Monogram Residential Trust (BHORL) 10-K 28 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Jan. 31, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	Monogram Residential Trust, Inc.
Entity Central Index Key	1,384,710
Document Type	10-K
Document Period End Date	Dec. 31, 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		166,872,456
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 1,699,420,725

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate
Land	$ 527,944	$ 497,360
Buildings and improvements	2,814,221	2,627,693
Gross operating real estate	3,342,165	3,125,053
Less accumulated depreciation	(461,869)	(357,036)
Net operating real estate	2,880,296	2,768,017
Construction in progress, including land	120,423	333,153
Total real estate, net	3,000,719	3,101,170
Cash and cash equivalents	74,396	83,727
Tax like-kind exchange escrow	56,762	0
Intangibles, net	16,977	18,066
Other assets, net	51,248	64,993
Total assets	3,200,102	3,267,956
Liabilities
Mortgages and notes payable, net	1,522,207	1,461,349
Credit facilities payable, net	8,023	45,495
Construction costs payable	26,859	36,975
Accounts payable and other liabilities	32,707	28,922
Deferred revenues and other gains	22,077	19,451
Distributions payable	12,512	12,494
Tenant security deposits	6,205	5,616
Total liabilities	1,630,590	1,610,302
Commitments and contingencies
Redeemable noncontrolling interests	29,073	29,073
Equity
Preferred stock	0	0
Common stock, $0.0001 par value per share; 875,000,000 shares authorized, 166,832,722 and 166,611,549 shares issued and outstanding as of December 31, 2016 and 2015, respectively	17	17
Additional paid-in capital	1,439,199	1,436,254
Cumulative distributions and net income (loss)	(310,124)	(269,523)
Total equity attributable to common stockholders	1,129,092	1,166,748
Non-redeemable noncontrolling interests	411,347	461,833
Total equity	1,540,439	1,628,581
Total liabilities and equity	$ 3,200,102	$ 3,267,956

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	125,000,000	125,000,000
Preferred stock, shares issued (shares)	10,000	10,000
Preferred stock, shares outstanding	10,000	10,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 10	$ 10
Preferred stock, dividend rate, percentage	7.00%	7.00%
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	875,000,000	875,000,000
Common Stock, Shares, Issued	166,832,722	166,611,549
Common stock, shares outstanding (shares)	166,832,722	166,611,549

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Rental revenues	$ 280,740	$ 238,068	$ 209,025
Expenses
Property operating expenses	79,548	67,484	55,940
Real estate taxes	44,134	34,443	29,842
Asset management fees	0	0	3,843
General and administrative expenses	24,109	20,813	15,627
Settlement expenses with former advisor	1,600	0	0
Acquisition, investment and development expenses	545	4,812	1,180
Transition expenses	0	0	12,672
Interest expense	43,888	30,351	21,424
Amortization of deferred financing costs	6,143	4,280	2,486
Depreciation and amortization	123,623	102,726	93,308
Total expenses	323,590	264,909	236,322
Interest income	7,097	10,172	10,554
Loss on early extinguishment of debt	(41)	0	(230)
Equity in income of investments in unconsolidated real estate joint ventures	0	250	770
Other income, net	113	127	63
Loss from continuing operations before gains on sales of real estate	(35,681)	(16,292)	(16,140)
Gains on sales of real estate	43,604	82,975	16,411
Net income	7,923	66,683	271
Net (income) loss attributable to non-redeemable noncontrolling interests	1,548	7,112	(6,388)
Net income (loss) available to the Company	9,471	73,795	(6,117)
Dividends to preferred stockholders	(7)	(7)	(7)
Net income attributable to common stockholders	$ 9,464	$ 73,788	$ (6,124)
Weighted average number of common shares outstanding - basic (shares)	166,825	166,561	168,793
Weighted average number of common shares outstanding - diluted (shares)	167,557	167,205	169,029
Basic and diluted earnings (loss) per common share (in dollars per share)	$ 0.06	$ 0.44	$ (0.04)

Consolidated Statements of Equi

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, 2013	$ 1,734,323		$ 17	$ 1,508,655	$ 456,205	$ (230,554)
Balance (in shares) at Dec. 31, 2013		10	168,320
Increase (Decrease) in Stockholders' Equity
Net income (loss)	271				6,388	(6,117)
Redemptions	$ (36,294)			(36,294)
Redemptions of common stock (in shares)	(1,600)		(4,002)
Sale of noncontrolling interest	$ 14,166			(842)	15,008
Contributions by noncontrolling interests	111,187				111,187
Amortization of stock-based compensation	790			790
Distributions:
Common stock - regular	(56,672)					(56,672)
Noncontrolling interests	(48,041)				(48,041)
Preferred stock	(7)					(7)
Stock issued pursuant to distribution reinvestment plan, net	20,490			20,490
Stock issued pursuant to distribution reinvestment plan, net (in shares)			2,150
Balance at Dec. 31, 2014	1,740,213		$ 17	1,492,799	540,747	(293,350)
Balance (in shares) at Dec. 31, 2014		10	166,468
Increase (Decrease) in Stockholders' Equity
Net income (loss)	66,683				(7,112)	73,795
Acquisition of noncontrolling interest	(119,792)			(59,152)	(60,640)
Contributions by noncontrolling interests	37,330				37,330
Issuance of common and restricted shares, net	(465)			(465)
Issuance of common and restricted shares, net (in shares)			144
Amortization of stock-based compensation	3,072			3,072
Distributions:
Common stock - regular	(49,961)					(49,961)
Noncontrolling interests	(48,492)				(48,492)
Preferred stock	(7)					(7)
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)	7,923				(1,548)	9,471
Redemptions	(34)			(19)	(15)
Contributions by noncontrolling interests	12,452				12,452
Issuance of common and restricted shares, net	(356)			(356)
Issuance of common and restricted shares, net (in shares)			221
Amortization of stock-based compensation	3,320			3,320
Distributions:
Common stock - regular	(50,041)					(50,041)
Other related to stock-based compensation	(24)					(24)
Noncontrolling interests	(61,375)				(61,375)
Preferred stock	(7)					(7)
Balance at Dec. 31, 2016	$ 1,540,439		$ 17	$ 1,439,199	$ 411,347	$ (310,124)
Balance (in shares) at Dec. 31, 2016		10	166,833

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - $ / shares	Sep. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Common stock - regular, dividends, cash paid (in dollars per share)	$ 0.35	$ 0.30	$ 0.30	$ 0.34

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net income (loss)	$ 7,923	$ 66,683	$ 271
Adjustments to reconcile net income to cash provided by operating activities:
Gains on sales of real estate	(43,604)	(82,975)	(16,411)
Settlement expenses with former advisor	1,600	0	0
Loss on early extinguishment of debt	41	0	230
Impairment related to development	0	3,128	0
Equity in income of investment in unconsolidated real estate joint venture	0	(250)	(770)
Distributions received from investment in unconsolidated real estate joint venture	0	242	300
Depreciation	122,483	99,234	89,113
Amortization of deferred financing costs and debt premium/discount	4,258	2,298	(1,462)
Amortization of intangibles	1,088	3,420	4,185
Amortization of deferred revenues	(1,458)	(1,464)	2,728
Amortization of stock-based compensation	3,320	3,072	790
Other, net	(420)	(68)	366
Changes in operating assets and liabilities:
Accounts payable and other liabilities	5,488	6,270	(3,200)
Other assets	5,683	3,006	(8,420)
Cash provided by operating activities	106,402	102,596	67,720
Cash flows from investing activities
Acquisitions of real estate, including construction in progress of $48.2 million for the year ended December 31, 2015	0	(213,477)	0
Additions to existing real estate	(9,052)	(9,697)	(6,242)
Construction in progress, including land	(97,023)	(329,060)	(474,260)
Proceeds from sales of real estate, net	121,544	250,311	33,379
Acquisitions of noncontrolling interests	0	(121,559)	(6,150)
Advances on notes receivable	(17,294)	(9,877)	(6,012)
Collections on notes receivable	27,567	37,092	219
Tax like-kind exchange escrow deposits	(56,762)	0	0
Escrow deposits	(5,123)	246	4,688
Other, net	1,504	(745)	(25)
Cash used in investing activities	(34,639)	(396,766)	(454,403)
Cash flows from financing activities
Mortgage and notes payable proceeds	236,997	372,184	208,686
Mortgage and notes payable principal payments	(179,725)	(84,733)	(38,820)
Proceeds from credit facilities	49,000	342,000	0
Credit facilities payments	(88,000)	(306,371)	0
Contributions from noncontrolling interests	12,542	37,330	126,916
Distributions paid on common stock	(50,046)	(49,951)	(28,718)
Distributions paid to noncontrolling interests	(61,375)	(48,497)	(48,041)
Dividends paid on preferred stock	(7)	(7)	(7)
Redemptions of common stock	0	0	(36,294)
Other, net	(480)	(465)	0
Cash (used in) provided by financing activities	(81,094)	261,490	183,722
Net change in cash and cash equivalents	(9,331)	(32,680)	(202,961)
Cash and cash equivalents at beginning of period	83,727	116,407	319,368
Cash and cash equivalents at end of period	$ 74,396	$ 83,727	$ 116,407

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Statement of Cash Flows [Abstract]
Construction in progress, including land	$ 48.2

Organization and Business

Organization and Business	12 Months Ended
	Dec. 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. Our shares of common stock have traded on the New York Stock Exchange (the “NYSE”) under the ticker symbol “MORE” since November 21, 2014. We invest in multifamily communities that may be wholly owned by us or held through joint venture arrangements with third-party institutional or other national or regional real estate developers/owners which we define as “Co-Investment Ventures” or “CO-JVs.” These are predominately equity investments but may also include debt investments. As of December 31, 2016 , we have equity and debt investments in 51 multifamily communities, of which 43 are stabilized operating multifamily communities and 8 are in various stages of lease up or construction. Of the 51 multifamily communities, we wholly own 12 multifamily communities and two debt investments for a total of 14 wholly owned investments. The remaining 37 investments are held through Co-Investment Ventures, all of which are consolidated. As of December 31, 2016 , we are the managing member of each of the separate Co-Investment Ventures. Our two institutional 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 December 31, 2016 and 2015 . The effective ownership ranges are based on our participation in the distributable operating cash from our investment in the underlying multifamily community. 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. December 31, 2016 December 31, 2015 Co-Investment Structure Number of Multifamily Communities Our Effective Ownership Number of Multifamily Communities Our Effective Ownership PGGM CO-JVs (a) 21 50% to 70% 23 50% to 70% MW CO-JVs 14 55% 14 55% Developer CO-JVs 2 100% 2 100% Total 37 39 (a) As of December 31, 2016 and 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 December 31, 2016 , we believe we are in compliance with all applicable REIT requirements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include our consolidated accounts and the accounts of our wholly owned and majority owned subsidiaries. We also consolidate other entities in which we have a controlling financial interest or other entities (referred to as variable interest entities or “VIEs”) where we are determined to be the primary beneficiary. VIEs, as defined by GAAP, are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. The primary beneficiary is required to consolidate a VIE for financial reporting purposes. The determination of the primary beneficiary requires management to make significant estimates and judgments about our rights, obligations and economic interests in such entities as well as the same of the other owners. See Note 6, “Variable Interest Entities” for further information about our VIEs. For entities in which we have less than a controlling financial interest or entities with respect to which we are not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities is included in consolidated net income. All inter-company accounts and transactions have been eliminated in consolidation. Real Estate and Other Related Intangibles Acquisitions Prior to October 1, 2016, real estate communities acquired by us or our Co-Investment Ventures were generally classified as business combinations. Effective as of October 1, 2016, we early adopted the revised guidance regarding business combinations as further discussed below under “Recently Adopted Accounting Pronouncements.” Acquisitions of real estate communities occurring on or after October 1, 2016 are generally not expected to qualify as business combinations, but rather asset acquisitions. Prior to October 1, 2016, we record the acquired assets and liabilities based on their fair values, including tangible assets (consisting of land, any associated rights, buildings and improvements), identified intangible assets and liabilities, asset retirement obligations, assumed debt, other liabilities and noncontrolling interests. Identified intangible assets and liabilities primarily consist of the fair value of in-place leases and contractual rights. Prior to October 1, 2016, any goodwill was recognized as of the acquisition date and measured as the aggregate fair value of the consideration transferred and any noncontrolling interest in the acquiree over the fair value of identifiable net assets acquired. Likewise, a bargain purchase gain was recognized in current earnings when the aggregate fair value of the consideration transferred and any noncontrolling interest in the acquiree were less than the fair value of the identifiable net assets acquired. Effective October 1, 2016, the purchase price is allocated on a relative fair value basis to the identified assets and liabilities and no goodwill or bargain purchase gain is recognized. The following discussion applies to our initial determination of fair value and the resulting subsequent accounting is applicable to all periods. The fair value of any tangible real estate assets acquired is determined by valuing the community as if it were vacant, and the “as-if-vacant” value is then allocated to land, buildings and improvements. Land values are derived from appraisals, and building values are calculated as replacement cost less depreciation or estimates of the relative fair value of these assets using net operating income capitalization rates, discounted cash flow analyses or similar methods. When we acquire rights to use land or improvements through contractual rights rather than fee simple interests, we determine the value of the use of these assets based on the relative fair value of the assets after considering the contractual rights and the fair value of similar assets. Assets acquired under these contractual rights are classified as intangibles and amortized on a straight-line basis over the shorter of the contractual term or the estimated useful life of the asset. Contractual rights related to land or air rights that are substantively separated from depreciating assets are amortized over the life of the contractual term or, if no term is provided, are classified as indefinite-lived intangibles. Intangible assets are evaluated at each reporting period to determine whether the indefinite and finite useful lives are appropriate. We determine in-place lease values based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant by applying a fair value model. The estimates of fair value of in-place leases include an estimate of carrying costs during the expected lease up periods for the respective leasable area considering current market conditions. In estimating fair value of in-place leases, we consider items such as real estate taxes, insurance, leasing commissions, tenant improvements and other operating expenses to execute similar deals as well as projected rental revenue and carrying costs during the expected lease up period. We amortize the value of in-place leases acquired to expense over the remaining term of the leases. The in-place leases are amortized over the remaining term of the in-place leases, approximately a six month term for multifamily in-place leases and terms ranging from three to 20 years for retail in-place leases. We determine the value of above-market and below-market in-place leases for acquired communities based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) estimates of current market lease rates for the corresponding in-place leases, measured over a period equal to (i) the remaining non-cancelable lease term for above-market leases, or (ii) the remaining non-cancelable lease term plus any fixed rate renewal options for below-market leases. We record the fair value of above-market and below-market leases as intangible assets or intangible liabilities, respectively, and amortize them as an adjustment to rental income over the above determined lease term. Given the short-term nature of multifamily leases, the value of above-market or below-market in-place leases are generally not material. We determine the value of other contractual rights based on our evaluation of the specific characteristics of the underlying contracts and by applying a fair value model to the projected cash flows or usage rights that considers the timing and risks associated with the cash flows or usage. We amortize the value of finite contractual rights over the remaining contract period. Indefinite-lived contractual rights are not amortized but are evaluated for impairment. We determine the fair value of assumed debt by calculating the net present value of the scheduled debt service payments using currently available market-based terms for interest rates for debt with similar terms and remaining maturities that management believes we could obtain. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan. Initial valuations are subject to change until our information is finalized, which is no later than 12 months from the acquisition date. We have had no significant valuation changes for acquisitions prior to December 31, 2016 . Developments We capitalize project costs related to the development and construction of real estate (including interest, real estate taxes, insurance, and other direct costs associated with the development) as a cost of the development. Indirect project costs not clearly related to development and construction are expensed as incurred. Indirect project costs that clearly relate to development and construction are capitalized and allocated to the developments to which they relate. For each development, capitalization begins when we determine that the development is probable and significant development activities are underway. We suspend capitalization at such time as significant development activity ceases, but future development is still probable. We cease capitalization when the developments or other improvements, including any portion 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. Depreciation Buildings are depreciated over their estimated useful lives ranging from 25 to 35 years using the straight-line method. Improvements are depreciated over their estimated useful lives ranging from 3 to 15 years using the straight-line method. Communities classified as held for sale are not depreciated. Depreciation of developments begins when the development is substantially completed and ready for its intended use. Repairs and Maintenance Expenditures for ordinary repairs and maintenance costs are charged to expense as incurred. Impairment of Real Estate Related Assets If events or circumstances indicate that the carrying amount of the community may not be recoverable, we make an assessment of the community’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 community. 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 recorded an impairment loss for the year ended December 31, 2015 related to one of our developments. See Note 5, “Real Estate Investments” for more information. We did not record any impairment losses for the years ended December 31, 2016 or 2014 . 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 December 31, 2016 and 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. Noncontrolling Interests Redeemable noncontrolling interests are comprised of our consolidated Co-Investment Venture partners’ interests in multifamily communities where we believe it is probable that we will be required to purchase the partner’s noncontrolling interest. We record obligations under the redeemable noncontrolling interest initially at the higher of (a) fair value or (b) the redemption value with subsequent increased adjustments based on our assessment of the probable amount of redemption. The redeemable noncontrolling interests are temporary equity not within our control and are presented in our consolidated balance sheet outside of permanent equity between debt and equity. The determination of the redeemable classification requires analysis of contractual provisions and judgments of redemption probabilities. Non-redeemable noncontrolling interests are comprised of our consolidated Co-Investment Venture partners’ interests in multifamily communities as well as preferred cumulative, non-voting membership units (“Preferred Units”) issued by subsidiary REITs. We record these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss or equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic interests. Transactions involving a partial sale or acquisition of a noncontrolling interest that does not result in a change of control are recorded at carrying value with no recognition of gain or loss. Any differences between the cash received or paid (net of any direct expenses) and the change in noncontrolling interest is recorded as a direct charge to additional paid-in capital. Transactions involving a partial sale or acquisition of a controlling interest resulting in a change in control are recorded at fair value with recognition of a gain or loss. Other Assets Other assets primarily include notes receivable, accounts receivable, restricted cash, interest rate caps, prepaid assets and deposits. We evaluate whether notes receivable are loans, investments in joint ventures or acquisitions of real estate based on a review of any rights to participate in expected residual profits and other equity and loan characteristics. As of and for the years ended December 31, 2016 and 2015 , all of our notes receivable were appropriately accounted for as loans. We account for our derivative financial instruments, all of which are interest rate caps, at fair value. We use interest rate cap arrangements to manage our exposure to interest rate changes. We have not designated any of these derivatives as hedges for accounting purposes, and accordingly, changes in fair value are recognized in earnings. Revenue Recognition Rental income related to leases is recognized on an accrual basis when due from residents or commercial tenants, generally on a monthly basis. Rental revenues for leases with uneven payments and terms greater than one year are recognized on a straight-line basis over the term of the lease. Any deferred revenue is classified as a liability on the consolidated balance sheet and recognized on a straight-line basis as income over its contractual term. Interest income is generated primarily on notes receivable and cash balances. Interest income is recorded on an accrual basis as earned. Acquisition Costs Prior to October 1, 2016, non-reimbursed acquisition costs for business combinations were expensed when it was probable that the transaction would be accounted for as a business combination and the purchase would be consummated. Effective as of October 1, 2016, we adopted the revised guidance regarding business combinations as further discussed below under “Recently Adopted Accounting Pronouncements.” Acquisitions of real estate communities occurring on or after October 1, 2016 are generally not expected to be business combinations, and accordingly, acquisition costs incurred on or after October 1, 2016 are capitalized and included in the purchase price of an acquisition of a multifamily community. Acquisition costs related to unimproved or non-operating land, primarily related to developments, are capitalized. Acquisition costs incurred prior to consummation of an acquisition are recorded in other assets. In the event, an acquisition is not consummated, any capitalized acquisition costs are expensed upon that determination. Transition Expenses Transition expenses include expenses directly and specifically related to our transition to self-management, primarily including legal, financial advisors, consultants, costs of the Company’s special committee of the board of directors (the “Special Committee”), general transition services (primarily related to staffing, name change, notices, transition-related insurance, information technology and facilities), expenses related to our listing on the NYSE and payments to our prior advisor and its affiliates, collectively referred to as “Behringer,” in connection with the transition to self-management discussed further in Note 13, “Transition Expenses.” Income Taxes We have elected to be taxed as a REIT under the Code and have qualified as a REIT since the year ended December 31, 2007. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax at the corporate level. We intend to operate in such a manner as to continue to qualify for taxation as a REIT, but no assurance can be given that we will operate in a manner so as to remain qualified as a REIT. Beginning in 2013, taxable income from certain non-REIT activities is managed through a taxable REIT subsidiary (“TRS”) and is subject to applicable federal, state, and local income and margin taxes. We have no significant taxes associated with our TRS for the years ended December 31, 2016 , 2015 or 2014 . We have evaluated the current and deferred income tax related to state taxes with respect to which we do not have a REIT exemption, and we have no significant tax liability or benefit as of December 31, 2016 or 2015 . The carrying amounts of our assets and liabilities for financial statement purposes differ from our basis for federal income taxes due to tax accounting in Co-Investment Ventures, fair value accounting for business combinations, capitalization of interest and acquisition costs, straight lining of lease and related agreements and differing depreciation methods. The primary asset and liability balance sheet accounts with differences are real estate, intangibles, other assets, mortgages and notes payable and deferred revenues, primarily lease revenues, net. As a result of these differences, our net federal income tax basis exceeds the carrying value for financial statement purposes as of December 31, 2016 by approximately $66.9 million . We recognize the financial statement benefit of an uncertain tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. As of December 31, 2016 and 2015 , we had no significant uncertain tax positions. Concentration of Credit Risk We invest our cash and cash equivalents among several banking institutions and money market accounts in an attempt to minimize exposure to any one of these entities. As of December 31, 2016 and 2015 , we had cash and cash equivalents deposited in certain financial institutions in excess of federally-insured levels. We regularly monitor the financial condition of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents. Share-based Compensation We have a stock-based incentive award plan for our employees and directors. Compensation expense associated with restricted stock units is recognized in general and administrative expenses in our consolidated statements of operations. We measure stock-based compensation at the estimated fair value on the grant date and recognize the amortization of compensation expense over the requisite service period. Earnings per Share Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting basic earnings per share for the dilutive effect of the assumed exercise of securities, including the effect of shares issuable under our preferred stock and our stock-based incentive plans. Our unvested share-based awards are considered participating securities and are reflected in the calculation of diluted earnings per share. During periods of net loss, the assumed exercise of securities is anti-dilutive and is not included in the calculation of earnings per share. During 2016 and 2015, the dilutive impact was less than $0.01 , and during 2014, any common stock equivalents were anti-dilutive. For all periods presented, the convertible preferred stock was excluded from the calculation of earnings per share because the effect would not be dilutive. See Note 12 “ Stockholders’ Equity” for additional discussion. Redemptions of Common Stock We account for the possible redemption of our shares by classifying securities that are convertible for cash at the option of the holder outside of equity. We do not reclassify the shares to be redeemed from equity to a liability until such time as the redemption has been formally approved by our board of directors. The portion of the redeemed common stock in excess of the par value is charged to additional paid-in capital. Reportable Segments Our current business primarily consists of investing in and operating multifamily communities. Substantially all of our consolidated net income (loss) is from investments in real estate communities that we wholly own or own through Co-Investment Ventures. Our management evaluates operating performance on an individual investment level. However, as each of our investments has similar economic characteristics in our consolidated financial statements, the Company is managed on an enterprise-wide basis with one reportable segment. Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes to consolidated financial statements. These estimates include such items as: the purchase price allocations for real estate and other acquisitions; impairment of long-lived assets, notes receivable; fair value evaluations; earning recognition of noncontrolling interests ; depreciation and amortization; and share-based compensation measurements. Actual results could differ from those estimates. Reclassifications Certain financial information on the Consolidated Statements of Operations for the years ended December 31, 2015 and 2014 have been revised to conform to the current year presentation. For the years ended December 31, 2015 and 2014 , the consolidated statement of operations reflects the single line item “acquisition, investment and development expenses” that was previously presented on two lines “acquisition expenses” (approximately $0.6 million and $0.0 million , respectively) and “investment and other development expenses” (approximately $4.2 million and $1.2 million , respectively). Recently Adopted Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements - Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The guidance was effective for annual periods ending after December 15, 2016. The guidance relates to management’s responsibility in evaluating whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures as applicable. The adoption of this guidance did not have an impact on our consolidated financial statements. In February 2015, the FASB issued 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 6, "Variable Interest Entities," were classified as VIEs. 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.” The guidance 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 consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which affects the presentation of how share-based payments are accounted for and presented in the financial statements. We adopted the standard during the second quarter of 2016 effective as of January 1, 2016 on a modified retrospective basis. The adoption of this pronouncement did not have any effect on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Clarifying the Definition of a Business,” with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The revised guidance provides a screen to determine when a set of assets and activities (collectively referred to as a “set”) is a business or not. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The FASB made two exceptions in which a company should combine separately identifiable assets into a single asset (1) certain tangible assets attached to each other that cannot be removed without significant cost or diminution in utility or fair value and (2) in-place lease intangibles, including favorable and unfavorable lease assets and liabilities, and the related leased assets. We adopted the standard effective October 1, 2016 on a prospective basis.

