Monogram Residential Trust (BHORL) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document and Entity Information
Entity Registrant Name	Monogram Residential Trust, Inc.
Entity Central Index Key	1,384,710
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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		166,752,302
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate
Land	$ 510,265	$ 497,360
Buildings and improvements	2,734,024	2,627,693
Gross operating real estate	3,244,289	3,125,053
Less accumulated depreciation	(386,681)	(357,036)
Net operating real estate	2,857,608	2,768,017
Construction in progress, including land	240,266	333,153
Total real estate, net	3,097,874	3,101,170
Cash and cash equivalents	67,847	83,727
Intangibles, net	17,791	18,066
Other assets, net	56,911	64,993
Total assets	3,240,423	3,267,956
Liabilities
Mortgages and notes payable, net	1,482,783	1,461,349
Credit facilities payable, net	35,875	45,495
Construction costs payable	30,372	36,975
Accounts payable and other liabilities	24,230	28,922
Deferred revenues, primarily lease revenues, net	19,060	19,451
Distributions payable	12,596	12,494
Tenant security deposits	5,883	5,616
Total liabilities	$ 1,610,799	$ 1,610,302
Commitments and contingencies
Redeemable noncontrolling interests	$ 29,073	$ 29,073
Equity
7.0% Series A non-participating, voting, cumulative, convertible preferred stock, liquidation preference $10 per share, 10,000 shares issued and outstanding as of March 31, 2016 and December 31, 2015	0	0
Common stock, $0.0001 par value per share; 875,000,000 shares authorized, 166,754,852 and 166,611,549 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	17	17
Additional paid-in capital	1,436,654	1,436,254
Cumulative distributions and net income (loss)	(290,338)	(269,523)
Total equity attributable to common stockholders	1,146,333	1,166,748
Non-redeemable noncontrolling interests	454,218	461,833
Total equity	1,600,551	1,628,581
Total liabilities and equity	$ 3,240,423	$ 3,267,956

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	125,000,000	125,000,000
Preferred stock, dividend rate, percentage	7.00%	7.00%
Preferred stock, liquidation preference per share (in dollars per share)	$ 10	$ 10
Preferred stock, shares issued (in shares)	10,000	10,000
Preferred stock, shares outstanding (in shares)	10,000	10,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	875,000,000	875,000,000
Common stock, shares issued (in shares)	166,754,852	166,611,549
Common stock, shares outstanding (in shares)	166,754,852	166,611,549

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Rental revenues	$ 65,547	$ 56,643
Expenses
Property operating expenses	18,806	15,675
Real estate taxes	10,622	8,569
General and administrative expenses	6,510	4,776
Acquisition expenses	123	0
Investment and other development expenses	155	231
Interest expense	10,366	5,997
Amortization of deferred financing costs	1,536	831
Depreciation and amortization	30,056	24,549
Total expenses	78,174	60,628
Interest income	1,682	2,597
Equity in income of investment in unconsolidated real estate joint venture	0	186
Other income (expense)	(115)	25
Net loss	(11,060)	(1,177)
Net (income) loss attributable to noncontrolling interests:
Net loss attributable to non-redeemable noncontrolling interests	2,755	346
Net loss available to the Company	(8,305)	(831)
Dividends to preferred stockholders	(2)	(2)
Net loss attributable to common stockholders	$ (8,307)	$ (833)
Weighted average number of common shares outstanding - basic and diluted (in shares)	166,743	166,509
Basic and diluted earnings (loss) per common share (in dollars per share)	$ (0.05)	$ (0.01)
Distributions declared per common share (in dollars per share)	$ 0.075	$ 0.075

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Noncontrolling Interests	Cumulative Distributions and Net Income (Loss) Available to the Company
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)	(1,177)				(346)	(831)
Contributions by noncontrolling interests	8,725				8,725
Issuance of common and restricted shares, net	(119)			(119)
Issuance of common and restricted shares, net (in shares)			50
Amortization of stock-based compensation	504			504
Distributions:
Common stock - regular	(12,488)					(12,488)
Noncontrolling interests	(23,123)				(23,123)
Preferred stock	(2)					(2)
Balance at Mar. 31, 2015	1,712,533		$ 17	1,493,184	526,003	(306,671)
Balance (in shares) at Mar. 31, 2015		10	166,518
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(11,060)				(2,755)	(8,305)
Contributions by noncontrolling interests	1,287				1,287
Issuance of common and restricted shares, net	(183)			(183)
Issuance of common and restricted shares, net (in shares)			143
Amortization of stock-based compensation	583			583
Distributions:
Common stock - regular	(12,508)					(12,508)
Noncontrolling interests	(6,147)				(6,147)
Preferred stock	(2)					(2)
Balance at Mar. 31, 2016	$ 1,600,551		$ 17	$ 1,436,654	$ 454,218	$ (290,338)
Balance (in shares) at Mar. 31, 2016		10	166,755

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income (loss)	$ (11,060)	$ (1,177)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	29,769	23,473
Amortization of deferred financing costs and debt premium/discount	1,050	284
Amortization of intangibles	275	1,046
Amortization of deferred revenues, primarily lease revenues, net	(364)	(359)
Amortization of stock-based compensation	583	504
Equity in income of investments in unconsolidated real estate joint venture	0	(186)
Distributions received from investment in unconsolidated real estate joint venture	0	125
Other, net	(26)	(8)
Changes in operating assets and liabilities:
Accounts payable and other liabilities	(4,486)	(6,681)
Other assets	2,133	(2,493)
Cash provided by operating activities	17,874	14,528
Cash flows from investing activities
Additions to existing real estate	(1,741)	(1,551)
Construction in progress, including land	(30,712)	(99,418)
Advances on notes receivable	(11,009)	0
Collection on notes receivable	14,989	0
Tax like-kind exchange escrow deposits	624	0
Other escrow deposits	787	(865)
Other, net	45	(118)
Cash used in investing activities	(27,017)	(101,952)
Cash flows from financing activities
Mortgage and notes payable proceeds	23,167	100,747
Mortgage and notes payable principal payments	(2,455)	(55,231)
Proceeds from credit facilities	10,000	25,000
Credit facilities payments	(20,000)	(2,203)
Contributions from noncontrolling interests	1,287	8,725
Distributions paid on common stock - regular	(12,495)	(12,485)
Distributions paid to noncontrolling interests	(6,058)	(23,038)
Other, net	(183)	(119)
Cash (used in) provided by financing activities	(6,737)	41,396
Net change in cash and cash equivalents	(15,880)	(46,028)
Cash and cash equivalents at beginning of period	83,727	116,407
Cash and cash equivalents at end of period	$ 67,847	$ 70,379

