Post Properties 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	PPS
Entity Registrant Name	POST PROPERTIES INC
Entity Central Index Key	903,127
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		54,124,574
Post Apartment Homes, L.P. [Member]
Document Information [Line Items]
Trading Symbol	PPS-A
Entity Registrant Name	POST APARTMENT HOMES LP
Entity Central Index Key	1,012,271
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate assets
Land	$ 322,566	$ 317,077
Building and improvements	2,398,476	2,323,626
Furniture, fixtures and equipment	323,775	304,534
Construction in progress	108,531	86,971
Land held for future investment	29,635	33,197
Real estate assets, total	3,182,983	3,065,405
Less: accumulated depreciation	(1,001,342)	(937,310)
Assets held for sale, net of accumulated depreciation of $207 at December 31, 2014		672
Total real estate assets	2,181,641	2,128,767
Investments in and advances to unconsolidated real estate entities	3,983	4,059
Cash and cash equivalents	62,959	140,512
Restricted cash	3,818	3,572
Deferred financing costs, net	7,432	5,117
Other assets	29,061	29,771
Total assets	2,288,894	2,311,798
Liabilities, redeemable common units and equity
Indebtedness	890,292	892,459
Accounts payable, accrued expenses and other	79,241	70,616
Investments in unconsolidated real estate entities	15,882	16,624
Dividends and distributions payable	23,868	21,852
Accrued interest payable	7,893	4,229
Security deposits and prepaid rents	14,492	12,972
Total liabilities	1,031,668	1,018,752
Redeemable common units	$ 7,028	$ 7,086
Commitments and contingencies
Company shareholders' equity
Preferred stock, $.01 par value, 20,000 authorized: 8 1/2% Series A Cumulative Redeemable Shares, liquidation preference $50 per share, 868 shares issued and outstanding	$ 9	$ 9
Common stock, $.01 par value, 100,000 authorized: 54,632 and 54,632 shares issued and 54,124 and 54,509 shares outstanding at September 30, 2015 and December 31, 2014, respectively	546	546
Additional paid-in-capital	1,118,534	1,114,851
Accumulated earnings	171,676	185,001
Accumulated other comprehensive income (loss)	(5,686)	(3,675)
Stockholders Equity Subtotal Before Treasury Stock	1,285,079	1,296,732
Less common stock in treasury, at cost, 594 and 207 shares at September 30, 2015 and December 31, 2014, respectively	(36,252)	(10,772)
Total Company shareholders' equity	1,248,827	1,285,960
Noncontrolling interests - consolidated real estate entities	1,371
Total equity	1,250,198	1,285,960
Total liabilities, redeemable common units and equity	2,288,894	2,311,798
Post Apartment Homes, L.P. [Member]
Real estate assets
Land	322,566	317,077
Building and improvements	2,398,476	2,323,626
Furniture, fixtures and equipment	323,775	304,534
Construction in progress	108,531	86,971
Land held for future investment	29,635	33,197
Real estate assets, total	3,182,983	3,065,405
Less: accumulated depreciation	(1,001,342)	(937,310)
Assets held for sale, net of accumulated depreciation of $207 at December 31, 2014		672
Total real estate assets	2,181,641	2,128,767
Investments in and advances to unconsolidated real estate entities	3,983	4,059
Cash and cash equivalents	62,959	140,512
Restricted cash	3,818	3,572
Deferred financing costs, net	7,432	5,117
Other assets	29,061	29,771
Total assets	2,288,894	2,311,798
Liabilities, redeemable common units and equity
Indebtedness	890,292	892,459
Accounts payable, accrued expenses and other	79,241	70,616
Investments in unconsolidated real estate entities	15,882	16,624
Dividends and distributions payable	23,868	21,852
Accrued interest payable	7,893	4,229
Security deposits and prepaid rents	14,492	12,972
Total liabilities	1,031,668	1,018,752
Redeemable common units	$ 7,028	$ 7,086
Commitments and contingencies
Company shareholders' equity
Preferred units	$ 43,392	$ 43,392
General partner	13,706	14,057
Limited partner	1,197,415	1,232,186
Accumulated other comprehensive income (loss)	(5,686)	(3,675)
Total Company shareholders' equity	1,248,827	1,285,960
Noncontrolling interests - consolidated real estate entities	1,371
Total equity	1,250,198	1,285,960
Total liabilities, redeemable common units and equity	$ 2,288,894	$ 2,311,798

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accumulated depreciation, assets held for sale	$ 1,001,342	$ 937,310
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, liquidation preference	$ 50	$ 50
Preferred stock, shares issued	868,000	868,000
Preferred stock, shares outstanding	868,000	868,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	100,000,000	100,000,000
Common stock, shares issued	54,632,000	54,632,000
Common stock, shares outstanding	54,124,000	54,509,000
Common stock in treasury, shares	594,000	207,000
Post Apartment Homes, L.P. [Member]
Accumulated depreciation, assets held for sale	$ 1,001,342	$ 937,310
Assets Held-for-Sale [Member]
Accumulated depreciation, assets held for sale		207
Assets Held-for-Sale [Member] | Post Apartment Homes, L.P. [Member]
Accumulated depreciation, assets held for sale		$ 207

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Rental	$ 91,802	$ 90,751	$ 268,831	$ 268,193
Other property revenues	5,628	5,476	16,874	16,130
Other	337	234	924	676
Total revenues	97,767	96,461	286,629	284,999
Expenses
Property operating and maintenance (exclusive of items shown separately below)	42,707	41,675	124,342	124,066
Depreciation	22,073	21,018	64,748	63,614
General and administrative	4,622	4,784	13,989	12,878
Investment and development	73	555	583	2,160
Other investment costs	165	224	453	707
Other expenses		344		1,753
Total expenses	69,640	68,600	204,115	205,178
Operating income	28,127	27,861	82,514	79,821
Interest income	34	78	158	94
Interest expense	(7,927)	(9,858)	(23,773)	(31,535)
Amortization of deferred financing costs	(432)	(588)	(1,314)	(1,853)
Equity in income of unconsolidated real estate entities, net	603	422	1,568	1,408
Gains on sales of real estate assets, net		152,785	1,475	189,687
Other income (expense), net	(215)	(195)	(605)	(586)
Net loss on extinguishment of indebtedness		(14,070)	(197)	(18,357)
Net income	20,190	156,435	59,826	218,679
Noncontrolling interests - consolidated real estate entities		(22,416)		(22,554)
Noncontrolling interests - Operating Partnership	(43)	(313)	(126)	(464)
Net income available to the Company	20,147	133,706	59,700	195,661
Dividends to preferred shareholders	(922)	(922)	(2,766)	(2,766)
Net income available to common shareholders	$ 19,225	$ 132,784	$ 56,934	$ 192,895
Per common share data - Basic
Net income available to common shareholders	$ 0.35	$ 2.44	$ 1.04	$ 3.55
Weighted average common shares outstanding - basic	54,326	54,301	54,409	54,233
Per common share data - Diluted
Net income available to common shareholders	$ 0.35	$ 2.44	$ 1.04	$ 3.54
Weighted average common shares outstanding - diluted	54,342	54,373	54,425	54,336
Post Apartment Homes, L.P. [Member]
Revenues
Rental	$ 91,802	$ 90,751	$ 268,831	$ 268,193
Other property revenues	5,628	5,476	16,874	16,130
Other	337	234	924	676
Total revenues	97,767	96,461	286,629	284,999
Expenses
Property operating and maintenance (exclusive of items shown separately below)	42,707	41,675	124,342	124,066
Depreciation	22,073	21,018	64,748	63,614
General and administrative	4,622	4,784	13,989	12,878
Investment and development	73	555	583	2,160
Other investment costs	165	224	453	707
Other expenses		344		1,753
Total expenses	69,640	68,600	204,115	205,178
Operating income	28,127	27,861	82,514	79,821
Interest income	34	78	158	94
Interest expense	(7,927)	(9,858)	(23,773)	(31,535)
Amortization of deferred financing costs	(432)	(588)	(1,314)	(1,853)
Equity in income of unconsolidated real estate entities, net	603	422	1,568	1,408
Gains on sales of real estate assets, net		152,785	1,475	189,687
Other income (expense), net	(215)	(195)	(605)	(586)
Net loss on extinguishment of indebtedness		(14,070)	(197)	(18,357)
Net income	20,190	156,435	59,826	218,679
Noncontrolling interests - consolidated real estate entities		(22,416)		(22,554)
Net income available to the Company	20,190	134,019	59,826	196,125
Dividends to preferred shareholders	(922)	(922)	(2,766)	(2,766)
Net income available to common shareholders	$ 19,268	$ 133,097	$ 57,060	$ 193,359
Per common share data - Basic
Net income available to common shareholders	$ 0.35	$ 2.44	$ 1.04	$ 3.55
Weighted average common shares outstanding - basic	54,447	54,431	54,530	54,366
Per common share data - Diluted
Net income available to common shareholders	$ 0.35	$ 2.44	$ 1.04	$ 3.54
Weighted average common shares outstanding - diluted	54,463	54,503	54,546	54,469