New Accounting Pronouncements

New Accounting Pronouncements	12 Months Ended
	Dec. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements 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; however, our accounting for the sale of real estate will be required to follow the revised guidance. The revised guidance allows for the use of either the full or modified retrospective transition method. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this guidance. 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 each of our revenue streams for the effect that the adoption of the revised guidance will have on our consolidated financial statements and related disclosures. We do not expect the new guidance to have a significant effect on the recognition of our real estate sales; however, such final determination can only be made based on the specific terms of such sale. We plan to adopt the guidance effective January 1, 2018. In February 2016, the FASB issued a new standard, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less, which are our primary lease term, will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. This guidance is effective for fiscal years and interim periods within those years beginning after December 31, 2018, and early adoption is permitted. This standard must be applied as of the beginning of the earliest comparative period presented in the year of adoption. We are currently evaluating our leases to determine the impact this standard may have on our consolidated financial statements and related disclosures. As a lessee, we have a limited number of lease agreements, mostly related to our office space and office equipment. As a lessor, our primary multifamily community leases are less than one year, and we expect that only our long-term leases, primarily retail leases, will be affected. In August 2016, the FASB issued guidance, which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. In November 2016, the FASB issued additional guidance requiring that a statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period using a retrospective transition method to each period presented. We are currently evaluating the full impact of the new standard.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Business Combinations	Business Combinations In September 2015, we acquired Ev, a 208 -unit multifamily community located in San Diego, California, from an unaffiliated seller, for an aggregate gross purchase price of $84.0 million , excluding closing costs. Ev was a recently completed development in lease up at the date of acquisition and as of December 31, 2016 , is classified as a stabilized operating community. In September 2015, we acquired The Mark, a 208 -unit multifamily community located in Boca Raton, Florida, from an unaffiliated seller, for an aggregate gross purchase price of $81.7 million , excluding closing costs. The Mark was a recently completed development in lease up at the date of acquisition and as of December 31, 2016 , is classified as a stabilized operating community. The following tables present certain additional information regarding our 2015 business combinations. There were no business combinations during the year ended December 31, 2016 . The amounts recognized for major assets acquired and liabilities assumed, including a reconciliation to cash consideration as of the business combination dates, are as follows (in millions): 2015 Acquisitions Land $ 23.9 Building and improvements 141.7 Accrued liabilities (0.4 ) Cash consideration $ 165.2 Certain operating information for the periods from the business combination dates to December 31, 2015 is as follows (in millions): For the Periods to December 31, 2015 Rental revenues $ 1.4 Acquisition expenses 0.6 Depreciation and amortization 1.8 Net loss attributable to common stockholders (2.3 ) See Note 18, “Subsequent Events” for information regarding an acquisition subsequent to December 31, 2016 .

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real Estate Investments and Intangibles and Related Depreciation and Amortization As of December 31, 2016 and 2015 , major components of our real estate investments and intangibles and related accumulated depreciation and amortization were as follows (in millions): December 31, 2016 December 31, 2015 Buildings Intangibles Buildings Intangibles and In-Place Other and In-Place Other Improvements Leases Contractual Improvements Leases Contractual Cost $ 2,814.2 $ 34.1 $ 18.9 $ 2,627.7 $ 37.1 $ 24.2 Less: accumulated depreciation and amortization (461.9 ) (32.1 ) (3.9 ) (357.0 ) (34.9 ) (8.3 ) Net $ 2,352.3 $ 2.0 $ 15.0 $ 2,270.7 $ 2.2 $ 15.9 Depreciation expense related to our real estate investments for the years ended December 31, 2016 , 2015 , and 2014 was approximately $122.0 million , $98.8 million , and $88.8 million , respectively. Cost of intangibles relates to the value of in-place leases and other contractual intangibles. Cost of other contractual intangibles as of both December 31, 2016 and 2015 , include $2.6 million and $7.9 million , respectively, of intangibles, primarily asset management and related fee revenue services. Cost of other contractual intangibles as of both December 31, 2016 and 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 years ended December 31, 2016 , 2015 , and 2014 was approximately $1.1 million , $3.4 million , and $4.2 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 2017 $ 1.1 2018 0.5 2019 0.5 2020 0.4 2021 0.4 Developments In December 2015, we acquired The Mile, a 120 -unit multifamily development located in Miami, Florida, from an unaffiliated seller, for an aggregate gross purchase price of $48.0 million , excluding closing costs. As of December 31, 2015, The Mile was classified as construction in progress and as of December 31, 2016 , is classified as operating real estate. For the years ended December 31, 2016 , 2015 , and 2014 , we capitalized the following amounts of interest, real estate taxes and direct overhead related to our developments (in millions): For the Year Ended 2016 2015 2014 Interest $ 7.7 $ 16.5 $ 17.8 Real estate taxes 2.2 4.1 4.2 Direct overhead 0.5 0.6 0.8 Sales of Real Estate Reported in Continuing Operations The following table presents our sales of real estate for the years ended December 31, 2016 , 2015 and 2014 (in millions): Date of Sale Multifamily Community and Location Sales Contract Price Net Cash Proceeds Gains on Sales of Real Estate For the Year Ended December 31, 2016 December 2016 The Reserve at LaVista Walk — Atlanta, GA (a) $ 57.2 $ 56.5 $ 26.1 August 2016 Renaissance, including land held for future development — Concord, California (b) 65.4 65.0 17.5 Total $ 122.6 $ 121.5 $ 43.6 For the Year Ended December 31, 2015 July 2015 Uptown Post Oak — Houston, TX $ 90.1 $ 88.3 $ 34.4 June 2015 Burnham Pointe — Chicago, IL 126.0 123.6 48.6 June 2015 Shady Grove — Rockville, MD (c) 38.5 38.4 — Total $ 254.6 $ 250.3 $ 83.0 For the Year Ended December 31, 2014 February 2014 Tupelo Alley — Portland, OR $ 52.9 $ 33.4 $ 16.4 (a) The cash proceeds from the sale are reflected in “Tax like-kind exchange escrow” on the consolidated balance sheet as of December 31, 2016 . The proceeds are being held in escrow in connection with a 1031 exchange for replacement properties. See Note 18, “Subsequent Events” for additional discussion on the use of the escrow. (b) All cash proceeds from the sale have been collected as of the date of the sale. A portion of the reported gain on sale of real estate has been deferred, reducing the gain by $2.0 million , pending assignment of related development and construction agreements to the buyer and our release from these agreements. (c) In May 2015, we recorded an impairment of $3.1 million based on the Company’s decision to sell the development at an amount below the carrying value. The impairment, which was primarily due to certain costs capitalized for GAAP not expected to be recovered in a sale, is included in “Acquisition, investment and development expenses” on the consolidated statement of operations. In June 2015, we closed on the sale of the development to a group led by the Developer Partner for net proceeds of $38.4 million , the development’s net carrying value at the date of sale. The following table presents net income related to the multifamily communities sold, for the years ended December 31, 2016 , 2015 and 2014 , and includes the gains on sale of real estate (in millions): For the Year Ended 2016 2015 2014 Net income from multifamily communities sold $ 45.1 $ 85.5 $ 24.6 Less: net income attributable to noncontrolling interest (8.1 ) (0.3 ) (7.5 ) Net income attributable to common stockholders $ 37.0 $ 85.2 $ 17.1

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [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 Accounting 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 is based upon contributed capital and ranges from 50% to 100% . Each of the VIEs are businesses, and assets of each VIE are available for purposes other than the settlement of the VIE’s obligations. The following table presents the significant balances related to our VIEs as of December 31, 2016 and 2015 (in millions): December 31, 2016 December 31, 2015 Total assets $ 2,335.1 $ 2,378.1 Net operating real estate 2,154.6 2,033.3 Construction in progress 120.8 287.9 Mortgages and notes payable outstanding (a) $ 1,237.9 $ 1,173.2 Plus: unamortized adjustments from business combinations 0.1 1.0 Less: deferred financing costs, net (7.9 ) (9.5 ) Total mortgages and notes payable, net $ 1,230.1 $ 1,164.7 (a) Except as noted below, the lenders on the outstanding mortgages and notes payable have no recourse to us. Of the $1,237.9 million of mortgages and notes payable outstanding as of December 31, 2016 , $672.1 million represents fully funded, non recourse mortgages and the remaining $565.8 million relates to amounts outstanding for construction financing with total commitments of $675.4 million . We have provided partial payment guarantees ranging from 5% to 25% on $384.0 million of the $565.8 million outstanding as of December 31, 2016 . The outstanding amount of these guarantees is $75.7 million as of December 31, 2016 . Each guarantee may terminate or be reduced upon completion of the development or if the development achieves certain operating results. The construction loans are secured by a first mortgage in each multifamily community. See Note 9, “Mortgages and Notes Payable” for further information on our construction loans.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Other Assets	Other Assets The components of other assets as of December 31, 2016 and 2015 are as follows (in millions): December 31, 2016 December 31, 2015 Notes receivable, net (a) $ 26.7 $ 36.5 Resident, tenant and other receivables 5.2 12.2 Escrows and restricted cash 13.7 8.7 Prepaid assets, deposits and other assets 5.6 7.6 Total other assets $ 51.2 $ 65.0 (a) Notes receivable include mezzanine loans related to multifamily development projects. As of December 31, 2016 , the weighted average interest rate is 15.0% and the remaining years to scheduled maturity is 1.5 years. The borrowers generally have options to prepay prior to maturity or to extend the maturity for one to two years.

Leasing Activity

Leasing Activity	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Leasing Activity	Leasing Activity In addition to multifamily resident units, certain of our consolidated multifamily communities have retail areas, representing approximately 1% of total rentable area of our consolidated multifamily communities. Future minimum base rental receipts due to us under these non-cancelable retail leases in effect as of December 31, 2016 are as follows (in millions): Future Minimum Year Lease Receipts 2017 $ 3.8 2018 3.8 2019 3.8 2020 3.7 2021 3.5 Thereafter 40.0 Total $ 58.6

Mortgages and Notes Payable

Mortgages and Notes Payable	12 Months Ended
	Dec. 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 December 31, 2016 and 2015 (dollar amounts in millions and monthly LIBOR at December 31, 2016 is 0.77% ): As of December 31, 2016 December 31, December 31, Weighted Average 2016 2015 Interest Rates Maturity Dates Company level (a) Fixed rate mortgages payable $ 292.6 $ 297.3 3.88% 2018 to 2021 Total Company level 292.6 297.3 Co-Investment Venture level - consolidated (b) Fixed rate mortgages payable 636.6 631.6 3.23% 2017 to 2023 Variable rate mortgage payable (c) 35.5 11.6 Monthly LIBOR + 1.94% 2017 Fixed Rate construction loans payable Operating — 29.2 N/A N/A In Construction (d) 50.9 44.5 4.00% 2018 Variable rate construction loans payable (e) Operating 498.5 355.3 Monthly LIBOR + 2.08% 2017 to 2018 In Construction 16.4 101.0 Monthly LIBOR + 2.15% 2019 to 2020 Total Co-Investment Venture level - consolidated 1,237.9 1,173.2 Total Company and Co-Investment Venture level 1,530.5 1,470.5 Plus: unamortized adjustments from business combinations 1.0 2.5 Less: deferred financing costs, net (9.3 ) (11.7 ) Total consolidated mortgages and notes payable $ 1,522.2 $ 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 consolidated debt that is an obligation of the Co-Investment Venture and not an obligation or contingency for us. (c) As of December 31, 2016, includes a $24.2 million mortgage loan with two one year extension options. (d) As of December 31, 2016 , includes one loan with a total commitment of $53.5 million . The construction loans includes a two year extension option. As of December 31, 2016 , there is $2.6 million remaining to draw under the construction loan. We may elect not to fully draw down any unfunded commitment. (e) As of December 31, 2016 , includes thirteen loans with total commitments of $621.9 million . As of December 31, 2016 , the Company has partially guaranteed seven of these loans with total commitments of $411.1 million , of which $75.7 million is recourse to the Company. Our percentage guarantee on each of these loans ranges from 5% to 25% . These loans include one to two year extension options. As of December 31, 2016 , there is $107.1 million remaining to draw under the construction loans. We may elect not to fully draw down any unfunded commitment. As of December 31, 2016 , $2.6 billion of the net consolidated carrying value of real estate collateralized the mortgages and notes payable. We believe we are in compliance with all financial covenants as of December 31, 2016 . As of December 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 2017 $ 5.8 $ 310.1 $ 315.9 2018 153.4 425.0 578.4 2019 79.4 158.9 238.3 2020 54.0 173.0 227.0 2021 — 108.5 108.5 Thereafter — 62.4 62.4 Total $ 292.6 $ 1,237.9 1,530.5 Add: unamortized adjustments from business combinations 1.0 Less: deferred financing costs, net (9.3 ) Total mortgages and notes payable $ 1,522.2 We believe these mortgages and notes payable can be refinanced or retired from available capital resources at or prior to their maturity dates, which may include extension options.

Credit Facilities Payable

Credit Facilities Payable	12 Months Ended
	Dec. 31, 2016
Line of Credit Facility [Abstract]
Credit Facilities Payable	Credit Facilities Payable We have two credit facilities as of December 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 December 31, 2016 and 2015 (dollar amounts in millions, and monthly LIBOR at December 31, 2016 was 0.77% ): Balance Outstanding December 31, 2016 December 31, 2015 Interest Rate as of December 31, 2016 Maturity Date $150 Million Facility $ 10.0 $ 49.0 Monthly LIBOR + 2.08% April 1, 2017 $200 Million Facility — — Monthly LIBOR + 2.50% January 14, 2019 Total credit facilities outstanding 10.0 49.0 Less: deferred financing costs, net $ (2.0 ) $ (3.5 ) Total credit facilities payable, net $ 8.0 $ 45.5 We retired the $150 Million Facility on February 28, 2017. The repayment was funded from draws on the $200 Million Facility. As of December 31, 2016 , our availability to draw under the $150 Million Facility was limited to $83.3 million based upon the value of the collateral pool. The $200 Million Facility matures on January 14, 2019 , is fully available to be drawn on, and may be extended for an additional one year term at our option. Borrowing tranches bear interest at rates based on defined leverage ratios, which as of December 31, 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 $200.0 million up to a total of $400.0 million after satisfying certain conditions. Draws under the $200 Million Facility are primarily supported by equity pledges of our wholly owned subsidiaries, and are secured by a first mortgage lien, an assignment of leases and rents against two wholly owned multifamily communities, and a first priority perfected assignment of a portion of certain of our notes receivable. In addition, we may provide additional security related to future property acquisitions. The $200 Million Facility agreement contains customary provisions with respect to events of default, covenants and borrowing conditions. In particular, the $200 Million Facility agreement requires us to maintain (as defined in the agreement) a tangible consolidated net worth of at least $1.16 billion , consolidated total indebtedness to total gross asset value of less than 65% , and adjusted rolling 12-month consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) to consolidated fixed charges of not less than 1.50 to 1 and a limit on distributions and share repurchases in excess of 95% of our rolling 12-month 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 (“NAREIT”). For the year ended December 31, 2016 , our declared distributions were 81% of such defined funds from operations during such period. We believe we are in compliance with all provisions of the $200 Million Facility agreement as of December 31, 2016 .

