of December 31, 2015 by approximately $19.5 million . We recognize the financial statement benefit of an uncertain tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit.
Concentration of Credit Risk	Concentration of Credit Risk We invest our cash and cash equivalents among several banking institutions and money market accounts in an attempt to minimize exposure to any one of these entities. As of December 31, 2015 and 2014 , we had cash and cash equivalents deposited in certain financial institutions in excess of federally-insured levels. We regularly monitor the financial condition of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents.
Share-based Compensation	Share-based Compensation We have a stock-based incentive award plan for our employees and directors. Compensation expense associated with restricted stock units is recognized in general and administrative expenses in our consolidated statements of operations. We measure stock-based compensation at the estimated fair value on the grant date, net of estimated forfeitures, and recognize the amortization of compensation expense over the requisite service period.
Earnings per Share	Earnings per Share Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting basic earnings per share for the dilutive effect of the assumed exercise of securities, including the effect of shares issuable under our preferred stock and our stock-based incentive plans. Our unvested share-based awards are considered participating securities and are reflected in the calculation of diluted earnings per share. During periods of net loss, the assumed exercise of securities is anti-dilutive and is not included in the calculation of earnings per share. During 2015, the dilutive impact was less than $0.01, and during 2014, any common stock equivalents were anti-dilutive. There were no common stock equivalents during 2013. For all periods presented, the convertible preferred stock was excluded from the calculation of earnings per share because the effect would not be dilutive. However, based on changing market conditions, the outstanding convertible preferred stock could be dilutive in future periods.
Redemptions of Common Stock	Redemptions of Common Stock We account for the possible redemption of our shares by classifying securities that are convertible for cash at the option of the holder outside of equity. We do not reclassify the shares to be redeemed from equity to a liability until such time as the redemption has been formally approved by our board of directors. The portion of the redeemed common stock in excess of the par value is charged to additional paid-in capital.
Reportable Segments	Reportable Segments Our current business primarily consists of investing in and operating multifamily communities. Substantially all of our consolidated net income (loss) is from investments in real estate properties that we wholly own or own through Co-Investment Ventures, the latter of which may be accounted for under the equity method of accounting. Our management evaluates operating performance on an individual investment level. However, as each of our investments has similar economic characteristics in our consolidated financial statements, the Company is managed on an enterprise-wide basis with one reportable segment.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes to consolidated financial statements. These estimates include such items as: the purchase price allocations for real estate and other acquisitions; impairment of long-lived assets, notes receivable and equity-method real estate investments; fair value evaluations; earning recognition of noncontrolling interests and equity in earnings of investments in unconsolidated real estate joint ventures; depreciation and amortization; share-based compensation measurements; and recognition and timing of transition expenses. Actual results could differ from those estimates.
Reclassification	Reclassifications Certain financial information on the Consolidated Statements of Operations for the years ended December 31, 2014 and 2013 have been revised to conform to the current year presentation. For the years ended December 31, 2014 and 2013 , $2.5 million and $1.8 million , respectively, of amortization of deferred financing costs previously reported in depreciation and amortization are now included in a separate line item.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance with respect to revenue recognition. The revised guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The revised guidance will replace most existing revenue and real estate sale recognition guidance in GAAP when it becomes effective. The standard specifically excludes lease contracts, which is our primary recurring revenue source. The revised guidance allows for the use of either the full or modified retrospective transition method. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted for annual periods beginning after December 15, 2016. We have not yet selected a transition method and are currently evaluating the effect that the adoption of the revised guidance will have on our consolidated financial statements and related disclosures. In June 2014, the FASB issued an update which clarifies that entities should treat performance targets that can be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. The compensation expense related to such awards will be delayed until it becomes probable that the performance target will be met. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015, with early adoption permitted, and may be applied either prospectively or retrospectively. The adoption of this guidance will not have a material impact on our consolidated financial statements. In August 2014, the FASB issued guidance regarding management’s responsibility in evaluating whether there is a substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We do not believe the adoption of this guidance will have a material impact on our disclosures. In January 2015, the FASB issued guidance simplifying income statement presentation by eliminating the concept of extraordinary items. An entity will no longer be allowed to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is unusual in nature and occurs infrequently. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015, with early adoption permitted and may be applied either prospectively or retrospectively. The adoption of this guidance will not have a material impact on our consolidated financial statements. In February 2015, the FASB issued updated guidance related to accounting for consolidation of certain legal entities. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015, with early adoption permitted. The adoption of this guidance will not have a material impact on our financial statements, but additional disclosures will be required related to certain of our entities that were determined to be a VIE. In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of this guidance is permitted for financial statements that have not been previously issued, and an entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The adoption of this guidance will change the classification of debt issuance costs on the consolidated balance sheet but will not otherwise impact our consolidated financial statements.

Organization and Business (Tabl

Organization and Business (Tables)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of the number of each type of Co-Investment Venture and the entity's effective ownership ranges	The table below presents a summary of our Co-Investment Ventures as of December 31, 2015 and 2014 . The effective ownership ranges are based on our participation in the distributable operating cash from our investment in the underlying multifamily community as of the dates indicated. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements for each respective Co-Investment Venture. Unless otherwise noted, all are reported on the consolidated basis of accounting. December 31, 2015 December 31, 2014 Co-Investment Structure Number of Multifamily Communities Our Effective Ownership Number of Multifamily Communities Our Effective Ownership PGGM CO-JVs (a) 23 50% to 70% 30 50% to 74% MW CO-JVs 14 55% 14 55% Developer CO-JVs 2 100% 2 100% Total 39 46 (a) Includes one unconsolidated investment as of December 31, 2014 , which included a debt investment that was repaid in 2015. In May 2015, we also acquired PGGM’s interests in seven PGGM CO-JVs. See Note 11, “Noncontrolling Interests” for further information. As of December 31, 2015 and 2014 , the PGGM CO-JVs include Developer Partners in 18 and 19 multifamily communities, respectively.

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of amounts recognized for major assets acquired and liabilities assumed, including a reconciliation to cash consideration as of the business combination date	The amounts recognized for major assets acquired and liabilities assumed, including a reconciliation to cash consideration as of the business combination dates, are as follows (in millions): 2015 Acquisitions Land $ 23.9 Building and improvements 141.7 Accrued liabilities (0.4 ) Cash consideration $ 165.2
Schedule of amounts recognized for revenues and net loss attributable to common stockholders from the business combination	Certain operating information for the periods from the business combination dates to December 31, 2015 is as follows (in millions): For the Periods to December 31, 2015 Rental revenues $ 1.4 Acquisition expenses 0.6 Depreciation and amortization 1.8 Net loss attributable to common stockholders (2.3 )

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of major components of real estate investments and intangibles and related accumulated depreciation and amortization	As of December 31, 2015 and 2014 , major components of our real estate investments and intangibles and related accumulated depreciation and amortization were as follows (in millions): December 31, 2015 December 31, 2014 Buildings Intangibles Buildings Intangibles and In-Place Other and In-Place Other Improvements Leases Contractual Improvements Leases Contractual Cost $ 2,627.7 $ 37.1 $ 24.2 $ 2,033.8 $ 40.7 $ 25.6 Less: accumulated depreciation and amortization (357.0 ) (34.9 ) (8.3 ) (280.4 ) (38.3 ) (6.5 ) Net $ 2,270.7 $ 2.2 $ 15.9 $ 1,753.4 $ 2.4 $ 19.1
Schedule of anticipated amortization associated with in-place lease and other contractual intangibles	Anticipated amortization associated with lease and other contractual intangibles for each of the following five years is as follows (in millions): Anticipated Amortization Year of Intangibles 2016 $ 1.1 2017 1.1 2018 0.5 2019 0.5 2020 0.5
Schedule of Capitalized Interest, Taxes and Overhead Related to Developments	For the years ended December 31, 2015 , 2014 , and 2013 , we capitalized the following amounts of interest, real estate taxes and direct overhead related to our developments (in millions): For the Year Ended 2015 2014 2013 Interest $ 16.5 $ 17.8 $ 10.5 Real estate taxes 4.1 4.2 2.4 Direct overhead 0.6 0.8 0.5
Schedule of real estate dispositions	The following table presents our sale of real estate for the years ended December 31, 2015 and 2014 (in millions); there were no sales of real estate reported in continuing operations for the year ended December 31, 2013 : Date of Sale Multifamily Community and Location Sales Contract Price Net Cash Proceeds Gains on Sales of Real Estate For the Year Ended December 31, 2015 July 2015 Uptown Post Oak — Houston, TX $ 90.1 $ 88.3 $ 34.4 June 2015 Burnham Pointe — Chicago, IL 126.0 123.6 48.6 June 2015 Shady Grove — Rockville, MD (a) 38.5 38.4 — Total $ 254.6 $ 250.3 $ 83.0 For the Year Ended December 31, 2014 February 2014 Tupelo Alley — Portland, OR $ 52.9 $ 33.4 $ 16.4 (a) In May 2015, we recorded an impairment of $3.1 million based on the Company’s decision to sell the development at an amount below the carrying value. The impairment, which was primarily due to certain costs capitalized for GAAP not expected to be recovered in a sale, is included in “Investment and other development expenses” on the consolidated statement of operations. In June 2015, we closed on the sale of the development to a group led by the Developer Partner for net proceeds of $38.4 million , the development’s net carrying value at the date of sale.
Net income related to sale of multifamily community	The following table presents net income related to the multifamily communities sold in 2015 and 2014 , for the years ended December 31, 2015 , 2014 and 2013 , and includes the gains on sale of real estate (in millions): For the Year Ended 2015 2014 2013 Net income (loss) from multifamily communities sold $ 83.5 $ 22.9 $ 5.7 Less: net income attributable to noncontrolling interest — (7.2 ) — Net income (loss) attributable to common stockholders $ 83.5 $ 15.7 $ 5.7
Schedule of real estate dispositions, discontinued operations	The following table presents our sales of real estate for the year ended December 31, 2013 (in millions), all of which are reported as discontinued operations: Date of Sale Multifamily Community and Location Sales Contract Price Net Cash Proceeds Gains on Sales of Real Estate For the Year Ended December 31, 2013 September 2013 Grand Reserve Orange — Orange, CT $ 35.3 $ 34.3 $ 12.8 June 2013 Halstead — Houston, TX 43.5 42.2 11.9 May 2013 Cyan/PDX (“Cyan”) — Portland, OR 95.8 95.5 19.2 March 2013 The Reserve at John’s Creek Walk — Johns Creek, GA 37.3 33.3 6.9 Total $ 211.9 $ 205.3 $ 50.8
Schedule showing the results of operations and gains on sale of real estate that have been classified as discontinued operations in the accompanying consolidated statements of operations	The table below includes the major classes of line items constituting net loss from discontinued operations, gains on sale of real estate, and depreciation and amortization and capital expenditures for the year ended December 31, 2013 for the multifamily communities that have been classified as discontinued operations in the accompanying consolidated statement of operations (in millions): For the Year Ended December 31, 2013 Rental revenue $ 8.0 Expenses Property operating expenses 2.5 Real estate taxes 1.1 Interest expense 1.0 Depreciation and amortization 3.3 Total expenses 7.9 Loss on early extinguishment of debt (0.8 ) Loss from discontinued operations (0.7 ) Income attributable to noncontrolling interests (6.9 ) Loss from discontinued operations attributable to common stockholders $ (7.6 ) Gains on sales of real estate $ 50.8 Capital expenditures $ 0.2