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income	$ 20,190	$ 156,435	$ 59,826	$ 218,679
Net change in derivative financial instruments	(1,220)	2,167	(2,015)	680
Total comprehensive income	18,970	158,602	57,811	219,359
Comprehensive income attributable to noncontrolling interests:
Consolidated real estate entities		(22,416)		(22,554)
Operating Partnership	(41)	(318)	(122)	(465)
Total Company comprehensive income	18,929	135,868	57,689	196,340
Post Apartment Homes, L.P. [Member]
Net income	20,190	156,435	59,826	218,679
Net change in derivative financial instruments	(1,220)	2,167	(2,015)	680
Total comprehensive income	18,970	158,602	57,811	219,359
Comprehensive income attributable to noncontrolling interests:
Consolidated real estate entities		(22,416)		(22,554)
Total Operating Partnership comprehensive income	$ 18,970	$ 136,186	$ 57,811	$ 196,805

Consolidated Statements of Equi

Consolidated Statements of Equity and Accumulated Earnings (Unaudited) - USD ($) $ in Thousands	Total	Post Apartment Homes, L.P. [Member]	Post Apartment Homes, L.P. [Member]General Partner [Member]	Post Apartment Homes, L.P. [Member]Limited Partner [Member]	Preferred Stock [Member]	Preferred Stock [Member]Post Apartment Homes, L.P. [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]Post Apartment Homes, L.P. [Member]	Treasury Stock [Member]	Total Company Equity [Member]	Total Company Equity [Member]Post Apartment Homes, L.P. [Member]	Noncontrolling Interests - Consolidated Real Estate Entities [Member]	Noncontrolling Interests - Consolidated Real Estate Entities [Member]Post Apartment Homes, L.P. [Member]
Beginning Balance at Dec. 31, 2013	$ 1,152,731	$ 1,152,731	$ 12,715	$ 1,100,259	$ 9	$ 43,392	$ 546	$ 1,111,861	$ 66,138	$ (3,419)	$ (3,419)	$ (22,188)	$ 1,152,947	$ 1,152,947	$ (216)	$ (216)
Comprehensive income	218,894	218,894	1,934	190,961		2,766			195,661	679	679		196,340	196,340	22,554	22,554
Employee stock purchase, stock option and other plan issuances	3,817	3,817	38	3,779				(9)	(4,693)			8,519	3,817	3,817
Adjustment for ownership interest of redeemable common units	(430)	(430)		(430)				(430)					(430)	(430)
Stock-based compensation	2,950	2,950	30	2,920				2,950					2,950	2,950
Dividends to preferred shareholders	(2,766)	(2,766)				(2,766)			(2,766)				(2,766)	(2,766)
Dividends to common shareholders ($1.28 and $1.16 per share for the year 2015 and 2014 respectively)	(63,097)	(63,097)	(632)	(62,465)					(63,097)				(63,097)	(63,097)
Distributions to noncontrolling interests - consolidated real estate entities	(22,338)	(22,338)													(22,338)	(22,338)
Adjustment to redemption value of redeemable common units	(101)	(101)		(101)					(101)				(101)	(101)
Ending Balance at Sep. 30, 2014	1,290,444	1,290,444	14,085	1,235,707	9	43,392	546	1,114,498	191,142	(2,740)	(2,740)	(13,011)	1,290,444	1,290,444
Conversion of redeemable common units for shares	784	784		784				126				658	784	784
Beginning Balance at Dec. 31, 2014	1,285,960	1,285,960	14,057	1,232,186	9	43,392	546	1,114,851	185,001	(3,675)	(3,675)	(10,772)	1,285,960	1,285,960
Comprehensive income	57,689	57,689	571	56,363		2,766			59,700	(2,011)	(2,011)		57,689	57,689
Employee stock purchase, stock option and other plan issuances	657	657	7	650				(9)	(566)			1,232	657	657
Adjustment for ownership interest of redeemable common units	54	54		54				54					54	54
Stock-based compensation	3,638	3,638	36	3,602				3,638					3,638	3,638
Acquisition of common units	(26,712)	(26,712)	(267)	(26,445)								(26,712)	(26,712)	(26,712)
Dividends to preferred shareholders	(2,766)	(2,766)				(2,766)			(2,766)				(2,766)	(2,766)
Dividends to common shareholders ($1.28 and $1.16 per share for the year 2015 and 2014 respectively)	(69,673)	(69,673)	(698)	(68,975)					(69,673)				(69,673)	(69,673)
Capital contributions from noncontrolling interests - consolidated real estate entities	1,371	1,371													1,371	1,371
Adjustment to redemption value of redeemable common units	(20)	(20)		(20)					(20)				(20)	(20)
Ending Balance at Sep. 30, 2015	$ 1,250,198	$ 1,250,198	$ 13,706	$ 1,197,415	$ 9	$ 43,392	$ 546	$ 1,118,534	$ 171,676	$ (5,686)	$ (5,686)	$ (36,252)	$ 1,248,827	$ 1,248,827	$ 1,371	$ 1,371

Consolidated Statements of Equ7

Consolidated Statements of Equity and Accumulated Earnings (Unaudited) (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Dividends to common shareholders	$ 1.28	$ 1.16
Post Apartment Homes, L.P. [Member]
Dividends to common shareholders	$ 1.28	$ 1.16