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 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 December 31, 2016 and 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): December 31, 2016 December 31, 2015 Effective Effective Amount NCI % (a) Amount NCI % (a) PGGM Co-Investment Partner $ 295.6 30% to 45% $ 332.0 30% to 45% MW Co-Investment Partner 109.6 45% 123.7 45% Developer Partners 4.1 0% to 10% 4.0 —% Subsidiary preferred units 2.0 (b) 2.1 (b) Total non-redeemable NCI $ 411.3 $ 461.8 (a) Effective noncontrolling interest percentage is based upon the noncontrolling interest’s participation in distributable operating cash. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. (b) The effective NCI for the preferred units is not meaningful and the preferred units have no voting or participation 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 December 31, 2016 , we have no current intent to exercise our redemption option. Accordingly, these noncontrolling interests are reported as equity. For the years ended December 31, 2016 , 2015 and 2014 , we paid the following distributions to noncontrolling interests (in millions): For the Year Ended December 31, 2016 2015 2014 Distributions paid to noncontrolling interests: Operating activities $ 26.3 $ 17.7 $ 22.5 Investing and financing activities 35.1 30.8 25.5 Total $ 61.4 $ 48.5 $ 48.0 On May 7, 2015, we acquired six noncontrolling interests in PGGM CO-JVs, which related to equity investments in six multifamily communities, and one controlling interest in a PGGM CO-JV, which related to a debt investment in a multifamily community. The net purchase price was $119.8 million , exclusive of closing costs. After the acquisition, we owned 100% in all but one of the PGGM CO-JVs in which we owned a post acquisition 93.5% interest based upon contributed capital. In connection with the acquisitions, we also received from the Master Partnership a disposition fee of $1.0 million and a promoted interest payment of $3.5 million , which were eliminated in our consolidation of the Master Partnership but did increase net income available to the Company. No promoted interest payments were received for the years ended December 31, 2016 and 2014 . Because these equity investments were previously accounted for on the consolidated method of accounting, the acquisition of the investment interests did not change the carrying value for the related assets or liabilities or reported consolidated operations for revenues and expenses included in reported net income. The acquisition of the equity investments reduced noncontrolling interests for the related amounts of the CO-JVs with the difference between the noncontrolling interest amounts and the purchase price of $59.2 million recorded to additional paid in capital. The acquisition of the debt investment resulted in a change from equity method accounting to the consolidated method of accounting and accordingly, the underlying assets and liabilities were recorded at a fair value of $16.6 million . On February 28, 2014 , we sold an approximately 37% noncontrolling interest in two Developer CO-JVs to PGGM for $13.2 million . No gain or loss was recognized in recording these transactions, but a net decrease to additional paid-in capital of $0.8 million was recorded. During the year ended 2014 , we formed two new PGGM CO-JVs to develop two separate multifamily communities in California. Redeemable Noncontrolling Interests As of December 31, 2016 and 2015 , redeemable noncontrolling interests (“NCI”) consisted of the following (dollar amounts in millions): December 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 (particularly in the event of a sale of the underlying multifamily community), contributions or financing requirements. For Co-Investment Ventures where the developer’s equity has been returned, the effective noncontrolling interest percentage is shown as zero. Developer Partners included in redeemable noncontrolling interests represent ownership interests in Developer CO-JVs by regional or national multifamily developers, which may require that we pay or reimburse our Developer Partners upon certain events. 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 December 31, 2016 , we have recorded in redeemable noncontrolling interests $28.8 million of put options, of which $8.6 million are exercisable by certain of our Developer Partners but have not been exercised. These Developer CO-JVs also generally include buy/sell provisions, generally available after the tenth year after completion of the development and mark to market elections which if elected, are generally available after the seventh year after formation of the Developer CO-JV. The mark to market provisions provide us the option to acquire the Developer Partner’s ownership interest or sell the multifamily community. None of these buy/sell or mark to market rights are currently available. If the noncontrolling interest relates to a PGGM CO-JV, then the PGGM Co-Investment Partner would be responsible for its share of such payments. Each of these Developer CO-JVs is managed by a subsidiary of ours. As manager, we have substantial operational control rights. These Developer CO-JVs generally provide that we have a preferred cash flow distribution until we receive certain returns on and of our investment. If the individual put options are 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. For the years ended December 31, 2016 , 2015 and 2014 , no promoted interest payments were made by us related to redeemable noncontrolling interests.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 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 Behringer. On February 13, 2017, all outstanding shares of the Series A Preferred Stock were canceled without any conversion or other consideration. See Note 14, “Commitments and Contingencies” for additional discussion related to the Series A Preferred Stock. Stock Plans Our Second Amended and Restated Incentive Award Plan (the “Incentive Award Plan”) authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards. A total of 20 million shares has been authorized and reserved for issuance under the Incentive Award Plan and 18.8 million shares of common stock are available for issuance as of December 31, 2016 . 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. Dividends on restricted stock units that have vested but not been exercised are reflected in other distributions in the consolidated statement of equity. 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 December 31, 2016 , 2015 , and 2014 . 2016 2015 2014 Units Weighted Average Grant Date Fair Value 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 424,128 9.30 482,846 9.47 248,691 10.03 Exercised (151,525 ) 9.52 (170,632 ) 9.71 — — Forfeited (20,496 ) 9.66 (11,409 ) 9.64 — — Outstanding December 31, 801,603 $ 9.48 549,496 $ 9.64 248,691 $ 10.03 Vested restricted stock units 152,363 $ 9.76 64,437 $ 9.90 11,356 $ 10.03 Unvested restricted stock units 649,240 $ 9.42 485,059 $ 9.61 237,335 $ 10.03 Restricted Stock Restricted stock is granted to certain employees and generally vests 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 December 31, 2016 and 2015 . No restricted stock was granted in 2014 : 2016 2015 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding January 1, 20,868 $ 9.21 — $ — Granted 145,845 9.69 25,746 9.21 Exercised (6,414 ) 9.21 — — Forfeited (36,638 ) 9.20 (4,878 ) 9.21 Outstanding December 31, 123,661 $ 9.77 20,868 $ 9.21 Unvested restricted stock 123,661 $ 9.77 20,868 $ 9.21 For the years ended December 31, 2016 , 2015 and 2014 , we had approximately $3.5 million , $3.2 million , and $0.8 million , respectively, in compensation costs related to share-based payments including dividend equivalent payments. Unearned compensation costs for restricted stock units and restricted stock was approximately $4.8 million at December 31, 2016 , and is expected to be recognized over a weighted average period of 2.0 years. Distributions The following table presents the regular distributions declared for the years ended December 31, 2016 , 2015 and 2014 (in millions, except per share amounts): For the Year Ended 2016 2015 2014 Declared (a) Declared per Share (a) Declared (a) Declared per Share (a) Declared (a) Declared per Share (a) Fourth quarter $ 12.5 $ 0.075 $ 12.5 $ 0.075 $ 12.5 $ 0.075 Third quarter 12.5 0.075 12.5 0.075 14.9 0.088 Second quarter 12.5 0.075 12.5 0.075 14.7 0.087 First quarter 12.5 0.075 12.5 0.075 14.6 0.086 Total $ 50.0 $ 0.300 $ 50.0 $ 0.300 $ 56.7 $ 0.336 (a) Represents distributions accruing during the period. Beginning with the fourth quarter of 2014, the board of directors authorizes regular distributions to be paid to stockholders of record with respect to a single record date each quarter. Prior to the fourth quarter of 2014, regular distributions accrued on a daily basis at a daily amount of $0.000958904 ( $0.35 annualized) per share of common stock and were paid in the following month. On August 12, 2014, in anticipation of the Company’s listing on a national securities exchange, our board of directors elected to suspend our distribution reinvestment plan (“DRIP”) effective August 24, 2014 , and on November 4, 2014, our board of directors approved the termination of the DRIP. As a result, all distributions paid subsequent to August 24, 2014 were paid in cash and not reinvested in shares of our common stock. During 2016 , 2015 and 2014 , our distributions were classified as follows for federal income tax purposes: 2016 2015 2014 Ordinary income 55 % 58 % 42 % Capital gains 14 % 23 % 19 % Section 1250 recapture capital gains 7 % 5 % — % Return of capital 24 % 14 % 39 % Total 100 % 100 % 100 % The classification changes in 2016 were primarily due to decreased dispositions in 2016 as compared to 2015 . The classification changes in 2015 were primarily due to increased dispositions in 2015 as compared to 2014 and improved operating performance in 2015 compared to 2014 . Share Redemption Program On August 12, 2014, in anticipation of the Company’s listing on a national securities exchange, our board of directors elected to suspend our share redemption program (“SRP”), effective August 14, 2014, and on November 4, 2014, our board of directors approved the termination of the SRP. Prior to the suspension and subsequent termination of our SRP, the purchase price per share redeemed under the SRP was generally set at 85% of the then-current estimated share value pursuant to our valuation policy for ordinary redemptions and at the lesser of the then-current estimated share value pursuant to our valuation policy and the average price per share paid by the original purchaser of the shares being redeemed, less any special distributions, pursuant to our valuation policy for redemptions sought upon a stockholder’s death, qualifying disability or confinement to a long-term care facility. Prior to the suspension of our SRP in August 2014 and subsequent termination, we redeemed approximately 1.6 million common shares at an average price of $8.80 per share for $14.2 million for the year ended December 31, 2014 . On December 29, 2014 , the Company acquired through a tender offer approximately 2.4 million common shares at a price of $9.25 per share for $22.1 million .

Transition Expenses

Transition Expenses	12 Months Ended
	Dec. 31, 2016
Transition to Self-Management [Abstract]
Transition Expenses	Transition Expenses On July 31, 2013 (the “Initial Closing”), we entered into a series of agreements and amendments to our existing agreements and arrangements with Behringer, setting forth various terms of and conditions to the modification of the business relationships between us and Behringer. We collectively refer to these agreements as the “Self-Management Transition Agreements.” From the Initial Closing through June 30, 2014, we hired executives and staff who were previously employees of Behringer and began hiring other employees, completing our transition to a self-managed company. During the period from the Initial Closing through September 30, 2014, Behringer provided general transition services in support of our transition to self-management. Behringer was also paid fees and reimbursements under the terms of amended advisory and property management agreements that included a reduction of certain fees and expenses paid to Behringer under the prior agreements, which are described in Note 16, “Related Party Arrangements.” We consummated the second and final closing of the Self-Management Transition Agreements on June 30, 2014, terminating the advisory and property management services with Behringer and paying Behringer $3.5 million for certain intangible assets, rights and contracts, $1.25 million as part of the general transition services described above and a monthly installment of $0.4 million for general transition services. We also reconciled certain miscellaneous closing matters related to employee benefits of former Behringer employees hired by us, transfers of office equipment and similar items. Behringer provided shareholder services from June 30, 2014 through November 20, 2014 at a cost of $2.9 million , including an early termination payment related to our listing on the NYSE. In addition to the above transactions, the Company incurred other expenses related to our transition to self-management and listing on the NYSE, primarily related to Special Committee and Company legal and financial advisors and general transition services (primarily staffing, name change, notices, transition-related insurance, information technology and facilities). The table below represents the components of our transition expenses for the year ended December 31, 2014 (in millions). We did not incur any transition expenses for the years ended December 31, 2016 and 2015 . For the Year ended December 31, 2014 Special Committee and Company legal and financial advisors $ 0.9 General transition services: Behringer 2.9 Other service providers 2.5 Expenses related to listing on the NYSE 6.4 Total transition expenses $ 12.7

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Substantially all of our Co-Investment Ventures include buy/sell provisions and substantially all of our Developer CO-JVs also include mark to market 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 or in the case of a mark to market provision, we have the option to purchase the Developer Partner’s ownership interest at the established market price or sell the multifamily community. As of December 31, 2016 , no such buy/sell offers are outstanding or mark to market provisions are available. In the ordinary course of business, the multifamily communities in which we have investments may have commitments to provide affordable housing. Under these arrangements, we generally receive from the resident a below market rent, which is determined by a local or national authority. In certain markets, a local or national housing authority may make payments covering some or substantially all of the difference between the restricted rent paid by residents and market rents. In connection with our acquisition of The Gallery at NoHo Commons, we assumed an obligation to provide affordable housing through 2048. As partial reimbursement for this obligation, the California housing authority will make level annual payments of approximately $2.0 million through 2028 and no reimbursement for the remaining 20 -year period. We may also be required to reimburse the California housing authority if certain operating results are achieved on a cumulative basis during the term of the agreement. At the acquisition, we recorded a liability of $14.0 million based on the fair value of the terms over the life of the agreement. In addition, we record rental revenue from the California housing authority on a straight-line basis, deferring a portion of the collections as deferred lease revenues. As of December 31, 2016 and 2015 , we have approximately $19.5 million and $18.9 million , respectively, of carrying value for deferred lease revenues related to The Gallery at NoHo Commons. As of December 31, 2016 , we have entered into construction and development contracts with $100.4 million remaining to be paid, primarily related to a single development. These construction costs are expected to be paid during the completion of the development and construction period, generally within 24 months . Future minimum lease payments due on our lease commitment payables, primarily related to our corporate office lease which expires in 2024, are as follows (in millions): Future Minimum Lease Payments 2017 $ 0.7 2018 0.8 2019 0.8 2020 0.8 2021 0.8 Thereafter 2.4 Total $ 6.3 To address disagreements related to the timing of the start and end of the measurement period of the conversion provisions of the Series A Preferred Stock (See Note 12, “Stockholders Equity”), the Company’s board of directors formed a special determination committee in 2015. The special determination committee made and the board of directors approved that the measurement period begins on January 2, 2017 and ends on February 13, 2017 and on September 30, 2016, the Company filed a complaint and a motion for summary judgment that such determination is conclusive and binding upon the Company and Behringer, as the sole holder of the Series A Preferred Stock. Subsequently Behringer filed a complaint seeking a contrary declaration. The court is currently reviewing the motion for summary judgment and appeals from both parties, where a hearing on the motion has been scheduled for March 13, 2017. As a result of the board of directors’ prior determinations and based on the trading price of the Company’s common stock during the measurement period, all outstanding shares of Series A Preferred Stock were canceled on February 13, 2017 without further consideration. As of December 31, 2016, any uncertainty over the terms and timing of the measurement period or the status of the Series A Preferred Stock has not resulted in any contingencies related to any reported financial statement amounts, including but not limited to calculations of basic and diluted earnings per share or the accounting presentation of the Series A Preferred Stock. However, the outcome of the litigation and timing of the court’s ruling on the Company’s judicial declaration request with respect to the determination by the Company’s board of directors that the measurement period ends on February 13, 2017 are uncertain and no assurances can be given with respect to the outcome of the declaration the Company is seeking from the court. In addition, in the event the court rules in favor of Behringer, we cannot predict the consequences of such ruling, including the possibility of a monetary judgment against us or the effect of such ruling on the shares of Series A Preferred Stock that were canceled on February 13, 2017 without further consideration. We are also subject to various legal proceedings and claims which arise in the ordinary course of business, operations and developments. Matters which relate to property damage or general liability claims are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on our consolidated financial statements.

Fair Value of Derivatives and F

Fair Value of Derivatives and Financial Instruments	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Derivatives and Financial Instruments	Fair Value of Derivatives and Financial Instruments Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy) has been established. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. In connection with our measurements of fair value related to many real estate assets, noncontrolling interests, financial instruments and contractual rights, there are generally not available observable market price inputs for substantially the same items. Accordingly, each of these are classified as Level 3, and we make assumptions and use various estimates and pricing models, including, but not limited to, the estimated cash flows, discount and interest rates used to determine present values, market capitalization rates, sales of comparable investments, rental rates, costs to lease communities, useful lives of the assets, the cost of replacing certain assets, and equity valuations. These estimates are from the perspective of market participants and may also be obtained from independent third-party appraisals. However, we are responsible for the source and use of these estimates. A change in these estimates and assumptions could be material to our results of operations and financial condition. Financial Instruments Carried at Fair Value on a Recurring Basis We currently use interest rate cap arrangements with financial institutions to manage our exposure to interest rate changes for our loans that utilize floating interest rates. The fair value of the interest rate caps are determined using Level 2 inputs under the fair value hierarchy. These inputs include quoted prices for similar interest rate cap arrangements, including consideration of the remaining term, the current yield curve, and interest rate volatility. Because our interest rate caps are on standard, commercial terms with national financial institutions, credit issues are not considered significant. As of December 31, 2016 , we have $0.2 million of interest rate caps that are carried at fair value on a recurring basis. The following fair value hierarchy table presents information about our assets measured at fair value on a recurring basis for the year ended December 31, 2016 (in millions): For the Year Ended December 31, 2016 Level 1 Level 2 Level 3 Total Fair Value Gain (Loss) Other assets Interest rate caps $ — $ 0.2 $ — $ 0.2 $ — For the years ended December 31, 2015 and 2014 , we had no fair value adjustments on a recurring basis. Nonrecurring Basis — Fair Value Adjustments As discussed in Note 5, “Real Estate Investments,” we recorded an impairment charge related to one of our developments in May 2015. Prior to the impairment, the development had a net carrying value of $44.4 million . The $3.1 million impairment is included in the line item “Acquisition, investment and development expenses” on the consolidated statement of operations. The fair value for the development was determined based upon the terms of the purchase and sale agreement which closed in June 2015. We consider this a Level 2 input under the fair value hierarchy. As discussed in Note 11, “Noncontrolling Interests”, we acquired a controlling interest in an unconsolidated investment in real estate joint venture in May 2015. We consolidated the Custer PGGM CO-JV and recognized a loss related to the revaluation of our equity interest for the difference between our carrying value and the fair value of the investment. The fair value was determined based upon the pay-off value of the note receivable and its related accrued interest, both of which were repaid shortly after the acquisition of the controlling interest. We consider this a Level 2 input under the fair value hierarchy. The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015 (in millions): For the Year Ended December 31, 2015 Level 1 Level 2 Level 3 Total Fair Value Gain (Loss) Assets Construction in progress $ — $ 41.2 $ — $ 41.2 $ (3.1 ) Other Assets — 16.6 — 16.6 — $ — $ 57.8 $ — $ 57.8 $ (3.1 ) For the years ended December 31, 2016 and 2014 , we had no fair value adjustments on a nonrecurring basis. Financial Instruments Not Carried at Fair Value Financial instruments held as of December 31, 2016 and 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 December 31, 2016 and 2015 are as follows (in millions): December 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Mortgages and notes payable $ 1,531.5 $ 1,533.8 $ 1,473.0 $ 1,473.1 Less: deferred financing costs, net (9.3 ) (11.7 ) Mortgages and notes payable, net $ 1,522.2 $ 1,461.3

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements From our inception to July 31, 2013, we had no employees, were externally managed by Behringer and were supported by related party service agreements, as further described below. Through July 31, 2013, we exclusively relied on Behringer to provide certain services and personnel for management and day-to-day operations, including advisory services and property management services provided or performed by Behringer. Effective July 31, 2013, we entered into the Self-Management Transition Agreements as discussed in Note 13, “Transition Expenses.” From the Initial Closing through June 30, 2014, we hired executives and staff who were previously employees of Behringer and began hiring other employees, completing our transition to a self-managed company. The services provided by Behringer included acquisition and advisory, property management, and asset management services which terminated on June 30, 2014 and debt financing services which terminated on June 30, 2015. The table below shows the fees, expense reimbursements, and settlement expenses related to Behringer in exchange for such services for the years ended December 31, 2016 , 2015, and 2014 (in millions): For the Year Ended 2016 2015 2014 Acquisition and advisory fees $ — $ — $ 4.3 Property management fees — — 11.3 Debt financing fees — 0.2 2.4 Asset management fees — — 3.8 Administrative expense reimbursements — — 1.0 Shareholder services (a) — — 2.9 Settlement expenses (b) 1.6 — — (a) Includes an early termination payment of $2.3 million to Behringer related to our listing on the NYSE. See further discussion in Note 13, “Transition Expenses.” (b) On February10, 2017, the Company and Behringer agreed to settle claims asserted in litigation relating to the payment of certain disputed fees under the terms the Self-Management Transition Agreements. Under the terms of the settlement agreement, the Company paid Behringer approximately $1.6 million in consideration for the settlement of the litigation and a full release by both parties from all claims relating to the disputed fees in the Self-Management Transition Agreements. The settlement was expensed for the year ended December 31, 2016 and as of December 31, 2016 is included in accounts payable and other liabilities.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	12 Months Ended
	Dec. 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 years ended December 31, 2016 , 2015 and 2014 is summarized below (in millions): For the Year Ended 2016 2015 2014 Supplemental disclosure of cash flow information: Interest paid, net of amounts capitalized of $7.7 million, $16.5 million and $17.8 million in 2016, 2015 and 2014, respectively $ 43.7 $ 30.1 $ 20.8 Non-cash investing and financing activities: Funds deposited in escrow related to a development acquisition — — 1.5 Transfer of real estate from construction in progress to operating real estate 290.0 679.4 286.6 Conversion of investment in unconsolidated real estate joint venture into notes receivable — 5.0 0.8 Stock issued pursuant to our DRIP — — 20.5 Distributions payable 12.5 12.5 12.5 Construction costs and other related payables 18.1 34.9 92.2

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements. Distributions for the First Quarter of 2017 Our board of directors has authorized a distribution in the amount of $0.075 per share on all outstanding shares of common stock of the Company for the first quarter of 2017. The distribution is payable April 7, 2017 to stockholders of record at the close of business on March 31, 2017 . Acquisition of a Multifamily Community In January 2017, we acquired a 175 -unit multifamily community in Los Angeles, California for a gross purchase price of $105 million , before any closing costs. The purchase was funded from the proceeds of the tax like-kind exchange escrow of approximately $56.8 million , the sale of the multifamily community as discussed below and the remainder primarily funded from our credit facilities. Sale of a Multifamily Community In February 2017 , we sold a 149 -unit multifamily community in Dallas, Texas for a gross sales price of $42.0 million , before any closing costs, and an approximate gain on sale of $16.0 million . As of December 31, 2016 , the net carrying value of the multifamily community was $25.6 million . The related outstanding mortgage of $19.9 million was repaid at closing from the sales proceeds.