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Other Assets [Abstract]
Schedule of components of other assets	The components of other assets as of December 31, 2015 and 2014 are as follows (in millions): December 31, 2015 December 31, 2014 Notes receivable, net (a) $ 36.5 $ 59.8 Deferred financing costs, net 15.2 17.4 Resident, tenant and other receivables 12.2 14.0 Escrows and restricted cash 8.7 8.0 Prepaid assets, deposits and other assets 7.6 6.1 Investment in unconsolidated real estate joint venture (b) — 5.0 Total other assets $ 80.2 $ 110.3 (a) Notes receivable include mezzanine loans, primarily related to multifamily development projects. As of December 31, 2015 , the weighted average interest rate is 15.0% and the remaining years to scheduled maturity is 0.9 years. The borrowers generally have options to prepay prior to maturity or to extend the maturity for one to two years. (b) As of December 31, 2014 , we had a $5.0 million investment in an unconsolidated joint venture, the Custer PGGM CO-JV. The primary asset of the Custer PGGM CO-JV was a mezzanine loan collateralized by the development of a 444 unit multifamily community in Allen, Texas, a suburb of Dallas. The mezzanine loan was repaid during May 2015.

Leasing Activity (Tables)

Leasing Activity (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of future minimum base rental payments due to the entity under non-cancelable retail leases	Future minimum base rental receipts due to us under these non-cancelable retail leases in effect as of December 31, 2015 are as follows (in millions): Future Minimum Year Lease Receipts 2016 $ 3.5 2017 3.6 2018 3.5 2019 3.4 2020 3.3 Thereafter 22.7 Total $ 40.0

Mortgages and Notes Payable (Ta

Mortgages and Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of carrying amounts of the mortgages and notes payable classified by whether the obligation is of the parent company or the applicable consolidated Co-Investment Venture	The following table summarizes the carrying amounts of the mortgages and notes payable classified by whether the obligation is ours or that of the applicable consolidated Co-Investment Venture as of December 31, 2015 and 2014 (dollar amounts in millions and monthly LIBOR at December 31, 2015 is 0.43% ): As of December 31, 2015 December 31, December 31, Weighted Average 2015 2014 Interest Rates Maturity Dates Company level (a) Fixed rate mortgages payable $ 297.3 $ 87.2 3.88% 2018 to 2020 Total Company level 297.3 87.2 Co-Investment Venture level - consolidated (b) Fixed rate mortgages payable 631.6 827.7 3.49% 2016 to 2020 Variable rate mortgage payable 11.6 12.0 Monthly LIBOR + 2.35% 2017 Fixed Rate construction loans payable (c) Operating 29.2 29.0 4.31% 2016 (e) In Construction 44.5 28.0 4.00% 2018 Variable rate construction loans payable (d) Operating 355.3 87.3 Monthly LIBOR + 2.12% 2016 to 2018 In Construction 101.0 111.0 Monthly LIBOR + 2.02% 2017 to 2018 1,173.2 1,095.0 Plus: unamortized adjustments from business combinations 2.5 4.3 Total Co-Investment Venture level - consolidated 1,175.7 1,099.3 Total consolidated mortgages and notes payable $ 1,473.0 $ 1,186.5 (a) Company level debt is defined as debt that is a direct obligation of the Company or one of the Company’s wholly owned subsidiaries. (b) Co-Investment Venture level debt is defined as debt that is an obligation of the Co-Investment Venture and not an obligation or contingency for us. (c) Includes two loans with total commitments of $82.7 million . One of the construction loans has an option to convert into a permanent loan with a maturity of 2023 and the other includes a one to two year extension option. As of December 31, 2015 , there is $8.9 million remaining to draw under the construction loans. We may elect not to fully draw down any unfunded commitment. (d) Includes eleven loans with total commitments of $548.7 million . As of December 31, 2015 , the Company has partially guaranteed ten of these loans with total commitments of $528.1 million , and as of December 31, 2015 , $82.8 million is recourse to the Company. Our percentage guarantee on each of these loans ranges from 10% to 25% . These loans include one to two year extension options. As of December 31, 2015 , there is $92.5 million remaining to draw under the construction loans. We may elect not to fully draw down any unfunded commitment. (e) Construction loan has an extension right to convert the loan to a permanent loan and extend the maturity to 2023.
Schedule of contractual principal payments for the entity's mortgages and notes payable for the five subsequent years and thereafter	As of December 31, 2015 , contractual principal payments for our mortgages and notes payable for the five subsequent years and thereafter are as follows (in millions): Co-Investment Total Year Company Level Venture Level Consolidated 2016 $ 4.7 $ 181.3 $ 186.0 2017 5.8 298.2 304.0 2018 153.4 381.3 534.7 2019 79.5 141.0 220.5 2020 53.9 171.4 225.3 Thereafter — — — Total $ 297.3 $ 1,173.2 1,470.5 Add: unamortized adjustments from business combinations 2.5 Total mortgages and notes payable $ 1,473.0

Credit Facility Payable (Tables

Credit Facility Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Line of Credit Facility [Abstract]
Schedule of Line of Credit Facilities	The following table presents the amounts outstanding under the two credit facilities as of December 31, 2015 and 2014 (dollar amounts in millions, and monthly LIBOR at December 31, 2015 was 0.43% ): Balance Outstanding December 31, 2015 December 31, 2014 Interest Rate as of December 31, 2015 Maturity Date $150 Million Facility $ 49.0 $ 10.0 Monthly LIBOR + 2.08% April 1, 2017 $200 Million Facility — — Monthly LIBOR + 2.50% January 14, 2019 Total $ 49.0 $ 10.0

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Schedule of non-redeemable, noncontrolling interests	As of December 31, 2015 and 2014 , non-redeemable noncontrolling interests (“NCI”) consisted of the following, including the direct and non-direct noncontrolling interests ownership ranges where applicable (dollar amounts in millions): December 31, 2015 December 31, 2014 Effective Effective Amount NCI % (a) Amount NCI % (a) PGGM Co-Investment Partner $ 332.0 30% to 45% $ 390.5 26% to 45% MW Co-Investment Partner 123.7 45% 144.9 45% Developer Partners 4.0 0% 3.4 0% Subsidiary preferred units 2.1 (b) 1.9 (b) Total non-redeemable NCI $ 461.8 $ 540.7 (a) Effective noncontrolling interest percentage is based upon the noncontrolling interest’s participation in distributable operating cash. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. (b) The effective NCI for the preferred units is not meaningful and the preferred units have no voting rights.
Schedule of distributions to noncontrolling interests	For the years ended December 31, 2015 , 2014 and 2013 , we paid the following distributions to noncontrolling interests (in millions): For the Year Ended December 31, 2015 2014 2013 Distributions paid to noncontrolling interests: Operating activities $ 17.7 $ 22.5 $ 25.0 Investing and financing activities 30.8 25.5 26.3 Total $ 48.5 $ 48.0 $ 51.3
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net	The following table summarizes each of the multifamily community interests related to the acquisition of noncontrolling and controlling interests: Our Ownership Interest (a) Multifamily Community and Location Total Units Pre-Acquisition Acquired Interest Post-Acquisition Equity investments: The District Universal Boulevard, Orlando, FL 425 55.5 % 44.5 % 100 % Veritas, Henderson, NV (b) 430 51.9 % 41.6 % 93.5 % The Cameron, Silver Spring, MD 325 55.5 % 44.5 % 100 % Skye 2905, Denver, CO 400 55.5 % 44.5 % 100 % Grand Reserve, Dallas, TX 149 74.4 % 25.6 % 100 % Stone Gate, Marlborough, MA 332 55.5 % 44.5 % 100 % 2,061 Debt investment: Jefferson Creekside, Allen, TX 444 55.5 % 44.5 % 100 % (a) Our ownership interest is based on our share of contributed capital. This ownership interest may differ over time from percentages for distributions, contributions or financing requirements for each respective CO-JV. The post-acquisition effective ownership interests based on our participation in distributable cash from the CO-JVs are the same as those presented based on contributed capital, except for Veritas where our post-acquisition effective ownership based on our current participation in distributable cash is 100%. Each of the equity investments was previously accounted for on the consolidated method of accounting with the same accounting method post-acquisition. The debt investment was previously accounted for on the equity method of accounting and post-acquisition will be accounted for on the consolidated method of accounting. (b) The remaining 6.5% is owned by a Developer Partner.
Schedule of redeemable, noncontrolling interests (NCI)	As of December 31, 2015 and 2014 , redeemable noncontrolling interests (“NCI”) consisted of the following (dollar amounts in millions): December 31, 2015 December 31, 2014 Effective Effective Amount NCI % (a) Amount NCI % (a) Developer Partners $ 29.1 0% to 10% $ 32.0 0% to 10% (a) Effective noncontrolling interest percentage is based upon the noncontrolling interest’s participation in distributable operating cash. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. For Co-Investment Ventures where the developer’s equity has been returned, the effective noncontrolling interest percentage is shown as zero.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	The following table includes the number of restricted stock units granted, exercised (including units used to satisfy employee income tax withholding) and outstanding as of and for the years ended December 31, 2015 and 2014 . No restricted stock units were granted in 2013. 2015 2014 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Outstanding January 1, 248,691 $ 10.03 — $ — Granted 482,846 9.47 248,691 10.03 Exercised (170,632 ) 9.71 — — Forfeited (11,409 ) 9.64 — — Outstanding December 31, 549,496 $ 9.64 248,691 $ 10.03 Vested restricted stock units 64,437 $ 9.90 11,356 $ 10.03 Unvested restricted stock units 485,059 $ 9.61 237,335 $ 10.03
Nonvested Restricted Stock Shares Activity	The following is a summary of the restricted stock granted, forfeited and outstanding as of and for the year ended December 31, 2015 . No restricted stock was granted in 2014 or 2013 : 2015 Shares Weighted Average Grant Date Fair Value Outstanding January 1, — $ — Granted 25,746 9.21 Forfeited (4,878 ) 9.21 Outstanding December 31, 20,868 $ 9.21 Unvested restricted stock 20,868 $ 9.21
Dividends Declared	The following table presents the regular distributions declared for the years ended December 31, 2015 , 2014 and 2013 (in millions, except per share amounts): For the Year Ended 2015 2014 2013 Declared (a) Declared per Share (a) Declared (a) Declared per Share (a) Declared (a) Declared per Share (a) Fourth quarter $ 12.5 $ 0.075 $ 12.5 $ 0.075 $ 14.9 $ 0.089 Third quarter 12.5 0.075 14.9 0.088 14.9 0.088 Second quarter 12.5 0.075 14.7 0.087 14.7 0.087 First quarter 12.5 0.075 14.6 0.086 14.5 0.086 Total $ 50.0 $ 0.300 $ 56.7 $ 0.336 $ 59.0 $ 0.350 (a) Represents distributions accruing during the period. Beginning with the fourth quarter of 2014, the board of directors authorizes regular distributions to be paid to stockholders of record with respect to a single record date each quarter. Prior to the fourth quarter of 2014, regular distributions accrued on a daily basis at a daily amount of $0.000958904 ( $0.35 annualized) per share of common stock and were paid in the following month.
Federal Income Tax Classification of Distributions	During 2015 , 2014 and 2013 , our distributions were classified as follows for federal income tax purposes: 2015 2014 2013 Ordinary income 58 % 42 % 36 % Capital gains 23 % 19 % 32 % Section 1250 recapture capital gains 5 % — % 4 % Return of capital 14 % 39 % 28 % Total 100 % 100 % 100 %