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows From Operating Activities
Net income	$ 59,826	$ 218,679
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	64,748	63,614
Amortization of deferred financing costs	1,314	1,853
Net gains on sales of real estate assets	(1,475)	(189,687)
Other, net	645	148
Equity in income of unconsolidated entities, net	(1,568)	(1,408)
Distributions of earnings of unconsolidated entities	1,503	1,542
Stock-based compensation	3,646	2,957
Net loss on extinguishment of indebtedness	197	18,357
Other assets	(1,675)	1,325
Accrued interest payable	3,664	2,903
Accounts payable and accrued expenses	1,483	9,762
Prepaid rents and other	1,338	290
Net cash provided by operating activities	133,646	130,335
Cash Flows From Investing Activities
Development and construction of real estate assets	(84,125)	(51,059)
Proceeds from sales of real estate assets	4,529	331,578
Capitalized interest	(3,328)	(2,345)
Property capital expenditures	(22,667)	(22,034)
Corporate additions and improvements	(942)	(3,600)
Investments in unconsolidated entities	(669)	(276)
Other investing activities	(246)
Net cash provided by (used in) investing activities	(107,448)	252,264
Cash Flows From Financing Activities
Lines of credit proceeds		90,463
Lines of credit repayments		(90,463)
Payments on indebtedness	(2,167)	(205,564)
Payments of financing costs and other	(4,008)	(17,322)
Proceeds from employee stock purchase and stock options plans	920	3,143
Acquisition of treasury stock and other	(28,101)
Distributions to noncontrolling interests - real estate entities		(22,338)
Distributions to noncontrolling interests - common unitholders	(149)	(147)
Dividends paid to preferred shareholders	(2,766)	(2,766)
Dividends paid to common shareholders	(67,662)	(59,195)
Other financing activities	182
Net cash used in financing activities	(103,751)	(304,189)
Net increase (decrease) in cash and cash equivalents	(77,553)	78,410
Cash and cash equivalents, beginning of period	140,512	82,110
Cash and cash equivalents, end of period	62,959	160,520
Post Apartment Homes, L.P. [Member]
Cash Flows From Operating Activities
Net income	59,826	218,679
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	64,748	63,614
Amortization of deferred financing costs	1,314	1,853
Net gains on sales of real estate assets	(1,475)	(189,687)
Other, net	645	148
Equity in income of unconsolidated entities, net	(1,568)	(1,408)
Distributions of earnings of unconsolidated entities	1,503	1,542
Stock-based compensation	3,646	2,957
Net loss on extinguishment of indebtedness	197	18,357
Other assets	(1,675)	1,325
Accrued interest payable	3,664	2,903
Accounts payable and accrued expenses	1,483	9,762
Prepaid rents and other	1,338	290
Net cash provided by operating activities	133,646	130,335
Cash Flows From Investing Activities
Development and construction of real estate assets	(84,125)	(51,059)
Proceeds from sales of real estate assets	4,529	331,578
Capitalized interest	(3,328)	(2,345)
Property capital expenditures	(22,667)	(22,034)
Corporate additions and improvements	(942)	(3,600)
Investments in unconsolidated entities	(669)	(276)
Other investing activities	(246)
Net cash provided by (used in) investing activities	(107,448)	252,264
Cash Flows From Financing Activities
Lines of credit proceeds		90,463
Lines of credit repayments		(90,463)
Payments on indebtedness	(2,167)	(205,564)
Payments of financing costs and other	(4,008)	(17,322)
Proceeds from employee stock purchase and stock options plans	920	3,143
Acquisition of treasury stock and other	(28,101)
Distributions to noncontrolling interests - real estate entities		(22,338)
Distributions to noncontrolling interests - common unitholders	(149)	(147)
Dividends paid to preferred shareholders	(2,766)	(2,766)
Dividends paid to common shareholders	(67,662)	(59,195)
Other financing activities	182
Net cash used in financing activities	(103,751)	(304,189)
Net increase (decrease) in cash and cash equivalents	(77,553)	78,410
Cash and cash equivalents, beginning of period	140,512	82,110
Cash and cash equivalents, end of period	$ 62,959	$ 160,520