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2016
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 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 separate entity as a “Property Entity” and when applicable may name the multifamily community related to the Property Entity or CO-JV. As of March 31, 2016 , we have equity and debt investments in 55 multifamily communities, of which 40 are stabilized operating multifamily communities and 15 are in various stages of lease up, pre-development or construction. Of the 55 multifamily communities, we wholly own 13 multifamily communities and three debt investments for a total of 16 wholly owned investments. The remaining 39 investments are held through Co-Investment Ventures, all of which are consolidated. As of March 31, 2016 , 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 and 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 both March 31, 2016 and December 31, 2015 . The effective ownership ranges are based on our participation in the distributable operating cash from our investment in the multifamily community as of the dates indicated. This effective ownership is indicative of, but may differ over time from, percentages for distributions, contributions or financing requirements for each respective Co-Investment Venture. All are reported on the consolidated basis of accounting. Co-Investment Structure Number of Multifamily Communities Our Effective PGGM CO-JVs (a) 23 50% to 70% MW CO-JVs 14 55% Developer CO-JVs 2 100% Total 39 (a) As of March 31, 2016 and December 31, 2015 , the PGGM CO-JVs include Developer Partners in 18 multifamily communities. 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 March 31, 2016 , we believe we are in compliance with all applicable REIT requirements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Interim Unaudited Financial Information The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 which was filed with the Securities and Exchange Commission (“SEC”) on February 26, 2016 . Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from this report. The results for the interim periods shown in this report are not necessarily indicative of future financial results. The accompanying condensed consolidated balance sheet as of March 31, 2016 and condensed consolidated statements of operations, equity and cash flows for the periods ended March 31, 2016 and 2015 have not been audited by our independent registered public accounting firm. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary to present fairly our consolidated financial position as of March 31, 2016 and December 31, 2015 and our consolidated results of operations and cash flows for the periods ended March 31, 2016 and 2015 . Such adjustments are of a normal recurring nature. Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries and any consolidated variable interest entities (“VIEs”). All inter-company balances and transactions have been eliminated in consolidation. Developments We capitalize project costs related to the development and construction of real estate (including interest, real estate taxes, insurance, and other 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 thereof, 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. Impairment of Real Estate Related Assets 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 aggregate 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. We did not record any impairment loss for the three months ended March 31, 2016 and 2015 . Assets Held for Sale and Discontinued Operations For sales of real estate or assets classified as held for sale, 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 March 31, 2016 and December 31, 2015 , cash and cash equivalents include $28.8 million and $32.5 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. 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 excluding any unvested restricted stock awards. 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 2016 and 2015 , any common stock equivalents were anti-dilutive. For all periods presented, the 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 preferred stock could be dilutive in future periods. 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; construction payables; impairment of long-lived assets; notes receivable, fair value evaluations; earning recognition of noncontrolling interests; depreciation and amortization; and share-based compensation measurements. Actual results could differ from those estimates. Recently Adopted Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-02 , "Amendments to the Consolidation Analysis." The guidance was effective January 1, 2016 and requires companies to evaluate the consolidation of certain legal entities under a revised consolidation model, which modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities and eliminates the presumption that a general partner should consolidate a limited partnership. Reporting entities which consolidate or hold a variable interest in a VIE as a result of this standard are subject to additional disclosure requirements. We adopted ASU 2015-02 effective January 1, 2016 applying the modified retrospective method. The adoption of this standard did not result in any changes in our previous consolidation conclusions. However, upon adoption, all previously consolidated CO-JVs, as discussed in Note 5, "Variable Interest Entities," are now classified as VIEs increasing the number of our VIEs to 39. As we are considered the primary beneficiary, we will continue to consolidate these CO-JVs. In April 2015, the FASB issued ASU 2015-03, “Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs,” which requires costs incurred to issue debt to be presented in the balance sheet as a direct deduction from the carrying value of the debt rather than being recorded as a deferred charge and presented as an asset. The standard also requires amortization of debt issuance costs to be reported as interest expense. We are currently presenting the amortization of debt issuance costs as a separate line in the statement of operations. The standard does not address presentation of debt issuance costs related to credit facilities allowing the Company to adopt an accounting policy regarding classification of debt issuance costs related to credit facilities. Accordingly, we have elected to report debt issuance costs related to credit facilities as a deduction to the credit facilities payable in the liability section of the consolidated balance sheet. We adopted the standard effective January 1, 2016. The retrospective application required upon adoption of this standard resulted in a reclassification of approximately $15.2 million of unamortized debt issuance costs from other assets, net to a deduction from mortgages and notes payable of $11.7 million and credit facilities payable of $3.5 million , respectively, in our consolidated balance sheets as of December 31, 2015. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” which eliminates the requirement to retrospectively account for adjustments to provisional amounts recognized in a business combination. The acquirer in a business combination is required to recognize any adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. A company must present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. We adopted the standard effective January 1, 2016. The adoption of this pronouncement did not have any effect on our condensed consolidated financial statements.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements From time to time, new accounting standards are issued by FASB or other standards setting bodies, which we adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. In May 2014, the 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 April 2016, the FASB issued updated guidance with respect to share-based payment awards. Companies may elect to either estimate the number of share-based payment awards that are expected to vest or account for forfeitures when they occur. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. We have not yet selected an accounting policy with respect to forfeitures and are currently evaluating the effect that the adoption of this standard will have on our consolidated financial statements and related disclosures.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real Estate Investments and Intangibles and Related Depreciation and Amortization As of March 31, 2016 and December 31, 2015 , major components of our real estate investments and intangibles and related accumulated depreciation and amortization were as follows (in millions): March 31, 2016 December 31, 2015 Buildings Intangibles Buildings Intangibles and In-Place Other and In-Place Other Improvements Leases Contractual Improvements Leases Contractual Cost $ 2,734.0 $ 36.1 $ 24.2 $ 2,627.7 $ 37.1 $ 24.2 Less: accumulated depreciation and amortization (386.7 ) (34.0 ) (8.5 ) (357.0 ) (34.9 ) (8.3 ) Net $ 2,347.3 $ 2.1 $ 15.7 $ 2,270.7 $ 2.2 $ 15.9 Depreciation expense for the three months ended March 31, 2016 and 2015 was approximately $29.6 million and $23.4 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 March 31, 2016 and December 31, 2015 , include $7.9 million of intangibles, primarily asset management and related fee revenue services. Cost of other contractual intangibles as of both March 31, 2016 and December 31, 2015 , 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 three months ended March 31, 2016 and 2015 was approximately $0.3 million and $1.0 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 April through December 2016 $ 0.8 2017 1.1 2018 0.5 2019 0.5 2020 0.5 Developments For the three months ended March 31, 2016 and 2015 , we capitalized the following amounts of interest, real estate taxes and overhead related to our developments (in millions): For the Three Months Ended 2016 2015 Interest $ 2.4 $ 4.8 Real estate taxes 0.7 1.5 Overhead 0.1 0.2