Transition Expenses (Tables)

Transition Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Transition to Self-Management [Abstract]
Schedule of Transition Expenses	The table below represents the components of our transition expenses for the years ended December 31, 2014 and 2013 are as follows (in millions). We did not incur any transition expenses for the year ended December 31, 2015 . For the Year Ended 2014 2013 Special Committee and Company legal and financial advisors $ 0.9 $ 0.7 General transition services: Behringer 2.9 7.9 Other service providers 2.5 0.4 Expenses related to listing on the NYSE 6.4 — Total transition expenses $ 12.7 $ 9.0

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Future minimum lease payments	Future minimum lease payments due on our lease commitment payables, primarily related to our corporate office lease which expires in 2024, are as follows (in millions): Future Minimum Lease Payments 2016 $ 0.6 2017 0.9 2018 0.8 2019 0.8 2020 0.8 Thereafter 3.2 Total $ 7.1

Fair Value of Derivatives and43

Fair Value of Derivatives and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of fair value of assets measured at fair value on a recurring basis	The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015 (in millions): For the Year Ended December 31, 2015 Level 1 Level 2 Level 3 Total Fair Value Gain (Loss) Assets Construction in progress $ — $ 41.2 $ — $ 41.2 $ (3.1 ) Other Assets — 16.6 — 16.6 — $ — $ 57.8 $ — $ 57.8 $ (3.1 )
Schedule of carrying amounts and related estimated fair value of mortgage and notes payable	Carrying amounts and the related estimated fair value of our mortgages and notes payable as of December 31, 2015 and 2014 are as follows (in millions): December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair Amount Value Amount Value Mortgages and notes payable $ 1,473.0 $ 1,473.1 $ 1,186.5 $ 1,199.6

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below shows the fees and expense reimbursements to Behringer in exchange for such services for the years ended December 31, 2015 , 2014 and 2013 (in millions): For the Year Ended 2015 2014 2013 Acquisition and advisory fees $ — $ 4.3 $ 15.0 Property management fees — 11.3 23.4 Debt financing fees 0.2 2.4 1.5 Asset management fees — 3.8 7.7 Administrative expense reimbursements — 1.0 1.8 Shareholder services (a) — 2.9 — (a) Includes an early termination payment of $2.3 million to Behringer related to our listing on the NYSE. See further discussion in Note 13, “Transition Expenses.” See Note 14, “Commitments and Contingencies” for discussion of litigation with Behringer.

Supplemental Disclosures of C45

Supplemental Disclosures of Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]
Summary of supplemental cash flow information	Supplemental cash flow information for the years ended December 31, 2015 , 2014 and 2013 is summarized below (in millions): For the Year Ended 2015 2014 2013 Supplemental disclosure of cash flow information: Interest paid, net of amounts capitalized of $16.5 million, $17.8 million and $10.5 million in 2015, 2014 and 2013, respectively $ 30.1 $ 20.8 $ 25.8 Non-cash investing and financing activities: Acquisition of a noncontrolling interest — — 9.0 Conversion of note receivable into an equity investment — — 4.9 Funds deposited in escrow related to a development acquisition — 1.5 1.1 Transfer of real estate from construction in progress to operating real estate 679.4 286.6 48.9 Conversion of investment in unconsolidated real estate joint venture into notes receivable 5.0 0.8 9.5 Stock issued pursuant to our DRIP — 20.5 31.0 Distributions payable 12.5 12.5 5.0 Construction costs and other related payables 34.9 92.2 43.7

Quarterly Results (unaudited) (

Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary of the unaudited quarterly consolidated financial information	Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2015 and 2014 (in thousands, except per share data): 2015 Quarters Ended March 31 June 30 September 30 December 31 Rental revenues $ 56,643 $ 59,105 $ 59,191 $ 63,129 Income (loss) from continuing operations $ (1,177 ) $ 44,473 $ 30,876 $ (7,489 ) Net income (loss) attributable to common stockholders $ (833 ) $ 49,196 $ 31,362 $ (5,937 ) Basic weighted average shares outstanding 166,509 166,541 166,563 166,628 Diluted weighted average shares outstanding 166,509 167,202 167,260 167,247 Basic and diluted earnings (loss) per share $ (0.01 ) $ 0.29 $ 0.19 $ (0.04 ) 2014 Quarters Ended March 31 June 30 September 30 December 31 Rental revenues $ 50,182 $ 51,047 $ 53,091 $ 54,705 Income (loss) from continuing operations $ 14,476 $ (6,870 ) $ (858 ) $ (6,477 ) Net income (loss) attributable to common stockholders $ 7,423 $ (6,775 ) $ (619 ) $ (6,153 ) Basic weighted average shares outstanding 168,714 168,857 168,780 168,818 Diluted weighted average shares outstanding 168,919 169,096 169,028 169,066 Basic and diluted earnings (loss) per share $ 0.04 $ (0.04 ) $ — $ (0.04 )

Organization and Business (Deta

Organization and Business (Details)	1 Months Ended	12 Months Ended
	May. 31, 2015ownership_interest	Dec. 31, 2015investmentcommunityjoint_venture	Dec. 31, 2014investmentcommunityjoint_venture
Organization and business
Number of multifamily communities in which the entity has made wholly owned investments or joint venture equity		56
Number of stabilized operating properties		40
Number of multifamily communities in lease up and development		16
Number of wholly owned multifamily communities		13
Number of debt investments made by the entity | investment		4
Number of wholly owned investments | investment		17
Number of multifamily communities in which the entity is having ownership interest through Co-Investment Ventures | investment		39
Co-Investment Ventures
Number of co-investment ventures | joint_venture		39	46
Number of unconsolidated joint venture equity investment in multifamily community | investment			1
Number of PGGM CO-JVs | ownership_interest	7
Minimum Percentage Of Ordinary Taxable Income Distribution Requirement		90.00%
Corporate Joint Venture
Organization and business
Effective Ownership (as a percent)		55.00%
PGGM Co JVs
Co-Investment Ventures
Number of co-investment ventures | joint_venture		23	30
Number of Multifamily Communities		18	19
MW CO-JVs
Organization and business
Effective Ownership (as a percent)		55.00%	55.00%
Co-Investment Ventures
Number of co-investment ventures | joint_venture		14	14
Developer CO-JVs
Organization and business
Effective Ownership (as a percent)		100.00%	100.00%
Co-Investment Ventures
Number of co-investment ventures | joint_venture		2	2
PGGM Co JVs
Organization and business
General partner percent		1.00%
PGGM Co JVs | Corporate Joint Venture
Organization and business
Effective Ownership (as a percent)		45.00%
PGGM
Organization and business
Limited partner percent		99.00%
Minimum | PGGM Co JVs
Organization and business
Effective Ownership (as a percent)		50.00%	50.00%
Minimum | PGGM Co JVs
Organization and business
Limited partner percent		30.00%	26.00%
Maximum | PGGM Co JVs
Organization and business
Effective Ownership (as a percent)		70.00%	74.00%
Maximum | PGGM Co JVs
Organization and business
Limited partner percent		45.00%	45.00%

Summary of Significant Accoun48

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Real Estate and Other Related Intangibles
Amortization of deferred financing costs	$ 4,280	$ 2,486	$ 1,814
Cash and Cash Equivalents
Cash and cash equivalents held by individual Co-Investment Ventures	$ 32,500	42,000
Minimum lease term to recognize rental revenues	1 year
Income Taxes
Minimum Percentage Of Ordinary Taxable Income Distribution Requirement	90.00%
Difference in tax bases versus carrying values	$ 19,500
Number of reportable segments | segment	1
Multifamily in-place leases
Real Estate and Other Related Intangibles
Finite-Lived Intangible Asset, Useful Life	6 months
Minimum | Retail in-place leases
Real Estate and Other Related Intangibles
Finite-Lived Intangible Asset, Useful Life	3 years
Maximum | Retail in-place leases
Real Estate and Other Related Intangibles
Finite-Lived Intangible Asset, Useful Life	20 years
Buildings | Minimum
Real Estate and Other Related Intangibles
Estimated useful lives	25 years
Buildings | Maximum
Real Estate and Other Related Intangibles
Estimated useful lives	35 years
Improvements | Minimum
Real Estate and Other Related Intangibles
Estimated useful lives	3 years
Improvements | Maximum
Real Estate and Other Related Intangibles
Estimated useful lives	15 years
Adjustment
Real Estate and Other Related Intangibles
Amortization of deferred financing costs		2,500	1,800
Adjustment | Depreciation and Amortization
Real Estate and Other Related Intangibles
Amortization of deferred financing costs		$ 2,500	$ 1,800

Business Combinations (Narrativ

Business Combinations (Narrative) (Details) $ in Millions	1 Months Ended
	Sep. 30, 2015USD ($)unit	May. 07, 2015unit
Business Acquisition [Line Items]
Number of units in real estate property		2,061
Multifamily Community, San Diego, CA | Ev
Business Acquisition [Line Items]
Number of units in real estate property	208
Purchase price | $	$ 84
Multifamily Community, Boca Raton, FL | The Mark
Business Acquisition [Line Items]
Number of units in real estate property	208
Purchase price | $	$ 81.7

