Monogram Residential Trust (BHORL) 10-Q 3 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Document and Entity Information
Entity Registrant Name	Monogram Residential Trust, Inc.
Entity Central Index Key	1,384,710
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
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		167,026,690
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real estate
Land	$ 544,617	$ 527,944
Buildings and improvements	2,750,618	2,814,221
Gross operating real estate	3,295,235	3,342,165
Less accumulated depreciation	(460,038)	(461,869)
Net operating real estate	2,835,197	2,880,296
Construction in progress, including land	108,052	120,423
Total real estate, net	2,943,249	3,000,719
Assets associated with real estate held for sale	47,843	0
Cash and cash equivalents	56,274	74,396
Tax like-kind exchange escrows	148,313	56,762
Intangibles, net	16,034	16,977
Other assets, net	59,001	51,248
Total assets	3,270,714	3,200,102
Liabilities
Mortgages and notes payable, net	1,131,901	1,522,207
Credit facilities payable, net	386,695	8,023
Construction costs payable	18,390	26,859
Accounts payable and other liabilities	30,922	32,707
Deferred revenues and other gains	21,999	22,077
Distributions payable	12,527	12,512
Tenant security deposits	6,268	6,205
Obligations associated with real estate held for sale	33,589	0
Total liabilities	1,642,291	1,630,590
Commitments and contingencies
Redeemable noncontrolling interests	23,516	29,073
Equity
Common stock, $0.0001 par value per share; 875,000,000 shares authorized, 167,031,843 and 166,832,722 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	17	17
Additional paid-in capital	1,440,303	1,439,199
Cumulative distributions and net income (loss)	(252,374)	(310,124)
Total equity attributable to common stockholders	1,187,946	1,129,092
Non-redeemable noncontrolling interests	416,961	411,347
Total equity	1,604,907	1,540,439
Total liabilities and equity	$ 3,270,714	$ 3,200,102

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	875,000,000	875,000,000
Common stock, shares issued (in shares)	167,031,843	166,832,722
Common stock, shares outstanding (in shares)	167,031,843	166,832,722

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Rental revenues	$ 71,835	$ 68,551	$ 145,173	$ 134,098
Expenses
Property operating expenses	18,869	20,401	38,007	39,207
Real estate taxes	11,690	10,617	23,654	21,239
General and administrative expenses	4,686	7,353	11,556	13,863
Merger-related expenses	2,801	0	2,801	0
Acquisition, investment and development expenses	69	100	133	378
Interest expense	11,850	11,063	23,554	21,429
Amortization of deferred financing costs	1,327	1,554	2,876	3,090
Depreciation and amortization	31,662	30,998	63,521	61,054
Total expenses	82,954	82,086	166,102	160,260
Interest income	1,246	1,776	2,427	3,458
Loss on early extinguishment of debt	(940)	0	(4,841)	0
Other expense, net	(232)	(168)	(320)	(283)
Loss from continuing operations before gains on sales of real estate	(11,045)	(11,927)	(23,663)	(22,987)
Gains on sales of real estate	28,559	0	115,282	0
Net income (loss)	17,514	(11,927)	91,619	(22,987)
Net (income) loss attributable to non-redeemable noncontrolling interests	(10,683)	2,710	(8,803)	5,465
Net income (loss) available to the Company	6,831	(9,217)	82,816	(17,522)
Dividends to preferred stockholders	0	(1)	0	(3)
Net income (loss) attributable to common stockholders	$ 6,831	$ (9,218)	$ 82,816	$ (17,525)
Weighted average number of common shares outstanding - basic	167,135	166,800	167,068	166,772
Weighted average number of common shares outstanding - diluted	168,241	166,800	168,016	166,772
Basic and diluted earnings (loss) per common share (in dollars per share)	$ 0.04	$ (0.06)	$ 0.49	$ (0.11)
Distributions declared per common share (in dollars per share)	$ 0.075	$ 0.075	$ 0.15	$ 0.15

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity - USD ($) shares 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, 2015	$ 1,628,581,000		$ 17,000	$ 1,436,254,000	$ 461,833,000	$ (269,523,000)
Balance (in shares) at Dec. 31, 2015		10	166,612
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(22,987,000)				(5,465,000)	(17,522,000)
Contributions by noncontrolling interests	2,967,000				2,967,000
Issuance of common and restricted shares, net	(341,000)			(341,000)
Issuance of common and restricted shares, net (in shares)			173
Amortization of stock-based compensation	1,771,000			1,771,000
Distributions:
Common stock - regular	(25,017,000)					(25,017,000)
Noncontrolling interests	(15,769,000)				(15,769,000)
Preferred stock	(3,000)					(3,000)
Balance at Jun. 30, 2016	1,569,202,000		$ 17,000	1,437,684,000	443,566,000	(312,065,000)
Balance (in shares) at Jun. 30, 2016		10	166,785
Balance at Dec. 31, 2016	1,540,439,000		$ 17,000	1,439,199,000	411,347,000	(310,124,000)
Balance (in shares) at Dec. 31, 2016		10	166,833
Increase (Decrease) in Stockholders' Equity
Net income (loss)	91,619,000				8,803,000	82,816,000
Acquisitions of noncontrolling interests	(1,215,000)			(674,000)	(541,000)
Contributions by noncontrolling interests	12,652,000				12,652,000
Issuance of common and restricted shares, net	(602,000)			(602,000)
Issuance of common and restricted shares, net (in shares)			199
Cancellation of preferred stock (in shares)		(10)
Amortization of stock-based compensation	2,380,000			2,380,000
Distributions:
Common stock - regular	(25,050,000)					(25,050,000)
Other related to stock-based compensation	(16,000)					(16,000)
Noncontrolling interests	(15,300,000)				(15,300,000)
Balance at Jun. 30, 2017	$ 1,604,907,000		$ 17,000	$ 1,440,303,000	$ 416,961,000	$ (252,374,000)
Balance (in shares) at Jun. 30, 2017		0	167,032

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net income (loss)	$ 91,619	$ (22,987)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gains on sales of real estate	(115,282)	0
Loss on early extinguishment of debt	4,841	0
Depreciation	62,960	60,479
Amortization of deferred financing costs and debt premium/discount	2,376	2,089
Amortization of intangibles	516	551
Amortization of deferred revenues	(819)	(728)
Amortization of stock-based compensation	2,380	1,771
Other, net	(248)	(96)
Changes in operating assets and liabilities:
Accounts payable and other liabilities	300	728
Other assets	(4,553)	1,291
Cash provided by operating activities	44,090	43,098
Additions to real estate:
Acquisitions of real estate	(248,065)	0
Additions to existing real estate	(5,039)	(4,295)
Construction in progress, including land	(47,155)	(55,332)
Proceeds from sales of real estate, net	349,379	0
Acquisitions of noncontrolling interests	(6,572)	0
Advances on notes receivable	0	(17,203)
Collection on notes receivable	0	14,989
Tax like-kind exchange escrow deposits	(219,184)	624
Tax like-kind exchange escrow disbursements	127,633	0
Other escrow deposits	1,301	(567)
Other, net	268	86
Cash used in investing activities	(47,434)	(61,698)
Cash flows from financing activities
Mortgage and notes payable proceeds	174,554	39,862
Mortgage and notes payable principal payments	(539,120)	(6,601)
Proceeds from credit facilities	440,000	26,000
Credit facilities payments	(61,909)	(28,000)
Contributions from noncontrolling interests	12,652	2,967
Distributions paid on common stock - regular	(25,051)	(25,002)
Distributions paid to noncontrolling interests	(15,300)	(15,768)
Other, net	(604)	(341)
Cash used in financing activities	(14,778)	(6,883)
Net change in cash and cash equivalents	(18,122)	(25,483)
Cash and cash equivalents at beginning of period	74,396	83,727
Cash and cash equivalents at end of period	$ 56,274	$ 58,244