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2016
Variable Interest Entity [Abstract]
Variable Interest Entities	Variable Interest Entities Effective January 1, 2016, we adopted the revised guidance on consolidation accounting as further discussed in Note 2, “Summary of Significant Account Policies - Recently Adopted Accounting Pronouncements.” Under the new guidance we have concluded that all of our CO-JVs including the Master Partnership are VIEs, and we are the primary beneficiary of each CO-JV. All of these VIEs were created for the purpose of operating and developing multifamily communities. Because these CO-JVs 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-JVs based upon contributed capital ranges from 50% to 100% . The following table presents the significant balances related to our VIEs as of March 31, 2016 and December 31, 2015 (in millions): March 31, 2016 December 31, 2015 Total assets $ 2,377.3 $ 2,378.1 Net operating real estate 2,130.6 2,033.3 Construction in progress 192.5 287.9 Mortgages and notes payable, net (a) 1,187.3 1,164.7 (a) Except as noted below, the lenders on the outstanding mortgages and notes payable, have no recourse to us. Thirteen VIEs, all of which are actively developing or operating multifamily communities, have closed aggregate construction financing commitments of $627.9 million as of March 31, 2016 , which we expect to be substantially drawn on during the construction of the developments. As of March 31, 2016 , $553.1 million is outstanding 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 $524.6 million , of which $456.5 million is outstanding as of March 31, 2016 . Each guarantee may terminate or be reduced upon completion of the development or if the development achieves certain operating results. On the other three 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 7, “Mortgages and Notes Payable” for further information on our construction loans. Each of the VIEs are businesses and assets of each VIE are available for purposes other than the settlement of the VIE’s obligations.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Other Assets	Other Assets The components of other assets as of March 31, 2016 and December 31, 2015 are as follows (in millions): March 31, 2016 December 31, 2015 Notes receivable, net (a) $ 32.5 $ 36.5 Resident, tenant and other receivables 9.2 12.2 Escrows and restricted cash 7.3 8.7 Prepaid assets, deposits and other assets 7.9 7.6 Total other assets, net $ 56.9 $ 65.0 (a) Notes receivable include mezzanine loans, primarily related to multifamily development projects. As of March 31, 2016 , the weighted average interest rate is 15.7% and the remaining years to scheduled maturity is 1.4 years. The borrowers generally have options to prepay prior to maturity or to extend the maturity for one to two years.

Mortgages and Notes Payable

Mortgages and Notes Payable	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 (dollar amounts in millions and monthly LIBOR at March 31, 2016 is 0.44% ): As of March 31, 2016 March 31, December 31, Weighted Average 2016 2015 Interest Rates Maturity Dates Company level (a) Fixed rate mortgages payable $ 296.1 $ 297.3 3.88% 2018 to 2020 Total Company level 296.1 297.3 Co-Investment Venture level - consolidated (b) Fixed rate mortgages payable 630.5 631.6 3.49% 2016 to 2020 Variable rate mortgage payable 11.6 11.6 Monthly LIBOR + 2.35% 2017 Fixed rate construction loans payable (c): Operating 29.2 29.2 4.31% 2016 (e) In Construction 46.9 44.5 4.00% 2018 Variable rate construction loans payable (d): Operating 421.3 355.3 Monthly LIBOR + 2.12% 2017 to 2018 In Construction 55.7 101.0 Monthly LIBOR + 1.95% 2018 Total Co-Investment Venture level - consolidated 1,195.2 1,173.2 Total Company and Co-Investment Venture level 1,491.3 1,470.5 Plus: unamortized adjustments from business combinations 2.1 2.5 Less: deferred financing costs, net (10.6 ) (11.7 ) Total consolidated mortgages and notes payable, net $ 1,482.8 $ 1,461.3 (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 includes a one to two year extension option. As of March 31, 2016 , there is $6.6 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 $545.2 million . As of March 31, 2016 , the Company has partially guaranteed ten of these loans with total commitments of $524.6 million , of which $86.9 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 March 31, 2016 , there is $68.1 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 March 31, 2016 , $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 March 31, 2016 . As of March 31, 2016 , contractual principal payments for our mortgages and notes payable (excluding any extension options) for the five subsequent years and thereafter are as follows (in millions): Co-Investment Total Year Company Level Venture Level Consolidated April through December 2016 $ 3.5 $ 159.6 $ 163.1 2017 5.8 323.4 329.2 2018 153.4 399.7 553.1 2019 79.5 141.0 220.5 2020 53.9 171.5 225.4 Thereafter — — — Total $ 296.1 $ 1,195.2 1,491.3 Add: unamortized adjustments from business combinations 2.1 Less: deferred financing costs, net (10.6 ) Total mortgages and notes payable, net $ 1,482.8

Credit Facilities Payable

Credit Facilities Payable	3 Months Ended
	Mar. 31, 2016
Line of Credit Facility [Abstract]
Credit Facility Payable	Credit Facilities Payable We have two credit facilities as of March 31, 2016 , 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 March 31, 2016 and December 31, 2015 (dollar amounts in millions and monthly LIBOR at March 31, 2016 was 0.44% ): Balance Outstanding March 31, December 31, Interest Rate as of March 31, 2016 Maturity Date $150 Million Facility $ 39.0 $ 49.0 Monthly LIBOR + 2.08% April 1, 2017 $200 Million Facility — — Monthly LIBOR + 2.50% January 14, 2019 Total credit facilities outstanding 39.0 49.0 Less: deferred financing costs, net (3.1 ) (3.5 ) Total credit facilities payable, net $ 35.9 $ 45.5 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 facility’s debt service requirements. The $150 Million Facility also provides for fees based on unutilized amounts and minimum usage. The loan requires minimum borrowings 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 March 31, 2016 , $117.4 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 March 31, 2016 , our availability to draw under the $150 Million Facility was limited to approximately $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 of the $150 Million Facility agreement as of March 31, 2016 . 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 March 31, 2016 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 million up to a total of $400 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 and 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 over certain defined historical periods. We believe we are in compliance with all provisions of the $200 Million Facility agreement as of March 31, 2016 .

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , 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): March 31, 2016 December 31, 2015 Effective Effective Amount NCI % (a) Amount NCI % (a) PGGM Co-Investment Partner $ 327.0 30% to 45% $ 332.0 30% to 45% MW Co-Investment Partner 121.1 45% 123.7 45% Developer Partners 4.0 0% 4.0 0% Subsidiary preferred units 2.1 (b) 2.1 (b) Total non-redeemable NCI $ 454.2 $ 461.8 (a) Effective noncontrolling 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 their redemption price, generally $500 per unit (par value). The subsidiary preferred units are not redeemable by the unit holders and, as of March 31, 2016 , we have no current intent to exercise our redemption option. Accordingly, these noncontrolling interests are reported as equity. For the three months ended March 31, 2016 and 2015 , we paid the following distributions to noncontrolling interests (in millions): For the Three Months Ended 2016 2015 Distributions paid to noncontrolling interests: Operating activities $ 6.1 $ 6.0 Investing and financing activities — 17.0 Total $ 6.1 $ 23.0 Redeemable Noncontrolling Interests As of March 31, 2016 and December 31, 2015 , redeemable noncontrolling interests (“NCI”) consisted of the following (dollar amounts in millions): March 31, 2016 December 31, 2015 Effective Effective Amount NCI % (a) Amount NCI % (a) Developer Partners $ 29.1 0% to 10% $ 29.1 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 national or regional multifamily developers, which may require that we pay or reimburse our Developer Partners upon certain events. They also generally have put options, generally 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 March 31, 2016 , we have recorded in redeemable noncontrolling interests $28.8 million of puts, of which $6.4 million are exercisable by certain of our Developer Partners but have not been exercised. 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 our investment. If the put is not exercised, these Developer Partners 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	3 Months Ended
	Mar. 31, 2016
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 an affiliate of our former external advisor, Behringer Harvard Multifamily Advisors I, LLC (collectively with its affiliates, “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 earlier 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 trading price 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. As of March 31, 2016 , based on the per share trading price on that date, no shares of common stock would be issued in connection with the conversion. 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 for issuance under the Incentive Award Plan and 18.8 million shares are available for issuance as of March 31, 2016 . For the three months ended March 31, 2016 and 2015 , we had approximately $0.6 million and $0.5 million , respectively, in compensation costs related to share-based payments including dividend equivalent payments. Restricted Stock Units Restricted stock units are granted to our directors and certain executive employees and generally vest in equal increments 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), forfeited and outstanding as of March 31, 2016 and 2015 : 2016 2015 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Outstanding January 1, 549,496 $ 9.64 248,691 $ 10.03 Granted 376,608 9.20 424,790 9.42 Exercised (72,685 ) 9.60 (40,690 ) 10.03 Forfeited — — — — Outstanding March 31, 853,419 $ 9.45 632,791 $ 9.62 Restricted Stock Restricted stock is granted to certain employees and generally vest in equal increments over a three -year period following the grant date. The following is a summary of the restricted stock granted, exercised (including shares used to satisfy employee income tax withholding), forfeited and outstanding as of March 31, 2016 and 2015 : 2016 2015 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Outstanding January 1, 20,868 $ 9.21 — $ — Granted 95,847 9.20 25,746 9.21 Exercised (6,414 ) 9.21 — — Forfeited (2,925 ) 9.21 (3,252 ) 9.21 Outstanding March 31, 107,376 $ 9.20 22,494 $ 9.21 Distributions The following table presents the regular distributions declared for the three months ended March 31, 2016 and 2015 (in millions, except per share amounts): For the Three Months Ended 2016 2015 Declared Declared per Share Declared Declared per Share First quarter $ 12.5 $ 0.075 $ 12.5 $ 0.075 Total $ 12.5 $ 0.075 $ 12.5 $ 0.075