Quarterly Results (unaudited)

Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (unaudited)	Quarterly Results (unaudited) Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2016 and 2015 (in thousands, except per share data): 2016 Quarters Ended March 31 June 30 September 30 December 31 Rental revenues $ 65,547 $ 68,551 $ 72,181 $ 74,461 Income (loss) from continuing operations $ (11,060 ) $ (11,927 ) $ 9,356 $ 21,554 Net income (loss) attributable to common stockholders $ (8,307 ) $ (9,218 ) $ 4,452 $ 22,537 Basic weighted average shares outstanding 166,743 166,800 166,876 166,880 Diluted weighted average shares outstanding 166,743 166,800 167,649 167,660 Basic and diluted earnings (loss) per share $ (0.05 ) $ (0.06 ) $ 0.03 $ 0.13 2015 Quarters Ended March 31 June 30 September 30 December 31 Rental revenues $ 56,643 $ 59,105 $ 59,191 $ 63,129 Income (loss) from continuing operations $ (1,177 ) $ 44,473 $ 30,876 $ (7,489 ) Net income (loss) attributable to common stockholders $ (833 ) $ 49,196 $ 31,362 $ (5,937 ) Basic weighted average shares outstanding 166,509 166,541 166,563 166,628 Diluted weighted average shares outstanding 166,509 167,202 167,260 167,247 Basic and diluted earnings (loss) per share $ (0.01 ) $ 0.29 $ 0.19 $ (0.04 )

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts Schedule II	12 Months Ended
	Dec. 31, 2016
Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts Schedule II	Valuation and Qualifying Accounts Schedule II December 31, 2016 (in thousands) Allowance for Doubtful Accounts Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Year For the Year Ended December 31, 2016 $ 246 $ 1,100 $ — $ 883 $ 463 For the Year Ended December 31, 2015 144 746 — 644 246 For the Year Ended December 31, 2014 102 550 — 508 144

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation Schedule III	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Schedule III	Real Estate and Accumulated Depreciation Schedule III December 31, 2016 (in thousands) Initial Cost Costs Subsequent to Acquisition/ Construction Gross Property Name Location Land Buildings and Improvements Accumulated Depreciation (a) Year of Completion/ Acquisition(b) Encumbrances(c) 4110 Fairmount Dallas, TX $ 7,244 $ 36,150 $ 196 $ 43,590 $ 4,490 2014/2012 $ 24,630 4550 Cherry Creek(d) Denver, CO 7,910 70,184 1,661 79,755 17,146 2004/2011 39,500 55 Hundred(d) Arlington, VA 13,196 67,515 896 81,607 15,840 2010/2011 40,530 7166 at Belmar(d) Lakewood, CO 3,385 52,298 2,125 57,808 12,644 2008/2011 28,500 Acacia on Santa Rosa Creek Santa Rosa, CA 8,100 29,512 2,180 39,792 10,001 2003/2010 29,000 Acappella San Bruno, CA 8,000 46,973 811 55,784 12,947 2010/2010 29,517 The Alexan(f) Dallas, Texas 16,550 78,553 — 95,103 647 N/A /2013 50,862 Allegro(e) Addison, TX 3,900 55,355 1,888 61,143 13,727 2013/2010 5,888 Allusion West University Houston, TX 9,440 31,372 122 40,934 4,146 2014/2012 20,491 Argenta San Francisco, CA 11,100 81,624 1,885 94,609 19,833 2008/2011 52,000 Arpeggio Victory Park Dallas, TX 11,000 47,443 176 58,619 6,042 2014/2012 28,961 Bailey's Crossing(d) Alexandria, VA 22,214 108,145 1,293 131,652 25,578 2010/2011 76,000 Blue Sol Costa Mesa, CA 7,167 30,145 155 37,467 3,079 2014/2013 — Briar Forest Lofts(d) Houston, TX 4,623 40,155 875 45,653 9,672 2008/2011 19,833 Burrough's Mill(d) Cherry Hill, NJ 10,075 51,869 1,129 63,073 14,053 2004/2011 24,200 Calypso Apartments and Lofts(d) Irvine, CA 13,902 42,730 672 57,304 10,158 2008/2011 29,500 The Cameron Silver Spring, MD 25,191 77,737 774 103,702 17,970 2010/2011 62,207 Cyan on Peachtree Atlanta, GA 9,302 60,180 — 69,482 4,272 2015/2013 39,114 The District Universal Boulevard Orlando, FL 5,161 57,448 1,167 63,776 13,545 2009/2011 35,946 Eclipse(d) Houston, TX 6,927 44,078 603 51,608 10,972 2009/2011 19,687 Ev San Diego, CA 10,400 73,547 293 84,240 4,260 2015/2015 — Everly Wakefield, MA 6,101 39,503 929 46,533 4,071 2014/2012 22,982 Fitzhugh Urban Flats(d) Dallas, TX 9,394 48,884 1,500 59,778 12,269 2009/2011 26,372 Forty55 Lofts(d) Marina del Rey, CA 11,382 68,966 648 80,996 16,286 2010/2011 25,500 The Franklin Delray Delray Beach, FL 9,065 24,229 121 33,415 3,631 2013/2012 — The Gallery at NoHo Commons Los Angeles, CA 28,700 78,309 2,693 109,702 25,768 2008/2009 55,000 Grand Reserve(g) Dallas, TX 2,980 29,231 (530 ) 31,681 6,114 2009/2012 19,944 The Lofts at Park Crest McLean, VA — 49,737 675 50,412 14,367 2008/2010 42,290 The Mark Boca Raton, FL 13,520 68,574 175 82,269 3,720 2015/2015 — The Mile Miami, FL 11,444 38,578 — 50,022 376 2016/2015 — Muse Museum District Houston, TX 11,533 36,189 668 48,390 4,084 2014/2012 26,700 Nouvelle Tysons Corner, VA 30,515 148,668 — 179,183 7,844 2015/2013 82,566 Initial Cost Costs Subsequent to Acquisition/ Construction Gross Property Name Location Land Buildings and Improvements Accumulated Depreciation (a) Year of Completion/ Acquisition(b) Encumbrances(c) OLUME San Francisco, CA 12,906 53,196 — 66,102 1,735 2016/2014 — Pembroke Woods Pembroke, MA 11,520 29,807 1,369 42,696 6,677 2006/2012 4,112 Point 21 Denver, CO 6,453 41,375 174 48,002 3,417 2014/2012 26,552 San Sebastian(d) Laguna Woods, CA 7,841 29,037 378 37,256 7,715 2010/2011 20,794 Satori(d) Fort Lauderdale, FL 8,223 75,126 1,730 85,079 18,053 2010/2011 51,000 SEVEN Austin, TX 6,041 54,551 — 60,592 3,992 2015/2011 32,483 Skye 2905 Denver, CO 13,831 87,491 654 101,976 20,091 2010/2011 54,711 SoMa Miami, FL 21,647 80,357 — 102,004 3,593 2016/2013 56,906 Stone Gate Marlborough, MA 8,300 54,634 2,221 65,155 14,175 2007/2011 33,276 Verge San Diego, CA 26,620 100,502 — 127,122 5,178 2016/2013 60,736 Vara San Francisco, CA 20,200 88,500 938 109,638 13,172 2013/2013 57,000 The Venue(d) Clark County, NV 1,520 24,249 338 26,107 5,944 2009/2011 10,326 Veritas(d) Henderson, NV 4,950 55,607 653 61,210 12,430 2011/2012 33,911 West Village Mansfield, MA 5,301 30,068 879 36,248 7,986 2008/2011 19,232 Zinc Cambridge, MA 23,170 160,726 — 183,896 8,159 2015/2012 105,329 $ 527,944 $ 2,779,107 $ 35,114 $ 3,342,165 $ 461,869 $ 1,524,088 _____________________________________ (a) Each of our communities has a depreciable life of 25 to 35 years . Improvements have depreciable lives ranging from 3 to 15 years . (b) For multifamily communities developed by the Company, year of acquisition represents the year of our initial investment in the development. (c) Encumbrances include mortgages and notes payable and the $150 Million Facility which had an outstanding balance of $10.0 million as of December 31, 2016 . The $150 Million Facility is collateralized by the following communities: Allegro and Pembroke Woods. The $150 Million Facility balance was allocated to each community based upon its relative gross real estate amount carried at December 31, 2016 . Encumbrances related to mortgage loans excludes $11.2 million of deferred financing costs and $1.0 million of unamortized adjustment from business combinations as of December 31, 2016 . (d) Community is owned through a Co-Investment Venture. Initial cost is the cost recorded at time of consolidation. Year acquired is the year the property was consolidated. (e) During 2013, we completed development of the second phase of Allegro which added an additional 121 units. Phase I of the community was initially completed in 2010. (f) For our developments, we transfer costs of a community to land, buildings and improvements as units are completed and capable of generating operating revenue. As of December 31, 2016 , The Alexan was 96% complete and is expected to be completed in 2017 . (g) Subsequent to December 31, 2016 , the multifamily community was sold. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2016 , 2015 , and 2014 is as follows (in thousands): For the Year Ended December 31, 2016 2015 2014 Real Estate: Balance at beginning of year $ 3,125,053 $ 2,423,704 $ 2,170,747 Additions: Additions, acquisitions and/or consolidation of joint ventures 298,904 854,472 292,802 Deductions: Sale of real estate property (81,792 ) (153,123 ) (39,845 ) Balance at end of year $ 3,342,165 $ 3,125,053 $ 2,423,704 Accumulated Depreciation: Balance at beginning of year $ 357,036 $ 280,400 $ 195,048 Depreciation expense 121,963 98,796 88,806 Deductions (17,130 ) (22,160 ) (3,454 ) Balance at end of year $ 461,869 $ 357,036 $ 280,400

Mortgage Loans on Real Estate S

Mortgage Loans on Real Estate Schedule IV	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans on Real Estate Schedule IV	Mortgage Loans on Real Estate Schedule IV December 31, 2016 (in thousands) Mezzanine Loans by Community Interest Rate Maturity Date Periodic Payment Terms Prior Liens Face Amount of Note Carrying Amount of Note Principal Amount of Loans Subject to Delinquent Principal or Interest Jefferson at Stonebriar 15 % June 2018 Principal and interest at maturity N/A $ 16,735 $ 16,493 $ — Jefferson at Riverside 15 % June 2018 Principal and interest at maturity N/A 10,436 10,256 — $ 27,171 $ 26,749 $ — Reconciliation of the Carrying Amount of Mortgage Loans (in thousands): Balance at January 1, 2014 $ 52,811 Additions during 2014: New notes receivable, including advances under mezzanine loans 6,762 Capitalized acquisition costs, net of unearned fee income 133 Deductions during 2014: Amortization of acquisition costs and fee income 44 Balance at December 31, 2014 59,750 Additions during 2015: New notes receivable, including advances under mezzanine loans (a) 9,877 Capitalized acquisition costs, net of unearned fee income (843 ) Deductions during 2015: Collections of principal and loan payoffs (a) (32,462 ) Amortization of acquisition costs and fee income 164 Balance at December 31, 2015 36,486 Additions during 2016: Advances under mezzanine loans 17,294 Capitalized acquisition costs, net of unearned fee income (112 ) Deductions during 2016: Collections of principal and loan payoffs (27,289 ) Amortization of acquisition costs and fee income 370 Balance at December 31, 2016 $ 26,749 (a) Excludes $4.4 million related to the conversion of an investment in an unconsolidated real estate joint venture into a note receivable that was subsequently repaid in May 2015.