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business 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. Subsequent to June 30, 2017, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with newly formed affiliates of Greystar Real Estate Partners, LLC. Under the terms of the Merger Agreement, which was unanimously approved by the Company’s board of directors, the Company’s stockholders will receive $12.00 per share in cash. The Company expects to close the Merger (as defined below) in the second half of 2017. See Note 15, “Subsequent Events — Merger Agreement” for further information. 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 primarily include luxury high-rise, mid-rise, and garden style multifamily communities. Our targeted communities include existing “core” communities, which we define as communities that are already stabilized and producing rental income, as well as communities in various phases of development, redevelopment, lease up or repositioning with the intent to transition those communities to core communities. Further, we may invest in other real estate-related securities, including mortgage, bridge, mezzanine or other loans, or in entities that make investments similar to the foregoing. We invest in multifamily communities that may be wholly owned by us or held through joint venture arrangements with third-party institutional or other national or regional real estate developers/owners which we define as “Co-Investment Ventures” or “CO-JVs.” These are predominately equity investments but may also include debt investments. As of June 30, 2017 , we have equity and debt investments in 48 multifamily communities, of which 41 are stabilized operating multifamily communities and seven are in various stages of lease up or construction. Of the 48 multifamily communities, we wholly own 11 multifamily communities and two debt investments for a total of 13 wholly owned investments. One of the wholly owned multifamily communities was held for sale as of June 30, 2017 and sold in July 2017 . See Note 4, “Real Estate Investments.” The remaining 35 investments are held through Co-Investment Ventures, all of which are consolidated. As of June 30, 2017 , 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 June 30, 2017 and December 31, 2016 . The effective ownership ranges are based on our participation in the distributable operating cash from our investment in the 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. June 30, 2017 December 31, 2016 Co-Investment Structure Number of Multifamily Communities Our Effective Number of Multifamily Communities Our Effective Ownership PGGM CO-JVs (a) 19 50% to 70% 21 50% to 70% MW CO-JVs 14 55% 14 55% Developer CO-JVs 2 100% 2 100% Total 35 37 (a) As of June 30, 2017 and December 31, 2016 , the PGGM CO-JVs include Developer Partners in 15 and 18 multifamily communities, respectively. During the three months ended June 30, 2017 , we sold two multifamily communities held by PGGM CO-JVs, both of which included Developer Partners. Additionally during the three months ended June 30, 2017 , one of the Developer Partners exercised its put option. See further discussion in Note 9, “Noncontrolling Interests.” 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 June 30, 2017 , we believe we are in compliance with all applicable REIT requirements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Interim Unaudited Financial Information The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016 , which was filed with the Securities and Exchange Commission (“SEC”) on February 28, 2017 . Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from this report. The results for the interim periods shown in this report are not necessarily indicative of future financial results. The accompanying condensed consolidated balance sheet as of June 30, 2017 and condensed consolidated statements of operations, equity and cash flows for the periods ended June 30, 2017 and 2016 have not been audited by our independent registered public accounting firm. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary to present fairly our consolidated financial position as of June 30, 2017 and December 31, 2016 , and our consolidated results of operations and cash flows for the periods ended June 30, 2017 and 2016 . Such adjustments are of a normal recurring nature. Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries and any consolidated variable interest entities (“VIEs”). All inter-company balances and transactions have been eliminated in consolidation. Developments We capitalize project costs related to the development and construction of real estate (including interest, real estate taxes, insurance, and other 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. Impairment of Real Estate Related Assets If events or circumstances indicate that the carrying amount of the property may not be recoverable, we make an assessment of the property’s recoverability by comparing the carrying amount of the asset to our estimate of the aggregate undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. In addition, we evaluate indefinite-lived intangible assets for possible impairment at least annually by comparing the fair values with the carrying values. The fair value of intangibles is generally estimated by valuation of similar assets. We did no t record any impairment loss for the six months ended June 30, 2017 and 2016 , respectively. 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. As of June 30, 2017 , we had one multifamily community held for sale. See Note 4, “Real Estate Investments.” We had no assets held for sale as of December 31, 2016 . 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 June 30, 2017 and December 31, 2016 , cash and cash equivalents include $29.6 million and $28.8 million , respectively, held by the Master Partnership and individual Co-Investment Ventures that are available only for use in the business of the Master Partnership and the other individual Co-Investment Ventures. Cash held by the Master Partnership and individual Co-Investment Ventures is not restricted to specific uses within those entities. However, the terms of the joint venture agreements define the timing and magnitude of the distribution of those funds to us or limit our use of them for our general corporate purposes. Cash held by the Master Partnership and individual Co-Investment Ventures is distributed from time to time to the Company and to the other Co-Investment Venture partners in accordance with the applicable Co-Investment Venture governing agreement, which may not be the same as the stated effective ownership interest. Cash distributions received by the Company from the Master Partnership and individual Co-Investment Ventures are then available for our general corporate purposes. Earnings per Share Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period excluding any unvested restricted stock awards. Diluted earnings per share is calculated by adjusting basic earnings per share for the dilutive effect of the assumed exercise of securities, including the effect of shares issuable under our preferred stock and our stock-based incentive plans. Our unvested share-based awards are considered participating securities and are reflected in the calculation of diluted earnings per share. During periods of net loss, the assumed exercise of securities is anti-dilutive and is not included in the calculation of earnings per share. For the three and six months ended June 30, 2016 , any common stock equivalents were anti-dilutive. For the three and six months ended June 30, 2017 , the dilutive impact was less than $0.01 . Reportable Segments Our current business primarily consists of investing in and operating multifamily communities. Substantially all of our consolidated net income (loss) is from investments in real estate properties that we wholly own or own through Co-Investment Ventures, the latter of which may be accounted for under the equity method of accounting. Our management evaluates operating performance on an individual investment level. However, as each of our investments has similar economic characteristics in our consolidated financial statements, the Company is managed on an enterprise-wide basis with one reportable segment. Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes to consolidated financial statements. These estimates include such items as: the purchase price allocations for real estate and other acquisitions; construction payables; impairment of long-lived assets; notes receivable; fair value evaluations; earning recognition of noncontrolling interests; depreciation and amortization; and share-based compensation measurements. Actual results could differ from those estimates.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2017
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 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 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, are in scope. 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. For other new accounting standards issued by the FASB or other standards setting bodies, we believe the impact of other recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Acquisitions of Real Estate In January 2017 , we acquired Desmond at Wilshire, a 175 -unit multifamily community located in Los Angeles, California, from an unaffiliated seller, for a gross contract purchase price of $105.0 million , excluding closing costs. The purchase was substantially funded from the proceeds of multifamily community sales and the tax like-kind exchange escrow. The Desmond at Wilshire was a recently completed development in lease up at the date of acquisition and as of June 30, 2017 is 54% occupied. In April 2017 , we acquired Latitude, a 265 -unit multifamily community in Arlington, Virginia, from an unaffiliated seller, for a gross contract purchase price of $142.5 million , excluding closing costs. The purchase was funded from proceeds of the tax like-kind exchange escrow of approximately $70.9 million , related to the sale of a multifamily community in March 2017, and the remainder primarily funded from our credit facilities. Latitude was a recently completed development in lease up at the date of acquisition and as of June 30, 2017 is 35% occupied . Real Estate Investments and Intangibles and Related Depreciation and Amortization As of June 30, 2017 and December 31, 2016 , major components of our real estate investments and intangibles and related accumulated depreciation and amortization were as follows (in millions): June 30, 2017 December 31, 2016 Buildings Intangibles Buildings Intangibles and In-Place Other and In-Place Other Improvements Leases Contractual Improvements Leases Contractual Cost $ 2,750.6 $ 29.6 $ 18.9 $ 2,814.2 $ 34.1 $ 18.9 Less: accumulated depreciation and amortization (460.0 ) (28.2 ) (4.3 ) (461.9 ) (32.1 ) (3.9 ) Net $ 2,290.6 $ 1.4 $ 14.6 $ 2,352.3 $ 2.0 $ 15.0 Depreciation expense for the three months ended June 30, 2017 and 2016 was approximately $31.3 million and $30.6 million , respectively. Depreciation expense for the six months ended June 30, 2017 and 2016 was approximately $62.7 million and $60.2 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 June 30, 2017 and December 31, 2016 , includes $2.6 million of intangibles, primarily asset management and related fee revenue services. Cost of other contractual intangibles as of both June 30, 2017 and December 31, 2016 , 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 both the three months ended June 30, 2017 and 2016 was approximately $0.3 million . Amortization expense associated with our lease and other contractual intangibles for the six months ended June 30, 2017 and 2016 was approximately $0.5 million and $0.6 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 July through December 2017 $ 0.5 2018 0.4 2019 0.4 2020 0.4 2021 0.4 Sales of Real Estate Reported in Continuing Operations The following table presents our sales of real estate for the six months ended June 30, 2017 (in millions): Date of Sale Multifamily Community Sales Contract Price Net Cash Proceeds Gains on Sales of Real Estate For the Six Months Ended June 30, 2017 June 2017 Allusion West University - Houston, TX (a) $ 49.0 $ 48.1 $ 12.4 June 2017 Muse Museum District - Houston, TX (a) 60.0 58.8 16.1 March 2017 The District Universal Boulevard - Orlando, FL (a) 78.5 77.0 27.1 March 2017 Skye 2905 - Denver, CO 126.0 124.2 43.7 February 2017 Grand Reserve - Dallas, TX 42.0 41.3 16.0 Total $ 355.5 $ 349.4 $ 115.3 (a) The cash proceeds from the sale, net of related mortgage debt as applicable, are reflected in “Tax like-kind exchange escrow” on the consolidated balance sheet as of June 30, 2017 . The proceeds are being held in escrow in connection with a tax like-kind exchange for replacement properties. See Note 15, “Subsequent Events” for acquisitions closing subsequent to June 30, 2017 . The following table presents net income for the periods presented below related to the multifamily communities sold during the three and six months ended June 30, 2017 , including gains on sales of real estate (in millions) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Net income from multifamily communities sold $ 27.8 $ 0.2 $ 111.9 $ 1.2 Less: net income attributable to noncontrolling interest (12.5 ) (0.1 ) (12.5 ) (0.2 ) Net income attributable to common stockholders $ 15.3 $ 0.1 $ 99.4 $ 1.0 There were no sales of multifamily communities for the six months ended June 30, 2016. Real Estate Held for Sale As of June 30, 2017 , we had a 430 -unit multifamily community, Veritas, located in Henderson, Nevada , which was classified as real estate held for sale. The multifamily community was sold in July 2017 for a gross sales price of $76.5 million . We had no real estate held for sale as of December 31, 2016. The major classes of assets and obligations associated with real estate held for sale are as follows (in millions): June 30, 2017 Land $ 4.9 Buildings and improvements, net of approximately $13.6 million in accumulated depreciation 42.8 Other assets, net 0.1 Assets associated with real estate held for sale $ 47.8 Mortgages and notes payable, net $ 33.3 Accounts payable and other liabilities 0.3 Obligations associated with real estate held for sale $ 33.6

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Variable Interest Entities	Variable Interest Entities 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. 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 June 30, 2017 and December 31, 2016 (in millions): June 30, 2017 December 31, 2016 Total assets $ 2,354.2 $ 2,335.1 Net operating real estate 2,079.6 2,154.6 Construction in progress 108.1 120.8 Mortgages and notes payable outstanding (a) $ 991.3 $ 1,237.9 Unsecured credit facility 270.2 — Plus: unamortized adjustments from business combinations (0.1 ) 0.1 Less: deferred financing costs, net (8.3 ) (7.9 ) Total mortgages and notes payable, net $ 1,253.1 $ 1,230.1 (a) Except as noted below, the lenders on the outstanding mortgages and notes payable have no recourse to us. Of the $991.3 million of mortgages and notes payable outstanding as of June 30, 2017 , $748.3 million represents fully funded, non recourse mortgages and the remaining $243.0 million relates to amounts outstanding for construction financing with total commitments of $328.8 million . We have provided partial payment guarantees ranging from 5% to 25% on $190.5 million of the $243.0 million outstanding as of June 30, 2017 . The outstanding amount of these guarantees is $39.1 million as of June 30, 2017 . 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 7, “Mortgages and Notes Payable” and Note 8, “Credit Facilities Payable” for further information on our VIE debt.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2017
Other Assets [Abstract]
Other Assets	Other Assets The components of other assets as of June 30, 2017 and December 31, 2016 are as follows (in millions): June 30, 2017 December 31, 2016 Notes receivable, net (a) $ 26.9 $ 26.7 Resident, tenant and other receivables 9.4 5.2 Escrows and restricted cash 5.4 13.7 Prepaid assets, deposits and other assets 17.3 5.6 Total other assets, net $ 59.0 $ 51.2 (a) Notes receivable include mezzanine loans, primarily related to multifamily development projects. As of June 30, 2017 , the weighted average interest rate is 15.0% and the weighted average remaining years to scheduled maturity is 1.0 years. The borrowers generally have options to prepay prior to maturity or to extend the maturity for one to two years.