Business Combinations (Assets A

Business Combinations (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Amounts recognized for major assets acquired and liabilities assumed, including a reconciliation to cash consideration as of the business combination date
Land	$ 23,900								$ 23,900
Building and improvements	141,700								141,700
Accrued liabilities	(400)								(400)
Cash consideration	165,200								165,200
Amounts recognized for revenues and net loss from the business combination
Acquisition expenses									641	$ (17)	$ 3,677
Depreciation and amortization									102,726	93,308	84,296
Net loss attributable to common stockholders	$ (5,937)	$ 31,362	$ 49,196	$ (833)	$ (6,153)	$ (619)	$ (6,775)	$ 7,423	73,788	$ (6,124)	$ 29,692
Total Acquisitions
Amounts recognized for revenues and net loss from the business combination
Rental revenues									1,400
Acquisition expenses									600
Depreciation and amortization									1,800
Net loss attributable to common stockholders									$ (2,300)

Real Estate Investments (Schedu

Real Estate Investments (Schedule of major components of real estate investments and intangibles and related accumulated depreciation and amortization) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Investments
Buildings and improvements	$ 2,627,693	$ 2,033,819
Less accumulated depreciation	(357,036)	(280,400)
Depreciation expense	99,234	89,113	$ 85,054
Intangibles
Net	18,066	21,485
Amortization expense associated with lease intangibles	3,420	4,185	2,394
In-Place Leases
Intangibles
Cost	37,100	40,700
Less: accumulated depreciation and amortization	(34,900)	(38,300)
Net	2,200	2,400
Amortization expense associated with lease intangibles	3,400	4,200	2,500
Other Contractual
Intangibles
Cost	24,200	25,600
Less: accumulated depreciation and amortization	(8,300)	(6,500)
Net	15,900	19,100
Asset management, fee revenue services, and contracts
Intangibles
Net	7,900	9,200
Use rights of a parking garage and site improvements
Intangibles
Net	6,800	6,800
Land air rights
Intangibles
Net	9,500	9,500
Buildings and Improvements
Real Estate Investments
Buildings and improvements	2,627,700	2,033,800
Less accumulated depreciation	(357,000)	(280,400)
Net	2,270,700	1,753,400
Depreciation expense	$ 98,800	$ 88,800	$ 81,800

Real Estate Investments (Sche52

Real Estate Investments (Schedule of anticipated amortization associated with in-place lease and other contractual intangibles) (Details) $ in Millions	Dec. 31, 2015USD ($)
Anticipated Amortization of Lease Intangibles
2,016	$ 1.1
2,017	1.1
2,018	0.5
2,019	0.5
2,020	$ 0.5

Real Estate Investments (Sche53

Real Estate Investments (Schedule of real estate developments) (Details) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)unit	Dec. 31, 2015USD ($)unit	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	May. 07, 2015unit
Investment [Line Items]
Number of units in real estate property | unit					2,061
Purchase price		$ 48.2
Interest		16.5	$ 17.8	$ 10.5
Real estate taxes		4.1	4.2	2.4
Direct overhead		$ 0.6	$ 0.8	$ 0.5
The Mile
Investment [Line Items]
Number of units in real estate property | unit	120	120
Purchase price	$ 48

Real Estate Investments (Sche54

Real Estate Investments (Schedule of real estate dispositions) (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2015	May. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Sale of Real Estate [Line Items]
Sales Contract Price					$ 211,900
Net Cash Proceeds			$ 250,311	$ 33,379	205,336
Gains on sales of real estate			82,975	16,411	0
Impairment related to development		$ 3,100	3,128	0	$ 0
Uptown Post Oak — Houston, TX
Sale of Real Estate [Line Items]
Sales Contract Price			90,100
Net Cash Proceeds			88,300
Gains on sales of real estate			34,400
Burnham Pointe — Chicago, IL
Sale of Real Estate [Line Items]
Sales Contract Price			126,000
Net Cash Proceeds			123,600
Gains on sales of real estate			48,600
Shady Grove — Rockville, MD (a)
Sale of Real Estate [Line Items]
Sales Contract Price			38,500
Net Cash Proceeds	$ 38,400		38,400
Gains on sales of real estate			0
Tupelo Alley — Portland, OR
Sale of Real Estate [Line Items]
Sales Contract Price			254,600	52,900
Net Cash Proceeds			250,300	33,400
Gains on sales of real estate			$ 83,000	$ 16,400

Real Estate Investments (Net in

Real Estate Investments (Net income related to sale of multifamily community) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Net income (loss) from multifamily communities sold	$ 83.5	$ 22.9	$ 5.7
Less: net income attributable to noncontrolling interest	0	(7.2)	0
Net income (loss) attributable to common stockholders	$ 83.5	$ 15.7	$ 5.7

Real Estate Investments (Sche56

Real Estate Investments (Schedule of real estate dispositions, discontinued operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Contract Price			$ 211,900
Net Cash Proceeds	$ 250,311	$ 33,379	205,336
Gains on sales of real estate	$ 0	$ 0	50,779
Grand Reserve Orange — Orange, CT
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Contract Price			35,300
Net Cash Proceeds			34,300
Gains on sales of real estate			12,800
Halstead — Houston, TX
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Contract Price			43,500
Net Cash Proceeds			42,200
Gains on sales of real estate			11,900
Cyan/PDX (“Cyan”) — Portland, OR
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Contract Price			95,800
Net Cash Proceeds			95,500
Gains on sales of real estate			19,200
The Reserve at John’s Creek Walk — Johns Creek, GA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Contract Price			37,300
Net Cash Proceeds			33,300
Gains on sales of real estate			$ 6,900

Real Estate Investments (Sche57

Real Estate Investments (Schedule showing the results of operations and gains on sale of real estate that have been classified as discontinued operations in the accompanying consolidated statements of operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Rental revenue			$ 8,000
Expenses
Property operating expenses			2,500
Real estate taxes			1,100
Interest expense			1,000
Depreciation and amortization			3,300
Total expenses			7,900
Loss on early extinguishment of debt			(800)
Loss from discontinued operations			(700)
Income attributable to noncontrolling interests			(6,900)
Loss from discontinued operations attributable to common stockholders			(7,600)
Gains on sales of real estate	$ 0	$ 0	50,779
Capital expenditures			$ 200

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)loanentity	Dec. 31, 2014USD ($)entity
Variable Interest Entities
Number of VIEs having debt | entity	15	15
Assets of VIE	$ 1,089,900	$ 906,900
Construction in progress	126,100	582,300
Total operating real estate, net	3,101,170	2,860,234
Co-Investment ventures
Variable Interest Entities
Total operating real estate, net	$ 943,100	$ 282,100
Minimum | Co-Investment ventures
Variable Interest Entities
Ownership in VIEs (as a percent)	55.00%
Maximum | Co-Investment ventures
Variable Interest Entities
Ownership in VIEs (as a percent)	100.00%
Multifamily community
Variable Interest Entities
Number of VIEs having debt | entity	12
Construction financing closed by VIEs	$ 577,900
Amount drawn under construction loan	$ 485,400
Construction Loans
Variable Interest Entities
Guarantor Obligations, Number of Loans | loan	10
Total commitments under guarantee	$ 528,100
Amount outstanding	$ 435,600
Number of non-recourse loans | loan	2
Construction loan | Minimum
Variable Interest Entities
Percentage guaranteed on loans	10.00%
Construction loan | Maximum
Variable Interest Entities
Percentage guaranteed on loans	25.00%

Other Assets (Details)

Other Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)unit
Other Assets [Line Items]
Notes receivable, net	$ 36,500	$ 59,800
Deferred financing costs, net	15,200	17,400
Resident, tenant and other receivables	12,200	14,000
Escrows and restricted cash	8,700	8,000
Prepaid assets, deposits and other assets	7,600	6,100
Investment in unconsolidated real estate joint venture (b)	0	5,000
Total other assets	$ 80,183	110,282
Weighted average interest rate on notes receivables (as a percent)	15.00%
Remaining period to scheduled maturity on notes receivables	11 months 12 days
Custer PGGM CO-JV
Other Assets [Line Items]
Investment in unconsolidated real estate joint venture (b)		$ 5,000
Mezzanine loan | Custer PGGM CO-JV
Other Assets [Line Items]
Number of units to be developed (in units) | unit		444

Leasing Activity (Details)

Leasing Activity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Leases [Abstract]
Retail areas as a percentage of total rentable area of the entity's consolidated multifamily communities	1.00%
Future Minimum Lease Payments
2,016	$ 3.5
2,017	3.6
2,018	3.5
2,019	3.4
2,020	3.3
Thereafter	22.7
Total	$ 40

Mortgages and Notes Payable (De

Mortgages and Notes Payable (Details)	12 Months Ended
	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)
Mortgage loans payable
Total mortgages and notes payable	$ 1,473,034,000	$ 1,186,481,000
One-month LIBOR
Mortgage loans payable
Monthly LIBOR interest rate at period end	0.43%
Mortgages and notes payable
Mortgage loans payable
Total	$ 1,470,500,000
Add: unamortized adjustments from business combinations	2,500,000
Total mortgages and notes payable	1,473,000,000	1,186,500,000
Net consolidated carrying value of real estate that collateralized the mortgage loans payable	$ 2,500,000,000
Minimum | Construction loan
Mortgage loans payable
Percentage guaranteed on loans	10.00%
Maximum | Construction loan
Mortgage loans payable
Percentage guaranteed on loans	25.00%
Consolidated co-investment venture | Mortgages and notes payable
Mortgage loans payable
Total	$ 1,173,200,000	1,095,000,000
Add: unamortized adjustments from business combinations	2,500,000	4,300,000
Total mortgages and notes payable	1,175,700,000	1,099,300,000
Consolidated co-investment venture | Mortgages and notes payable | Co-investment venture, fixed rate mortgages payable
Mortgage loans payable
Fixed rate mortgages payable	$ 631,600,000	827,700,000
Wtd. Average Interest Rates (as a percent)	3.49%
Consolidated co-investment venture | Mortgages and notes payable | Co-investment venture, variable rate mortgage payable
Mortgage loans payable
Variable rate mortgages payable	$ 11,600,000	12,000,000
Interest rate margin (as a percent)	2.35%
Consolidated co-investment venture | Construction loan | Co-investment venture, fixed rate construction loan payable
Mortgage loans payable
Fixed rate mortgages payable	$ 29,200,000	29,000,000
Wtd. Average Interest Rates (as a percent)	4.31%
Number of loans | loan	2
Total loan commitment	$ 82,700,000
Remaining amount available to borrow	8,900,000
Consolidated co-investment venture | Construction loan | Co-Investment Venture, Fixed Rate Construction Loan Payable, Operating [Member]
Mortgage loans payable
Fixed rate mortgages payable	$ 44,500,000	28,000,000
Interest rate margin (as a percent)	4.00%
Consolidated co-investment venture | Construction loan | Co-investment venture, variable rate construction payable
Mortgage loans payable
Variable rate mortgages payable	$ 355,300,000	87,300,000
Interest rate margin (as a percent)	2.12%
Number of loans | loan	11
Total loan commitment	$ 548,700,000
Remaining amount available to borrow	92,500,000
Consolidated co-investment venture | Construction loan | Co-Investment Venture, Variable Rate Construction Loan Payable, Operating [Member]
Mortgage loans payable
Variable rate mortgages payable	$ 101,000,000	111,000,000
Interest rate margin (as a percent)	2.02%
Parent | Mortgages and notes payable
Mortgage loans payable
Total	$ 297,300,000
Total mortgages and notes payable	297,300,000	87,200,000
Parent | Mortgages and notes payable | Parent company, fixed rate mortgage payable
Mortgage loans payable
Fixed rate mortgages payable	$ 297,300,000	$ 87,200,000
Wtd. Average Interest Rates (as a percent)	3.88%
Parent | Construction loan | Parent company, variable construction loan payable
Mortgage loans payable
Total mortgages and notes payable	$ 82,800,000
Number of loans | loan	10
Total loan commitment	$ 528,100,000
Parent | Minimum | Construction loan | Parent company, variable construction loan payable
Mortgage loans payable
Extension option period	1 year
Percentage guaranteed on loans	10.00%
Parent | Maximum | Construction loan | Parent company, variable construction loan payable
Mortgage loans payable
Extension option period	2 years
Percentage guaranteed on loans	25.00%