Organization and Significant Ac

Organization and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization Post Properties, Inc. (the “Company”) and its subsidiaries develop, own and manage upscale multi-family apartment communities in selected markets in the United States. The Company through its wholly-owned subsidiaries is the sole general partner, a limited partner and owns a majority interest in Post Apartment Homes, L.P. (the “Operating Partnership”), a Georgia limited partnership. The Operating Partnership, through its operating divisions and subsidiaries conducts substantially all of the on-going operations of the Company, a publicly traded corporation which operates as a self-administered and self-managed real estate investment trust (“REIT”). As used herein, the term "Company" includes Post Properties, Inc. and its subsidiaries, including Post Apartment Homes, L.P., unless the context indicates otherwise. The Company has elected to qualify and operate as a self-administrated and self-managed REIT for federal income tax purposes. A REIT is a legal entity which holds real estate interests and is generally not subject to federal income tax on the income it distributes to its shareholders. The Operating Partnership is governed under the provisions of a limited partnership agreement, as amended. Under the provisions of the limited partnership agreement, as amended, Operating Partnership net profits, net losses and cash flow (after allocations to preferred ownership interests) are allocated to the partners in proportion to their common ownership interests. Cash distributions from the Operating Partnership shall be, at a minimum, sufficient to enable the Company to satisfy its annual dividend requirements to maintain its REIT status under the Internal Revenue Code of 1986, as amended. At September 30, 2015, the Company had interests in 23,723 apartment units in 60 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 2,192 apartment units in six communities currently under development or in lease-up. At September 30, 2015, approximately 30.2%, 21.6%, 13.3% and 10.7% (on a unit basis) of the Company’s operating communities were located in the Atlanta, Georgia, Dallas, Texas, the greater Washington, D.C. and Tampa, Florida metropolitan areas, respectively. At September 30, 2015, the Company had outstanding 54,124 shares of common stock and owned the same number of units of common limited partnership interests ("Common Units") in the Operating Partnership, representing a 99.8% ownership interest in the Operating Partnership. Common Units held by persons other than the Company totaled 121 at September 30, 2015 and represented a 0.2% common noncontrolling interest in the Operating Partnership. Each Common Unit may be redeemed by the holder thereof for either one share of Company common stock or cash equal to the fair market value thereof at the time of redemption, at the option, but outside the control, of the Operating Partnership. The Operating Partnership presently anticipates that it will cause shares of common stock to be issued in connection with each such redemption rather than paying cash (as has been done in all redemptions to date). With each redemption of outstanding Common Units for Company common stock, the Company's percentage ownership interest in the Operating Partnership will increase. In addition, whenever the Company issues shares of common stock, the Company will contribute any net proceeds therefrom to the Operating Partnership and the Operating Partnership will issue an equivalent number of Common Units to the Company. The Company’s weighted average common ownership interest in the Operating Partnership was 99.8% for three and nine month ended September 30, 2015 and 2014. Basis of presentation The accompanying unaudited financial statements have been prepared by the Company's management in accordance with generally accepted accounting principles for interim financial information and applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normally recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2014. The accompanying consolidated financial statements include the consolidated accounts of the Company, the Operating Partnership and their wholly owned subsidiaries. The Company also consolidates other entities in which it has a controlling financial interest or entities where it is determined to be the primary beneficiary under ASC Topic 810, "Consolidation." Under ASC Topic 810, variable interest entities ("VIEs") are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. The primary beneficiary is required to consolidate a VIE for financial reporting purposes. The application of ASC Topic 810 requires management to make significant estimates and judgments about the Company's and its other partners' rights, obligations and economic interests in such entities. For entities in which the Company has less than a controlling financial interest or entities where it is not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, the Company's share of the net earnings or losses of these entities is included in consolidated net income. All inter-company accounts and transactions have been eliminated in consolidation. The Company’s noncontrolling interest of common unitholders (also referred to as "Redeemable Common Units") in the operations of the Operating Partnership is calculated based on the weighted average unit ownership during the period. Revenue recognition Residential properties are leased under operating leases with terms of generally one year or less. Rental revenues from residential leases are recognized on the straight-line method over the approximate life of the leases, which is generally one year. The recognition of rental revenues from residential leases when earned has historically not been materially different from rental revenues recognized on a straight-line basis. Under the terms of residential leases, the residents of the Company's residential communities are obligated to reimburse the Company for certain utility usage, water and electricity (at selected properties), where the Company is the primary obligor to the public utility entity. These utility reimbursements from residents are reflected as other property revenues in the consolidated statements of operations. Cost capitalization For communities under development or construction, the Company capitalizes interest, real estate taxes, and certain internal personnel and associated costs related to the development and construction activity. Interest is capitalized to projects under development or construction based upon the weighted average cumulative project costs for each month multiplied by the Company’s weighted average borrowing costs, expressed as a percentage. Weighted average borrowing costs include the costs of the Company’s fixed rate secured and unsecured borrowings and the variable rate unsecured borrowings under its line of credit facilities. The weighted average borrowing costs, expressed as a percentage, were 4.3% and 4.6% for the nine months ended September 30, 2015 and 2014, respectively. Aggregate interest costs capitalized to projects under development or construction were $1,109 and $745 for the three months and $3,328 and $2,345 for the nine months ended September 30, 2015 and 2014, respectively. Internal development and construction personnel and associated costs are capitalized to projects under development or construction based upon the effort associated with such projects. Aggregate internal development and construction personnel and associated costs capitalized to projects under development or construction were $1,237 and $784 for the three months and $3,585 and $1,785 for the nine months ended September 30, 2015 and 2014, respectively. The Company treats each unit in an apartment community separately for cost accumulation, capitalization and expense recognition purposes. Prior to the completion of rental units, interest and other construction costs are capitalized and reflected on the balance sheet as construction in progress. The Company ceases the capitalization of such costs as the residential units in a community become substantially complete and available for occupancy or sale. This results in a proration of costs between amounts that are capitalized and expensed as the residential units in apartment development communities become available for occupancy. In addition, prior to the completion of rental units, the Company expenses as incurred substantially all operating expenses (including pre-opening marketing as well as property management and leasing personnel expenses) of such rental communities. Real estate assets, depreciation and impairment Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over their estimated useful lives. Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings and components - 40 years; other building and land improvements - 20 years; furniture, fixtures and equipment – 5-10 years). The Company continually evaluates the recoverability of the carrying value of its real estate assets using the methodology prescribed in ASC Topic 360, "Property, Plant and Equipment." Factors considered by management in evaluating impairment of its existing real estate assets held for investment include significant declines in property operating profits, annually recurring property operating losses and other significant adverse changes in general market conditions that are considered permanent in nature. Under ASC Topic 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated future cash flows of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the theoretical sale of the asset) over its estimated holding period are in excess of the asset's net book value at the balance sheet date. If any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value of the asset to its estimated fair value. The Company periodically classifies real estate assets as held for sale. An asset is classified as held for sale after the approval of the Company's board of directors, after an active program to sell the asset has commenced and after the evaluation of other factors. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. Real estate assets held for sale are stated separately on the accompanying consolidated balance sheets. Upon a decision to no longer market an asset for sale, the asset is classified as an operating asset and depreciation expense is reinstated. Derivative financial instruments The Company accounts for derivative financial instruments at fair value under the provisions of ASC Topic 815, “Derivatives and Hedging.” The Company measures derivative financial instruments subject to master netting agreements on a net basis. The Company uses derivative financial instruments, primarily interest rate swap arrangements to manage or hedge its exposure to interest rate changes. Under ASC Topic 815, derivative instruments qualifying as hedges of specific cash flows are recorded on the balance sheet at fair value with an offsetting increase or decrease to accumulated other comprehensive income, an equity account, until the hedged transactions are recognized in earnings. Quarterly, the Company evaluates the effectiveness of its cash flow hedges. Any ineffective portion of cash flow hedges is recognized immediately in earnings. Fair value measurements The Company applies the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures,” to the valuation of real estate assets recorded at fair value, if any, to its impairment valuation analysis of real estate assets, to its disclosure of the fair value of financial instruments, principally indebtedness, and to its derivative financial instruments. Fair value disclosures required under ASC Topic 820 are summarized in note 8 utilizing the following hierarchy: · Level 1 – Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. · Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. · Level 3 – Unobservable inputs for the assets or liability. Recently issued accounting pronouncements In May 2014, Accounting Standards Update No. 2014-09 (“ASU 2014-09”), “Revenue from Contracts with Customers,” was issued. This new guidance establishes a single comprehensive revenue recognition model under U.S. GAAP and provides for enhanced disclosures. Under this new guidance, the amount of revenue recognized for certain transactions could differ from amounts recognized under existing accounting guidance and could also result in recognition in different reporting periods. Also, the provisions of ASU 2014-09 exclude revenue recognition regarding lease contracts. In August 2015, ASU 2014-09 was amended to defer the effective date by one year. The new guidance is effective for annual reporting periods beginning after December 15, 2017; however, early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Company expects to adopt ASU 2014-09 as of January 1, 2018 and is currently evaluating the impact that this new guidance may have on its results of operations. In February 2015, Accounting Standards Update No. 2015-02 (“ASU 2015-02”), “Consolidation,” was issued. The new guidance primarily amends current consolidation accounting guidance with respect to the evaluation criteria for determining whether certain limited partnerships or similar legal entities and certain variable interest entities are subject to consolidated reporting. The new guidance is effective for reporting periods beginning after December 15, 2015. The Company expects to adopt ASU 2015-02 as of January 1, 2016 and is currently evaluating the impact this new standard may have on its financial position and results of operations. In April and August 2015, Accounting Standards Update Nos. 2015-03 and 2015-15 (“ASU 2015-03” and “ASU 2015-15”), “Interest-Imputation of Interest”, were issued. ASU 2015-03 requires debt issuance costs to be reported as direct deductions from the face value of the related debt instrument in the preparation of consolidated balance sheets. Currently, such debt issuance costs are reported as deferred assets on the consolidated balance sheet. Further, the amortization of debt issuance costs will be reported as interest expense in the consolidated statement of operations, under ASU 2015-03. Currently, amortization expense of debt issuance costs is reported as a separate line item in the consolidated statement of operations. ASU 2015-15 clarified that debt issuance costs related to line-of-credit arrangements would continue to be classified as deferred assets and ratably amortized over the term of the arrangements. The new guidance is effective for reporting periods beginning after December 31, 2015. The Company expects to adopt ASU 2015-03 and ASU 2015-15 as of January 1, 2016. This new guidance is not expected to have a significant impact on the Company’s financial position or results of operations. Supplemental cash flow information Supplemental cash flow information for the nine months ended September 30, 2015 and 2014 is as follows: Nine months ended September 30, 2015 2014 Interest paid, net of interest capitalized $ 20,109 $ 28,632 Interest paid, including interest capitalized 23,437 30,977 Income tax payments, net 1,298 1,039 Non-cash investing and financing activities: Dividends and distributions payable 23,868 21,833 Construction and property capital expenditure cost accruals, increase (decrease) 6,398 (3,421 ) Adjustments to equity related to redeemable common units and other, net increase (decrease) 34 (531 ) Non-cash contribution from noncontrolling interests - real estate assets 1,371 — Conversions of redeemable common units — 784 Common stock 401k matching contribution — 658