Mortgages and Notes Payable

Mortgages and Notes Payable	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and December 31, 2016 (dollar amounts in millions and monthly LIBOR at June 30, 2017 is 1.22% ): As of June 30, 2017 June 30, December 31, Weighted Average Maturity 2017 2016 Interest Rates Dates Company level (a) Fixed rate mortgages payable $ 180.2 $ 292.6 3.71% 2018 to 2021 Co-Investment Venture level - consolidated (b) Fixed rate mortgages payable 712.6 636.6 3.33% 2017 to 2027 Variable rate mortgage payable 35.7 35.5 Monthly LIBOR + 1.81% 2017 to 2018 Fixed rate construction loans payable: Operating (c) 52.5 — 4.00% 2018 In construction — 50.9 N/A N/A Variable rate construction loans payable (d): Operating 190.5 498.5 Monthly LIBOR + 2.10% 2018 to 2019 In construction — 16.4 Monthly LIBOR + 2.65% 2020 Total Co-Investment Venture level - consolidated 991.3 1,237.9 Total Company and Co-Investment Venture level 1,171.5 1,530.5 Less: mortgage payable, net on multifamily community held for sale as of June 30, 2017 (e) (33.3 ) — Less: unamortized adjustments from business combinations (0.1 ) 1.0 Less: deferred financing costs, net (6.2 ) (9.3 ) Total consolidated mortgages and notes payable, net $ 1,131.9 $ 1,522.2 (a) Company level debt is defined as debt that is a direct obligation of the Company or one of the Company’s wholly owned subsidiaries. (b) Co-Investment Venture level debt is defined as debt that is an obligation of the Co-Investment Venture and not an obligation or contingency for us. (c) As of June 30, 2017 , includes one loan with a total commitment of $53.5 million . The construction loan includes a two year extension option. As of June 30, 2017 , there is $1.0 million remaining to draw under the construction loan. We may elect not to fully draw down any unfunded commitment. (d) As of June 30, 2017 , includes five loans with total commitments of $275.3 million . As of June 30, 2017 , the Company has partially guaranteed four of these loans with total commitments of $195.3 million , of which $39.1 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 June 30, 2017 , there is $84.8 million remaining to draw under the construction loans. We may elect not to fully draw down any unfunded commitment. (e) The debt is included in the line item “Obligations associated with real estate held for sale” on the consolidated balance sheet as of June 30, 2017. In connection with our sales of real estate during the six months ended June 30, 2017 , we retired $110.1 million of mortgages and notes payable prior to their maturity date, incurring $3.0 million of loss on early extinguishment of debt. We included payments related to early extinguishment of debt in cash flows from financing activities in the condensed consolidated statement of cash flows. As of June 30, 2017 , $2.0 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 June 30, 2017 . As of June 30, 2017 , 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 July through December 2017 $ 1.9 $ 91.7 $ 93.6 2018 63.9 236.8 300.7 2019 60.4 164.3 224.7 2020 1.2 172.9 174.1 2021 52.8 108.5 161.3 Thereafter — 217.1 217.1 Total $ 180.2 $ 991.3 1,171.5 Less: mortgage payable, net on multifamily community held for sale as of June 30, 2017 (33.3 ) Add: unamortized adjustments from business combinations (0.1 ) Less: deferred financing costs, net (6.2 ) Total mortgages and notes payable, net $ 1,131.9 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	6 Months Ended
	Jun. 30, 2017
Line of Credit Facility [Abstract]
Credit Facility Payable	Credit Facilities Payable The following table presents the terms and amounts outstanding under our credit facilities as of June 30, 2017 and December 31, 2016 (dollar amounts in millions and monthly LIBOR at June 30, 2017 was 1.22% ): Balance Outstanding June 30, December 31, Interest Rate as of June 30, 2017 Maturity Date Company level $150 million credit facility (a) $ — $ 10.0 N/A N/A $200 million revolving credit facility 121.0 — Monthly LIBOR + 2.50% January 14, 2019 (b) Total Company level 121.0 10.0 Co-Investment Venture level - consolidated Unsecured Credit Facility: Revolver 170.2 — Monthly LIBOR + 2.25% March 30, 2021 (b) Term loan 100.0 — Monthly LIBOR + 2.25% March 30, 2022 Total Co-Investment Venture level- consolidated 270.2 — Total credit facilities outstanding 391.2 10.0 Less: deferred financing costs, net (4.5 ) (2.0 ) Total credit facilities payable, net $ 386.7 $ 8.0 (a) We retired the facility on February 28, 2017. (b) Includes a one year extension option, subject to the satisfaction of certain conditions. Unsecured Credit Facility On March 30, 2017, we and the PGGM Co-Investment Partner entered into a $300 million unsecured credit facility (the “Unsecured Credit Facility”), consisting of a $200 million revolving credit facility (the “Revolver”) and a $100 million term loan. The Unsecured Credit Facility provides us with the ability from time to time to increase the facility up to $500 million , subject to certain conditions, and to allocate the increase between the Revolver and the term loan. The aggregate borrowing availability under the Unsecured Credit Facility will generally be equal to 50% of the value of the unencumbered properties, as defined in the agreement governing the Unsecured Credit Facility. Properties may be removed from or added to the unencumbered properties pool, subject to the satisfaction of certain conditions contained in the agreement governing the Unsecured Credit Facility. As of June 30, 2017 , additional aggregate borrowing availability is approximately $22.0 million . The agreement governing the Unsecured Credit Facility contains customary provisions with respect to events of default, covenants and borrowing conditions. The most significant of these are that the ratio of net operating income attributable to the unencumbered properties and tax like-kind exchange escrows to debt interest expense of borrowings under the Unsecured Credit Facility must not be less than 1.4 to 1.0 and that borrowing under the Unsecured Credit Facility must not exceed 50% of the adjusted value of the unencumbered properties. $200 Million Revolving Credit Facility Borrowing tranches under the $200 million revolving credit facility (the “ $200 Million Facility”) bear interest at rates based on defined leverage ratios, which as of June 30, 2017 is LIBOR + 2.5% . We may increase the size of the $200 Million Facility from $200 million up to a total of $400 million after satisfying certain conditions. Draws under the $200 Million Facility are primarily supported by equity pledges of our wholly owned subsidiaries and are secured by a first mortgage lien and an assignment of leases and rents against two wholly owned multifamily communities, and a first priority perfected assignment of a portion of certain of our notes receivable. In addition, we may provide additional security related to future property acquisitions. The agreement governing the $200 Million Facility contains customary provisions with respect to events of default, covenants and borrowing conditions. In particular, the agreement governing the $200 Million Facility requires us to maintain (as defined in such 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, beginning December 31, 2015, 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”). We believe we are in compliance with all provisions of our credit facilities as of June 30, 2017 .

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and December 31, 2016 , 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): June 30, 2017 December 31, 2016 Effective Effective Amount NCI % (a) Amount NCI % (a) PGGM Co-Investment Partner $ 306.4 30% to 45% $ 295.6 30% to 45% MW Co-Investment Partner 104.5 45% 109.6 45% Developer Partners 4.1 0% to 10% 4.1 0% to 10% Subsidiary preferred units 2.0 (b) 2.0 (b) Total non-redeemable NCI $ 417.0 $ 411.3 (a) Effective noncontrolling percentage is based upon the noncontrolling interest’s participation in distributable operating cash. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. (b) The effective NCI for the preferred units is not meaningful and the preferred units have no voting 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, its 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 June 30, 2017 , we have no current intent to exercise our redemption option. Accordingly, these noncontrolling interests are reported as equity. For the six months ended June 30, 2017 and 2016 , we paid the following distributions to noncontrolling interests (in millions): For the Six Months Ended 2017 2016 Distributions paid to noncontrolling interests: Operating activities $ 13.5 $ 12.8 Investing and financing activities 1.8 3.0 Total $ 15.3 $ 15.8 Redeemable Noncontrolling Interests As of June 30, 2017 and December 31, 2016 , redeemable noncontrolling interests consisted of the following (dollar amounts in millions) : June 30, 2017 December 31, 2016 Effective Effective Amount NCI % (a) Amount NCI % (a) Developer Partners $ 23.5 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 national or regional multifamily developers, which may require that we pay or reimburse our Developer Partners upon certain events. They also generally have put options, which are 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 June 30, 2017 , we have recorded in redeemable noncontrolling interests $23.3 million of put options, of which $7.6 million are exercisable by certain of our Developer Partners but have not been exercised. During the three months ended June 30, 2017 , one of the Developer Partners exercised their put for $2.8 million . Prior to the sale of two multifamily communities in June 2017, we bought out the Developer Partner interest in each of the related Developer CO-JVs at a negotiated combined price of $3.7 million . The acquisitions of the noncontrolling interests did not result in a change in control, and accordingly, no gain or loss was recognized on the transactions. The acquisitions resulted in a $0.7 million charge to additional paid-in capital. 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. See Note 11, “Commitments and Contingencies” for additional information regarding a currently outstanding buy/sell provision. 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 six months ended June 30, 2017 and 2016 , no promoted interest payments were made by us related to redeemable noncontrolling interests.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Capitalization In connection with our transition to self-management, on July 31, 2013, we issued 10,000 shares of a new Series A non-participating, voting, cumulative, 7.0% convertible preferred stock, par value $0.0001 per share (the “Series A Preferred Stock”) to an affiliate of our former external advisor, Behringer Harvard Multifamily Advisors I, LLC (collectively with its affiliates, “Behringer”). On February 13, 2017, all outstanding shares of the Series A Preferred Stock were canceled without any conversion or other consideration. 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 (“RSUs”), stock appreciation rights, dividend equivalents and other stock-based awards. A total of 20 million shares of common stock has been authorized for issuance under the Incentive Award Plan and 18.2 million shares of common stock are available for issuance as of June 30, 2017 . As of June 30, 2017 , we have outstanding time-based RSUs (RSUs where the award vests ratably over time and is not subject to future performance targets, and accordingly, which are initially recorded at the current market price at the time of grant), performance-based RSUs (RSUs which at the time of grant are recorded at fair value and the final award, if any, is based on achieving certain performance targets) and restricted stock. For the six months ended June 30, 2017 and 2016 , we had approximately $2.4 million and $1.9 million , respectively, in compensation costs related to share-based payments including dividend equivalent payments. Restricted Stock Units We have outstanding RSUs held by our executive officers and independent directors. RSUs generally vest in equal increments over the vesting period (generally two to three years with acceleration in the event of certain defined events). Dividends on RSUs that have vested but have not been exercised are reflected in other distributions in the condensed consolidated statement of equity. The following table includes the number of RSUs granted, exercised (including RSUs used to satisfy employee income tax withholding) and outstanding as of June 30, 2017 and 2016 : 2017 2016 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Outstanding January 1, 801,603 $ 9.48 549,496 $ 9.64 Granted 634,456 8.64 424,128 9.30 Exercised (202,165 ) 9.34 (130,022 ) 9.46 Forfeited (9,955 ) 10.02 (20,496 ) 9.66 Outstanding June 30, 1,223,939 $ 9.07 823,106 $ 9.49 Time-based RSUs outstanding 918,275 $ 9.74 823,106 $ 9.49 Performance-based RSUs outstanding 305,664 $ 6.99 — $ — Final awards of our performance-based RSUs outstanding as of June 30, 2017 will be based on our total shareholder return, as defined, compared to absolute targets and to the weighted average of a defined peer group. We believe it is probable that the total shareholder return will achieve the targets and that the performance-based RSUs will be awarded. Restricted Stock Restricted stock is granted to non-executive 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 June 30, 2017 and 2016 : 2017 2016 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding January 1, 123,661 $ 9.77 20,868 $ 9.21 Granted 75,708 10.36 95,847 9.20 Exercised (24,928 ) 9.20 (6,414 ) 9.21 Forfeited (19,729 ) 9.72 (14,195 ) 9.20 Outstanding June 30, 154,712 $ 10.16 96,106 $ 9.20 Distributions The following table presents the regular distributions declared for the six months ended June 30, 2017 and 2016 (in millions, except per share amounts): For the Six Months Ended 2017 2016 Declared Declared per Share Declared Declared per Share Second quarter $ 12.5 $ 0.075 $ 12.5 $ 0.075 First quarter 12.5 0.075 12.5 0.075 Total $ 25.0 $ 0.150 $ 25.0 $ 0.150 In accordance with the Merger Agreement, as further discussed in Note 15, “Subsequent Events,” no future distributions are expected to be declared or paid through the closing of the Merger. The regular distribution for the second quarter of 2017 was paid on July 7, 2017 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
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 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. In June 2017, we issued buy/sell notices related to two MW CO-JVs for a combined purchase price of $24.3 million in CO-JV equity. The MW Co-Investment Partner gave notice which effectively elected to our purchase of the MW CO-JV’s equity interest. In response, we gave notice deferring the purchase of MW CO-JV’s interest until November 2017. During this period or the end of the deferral period, we have certain rights, including the right to acquire the MW CO-JV interests, jointly sell the multifamily community or to issue a new buy/sell notice. As of June 30, 2017 , no other 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 time of 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 June 30, 2017 and December 31, 2016 , we have approximately $18.8 million and $19.5 million , respectively, of carrying value for deferred lease revenues related to The Gallery at NoHo Commons. As of June 30, 2017 , we have entered into construction and development contracts with approximately $70.0 million remaining to be paid. These construction costs are expected to be paid during the completion of the development and construction period, generally within 18 months . Future minimum lease payments due on our lease commitment payables, primarily related to our corporate office lease which expires in 2024, are as follows (in millions): Year Future Minimum Lease Payments July through December 2017 $ 0.3 2018 0.8 2019 0.8 2020 0.8 2021 0.8 Thereafter 2.4 Total $ 5.9 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	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Derivatives and Financial Instruments	Fair Value of Derivatives and Financial Instruments We had no fair value adjustments on a recurring or nonrecurring basis for the three and six months ended June 30, 2017 and 2016 . Financial Instruments Not Carried at Fair Value Financial instruments held as of June 30, 2017 and December 31, 2016 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 June 30, 2017 and December 31, 2016 are as follows (in millions) : June 30, 2017 December 31, 2016 Carrying Fair Carrying Fair Amount Value Amount Value Mortgages and notes payable $ 1,171.4 $ 1,166.0 $ 1,531.5 $ 1,533.8 Less: mortgage payable, net on multifamily community held for sale as of June, 30 2017 (33.3 ) — Less: deferred financing costs, net (6.2 ) (9.3 ) Mortgages and notes payable, net $ 1,131.9 $ 1,522.2