Mortgages and Notes Payable (62

Mortgages and Notes Payable (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Contractual principal payments for the five subsequent years and thereafter
Total mortgages and notes payable	$ 1,473,034	$ 1,186,481
Mortgages and notes payable
Contractual principal payments for the five subsequent years and thereafter
2,016	186,000
2,017	304,000
2,018	534,700
2,019	220,500
2,020	225,300
Thereafter	0
Total	1,470,500
Add: unamortized adjustments from business combinations	2,500
Total mortgages and notes payable	1,473,000	1,186,500
Mortgages and notes payable | Parent
Contractual principal payments for the five subsequent years and thereafter
2,016	4,700
2,017	5,800
2,018	153,400
2,019	79,500
2,020	53,900
Thereafter	0
Total	297,300
Total mortgages and notes payable	297,300	87,200
Mortgages and notes payable | Consolidated co-investment venture
Contractual principal payments for the five subsequent years and thereafter
2,016	181,300
2,017	298,200
2,018	381,300
2,019	141,000
2,020	171,400
Thereafter	0
Total	1,173,200	1,095,000
Add: unamortized adjustments from business combinations	2,500	4,300
Total mortgages and notes payable	$ 1,175,700	$ 1,099,300

Credit Facility Payable (Detail

Credit Facility Payable (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2015USD ($)	Dec. 31, 2015USD ($)communitycredit_facility	Dec. 31, 2014USD ($)
Credit facility payable
Number of credit facilities | credit_facility		2
$150 Million Facility
Credit facility payable
Maximum borrowing capacity		$ 150,000,000	$ 150,000,000
Net carrying value of real estate that collateralized the credit facility		$ 118,600,000
Percentage of the value of the collateral pool up to which borrowings can be made under the facility		70.00%
Total available amount under credit facility		$ 108,200,000
$200 Million Facility
Credit facility payable
Maximum borrowing capacity	$ 400,000,000	$ 200,000,000	$ 200,000,000
Number of wholly owned multifamily communities | community		2
Consolidated net worth required to be maintained		$ 1,160,000,000
Extension option period	1 year
Maximum total gross asset value percent	65.00%
Fixed charges ratio	1.50
Percent limitation for payment of distributions and share repurchases		95.00%
Percent of defined funds		78.00%
One-month LIBOR
Credit facility payable
Monthly LIBOR interest rate at period end		0.43%
Base rate | $150 Million Facility
Credit facility payable
Variable rate basis		base rate
One-month or three-month LIBOR rate | $150 Million Facility
Credit facility payable
Variable rate basis		one-month or three-month LIBOR rate
One-month LIBOR rate | $150 Million Facility
Credit facility payable
Applicable margin (as a percent)		2.08%
LIBOR | $200 Million Facility
Credit facility payable
Applicable margin (as a percent)		2.50%
Minimum | $150 Million Facility
Credit facility payable
Borrowing required under the loan		$ 10,000,000
Consolidated net worth required to be maintained		150,000,000
Consolidated liquidity required to be maintained		$ 15,000,000
Net operating income of the collateral pool required to be maintained expressed as percentage of the facility debt service cost		155.00%

Credit Facility Payable Schedul

Credit Facility Payable Schedule of Line of Credit Facilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Jan. 31, 2015	Dec. 31, 2014
Credit facility payable
Credit facilities payable	$ 49,000,000		$ 10,000,000
$150 Million Facility
Credit facility payable
Maximum borrowing capacity	150,000,000		150,000,000
Credit facilities payable	49,000,000		10,000,000
$200 Million Facility
Credit facility payable
Maximum borrowing capacity	200,000,000	$ 400,000,000	200,000,000
Credit facilities payable	$ 0		$ 0
One-month LIBOR rate | $150 Million Facility
Credit facility payable
Interest rate margin (as a percent)	2.08%
LIBOR | $200 Million Facility
Credit facility payable
Interest rate margin (as a percent)	2.50%

Noncontrolling Interests (Nonre

Noncontrolling Interests (Nonredeemable Noncontrolling Interests (Details)	Feb. 28, 2014USD ($)joint_venture	Dec. 20, 2013USD ($)joint_venture	Jul. 31, 2013USD ($)	Dec. 31, 2015USD ($)investmentjoint_venture$ / sharesshares	Dec. 31, 2014USD ($)communityjoint_venture	Dec. 31, 2013USD ($)
Noncontrolling Interest [Line Items]
Subsidiary preferred units				$ 2,100,000	$ 1,900,000
Non-redeemable noncontrolling interests				461,833,000	540,747,000
Sale of noncontrolling interest				$ 0	$ 0	$ 7,272,000
Number of co-investment ventures | joint_venture				39	46
Number of multifamily communities in which the entity is having ownership interest through Co-Investment Ventures | investment				39
Acquisitions of noncontrolling interests				$ 121,559,000	$ 6,150,000	49,036,000
Remaining consideration after closing costs				$ 165,200,000
CALIFORNIA
Noncontrolling Interest [Line Items]
Number of co-investment ventures | joint_venture					2
Number of multifamily communities in which the entity is having ownership interest through Co-Investment Ventures | community					2
BHMP GP Interest
Noncontrolling Interest [Line Items]
Purchase price to acquire 1% GP Interest			$ 23,100,000
Acquisitions of noncontrolling interests			$ 13,800,000
Percentage of equity interest acquired			1.00%
Remaining consideration after closing costs			$ 9,300,000
Developer CO-JVs
Noncontrolling Interest [Line Items]
Percent of noncontrolling interest sold	37.00%	42.00%
Number of investments sold | joint_venture	2	13
Sale of noncontrolling interest	$ 13,200,000
Proceeds from Divestiture of Interest in Joint Venture		$ 146,400,000
Decrease in additional paid in capital	$ 800,000
Number of co-investment ventures | joint_venture				2	2
PGGM Co JVs
Noncontrolling Interest [Line Items]
Joint ventures				$ 332,000,000	$ 390,500,000
Annual distribution rate (as a percent)				12.50%
Redemption price of preferred units (in dollars per unit) | $ / shares				$ 500
Redemption premium remaining of preferred units				$ 0
PGGM Co JVs | Minimum
Noncontrolling Interest [Line Items]
Effective NCI (as a percent)				30.00%	26.00%
Number of preferred units issued by subsidiary of joint venture | shares				121
Redemption premium of preferred units for first year (in dollars per unit) | $ / shares				$ 50
PGGM Co JVs | Maximum
Noncontrolling Interest [Line Items]
Effective NCI (as a percent)				45.00%	45.00%
Number of preferred units issued by subsidiary of joint venture | shares				125
Redemption premium of preferred units for first year (in dollars per unit) | $ / shares				$ 100
Decline in redemption premium of preferred units (in dollars per unit) | $ / shares				$ 25
MW Co-Investment Partner
Noncontrolling Interest [Line Items]
Joint ventures				$ 123,700,000	$ 144,900,000
Effective NCI (as a percent)				45.00%	45.00%
Annual distribution rate (as a percent)				12.50%
Redemption price of preferred units (in dollars per unit) | $ / shares				$ 500
Face value of preferred units (in dollars per unit) | $ / shares				$ 500
Redemption premium remaining of preferred units				$ 0
MW Co-Investment Partner | Minimum
Noncontrolling Interest [Line Items]
Number of preferred units issued by subsidiary of joint venture | shares				121
Redemption premium of preferred units for first year (in dollars per unit) | $ / shares				$ 50
MW Co-Investment Partner | Maximum
Noncontrolling Interest [Line Items]
Number of preferred units issued by subsidiary of joint venture | shares				125
Redemption premium of preferred units for first year (in dollars per unit) | $ / shares				$ 100
Decline in redemption premium of preferred units (in dollars per unit) | $ / shares				$ 25
Developer CO-JVs
Noncontrolling Interest [Line Items]
Joint ventures				$ 4,000,000	$ 3,400,000
Effective NCI (as a percent)				0.00%	0.00%
Decrease in additional paid in capital						23,100,000
Cyan MW CO JV
Noncontrolling Interest [Line Items]
Acquisitions of noncontrolling interests						27,900,000
Cameron PGGM CO-JV
Noncontrolling Interest [Line Items]
Sale of noncontrolling interest						$ 7,300,000

Noncontrolling Interests (Sched

Noncontrolling Interests (Schedule of distributions to noncontrolling interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Noncontrolling Interest [Abstract]
Operating activities	$ 17,700	$ 22,500	$ 25,000
Investing and financing activities	30,800	25,500	26,300
Total	$ 48,497	$ 48,041	$ 51,303