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , 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 March 31, 2016 and December 31, 2015 , we have approximately $18.5 million and $18.9 million , respectively, of carrying value for deferred lease revenues related to The Gallery at NoHo Commons. As of March 31, 2016 , we have entered into construction and development contracts with $162.3 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): Year Future Minimum Lease Payments April 2016 through December 2016 $ 0.5 2017 0.9 2018 0.8 2019 0.8 2020 0.8 Thereafter 3.2 Total $ 7.0 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 March 31, 2016 , no liabilities for the matter have been recorded. We do not believe the ultimate outcome will have a material effect on our consolidated financial statements. 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	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Derivatives and Financial Instruments	Fair Value of Derivatives and Financial Instruments For the three months ended March 31, 2016 and 2015 , we had no fair value adjustments on a recurring or nonrecurring basis. Financial Instruments Not Carried at Fair Value Financial instruments held as of March 31, 2016 and December 31, 2015 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 March 31, 2016 and December 31, 2015 are as follows (in millions): March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Mortgages and notes payable $ 1,493.4 $ 1,499.2 $ 1,473.0 $ 1,473.1

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Supplemental cash flow information for the three months ended March 31, 2016 and 2015 is summarized below (in millions): For the Three Months Ended 2016 2015 Supplemental disclosure of cash flow information: Interest paid, net of amounts capitalized of $2.4 million and $4.8 million in 2016 and 2015, respectively $ 11.3 $ 7.8 Non-cash investing and financing activities: Transfer of assets to assets associated with real estate held for sale — 76.6 Transfer of real estate from construction in progress to operating real estate 117.3 14.8 Distributions payable - regular 12.5 12.5 Construction costs and other related payables 16.3 64.0

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements. Distribution for the Second Quarter of 2016 Our board of directors has authorized a quarterly distribution in the amount of $0.075 per share on all outstanding shares of common stock of the Company for the second quarter of 2016 . The quarterly distribution is payable on July 8, 2016 to stockholders of record at the close of business on June 30, 2016 . * * * * *

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries and any consolidated variable interest entities (“VIEs”). All inter-company balances and transactions have been eliminated in consolidation.
Developments	Developments We capitalize project costs related to the development and construction of real estate (including interest, real estate taxes, insurance, and other 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 thereof, 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.
Impairment of Real Estate Related Assets	Impairment of Real Estate Related Assets 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 aggregate 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.
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations For sales of real estate or assets classified as held for sale, 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 March 31, 2016 and December 31, 2015 , cash and cash equivalents include $28.8 million and $32.5 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.
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 excluding any unvested restricted stock awards. 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 2016 and 2015 , any common stock equivalents were anti-dilutive. For all periods presented, the 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 preferred stock could be dilutive in future periods.
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; construction payables; impairment of long-lived assets; notes receivable, fair value evaluations; earning recognition of noncontrolling interests; depreciation and amortization; and share-based compensation measurements. Actual results could differ from those estimates.
New Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-02 , "Amendments to the Consolidation Analysis." The guidance was effective January 1, 2016 and requires companies to evaluate the consolidation of certain legal entities under a revised consolidation model, which modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities and eliminates the presumption that a general partner should consolidate a limited partnership. Reporting entities which consolidate or hold a variable interest in a VIE as a result of this standard are subject to additional disclosure requirements. We adopted ASU 2015-02 effective January 1, 2016 applying the modified retrospective method. The adoption of this standard did not result in any changes in our previous consolidation conclusions. However, upon adoption, all previously consolidated CO-JVs, as discussed in Note 5, "Variable Interest Entities," are now classified as VIEs increasing the number of our VIEs to 39. As we are considered the primary beneficiary, we will continue to consolidate these CO-JVs. In April 2015, the FASB issued ASU 2015-03, “Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs,” which requires costs incurred to issue debt to be presented in the balance sheet as a direct deduction from the carrying value of the debt rather than being recorded as a deferred charge and presented as an asset. The standard also requires amortization of debt issuance costs to be reported as interest expense. We are currently presenting the amortization of debt issuance costs as a separate line in the statement of operations. The standard does not address presentation of debt issuance costs related to credit facilities allowing the Company to adopt an accounting policy regarding classification of debt issuance costs related to credit facilities. Accordingly, we have elected to report debt issuance costs related to credit facilities as a deduction to the credit facilities payable in the liability section of the consolidated balance sheet. We adopted the standard effective January 1, 2016. The retrospective application required upon adoption of this standard resulted in a reclassification of approximately $15.2 million of unamortized debt issuance costs from other assets, net to a deduction from mortgages and notes payable of $11.7 million and credit facilities payable of $3.5 million , respectively, in our consolidated balance sheets as of December 31, 2015. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” which eliminates the requirement to retrospectively account for adjustments to provisional amounts recognized in a business combination. The acquirer in a business combination is required to recognize any adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. A company must present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. We adopted the standard effective January 1, 2016. The adoption of this pronouncement did not have any effect on our condensed consolidated financial statements. New Accounting Pronouncements From time to time, new accounting standards are issued by FASB or other standards setting bodies, which we adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. In May 2014, the 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 April 2016, the FASB issued updated guidance with respect to share-based payment awards. Companies may elect to either estimate the number of share-based payment awards that are expected to vest or account for forfeitures when they occur. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. We have not yet selected an accounting policy with respect to forfeitures and are currently evaluating the effect that the adoption of this standard will have on our consolidated financial statements and related disclosures.