Related Party Arrangements

Related Party Arrangements	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements On February 13, 2017, we made a payment of $1.6 million to Behringer in full settlement of disputed fees related to Behringer’s prior advisory services. The related expense was recorded in 2016. On February 13, 2017, all outstanding shares of the Series A Preferred Stock (See Note 10, “Stockholders’ Equity — Capitalization”) issued to Behringer, which represented all of the Series A Preferred Stock shares issued and outstanding, were canceled without any conversion or other consideration.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Supplemental cash flow information for the six months ended June 30, 2017 and 2016 is summarized below (in millions) For the Six Months Ended 2017 2016 Supplemental disclosure of cash flow information: Interest paid, net of amounts capitalized of $2.1 million and $4.3 million in 2017 and 2016, respectively $ 25.4 $ 22.1 Non-cash investing and financing activities: Transfer of real estate from construction in progress to operating real estate 48.4 155.3 Transfer of assets to assets associated with real estate held for sale 47.8 — Transfer of liabilities to obligations associated with real estate held for sale 33.6 — Distributions payable - regular 12.5 12.5 Construction costs and other related payables 13.6 26.7

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements. Merger Agreement On July 4, 2017 , the Company entered into the Merger Agreement with GS Monarch Parent, LLC (“GS Monarch Parent”) and GS Monarch Acquisition, LLC, which are affiliates of Greystar Real Estate Partners, LLC. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, the Company will merge with and into GS Monarch Acquisition, LLC (the “Merger”). Upon completion of the Merger, GS Monarch Acquisition, LLC will survive and the separate corporate existence of the Company will cease. The Merger Agreement, the Merger and the other transactions contemplated thereby were unanimously approved by the Company’s board of directors. Pursuant to the terms and conditions in the Merger Agreement, at the closing of the Merger, each share of the Company’s common stock issued and outstanding immediately prior to the effective time of the Merger will be converted into the right to receive an amount in cash equal to $12.00 per share, without interest (the “Merger Consideration”). The Company paid a common stock distribution of $0.075 per share in July 2017 for the quarter ended June 30, 2017, but, under the terms of the Merger Agreement, any additional distribution paid during the term of the Merger Agreement will result in a dollar for dollar reduction in the Merger Consideration. The Merger Agreement also contains customary representations, warranties and covenants, including, among others, covenants by the Company to conduct its business in all material respects in the ordinary course of business consistent with past practice, subject to certain exceptions, during the period between the execution of the Merger Agreement and the consummation of the Merger. The obligations of the parties to consummate the Merger are not subject to any financing condition or the receipt of any financing by GS Monarch Parent. The consummation of the Merger is subject to certain customary closing conditions, including, among others, approval of the Merger by the affirmative vote of a majority of the outstanding shares of the Company’s common stock as of the record date for the special meeting of the Company’s common stockholders (the “Company Stockholder Approval”) and that all required approvals, authorizations and consents of any governmental authority have been obtained. The Merger Agreement requires the Company to convene a stockholders’ meeting for purposes of obtaining the Company Stockholder Approval. On July 28, 2017 , we filed a preliminary proxy statement with the SEC with respect to such meeting which contains, subject to certain exceptions, the Company’s board of directors’ recommendation that the Company’s stockholders vote in favor of the Merger. The Company has agreed not to solicit or enter into an agreement regarding an Acquisition Proposal (as defined in the Merger Agreement). However, prior to receipt of the Company Stockholder Approval, the Company may participate in discussions or negotiations with, and provide certain nonpublic information to, third parties related to any unsolicited Acquisition Proposal if the Company’s board of directors concludes after consultation with advisors that failure to do so would be inconsistent with its legal duties and that such Acquisition Proposal constitutes, or could reasonably be expected to result in, a Superior Proposal (as defined in the Merger Agreement). Prior to the Company Stockholder Approval, the Company’s board of directors may in certain circumstances effect a Change in Recommendation (as defined in the Merger Agreement), subject to complying with specified notice and other conditions set forth in the Merger Agreement. The Merger Agreement may be terminated under certain circumstances by the Company, including prior to receipt of the Company Stockholder Approval, if, after following certain procedures and adhering to certain restrictions, the Company’s board of directors has approved, and concurrently with the termination of the Merger Agreement, the Company enters into, a definitive agreement providing for the implementation of a Superior Proposal. In addition, GS Monarch Parent may terminate the Merger Agreement under certain circumstances and subject to certain restrictions, including if the Company’s board of directors effects a Change in Recommendation. Upon a termination of the Merger Agreement, under certain circumstances, the Company will be required to pay a termination fee to GS Monarch Parent of either $25,261,292 or $65,679,359 depending on the timing and circumstances of the termination. In certain other circumstances, GS Monarch Parent will be required to pay the Company a termination fee of $202,090,337 upon termination of the Merger Agreement. During the quarter ended June 30, 2017 , the Company recognized $2.8 million of Merger-related expenses. Subsequent to June 30, 2017 , we incurred additional Merger-related expenses of approximately $3.0 million . We expect that additional expenses will be incurred in connection with the closing of the Merger. However, all such Merger-related expenses incurred by the Company will not reduce the Merger Consideration. Acquisitions of Multifamily Communities and Tax Like-Kind Exchange Escrows In July 2017 , we acquired a 229 -unit multifamily community in Boca Raton, Florida for a gross contract purchase price of $80.5 million , before any closing costs. The purchase was funded from the proceeds of the tax like-kind exchange escrow of $40.1 million from the sale of a multifamily community in March 2017 with the remainder primarily funded from our credit facilities. In July 2017, $108.4 million of tax like-kind exchange escrows established in connection with our sales of the Allusion West University and Muse Museum District community sales were released in cash. The proceeds were primarily used to pay down our credit facilities. In August 2017 , we acquired a 182 -unit multifamily community in Melrose, Massachusetts for a gross contract purchase price of $75.0 million , before any closing costs. The purchase was funded from the proceeds of the tax like-kind exchange escrow of $42.2 million from the sale of a multifamily community in July 2017 with the remainder primarily funded from our credit facilities.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries and any consolidated variable interest entities (“VIEs”). All inter-company balances and transactions have been eliminated in consolidation.
Developments	We capitalize project costs related to the development and construction of real estate (including interest, real estate taxes, insurance, and other 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.
Impairment of Real Estate Related Assets	If events or circumstances indicate that the carrying amount of the property may not be recoverable, we make an assessment of the property’s recoverability by comparing the carrying amount of the asset to our estimate of the aggregate undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. In addition, we evaluate indefinite-lived intangible assets for possible impairment at least annually by comparing the fair values with the carrying values. The fair value of intangibles is generally estimated by valuation of similar assets.
Assets Held for Sale and Discontinued Operations	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 June 30, 2017 and December 31, 2016 , cash and cash equivalents include $29.6 million and $28.8 million , respectively, held by the Master Partnership and individual Co-Investment Ventures that are available only for use in the business of the Master Partnership and the other individual Co-Investment Ventures. Cash held by the Master Partnership and individual Co-Investment Ventures is not restricted to specific uses within those entities. However, the terms of the joint venture agreements define the timing and magnitude of the distribution of those funds to us or limit our use of them for our general corporate purposes. Cash held by the Master Partnership and individual Co-Investment Ventures is distributed from time to time to the Company and to the other Co-Investment Venture partners in accordance with the applicable Co-Investment Venture governing agreement, which may not be the same as the stated effective ownership interest. Cash distributions received by the Company from the Master Partnership and individual Co-Investment Ventures are then available for our general corporate purposes.
Earnings per Share	Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period excluding any unvested restricted stock awards. Diluted earnings per share is calculated by adjusting basic earnings per share for the dilutive effect of the assumed exercise of securities, including the effect of shares issuable under our preferred stock and our stock-based incentive plans. Our unvested share-based awards are considered participating securities and are reflected in the calculation of diluted earnings per share. During periods of net loss, the assumed exercise of securities is anti-dilutive and is not included in the calculation of earnings per share.
Reportable Segments	Our current business primarily consists of investing in and operating multifamily communities. Substantially all of our consolidated net income (loss) is from investments in real estate properties that we wholly own or own through Co-Investment Ventures, the latter of which may be accounted for under the equity method of accounting. Our management evaluates operating performance on an individual investment level. However, as each of our investments has similar economic characteristics in our consolidated financial statements, the Company is managed on an enterprise-wide basis with one reportable segment.
Use of Estimates in the Preparation of Financial Statements	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes to consolidated financial statements. These estimates include such items as: the purchase price allocations for real estate and other acquisitions; construction payables; impairment of long-lived assets; notes receivable; fair value evaluations; earning recognition of noncontrolling interests; depreciation and amortization; and share-based compensation measurements. Actual results could differ from those estimates.
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 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 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, are in scope. 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. For other new accounting standards issued by the FASB or other standards setting bodies, we believe the impact of other recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption.