Real Estate Activity

Real Estate Activity	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Real Estate Activity	2. REAL ESTATE ACTIVITY Dispositions The Company classifies real estate assets as held for sale after the approval of its board of directors and after the Company had commenced an active program to sell the assets. The Company had no assets classified as held for sale at September 30, 2015. In the first quarter of 2014, the Company classified three apartment communities, containing 645 units, as held for sale, including two communities, containing 337 units, in New York, New York and an additional community, containing 308 units, in Houston, Texas. In May 2014, the apartment community located in Houston, Texas was sold for gross proceeds of approximately $71,750. The Company recognized a gain of $36,092 on the sale of this community in the second quarter of 2015. In September 2014, the two communities located in New York, New York were sold for gross proceeds of approximately $270,000. One of these communities was held in a consolidated entity, 68% owned by the Company. The Company recognized gains of $151,733 ($127,659 net of noncontrolling interests) on the sale of these communities in the third quarter of 2014. This disposition activity was part of the Company’s investment strategy of recycling investment capital to fund investment and development of apartment communities. The Company determined that these communities did not meet the criteria for discontinued operations reporting and, accordingly, their operating results were included in continuing operations through their sale dates in 2014. The net income and net income attributable to the Company, including gains on sales of real estate assets related to these three communities, for the three and nine months ended September 30, 2014 were as follows: Three months ended Nine months ended September 30, 2014 September 30, 2014 Net income $ 138,365 $ 176,041 Net income, net of noncontrolling interest $ 115,918 $ 153,456 For the nine months ended September 30, 2015, the Company recognized a gain of $1,773 on the sale of its remaining condominium retail space at its former condominium community in Austin, Texas. In 2015, gains on sales of real estate assets were net of state tax expense of $298 related to an asset sale. For the three and nine months ended September 30, 2014, gains on condominium sales activities were $1,052 and $1,862, respectively, resulting from the recognition of $771 in reductions to condominium warranty and related obligations, the sale of a retail condominium and the sale of the final residential condominium unit at a former condominium community in Atlanta, Georgia. Consolidated Joint Venture In August 2015, the Company entered into a joint venture arrangement (the “Joint Venture”) with a private real estate company to develop, construct and operate a 358 unit apartment community in Denver, Colorado. The Company owns a 92.5% equity interest and will provide construction financing to the Joint Venture. Through September 30, 2015, the Joint Venture has acquired the land site and incurred pre-development costs. The venture partner will generally be responsible for the development and construction of the community and the Company will manage the community upon its completion. The Joint Venture was determined to be a variable interest entity with the Company designated as the primary beneficiary. As a result, the accounts of the Joint Venture are consolidated by the Company. At September 30, 2015, the Company’s consolidated assets, liabilities and equity included construction in progress of $18,710 and cash and cash equivalents of $163, accounts payable and accrued expenses of $909 and noncontrolling equity interests of $1,371 relating to the Joint Venture.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	9 Months Ended
	Sep. 30, 2015
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Real Estate Entities	3. INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES At September 30, 2015, the Company held investments in two individual limited liability companies (the “Apartment LLCs”) with institutional investors that own four apartment communities, including three communities located in Atlanta, Georgia and one community located in Washington, D.C. The Company has a 25% and 35% equity interest in these Apartment LLCs. The Company accounts for its investments in the Apartment LLCs using the equity method of accounting. At September 30, 2015 and December 31, 2014, the Company’s investment in the 35% owned Apartment LLC totaled $3,983 and $4,059, respectively, excluding the credit investments discussed below. The Company’s investment in the 25% owned Apartment LLC at September 30, 2015 and December 31, 2014 reflects a credit investment of $15,882 and $16,624, respectively. These credit balances resulted from distribution of financing proceeds in excess of the Company’s historical cost upon the formation of the Apartment LLC and are reflected in consolidated liabilities on the Company’s consolidated balance sheet. The operating results of the Company include its allocable share of net income from the investments in the Apartment LLCs. The Company provides property and asset management services to the Apartment LLCs for which it earns fees. A summary of financial information for the Apartment LLCs in the aggregate is as follows: September 30, December 31, Apartment LLCs - Balance Sheet Data 2015 2014 Real estate assets, net of accumulated depreciation of $53,466 and $52,012 at September 30, 2015 and December 31, 2014, respectively $ 208,287 $ 208,493 Cash and other 6,512 5,490 Total assets $ 214,799 $ 213,983 Mortgage notes payable $ 177,723 $ 177,723 Other liabilities 2,535 3,445 Total liabilities 180,258 181,168 Members' equity 34,541 32,815 Total liabilities and members' equity $ 214,799 $ 213,983 Company's equity investment in Apartment LLCs (1) $ (11,899 ) $ (12,565 ) 1) At September 30, 2015 and December 31, 2014, the Company’s equity investment includes its credit investments of $15,882 and $16,624, respectively, discussed above. Three months ended Nine months ended September 30, September 30, Apartment LLCs - Income Statement Data 2015 2014 2015 2014 Revenues Rental $ 7,036 $ 6,701 $ 20,677 $ 19,821 Other property revenues 494 481 1,487 1,410 Total revenues 7,530 7,182 22,164 21,231 Expenses Property operating and maintenance 2,762 3,167 8,919 8,749 Depreciation and amortization 1,479 1,412 4,391 4,175 Interest 2,278 2,278 6,774 6,774 Total expenses 6,519 6,857 20,084 19,698 Net income $ 1,011 $ 325 $ 2,080 $ 1,533 Company's share of net income in Apartment LLCs $ 603 $ 422 $ 1,568 $ 1,408 At September 30, 2015, mortgage notes payable included four mortgage notes. The first $51,000 mortgage note bears interest at 3.50%, requires monthly interest only payments and matures in 2019. The second and third mortgage notes total $85,724, bear interest at 5.63%, require interest only payments and mature in 2017. The fourth mortgage note totals $41,000, bears interest at 5.71%, requires interest only payments, and matures in January 2018 with a one-year automatic extension at a variable interest rate.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Indebtedness	4. INDEBTEDNESS At September 30, 2015 and December 31, 2014, the Company's indebtedness consisted of the following: Payment Maturity September 30, December 31, Description Terms Interest Rate Date 2015 2014 Senior Unsecured Notes Int. 3.375% - 4.75% 2017 - 2022 (1) $ 400,000 $ 400,000 Unsecured Bank Term Loan Int. LIBOR + 1.15% (2) 2020 300,000 300,000 Secured Mortgage Notes Prin. and Int. 5.99% 2019 190,292 192,459 Total $ 890,292 $ 892,459 1) The outstanding unsecured notes mature in 2017 and 2022. 2) Represents stated rate at September 30, 2015. As discussed below, the Company has entered into interest rate swap arrangements that effectively fix the interest rate under this facility through January 2018. At September 30, 2015, the effective blended interest rate under the Amended Term Loan was 2.69%. Debt maturities The aggregate maturities of the Company’s indebtedness are as follows: Remainder of 2015 $ 755 2016 3,071 2017 153,296 2018 3,502 2019 179,668 Thereafter 550,000 $ 890,292 Debt issuances and retirements There were no issuances or retirements of indebtedness for the three or nine months ended September 30, 2015. In September 2014, the Company prepaid $82,627 of secured mortgage indebtedness. In conjunction with the prepayment, the Company recognized extinguishment losses of $14,070 ($12,333, net of noncontrolling interest) for the three months ended September 30, 2014 related to prepayment premiums and the write-off of unamortized deferred loan costs. In May 2014, the Company prepaid $120,000 of secured mortgage indebtedness. In conjunction with the prepayment, the Company recognized an extinguishment loss of $4,287 for the nine months ended September 30, 2014 related to prepayment premiums and the write-off of unamortized deferred loan costs. Unsecured lines of credit At September 30, 2015, the Company had a $300,000 syndicated unsecured revolving line of credit (the “Syndicated Line”) that was amended in January 2015. At September 30, 2015, the Syndicated Line had a stated interest rate of LIBOR plus 1.05%, was provided by a syndicate of nine financial institutions and required the payment of annual facility fees of 0.20% of the aggregate loan commitments. The Syndicated Line matures in 2019 and may be extended for an additional year at the Company's option, subject to the satisfaction of certain conditions. The Syndicated Line provides for the interest rate and facility fee rate to be adjusted up or down based on changes in the credit ratings on the Company's senior unsecured debt. The components of the interest rate and the facility fee rate that are based on the Company’s credit ratings range from 0.875% to 1.55% and from 0.125% to 0.30%, respectively. The Syndicated Line also includes a competitive bid option for borrowings up to 50% of the loan commitments, which may result in interest rates for such borrowings below the stated interest rates for the Syndicated Line, depending on market conditions. The credit agreement for the Syndicated Line contains customary restrictions, representations, covenants and events of default, including minimum fixed charge coverage, minimum unsecured interest coverage, and maximum leverage ratios. The Syndicated Line also restricts the amount of capital the Company can invest in specific categories of assets, such as improved land, properties under construction, non-multifamily properties, debt or equity securities, notes receivable and unconsolidated affiliates. At September 30, 2015, letters of credit to third parties totaling $122 had been issued for the account of the Company under this facility. Additionally, at September 30, 2015, the Company had a $30,000 unsecured line of credit (the “Cash Management Line”) that was also amended in January 2015. The Cash Management Line matures in 2019, includes a one-year extension option, and carries pricing and terms, including financial covenants, substantially consistent with the Syndicated Line discussed above. In connection with the refinancing of the Syndicated Line, the Cash Management Line and the Term Loan (discussed below), the Company incurred fees and expenses of $4,008 and recognized an extinguishment loss of $197 related to the write-off of a portion of unamortized deferred loan costs for the nine months ended September 30, 2015. Unsecured term loan At September 30, 2015, the Company had outstanding a $300,000 unsecured bank term loan facility (“Term Loan”) that was amended in January 2015. The Term Loan carries a stated interest rate of LIBOR plus 1.15%, was provided by a syndicate of eight financial institutions and matures in 2020. The Term Loan provides for the stated interest rate to be adjusted up or down based on changes in the credit ratings on the Company’s senior unsecured debt. The component of the interest rate based on the Company’s credit ratings ranges from 0.90% to 1.85%. The Term Loan carries other terms, including financial covenants, substantially consistent with the Syndicated Line discussed above. As discussed in note 8, the Company entered into interest rate swap arrangements to serve as cash flow hedges of amounts outstanding under the Term Loan. The interest rate swap arrangements effectively fix the LIBOR component of the interest rate paid under the Term Loan at a blended rate of approximately 1.54%. As a result, the effective blended interest rate on the Term Loan is 2.69% (subject to adjustment based on subsequent changes in the Company’s credit ratings) through January 2018, the termination date of the interest rate swaps. Debt compliance and other The Company's Syndicated Line, Cash Management Line, Term Loan and senior unsecured notes contain customary restrictions, representations, covenants and events of default and require the Company to meet certain financial covenants. Debt service and fixed charge coverage covenants require the Company to maintain coverages of a minimum of 1.5 to 1.0, as defined in applicable debt arrangements. Additionally, the Company's ratio of unencumbered adjusted property-level net operating income to unsecured interest expense may not be less than 2.0 to 1.0, as defined in the applicable debt arrangements. Leverage covenants generally require the Company to maintain calculated covenants above/below minimum/maximum thresholds. The primary leverage ratios under these arrangements include total debt to total asset value (maximum of 60%), total secured debt to total asset value (maximum of 40%) and unencumbered assets to unsecured debt (minimum of 1.5 to 1.0), as defined in the applicable debt arrangements. The Company believes it met these financial covenants at September 30, 2015.