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include our consolidated accounts and the accounts of our wholly owned and majority owned subsidiaries. We also consolidate other entities in which we have a controlling financial interest or other entities (referred to as variable interest entities or “VIEs”) where we are determined to be the primary beneficiary. VIEs, as defined by GAAP, are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. The primary beneficiary is required to consolidate a VIE for financial reporting purposes. The determination of the primary beneficiary requires management to make significant estimates and judgments about our rights, obligations and economic interests in such entities as well as the same of the other owners. See Note 6, “Variable Interest Entities” for further information about our VIEs. For entities in which we have less than a controlling financial interest or entities with respect to which we are not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities is included in consolidated net income. All inter-company accounts and transactions have been eliminated in consolidation.
Principles of Consolidation	The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include our consolidated accounts and the accounts of our wholly owned and majority owned subsidiaries. We also consolidate other entities in which we have a controlling financial interest or other entities (referred to as variable interest entities or “VIEs”) where we are determined to be the primary beneficiary. VIEs, as defined by GAAP, are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. The primary beneficiary is required to consolidate a VIE for financial reporting purposes. The determination of the primary beneficiary requires management to make significant estimates and judgments about our rights, obligations and economic interests in such entities as well as the same of the other owners. See Note 6, “Variable Interest Entities” for further information about our VIEs. For entities in which we have less than a controlling financial interest or entities with respect to which we are not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities is included in consolidated net income. All inter-company accounts and transactions have been eliminated in consolidation.
Real Estate and Other Related Intangibles	Real Estate and Other Related Intangibles Acquisitions Prior to October 1, 2016, real estate communities acquired by us or our Co-Investment Ventures were generally classified as business combinations. Effective as of October 1, 2016, we early adopted the revised guidance regarding business combinations as further discussed below under “Recently Adopted Accounting Pronouncements.” Acquisitions of real estate communities occurring on or after October 1, 2016 are generally not expected to qualify as business combinations, but rather asset acquisitions. Prior to October 1, 2016, we record the acquired assets and liabilities based on their fair values, including tangible assets (consisting of land, any associated rights, buildings and improvements), identified intangible assets and liabilities, asset retirement obligations, assumed debt, other liabilities and noncontrolling interests. Identified intangible assets and liabilities primarily consist of the fair value of in-place leases and contractual rights. Prior to October 1, 2016, any goodwill was recognized as of the acquisition date and measured as the aggregate fair value of the consideration transferred and any noncontrolling interest in the acquiree over the fair value of identifiable net assets acquired. Likewise, a bargain purchase gain was recognized in current earnings when the aggregate fair value of the consideration transferred and any noncontrolling interest in the acquiree were less than the fair value of the identifiable net assets acquired. Effective October 1, 2016, the purchase price is allocated on a relative fair value basis to the identified assets and liabilities and no goodwill or bargain purchase gain is recognized. The following discussion applies to our initial determination of fair value and the resulting subsequent accounting is applicable to all periods. The fair value of any tangible real estate assets acquired is determined by valuing the community as if it were vacant, and the “as-if-vacant” value is then allocated to land, buildings and improvements. Land values are derived from appraisals, and building values are calculated as replacement cost less depreciation or estimates of the relative fair value of these assets using net operating income capitalization rates, discounted cash flow analyses or similar methods. When we acquire rights to use land or improvements through contractual rights rather than fee simple interests, we determine the value of the use of these assets based on the relative fair value of the assets after considering the contractual rights and the fair value of similar assets. Assets acquired under these contractual rights are classified as intangibles and amortized on a straight-line basis over the shorter of the contractual term or the estimated useful life of the asset. Contractual rights related to land or air rights that are substantively separated from depreciating assets are amortized over the life of the contractual term or, if no term is provided, are classified as indefinite-lived intangibles. Intangible assets are evaluated at each reporting period to determine whether the indefinite and finite useful lives are appropriate. We determine in-place lease values based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant by applying a fair value model. The estimates of fair value of in-place leases include an estimate of carrying costs during the expected lease up periods for the respective leasable area considering current market conditions. In estimating fair value of in-place leases, we consider items such as real estate taxes, insurance, leasing commissions, tenant improvements and other operating expenses to execute similar deals as well as projected rental revenue and carrying costs during the expected lease up period. We amortize the value of in-place leases acquired to expense over the remaining term of the leases. The in-place leases are amortized over the remaining term of the in-place leases, approximately a six month term for multifamily in-place leases and terms ranging from three to 20 years for retail in-place leases. We determine the value of above-market and below-market in-place leases for acquired communities based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) estimates of current market lease rates for the corresponding in-place leases, measured over a period equal to (i) the remaining non-cancelable lease term for above-market leases, or (ii) the remaining non-cancelable lease term plus any fixed rate renewal options for below-market leases. We record the fair value of above-market and below-market leases as intangible assets or intangible liabilities, respectively, and amortize them as an adjustment to rental income over the above determined lease term. Given the short-term nature of multifamily leases, the value of above-market or below-market in-place leases are generally not material. We determine the value of other contractual rights based on our evaluation of the specific characteristics of the underlying contracts and by applying a fair value model to the projected cash flows or usage rights that considers the timing and risks associated with the cash flows or usage. We amortize the value of finite contractual rights over the remaining contract period. Indefinite-lived contractual rights are not amortized but are evaluated for impairment. We determine the fair value of assumed debt by calculating the net present value of the scheduled debt service payments using currently available market-based terms for interest rates for debt with similar terms and remaining maturities that management believes we could obtain. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan. Initial valuations are subject to change until our information is finalized, which is no later than 12 months from the acquisition date. We have had no significant valuation changes for acquisitions prior to December 31, 2016 . Developments We capitalize project costs related to the development and construction of real estate (including interest, real estate taxes, insurance, and other direct costs associated with the development) as a cost of the development. Indirect project costs not clearly related to development and construction are expensed as incurred. Indirect project costs that clearly relate to development and construction are capitalized and allocated to the developments to which they relate. For each development, capitalization begins when we determine that the development is probable and significant development activities are underway. We suspend capitalization at such time as significant development activity ceases, but future development is still probable. We cease capitalization when the developments or other improvements, including any portion 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. Depreciation Buildings are depreciated over their estimated useful lives ranging from 25 to 35 years using the straight-line method. Improvements are depreciated over their estimated useful lives ranging from 3 to 15 years using the straight-line method. Communities classified as held for sale are not depreciated. Depreciation of developments begins when the development is substantially completed and ready for its intended use. Repairs and Maintenance Expenditures for ordinary repairs and maintenance costs are charged to expense as incurred.
Impairment of Real Estate Assets	Impairment of Real Estate Related Assets If events or circumstances indicate that the carrying amount of the community may not be recoverable, we make an assessment of the community’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 community. 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 December 31, 2016 and 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.
Noncontrolling Interests	Noncontrolling Interests Redeemable noncontrolling interests are comprised of our consolidated Co-Investment Venture partners’ interests in multifamily communities where we believe it is probable that we will be required to purchase the partner’s noncontrolling interest. We record obligations under the redeemable noncontrolling interest initially at the higher of (a) fair value or (b) the redemption value with subsequent increased adjustments based on our assessment of the probable amount of redemption. The redeemable noncontrolling interests are temporary equity not within our control and are presented in our consolidated balance sheet outside of permanent equity between debt and equity. The determination of the redeemable classification requires analysis of contractual provisions and judgments of redemption probabilities. Non-redeemable noncontrolling interests are comprised of our consolidated Co-Investment Venture partners’ interests in multifamily communities as well as preferred cumulative, non-voting membership units (“Preferred Units”) issued by subsidiary REITs. We record these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss or equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic interests. Transactions involving a partial sale or acquisition of a noncontrolling interest that does not result in a change of control are recorded at carrying value with no recognition of gain or loss. Any differences between the cash received or paid (net of any direct expenses) and the change in noncontrolling interest is recorded as a direct charge to additional paid-in capital. Transactions involving a partial sale or acquisition of a controlling interest resulting in a change in control are recorded at fair value with recognition of a gain or loss.
Other Assets	Other Assets Other assets primarily include notes receivable, accounts receivable, restricted cash, interest rate caps, prepaid assets and deposits. We evaluate whether notes receivable are loans, investments in joint ventures or acquisitions of real estate based on a review of any rights to participate in expected residual profits and other equity and loan characteristics. As of and for the years ended December 31, 2016 and 2015 , all of our notes receivable were appropriately accounted for as loans. We account for our derivative financial instruments, all of which are interest rate caps, at fair value. We use interest rate cap arrangements to manage our exposure to interest rate changes. We have not designated any of these derivatives as hedges for accounting purposes, and accordingly, changes in fair value are recognized in earnings.
Revenue Recognition	Revenue Recognition Rental income related to leases is recognized on an accrual basis when due from residents or commercial tenants, generally on a monthly basis. Rental revenues for leases with uneven payments and terms greater than one year are recognized on a straight-line basis over the term of the lease. Any deferred revenue is classified as a liability on the consolidated balance sheet and recognized on a straight-line basis as income over its contractual term. Interest income is generated primarily on notes receivable and cash balances. Interest income is recorded on an accrual basis as earned.
Acquisition Costs	Acquisition Costs Prior to October 1, 2016, non-reimbursed acquisition costs for business combinations were expensed when it was probable that the transaction would be accounted for as a business combination and the purchase would be consummated. Effective as of October 1, 2016, we adopted the revised guidance regarding business combinations as further discussed below under “Recently Adopted Accounting Pronouncements.” Acquisitions of real estate communities occurring on or after October 1, 2016 are generally not expected to be business combinations, and accordingly, acquisition costs incurred on or after October 1, 2016 are capitalized and included in the purchase price of an acquisition of a multifamily community. Acquisition costs related to unimproved or non-operating land, primarily related to developments, are capitalized. Acquisition costs incurred prior to consummation of an acquisition are recorded in other assets. In the event, an acquisition is not consummated, any capitalized acquisition costs are expensed upon that determination.
Transition Expenses	Transition Expenses Transition expenses include expenses directly and specifically related to our transition to self-management, primarily including legal, financial advisors, consultants, costs of the Company’s special committee of the board of directors (the “Special Committee”), general transition services (primarily related to staffing, name change, notices, transition-related insurance, information technology and facilities), expenses related to our listing on the NYSE and payments to our prior advisor and its affiliates, collectively referred to as “Behringer,” in connection with the transition to self-management discussed further in Note 13, “Transition Expenses.”
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Code and have qualified as a REIT since the year ended December 31, 2007. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax at the corporate level. We intend to operate in such a manner as to continue to qualify for taxation as a REIT, but no assurance can be given that we will operate in a manner so as to remain qualified as a REIT. Beginning in 2013, taxable income from certain non-REIT activities is managed through a taxable REIT subsidiary (“TRS”) and is subject to applicable federal, state, and local income and margin taxes. We have no significant taxes associated with our TRS for the years ended December 31, 2016 , 2015 or 2014 . We have evaluated the current and deferred income tax related to state taxes with respect to which we do not have a REIT exemption, and we have no significant tax liability or benefit as of December 31, 2016 or 2015 . The carrying amounts of our assets and liabilities for financial statement purposes differ from our basis for federal income taxes due to tax accounting in Co-Investment Ventures, fair value accounting for business combinations, capitalization of interest and acquisition costs, straight lining of lease and related agreements and differing depreciation methods. The primary asset and liability balance sheet accounts with differences are real estate, intangibles, other assets, mortgages and notes payable and deferred revenues, primarily lease revenues, net. As a result of these differences, our net federal income tax basis exceeds the carrying value for financial statement purposes as of December 31, 2016 by approximately $66.9 million . We recognize the financial statement benefit of an uncertain tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit.
Concentration of Credit Risk	Concentration of Credit Risk We invest our cash and cash equivalents among several banking institutions and money market accounts in an attempt to minimize exposure to any one of these entities. As of December 31, 2016 and 2015 , we had cash and cash equivalents deposited in certain financial institutions in excess of federally-insured levels. We regularly monitor the financial condition of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents.
Share-based Compensation	Share-based Compensation We have a stock-based incentive award plan for our employees and directors. Compensation expense associated with restricted stock units is recognized in general and administrative expenses in our consolidated statements of operations. We measure stock-based compensation at the estimated fair value on the grant date and recognize the amortization of compensation expense over the requisite service period.
Earnings per Share	Earnings per Share Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting basic earnings per share for the dilutive effect of the assumed exercise of securities, including the effect of shares issuable under our preferred stock and our stock-based incentive plans. Our unvested share-based awards are considered participating securities and are reflected in the calculation of diluted earnings per share. During periods of net loss, the assumed exercise of securities is anti-dilutive and is not included in the calculation of earnings per share. During 2016 and 2015, the dilutive impact was less than $0.01 , and during 2014, any common stock equivalents were anti-dilutive. For all periods presented, the convertible preferred stock was excluded from the calculation of earnings per share because the effect would not be dilutive.
Redemptions of Common Stock	Redemptions of Common Stock We account for the possible redemption of our shares by classifying securities that are convertible for cash at the option of the holder outside of equity. We do not reclassify the shares to be redeemed from equity to a liability until such time as the redemption has been formally approved by our board of directors. The portion of the redeemed common stock in excess of the par value is charged to additional paid-in capital.
Reportable Segments	Reportable Segments Our current business primarily consists of investing in and operating multifamily communities. Substantially all of our consolidated net income (loss) is from investments in real estate communities that we wholly own or own through Co-Investment Ventures. Our management evaluates operating performance on an individual investment level. However, as each of our investments has similar economic characteristics in our consolidated financial statements, the Company is managed on an enterprise-wide basis with one reportable segment.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes to consolidated financial statements. These estimates include such items as: the purchase price allocations for real estate and other acquisitions; impairment of long-lived assets, notes receivable; fair value evaluations; earning recognition of noncontrolling interests ; depreciation and amortization; and share-based compensation measurements. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain financial information on the Consolidated Statements of Operations for the years ended December 31, 2015 and 2014 have been revised to conform to the current year presentation. For the years ended December 31, 2015 and 2014 , the consolidated statement of operations reflects the single line item “acquisition, investment and development expenses” that was previously presented on two lines “acquisition expenses” (approximately $0.6 million and $0.0 million , respectively) and “investment and other development expenses” (approximately $4.2 million and $1.2 million , respectively).
Recently Adopted and New Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements - Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The guidance was effective for annual periods ending after December 15, 2016. The guidance relates to management’s responsibility in evaluating whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures as applicable. The adoption of this guidance did not have an impact on our consolidated financial statements. In February 2015, the FASB issued 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 6, "Variable Interest Entities," were classified as VIEs. 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.” The guidance 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 consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which affects the presentation of how share-based payments are accounted for and presented in the financial statements. We adopted the standard during the second quarter of 2016 effective as of January 1, 2016 on a modified retrospective basis. The adoption of this pronouncement did not have any effect on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Clarifying the Definition of a Business,” with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The revised guidance provides a screen to determine when a set of assets and activities (collectively referred to as a “set”) is a business or not. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The FASB made two exceptions in which a company should combine separately identifiable assets into a single asset (1) certain tangible assets attached to each other that cannot be removed without significant cost or diminution in utility or fair value and (2) in-place lease intangibles, including favorable and unfavorable lease assets and liabilities, and the related leased assets. We adopted the standard effective October 1, 2016 on a prospective basis. New Accounting Pronouncements 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; however, our accounting for the sale of real estate will be required to follow the revised guidance. The revised guidance allows for the use of either the full or modified retrospective transition method. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this guidance. 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 each of our revenue streams for the effect that the adoption of the revised guidance will have on our consolidated financial statements and related disclosures. We do not expect the new guidance to have a significant effect on the recognition of our real estate sales; however, such final determination can only be made based on the specific terms of such sale. We plan to adopt the guidance effective January 1, 2018. In February 2016, the FASB issued a new standard, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less, which are our primary lease term, will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. This guidance is effective for fiscal years and interim periods within those years beginning after December 31, 2018, and early adoption is permitted. This standard must be applied as of the beginning of the earliest comparative period presented in the year of adoption. We are currently evaluating our leases to determine the impact this standard may have on our consolidated financial statements and related disclosures. As a lessee, we have a limited number of lease agreements, mostly related to our office space and office equipment. As a lessor, our primary multifamily community leases are less than one year, and we expect that only our long-term leases, primarily retail leases, will be affected. In August 2016, the FASB issued guidance, which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. In November 2016, the FASB issued additional guidance requiring that a statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period using a retrospective transition method to each period presented. We are currently evaluating the full impact of the new standard.

Organization and Business (Tabl

Organization and Business (Tables)	12 Months Ended
	Dec. 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 December 31, 2016 and 2015 . The effective ownership ranges are based on our participation in the distributable operating cash from our investment in the underlying multifamily community. 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. December 31, 2016 December 31, 2015 Co-Investment Structure Number of Multifamily Communities Our Effective Ownership Number of Multifamily Communities Our Effective Ownership PGGM CO-JVs (a) 21 50% to 70% 23 50% to 70% MW CO-JVs 14 55% 14 55% Developer CO-JVs 2 100% 2 100% Total 37 39 (a) As of December 31, 2016 and 2015 , the PGGM CO-JVs include Developer Partners in 18 multifamily communities.

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Schedule of amounts recognized for major assets acquired and liabilities assumed, including a reconciliation to cash consideration as of the business combination date	The amounts recognized for major assets acquired and liabilities assumed, including a reconciliation to cash consideration as of the business combination dates, are as follows (in millions): 2015 Acquisitions Land $ 23.9 Building and improvements 141.7 Accrued liabilities (0.4 ) Cash consideration $ 165.2
Schedule of amounts recognized for revenues and net loss attributable to common stockholders from the business combination	Certain operating information for the periods from the business combination dates to December 31, 2015 is as follows (in millions): For the Periods to December 31, 2015 Rental revenues $ 1.4 Acquisition expenses 0.6 Depreciation and amortization 1.8 Net loss attributable to common stockholders (2.3 )

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Schedule of major components of real estate investments and intangibles and related accumulated depreciation and amortization	As of December 31, 2016 and 2015 , major components of our real estate investments and intangibles and related accumulated depreciation and amortization were as follows (in millions): December 31, 2016 December 31, 2015 Buildings Intangibles Buildings Intangibles and In-Place Other and In-Place Other Improvements Leases Contractual Improvements Leases Contractual Cost $ 2,814.2 $ 34.1 $ 18.9 $ 2,627.7 $ 37.1 $ 24.2 Less: accumulated depreciation and amortization (461.9 ) (32.1 ) (3.9 ) (357.0 ) (34.9 ) (8.3 ) Net $ 2,352.3 $ 2.0 $ 15.0 $ 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 2017 $ 1.1 2018 0.5 2019 0.5 2020 0.4 2021 0.4
Schedule of Capitalized Interest, Taxes and Overhead Related to Developments	For the years ended December 31, 2016 , 2015 , and 2014 , we capitalized the following amounts of interest, real estate taxes and direct overhead related to our developments (in millions): For the Year Ended 2016 2015 2014 Interest $ 7.7 $ 16.5 $ 17.8 Real estate taxes 2.2 4.1 4.2 Direct overhead 0.5 0.6 0.8
Schedule of real estate dispositions	The following table presents our sales of real estate for the years ended December 31, 2016 , 2015 and 2014 (in millions): Date of Sale Multifamily Community and Location Sales Contract Price Net Cash Proceeds Gains on Sales of Real Estate For the Year Ended December 31, 2016 December 2016 The Reserve at LaVista Walk — Atlanta, GA (a) $ 57.2 $ 56.5 $ 26.1 August 2016 Renaissance, including land held for future development — Concord, California (b) 65.4 65.0 17.5 Total $ 122.6 $ 121.5 $ 43.6 For the Year Ended December 31, 2015 July 2015 Uptown Post Oak — Houston, TX $ 90.1 $ 88.3 $ 34.4 June 2015 Burnham Pointe — Chicago, IL 126.0 123.6 48.6 June 2015 Shady Grove — Rockville, MD (c) 38.5 38.4 — Total $ 254.6 $ 250.3 $ 83.0 For the Year Ended December 31, 2014 February 2014 Tupelo Alley — Portland, OR $ 52.9 $ 33.4 $ 16.4 (a) The cash proceeds from the sale are reflected in “Tax like-kind exchange escrow” on the consolidated balance sheet as of December 31, 2016 . The proceeds are being held in escrow in connection with a 1031 exchange for replacement properties. See Note 18, “Subsequent Events” for additional discussion on the use of the escrow. (b) All cash proceeds from the sale have been collected as of the date of the sale. A portion of the reported gain on sale of real estate has been deferred, reducing the gain by $2.0 million , pending assignment of related development and construction agreements to the buyer and our release from these agreements. (c) In May 2015, we recorded an impairment of $3.1 million based on the Company’s decision to sell the development at an amount below the carrying value. The impairment, which was primarily due to certain costs capitalized for GAAP not expected to be recovered in a sale, is included in “Acquisition, investment and development expenses” on the consolidated statement of operations. In June 2015, we closed on the sale of the development to a group led by the Developer Partner for net proceeds of $38.4 million , the development’s net carrying value at the date of sale.
Net income related to sale of multifamily community	The following table presents net income related to the multifamily communities sold, for the years ended December 31, 2016 , 2015 and 2014 , and includes the gains on sale of real estate (in millions): For the Year Ended 2016 2015 2014 Net income from multifamily communities sold $ 45.1 $ 85.5 $ 24.6 Less: net income attributable to noncontrolling interest (8.1 ) (0.3 ) (7.5 ) Net income attributable to common stockholders $ 37.0 $ 85.2 $ 17.1

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Variable Interest Entities	The following table presents the significant balances related to our VIEs as of December 31, 2016 and 2015 (in millions): December 31, 2016 December 31, 2015 Total assets $ 2,335.1 $ 2,378.1 Net operating real estate 2,154.6 2,033.3 Construction in progress 120.8 287.9 Mortgages and notes payable outstanding (a) $ 1,237.9 $ 1,173.2 Plus: unamortized adjustments from business combinations 0.1 1.0 Less: deferred financing costs, net (7.9 ) (9.5 ) Total mortgages and notes payable, net $ 1,230.1 $ 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)	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Schedule of components of other assets	The components of other assets as of December 31, 2016 and 2015 are as follows (in millions): December 31, 2016 December 31, 2015 Notes receivable, net (a) $ 26.7 $ 36.5 Resident, tenant and other receivables 5.2 12.2 Escrows and restricted cash 13.7 8.7 Prepaid assets, deposits and other assets 5.6 7.6 Total other assets $ 51.2 $ 65.0 (a) Notes receivable include mezzanine loans related to multifamily development projects. As of December 31, 2016 , the weighted average interest rate is 15.0% and the remaining years to scheduled maturity is 1.5 years. The borrowers generally have options to prepay prior to maturity or to extend the maturity for one to two years.

Leasing Activity (Tables)

Leasing Activity (Tables)	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Schedule of future minimum base rental payments due to the entity under non-cancelable retail leases	Future minimum base rental receipts due to us under these non-cancelable retail leases in effect as of December 31, 2016 are as follows (in millions): Future Minimum Year Lease Receipts 2017 $ 3.8 2018 3.8 2019 3.8 2020 3.7 2021 3.5 Thereafter 40.0 Total $ 58.6

Mortgages and Notes Payable (Ta

Mortgages and Notes Payable (Tables)	12 Months Ended
	Dec. 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 December 31, 2016 and 2015 (dollar amounts in millions and monthly LIBOR at December 31, 2016 is 0.77% ): As of December 31, 2016 December 31, December 31, Weighted Average 2016 2015 Interest Rates Maturity Dates Company level (a) Fixed rate mortgages payable $ 292.6 $ 297.3 3.88% 2018 to 2021 Total Company level 292.6 297.3 Co-Investment Venture level - consolidated (b) Fixed rate mortgages payable 636.6 631.6 3.23% 2017 to 2023 Variable rate mortgage payable (c) 35.5 11.6 Monthly LIBOR + 1.94% 2017 Fixed Rate construction loans payable Operating — 29.2 N/A N/A In Construction (d) 50.9 44.5 4.00% 2018 Variable rate construction loans payable (e) Operating 498.5 355.3 Monthly LIBOR + 2.08% 2017 to 2018 In Construction 16.4 101.0 Monthly LIBOR + 2.15% 2019 to 2020 Total Co-Investment Venture level - consolidated 1,237.9 1,173.2 Total Company and Co-Investment Venture level 1,530.5 1,470.5 Plus: unamortized adjustments from business combinations 1.0 2.5 Less: deferred financing costs, net (9.3 ) (11.7 ) Total consolidated mortgages and notes payable $ 1,522.2 $ 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 consolidated debt that is an obligation of the Co-Investment Venture and not an obligation or contingency for us. (c) As of December 31, 2016, includes a $24.2 million mortgage loan with two one year extension options. (d) As of December 31, 2016 , includes one loan with a total commitment of $53.5 million . The construction loans includes a two year extension option. As of December 31, 2016 , there is $2.6 million remaining to draw under the construction loan. We may elect not to fully draw down any unfunded commitment. (e) As of December 31, 2016 , includes thirteen loans with total commitments of $621.9 million . As of December 31, 2016 , the Company has partially guaranteed seven of these loans with total commitments of $411.1 million , of which $75.7 million is recourse to the Company. Our percentage guarantee on each of these loans ranges from 5% to 25% . These loans include one to two year extension options. As of December 31, 2016 , there is $107.1 million remaining to draw under the construction loans. We may elect not to fully draw down any unfunded commitment.
Schedule of contractual principal payments for the entity's mortgages and notes payable for the five subsequent years and thereafter	As of December 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 2017 $ 5.8 $ 310.1 $ 315.9 2018 153.4 425.0 578.4 2019 79.4 158.9 238.3 2020 54.0 173.0 227.0 2021 — 108.5 108.5 Thereafter — 62.4 62.4 Total $ 292.6 $ 1,237.9 1,530.5 Add: unamortized adjustments from business combinations 1.0 Less: deferred financing costs, net (9.3 ) Total mortgages and notes payable $ 1,522.2

Credit Facilities Payable (Tabl

Credit Facilities Payable (Tables)	12 Months Ended
	Dec. 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 December 31, 2016 and 2015 (dollar amounts in millions, and monthly LIBOR at December 31, 2016 was 0.77% ): Balance Outstanding December 31, 2016 December 31, 2015 Interest Rate as of December 31, 2016 Maturity Date $150 Million Facility $ 10.0 $ 49.0 Monthly LIBOR + 2.08% April 1, 2017 $200 Million Facility — — Monthly LIBOR + 2.50% January 14, 2019 Total credit facilities outstanding 10.0 49.0 Less: deferred financing costs, net $ (2.0 ) $ (3.5 ) Total credit facilities payable, net $ 8.0 $ 45.5