Organization and Business (Tabl

Organization and Business (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and December 31, 2016 . The effective ownership ranges are based on our participation in the distributable operating cash from our investment in the 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. June 30, 2017 December 31, 2016 Co-Investment Structure Number of Multifamily Communities Our Effective Number of Multifamily Communities Our Effective Ownership PGGM CO-JVs (a) 19 50% to 70% 21 50% to 70% MW CO-JVs 14 55% 14 55% Developer CO-JVs 2 100% 2 100% Total 35 37 (a) As of June 30, 2017 and December 31, 2016 , the PGGM CO-JVs include Developer Partners in 15 and 18 multifamily communities, respectively. During the three months ended June 30, 2017 , we sold two multifamily communities held by PGGM CO-JVs, both of which included Developer Partners. Additionally during the three months ended June 30, 2017 , one of the Developer Partners exercised its put option. See further discussion in Note 9, “Noncontrolling Interests.”

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of major components of real estate investments and intangibles and related accumulated depreciation and amortization	As of June 30, 2017 and December 31, 2016 , major components of our real estate investments and intangibles and related accumulated depreciation and amortization were as follows (in millions): June 30, 2017 December 31, 2016 Buildings Intangibles Buildings Intangibles and In-Place Other and In-Place Other Improvements Leases Contractual Improvements Leases Contractual Cost $ 2,750.6 $ 29.6 $ 18.9 $ 2,814.2 $ 34.1 $ 18.9 Less: accumulated depreciation and amortization (460.0 ) (28.2 ) (4.3 ) (461.9 ) (32.1 ) (3.9 ) Net $ 2,290.6 $ 1.4 $ 14.6 $ 2,352.3 $ 2.0 $ 15.0
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 July through December 2017 $ 0.5 2018 0.4 2019 0.4 2020 0.4 2021 0.4
Schedule of Real Estate Dispositions	The following table presents our sales of real estate for the six months ended June 30, 2017 (in millions): Date of Sale Multifamily Community Sales Contract Price Net Cash Proceeds Gains on Sales of Real Estate For the Six Months Ended June 30, 2017 June 2017 Allusion West University - Houston, TX (a) $ 49.0 $ 48.1 $ 12.4 June 2017 Muse Museum District - Houston, TX (a) 60.0 58.8 16.1 March 2017 The District Universal Boulevard - Orlando, FL (a) 78.5 77.0 27.1 March 2017 Skye 2905 - Denver, CO 126.0 124.2 43.7 February 2017 Grand Reserve - Dallas, TX 42.0 41.3 16.0 Total $ 355.5 $ 349.4 $ 115.3 (a) The cash proceeds from the sale, net of related mortgage debt as applicable, are reflected in “Tax like-kind exchange escrow” on the consolidated balance sheet as of June 30, 2017 . The proceeds are being held in escrow in connection with a tax like-kind exchange for replacement properties. See Note 15, “Subsequent Events” for acquisitions closing subsequent to June 30, 2017 .
Schedule of Real Estate Dispositions, Effect on Net Income	The following table presents net income for the periods presented below related to the multifamily communities sold during the three and six months ended June 30, 2017 , including gains on sales of real estate (in millions) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Net income from multifamily communities sold $ 27.8 $ 0.2 $ 111.9 $ 1.2 Less: net income attributable to noncontrolling interest (12.5 ) (0.1 ) (12.5 ) (0.2 ) Net income attributable to common stockholders $ 15.3 $ 0.1 $ 99.4 $ 1.0
Schedule of real estate held for sale	The major classes of assets and obligations associated with real estate held for sale are as follows (in millions): June 30, 2017 Land $ 4.9 Buildings and improvements, net of approximately $13.6 million in accumulated depreciation 42.8 Other assets, net 0.1 Assets associated with real estate held for sale $ 47.8 Mortgages and notes payable, net $ 33.3 Accounts payable and other liabilities 0.3 Obligations associated with real estate held for sale $ 33.6

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Significant balances related to VIEs	The following table presents the significant balances related to our VIEs as of June 30, 2017 and December 31, 2016 (in millions): June 30, 2017 December 31, 2016 Total assets $ 2,354.2 $ 2,335.1 Net operating real estate 2,079.6 2,154.6 Construction in progress 108.1 120.8 Mortgages and notes payable outstanding (a) $ 991.3 $ 1,237.9 Unsecured credit facility 270.2 — Plus: unamortized adjustments from business combinations (0.1 ) 0.1 Less: deferred financing costs, net (8.3 ) (7.9 ) Total mortgages and notes payable, net $ 1,253.1 $ 1,230.1 (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)	6 Months Ended
	Jun. 30, 2017
Other Assets [Abstract]
Schedule of components of other assets	The components of other assets as of June 30, 2017 and December 31, 2016 are as follows (in millions): June 30, 2017 December 31, 2016 Notes receivable, net (a) $ 26.9 $ 26.7 Resident, tenant and other receivables 9.4 5.2 Escrows and restricted cash 5.4 13.7 Prepaid assets, deposits and other assets 17.3 5.6 Total other assets, net $ 59.0 $ 51.2 (a) Notes receivable include mezzanine loans, primarily related to multifamily development projects. As of June 30, 2017 , the weighted average interest rate is 15.0% and the weighted average remaining years to scheduled maturity is 1.0 years. The borrowers generally have options to prepay prior to maturity or to extend the maturity for one to two years.

Mortgages and Notes Payable (Ta

Mortgages and Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and December 31, 2016 (dollar amounts in millions and monthly LIBOR at June 30, 2017 is 1.22% ): As of June 30, 2017 June 30, December 31, Weighted Average Maturity 2017 2016 Interest Rates Dates Company level (a) Fixed rate mortgages payable $ 180.2 $ 292.6 3.71% 2018 to 2021 Co-Investment Venture level - consolidated (b) Fixed rate mortgages payable 712.6 636.6 3.33% 2017 to 2027 Variable rate mortgage payable 35.7 35.5 Monthly LIBOR + 1.81% 2017 to 2018 Fixed rate construction loans payable: Operating (c) 52.5 — 4.00% 2018 In construction — 50.9 N/A N/A Variable rate construction loans payable (d): Operating 190.5 498.5 Monthly LIBOR + 2.10% 2018 to 2019 In construction — 16.4 Monthly LIBOR + 2.65% 2020 Total Co-Investment Venture level - consolidated 991.3 1,237.9 Total Company and Co-Investment Venture level 1,171.5 1,530.5 Less: mortgage payable, net on multifamily community held for sale as of June 30, 2017 (e) (33.3 ) — Less: unamortized adjustments from business combinations (0.1 ) 1.0 Less: deferred financing costs, net (6.2 ) (9.3 ) Total consolidated mortgages and notes payable, net $ 1,131.9 $ 1,522.2 (a) Company level debt is defined as debt that is a direct obligation of the Company or one of the Company’s wholly owned subsidiaries. (b) Co-Investment Venture level debt is defined as debt that is an obligation of the Co-Investment Venture and not an obligation or contingency for us. (c) As of June 30, 2017 , includes one loan with a total commitment of $53.5 million . The construction loan includes a two year extension option. As of June 30, 2017 , there is $1.0 million remaining to draw under the construction loan. We may elect not to fully draw down any unfunded commitment. (d) As of June 30, 2017 , includes five loans with total commitments of $275.3 million . As of June 30, 2017 , the Company has partially guaranteed four of these loans with total commitments of $195.3 million , of which $39.1 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 June 30, 2017 , there is $84.8 million remaining to draw under the construction loans. We may elect not to fully draw down any unfunded commitment. (e) The debt is included in the line item “Obligations associated with real estate held for sale” on the consolidated balance sheet as of June 30, 2017.
Schedule of contractual principal payments for the entity's mortgages and notes payable for the five subsequent years and thereafter	As of June 30, 2017 , 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 July through December 2017 $ 1.9 $ 91.7 $ 93.6 2018 63.9 236.8 300.7 2019 60.4 164.3 224.7 2020 1.2 172.9 174.1 2021 52.8 108.5 161.3 Thereafter — 217.1 217.1 Total $ 180.2 $ 991.3 1,171.5 Less: mortgage payable, net on multifamily community held for sale as of June 30, 2017 (33.3 ) Add: unamortized adjustments from business combinations (0.1 ) Less: deferred financing costs, net (6.2 ) Total mortgages and notes payable, net $ 1,131.9

Credit Facilities Payable (Tabl

Credit Facilities Payable (Tables)	6 Months Ended
	Jun. 30, 2017
Line of Credit Facility [Abstract]
Schedule of Line of Credit Facilities	The following table presents the terms and amounts outstanding under our credit facilities as of June 30, 2017 and December 31, 2016 (dollar amounts in millions and monthly LIBOR at June 30, 2017 was 1.22% ): Balance Outstanding June 30, December 31, Interest Rate as of June 30, 2017 Maturity Date Company level $150 million credit facility (a) $ — $ 10.0 N/A N/A $200 million revolving credit facility 121.0 — Monthly LIBOR + 2.50% January 14, 2019 (b) Total Company level 121.0 10.0 Co-Investment Venture level - consolidated Unsecured Credit Facility: Revolver 170.2 — Monthly LIBOR + 2.25% March 30, 2021 (b) Term loan 100.0 — Monthly LIBOR + 2.25% March 30, 2022 Total Co-Investment Venture level- consolidated 270.2 — Total credit facilities outstanding 391.2 10.0 Less: deferred financing costs, net (4.5 ) (2.0 ) Total credit facilities payable, net $ 386.7 $ 8.0 (a) We retired the facility on February 28, 2017. (b) Includes a one year extension option, subject to the satisfaction of certain conditions.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2017
Noncontrolling Interest [Abstract]
Schedule of non-redeemable, noncontrolling interests	As of June 30, 2017 and December 31, 2016 , 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): June 30, 2017 December 31, 2016 Effective Effective Amount NCI % (a) Amount NCI % (a) PGGM Co-Investment Partner $ 306.4 30% to 45% $ 295.6 30% to 45% MW Co-Investment Partner 104.5 45% 109.6 45% Developer Partners 4.1 0% to 10% 4.1 0% to 10% Subsidiary preferred units 2.0 (b) 2.0 (b) Total non-redeemable NCI $ 417.0 $ 411.3 (a) Effective noncontrolling percentage is based upon the noncontrolling interest’s participation in distributable operating cash. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. (b) The effective NCI for the preferred units is not meaningful and the preferred units have no voting or participation rights.
Schedule of distributions to noncontrolling interests	For the six months ended June 30, 2017 and 2016 , we paid the following distributions to noncontrolling interests (in millions): For the Six Months Ended 2017 2016 Distributions paid to noncontrolling interests: Operating activities $ 13.5 $ 12.8 Investing and financing activities 1.8 3.0 Total $ 15.3 $ 15.8
Schedule of redeemable, noncontrolling interests (NCI)	As of June 30, 2017 and December 31, 2016 , redeemable noncontrolling interests consisted of the following (dollar amounts in millions) : June 30, 2017 December 31, 2016 Effective Effective Amount NCI % (a) Amount NCI % (a) Developer Partners $ 23.5 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)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	The following table includes the number of RSUs granted, exercised (including RSUs used to satisfy employee income tax withholding) and outstanding as of June 30, 2017 and 2016 : 2017 2016 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Outstanding January 1, 801,603 $ 9.48 549,496 $ 9.64 Granted 634,456 8.64 424,128 9.30 Exercised (202,165 ) 9.34 (130,022 ) 9.46 Forfeited (9,955 ) 10.02 (20,496 ) 9.66 Outstanding June 30, 1,223,939 $ 9.07 823,106 $ 9.49 Time-based RSUs outstanding 918,275 $ 9.74 823,106 $ 9.49 Performance-based RSUs outstanding 305,664 $ 6.99 — $ —
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 June 30, 2017 and 2016 : 2017 2016 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding January 1, 123,661 $ 9.77 20,868 $ 9.21 Granted 75,708 10.36 95,847 9.20 Exercised (24,928 ) 9.20 (6,414 ) 9.21 Forfeited (19,729 ) 9.72 (14,195 ) 9.20 Outstanding June 30, 154,712 $ 10.16 96,106 $ 9.20
Dividends Declared	The following table presents the regular distributions declared for the six months ended June 30, 2017 and 2016 (in millions, except per share amounts): For the Six Months Ended 2017 2016 Declared Declared per Share Declared Declared per Share Second quarter $ 12.5 $ 0.075 $ 12.5 $ 0.075 First quarter 12.5 0.075 12.5 0.075 Total $ 25.0 $ 0.150 $ 25.0 $ 0.150