Organization and Business (Tabl

Organization and Business (Tables)	3 Months Ended
	Mar. 31, 2016
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 both March 31, 2016 and December 31, 2015 . The effective ownership ranges are based on our participation in the distributable operating cash from our investment in the multifamily community as of the dates indicated. This effective ownership is indicative of, but may differ over time from, percentages for distributions, contributions or financing requirements for each respective Co-Investment Venture. All are reported on the consolidated basis of accounting. Co-Investment Structure Number of Multifamily Communities Our Effective PGGM CO-JVs (a) 23 50% to 70% MW CO-JVs 14 55% Developer CO-JVs 2 100% Total 39 (a) As of March 31, 2016 and December 31, 2015 , the PGGM CO-JVs include Developer Partners in 18 multifamily communities.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Schedule of major components of real estate investments and intangibles and related accumulated depreciation and amortization	As of March 31, 2016 and December 31, 2015 , major components of our real estate investments and intangibles and related accumulated depreciation and amortization were as follows (in millions): March 31, 2016 December 31, 2015 Buildings Intangibles Buildings Intangibles and In-Place Other and In-Place Other Improvements Leases Contractual Improvements Leases Contractual Cost $ 2,734.0 $ 36.1 $ 24.2 $ 2,627.7 $ 37.1 $ 24.2 Less: accumulated depreciation and amortization (386.7 ) (34.0 ) (8.5 ) (357.0 ) (34.9 ) (8.3 ) Net $ 2,347.3 $ 2.1 $ 15.7 $ 2,270.7 $ 2.2 $ 15.9
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 April through December 2016 $ 0.8 2017 1.1 2018 0.5 2019 0.5 2020 0.5
Schedule of capitalized expenses relating to developments	For the three months ended March 31, 2016 and 2015 , we capitalized the following amounts of interest, real estate taxes and overhead related to our developments (in millions): For the Three Months Ended 2016 2015 Interest $ 2.4 $ 4.8 Real estate taxes 0.7 1.5 Overhead 0.1 0.2

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2016
Variable Interest Entity [Abstract]
Significant balances related to VIEs	The following table presents the significant balances related to our VIEs as of March 31, 2016 and December 31, 2015 (in millions): March 31, 2016 December 31, 2015 Total assets $ 2,377.3 $ 2,378.1 Net operating real estate 2,130.6 2,033.3 Construction in progress 192.5 287.9 Mortgages and notes payable, net (a) 1,187.3 1,164.7 (a) Except as noted below, the lenders on the outstanding mortgages and notes payable, have no recourse to us.

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Schedule of components of other assets	The components of other assets as of March 31, 2016 and December 31, 2015 are as follows (in millions): March 31, 2016 December 31, 2015 Notes receivable, net (a) $ 32.5 $ 36.5 Resident, tenant and other receivables 9.2 12.2 Escrows and restricted cash 7.3 8.7 Prepaid assets, deposits and other assets 7.9 7.6 Total other assets, net $ 56.9 $ 65.0 (a) Notes receivable include mezzanine loans, primarily related to multifamily development projects. As of March 31, 2016 , the weighted average interest rate is 15.7% and the remaining years to scheduled maturity is 1.4 years. The borrowers generally have options to prepay prior to maturity or to extend the maturity for one to two years.

Mortgages and Notes Payable (Ta

Mortgages and Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 (dollar amounts in millions and monthly LIBOR at March 31, 2016 is 0.44% ): As of March 31, 2016 March 31, December 31, Weighted Average 2016 2015 Interest Rates Maturity Dates Company level (a) Fixed rate mortgages payable $ 296.1 $ 297.3 3.88% 2018 to 2020 Total Company level 296.1 297.3 Co-Investment Venture level - consolidated (b) Fixed rate mortgages payable 630.5 631.6 3.49% 2016 to 2020 Variable rate mortgage payable 11.6 11.6 Monthly LIBOR + 2.35% 2017 Fixed rate construction loans payable (c): Operating 29.2 29.2 4.31% 2016 (e) In Construction 46.9 44.5 4.00% 2018 Variable rate construction loans payable (d): Operating 421.3 355.3 Monthly LIBOR + 2.12% 2017 to 2018 In Construction 55.7 101.0 Monthly LIBOR + 1.95% 2018 Total Co-Investment Venture level - consolidated 1,195.2 1,173.2 Total Company and Co-Investment Venture level 1,491.3 1,470.5 Plus: unamortized adjustments from business combinations 2.1 2.5 Less: deferred financing costs, net (10.6 ) (11.7 ) Total consolidated mortgages and notes payable, net $ 1,482.8 $ 1,461.3 (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 includes a one to two year extension option. As of March 31, 2016 , there is $6.6 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 $545.2 million . As of March 31, 2016 , the Company has partially guaranteed ten of these loans with total commitments of $524.6 million , of which $86.9 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 March 31, 2016 , there is $68.1 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 March 31, 2016 , contractual principal payments for our mortgages and notes payable (excluding any extension options) for the five subsequent years and thereafter are as follows (in millions): Co-Investment Total Year Company Level Venture Level Consolidated April through December 2016 $ 3.5 $ 159.6 $ 163.1 2017 5.8 323.4 329.2 2018 153.4 399.7 553.1 2019 79.5 141.0 220.5 2020 53.9 171.5 225.4 Thereafter — — — Total $ 296.1 $ 1,195.2 1,491.3 Add: unamortized adjustments from business combinations 2.1 Less: deferred financing costs, net (10.6 ) Total mortgages and notes payable, net $ 1,482.8

Credit Facilities Payable (Tabl

Credit Facilities Payable (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 (dollar amounts in millions and monthly LIBOR at March 31, 2016 was 0.44% ): Balance Outstanding March 31, December 31, Interest Rate as of March 31, 2016 Maturity Date $150 Million Facility $ 39.0 $ 49.0 Monthly LIBOR + 2.08% April 1, 2017 $200 Million Facility — — Monthly LIBOR + 2.50% January 14, 2019 Total credit facilities outstanding 39.0 49.0 Less: deferred financing costs, net (3.1 ) (3.5 ) Total credit facilities payable, net $ 35.9 $ 45.5

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Schedule of non-redeemable, noncontrolling interests	As of March 31, 2016 and December 31, 2015 , 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): March 31, 2016 December 31, 2015 Effective Effective Amount NCI % (a) Amount NCI % (a) PGGM Co-Investment Partner $ 327.0 30% to 45% $ 332.0 30% to 45% MW Co-Investment Partner 121.1 45% 123.7 45% Developer Partners 4.0 0% 4.0 0% Subsidiary preferred units 2.1 (b) 2.1 (b) Total non-redeemable NCI $ 454.2 $ 461.8 (a) Effective noncontrolling 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 three months ended March 31, 2016 and 2015 , we paid the following distributions to noncontrolling interests (in millions): For the Three Months Ended 2016 2015 Distributions paid to noncontrolling interests: Operating activities $ 6.1 $ 6.0 Investing and financing activities — 17.0 Total $ 6.1 $ 23.0
Schedule of redeemable, noncontrolling interests (NCI)	As of March 31, 2016 and December 31, 2015 , redeemable noncontrolling interests (“NCI”) consisted of the following (dollar amounts in millions): March 31, 2016 December 31, 2015 Effective Effective Amount NCI % (a) Amount NCI % (a) Developer Partners $ 29.1 0% to 10% $ 29.1 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)	3 Months Ended
	Mar. 31, 2016
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), forfeited and outstanding as of March 31, 2016 and 2015 : 2016 2015 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Outstanding January 1, 549,496 $ 9.64 248,691 $ 10.03 Granted 376,608 9.20 424,790 9.42 Exercised (72,685 ) 9.60 (40,690 ) 10.03 Forfeited — — — — Outstanding March 31, 853,419 $ 9.45 632,791 $ 9.62
Nonvested Restricted Stock Shares Activity	The following is a summary of the restricted stock granted, exercised (including shares used to satisfy employee income tax withholding), forfeited and outstanding as of March 31, 2016 and 2015 : 2016 2015 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Outstanding January 1, 20,868 $ 9.21 — $ — Granted 95,847 9.20 25,746 9.21 Exercised (6,414 ) 9.21 — — Forfeited (2,925 ) 9.21 (3,252 ) 9.21 Outstanding March 31, 107,376 $ 9.20 22,494 $ 9.21
Dividends Declared	The following table presents the regular distributions declared for the three months ended March 31, 2016 and 2015 (in millions, except per share amounts): For the Three Months Ended 2016 2015 Declared Declared per Share Declared Declared per Share First quarter $ 12.5 $ 0.075 $ 12.5 $ 0.075 Total $ 12.5 $ 0.075 $ 12.5 $ 0.075