Equity and Noncontrolling Inter

Equity and Noncontrolling Interests	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity and Noncontrolling Interests	5. EQUITY AND NONCONTROLLING INTERESTS Common stock In December 2014, the Company’s board of directors adopted a stock and unsecured note repurchase program under which the Company and the Operating Partnership may repurchase up to $200,000 of common and preferred stock and unsecured notes through December 2017. Under this program, the Company repurchased 482 shares of common stock at an aggregate cost of $26,712 and at an average gross price per share of $55.40 for the three and nine months ended September 30, 2015. Correspondingly, the Operating Partnership repurchased the same number and amount of common units from the Company. There were no shares of common stock repurchased in the three or nine months ended September 30, 2014 under this program or a previous stock repurchase program. In October 2015, the Company adopted an at-the-market common equity sales program for the sale of up to 4,000 shares of common stock. This program replaces a previous at-the-market common equity sales program, which expired in the second quarter of 2015. The Company has not used this or the previous program in 2015 or 2014. In future periods, the Company and the Operating Partnership may use the proceeds from this program for general corporate purposes. Noncontrolling interests In accordance with ASC Topic 810, the Company and the Operating Partnership determined that the noncontrolling interests related to the common units of the Operating Partnership, held by persons other than the Company, met the criterion to be classified and accounted for as “temporary” equity (reflected outside of total equity as “Redeemable Common Units”). At September 30, 2015, and December 31, 2014, the aggregate redemption value of the noncontrolling interests in the Operating Partnership was $7,028 and $7,086, respectively, representing their fair value at the respective dates. In prior periods, the Company had noncontrolling interests in consolidated real estate entities that met the criterion to be classified and accounted for as a component of permanent equity. A roll-forward of activity relating to the Company’s Redeemable Common Units for the nine months ended September 30, 2015 and 2014 was as follows: Nine months ended September 30, 2015 2014 Redeemable common units, beginning of period $ 7,086 $ 6,121 Comprehensive income 122 465 Conversion of redeemable common units for shares - (784 ) Adjustment for ownership interest of redeemable common units (54 ) 430 Stock-based compensation 8 7 Distributions to common unitholders (154 ) (150 ) Adjustment to redemption value of redeemable common units 20 101 Redeemable common units, end of period $ 7,028 $ 6,190

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share	6. COMPANY EARNINGS PER SHARE For the three and nine months ended September 30, 2015 and 2014, a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share was as follows: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Net income available to common shareholders (numerator): Net income $ 20,190 $ 156,435 $ 59,826 $ 218,679 Noncontrolling interests - consolidated real estate entities — (22,416 ) — (22,554 ) Noncontrolling interests - Operating Partnership (43 ) (313 ) (126 ) (464 ) Preferred stock dividends (922 ) (922 ) (2,766 ) (2,766 ) Unvested restricted stock (allocation of earnings) (47 ) (314 ) (133 ) (435 ) Net income available to common shareholders, adjusted $ 19,178 $ 132,470 $ 56,801 $ 192,460 Common shares (denominator): Weighted average shares outstanding - basic 54,326 54,301 54,409 54,233 Dilutive shares from stock options 16 72 16 103 Weighted average shares outstanding - diluted 54,342 54,373 54,425 54,336 Per-share amount: Basic $ 0.35 $ 2.44 $ 1.04 $ 3.55 Diluted $ 0.35 $ 2.44 $ 1.04 $ 3.54 Stock options to purchase 28 and 55 shares of common stock for the three months and 28 and 62 shares of common stock for the nine months ended September 30, 2015 and 2014, respectively, were excluded from the computation of diluted income from continuing operations per common share as these stock options were antidilutive.
Post Apartment Homes, L.P. [Member]
Earnings Per Share	7. OPERATING PARTNERSHIP EARNINGS PER UNIT For the three and nine months ended September 30, 2015 and 2014, a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per unit was as follows: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Net income available to common unitholders (numerator): Net income $ 20,190 $ 156,435 $ 59,826 $ 218,679 Noncontrolling interests - consolidated real estate entities — (22,416 ) — (22,554 ) Preferred unit distributions (922 ) (922 ) (2,766 ) (2,766 ) Unvested restricted stock (allocation of earnings) (47 ) (314 ) (133 ) (435 ) Net income available to common unitholders, adjusted $ 19,221 $ 132,783 $ 56,927 $ 192,924 Common units (denominator): Weighted average units outstanding - basic 54,447 54,431 54,530 54,366 Dilutive units from stock options 16 72 16 103 Weighted average units outstanding - diluted 54,463 54,503 54,546 54,469 Per-unit amount: Basic $ 0.35 $ 2.44 $ 1.04 $ 3.55 Diluted $ 0.35 $ 2.44 $ 1.04 $ 3.54 Stock options to purchase 28 and 55 shares of common stock for the three months and 28 and 62 shares of common stock for the nine months ended September 30, 2015 and 2014, respectively, were excluded from the computation of diluted income from continuing operations per common unit as these stock options were antidilutive.