Noncontrolling Interests Noncon

Noncontrolling Interests Noncontrolling Interest (Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net) (Details) $ in Thousands	May. 07, 2015USD ($)ownership_interestunitcommunity	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	May. 06, 2015
Noncontrolling Interest [Line Items]
Number of units in real estate property | unit	2,061
Purchase price recorded in APIC	$ 59,200	$ 0	$ 0	$ 4,810
FLORIDA | The District Universal Boulevard, Orlando, FL
Noncontrolling Interest [Line Items]
Number of units in real estate property | unit	425
General partner percent	100.00%				55.50%
Acquired Interest	44.50%
NEVADA | Veritas, Henderson, NV (b)
Noncontrolling Interest [Line Items]
Number of units in real estate property | unit	430
General partner percent	93.50%				51.90%
Acquired Interest	41.60%
Effective NCI (as a percent)	6.50%
MARYLAND | The Cameron, Silver Spring, MD
Noncontrolling Interest [Line Items]
Number of units in real estate property | unit	325
General partner percent	100.00%				55.50%
Acquired Interest	44.50%
COLORADO | Skye 2905, Denver, CO
Noncontrolling Interest [Line Items]
Number of units in real estate property | unit	400
General partner percent	100.00%				55.50%
Acquired Interest	44.50%
TEXAS | Grand Reserve, Dallas, TX
Noncontrolling Interest [Line Items]
Number of units in real estate property | unit	149
General partner percent	100.00%				74.40%
Acquired Interest	25.60%
TEXAS | Jefferson Creekside, Allen, TX
Noncontrolling Interest [Line Items]
Number of units in real estate property | unit	444
Ownership percent	100.00%				55.50%
Acquired interest	44.50%
MASSACHUSETTS | Stone Gate, Marlborough, MA
Noncontrolling Interest [Line Items]
Number of units in real estate property | unit	332
General partner percent	100.00%				55.50%
Acquired Interest	44.50%
PGGM
Noncontrolling Interest [Line Items]
Number of interest acquired | ownership_interest	6
Number of Multifamily Communities | community	6
Control interests acquired | ownership_interest	1
Purchase price	$ 119,800
Funded from existing cash	9,800
Credit facility draws	110,000
Disposition fee	1,000
Promote interest payment	3,500
Nonrecurring basis
Noncontrolling Interest [Line Items]
Fair value		57,800
Level 2 | Nonrecurring basis
Noncontrolling Interest [Line Items]
Fair value		57,800
Other Assets | Nonrecurring basis
Noncontrolling Interest [Line Items]
Fair value		16,600
Other Assets | Level 2 | Nonrecurring basis
Noncontrolling Interest [Line Items]
Fair value	$ 16,600	$ 16,600

Noncontrolling Interests (Redee

Noncontrolling Interests (Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Redeemable, Noncontrolling Interest
Amount	$ 29,073	$ 32,012
Developer CO-JVs - Redeemable
Redeemable, Noncontrolling Interest
Amount	29,100	$ 32,000
Redeemable noncontrolling interests puts	28,800
Puts eligible for exercise	$ 5,000
Developer CO-JVs - Redeemable | Minimum
Redeemable, Noncontrolling Interest
Effective NCI (as a percent)	0.00%	0.00%
Exercise period (in years)	1 year
Developer CO-JVs - Redeemable | Maximum
Redeemable, Noncontrolling Interest
Effective NCI (as a percent)	10.00%	10.00%

Stockholders' Equity (Capitaliz

Stockholders' Equity (Capitalization) (Details)	Jul. 31, 2013vote$ / sharesshares	Dec. 31, 2015$ / sharesshares	Dec. 31, 2014$ / sharesshares
Capitalization
Preferred stock, shares issued | shares		10,000	10,000
Preferred stock, dividend rate, percentage		7.00%	7.00%
Preferred stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Preferred stock, liquidation preference per share		$ 10	$ 10
Common stock, shares outstanding | shares	168,537,343	166,611,549	166,467,726
Series A Preferred Stock | Advisor
Capitalization
Preferred stock, shares issued | shares	10,000
Preferred stock, dividend rate, percentage	7.00%
Preferred stock, par value (in dollars per share)	$ 0.0001
Number of voting rights per share | vote	1
Preferred stock, liquidation preference per share	$ 10
Excess percentage, preferred stock conversion into common stock	17.25%
Cumulative required return on issue price of outstanding shares, percentage	7.00%

Stockholders' Equity (Stock Pla

Stockholders' Equity (Stock Plans) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance	20,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation expense	$ 3.2	$ 0.8	$ 0
Unearned compensation cost	$ 3.4
Weighted average period of recognition (in years)	1 year 10 months 23 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Awards granted			0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning Balance Outstanding (in shares)	248,691	0
Granted (in shares)	482,846	248,691
Exercised (in shares)	(170,632)	0
Forfeited (in shares)	(11,409)	0
Ending Balance Outstanding (in shares)	549,496	248,691	0
Vested restricted stock units (in shares)	64,437	11,356
Unvested restricted stock units (in shares)	485,059	237,335
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance Outstanding (in dollars per share)	$ 10.03	$ 0
Granted (in dollars per share)	9.47	10.03
Exercised (in dollars per share)	9.71	0
Forfeited (in dollars per share)	9.64	0
Ending Balance Outstanding (in dollars per share)	9.64	10.03	$ 0
Vested restricted stock units (in dollars per share)	9.90	10.03
Unvested restricted stock units (in dollars per share)	$ 9.61	$ 10.03
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Awards granted		0	0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning Balance Outstanding (in shares)	0
Granted (in shares)	25,746
Forfeited (in shares)	(4,878)
Ending Balance Outstanding (in shares)	20,868	0
Unvested restricted stock units (in shares)	20,868
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)	$ 9.21
Forfeited (in dollars per share)	9.21
Unvested restricted stock units (in dollars per share)	$ 9.21	$ 0

Stockholders' Equity (Distribut

Stockholders' Equity (Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity [Abstract]
Declared		$ 12.5	$ 12.5	$ 12.5	$ 12.5	$ 12.5	$ 14.9	$ 14.7	$ 14.6	$ 14.9	$ 14.9	$ 14.7	$ 14.5	$ 50	$ 56.7	$ 59
Declared per Share		$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.088	$ 0.087	$ 0.086	$ 0.089	$ 0.088	$ 0.087	$ 0.086	$ 0.3	$ 0.336	$ 0.35
Daily distribution amount (in dollars per share)	$ 0.000958904
Annual distribution amount (in dollars per share)	$ 0.35													$ 0.30	$ 0.34	$ 0.35

Stockholders' Equity (Share Red

Stockholders' Equity (Share Redemption Program) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Dec. 29, 2014	Aug. 13, 2014	Dec. 31, 2014	Dec. 31, 2013
Share Redemption Program
Per share redemption price expressed as percentage of the most recently disclosed estimated value per share		85.00%
Number of shares of common stock redeemed			1.6	2.5
Common stock average redemption share price (in dollars per share)			$ 8.80	$ 9.24
Common stock, value of redemption properly submitted			$ 14.2	$ 22.9
Number of shares acquired through tender offer	2.4
Price per share of shares acquired through tender offer	$ 9.25
Cost to acquire shares through tender offer	$ 22.1

Stockholders' Equity (Distrib73

Stockholders' Equity (Distribution Classification) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity [Abstract]
Ordinary income	58.00%	42.00%	36.00%
Capital gains	23.00%	19.00%	32.00%
Section 1250 recapture capital gains	5.00%	0.00%	4.00%
Return of capital	14.00%	39.00%	28.00%
Total	100.00%	100.00%	100.00%

Transition Expenses (Details)

Transition Expenses (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended			14 Months Ended
	Nov. 20, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014	Jun. 30, 2014
Transition to Self-Management [Line Items]
Shareholder services expense		$ 0	$ 2,900	$ 0
Behringer Harvard Multifamily Advisors I
Transition to Self-Management [Line Items]
Transaction to self-management, general transition services fee					$ 7,200
General transition services expensed during the year			400	6,800
Certain intangible assets, rights and contracts transferred						$ 3,500
Transaction to self-management, payment due at self-management closing						1,250
Transaction to self-management, monthly general transaction service fee						$ 400
Shareholder services expense	$ 2,900
Transition to Self-Management | Behringer Harvard Multifamily Advisors I
Transition to Self-Management [Line Items]
Proceeds from acquisition fees repaid		$ 100	$ 2,500	$ 0

Transition Expenses (Details 2)

Transition Expenses (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Transition to Self-Management [Abstract]
Special Committee and Company legal and financial advisors		$ 900	$ 700
Behringer		2,900	7,900
Other service providers		2,500	400
Expenses related to listing on the NYSE		6,400	0
Total transition expenses	$ 0	$ 12,672	$ 9,003

Commitments and Contingencies76

Commitments and Contingencies (Details) - USD ($)	Jan. 13, 2016	Nov. 10, 2015	Dec. 31, 2015	Dec. 31, 2014
Commitments
Deferred revenues, primarily lease revenues, net			$ 19,451,000	$ 18,955,000
Commitments to provide affordable housing | The Gallery At NoHo Commons
Commitments
Level annual payments made by the housing authority			2,000,000
Reimbursement of annual payments made by the housing authority			$ 0
Period during which no reimbursements are made by housing authority			20 years
Liability under contract			$ 14,000,000
Deferred revenues, primarily lease revenues, net			18,900,000	$ 18,300,000
Construction and development contracts
Commitments
Liability under contract			$ 82,600,000
Period in which construction costs are expected to be paid			24 months
Pending Litigation | Behringer Litigation
Commitments
Damages sought		$ 2,300,000
Litigation liability recorded			$ 0
Subsequent Event | Pending Litigation | Behringer Litigation
Commitments
Counterclaim amount	$ 1,500,000

Commitments and Contingencies77

Commitments and Contingencies (Details 2) $ in Millions	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 0.6
2,017	0.9
2,018	0.8
2,019	0.8
2,020	0.8
Thereafter	3.2
Total	$ 7.1

Fair Value of Derivatives and78

Fair Value of Derivatives and Financial Instruments (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	May. 07, 2015	Apr. 30, 2015
Fair value of derivatives and financial instruments
Carrying value	$ 4,400					$ 44,400
Impairment related to development	$ 3,100	$ 3,128	$ 0	$ 0
Nonrecurring basis
Fair value of derivatives and financial instruments
Fair value		57,800
Fair value adjustments		(3,100)
Nonrecurring basis | Level 1
Fair value of derivatives and financial instruments
Fair value		0
Nonrecurring basis | Level 2
Fair value of derivatives and financial instruments
Fair value		57,800
Nonrecurring basis | Level 3
Fair value of derivatives and financial instruments
Fair value		0
Construction in progress | Nonrecurring basis
Fair value of derivatives and financial instruments
Fair value		41,200
Fair value adjustments		(3,100)
Construction in progress | Nonrecurring basis | Level 1
Fair value of derivatives and financial instruments
Fair value		0
Construction in progress | Nonrecurring basis | Level 2
Fair value of derivatives and financial instruments
Fair value		41,200
Construction in progress | Nonrecurring basis | Level 3
Fair value of derivatives and financial instruments
Fair value		0
Other Assets | Nonrecurring basis
Fair value of derivatives and financial instruments
Fair value		16,600
Fair value adjustments		0
Other Assets | Nonrecurring basis | Level 1
Fair value of derivatives and financial instruments
Fair value		0
Other Assets | Nonrecurring basis | Level 2
Fair value of derivatives and financial instruments
Fair value		16,600			$ 16,600
Other Assets | Nonrecurring basis | Level 3
Fair value of derivatives and financial instruments
Fair value		$ 0