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
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): Year Future Minimum Lease Payments April 2016 through December 2016 $ 0.5 2017 0.9 2018 0.8 2019 0.8 2020 0.8 Thereafter 3.2 Total $ 7.0

Fair Value of Derivatives and31

Fair Value of Derivatives and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
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 March 31, 2016 and December 31, 2015 are as follows (in millions): March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Mortgages and notes payable $ 1,493.4 $ 1,499.2 $ 1,473.0 $ 1,473.1

Supplemental Disclosures of C32

Supplemental Disclosures of Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Information [Abstract]
Summary of supplemental cash flow information	Supplemental cash flow information for the three months ended March 31, 2016 and 2015 is summarized below (in millions): For the Three Months Ended 2016 2015 Supplemental disclosure of cash flow information: Interest paid, net of amounts capitalized of $2.4 million and $4.8 million in 2016 and 2015, respectively $ 11.3 $ 7.8 Non-cash investing and financing activities: Transfer of assets to assets associated with real estate held for sale — 76.6 Transfer of real estate from construction in progress to operating real estate 117.3 14.8 Distributions payable - regular 12.5 12.5 Construction costs and other related payables 16.3 64.0

Organization and Business (Deta

Organization and Business (Details)	3 Months Ended
	Mar. 31, 2016investmentcommunityjoint_venture	Dec. 31, 2015communityjoint_venture
Organization and business
Number of multifamily communities in which the entity has made wholly owned investments or joint venture equity	55
Number of stabilized operating properties	40
Number of multifamily communities in development	15
Number of wholly owned multifamily communities	13
Number of debt investments made by the entity | investment	3
Number of wholly owned investments | investment	16
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	39
Minimum percentage of ordinary taxable income distribution requirement	90.00%
PGGM Co-Investment Partner
Organization and business
Ownership percentage by parent	1.00%
PGGM
Organization and business
Effective NCI (as a percent)	99.00%
PGGM Co-Investment Partner
Co-Investment Ventures
Number of Co-Investment Ventures | joint_venture	23	23
Number of multifamily communities	18	18
Consolidated co-investment venture
Co-Investment Ventures
Effective Ownership (as a percent)	55.00%
Consolidated co-investment venture | PGGM Co-Investment Partner
Co-Investment Ventures
Effective Ownership (as a percent)	45.00%
MW CO-JVs
Co-Investment Ventures
Number of Co-Investment Ventures | joint_venture	14	14
Effective Ownership (as a percent)	55.00%	55.00%
Developer Partners
Co-Investment Ventures
Number of Co-Investment Ventures | joint_venture	2	2
Effective Ownership (as a percent)	100.00%	100.00%
Minimum | PGGM Co-Investment Partner
Organization and business
Effective NCI (as a percent)	30.00%	30.00%
Minimum | PGGM Co-Investment Partner
Co-Investment Ventures
Effective Ownership (as a percent)	50.00%	50.00%
Maximum | PGGM Co-Investment Partner
Organization and business
Effective NCI (as a percent)	45.00%	45.00%
Maximum | PGGM Co-Investment Partner
Co-Investment Ventures
Effective Ownership (as a percent)	70.00%	70.00%

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of real estate	$ 0	$ 0
Cash and cash equivalents held by individual Co-Investment Ventures	$ 28,800,000		$ 32,500,000
Number of reportable segments | segment	1
Accounting Standards Updates 2015-03 | Other assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net			(15,200,000)
Accounting Standards Updates 2015-03 | Mortgages and Notes Payable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net			11,700,000
Accounting Standards Updates 2015-03 | Credit Facilities Payable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net			$ 3,500,000

Real Estate Investments (Detail

Real Estate Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Real Estate Investments
Buildings and improvements	$ 2,734,024		$ 2,627,693
Less accumulated depreciation	(386,681)		(357,036)
Depreciation expense	29,769	$ 23,473
Intangibles
Net	17,791		18,066
Amortization expense associated with lease intangibles	275	1,046
Buildings and Improvements
Real Estate Investments
Buildings and improvements	2,734,000		2,627,700
Less accumulated depreciation	(386,700)		(357,000)
Net	2,347,300		2,270,700
Depreciation expense	29,600	23,400
In-Place Leases
Intangibles
Cost	36,100		37,100
Less: accumulated depreciation and amortization	(34,000)		(34,900)
Net	2,100		2,200
Amortization expense associated with lease intangibles	300	$ 1,000
Other Contractual
Intangibles
Cost	24,200		24,200
Less: accumulated depreciation and amortization	(8,500)		(8,300)
Net	15,700		15,900
Asset management, fee revenue services, and contracts
Intangibles
Net	7,900		7,900
Use rights of a parking garage and site improvements
Intangibles
Net	6,800		6,800
Land air rights
Intangibles
Net	$ 9,500		$ 9,500

Real Estate Investments (Deta36

Real Estate Investments (Details 2) $ in Millions	Mar. 31, 2016USD ($)
Anticipated Amortization of Lease Intangibles
April through December 2016	$ 0.8
2,017	1.1
2,018	0.5
2,019	0.5
2,020	$ 0.5

Real Estate Investments (Deta37

Real Estate Investments (Details 3) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real Estate [Abstract]
Interest	$ 2.4	$ 4.8
Real estate taxes	0.7	1.5
Overhead	$ 0.1	$ 0.2

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)loanentity
Minimum | Co-Investment ventures
Variable Interest Entity [Line Items]
Ownership in VIEs (as a percent)	50.00%
Maximum | Co-Investment ventures
Variable Interest Entity [Line Items]
Ownership in VIEs (as a percent)	100.00%
Multifamily community
Variable Interest Entity [Line Items]
Number of VIEs having debt | entity	13
Construction financing closed by VIEs	$ 627.9
Amount drawn under construction loan	$ 553.1
Construction Loans
Variable Interest Entity [Line Items]
Number of construction loans | loan	10
Total commitments under guarantee	$ 524.6
Amount outstanding	$ 456.5
Number of non-recourse loans | loan	3
Parent company, variable construction loan payable, in construction | Parent | Construction loan | Minimum
Variable Interest Entity [Line Items]
Percentage guaranteed on loans	10.00%
Parent company, variable construction loan payable, in construction | Parent | Construction loan | Maximum
Variable Interest Entity [Line Items]
Percentage guaranteed on loans	25.00%