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Future minimum lease payments	Future minimum lease payments due on our lease commitment payables, primarily related to our corporate office lease which expires in 2024, are as follows (in millions): Year Future Minimum Lease Payments July through December 2017 $ 0.3 2018 0.8 2019 0.8 2020 0.8 2021 0.8 Thereafter 2.4 Total $ 5.9

Fair Value of Derivatives and32

Fair Value of Derivatives and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of carrying amounts and related estimated fair value of mortgage and notes payable	Carrying amounts and the related estimated fair value of our mortgages and notes payable as of June 30, 2017 and December 31, 2016 are as follows (in millions) : June 30, 2017 December 31, 2016 Carrying Fair Carrying Fair Amount Value Amount Value Mortgages and notes payable $ 1,171.4 $ 1,166.0 $ 1,531.5 $ 1,533.8 Less: mortgage payable, net on multifamily community held for sale as of June, 30 2017 (33.3 ) — Less: deferred financing costs, net (6.2 ) (9.3 ) Mortgages and notes payable, net $ 1,131.9 $ 1,522.2

Supplemental Disclosures of C33

Supplemental Disclosures of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Summary of supplemental cash flow information	Supplemental cash flow information for the six months ended June 30, 2017 and 2016 is summarized below (in millions) For the Six Months Ended 2017 2016 Supplemental disclosure of cash flow information: Interest paid, net of amounts capitalized of $2.1 million and $4.3 million in 2017 and 2016, respectively $ 25.4 $ 22.1 Non-cash investing and financing activities: Transfer of real estate from construction in progress to operating real estate 48.4 155.3 Transfer of assets to assets associated with real estate held for sale 47.8 — Transfer of liabilities to obligations associated with real estate held for sale 33.6 — Distributions payable - regular 12.5 12.5 Construction costs and other related payables 13.6 26.7

Organization and Business (Deta

Organization and Business (Details)	1 Months Ended	6 Months Ended
	Jun. 30, 2017communityinvestment	Jun. 30, 2017communityinvestment	Jul. 04, 2017$ / shares	Dec. 31, 2016communityinvestment
Organization and business
Number of multifamily communities in which the entity has made wholly owned investments or joint venture equity | community	48	48
Number of stabilized operating properties | community		41
Number of multifamily communities in development | community		7
Number of wholly owned multifamily communities | community		11
Number of debt investments made by the entity | investment		2
Number of wholly owned investments | investment		13
Number of wholly owned multifamily communities held for sale | community	1	1		0
Number of multifamily communities in which the entity is having ownership interest through Co-Investment Ventures | investment		35
Co-Investment Structure
Number of Multifamily Communities | investment	35	35		37
Number of multifamily properties sold | community	2
Consolidated co-investment venture
Co-Investment Structure
Our Effective Ownership	45.00%	45.00%
PGGM
Organization and business
Effective NCI (as a percent)	99.00%	99.00%
PGGM Co-Investment Partner
Organization and business
Ownership percentage by parent	1.00%	1.00%
Co-Investment Structure
Number of Multifamily Communities | investment	19	19		21
Developer partner, number of multifamily communities | community	15	15		18
PGGM Co-Investment Partner | Consolidated co-investment venture
Co-Investment Structure
Our Effective Ownership	55.00%	55.00%
PGGM Co-Investment Partner | Minimum
Co-Investment Structure
Our Effective Ownership	50.00%	50.00%		50.00%
PGGM Co-Investment Partner | Maximum
Co-Investment Structure
Our Effective Ownership	70.00%	70.00%		70.00%
MW CO-JVs
Co-Investment Structure
Number of Multifamily Communities | investment	14	14		14
Our Effective Ownership	55.00%	55.00%		55.00%
Developer Partners
Co-Investment Structure
Number of Multifamily Communities | investment	2	2		2
Our Effective Ownership	100.00%	100.00%		100.00%
Subsequent Event
Organization and business
Merger agreement consideration received per share (in dollars per share) | $ / shares			$ 12

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)community$ / shares	Jun. 30, 2017USD ($)communitysegment$ / shares	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)community
Accounting Policies [Abstract]
Impairment loss		$ 0	$ 0
Number of wholly owned multifamily communities held for sale | community	1	1		0
Cash and cash equivalents held by individual Co-Investment Ventures	$ 29,600,000	$ 29,600,000		$ 28,800,000
Dilutive impact, less than (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number of reportable segments | segment		1

Real Estate Investments - Sched

Real Estate Investments - Schedule of major components (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2017USD ($)unit	Jan. 31, 2017USD ($)unit	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Real Estate Investments and Intangibles and Related Depreciation and Amortization
Tax like-kind exchange escrow disbursements					$ 127,633	$ 0
Real Estate Investments
Buildings and improvements, cost			$ 2,750,618		2,750,618		$ 2,814,221
Less accumulated depreciation and amortization			(460,038)		(460,038)		(461,869)
Net			2,290,600		2,290,600		2,352,300
Depreciation expense			31,300	$ 30,600	62,700	60,200
Intangibles
Net			16,034		16,034		16,977
Amortization expense associated with lease intangibles			300	$ 300	516	$ 551
In-Place Leases
Intangibles
Intangibles, cost			29,600		29,600		34,100
Less: accumulated depreciation and amortization			(28,200)		(28,200)		(32,100)
Net			1,400		1,400		2,000
Other Contractual
Intangibles
Intangibles, cost			18,900		18,900		18,900
Less: accumulated depreciation and amortization			(4,300)		(4,300)		(3,900)
Net			14,600		14,600		15,000
Asset management, fee revenue services, and contracts
Intangibles
Net			2,600		2,600		2,600
Use rights of a parking garage and site improvements
Intangibles
Net			6,800		6,800		6,800
Land air rights
Intangibles
Net			$ 9,500		$ 9,500		$ 9,500
Multifamily Community, Los Angeles, CA
Real Estate Investments and Intangibles and Related Depreciation and Amortization
Multifamily community | unit		175
Purchase price		$ 105,000
Percent of real estate property occupied			54.00%		54.00%
Multifamily Community, Arlington, Virginia
Real Estate Investments and Intangibles and Related Depreciation and Amortization
Multifamily community | unit	265
Purchase price	$ 142,500
Percent of real estate property occupied			35.00%		35.00%
Tax like-kind exchange escrow disbursements	$ 70,900

Real Estate Investments - Sch37

Real Estate Investments - Schedule of anticipated amortization (Details) $ in Millions	Jun. 30, 2017USD ($)
Anticipated Amortization of Lease Intangibles
July through December 2017	$ 0.5
2,018	0.4
2,019	0.4
2,020	0.4
2,021	$ 0.4

Real Estate Investments - Sch38

Real Estate Investments - Schedule of Real Estate Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real Estate [Line Items]
Sales Contract Price			$ 355,500
Net Cash Proceeds			349,379	$ 0
Gains on Sales of Real Estate	$ 28,559	$ 0	115,282	$ 0
Allusion West University - Houston, TX
Real Estate [Line Items]
Sales Contract Price			49,000
Net Cash Proceeds			48,100
Gains on Sales of Real Estate			12,400
Muse Museum District - Houston, TX
Real Estate [Line Items]
Sales Contract Price			60,000
Net Cash Proceeds			58,800
Gains on Sales of Real Estate			16,100
The District Universal Boulevard - Orlando, FL
Real Estate [Line Items]
Sales Contract Price			78,500
Net Cash Proceeds			77,000
Gains on Sales of Real Estate			27,100
Skye 2905 - Denver, CO
Real Estate [Line Items]
Sales Contract Price			126,000
Net Cash Proceeds			124,200
Gains on Sales of Real Estate			43,700
Grand Reserve - Dallas, TX
Real Estate [Line Items]
Sales Contract Price			42,000
Net Cash Proceeds			41,300
Gains on Sales of Real Estate			$ 16,000

Real Estate Investments - Sch39

Real Estate Investments - Schedule of Real Estate Dispositions, Effect on Net Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real Estate [Abstract]
Net income from multifamily communities sold	$ 27.8	$ 0.2	$ 111.9	$ 1.2
Less: net income attributable to noncontrolling interest	(12.5)	(0.1)	(12.5)	(0.2)
Net income attributable to common stockholders	$ 15.3	$ 0.1	$ 99.4	$ 1

Real Estate Investments - Sch40

Real Estate Investments - Schedule of Real Estate Dispositions Held For Sale (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2017USD ($)	Jun. 30, 2017USD ($)unit	Dec. 31, 2016USD ($)
Real Estate [Line Items]
Sales Contract Price		$ 355,500
Assets associated with real estate held for sale		47,843	$ 0
Obligations associated with real estate held for sale		$ 33,589	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Multifamily Community, Henderson, Nevada
Real Estate [Line Items]
Multifamily community | unit		430
Land		$ 4,900
Buildings and improvements, net of approximately $13.6 million in accumulated depreciation		42,800
Other assets, net		100
Assets associated with real estate held for sale		47,800
Mortgages and notes payable, net		33,300
Accounts payable and other liabilities		300
Obligations associated with real estate held for sale		33,600
Accumulated Depreciation		$ 13,600
Disposal Group, Held-for-sale, Not Discontinued Operations | Subsequent Event | Multifamily Community, Henderson, Nevada
Real Estate [Line Items]
Sales Contract Price	$ 76,500