Fair Value of Derivatives and79

Fair Value of Derivatives and Financial Instruments (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value
Mortgages and notes payable	$ 1,473,034	$ 1,186,481
Mortgages and notes payable
Fair Value
Mortgages and notes payable	1,473,000	1,186,500
Carrying Amount | Level 2 | Mortgages and notes payable
Fair Value
Mortgages and notes payable	1,473,000	1,186,500
Fair Value | Level 2 | Mortgages and notes payable
Fair Value
Mortgages and notes payable fair value	$ 1,473,100	$ 1,199,600

Related Party Arrangements (Det

Related Party Arrangements (Details) $ in Millions	5 Months Ended	12 Months Ended
	Nov. 20, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 31, 2013employee
Other disclosures
Acquisition and advisory fees		$ 0	$ 4.3	$ 15
Property management fees		0	11.3	23.4
Debt financing fees		0.2	2.4	1.5
Asset management fees		0	3.8	7.7
Administrative expense reimbursements		0	1	1.8
Shareholder services		$ 0	2.9	0
Early termination payment			2.3
Minimum
Related Party Transaction [Line Items]
Capital market servicing fee		0.90%
Maximum
Related Party Transaction [Line Items]
Capital market servicing fee		1.00%
Behringer Harvard Multifamily Advisors I
Other disclosures
Shareholder services	$ 2.9
Related Party Transaction [Line Items]
Number of employees supported by related party service agreements | employee					0
Transition to Self-Management | Behringer Harvard Multifamily Advisors I
Related Party Transaction [Line Items]
Proceeds from acquisition fees repaid		$ 0.1	$ 2.5	$ 0

Supplemental Disclosures of C81

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Cash Flow Information [Abstract]
Interest paid, net of amounts capitalized of $16.5 million, $17.8 million and $10.5 million in 2015, 2014 and 2013, respectively	$ 30.1	$ 20.8	$ 25.8
Interest capitalized	16.5	17.8	10.5
Non-cash investing and financing activities:
Acquisition of a noncontrolling interest	0	0	9
Conversion of note receivable into an equity investment	0	0	4.9
Funds deposited in escrow related to a development acquisition	0	1.5	1.1
Transfer of real estate from construction in progress to operating real estate	679.4	286.6	48.9
Conversion of investment in unconsolidated real estate joint venture into notes receivable	5	0.8	9.5
Stock issued pursuant to our DRIP	0	20.5	31
Distributions payable	12.5	12.5	5
Construction costs and other related payables	$ 34.9	$ 92.2	$ 43.7

Subsequent Events (Details)

Subsequent Events (Details)	Mar. 31, 2016$ / shares
Forecast | Common Stock
Subsequent Events
Common stock dividends authorized (in dollars per share)	$ 0.075

Quarterly Results (unaudited)83

Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Rental revenues	$ 63,129	$ 59,191	$ 59,105	$ 56,643	$ 54,705	$ 53,091	$ 51,047	$ 50,182	$ 238,068	$ 209,025	$ 190,624
Income (loss) from continuing operations	(7,489)	30,876	44,473	(1,177)	(6,477)	(858)	(6,870)	14,476	66,683	271	(17,466)
Net income (loss) attributable to common stockholders	$ (5,937)	$ 31,362	$ 49,196	$ (833)	$ (6,153)	$ (619)	$ (6,775)	$ 7,423	$ 73,788	$ (6,124)	$ 29,692
Basic weighted average shares outstanding	166,628	166,563	166,541	166,509	168,818	168,780	168,857	168,714	166,561	168,793	168,650
Diluted weighted average shares outstanding	167,247	167,260	167,202	166,509	169,066	169,028	169,096	168,919	167,205	169,029	168,650
Basic and diluted earnings (loss) per share (in dollars per share)	$ (0.04)	$ 0.19	$ 0.29	$ (0.01)	$ (0.04)	$ 0	$ (0.04)	$ 0.04	$ 0.44	$ (0.04)	$ 0.18

Valuation and Qualifying Acco84

Valuation and Qualifying Accounts Schedule II (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in valuation and qualifying accounts
Balance at Beginning of Year	$ 144	$ 102	$ 193
Charged to Costs and Expenses	746	550	492
Charged to Other Accounts	0	0	0
Deductions	644	508	583
Balance at End of Year	$ 246	$ 144	$ 102