Variable Interest Entities Sche

Variable Interest Entities Schedule of Variable Interest Entities (Details) - VIEs - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Assets of VIE	$ 2,377.3	$ 2,378.1
Net operating real estate
Variable Interest Entity [Line Items]
Assets of VIE	2,130.6	2,033.3
Construction in progress
Variable Interest Entity [Line Items]
Assets of VIE	192.5	287.9
Mortgages and Notes Payable
Variable Interest Entity [Line Items]
Liabilities of VIE	$ 1,187.3	$ 1,164.7

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Other Assets [Line Items]
Notes receivable, net	$ 32,500	$ 36,500
Resident, tenant and other receivables	9,200	12,200
Escrows and restricted cash	7,300	8,700
Prepaid assets, deposits and other assets	7,900	7,600
Total other assets	$ 56,911	$ 64,993
Weighted average interest rate on notes receivables (as a percent)	15.70%
Remaining period to scheduled maturity on notes receivables, years	1 year 5 months 1 day
Minimum
Other Assets [Line Items]
Extension period (in years)	1 year
Maximum
Other Assets [Line Items]
Extension period (in years)	2 years

Mortgages and Notes Payable (De

Mortgages and Notes Payable (Details)	3 Months Ended
	Mar. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)
Mortgage loans payable
Total mortgages and notes payable, net	$ 1,482,783,000	$ 1,461,349,000
One-month LIBOR
Mortgage loans payable
Monthly LIBOR interest rate at period end	0.44%
Consolidated co-investment venture
Mortgage loans payable
Total	$ 1,195,200,000	1,173,200,000
Mortgages and notes payable
Mortgage loans payable
Total	1,491,300,000	1,470,500,000
Plus: unamortized adjustments from business combinations	2,100,000	2,500,000
Less: deferred financing costs, net	(10,600,000)	(11,700,000)
Total mortgages and notes payable, net	1,482,800,000	1,461,300,000
Net consolidated carrying value of real estate that collateralized the mortgage loans payable	2,500,000,000
Mortgages and notes payable | Parent
Mortgage loans payable
Total	$ 296,100,000	297,300,000
Mortgages and notes payable | Parent | Parent company, fixed rate mortgage payable
Mortgage loans payable
Wtd. Average Interest Rates (as a percent)	3.88%
Total	$ 296,100,000	297,300,000
Mortgages and notes payable | Consolidated co-investment venture
Mortgage loans payable
Total	$ 1,195,200,000
Mortgages and notes payable | Consolidated co-investment venture | Co-Investment Venture, fixed rate mortgage payable
Mortgage loans payable
Wtd. Average Interest Rates (as a percent)	3.49%
Total	$ 630,500,000	631,600,000
Mortgages and notes payable | Consolidated co-investment venture | Co-investment venture, variable rate mortgage payable
Mortgage loans payable
Variable rate mortgages payable	2.35%
Total	$ 11,600,000	11,600,000
Construction loan | Parent | Parent company, variable construction loan payable, in construction
Mortgage loans payable
Total mortgages and notes payable, net	$ 86,900,000
Number of loans | loan	10
Total loan commitment	$ 524,600,000
Construction loan | Consolidated co-investment venture | Co-investment venture, fixed rate construction loan payable, operating
Mortgage loans payable
Wtd. Average Interest Rates (as a percent)	4.31%
Total	$ 29,200,000	29,200,000
Construction loan | Consolidated co-investment venture | Co-investment venture, fixed rate construction loan payable, in construction
Mortgage loans payable
Wtd. Average Interest Rates (as a percent)	4.00%
Total	$ 46,900,000	44,500,000
Number of loans | loan	2
Total loan commitment	$ 82,700,000
Amount available to draw	$ 6,600,000
Construction loan | Consolidated co-investment venture | Co-investment venture, variable rate construction payable, operating
Mortgage loans payable
Variable rate mortgages payable	2.12%
Total	$ 421,300,000	355,300,000
Construction loan | Consolidated co-investment venture | Co-investment venture, variable rate construction payable, in construction
Mortgage loans payable
Variable rate mortgages payable	1.95%
Total	$ 55,700,000	$ 101,000,000
Number of loans | loan	11
Total loan commitment	$ 545,200,000
Amount available to draw	$ 68,100,000
Minimum | Construction loan | Parent | Co-investment venture, variable rate construction payable, in construction
Mortgage loans payable
Extension option period (in years)	1 year
Minimum | Construction loan | Parent | Parent company, variable construction loan payable, in construction
Mortgage loans payable
Extension option period (in years)	1 year
Percentage guaranteed on loans	10.00%
Maximum | Construction loan | Parent | Co-investment venture, variable rate construction payable, in construction
Mortgage loans payable
Extension option period (in years)	2 years
Maximum | Construction loan | Parent | Parent company, variable construction loan payable, in construction
Mortgage loans payable
Extension option period (in years)	2 years
Percentage guaranteed on loans	25.00%

Mortgages and Notes Payable (42

Mortgages and Notes Payable (Details 2) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Contractual principal payments for the five subsequent years and thereafter
Total mortgages and notes payable, net	$ 1,482,783	$ 1,461,349
Co-Investment Venture Level
Contractual principal payments for the five subsequent years and thereafter
Total	1,195,200	1,173,200
Mortgages
Contractual principal payments for the five subsequent years and thereafter
April through December 2016	163,100
2,017	329,200
2,018	553,100
2,019	220,500
2,020	225,400
Thereafter	0
Total	1,491,300	1,470,500
Add: unamortized adjustments from business combinations	2,100	2,500
Less: deferred financing costs, net	(10,600)	(11,700)
Total mortgages and notes payable, net	1,482,800	1,461,300
Mortgages | Company Level
Contractual principal payments for the five subsequent years and thereafter
April through December 2016	3,500
2,017	5,800
2,018	153,400
2,019	79,500
2,020	53,900
Thereafter	0
Total	296,100	$ 297,300
Mortgages | Co-Investment Venture Level
Contractual principal payments for the five subsequent years and thereafter
April through December 2016	159,600
2,017	323,400
2,018	399,700
2,019	141,000
2,020	171,500
Thereafter	0
Total	$ 1,195,200

Credit Facilities Payable (Narr

Credit Facilities Payable (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)credit_facilitycommunity	Dec. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Number of credit facilities | credit_facility	2
Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150,000,000	$ 150,000,000
Net carrying value of real estate that collateralized the credit facility	$ 117,400,000
Percentage of the value of the collateral pool up to which borrowings can be made under the facility	70.00%
Current borrowing capacity	$ 108,200,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	200,000,000	$ 200,000,000
Consolidated net worth required to be maintained (at least)	$ 1,160,000,000
Extension option period (in years)	1 year
Additional capacity available after certain conditions	$ 400,000,000
Number of multifamily communities pledged | community	2
Maximum consolidated total indebtedness to total gross asset value	65.00%
Minimum adjusted consolidated EBITDA to consolidated fixed charges	1.50
Maximum distributions as a percent of funds from operations		95.00%
One-month LIBOR
Line of Credit Facility [Line Items]
Monthly LIBOR interest rate at period end	0.44%
LIBOR | Revolving Credit Facility
Line of Credit Facility [Line Items]
Applicable margin (as a percent)	2.50%
Minimum | Credit Facility
Line of Credit Facility [Line Items]
Borrowing required under the loan	$ 10,000,000
Consolidated net worth required to be maintained (at least)	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 Facilities Payable Sched