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Mortgages and notes payable outstanding	$ 391,200	$ 10,000
Outstanding amount of guarantees	1,131,901	1,522,207
Multifamily community
Variable Interest Entity [Line Items]
Amount drawn under loan	328,800
Construction Loans
Variable Interest Entity [Line Items]
Partial payment guarantees	190,500
Consolidated co-investment venture
Variable Interest Entity [Line Items]
Mortgages and notes payable outstanding	991,300	1,237,900
Secured Construction Loan Payable | Consolidated co-investment venture | Construction loan
Variable Interest Entity [Line Items]
Outstanding amount of guarantees	$ 39,100
Secured Construction Loan Payable | Consolidated co-investment venture | Construction loan | Minimum
Variable Interest Entity [Line Items]
Percentage guaranteed on loans	5.00%
Secured Construction Loan Payable | Consolidated co-investment venture | Construction loan | Maximum
Variable Interest Entity [Line Items]
Percentage guaranteed on loans	25.00%
Mortgages and Notes Payable | Co-Investment ventures
Variable Interest Entity [Line Items]
Mortgages and notes payable outstanding	$ 991,300	$ 1,237,900
Fully funded non recourse mortgages	748,300
Mortgages and Notes Payable | Multifamily community | Co-Investment ventures
Variable Interest Entity [Line Items]
Amount drawn under loan	$ 243,000

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Mortgages and notes payable outstanding	$ 391,200	$ 10,000
Credit facilities payable, net	386,695	8,023
Less: deferred financing costs, net	(4,500)	(2,000)
VIEs
Variable Interest Entity [Line Items]
Assets of VIE	2,354,200	2,335,100
VIEs | Net operating real estate
Variable Interest Entity [Line Items]
Assets of VIE	2,079,600	2,154,600
VIEs | Construction in progress
Variable Interest Entity [Line Items]
Assets of VIE	108,100	120,800
VIEs | Mortgages and Notes Payable
Variable Interest Entity [Line Items]
Mortgages and notes payable outstanding	991,300	1,237,900
Credit facilities payable, net	270,200	0
Plus: unamortized adjustments from business combinations	(100)	100
Less: deferred financing costs, net	(8,300)	(7,900)
Total mortgages and notes payable, net	$ 1,253,100	$ 1,230,100

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Other Assets [Line Items]
Notes receivable, net	$ 26,900	$ 26,700
Resident, tenant and other receivables	9,400	5,200
Escrows and restricted cash	5,400	13,700
Prepaid assets, deposits and other assets	17,300	5,600
Total other assets	$ 59,001	$ 51,248
Weighted average interest rate on notes receivables (as a percent)	15.00%
Remaining period to scheduled maturity on notes receivables (in years)	11 months 27 days
Minimum
Other Assets [Line Items]
Extension period (in years)	1 year
Maximum
Other Assets [Line Items]
Extension period (in years)	2 years

Mortgages and Notes Payable - S

Mortgages and Notes Payable - Schedule of carrying amounts (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)loan	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)loan	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Mortgage loans payable
Mortgages and notes payable outstanding	$ 391,200,000		$ 391,200,000		$ 10,000,000
Less: deferred financing costs, net	(4,500,000)		(4,500,000)		(2,000,000)
Total mortgages and notes payable, net	1,131,901,000		1,131,901,000		1,522,207,000
Loss on early extinguishment of debt	$ 940,000	$ 0	$ 4,841,000	$ 0
LIBOR
Mortgage loans payable
Monthly LIBOR interest rate at period end	1.22%		1.22%
Parent
Mortgage loans payable
Mortgages and notes payable outstanding	$ 121,000,000		$ 121,000,000		10,000,000
Consolidated co-investment venture
Mortgage loans payable
Mortgages and notes payable outstanding	991,300,000		991,300,000		1,237,900,000
Mortgages and notes payable
Mortgage loans payable
Mortgages and notes payable outstanding	1,171,500,000		1,171,500,000		1,530,500,000
Less: mortgage payable, net on multifamily community held for sale as of June 30, 2017	(33,300,000)		(33,300,000)		0
Less: unamortized adjustments from business combinations	(100,000)		(100,000)		1,000,000
Less: deferred financing costs, net	(6,200,000)		(6,200,000)		(9,300,000)
Total mortgages and notes payable, net	1,131,900,000		1,131,900,000		1,522,200,000
Retired mortgages and notes payable			110,100,000
Loss on early extinguishment of debt			3,000,000
Net consolidated carrying value of real estate that collateralized the mortgage loans payable	2,000,000,000		2,000,000,000
Mortgages and notes payable | Parent
Mortgage loans payable
Mortgages and notes payable outstanding	180,200,000		180,200,000
Mortgages and notes payable | Parent | Parent company, fixed rate mortgage payable
Mortgage loans payable
Mortgages and notes payable outstanding	$ 180,200,000		$ 180,200,000		292,600,000
Weighted Average Interest Rates	3.71%		3.71%
Mortgages and notes payable | Consolidated co-investment venture
Mortgage loans payable
Mortgages and notes payable outstanding	$ 991,300,000		$ 991,300,000
Mortgages and notes payable | Consolidated co-investment venture | Co-Investment venture, fixed rate mortgages payable
Mortgage loans payable
Mortgages and notes payable outstanding	$ 712,600,000		$ 712,600,000		636,600,000
Weighted Average Interest Rates	3.33%		3.33%
Mortgages and notes payable | Consolidated co-investment venture | Co-investment venture, variable rate mortgage payable
Mortgage loans payable
Mortgages and notes payable outstanding	$ 35,700,000		$ 35,700,000		35,500,000
Mortgages and notes payable | Consolidated co-investment venture | Co-investment venture, variable rate mortgage payable | LIBOR
Mortgage loans payable
Monthly LIBOR plus percent	1.81%		1.81%
Construction loan | Consolidated co-investment venture
Mortgage loans payable
Number of loans | loan	5		5
Total loan commitment	$ 275,300,000		$ 275,300,000
Construction loan | Consolidated co-investment venture | Co-investment venture, fixed rate construction loan payable, operating
Mortgage loans payable
Mortgages and notes payable outstanding	$ 52,500,000		$ 52,500,000		0
Weighted Average Interest Rates	4.00%		4.00%
Construction loan | Consolidated co-investment venture | Co-investment venture, fixed rate construction loan payable, in construction
Mortgage loans payable
Mortgages and notes payable outstanding	$ 0		$ 0		50,900,000
Number of loans | loan	1		1
Total loan commitment	$ 53,500,000		$ 53,500,000
Amount available to draw	1,000,000		1,000,000
Construction loan | Consolidated co-investment venture | Co-investment venture, variable rate construction payable, operating
Mortgage loans payable
Mortgages and notes payable outstanding	$ 190,500,000		$ 190,500,000		498,500,000
Construction loan | Consolidated co-investment venture | Co-investment venture, variable rate construction payable, operating | LIBOR
Mortgage loans payable
Monthly LIBOR plus percent	2.10%		2.10%
Construction loan | Consolidated co-investment venture | Co-investment venture, variable rate construction payable, in construction
Mortgage loans payable
Mortgages and notes payable outstanding	$ 0		$ 0		$ 16,400,000
Construction loan | Consolidated co-investment venture | Co-investment venture, variable rate construction payable, in construction | LIBOR
Mortgage loans payable
Monthly LIBOR plus percent	2.65%		2.65%
Construction loan | Consolidated co-investment venture | Secured Construction Loan Payable
Mortgage loans payable
Total mortgages and notes payable, net	$ 39,100,000		$ 39,100,000
Number of loans | loan	4		4
Total loan commitment	$ 195,300,000		$ 195,300,000
Amount available to draw	$ 84,800,000		$ 84,800,000
Maximum | Construction loan | Parent | Parent company, variable construction loan payable, in construction
Mortgage loans payable
Extension option period			2 years
Maximum | Construction loan | Consolidated co-investment venture | Secured Construction Loan Payable
Mortgage loans payable
Extension option period			2 years
Percentage guaranteed on loans	25.00%		25.00%
Minimum | Construction loan | Consolidated co-investment venture | Secured Construction Loan Payable
Mortgage loans payable
Extension option period			1 year
Percentage guaranteed on loans	5.00%		5.00%

Mortgages and Notes Payable -45

Mortgages and Notes Payable - Schedule of contractual principal payments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Contractual principal payments for the five subsequent years and thereafter
Total	$ 391,200	$ 10,000
Less: deferred financing costs, net	(4,500)	(2,000)
Total mortgages and notes payable, net	1,131,901	1,522,207
Company Level
Contractual principal payments for the five subsequent years and thereafter
Total	121,000	10,000
Co-Investment Venture Level
Contractual principal payments for the five subsequent years and thereafter
Total	991,300	1,237,900
Mortgages
Contractual principal payments for the five subsequent years and thereafter
July through December 2017	93,600
2,018	300,700
2,019	224,700
2,020	174,100
2,021	161,300
Thereafter	217,100
Total	1,171,500	1,530,500
Less: mortgage payable, net on multifamily community held for sale as of June 30, 2017	(33,300)	0
Less: unamortized adjustments from business combinations	(100)	1,000
Less: deferred financing costs, net	(6,200)	(9,300)
Total mortgages and notes payable, net	1,131,900	$ 1,522,200
Mortgages | Company Level
Contractual principal payments for the five subsequent years and thereafter
July through December 2017	1,900
2,018	63,900
2,019	60,400
2,020	1,200
2,021	52,800
Thereafter	0
Total	180,200
Mortgages | Co-Investment Venture Level
Contractual principal payments for the five subsequent years and thereafter
July through December 2017	91,700
2,018	236,800
2,019	164,300
2,020	172,900
2,021	108,500
Thereafter	217,100
Total	$ 991,300

Credit Facilities Payable - Sch

Credit Facilities Payable - Schedule of Line of Credit Facilities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Mar. 30, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Total credit facilities outstanding	$ 391,200,000		$ 10,000,000
Less: deferred financing costs, net	(4,500,000)		(2,000,000)
Total credit facilities payable, net	$ 386,695,000		8,023,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Extension option period	1 year
Company Level
Line of Credit Facility [Line Items]
Total credit facilities outstanding	$ 121,000,000		10,000,000
PGGM Co-Investment Partner
Line of Credit Facility [Line Items]
Total credit facilities outstanding	270,200,000		0
$150 million credit facility | Company Level | Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			150,000,000
Total credit facilities outstanding	0		10,000,000
$200 million revolving credit facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 200,000,000
$200 million revolving credit facility | LIBOR | Revolving Credit Facility
Line of Credit Facility [Line Items]
Applicable margin (as a percent)	2.50%
$200 million revolving credit facility | Company Level | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 200,000,000
Total credit facilities outstanding	$ 121,000,000		0
$200 million revolving credit facility | Company Level | LIBOR | Revolving Credit Facility
Line of Credit Facility [Line Items]
Applicable margin (as a percent)	2.50%
Unsecured Credit Facility | PGGM Co-Investment Partner | Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 300,000,000
Unsecured Credit Facility | PGGM Co-Investment Partner | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		200,000,000
Total credit facilities outstanding	$ 170,200,000		0
Applicable margin (as a percent)	2.25%
Unsecured Credit Facility | PGGM Co-Investment Partner | Term loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 100,000,000
Total credit facilities outstanding	$ 100,000,000		$ 0
Term loan | Unsecured Credit Facility | PGGM Co-Investment Partner
Line of Credit Facility [Line Items]
Applicable margin (as a percent)	2.25%