Real Estate and Accumulated D85

Real Estate and Accumulated Depreciation Schedule III (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)unit	May. 07, 2015unit	Dec. 31, 2012USD ($)
Real Estate and Accumulated Depreciation
Proceeds from sales of real estate, net	$ 250,311,000	$ 33,379,000	$ 205,336,000
Initial Cost
Land	497,360,000
Buildings and Improvements	2,597,679,000
Costs Subsequent to Acquisition/ Construction	30,014,000
Gross Amount Carried at December 31, 2015	3,125,053,000	2,423,704,000	2,170,747,000		$ 2,177,429,000
Accumulated Depreciation	357,036,000	280,400,000	$ 195,048,000		$ 123,360,000
Encumbrances	1,475,004,000
Outstanding balance of mortgage loans and credit facility	49,000,000
Number of units in real estate property | unit				2,061
$150 Million Facility
Initial Cost
Maximum borrowing capacity	$ 150,000,000	150,000,000
Minimum
Initial Cost
Depreciable life of properties	25 years
Minimum | Improvements
Initial Cost
Depreciable life of properties	3 years
Maximum
Initial Cost
Depreciable life of properties	35 years
Maximum | Improvements
Initial Cost
Depreciable life of properties	15 years
4110 Fairmount
Initial Cost
Land	$ 7,244,000
Buildings and Improvements	36,150,000
Costs Subsequent to Acquisition/ Construction	153,000
Gross Amount Carried at December 31, 2015	43,547,000
Accumulated Depreciation	2,720,000
Encumbrances	24,825,000
4550 Cherry Creek(d)
Initial Cost
Land	7,910,000
Buildings and Improvements	70,184,000
Costs Subsequent to Acquisition/ Construction	1,594,000
Gross Amount Carried at December 31, 2015	79,688,000
Accumulated Depreciation	14,016,000
Encumbrances	39,500,000
55 Hundred(d)
Initial Cost
Land	13,196,000
Buildings and Improvements	67,515,000
Costs Subsequent to Acquisition/ Construction	619,000
Gross Amount Carried at December 31, 2015	81,330,000
Accumulated Depreciation	12,830,000
Encumbrances	41,047,000
7166 at Belmar(d)
Initial Cost
Land	3,385,000
Buildings and Improvements	52,298,000
Costs Subsequent to Acquisition/ Construction	1,828,000
Gross Amount Carried at December 31, 2015	57,511,000
Accumulated Depreciation	10,222,000
Encumbrances	28,500,000
Acacia on Santa Rosa Creek
Initial Cost
Land	8,100,000
Buildings and Improvements	29,512,000
Costs Subsequent to Acquisition/ Construction	1,847,000
Gross Amount Carried at December 31, 2015	39,459,000
Accumulated Depreciation	8,561,000
Encumbrances	29,000,000
Acappella
Initial Cost
Land	8,000,000
Buildings and Improvements	46,973,000
Costs Subsequent to Acquisition/ Construction	562,000
Gross Amount Carried at December 31, 2015	55,535,000
Accumulated Depreciation	10,996,000
Encumbrances	30,070,000
Allegro (e)
Initial Cost
Land	3,900,000
Buildings and Improvements	55,355,000
Costs Subsequent to Acquisition/ Construction	1,688,000
Gross Amount Carried at December 31, 2015	60,943,000
Accumulated Depreciation	11,237,000
Encumbrances	20,829,000
Number of units in real estate property | unit			121
Allusion West University
Initial Cost
Land	9,440,000
Buildings and Improvements	31,372,000
Costs Subsequent to Acquisition/ Construction	111,000
Gross Amount Carried at December 31, 2015	40,923,000
Accumulated Depreciation	2,611,000
Encumbrances	20,623,000
Argenta
Initial Cost
Land	11,100,000
Buildings and Improvements	81,624,000
Costs Subsequent to Acquisition/ Construction	1,536,000
Gross Amount Carried at December 31, 2015	94,260,000
Accumulated Depreciation	16,341,000
Encumbrances	51,000,000
Arpeggio Victory Park
Initial Cost
Land	11,000,000
Buildings and Improvements	47,443,000
Costs Subsequent to Acquisition/ Construction	117,000
Gross Amount Carried at December 31, 2015	58,560,000
Accumulated Depreciation	3,713,000
Encumbrances	29,161,000
Bailey's Crossing(d)
Initial Cost
Land	22,214,000
Buildings and Improvements	108,145,000
Costs Subsequent to Acquisition/ Construction	803,000
Gross Amount Carried at December 31, 2015	131,162,000
Accumulated Depreciation	20,689,000
Encumbrances	76,000,000
Blue Sol
Initial Cost
Land	7,167,000
Buildings and Improvements	30,145,000
Costs Subsequent to Acquisition/ Construction	132,000
Gross Amount Carried at December 31, 2015	37,444,000
Accumulated Depreciation	1,718,000
Encumbrances	0
Briar Forest Lofts(d)
Initial Cost
Land	4,623,000
Buildings and Improvements	40,155,000
Costs Subsequent to Acquisition/ Construction	733,000
Gross Amount Carried at December 31, 2015	45,511,000
Accumulated Depreciation	7,868,000
Encumbrances	20,211,000
Burrough's Mill(d)
Initial Cost
Land	10,075,000
Buildings and Improvements	51,869,000
Costs Subsequent to Acquisition/ Construction	823,000
Gross Amount Carried at December 31, 2015	62,767,000
Accumulated Depreciation	11,395,000
Encumbrances	24,440,000
Calypso Apartments and Lofts(d)
Initial Cost
Land	13,902,000
Buildings and Improvements	42,730,000
Costs Subsequent to Acquisition/ Construction	511,000
Gross Amount Carried at December 31, 2015	57,143,000
Accumulated Depreciation	8,240,000
Encumbrances	29,500,000
The Cameron
Initial Cost
Land	25,191,000
Buildings and Improvements	77,737,000
Costs Subsequent to Acquisition/ Construction	565,000
Gross Amount Carried at December 31, 2015	103,493,000
Accumulated Depreciation	14,607,000
Encumbrances	63,579,000
Cyan on Peachtree
Initial Cost
Land	9,302,000
Buildings and Improvements	59,839,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2015	69,141,000
Accumulated Depreciation	1,497,000
Encumbrances	39,114,000
The District Universal Boulevard
Initial Cost
Land	5,161,000
Buildings and Improvements	57,448,000
Costs Subsequent to Acquisition/ Construction	995,000
Gross Amount Carried at December 31, 2015	63,604,000
Accumulated Depreciation	11,057,000
Encumbrances	36,589,000
Eclipse(d)
Initial Cost
Land	6,927,000
Buildings and Improvements	44,078,000
Costs Subsequent to Acquisition/ Construction	420,000
Gross Amount Carried at December 31, 2015	51,425,000
Accumulated Depreciation	8,987,000
Encumbrances	20,061,000
Ev
Initial Cost
Land	10,400,000
Buildings and Improvements	73,547,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2015	83,947,000
Accumulated Depreciation	1,062,000
Encumbrances	0
Everly
Initial Cost
Land	6,101,000
Buildings and Improvements	39,503,000
Costs Subsequent to Acquisition/ Construction	866,000
Gross Amount Carried at December 31, 2015	46,470,000
Accumulated Depreciation	2,171,000
Encumbrances	22,982,000
Fitzhugh Urban Flats(d)
Initial Cost
Land	9,394,000
Buildings and Improvements	48,884,000
Costs Subsequent to Acquisition/ Construction	1,135,000
Gross Amount Carried at December 31, 2015	59,413,000
Accumulated Depreciation	9,997,000
Encumbrances	26,886,000
Forty55 Lofts(d)
Initial Cost
Land	11,382,000
Buildings and Improvements	68,966,000
Costs Subsequent to Acquisition/ Construction	523,000
Gross Amount Carried at December 31, 2015	80,871,000
Accumulated Depreciation	13,262,000
Encumbrances	25,500,000
The Franklin Delray
Initial Cost
Land	9,065,000
Buildings and Improvements	24,229,000
Costs Subsequent to Acquisition/ Construction	79,000
Gross Amount Carried at December 31, 2015	33,373,000
Accumulated Depreciation	2,499,000
Encumbrances	0
The Gallery at NoHo Commons
Initial Cost
Land	28,700,000
Buildings and Improvements	78,309,000
Costs Subsequent to Acquisition/ Construction	2,308,000
Gross Amount Carried at December 31, 2015	109,317,000
Accumulated Depreciation	22,462,000
Encumbrances	51,300,000
Grand Reserve
Initial Cost
Land	2,980,000
Buildings and Improvements	29,231,000
Costs Subsequent to Acquisition/ Construction	(640,000)
Gross Amount Carried at December 31, 2015	31,571,000
Accumulated Depreciation	4,828,000
Encumbrances	20,364,000
The Lofts at Park Crest
Initial Cost
Land	0
Buildings and Improvements	49,737,000
Costs Subsequent to Acquisition/ Construction	482,000
Gross Amount Carried at December 31, 2015	50,219,000
Accumulated Depreciation	12,288,000
Encumbrances	43,321,000
Muse Museum District
Initial Cost
Land	11,533,000
Buildings and Improvements	36,189,000
Costs Subsequent to Acquisition/ Construction	616,000
Gross Amount Carried at December 31, 2015	48,338,000
Accumulated Depreciation	2,292,000
Encumbrances	26,700,000
Nouvelle
Initial Cost
Land	30,515,000
Buildings and Improvements	137,645,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2015	168,160,000
Accumulated Depreciation	1,538,000
Encumbrances	64,406,000
Pembroke Woods
Initial Cost
Land	11,520,000
Buildings and Improvements	29,807,000
Costs Subsequent to Acquisition/ Construction	1,144,000
Gross Amount Carried at December 31, 2015	42,471,000
Accumulated Depreciation	5,184,000
Encumbrances	14,516,000
Point 21
Initial Cost
Land	6,453,000
Buildings and Improvements	41,375,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2015	47,828,000
Accumulated Depreciation	1,485,000
Encumbrances	26,552,000
Renaissance - Phase I(d)
Initial Cost
Land	5,786,000
Buildings and Improvements	33,660,000
Costs Subsequent to Acquisition/ Construction	1,669,000
Gross Amount Carried at December 31, 2015	41,115,000
Accumulated Depreciation	6,208,000
Encumbrances	0
The Reserve at LaVista Walk
Initial Cost
Land	4,530,000
Buildings and Improvements	34,159,000
Costs Subsequent to Acquisition/ Construction	1,263,000
Gross Amount Carried at December 31, 2015	39,952,000
Accumulated Depreciation	8,331,000
Encumbrances	13,655,000
San Sebastian(d)
Initial Cost
Land	7,841,000
Buildings and Improvements	29,037,000
Costs Subsequent to Acquisition/ Construction	252,000
Gross Amount Carried at December 31, 2015	37,130,000
Accumulated Depreciation	6,455,000
Encumbrances	21,000,000
Satori(d)
Initial Cost
Land	8,223,000
Buildings and Improvements	75,126,000
Costs Subsequent to Acquisition/ Construction	1,260,000
Gross Amount Carried at December 31, 2015	84,609,000
Accumulated Depreciation	14,629,000
Encumbrances	51,000,000
SEVEN
Initial Cost
Land	6,041,000
Buildings and Improvements	54,117,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2015	60,158,000
Accumulated Depreciation	1,385,000
Encumbrances	31,407,000
Skye 2,905
Initial Cost
Land	13,831,000
Buildings and Improvements	87,491,000
Costs Subsequent to Acquisition/ Construction	214,000
Gross Amount Carried at December 31, 2015	101,536,000
Accumulated Depreciation	16,394,000
Encumbrances	55,647,000
SoMa(f)
Initial Cost
Land	21,647,000
Buildings and Improvements	51,150,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2015	72,797,000
Accumulated Depreciation	170,000
Encumbrances	$ 50,431,000
Percent complete	95.00%
Stone Gate
Initial Cost
Land	$ 8,300,000
Buildings and Improvements	54,634,000
Costs Subsequent to Acquisition/ Construction	1,821,000
Gross Amount Carried at December 31, 2015	64,755,000
Accumulated Depreciation	11,591,000
Encumbrances	34,029,000
The Mark
Initial Cost
Land	13,520,000
Buildings and Improvements	68,574,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2015	82,094,000
Accumulated Depreciation	735,000
Encumbrances	0
Verge(f)
Initial Cost
Land	26,620,000
Buildings and Improvements	64,262,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2015	90,882,000
Accumulated Depreciation	887,000
Encumbrances	$ 50,519,000
Percent complete	94.00%
Vara
Initial Cost
Land	$ 20,200,000
Buildings and Improvements	88,500,000
Costs Subsequent to Acquisition/ Construction	602,000
Gross Amount Carried at December 31, 2015	109,302,000
Accumulated Depreciation	9,308,000
Encumbrances	57,000,000
The Venue(d)
Initial Cost
Land	1,520,000
Buildings and Improvements	24,249,000
Costs Subsequent to Acquisition/ Construction	255,000
Gross Amount Carried at December 31, 2015	26,024,000
Accumulated Depreciation	4,887,000
Encumbrances	10,500,000
Veritas(d)
Initial Cost
Land	4,950,000
Buildings and Improvements	55,607,000
Costs Subsequent to Acquisition/ Construction	449,000
Gross Amount Carried at December 31, 2015	61,006,000
Accumulated Depreciation	9,948,000
Encumbrances	34,775,000
West Village
Initial Cost
Land	5,301,000
Buildings and Improvements	30,068,000
Costs Subsequent to Acquisition/ Construction	679,000
Gross Amount Carried at December 31, 2015	36,048,000
Accumulated Depreciation	6,603,000
Encumbrances	19,747,000
Zinc
Initial Cost
Land	23,170,000
Buildings and Improvements	159,051,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2015	182,221,000
Accumulated Depreciation	1,132,000
Encumbrances	98,718,000
Mortgages and notes payable
Initial Cost
Unamortized adjustments from business combinations	2,500,000
Mortgages and notes payable | Consolidated co-investment venture
Initial Cost
Unamortized adjustments from business combinations	$ 2,500,000	$ 4,300,000

Real Estate and Accumulated D86

Real Estate and Accumulated Depreciation Schedule III (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate:
Balance at beginning of year	$ 2,423,704	$ 2,170,747	$ 2,177,429
Additions, acquisitions and/or consolidation of joint ventures	854,472	292,802	163,401
Deductions, Sale of real estate property	(153,123)	(39,845)	(170,083)
Balance at end of year	3,125,053	2,423,704	2,170,747
Accumulated Depreciation:
Balance at beginning of year	280,400	195,048	123,360
Depreciation expense	98,796	88,806	85,054
Deductions	(22,160)	(3,454)	(13,366)
Balance at end of year	$ 357,036	$ 280,400	$ 195,048

Mortgage Loans on Real Estate87

Mortgage Loans on Real Estate Schedule IV (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans on Real Estate
Face Amount of Note		$ 54,460
Carrying Amount of Note		36,486	$ 59,750	$ 52,811	$ 36,040
Principal Amount of Loans Subject to Delinquent Principal or Interest		$ 0
Mezzanine Loans by Community, Kendall Square
Mortgage Loans on Real Estate
Interest rate (as a percent)		15.00%
Face Amount of Note		$ 12,300
Carrying Amount of Note		12,300
Principal Amount of Loans Subject to Delinquent Principal or Interest		$ 0
Mezzanine Loans by Community, Jefferson Center
Mortgage Loans on Real Estate
Interest rate (as a percent)		15.00%
Face Amount of Note		$ 14,989
Carrying Amount of Note		15,012
Principal Amount of Loans Subject to Delinquent Principal or Interest		$ 0
Mezzanine Loans by Community, Jefferson at Stonebriar
Mortgage Loans on Real Estate
Interest rate (as a percent)		15.00%
Face Amount of Note		$ 16,735
Carrying Amount of Note		8,115
Principal Amount of Loans Subject to Delinquent Principal or Interest		$ 0
Mezzanine Loans by Community, Jefferson at Riverside
Mortgage Loans on Real Estate
Interest rate (as a percent)		15.00%
Face Amount of Note		$ 10,436
Carrying Amount of Note		1,059
Principal Amount of Loans Subject to Delinquent Principal or Interest		$ 0
Subsequent Event | Mezzanine Loans by Community, Kendall Square
Mortgage Loans on Real Estate
Interest rate (as a percent)	17.00%

Mortgage Loans on Real Estate88

Mortgage Loans on Real Estate Schedule IV (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	May. 31, 2015	Apr. 30, 2015
Reconciliation of the Carrying Amount of Mortgage Loans:
Balance at the beginning of the period	$ 59,750	$ 52,811	$ 36,040
Additions:
New mortgage loans, including advances under mezzanine loans	9,877	6,762	40,078
Capitalized acquisition costs, net of unearned fee income	(843)	133	(31)
Deductions:
Note receivable converted into equity investment		0	(4,880)
Collections of principal and loan payoffs	(32,462)	0	(18,425)
Amortization of acquisition costs and fee income	164	44	29
Balance at the end of the period	$ 36,486	$ 59,750	$ 52,811
Note receivable				$ 4,400	$ 44,400