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2016
Noncontrolling Interest [Abstract]
Schedule of non-redeemable, noncontrolling interests	As of December 31, 2016 and 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): December 31, 2016 December 31, 2015 Effective Effective Amount NCI % (a) Amount NCI % (a) PGGM Co-Investment Partner $ 295.6 30% to 45% $ 332.0 30% to 45% MW Co-Investment Partner 109.6 45% 123.7 45% Developer Partners 4.1 0% to 10% 4.0 —% Subsidiary preferred units 2.0 (b) 2.1 (b) Total non-redeemable NCI $ 411.3 $ 461.8 (a) Effective noncontrolling interest percentage is based upon the noncontrolling interest’s participation in distributable operating cash. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. (b) The effective NCI for the preferred units is not meaningful and the preferred units have no voting or participation rights.
Schedule of distributions to noncontrolling interests	For the years ended December 31, 2016 , 2015 and 2014 , we paid the following distributions to noncontrolling interests (in millions): For the Year Ended December 31, 2016 2015 2014 Distributions paid to noncontrolling interests: Operating activities $ 26.3 $ 17.7 $ 22.5 Investing and financing activities 35.1 30.8 25.5 Total $ 61.4 $ 48.5 $ 48.0
Schedule of redeemable, noncontrolling interests (NCI)	As of December 31, 2016 and 2015 , redeemable noncontrolling interests (“NCI”) consisted of the following (dollar amounts in millions): December 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 (particularly in the event of a sale of the underlying multifamily community), contributions or financing requirements. For Co-Investment Ventures where the developer’s equity has been returned, the effective noncontrolling interest percentage is shown as zero.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 , 2015 , and 2014 . 2016 2015 2014 Units Weighted Average Grant Date Fair Value 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 424,128 9.30 482,846 9.47 248,691 10.03 Exercised (151,525 ) 9.52 (170,632 ) 9.71 — — Forfeited (20,496 ) 9.66 (11,409 ) 9.64 — — Outstanding December 31, 801,603 $ 9.48 549,496 $ 9.64 248,691 $ 10.03 Vested restricted stock units 152,363 $ 9.76 64,437 $ 9.90 11,356 $ 10.03 Unvested restricted stock units 649,240 $ 9.42 485,059 $ 9.61 237,335 $ 10.03
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 December 31, 2016 and 2015 . No restricted stock was granted in 2014 : 2016 2015 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding January 1, 20,868 $ 9.21 — $ — Granted 145,845 9.69 25,746 9.21 Exercised (6,414 ) 9.21 — — Forfeited (36,638 ) 9.20 (4,878 ) 9.21 Outstanding December 31, 123,661 $ 9.77 20,868 $ 9.21 Unvested restricted stock 123,661 $ 9.77 20,868 $ 9.21
Dividends Declared	The following table presents the regular distributions declared for the years ended December 31, 2016 , 2015 and 2014 (in millions, except per share amounts): For the Year Ended 2016 2015 2014 Declared (a) Declared per Share (a) Declared (a) Declared per Share (a) Declared (a) Declared per Share (a) Fourth quarter $ 12.5 $ 0.075 $ 12.5 $ 0.075 $ 12.5 $ 0.075 Third quarter 12.5 0.075 12.5 0.075 14.9 0.088 Second quarter 12.5 0.075 12.5 0.075 14.7 0.087 First quarter 12.5 0.075 12.5 0.075 14.6 0.086 Total $ 50.0 $ 0.300 $ 50.0 $ 0.300 $ 56.7 $ 0.336 (a) Represents distributions accruing during the period. Beginning with the fourth quarter of 2014, the board of directors authorizes regular distributions to be paid to stockholders of record with respect to a single record date each quarter. Prior to the fourth quarter of 2014, regular distributions accrued on a daily basis at a daily amount of $0.000958904 ( $0.35 annualized) per share of common stock and were paid in the following month.
Federal Income Tax Classification of Distributions	During 2016 , 2015 and 2014 , our distributions were classified as follows for federal income tax purposes: 2016 2015 2014 Ordinary income 55 % 58 % 42 % Capital gains 14 % 23 % 19 % Section 1250 recapture capital gains 7 % 5 % — % Return of capital 24 % 14 % 39 % Total 100 % 100 % 100 %

Transition Expenses (Tables)

Transition Expenses (Tables)	12 Months Ended
	Dec. 31, 2016
Transition to Self-Management [Abstract]
Schedule of Transition Expenses	The table below represents the components of our transition expenses for the year ended December 31, 2014 (in millions). We did not incur any transition expenses for the years ended December 31, 2016 and 2015 . For the Year ended December 31, 2014 Special Committee and Company legal and financial advisors $ 0.9 General transition services: Behringer 2.9 Other service providers 2.5 Expenses related to listing on the NYSE 6.4 Total transition expenses $ 12.7

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 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): Future Minimum Lease Payments 2017 $ 0.7 2018 0.8 2019 0.8 2020 0.8 2021 0.8 Thereafter 2.4 Total $ 6.3

Fair Value of Derivatives and44

Fair Value of Derivatives and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis	The following fair value hierarchy table presents information about our assets measured at fair value on a recurring basis for the year ended December 31, 2016 (in millions): For the Year Ended December 31, 2016 Level 1 Level 2 Level 3 Total Fair Value Gain (Loss) Other assets Interest rate caps $ — $ 0.2 $ — $ 0.2 $ —
Schedule of fair value of assets measured at fair value on a recurring basis	The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015 (in millions): For the Year Ended December 31, 2015 Level 1 Level 2 Level 3 Total Fair Value Gain (Loss) Assets Construction in progress $ — $ 41.2 $ — $ 41.2 $ (3.1 ) Other Assets — 16.6 — 16.6 — $ — $ 57.8 $ — $ 57.8 $ (3.1 )
Schedule of carrying amounts and related estimated fair value of mortgage and notes payable	Carrying amounts and the related estimated fair value of our mortgages and notes payable as of December 31, 2016 and 2015 are as follows (in millions): December 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Mortgages and notes payable $ 1,531.5 $ 1,533.8 $ 1,473.0 $ 1,473.1 Less: deferred financing costs, net (9.3 ) (11.7 ) Mortgages and notes payable, net $ 1,522.2 $ 1,461.3

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below shows the fees, expense reimbursements, and settlement expenses related to Behringer in exchange for such services for the years ended December 31, 2016 , 2015, and 2014 (in millions): For the Year Ended 2016 2015 2014 Acquisition and advisory fees $ — $ — $ 4.3 Property management fees — — 11.3 Debt financing fees — 0.2 2.4 Asset management fees — — 3.8 Administrative expense reimbursements — — 1.0 Shareholder services (a) — — 2.9 Settlement expenses (b) 1.6 — — (a) Includes an early termination payment of $2.3 million to Behringer related to our listing on the NYSE. See further discussion in Note 13, “Transition Expenses.” (b) On February10, 2017, the Company and Behringer agreed to settle claims asserted in litigation relating to the payment of certain disputed fees under the terms the Self-Management Transition Agreements. Under the terms of the settlement agreement, the Company paid Behringer approximately $1.6 million in consideration for the settlement of the litigation and a full release by both parties from all claims relating to the disputed fees in the Self-Management Transition Agreements. The settlement was expensed for the year ended December 31, 2016 and as of December 31, 2016 is included in accounts payable and other liabilities.

Supplemental Disclosures of C46

Supplemental Disclosures of Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Summary of supplemental cash flow information	Supplemental cash flow information for the years ended December 31, 2016 , 2015 and 2014 is summarized below (in millions): For the Year Ended 2016 2015 2014 Supplemental disclosure of cash flow information: Interest paid, net of amounts capitalized of $7.7 million, $16.5 million and $17.8 million in 2016, 2015 and 2014, respectively $ 43.7 $ 30.1 $ 20.8 Non-cash investing and financing activities: Funds deposited in escrow related to a development acquisition — — 1.5 Transfer of real estate from construction in progress to operating real estate 290.0 679.4 286.6 Conversion of investment in unconsolidated real estate joint venture into notes receivable — 5.0 0.8 Stock issued pursuant to our DRIP — — 20.5 Distributions payable 12.5 12.5 12.5 Construction costs and other related payables 18.1 34.9 92.2

Quarterly Results (unaudited) (

Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Summary of the unaudited quarterly consolidated financial information	Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2016 and 2015 (in thousands, except per share data): 2016 Quarters Ended March 31 June 30 September 30 December 31 Rental revenues $ 65,547 $ 68,551 $ 72,181 $ 74,461 Income (loss) from continuing operations $ (11,060 ) $ (11,927 ) $ 9,356 $ 21,554 Net income (loss) attributable to common stockholders $ (8,307 ) $ (9,218 ) $ 4,452 $ 22,537 Basic weighted average shares outstanding 166,743 166,800 166,876 166,880 Diluted weighted average shares outstanding 166,743 166,800 167,649 167,660 Basic and diluted earnings (loss) per share $ (0.05 ) $ (0.06 ) $ 0.03 $ 0.13 2015 Quarters Ended March 31 June 30 September 30 December 31 Rental revenues $ 56,643 $ 59,105 $ 59,191 $ 63,129 Income (loss) from continuing operations $ (1,177 ) $ 44,473 $ 30,876 $ (7,489 ) Net income (loss) attributable to common stockholders $ (833 ) $ 49,196 $ 31,362 $ (5,937 ) Basic weighted average shares outstanding 166,509 166,541 166,563 166,628 Diluted weighted average shares outstanding 166,509 167,202 167,260 167,247 Basic and diluted earnings (loss) per share $ (0.01 ) $ 0.29 $ 0.19 $ (0.04 )

Organization and Business (Deta

Organization and Business (Details)	12 Months Ended
	Dec. 31, 2016communityinvestment	Dec. 31, 2015community
Entity Information [Line Items]
Number of multifamily communities in which the entity has made wholly owned investments or joint venture equity	51
Number of stabilized operating properties	43
Number of multifamily communities in lease up and development	8
Number of wholly owned multifamily communities	12
Number of debt investments made by the entity | investment	2
Number of wholly owned investments | investment	14
Number of multifamily communities in which the entity is having ownership interest through Co-Investment Ventures | investment	37
Co-Investment
Entity Information [Line Items]
Number of multifamily communities in which the entity has made wholly owned investments or joint venture equity	37	39
PGGM Co JVs
Entity Information [Line Items]
Number of multifamily communities in which the entity has made wholly owned investments or joint venture equity	21	23
MW CO-JVs
Entity Information [Line Items]
Number of multifamily communities in which the entity has made wholly owned investments or joint venture equity	14	14
Effective Ownership (as a percent)	55.00%	55.00%
Developer CO-JVs
Entity Information [Line Items]
Number of multifamily communities in which the entity has made wholly owned investments or joint venture equity	2	2
Effective Ownership (as a percent)	100.00%	100.00%
PGGM Co JVs
Entity Information [Line Items]
General partner percent	1.00%
Developer Partners | PGGM Co JVs
Entity Information [Line Items]
Number of multifamily communities in which the entity has made wholly owned investments or joint venture equity	18
PGGM
Entity Information [Line Items]
Limited partner percent	99.00%
Minimum | PGGM Co JVs
Entity Information [Line Items]
Effective Ownership (as a percent)	50.00%	50.00%
Minimum | PGGM Co JVs
Entity Information [Line Items]
Limited partner percent	30.00%	30.00%
Maximum | PGGM Co JVs
Entity Information [Line Items]
Effective Ownership (as a percent)	70.00%	70.00%
Maximum | PGGM Co JVs
Entity Information [Line Items]
Limited partner percent	45.00%	45.00%
Corporate Joint Venture
Entity Information [Line Items]
Effective Ownership (as a percent)	55.00%
Corporate Joint Venture | PGGM Co JVs
Entity Information [Line Items]
Effective Ownership (as a percent)	45.00%

Summary of Significant Accoun49

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)segment$ / shares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)
Real Estate and Other Related Intangibles
Cash and cash equivalents held by individual Co-Investment Ventures	$ 28,800	$ 32,500
Minimum lease term to recognize rental revenues	1 year
Difference in tax bases versus carrying values	$ 66,900
Dilutive impact (less than) (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number of reportable segments | segment	1
Acquisition expenses	$ 545	$ 4,812	$ 1,180
Debt issuance costs	$ 2,000	3,500
Other Assets | Accounting Standards Update 2015-03
Real Estate and Other Related Intangibles
Debt issuance costs		15,200
Secured Debt | Accounting Standards Update 2015-03
Real Estate and Other Related Intangibles
Debt issuance costs		11,700
Line of Credit | Accounting Standards Update 2015-03
Real Estate and Other Related Intangibles
Debt issuance costs		3,500
Scenario, Previously Reported
Real Estate and Other Related Intangibles
Acquisition expenses		600	0
Investment and other development expenses		$ 4,200	$ 1,200
Buildings | Minimum
Real Estate and Other Related Intangibles
Estimated useful lives	25 years
Buildings | Maximum
Real Estate and Other Related Intangibles
Estimated useful lives	35 years
Improvements | Minimum
Real Estate and Other Related Intangibles
Estimated useful lives	3 years
Improvements | Maximum
Real Estate and Other Related Intangibles
Estimated useful lives	15 years
Multifamily in-place leases
Real Estate and Other Related Intangibles
Lease term	6 months
Retail in-place leases | Minimum
Real Estate and Other Related Intangibles
Lease term	3 years
Retail in-place leases | Maximum
Real Estate and Other Related Intangibles
Lease term	20 years

Business Combinations (Narrativ

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

Business Combinations (Assets A

Business Combinations (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Amounts recognized for major assets acquired and liabilities assumed, including a reconciliation to cash consideration as of the business combination date
Land					$ 23,900					$ 23,900
Building and improvements					141,700					141,700
Accrued liabilities					(400)					(400)
Cash consideration					165,200					165,200
Amounts recognized for revenues and net loss from the business combination
Acquisition expenses									$ 545	4,812	$ 1,180
Depreciation and amortization									123,623	102,726	93,308
Net loss attributable to common stockholders	$ 22,537	$ 4,452	$ (9,218)	$ (8,307)	$ (5,937)	$ 31,362	$ 49,196	$ (833)	$ 9,464	73,788	$ (6,124)
Total Acquisitions
Amounts recognized for revenues and net loss from the business combination
Rental revenues										1,400
Acquisition expenses										600
Depreciation and amortization										1,800
Net loss attributable to common stockholders										$ (2,300)

Real Estate Investments (Schedu

Real Estate Investments (Schedule of major components of real estate investments and intangibles) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Building and Improvements
Cost	$ 2,814,221	$ 2,627,693
Less: accumulated depreciation and amortization	(461,869)	(357,036)
Intangibles
Net	16,977	18,066
Buildings and Improvements
Building and Improvements
Cost	2,814,200	2,627,700
Less: accumulated depreciation and amortization	(461,900)	(357,000)
Net	2,352,300	2,270,700
In-Place Leases
Intangibles
Cost	34,100	37,100
Less: accumulated depreciation and amortization	(32,100)	(34,900)
Net	2,000	2,200
Other Contractual
Intangibles
Cost	18,900	24,200
Less: accumulated depreciation and amortization	(3,900)	(8,300)
Net	$ 15,000	$ 15,900

Real Estate Investments (Sche53

Real Estate Investments (Schedule of anticipated amortization) (Details) $ in Millions	Dec. 31, 2016USD ($)
Anticipated Amortization of Lease Intangibles
2,017	$ 1.1
2,018	0.5
2,019	0.5
2,020	0.4
2,021	$ 0.4

Real Estate Investments (Sche54

Real Estate Investments (Schedule of capitalized amounts relating to developments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Interest	$ 7.7	$ 16.5	$ 17.8
Real estate taxes	2.2	4.1	4.2
Direct overhead	$ 0.5	$ 0.6	$ 0.8

Real Estate Investments (Sche55

Real Estate Investments (Schedule of real estate dispositions) (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2015	May 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Sale of Real Estate [Line Items]
Sales Contract Price			$ 122,600	$ 254,600
Net Cash Proceeds			121,544	250,311	$ 33,379
Gains on sales of real estate			43,604	82,975	16,411
Impairment related to development		$ 3,100	0	3,128	0
The Reserve at Lavista Walk — Atlanta, GA
Sale of Real Estate [Line Items]
Sales Contract Price			57,200
Net Cash Proceeds			56,500
Gains on sales of real estate			26,100
Renaissance, including land held for future development — Concord, California
Sale of Real Estate [Line Items]
Sales Contract Price			65,400
Net Cash Proceeds			65,000
Gains on sales of real estate			17,500
Reduction in gain			$ 2,000
Uptown Post Oak — Houston, TX
Sale of Real Estate [Line Items]
Sales Contract Price				90,100
Net Cash Proceeds				88,300
Gains on sales of real estate				34,400
Burnham Pointe — Chicago, IL
Sale of Real Estate [Line Items]
Sales Contract Price				126,000
Net Cash Proceeds				123,600
Gains on sales of real estate				48,600
Shady Grove — Rockville, MD
Sale of Real Estate [Line Items]
Sales Contract Price				38,500
Net Cash Proceeds	$ 38,400			38,400
Gains on sales of real estate				$ 0
Impairment related to development		$ 3,100
Tupelo Alley — Portland, OR
Sale of Real Estate [Line Items]
Sales Contract Price					52,900
Net Cash Proceeds					33,400
Gains on sales of real estate					$ 16,400

Real Estate Investments (Net in

Real Estate Investments (Net income related to sale of multifamily community) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Net income from multifamily communities sold	$ 45.1	$ 85.5	$ 24.6
Less: net income attributable to noncontrolling interest	(8.1)	(0.3)	(7.5)
Net income attributable to common stockholders	$ 37	$ 85.2	$ 17.1

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)unit	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)unit	Dec. 31, 2014USD ($)
Real Estate [Line Items]
Depreciation		$ 122,483	$ 99,234	$ 89,113
Intangibles, net	$ 18,066	16,977	18,066
Amortization of intangibles		1,088	3,420	4,185
Purchase price			48,200
Buildings and Improvements
Real Estate [Line Items]
Depreciation		122,000	98,800	88,800
Asset management, fee revenue services, and contracts
Real Estate [Line Items]
Intangibles, net	7,900	2,600	7,900
Use rights of a parking garage and site improvements
Real Estate [Line Items]
Intangibles, net	6,800	6,800	6,800
Land air rights
Real Estate [Line Items]
Intangibles, net	9,500	9,500	9,500
In-Place Leases
Real Estate [Line Items]
Intangibles, net	$ 2,200	2,000	2,200
Amortization of intangibles		$ 1,100	$ 3,400	$ 4,200
The Mile
Real Estate [Line Items]
Number of units in real estate property | unit	120		120
Purchase price	$ 48,000

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Total Company and Co-Investment Venture level	$ 10,000	$ 49,000
Outstanding amount of guarantees	$ 1,522,207	1,461,349
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]
Amount drawn under loan	$ 565,800
Construction financing closed by VIEs	675,400
Secured Debt | Co-Investment ventures
Variable Interest Entity [Line Items]
Total Company and Co-Investment Venture level	1,237,900	1,173,200
Fully funded, non recourse debt	672,100
Construction loan
Variable Interest Entity [Line Items]
Partial payment guarantees	384,000
Corporate Joint Venture
Variable Interest Entity [Line Items]
Total Company and Co-Investment Venture level	1,237,900	$ 1,173,200
Secured Construction Loan Payable | Corporate Joint Venture | Construction loan
Variable Interest Entity [Line Items]
Outstanding amount of guarantees	$ 75,700
Secured Construction Loan Payable | Corporate Joint Venture | Construction loan | Minimum
Variable Interest Entity [Line Items]
Percentage guaranteed on loans	5.00%
Secured Construction Loan Payable | Corporate Joint Venture | Construction loan | Maximum
Variable Interest Entity [Line Items]
Percentage guaranteed on loans	25.00%

Variable Interest Entities (Sch

Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Total Company and Co-Investment Venture level	$ 10	$ 49
Less: deferred financing costs, net	(2)	(3.5)
VIEs
Variable Interest Entity [Line Items]
Assets	2,335.1	2,378.1
Operating Real Estate | VIEs
Variable Interest Entity [Line Items]
Assets	2,154.6	2,033.3
Construction in progress | VIEs
Variable Interest Entity [Line Items]
Assets	120.8	287.9
Secured Debt | VIEs
Variable Interest Entity [Line Items]
Total Company and Co-Investment Venture level	1,237.9	1,173.2
Plus: unamortized adjustments from business combinations	0.1	1
Less: deferred financing costs, net	(7.9)	(9.5)
Total mortgages and notes payable, net	$ 1,230.1	$ 1,164.7

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Mortgage loans payable
Notes receivable, net	$ 26,700	$ 36,500
Resident, tenant and other receivables	5,200	12,200
Escrows and restricted cash	13,700	8,700
Prepaid assets, deposits and other assets	5,600	7,600
Total other assets	$ 51,248	$ 64,993
Weighted average interest rate on notes receivables	15.00%
Remaining period to scheduled maturity on notes receivables	1 year 5 months 27 days
Minimum
Mortgage loans payable
Extension option period	1 year
Maximum
Mortgage loans payable
Extension option period	2 years