Credit Facilities Payable - Nar

Credit Facilities Payable - Narrative (Details)	Mar. 30, 2017USD ($)	Jun. 30, 2017USD ($)community
LIBOR
Line of Credit Facility [Line Items]
Monthly LIBOR interest rate at period end		1.22%
$200 million revolving credit facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 200,000,000
Additional capacity available after certain conditions (up to)		$ 400,000,000
Number of multifamily communities pledged | community		2
Consolidated net worth required to be maintained (at least)		$ 1,160,000,000
Maximum consolidated total indebtedness to total gross asset value		65.00%
Minimum adjusted consolidated EBITDA to consolidated fixed charges		1.50
Maximum distributions as a percent of funds from operations		95.00%
$200 million revolving credit facility | LIBOR | Revolving Credit Facility
Line of Credit Facility [Line Items]
Applicable margin (as a percent)		2.50%
PGGM Co-Investment Partner | Unsecured Credit Facility | Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 300,000,000
Increased facility amount	$ 500,000,000
Percent of unencumbered properties	50.00%
Borrowing availability		$ 22,000,000
Compliance ratio minimum	1.4
PGGM Co-Investment Partner | Unsecured Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 200,000,000
Applicable margin (as a percent)		2.25%
PGGM Co-Investment Partner | Unsecured Credit Facility | Term loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 100,000,000

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)community$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares
Noncontrolling Interest [Line Items]
Number of multifamily properties sold | community	2
Repurchase of partnership interests		$ 3,700
Acquisitions of noncontrolling interests		$ 1,215
Milky Way Partners LP
Noncontrolling Interest [Line Items]
Annual distribution rate	12.50%	12.50%
Redemption price of preferred units (in dollars per unit) | $ / shares	$ 500	$ 500
Developer Partners
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interest, put	$ 23,300	$ 23,300
Redeemable noncontrolling interest, exercisable	7,600	7,600
Exercise of put option	$ 2,800	$ 2,800
Minimum | Milky Way Partners LP
Noncontrolling Interest [Line Items]
Number of preferred units issued by subsidiary of joint venture | shares	121	121
Minimum | Developer Partners
Noncontrolling Interest [Line Items]
Put option exercise period		1 year
Maximum | Milky Way Partners LP
Noncontrolling Interest [Line Items]
Number of preferred units issued by subsidiary of joint venture | shares	125	125
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Acquisitions of noncontrolling interests		$ 674

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of non-redeemable, noncontrolling interests (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Subsidiary preferred units	$ 2,000	$ 2,000
Non-redeemable noncontrolling interests	416,961	411,347
PGGM Co-Investment Partner
Noncontrolling Interest [Line Items]
Amount	$ 306,400	$ 295,600
PGGM Co-Investment Partner | Minimum
Noncontrolling Interest [Line Items]
Effective NCI (as a percent)	30.00%	30.00%
PGGM Co-Investment Partner | Maximum
Noncontrolling Interest [Line Items]
Effective NCI (as a percent)	45.00%	45.00%
Milky Way Partners LP
Noncontrolling Interest [Line Items]
Amount	$ 104,500	$ 109,600
Effective NCI (as a percent)	45.00%	45.00%
Developer Partners
Noncontrolling Interest [Line Items]
Amount	$ 4,100	$ 4,100
Developer Partners | Minimum
Noncontrolling Interest [Line Items]
Effective NCI (as a percent)	0.00%	0.00%
Developer Partners | Maximum
Noncontrolling Interest [Line Items]
Effective NCI (as a percent)	10.00%	10.00%

Noncontrolling Interests - Sc50

Noncontrolling Interests - Schedule of distributions (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Noncontrolling Interest [Abstract]
Operating activities	$ 13,500	$ 12,800
Investing and financing activities	1,800	3,000
Total	$ 15,300	$ 15,768

Noncontrolling Interests - Sc51

Noncontrolling Interests - Schedule of redeemable, noncontrolling interests (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Developer Partners, Amount	$ 23,516	$ 29,073
Developer Partners
Noncontrolling Interest [Line Items]
Developer Partners, Amount	$ 23,500	$ 29,100
Minimum | Developer Partners
Noncontrolling Interest [Line Items]
Effective NCI (as a percent)	0.00%	0.00%
Maximum | Developer Partners
Noncontrolling Interest [Line Items]
Effective NCI (as a percent)	10.00%	10.00%

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 31, 2013	Jun. 30, 2017	Jun. 30, 2016
Capitalization
Number of shares authorized for issuance (in shares)		20,000,000
Number of shares available for issuance (in shares)		18,200,000
Share-based compensation expense		$ 2.4	$ 1.9
Series A Preferred Stock | Advisor
Capitalization
Preferred stock, shares issued (in shares)	10,000
Preferred stock, dividend rate, percentage	7.00%
Preferred stock, par value (in dollars per share)	$ 0.0001
Restricted Stock
Capitalization
Vesting period		3 years
Minimum | Restricted Stock Units
Capitalization
Vesting period		2 years
Maximum | Restricted Stock Units
Capitalization
Vesting period		3 years

Stockholders' Equity - Stock ac

Stockholders' Equity - Stock activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (Units)	801,603	549,496
Granted (Units)	634,456	424,128
Exercised (Units)	(202,165)	(130,022)
Forfeited (Units)	(9,955)	(20,496)
Ending balance (Units)	1,223,939	823,106
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)	$ 9.48	$ 9.64
Granted (in dollars per share)	8.64	9.30
Exercised (in dollars per share)	9.34	9.46
Forfeited (in dollars per share)	10.02	9.66
Ending balance (in dollars per share)	$ 9.07	$ 9.49
Time Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Ending balance (Units)	918,275	823,106
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Ending balance (in dollars per share)	$ 9.74	$ 9.49
Performance Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Ending balance (Units)	305,664	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Ending balance (in dollars per share)	$ 6.99	$ 0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (Units)	123,661	20,868
Granted (Units)	75,708	95,847
Exercised (Units)	(24,928)	(6,414)
Forfeited (Units)	(19,729)	(14,195)
Ending balance (Units)	154,712	96,106
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)	$ 9.77	$ 9.21
Granted (in dollars per share)	10.36	9.20
Exercised (in dollars per share)	9.20	9.21
Forfeited (in dollars per share)	9.72	9.20
Ending balance (in dollars per share)	$ 10.16	$ 9.20

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Equity [Abstract]
Declared	$ 12.5	$ 12.5	$ 12.5	$ 12.5	$ 25	$ 25
Declared per share (in dollars per share)	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.15	$ 0.15

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended		6 Months Ended
	Nov. 30, 2017USD ($)	Jun. 30, 2017USD ($)investment	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Commitments
Number of MW CO-JV's under buy/sell notices | investment		2
Carrying value for deferred revenues and other gains		$ 21,999	$ 21,999	$ 22,077
Commitments to provide affordable housing | The Gallery At NoHo Commons
Commitments
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	$ 14,000
Carrying value for deferred revenues and other gains		18,800	18,800	$ 19,500
Construction and development contracts
Commitments
Liability under contract		$ 70,000	$ 70,000
Period in which construction costs are expected to be paid			18 months
Scenario, Forecast | MW CO-JVs
Commitments
Amount of buy/sell notice	$ 24,300

Commitments and Contingencies56

Commitments and Contingencies - Future minimum lease payments (Details) $ in Millions	Jun. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
July through December 2017	$ 0.3
2,018	0.8
2,019	0.8
2,020	0.8
2,021	0.8
Thereafter	2.4
Total	$ 5.9

Fair Value of Derivatives and57

Fair Value of Derivatives and Financial Instruments - Schedule of carrying amounts and estimated fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value
Less: deferred financing costs, net	$ (4,500)	$ (2,000)
Total mortgages and notes payable, net	1,131,901	1,522,207
Mortgages and notes payable
Fair Value
Less: mortgage payable, net on multifamily community held for sale as of June 30, 2017	(33,300)	0
Less: deferred financing costs, net	(6,200)	(9,300)
Total mortgages and notes payable, net	1,131,900	1,522,200
Carrying Amount | Mortgages and notes payable
Fair Value
Mortgages and notes payable	1,171,400	1,531,500
Fair Value | Level 2 | Mortgages and notes payable
Fair Value
Mortgages and notes payable	$ 1,166,000	$ 1,533,800

Related Party Arrangements (Det

Related Party Arrangements (Details) $ in Millions	Feb. 13, 2017USD ($)
Behringer Litigation
Loss Contingencies [Line Items]
Settlement amount	$ 1.6

Supplemental Disclosures of C59

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Supplemental Cash Flow Information [Abstract]
Interest paid, net of amounts capitalized of $2.1 million and $4.3 million in 2017 and 2016, respectively	$ 25.4	$ 22.1
Capitalized interest	2.1	4.3
Non-cash investing and financing activities:
Transfer of real estate from construction in progress to operating real estate	48.4	155.3
Transfer of assets to assets associated with real estate held for sale	47.8	0
Transfer of liabilities to obligations associated with real estate held for sale	33.6	0
Construction costs and other related payables	13.6	26.7
Distributions payable - regular	$ 12.5	$ 12.5

Subsequent Events (Details)

Subsequent Events (Details)	Aug. 03, 2017USD ($)unit	Aug. 02, 2017USD ($)	Jul. 31, 2017USD ($)unit	Jun. 30, 2017USD ($)$ / shares	Mar. 31, 2017$ / shares	Jun. 30, 2016USD ($)$ / shares	Mar. 31, 2016$ / shares	Jun. 30, 2017USD ($)$ / shares	Jun. 30, 2016USD ($)$ / shares	Jul. 04, 2017USD ($)$ / shares
Subsequent Event [Line Items]
Declared per share (in dollars per share) | $ / shares				$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.15	$ 0.15
Merger-related expenses				$ 2,801,000		$ 0		$ 2,801,000	$ 0
Tax like-kind exchange escrow disbursements								$ 127,633,000	$ 0
Subsequent Event
Subsequent Event [Line Items]
Merger agreement consideration received per share (in dollars per share) | $ / shares										$ 12
Merger-related expenses		$ 3,000,000
Multifamily Community, Boca Raton, FL | Subsequent Event
Subsequent Event [Line Items]
Multifamily community | unit			229
Purchase price			$ 80,500,000
Tax like-kind exchange escrow disbursements			40,100,000
Allusion West University and Muse Museum District | Subsequent Event
Subsequent Event [Line Items]
Tax like-kind exchange escrow disbursements			$ 108,400,000
Multifamily Community, Melrose, MA | Subsequent Event
Subsequent Event [Line Items]
Multifamily community | unit	182
Purchase price	$ 75,000,000
Tax like-kind exchange escrow disbursements	$ 42,200,000
GS Monarch Parent | Subsequent Event
Subsequent Event [Line Items]
Contingent termination fee										$ 202,090,337
Minimum | Subsequent Event
Subsequent Event [Line Items]
Contingent termination fee										25,261,292
Maximum | Subsequent Event
Subsequent Event [Line Items]
Contingent termination fee										$ 65,679,359