Fair Value Measures and Other F

Fair Value Measures and Other Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measures and Other Financial Instruments	8. FAIR VALUE MEASURES AND OTHER FINANCIAL INSTRUMENTS From time to time, the Company records certain assets and liabilities at fair value. Real estate assets may be stated at fair value if they become impaired in a given period and may be stated at fair value if they are held for sale and the fair value of such assets is below historical cost. Additionally, the Company records derivative financial instruments at fair value. The Company also uses fair value metrics to evaluate the carrying values of its real estate assets and for the disclosure of certain financial instruments. Fair value measurements were determined by management using available market information and appropriate valuation methodologies available to management at September 30, 2015. Considerable judgment is necessary to interpret market data and estimate fair value. Accordingly, there can be no assurance that the estimates discussed herein, using Level 2 and 3 inputs, are indicative of the amounts the Company could realize on disposition of the real estate assets or other financial instruments. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. Real estate assets The Company periodically reviews its real estate assets, including operating assets, construction in progress and land held for future investment, for impairment purposes using Level 3 inputs, primarily comparable sales and market data, independent valuations and discounted cash flow models. For the three and nine months ended September 30, 2015 and 2014, the Company did not recognize any impairment charges related to its real estate assets. Derivatives and other financial instruments The Company manages its exposure to interest rate changes through the use of derivative financial instruments, primarily interest rate swap arrangements. At September 30, 2015, the Company had outstanding three interest rate swap arrangements with substantially similar terms and conditions. These arrangements have an aggregate notional amount of $230,000 and require the Company to pay a blended fixed rate of approximately 1.55% (with the counterparties paying the Company the floating one-month LIBOR rate). Additionally, the Company had outstanding a fourth interest rate swap arrangement with a notional amount of $70,000 and it requires the Company to pay a fixed rate of approximately 1.50% (with the counterparty paying the Company the floating one-month LIBOR rate) (together, the “Interest Rate Swaps”). The Interest Rate Swaps serve as cash flow hedges of amounts outstanding under the Company’s variable rate Term Loan (see note 4) and provide for an effective blended fixed rate for the corresponding amount of Term Loan borrowings of approximately 2.69% (subject to an adjustment based on subsequent changes in the Company’s credit ratings) at September 30, 2015. The Interest Rate Swaps terminate in January 2018. The Interest Rate Swaps are measured and accounted for at fair value on a recurring basis. The Interest Rate Swaps outstanding at September 30, 2015 and December 31, 2014 were valued as net liabilities of $5,700 and $3,685, respectively, primarily using level 2 inputs, as substantially all of the fair value was determined using widely accepted discounted cash flow valuation techniques along with observable market-based inputs for similar types of arrangements. The Company reflects both the respective counterparty’s nonperformance risks and its own nonperformance risks in its fair value measurements using unobservable inputs. However, the impact of such risks was not considered material to the overall fair value measurements of the derivatives. These liabilities are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. Under ASC Topic 815, a corresponding amount is included in accumulated other comprehensive income (loss), an equity account, until the hedged transactions are recognized in earnings. The following table summarizes the effect of these Interest Rate Swaps (designated as cash flow hedges) on the Company’s consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2015 and 2014: Three months ended Nine months ended September 30, September 30, Interest Rate Swap / Cash Flow Hedging Instruments 2015 2014 2015 2014 Loss recognized in other comprehensive income $ (2,252 ) $ 1,109 $ (5,096 ) $ (2,454 ) Loss reclassified from accumulated other comprehensive income (loss) into interest expense $ (1,032 ) $ (1,058 ) $ (3,081 ) $ (3,134 ) The amounts reported in accumulated other comprehensive income as of September 30, 2015 will be reclassified to interest expense as interest payments are made under the hedged indebtedness. Over the next year, the Company estimates that $3,476 will be reclassified from accumulated comprehensive income to interest expense. As part of the Company’s on-going procedures, the Company monitors the credit worthiness of its financial institution counterparties and its exposure to any single entity, which it believes minimizes credit risk concentration. The Company believes the likelihood of realized losses from counterparty non-performance is remote. The Interest Rate Swaps are cross defaulted with the Company’s Term Loan and Syndicated Line (see note 4) and contain certain provisions consistent with these types of arrangements. If the Company was required to terminate the Interest Rate Swaps and settle the obligations thereunder as of September 30, 2015, the termination payment by the Company would have been approximately $5,699. Other financial instruments Cash equivalents, rents and accounts receivables, accounts payable, accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values because of the short-term nature of these instruments. At September 30, 2015, the fair value of fixed rate debt was approximately $608,290 (carrying value of $590,292) and the fair value of variable rate debt, including the Company’s lines of credit, was approximately $300,632 (carrying value of $300,000). At December 31, 2014, the fair value of fixed rate debt was approximately $620,641 (carrying value of $592,459) and the fair value of variable rate debt, including the Company’s lines of credit, was approximately $304,983 (carrying value of $300,000). Long-term indebtedness was valued using Level 2 inputs, primarily market prices of comparable debt instruments.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	9. SEGMENT INFORMATION Segment description In accordance with ASC Topic 280, "Segment Reporting," the Company presents segment information based on the way that management organizes the segments within the enterprise for making operating decisions and assessing performance. The segment information is prepared on the same basis as the internally reported information used by the Company's chief operating decision makers to manage the business. The Company's chief operating decision makers focus on the Company's primary sources of income from apartment community rental operations. Apartment community rental operations are generally broken down into segments based on the various stages in the apartment community ownership lifecycle. These segments are described below. All commercial properties and other ancillary service and support operations are combined in the line item "other property segments" in the accompanying segment information. The segment information presented below reflects the segment categories based on the lifecycle status of each community as of January 1, 2014. · Fully stabilized communities – those apartment communities which have been stabilized (the earlier of the point at which a property reaches 95% occupancy or one year after completion of construction) for both 2015 and 2014. · Newly stabilized communities – those apartment communities which reached stabilized occupancy in 2014. · Lease-up communities – those apartment communities that are under development and lease-up but were not stabilized by the beginning of 2015, including communities that stabilized in 2015. · Held for sale and sold communities – those apartment and mixed-use communities classified as held for sale or sold in 2015, if any, and those communities sold in 2014 (see note 2). Segment performance measure Management uses contribution to consolidated property net operating income ("NOI") as the performance measure for its operating segments. The Company uses NOI, including NOI of stabilized communities, as an operating measure. NOI is defined as rental and other property revenue from real estate operations less total property and maintenance expenses from real estate operations (excluding depreciation and amortization). The Company believes that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs and general and administrative expenses generally incurred at the corporate level. This measure is particularly useful, in the opinion of the Company, in evaluating the performance of operating segment groupings and individual properties. Additionally, the Company believes that NOI, as defined, is a widely accepted measure of comparative operating performance in the real estate investment community. The Company believes that the line on the Company's consolidated statement of operations entitled "net income (loss)" is the most directly comparable GAAP measure to NOI. Segment information The following table reflects each segment’s contribution to consolidated revenues and NOI together with a reconciliation of segment contribution to property NOI to consolidated net income for the three and nine months ended September 30, 2015 and 2014. Additionally, substantially all of the Company’s assets relate to the Company’s property rental operations. Asset cost, depreciation and amortization by segment are not presented because such information at the segment level is not reported internally. Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Revenues Fully stabilized communities $ 85,725 $ 83,371 $ 252,823 $ 246,271 Newly stabilized communities 4,361 3,188 12,780 7,466 Lease-up communities 1,404 656 3,523 889 Held for sale and sold communities — 3,478 — 14,168 Other property segments 5,940 5,534 16,579 15,529 Other 337 234 924 676 Consolidated revenues $ 97,767 $ 96,461 $ 286,629 $ 284,999 Contribution to Property Net Operating Income Fully stabilized communities $ 52,038 $ 50,913 $ 153,350 $ 150,206 Newly stabilized communities 2,380 1,935 7,669 3,922 Lease-up communities 432 44 1,336 (224 ) Held for sale and sold communities — 1,811 — 7,157 Other property segments, including corporate management expenses (127 ) (151 ) (992 ) (804 ) Consolidated property net operating income 54,723 54,552 161,363 160,257 Interest income 34 78 158 94 Other revenues 337 234 924 676 Depreciation (22,073 ) (21,018 ) (64,748 ) (63,614 ) Interest expense (7,927 ) (9,858 ) (23,773 ) (31,535 ) Amortization of deferred financing costs (432 ) (588 ) (1,314 ) (1,853 ) General and administrative (4,622 ) (4,784 ) (13,989 ) (12,878 ) Investment and development (73 ) (555 ) (583 ) (2,160 ) Other investment costs (165 ) (224 ) (453 ) (707 ) Other expenses — (344 ) — (1,753 ) Equity in income of unconsolidated real estate entities, net 603 422 1,568 1,408 Gains on sales of real estate assets, net — 152,785 1,475 189,687 Other income (expense), net (215 ) (195 ) (605 ) (586 ) Net loss on extinguishment of indebtedness — (14,070 ) (197 ) (18,357 ) Net income $ 20,190 $ 156,435 $ 59,826 $ 218,679