Leasing Activity (Details)

Leasing Activity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Leases [Abstract]
Retail areas as a percentage of total rentable area of the entity's consolidated multifamily communities	1.00%
Future Minimum Lease Payments
2,017	$ 3.8
2,018	3.8
2,019	3.8
2,020	3.7
2,021	3.5
Thereafter	40
Total	$ 58.6

Mortgages and Notes Payable (De

Mortgages and Notes Payable (Details)	12 Months Ended
	Dec. 31, 2016USD ($)loanextension_option	Dec. 31, 2015USD ($)
Mortgage loans payable
Total Company and Co-Investment Venture level	$ 10,000,000	$ 49,000,000
Less: deferred financing costs, net	(2,000,000)	(3,500,000)
Total mortgages and notes payable	1,522,207,000	1,461,349,000
Consolidated co-investment venture
Mortgage loans payable
Total Company and Co-Investment Venture level	$ 1,237,900,000	1,173,200,000
LIBOR
Mortgage loans payable
Monthly LIBOR interest rate at period end	0.77%
Mortgages and notes payable
Mortgage loans payable
Total Company and Co-Investment Venture level	$ 1,530,500,000	1,470,500,000
Add: unamortized adjustments from business combinations	1,000,000	2,500,000
Less: deferred financing costs, net	(9,300,000)	(11,700,000)
Total mortgages and notes payable	1,522,200,000	1,461,300,000
Net consolidated carrying value of real estate that collateralized the mortgage loans payable	2,600,000,000
Mortgages and notes payable | Company Level
Mortgage loans payable
Total Company and Co-Investment Venture level	292,600,000	297,300,000
Mortgages and notes payable | Consolidated co-investment venture
Mortgage loans payable
Total Company and Co-Investment Venture level	1,237,900,000
Mortgages and notes payable | Parent company, fixed rate mortgage payable | Company Level
Mortgage loans payable
Total Company and Co-Investment Venture level	$ 292,600,000	297,300,000
Fixed rate	3.88%
Mortgages and notes payable | Co-investment venture, fixed rate mortgages payable | Consolidated co-investment venture
Mortgage loans payable
Total Company and Co-Investment Venture level	$ 636,600,000	631,600,000
Fixed rate	3.23%
Mortgages and notes payable | Co-investment venture, variable rate mortgage payable | Consolidated co-investment venture
Mortgage loans payable
Total Company and Co-Investment Venture level	$ 35,500,000	11,600,000
Mortgages and notes payable | Co-investment venture, variable rate mortgage payable | LIBOR | Consolidated co-investment venture
Mortgage loans payable
Variable rate spread	1.94%
Mortgages and notes payable | Co-Investment Venture, Variable Rate Mortgage Payable With Two One Year Extension Options | Consolidated co-investment venture
Mortgage loans payable
Total Company and Co-Investment Venture level	$ 24,200,000
Number of extension options | extension_option	2
Extension option period	1 year
Construction loan | Consolidated co-investment venture
Mortgage loans payable
Number of loans | loan	13
Total loan commitment	$ 621,900,000
Construction loan | Co-investment venture, fixed rate, operating | Consolidated co-investment venture
Mortgage loans payable
Total Company and Co-Investment Venture level	0	29,200,000
Construction loan | Co-investment venture, fixed rate, in construction | Consolidated co-investment venture
Mortgage loans payable
Total Company and Co-Investment Venture level	$ 50,900,000	44,500,000
Fixed rate	4.00%
Number of loans | loan	1
Total loan commitment	$ 53,500,000
Remaining amount available to borrow	2,600,000
Construction loan | Co-investment venture, variable rate, operating | Consolidated co-investment venture
Mortgage loans payable
Total Company and Co-Investment Venture level	$ 498,500,000	355,300,000
Construction loan | Co-investment venture, variable rate, operating | LIBOR | Consolidated co-investment venture
Mortgage loans payable
Variable rate spread	2.08%
Construction loan | Co-investment venture, variable rate, in construction | Consolidated co-investment venture
Mortgage loans payable
Total Company and Co-Investment Venture level	$ 16,400,000	$ 101,000,000
Construction loan | Co-investment venture, variable rate, in construction | LIBOR | Consolidated co-investment venture
Mortgage loans payable
Variable rate spread	2.15%
Construction loan | Secured Construction Loan Payable | Consolidated co-investment venture
Mortgage loans payable
Total mortgages and notes payable	$ 75,700,000
Number of loans | loan	7
Total loan commitment	$ 411,100,000
Remaining amount available to borrow	$ 107,100,000
Maximum | Construction loan | Secured Construction Loan Payable | Consolidated co-investment venture
Mortgage loans payable
Extension option period	2 years
Percentage guaranteed on loans	25.00%
Minimum | Construction loan | Secured Construction Loan Payable | Consolidated co-investment venture
Mortgage loans payable
Extension option period	1 year
Percentage guaranteed on loans	5.00%

Mortgages and Notes Payable (Sc

Mortgages and Notes Payable (Schedule of contractual payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Contractual principal payments for the five subsequent years and thereafter
Total	$ 10,000	$ 49,000
Less: deferred financing costs, net	(2,000)	(3,500)
Total mortgages and notes payable	1,522,207	1,461,349
Consolidated co-investment venture
Contractual principal payments for the five subsequent years and thereafter
Total	1,237,900	1,173,200
Mortgages and notes payable
Contractual principal payments for the five subsequent years and thereafter
2,017	315,900
2,018	578,400
2,019	238,300
2,020	227,000
2,021	108,500
Thereafter	62,400
Total	1,530,500	1,470,500
Add: unamortized adjustments from business combinations	1,000	2,500
Less: deferred financing costs, net	(9,300)	(11,700)
Total mortgages and notes payable	1,522,200	1,461,300
Mortgages and notes payable | Company Level
Contractual principal payments for the five subsequent years and thereafter
2,017	5,800
2,018	153,400
2,019	79,400
2,020	54,000
2,021	0
Thereafter	0
Total	292,600	$ 297,300
Mortgages and notes payable | Consolidated co-investment venture
Contractual principal payments for the five subsequent years and thereafter
2,017	310,100
2,018	425,000
2,019	158,900
2,020	173,000
2,021	108,500
Thereafter	62,400
Total	$ 1,237,900

Credit Facilities Payable (Sche

Credit Facilities Payable (Schedule of Line of Credit Facilities) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Credit facility payable
Total credit facilities outstanding	$ 10,000,000	$ 49,000,000
Less: deferred financing costs, net	(2,000,000)	(3,500,000)
Total credit facilities payable, net	8,023,000	45,495,000
$150 Million Facility
Credit facility payable
Total credit facilities outstanding	10,000,000	49,000,000
Maximum borrowing capacity	$ 150,000,000	150,000,000
$150 Million Facility | LIBOR
Credit facility payable
Interest rate margin	2.08%
$200 Million Facility
Credit facility payable
Total credit facilities outstanding	$ 0	0
Maximum borrowing capacity	$ 200,000,000	$ 200,000,000
$200 Million Facility | LIBOR
Credit facility payable
Interest rate margin	2.50%

Credit Facilities Payable (Narr

Credit Facilities Payable (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)credit_facilitycommunity	Dec. 31, 2015USD ($)
Credit facility payable
Number of credit facilities | credit_facility	2
$150 Million Facility
Credit facility payable
Maximum borrowing capacity	$ 150,000,000	$ 150,000,000
Total available amount under credit facility	83,300,000
$200 Million Facility
Credit facility payable
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	1 year
Potential loan amount after increase	$ 400,000,000
Number of wholly owned multifamily communities | community	2
Maximum total gross asset value percent (less than)	65.00%
Fixed charges ratio (not less than)	1.50
Percent limitation for payment of distributions and share repurchases (in excess of)	95.00%
Percent of defined funds	81.00%
LIBOR
Credit facility payable
Monthly LIBOR interest rate at period end	0.77%
LIBOR | $150 Million Facility
Credit facility payable
Applicable margin	2.08%
LIBOR | $200 Million Facility
Credit facility payable
Applicable margin	2.50%

Noncontrolling Interests (Sched

Noncontrolling Interests (Schedule of non-redeemable, noncontrolling interests) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Subsidiary preferred units	$ 2,000	$ 2,100
Non-redeemable noncontrolling interests	411,347	461,833
PGGM Co JVs
Noncontrolling Interest [Line Items]
Joint ventures	$ 295,600	$ 332,000
PGGM Co JVs | Minimum
Noncontrolling Interest [Line Items]
Limited partner percent	30.00%	30.00%
PGGM Co JVs | Maximum
Noncontrolling Interest [Line Items]
Limited partner percent	45.00%	45.00%
MW Co-Investment Partner
Noncontrolling Interest [Line Items]
Joint ventures	$ 109,600	$ 123,700
Limited partner percent	45.00%	45.00%
Developer CO-JVs
Noncontrolling Interest [Line Items]
Joint ventures	$ 4,100	$ 4,000
Limited partner percent		0.00%
Developer CO-JVs | Minimum
Noncontrolling Interest [Line Items]
Limited partner percent	0.00%
Developer CO-JVs | Maximum
Noncontrolling Interest [Line Items]
Limited partner percent	10.00%

Noncontrolling Interests (Non-r

Noncontrolling Interests (Non-redeemable Narrative) (Details)	May 07, 2015USD ($)ownership_interestcommunity	Feb. 28, 2014USD ($)joint_venture	Dec. 31, 2016USD ($)investment$ / sharesshares	Dec. 31, 2014USD ($)communityjoint_venture	Dec. 31, 2015USD ($)	May 06, 2015
Noncontrolling Interest [Line Items]
Purchase price recorded in APIC	$ 59,200,000
Number of multifamily communities in which the entity is having ownership interest through Co-Investment Ventures | investment			37
MW Co-Investment Partner
Noncontrolling Interest [Line Items]
Annual distribution rate			12.50%
Redemption price of preferred units (in dollars per unit) | $ / shares			$ 500
Minimum | MW Co-Investment Partner
Noncontrolling Interest [Line Items]
Number of preferred units issued by subsidiary of joint venture | shares			121
Maximum | MW Co-Investment Partner
Noncontrolling Interest [Line Items]
Number of preferred units issued by subsidiary of joint venture | shares			125
PGGM
Noncontrolling Interest [Line Items]
Number of interest acquired | ownership_interest	6
Number of multifamily communities | community	6
Control interests acquired | ownership_interest	1
Purchase price	$ 119,800,000
Disposition fee	1,000,000
Promote interest payment	$ 3,500,000		$ 0	$ 0
PGGM | PGGM CO-JVs, 100% Ownership
Noncontrolling Interest [Line Items]
General partner percent	100.00%
PGGM | PGGM CO-JVs, Less Than 100% Ownership
Noncontrolling Interest [Line Items]
General partner percent						93.50%
Nonrecurring basis
Noncontrolling Interest [Line Items]
Fair value					$ 57,800,000
Level 2 | Nonrecurring basis
Noncontrolling Interest [Line Items]
Fair value					57,800,000
Other Assets | Nonrecurring basis
Noncontrolling Interest [Line Items]
Fair value					16,600,000
Other Assets | Level 2 | Nonrecurring basis
Noncontrolling Interest [Line Items]
Fair value	$ 16,600,000				$ 16,600,000
Developer CO-JVs
Noncontrolling Interest [Line Items]
Percent of noncontrolling interest sold		37.00%
Number of investments sold | joint_venture		2
Sale of noncontrolling interest		$ 13,200,000
Decrease in additional paid in capital		$ 800,000
California
Noncontrolling Interest [Line Items]
Number of new joint ventures | joint_venture				2
Number of multifamily communities in which the entity is having ownership interest through Co-Investment Ventures | community				2

Noncontrolling Interests (Sch68

Noncontrolling Interests (Schedule of distributions to noncontrolling interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Noncontrolling Interest [Abstract]
Operating activities	$ 26,300	$ 17,700	$ 22,500
Investing and financing activities	35,100	30,800	25,500
Total	$ 61,375	$ 48,497	$ 48,041

Noncontrolling Interests (Redee

Noncontrolling Interests (Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 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 interests puts	28,800
Puts eligible for exercise	$ 8,600
Developer CO-JVs - Redeemable | Minimum
Redeemable, Noncontrolling Interest
Effective NCI (as a percent)	0.00%
Exercise period	1 year
Developer CO-JVs - Redeemable | Maximum
Redeemable, Noncontrolling Interest
Effective NCI (as a percent)	10.00%

Stockholders' Equity (Capitaliz

Stockholders' Equity (Capitalization) (Details) - $ / shares	Jul. 31, 2013	Dec. 31, 2016	Dec. 31, 2015
Capitalization
Preferred stock, shares issued (shares)		10,000	10,000
Preferred stock, dividend rate, percentage		7.00%	7.00%
Preferred stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Preferred stock, liquidation preference per share (in dollars per share)		$ 10	$ 10
Common stock, shares outstanding (shares)		166,832,722	166,611,549
Series A Preferred Stock | Advisor
Capitalization
Preferred stock, shares issued (shares)	10,000
Preferred stock, dividend rate, percentage	7.00%
Preferred stock, par value (in dollars per share)	$ 0.0001

Stockholders' Equity (Stock Pla

Stockholders' Equity (Stock Plans) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (shares)	20,000,000
Available for issuance (shares)	18,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation expense	$ 3.5	$ 3.2	$ 0.8
Unearned compensation cost	$ 4.8
Weighted average period of recognition	2 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning Balance Outstanding (in shares)	549,496	248,691	0
Granted (in shares)	424,128	482,846	248,691
Exercised (in shares)	(151,525)	(170,632)	0
Forfeited (in shares)	(20,496)	(11,409)	0
Ending Balance Outstanding (in shares)	801,603	549,496	248,691
Vested restricted stock units (in shares)	152,363	64,437	11,356
Unvested restricted stock units (in shares)	649,240	485,059	237,335
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance Outstanding (in dollars per share)	$ 9.64	$ 10.03	$ 0
Granted (in dollars per share)	9.30	9.47	10.03
Exercised (in dollars per share)	9.52	9.71	0
Forfeited (in dollars per share)	9.66	9.64	0
Ending Balance Outstanding (in dollars per share)	9.48	9.64	10.03
Vested restricted stock units (in dollars per share)	9.76	9.90	10.03
Unvested restricted stock units (in dollars per share)	$ 9.42	$ 9.61	$ 10.03
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning Balance Outstanding (in shares)	20,868	0
Granted (in shares)	145,845	25,746
Exercised (in shares)	(6,414)	0
Forfeited (in shares)	(36,638)	(4,878)
Ending Balance Outstanding (in shares)	123,661	20,868	0
Unvested restricted stock units (in shares)	123,661	20,868
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance Outstanding (in dollars per share)	$ 9.21	$ 0
Granted (in dollars per share)	9.69	9.21
Exercised (in dollars per share)	9.21	0
Forfeited (in dollars per share)	9.20	9.21
Ending Balance Outstanding (in dollars per share)	9.77	9.21	$ 0
Unvested restricted stock units (in dollars per share)	$ 9.77	$ 9.21
Awards granted (in shares)			0

Stockholders' Equity (Distribut

Stockholders' Equity (Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2014	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Declared		$ 12.5	$ 12.5	$ 12.5	$ 12.5	$ 12.5	$ 12.5	$ 12.5	$ 12.5	$ 12.5	$ 14.9	$ 14.7	$ 14.6	$ 50	$ 50	$ 56.7
Declared per Share (in dollars per share)		$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.088	$ 0.087	$ 0.086	$ 0.3	$ 0.3	$ 0.336
Daily distribution amount (in dollars per share)	$ 0.000958904
Annual distribution amount (in dollars per share)	$ 0.35													$ 0.30	$ 0.30	$ 0.34

Stockholders' Equity (Distrib73

Stockholders' Equity (Distribution Classification) (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Ordinary income	55.00%	58.00%	42.00%
Capital gains	14.00%	23.00%	19.00%
Section 1250 recapture capital gains	7.00%	5.00%	0.00%
Return of capital	24.00%	14.00%	39.00%
Total	100.00%	100.00%	100.00%

Stockholders' Equity (Share Red

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

Transition Expenses (Narrative)

Transition Expenses (Narrative) (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Nov. 20, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2014
Transition to Self-Management [Line Items]
Shareholder services expense		$ 0	$ 0	$ 2,900
Behringer Harvard Multifamily Advisors I
Transition to Self-Management [Line Items]
Certain intangible assets, rights and contracts transferred					$ 3,500
Transaction to self-management, payment due at self-management closing					1,250
Transaction to self-management, monthly general transaction service fee					$ 400
Shareholder services expense	$ 2,900

Transition Expenses (Schedule o

Transition Expenses (Schedule of Transition Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Transition to Self-Management [Abstract]
Special Committee and Company legal and financial advisors			$ 900
Behringer			2,900
Other service providers			2,500
Expenses related to listing on the NYSE			6,400
Total transition expenses	$ 0	$ 0	$ 12,672

Commitments and Contingencies77

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Loss Contingencies [Line Items]
Deferred revenues and other gains	$ 22,077	$ 19,451
Commitments to provide affordable housing | The Gallery At NoHo Commons
Loss Contingencies [Line Items]
Level annual payments made by the housing authority	$ 2,000
Period during which no reimbursements are made by housing authority	20 years
Liability under contract	$ 14,000
Deferred revenues and other gains	19,500	$ 18,900
Construction and development contracts
Loss Contingencies [Line Items]
Liability under contract	$ 100,400
Period in which construction costs are expected to be paid	24 months

Commitments and Contingencies78

Commitments and Contingencies (Future minimum lease payments) (Details) $ in Millions	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 0.7
2,018	0.8
2,019	0.8
2,020	0.8
2,021	0.8
Thereafter	2.4
Total	$ 6.3

Fair Value of Derivatives and79

Fair Value of Derivatives and Financial Instruments (Schedule of fair value of liabilities) (Details) - Interest rate caps - Fair Value, Measurements, Recurring $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	$ 0.2
Gain (Loss)	0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0.2
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	$ 0

Fair Value of Derivatives and80

Fair Value of Derivatives and Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Apr. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value	$ 4,400				$ 44,400
Impairment related to development	$ 3,100	$ 0	$ 3,128	$ 0
Interest Rate Cap | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		$ 200

Fair Value of Derivatives and81

Fair Value of Derivatives and Financial Instruments (Schedule of fair value of assets, recurring basis) (Details) - Nonrecurring basis - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	May 07, 2015
Fair value of derivatives and financial instruments
Total Fair Value	$ 57.8
Gain (Loss)	(3.1)
Level 1
Fair value of derivatives and financial instruments
Total Fair Value	0
Level 2
Fair value of derivatives and financial instruments
Total Fair Value	57.8
Level 3
Fair value of derivatives and financial instruments
Total Fair Value	0
Construction in progress
Fair value of derivatives and financial instruments
Total Fair Value	41.2
Gain (Loss)	(3.1)
Construction in progress | Level 1
Fair value of derivatives and financial instruments
Total Fair Value	0
Construction in progress | Level 2
Fair value of derivatives and financial instruments
Total Fair Value	41.2
Construction in progress | Level 3
Fair value of derivatives and financial instruments
Total Fair Value	0
Other Assets
Fair value of derivatives and financial instruments
Total Fair Value	16.6
Gain (Loss)	0
Other Assets | Level 1
Fair value of derivatives and financial instruments
Total Fair Value	0
Other Assets | Level 2
Fair value of derivatives and financial instruments
Total Fair Value	16.6	$ 16.6
Other Assets | Level 3
Fair value of derivatives and financial instruments
Total Fair Value	$ 0

Fair Value of Derivatives and82

Fair Value of Derivatives and Financial Instruments (Schedule of carrying amounts and fair values) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value
Less: deferred financing costs, net	$ (2,000)	$ (3,500)
Total mortgages and notes payable	1,522,207	1,461,349
Mortgages and notes payable
Fair Value
Less: deferred financing costs, net	(9,300)	(11,700)
Total mortgages and notes payable	1,522,200	1,461,300
Carrying Amount | Mortgages and notes payable
Fair Value
Mortgages and notes payable	1,531,500	1,473,000
Fair Value | Level 2 | Mortgages and notes payable
Fair Value
Mortgages and notes payable	$ 1,533,800	$ 1,473,100