Credit Facilities Payable Schedule of Line of Credit Facilities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Credit facilities payable, net	$ 35,875,000	$ 45,495,000
Credit Facility
Line of Credit Facility [Line Items]
Total credit facilities outstanding	39,000,000	49,000,000
Maximum borrowing capacity	150,000,000	150,000,000
Less: deferred financing costs, net	(3,100,000)	(3,500,000)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Total credit facilities outstanding	0	0
Maximum borrowing capacity	$ 200,000,000	$ 200,000,000
One-month LIBOR rate | Credit Facility
Line of Credit Facility [Line Items]
Applicable margin (as a percent)	2.08%
LIBOR | Revolving Credit Facility
Line of Credit Facility [Line Items]
Applicable margin (as a percent)	2.50%

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Non-redeemable, Noncontrolling Interests
Subsidiary preferred units	$ 2,100		$ 2,100
Non-redeemable noncontrolling interests	454,218		461,833
Operating activities	6,100	$ 6,000
Investing and financing activities	0	17,000
Total	6,058	$ 23,038
PGGM Co-Investment Partner
Non-redeemable, Noncontrolling Interests
Joint ventures	$ 327,000		$ 332,000
PGGM Co-Investment Partner | Minimum
Non-redeemable, Noncontrolling Interests
Effective NCI (as a percent)	30.00%		30.00%
PGGM Co-Investment Partner | Maximum
Non-redeemable, Noncontrolling Interests
Effective NCI (as a percent)	45.00%		45.00%
MW Co-Investment Partner
Non-redeemable, Noncontrolling Interests
Joint ventures	$ 121,100		$ 123,700
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)	$ 500
MW Co-Investment Partner | Minimum
Non-redeemable, Noncontrolling Interests
Number of preferred units issued by subsidiary of joint venture	121
MW Co-Investment Partner | Maximum
Non-redeemable, Noncontrolling Interests
Number of preferred units issued by subsidiary of joint venture	125
Developer Partners
Non-redeemable, Noncontrolling Interests
Joint ventures	$ 4,000		$ 4,000
Effective NCI (as a percent)	0.00%		0.00%

Noncontrolling Interests (Det46

Noncontrolling Interests (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Redeemable, Noncontrolling Interest
Amount	$ 29,073	$ 29,073
Developer CO-JVs - Redeemable
Redeemable, Noncontrolling Interest
Amount	29,100	$ 29,100
Redeemable noncontrolling interest, put	28,800
Redeemable noncontrolling interest, exercisable	$ 6,400
Developer CO-JVs - Redeemable | Minimum
Redeemable, Noncontrolling Interest
Effective NCI (as a percent)	0.00%	0.00%
Put option exercise period	1 year
Developer CO-JVs - Redeemable | Maximum
Redeemable, Noncontrolling Interest
Effective NCI (as a percent)	10.00%	10.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Jul. 31, 2013vote$ / sharesshares	Mar. 31, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares
Capitalization
Preferred stock, shares issued (in shares) | 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 (in dollars per share)		$ 10	$ 10
Common stock, shares outstanding (in shares) | shares	168,537,343	166,754,852	166,611,549
Series A Preferred Stock | Advisor
Capitalization
Preferred stock, shares issued (in shares) | 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 (in dollars 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 (Details 2

Stockholders' Equity (Details 2) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance	20,000,000
Number of shares available for issuance	18,800,000
Share-based compensation expense	$ 0.6	$ 0.5
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (Units)	549,496	248,691
Beginning balance (in dollars per share)	$ 9.64	$ 10.03
Issued (Units)	376,608	424,790
Issued (in dollars per share)	$ 9.20	$ 9.42
Exercised (Units)	(72,685)	(40,690)
Exercised (in dollars per share)	$ 9.60	$ 10.03
Forfeited (Units)	0	0
Forfeited (in dollars per share)	$ 0	$ 0
Ending balance (Units)	853,419	632,791
Ending balance (in dollars per share)	$ 9.45	$ 9.62
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (Units)	20,868	0
Beginning balance (in dollars per share)	$ 9.21	$ 0
Issued (Units)	95,847	25,746
Issued (in dollars per share)	$ 9.20	$ 9.21
Exercised (Units)	(6,414)	0
Exercised (in dollars per share)	$ 9.21	$ 0
Forfeited (Units)	(2,925)	(3,252)
Forfeited (in dollars per share)	$ 9.21	$ 9.21
Ending balance (Units)	107,376	22,494
Ending balance (in dollars per share)	$ 9.20	$ 9.21

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity [Abstract]
Declared	$ 12.5	$ 12.5
Common stock dividends authorized (in dollars per share)	$ 0.075	$ 0.075

Commitments and Contingencies50

Commitments and Contingencies (Details) - USD ($)	Jan. 13, 2016	Nov. 10, 2015	Mar. 31, 2016	Dec. 31, 2015
Commitments
Deferred revenues, primarily lease revenues, net			$ 19,060,000	$ 19,451,000
Commitments to provide affordable housing | The Gallery At NoHo Commons
Commitments
Level annual payments made by the housing authority			$ 2,000,000
Period during which no reimbursements are made by housing authority, years			20 years
Liability under contract			$ 14,000,000
Deferred revenues, primarily lease revenues, net			18,500,000	$ 18,900,000
Construction and development contracts
Commitments
Liability under contract			$ 162,300,000
Period in which construction costs are expected to be paid, months			24 months
Behringer Litigation | Pending Litigation
Commitments
Recovery amount		$ 2,300,000
Counterclaim amount	$ 1,500,000
Recorded liabilities			$ 0

Commitments and Contingencies51

Commitments and Contingencies (Details 2) $ in Millions	Mar. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
April 2016 through December 2016	$ 0.5
2,017	0.9
2,018	0.8
2,019	0.8
2,020	0.8
Thereafter	3.2
Total	$ 7

Fair Value of Derivatives and52

Fair Value of Derivatives and Financial Instruments (Details 2) - Level 2 - Mortgages and notes payable - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Carrying Amount
Fair Value
Mortgages and notes payable	$ 1,493.4	$ 1,473
Fair Value
Fair Value
Mortgages and notes payable	$ 1,499.2	$ 1,473.1

Supplemental Disclosures of C53

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental Cash Flow Information [Abstract]
Interest paid, net of amounts capitalized of $2.4 million and $4.8 million in 2016 and 2015, respectively	$ 11.3	$ 7.8
Amounts capitalized	2.4	4.8
Non-cash investing and financing activities:
Transfer of assets to assets associated with real estate held for sale	0	76.6
Transfer of real estate from construction in progress to operating real estate	117.3	14.8
Distributions payable - regular	12.5	12.5
Construction costs and other related payables	$ 16.3	$ 64

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Subsequent Events [Abstract]
Common stock dividends authorized (in dollars per share)	$ 0.075	$ 0.075