Related Party Arrangements (Nar

Related Party Arrangements (Narrative) (Details)	Jul. 31, 2013employee
Behringer Harvard Multifamily Advisors I
Related Party Transaction [Line Items]
Number of employees externally managed	0

Related Party Arrangements (Sch

Related Party Arrangements (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands	Feb. 10, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Acquisition and advisory fees		$ 0	$ 0	$ 4,300
Property management fees		0	0	11,300
Debt financing fees		0	200	2,400
Asset management fees		0	0	3,800
Administrative expense reimbursements		0	0	1,000
Shareholder services		0	0	2,900
Settlement expenses		$ 1,600	$ 0	0
Early termination payment				$ 2,300
Subsequent Event
Related Party Transaction [Line Items]
Settlement expenses	$ 1,600

Supplemental Disclosures of C85

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Information [Abstract]
Interest paid, net of amounts capitalized of $7.7 million, $16.5 million and $17.8 million in 2016, 2015 and 2014, respectively	$ 43.7	$ 30.1	$ 20.8
Interest capitalized	7.7	16.5	17.8
Non-cash investing and financing activities:
Funds deposited in escrow related to a development acquisition	0	0	1.5
Transfer of real estate from construction in progress to operating real estate	290	679.4	286.6
Conversion of investment in unconsolidated real estate joint venture into notes receivable	0	5	0.8
Stock issued pursuant to our DRIP	0	0	20.5
Distributions payable	12.5	12.5	12.5
Construction costs and other related payables	$ 18.1	$ 34.9	$ 92.2

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2017USD ($)unit	Jan. 31, 2017USD ($)unit	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2017$ / shares	Dec. 31, 2013USD ($)
Subsequent Events
Gains on sales of real estate			$ 43,604	$ 82,975	$ 16,411
Mortgage outstanding			26,749	$ 36,486	$ 59,750		$ 52,811
Forecast | Common Stock
Subsequent Events
Common stock dividends authorized (in dollars per share) | $ / shares						$ 0.075
Subsequent Event | Multifamily Community, Los Angeles, CA
Subsequent Events
Number of units in real estate property | unit		175
Purchase price		$ 105,000
Proceeds of the tax like-kind exchange escrow		$ 56,800
Multifamily Community, Dallas, Texas
Subsequent Events
Net carrying value of property			$ 25,600
Multifamily Community, Dallas, Texas | Subsequent Event
Subsequent Events
Number of units in real estate property | unit	149
Sale price	$ 42,000
Gains on sales of real estate	16,000
Mortgage outstanding	$ 19,900

Quarterly Results (unaudited)87

Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Rental revenues	$ 74,461	$ 72,181	$ 68,551	$ 65,547	$ 63,129	$ 59,191	$ 59,105	$ 56,643	$ 280,740	$ 238,068	$ 209,025
Income (loss) from continuing operations	21,554	9,356	(11,927)	(11,060)	(7,489)	30,876	44,473	(1,177)
Net income (loss) attributable to common stockholders	$ 22,537	$ 4,452	$ (9,218)	$ (8,307)	$ (5,937)	$ 31,362	$ 49,196	$ (833)	$ 9,464	$ 73,788	$ (6,124)
Basic weighted average shares outstanding (in shares)	166,880	166,876	166,800	166,743	166,628	166,563	166,541	166,509	166,825	166,561	168,793
Diluted weighted average shares outstanding (in shares)	167,660	167,649	166,800	166,743	167,247	167,260	167,202	166,509	167,557	167,205	169,029
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0.13	$ 0.03	$ (0.06)	$ (0.05)	$ (0.04)	$ 0.19	$ 0.29	$ (0.01)

Valuation and Qualifying Acco88

Valuation and Qualifying Accounts Schedule II (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Movement in valuation and qualifying accounts
Balance at Beginning of Year	$ 246	$ 144	$ 102
Charged to Costs and Expenses	1,100	746	550
Charged to Other Accounts	0	0	0
Deductions	883	644	508
Balance at End of Year	$ 463	$ 246	$ 144

Real Estate and Accumulated D89

Real Estate and Accumulated Depreciation Schedule III (Details)	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)unit
Initial Cost
Land	$ 527,944,000
Buildings and Improvements	2,779,107,000
Costs Subsequent to Acquisition/ Construction	35,114,000
Gross Amount Carried at December 31, 2016	3,342,165,000	$ 3,125,053,000	$ 2,423,704,000	$ 2,170,747,000
Accumulated Depreciation	461,869,000	357,036,000	$ 280,400,000	$ 195,048,000
Encumbrances	1,524,088,000
Outstanding balance of mortgage loans and credit facility	10,000,000
Deferred financing costs	(2,000,000)	(3,500,000)
$150 Million Facility
Initial Cost
Maximum borrowing capacity	$ 150,000,000	150,000,000
Minimum
Initial Cost
Depreciable life of properties	25 years
Minimum | Improvements
Initial Cost
Depreciable life of properties	3 years
Maximum
Initial Cost
Depreciable life of properties	35 years
Maximum | Improvements
Initial Cost
Depreciable life of properties	15 years
Mortgages and notes payable
Initial Cost
Deferred financing costs	$ (11,200,000)
Mortgages
Initial Cost
Deferred financing costs	(9,300,000)	(11,700,000)
Unamortized adjustments from business combinations	1,000,000	$ 2,500,000
4110 Fairmount
Initial Cost
Land	7,244,000
Buildings and Improvements	36,150,000
Costs Subsequent to Acquisition/ Construction	196,000
Gross Amount Carried at December 31, 2016	43,590,000
Accumulated Depreciation	4,490,000
Encumbrances	24,630,000
4550 Cherry Creek
Initial Cost
Land	7,910,000
Buildings and Improvements	70,184,000
Costs Subsequent to Acquisition/ Construction	1,661,000
Gross Amount Carried at December 31, 2016	79,755,000
Accumulated Depreciation	17,146,000
Encumbrances	39,500,000
55 Hundred
Initial Cost
Land	13,196,000
Buildings and Improvements	67,515,000
Costs Subsequent to Acquisition/ Construction	896,000
Gross Amount Carried at December 31, 2016	81,607,000
Accumulated Depreciation	15,840,000
Encumbrances	40,530,000
7166 at Belmar
Initial Cost
Land	3,385,000
Buildings and Improvements	52,298,000
Costs Subsequent to Acquisition/ Construction	2,125,000
Gross Amount Carried at December 31, 2016	57,808,000
Accumulated Depreciation	12,644,000
Encumbrances	28,500,000
Acacia on Santa Rosa Creek
Initial Cost
Land	8,100,000
Buildings and Improvements	29,512,000
Costs Subsequent to Acquisition/ Construction	2,180,000
Gross Amount Carried at December 31, 2016	39,792,000
Accumulated Depreciation	10,001,000
Encumbrances	29,000,000
Acappella
Initial Cost
Land	8,000,000
Buildings and Improvements	46,973,000
Costs Subsequent to Acquisition/ Construction	811,000
Gross Amount Carried at December 31, 2016	55,784,000
Accumulated Depreciation	12,947,000
Encumbrances	29,517,000
The Alexan
Initial Cost
Land	16,550,000
Buildings and Improvements	78,553,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2016	95,103,000
Accumulated Depreciation	647,000
Encumbrances	$ 50,862,000
Percent complete	96.00%
Allegro
Initial Cost
Land	$ 3,900,000
Buildings and Improvements	55,355,000
Costs Subsequent to Acquisition/ Construction	1,888,000
Gross Amount Carried at December 31, 2016	61,143,000
Accumulated Depreciation	13,727,000
Encumbrances	5,888,000
Number of units in real estate property | unit				121
Allusion West University
Initial Cost
Land	9,440,000
Buildings and Improvements	31,372,000
Costs Subsequent to Acquisition/ Construction	122,000
Gross Amount Carried at December 31, 2016	40,934,000
Accumulated Depreciation	4,146,000
Encumbrances	20,491,000
Argenta
Initial Cost
Land	11,100,000
Buildings and Improvements	81,624,000
Costs Subsequent to Acquisition/ Construction	1,885,000
Gross Amount Carried at December 31, 2016	94,609,000
Accumulated Depreciation	19,833,000
Encumbrances	52,000,000
Arpeggio Victory Park
Initial Cost
Land	11,000,000
Buildings and Improvements	47,443,000
Costs Subsequent to Acquisition/ Construction	176,000
Gross Amount Carried at December 31, 2016	58,619,000
Accumulated Depreciation	6,042,000
Encumbrances	28,961,000
Bailey's Crossing
Initial Cost
Land	22,214,000
Buildings and Improvements	108,145,000
Costs Subsequent to Acquisition/ Construction	1,293,000
Gross Amount Carried at December 31, 2016	131,652,000
Accumulated Depreciation	25,578,000
Encumbrances	76,000,000
Blue Sol
Initial Cost
Land	7,167,000
Buildings and Improvements	30,145,000
Costs Subsequent to Acquisition/ Construction	155,000
Gross Amount Carried at December 31, 2016	37,467,000
Accumulated Depreciation	3,079,000
Encumbrances	0
Briar Forest Lofts
Initial Cost
Land	4,623,000
Buildings and Improvements	40,155,000
Costs Subsequent to Acquisition/ Construction	875,000
Gross Amount Carried at December 31, 2016	45,653,000
Accumulated Depreciation	9,672,000
Encumbrances	19,833,000
Burrough's Mill
Initial Cost
Land	10,075,000
Buildings and Improvements	51,869,000
Costs Subsequent to Acquisition/ Construction	1,129,000
Gross Amount Carried at December 31, 2016	63,073,000
Accumulated Depreciation	14,053,000
Encumbrances	24,200,000
Calypso Apartments and Lofts
Initial Cost
Land	13,902,000
Buildings and Improvements	42,730,000
Costs Subsequent to Acquisition/ Construction	672,000
Gross Amount Carried at December 31, 2016	57,304,000
Accumulated Depreciation	10,158,000
Encumbrances	29,500,000
The Cameron
Initial Cost
Land	25,191,000
Buildings and Improvements	77,737,000
Costs Subsequent to Acquisition/ Construction	774,000
Gross Amount Carried at December 31, 2016	103,702,000
Accumulated Depreciation	17,970,000
Encumbrances	62,207,000
Cyan on Peachtree
Initial Cost
Land	9,302,000
Buildings and Improvements	60,180,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2016	69,482,000
Accumulated Depreciation	4,272,000
Encumbrances	39,114,000
The District Universal Boulevard
Initial Cost
Land	5,161,000
Buildings and Improvements	57,448,000
Costs Subsequent to Acquisition/ Construction	1,167,000
Gross Amount Carried at December 31, 2016	63,776,000
Accumulated Depreciation	13,545,000
Encumbrances	35,946,000
Eclipse
Initial Cost
Land	6,927,000
Buildings and Improvements	44,078,000
Costs Subsequent to Acquisition/ Construction	603,000
Gross Amount Carried at December 31, 2016	51,608,000
Accumulated Depreciation	10,972,000
Encumbrances	19,687,000
Ev
Initial Cost
Land	10,400,000
Buildings and Improvements	73,547,000
Costs Subsequent to Acquisition/ Construction	293,000
Gross Amount Carried at December 31, 2016	84,240,000
Accumulated Depreciation	4,260,000
Encumbrances	0
Everly
Initial Cost
Land	6,101,000
Buildings and Improvements	39,503,000
Costs Subsequent to Acquisition/ Construction	929,000
Gross Amount Carried at December 31, 2016	46,533,000
Accumulated Depreciation	4,071,000
Encumbrances	22,982,000
Fitzhugh Urban Flats
Initial Cost
Land	9,394,000
Buildings and Improvements	48,884,000
Costs Subsequent to Acquisition/ Construction	1,500,000
Gross Amount Carried at December 31, 2016	59,778,000
Accumulated Depreciation	12,269,000
Encumbrances	26,372,000
Forty55 Lofts
Initial Cost
Land	11,382,000
Buildings and Improvements	68,966,000
Costs Subsequent to Acquisition/ Construction	648,000
Gross Amount Carried at December 31, 2016	80,996,000
Accumulated Depreciation	16,286,000
Encumbrances	25,500,000
The Franklin Delray
Initial Cost
Land	9,065,000
Buildings and Improvements	24,229,000
Costs Subsequent to Acquisition/ Construction	121,000
Gross Amount Carried at December 31, 2016	33,415,000
Accumulated Depreciation	3,631,000
Encumbrances	0
The Gallery at NoHo Commons
Initial Cost
Land	28,700,000
Buildings and Improvements	78,309,000
Costs Subsequent to Acquisition/ Construction	2,693,000
Gross Amount Carried at December 31, 2016	109,702,000
Accumulated Depreciation	25,768,000
Encumbrances	55,000,000
Grand Reserve(g)
Initial Cost
Land	2,980,000
Buildings and Improvements	29,231,000
Costs Subsequent to Acquisition/ Construction	(530,000)
Gross Amount Carried at December 31, 2016	31,681,000
Accumulated Depreciation	6,114,000
Encumbrances	19,944,000
The Lofts at Park Crest
Initial Cost
Land	0
Buildings and Improvements	49,737,000
Costs Subsequent to Acquisition/ Construction	675,000
Gross Amount Carried at December 31, 2016	50,412,000
Accumulated Depreciation	14,367,000
Encumbrances	42,290,000
The Mark
Initial Cost
Land	13,520,000
Buildings and Improvements	68,574,000
Costs Subsequent to Acquisition/ Construction	175,000
Gross Amount Carried at December 31, 2016	82,269,000
Accumulated Depreciation	3,720,000
Encumbrances	0
The Mile
Initial Cost
Land	11,444,000
Buildings and Improvements	38,578,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2016	50,022,000
Accumulated Depreciation	376,000
Encumbrances	0
Muse Museum District
Initial Cost
Land	11,533,000
Buildings and Improvements	36,189,000
Costs Subsequent to Acquisition/ Construction	668,000
Gross Amount Carried at December 31, 2016	48,390,000
Accumulated Depreciation	4,084,000
Encumbrances	26,700,000
Nouvelle
Initial Cost
Land	30,515,000
Buildings and Improvements	148,668,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2016	179,183,000
Accumulated Depreciation	7,844,000
Encumbrances	82,566,000
OLUME
Initial Cost
Land	12,906,000
Buildings and Improvements	53,196,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2016	66,102,000
Accumulated Depreciation	1,735,000
Encumbrances	0
Pembroke Woods
Initial Cost
Land	11,520,000
Buildings and Improvements	29,807,000
Costs Subsequent to Acquisition/ Construction	1,369,000
Gross Amount Carried at December 31, 2016	42,696,000
Accumulated Depreciation	6,677,000
Encumbrances	4,112,000
Point 21
Initial Cost
Land	6,453,000
Buildings and Improvements	41,375,000
Costs Subsequent to Acquisition/ Construction	174,000
Gross Amount Carried at December 31, 2016	48,002,000
Accumulated Depreciation	3,417,000
Encumbrances	26,552,000
San Sebastian
Initial Cost
Land	7,841,000
Buildings and Improvements	29,037,000
Costs Subsequent to Acquisition/ Construction	378,000
Gross Amount Carried at December 31, 2016	37,256,000
Accumulated Depreciation	7,715,000
Encumbrances	20,794,000
Satori
Initial Cost
Land	8,223,000
Buildings and Improvements	75,126,000
Costs Subsequent to Acquisition/ Construction	1,730,000
Gross Amount Carried at December 31, 2016	85,079,000
Accumulated Depreciation	18,053,000
Encumbrances	51,000,000
SEVEN
Initial Cost
Land	6,041,000
Buildings and Improvements	54,551,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2016	60,592,000
Accumulated Depreciation	3,992,000
Encumbrances	32,483,000
Skye 2,905
Initial Cost
Land	13,831,000
Buildings and Improvements	87,491,000
Costs Subsequent to Acquisition/ Construction	654,000
Gross Amount Carried at December 31, 2016	101,976,000
Accumulated Depreciation	20,091,000
Encumbrances	54,711,000
SoMa
Initial Cost
Land	21,647,000
Buildings and Improvements	80,357,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2016	102,004,000
Accumulated Depreciation	3,593,000
Encumbrances	56,906,000
Stone Gate
Initial Cost
Land	8,300,000
Buildings and Improvements	54,634,000
Costs Subsequent to Acquisition/ Construction	2,221,000
Gross Amount Carried at December 31, 2016	65,155,000
Accumulated Depreciation	14,175,000
Encumbrances	33,276,000
Verge
Initial Cost
Land	26,620,000
Buildings and Improvements	100,502,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2016	127,122,000
Accumulated Depreciation	5,178,000
Encumbrances	60,736,000
Vara
Initial Cost
Land	20,200,000
Buildings and Improvements	88,500,000
Costs Subsequent to Acquisition/ Construction	938,000
Gross Amount Carried at December 31, 2016	109,638,000
Accumulated Depreciation	13,172,000
Encumbrances	57,000,000
The Venue
Initial Cost
Land	1,520,000
Buildings and Improvements	24,249,000
Costs Subsequent to Acquisition/ Construction	338,000
Gross Amount Carried at December 31, 2016	26,107,000
Accumulated Depreciation	5,944,000
Encumbrances	10,326,000
Veritas
Initial Cost
Land	4,950,000
Buildings and Improvements	55,607,000
Costs Subsequent to Acquisition/ Construction	653,000
Gross Amount Carried at December 31, 2016	61,210,000
Accumulated Depreciation	12,430,000
Encumbrances	33,911,000
West Village
Initial Cost
Land	5,301,000
Buildings and Improvements	30,068,000
Costs Subsequent to Acquisition/ Construction	879,000
Gross Amount Carried at December 31, 2016	36,248,000
Accumulated Depreciation	7,986,000
Encumbrances	19,232,000
Zinc
Initial Cost
Land	23,170,000
Buildings and Improvements	160,726,000
Costs Subsequent to Acquisition/ Construction	0
Gross Amount Carried at December 31, 2016	183,896,000
Accumulated Depreciation	8,159,000
Encumbrances	$ 105,329,000

Real Estate and Accumulated D90

Real Estate and Accumulated Depreciation Schedule III (Summary of activity for real estate and accumulated depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate:
Balance at beginning of year	$ 3,125,053	$ 2,423,704	$ 2,170,747
Additions, acquisitions and/or consolidation of joint ventures	298,904	854,472	292,802
Sale of real estate property	(81,792)	(153,123)	(39,845)
Balance at end of year	3,342,165	3,125,053	2,423,704
Accumulated Depreciation:
Balance at beginning of year	357,036	280,400	195,048
Depreciation expense	121,963	98,796	88,806
Deductions	(17,130)	(22,160)	(3,454)
Balance at end of year	$ 461,869	$ 357,036	$ 280,400

Mortgage Loans on Real Estate91

Mortgage Loans on Real Estate Schedule IV (Schedule of Loans by Community) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Mortgage Loans on Real Estate
Face Amount of Note	$ 27,171
Carrying Amount of Note	26,749	$ 36,486	$ 59,750	$ 52,811
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Mezzanine Loans by Community, Jefferson at Stonebriar
Mortgage Loans on Real Estate
Interest Rate	15.00%
Face Amount of Note	$ 16,735
Carrying Amount of Note	16,493
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Mezzanine Loans by Community, Jefferson at Riverside
Mortgage Loans on Real Estate
Interest Rate	15.00%
Face Amount of Note	$ 10,436
Carrying Amount of Note	10,256
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0

Mortgage Loans on Real Estate92

Mortgage Loans on Real Estate Schedule IV (Reconciliation of the Carrying Amount of Mortgage Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	May 31, 2015	Apr. 30, 2015
Reconciliation of the Carrying Amount of Mortgage Loans (in thousands):
Balance at the beginning of the period	$ 36,486	$ 59,750	$ 52,811
Additions:
New mortgage loans, including advances under mezzanine loans	17,294	9,877	6,762
Capitalized acquisition costs, net of unearned fee income	(112)	(843)	133
Deductions:
Collections of principal and loan payoffs	(27,289)	(32,462)
Amortization of acquisition costs and fee income	370	164	44
Balance at the end of the period	$ 26,749	$ 36,486	$ 59,750
Note receivable				$ 4,400	$ 44,400