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Sep. 30, 2015
Postemployment Benefits [Abstract]
Stock-Based Compensation Plans	10. STOCK-BASED COMPENSATION PLANS As the primary operating subsidiary of the Company, the Operating Partnership participates in and bears the compensation expenses associated with the Company’s stock-based compensation plans. The information discussed below relating to the Company’s stock-based compensation plans is also applicable for the Operating Partnership. Incentive stock plans Incentive stock awards are granted under the Company’s 2003 Incentive Stock Plan, as amended and restated in October 2008 (the “2003 Stock Plan”). Under the 2003 Stock Plan, an aggregate of 3,469 shares of common stock were reserved for issuance. Of this amount, stock grants count against the total shares available under the 2003 Stock Plan as 2.7 shares for every one share issued, while options (and stock appreciation rights (“SAR”) settled in shares) count against the total shares available as one share for every one share issued on the exercise of an option (or SAR). The exercise price of each option granted under the 2003 Stock Plan may not be less than the market price of the Company’s common stock on the date of the option grant and all options may have a maximum life of ten years. Participants receiving restricted stock grants are generally eligible to vote such shares and receive dividends on such shares. Substantially all stock option and restricted stock grants are subject to annual vesting provisions (generally three to five years) as determined by the compensation committee overseeing the 2003 Stock Plan. Compensation costs for stock options have been estimated on the grant date using the Black-Scholes option-pricing method. The weighted average assumptions used in the Black-Scholes option-pricing model are as follows: Nine months ended September 30, 2015 2014 Dividend yield 2.7% 2.8% Expected volatility 42.8% 43.0% Risk-free interest rate 1.4% 1.8% Expected option term (years) 6.0 years 6.0 years The Company’s assumptions were derived from the methodologies discussed herein. The expected dividend yield reflects the Company’s current historical yield, which was expected to approximate the future yield at the date of grant. Expected volatility was based on the historical volatility of the Company’s common stock. The risk-free interest rate for the expected life of the options was based on the implied yields on the U.S. Treasury yield curve at the date of grant. The weighted average expected option term was based on the Company’s historical data for prior period stock option exercise and forfeiture activity. Restricted stock Compensation cost for restricted stock is amortized ratably into compensation expense over the applicable vesting periods. Total compensation expense related to restricted stock was $851 and $782 for the three months and $3,084 and $2,370 for the nine months ended September 30, 2015 and 2014, respectively. At September 30, 2015, there was $4,016 of unrecognized compensation cost related to restricted stock. This cost is expected to be recognized over a weighted average period of 1.9 years. A summary of the activity related to the Company’s restricted stock for the nine months ended September 30, 2015 and 2014 is as follows: Nine months ended September 30, 2015 2014 Weighted-Avg. Weighted-Avg. Grant-Date Grant-Date Shares Fair Value Shares Fair Value Unvested shares, beginning of period 76 $ 49 75 $ 48 Granted (1) 68 60 55 47 Vested (8 ) 54 (1 ) 12 Unvested shares, end of period 136 54 129 48 1) The total value of the restricted share grants for the nine months ended September 30, 2015 and 2014 was $4,123 and $2,566, respectively. Stock options Compensation cost for stock options is amortized ratably into compensation expense over the applicable vesting periods. The Company recorded compensation expense related to stock options of $110 and $133 for the three months and $398 and $406 for the nine months ended September 30, 2015 and 2014, respectively, recognized under the fair value method. At September 30, 2015, there was $617 of unrecognized compensation cost related to unvested stock options. This cost is expected to be recognized over a weighted average period of 1.9 years. A summary of stock option activity under all plans for the nine months ended September 30, 2015 and 2014 is presented below: Nine months ended September 30, 2015 2014 Exercise Exercise Shares Price Shares Price Options outstanding, beginning of period 148 $ 46 539 $ 36 Granted 28 60 35 47 Exercised (43 ) 47 (296 ) 32 Options outstanding, end of period (1) 133 49 278 42 Options exercisable, end of period (1) 72 46 216 41 Options vested and expected to vest, end of period (1) 130 49 275 42 Weighted average fair value of options granted during the period $ 19.49 $ 15.21 1) At September 30, 2015, the aggregate intrinsic value of stock options outstanding, exercisable and vested/expected to vest was $1,260, $923 and $1,243, respectively. At that same date, the weighted average remaining contractual lives of stock options outstanding, exercisable and vested/expected to vest was 7.0 years, 5.7 years and 7.0 years, respectively. Upon the exercise of stock options, the Company issues shares of common stock from treasury shares or, to the extent treasury shares are not available, from authorized common shares. The total intrinsic value of stock options exercised for the nine months ended September 30, 2015 and 2014 was $634 and $5,899, respectively. At September 30, 2015, the Company segregated its outstanding options into two ranges, based on exercise prices, as follows: Option Ranges Options Outstanding Options Exercisable Shares Weighted Avg. Exercise Weighted Avg. Life (Years) Shares Weighted Avg. Exercise Price $37.04 - $46.93 75 $ 45 6.5 51 $ 44 $48.00 - $60.40 58 55 7.8 21 50 Total 133 49 7.0 72 46 Employee stock purchase plan The Company maintains an Employee Stock Purchase Plan (the “ESPP”) approved by Company shareholders in 2014. The maximum number of shares issuable under the ESPP is 250. The purchase price of shares of common stock under the ESPP is equal to 85% of the lesser of the closing price per share of common stock on the first or last day of the trading period, as defined. The Company records the aggregate cost of the ESPP (generally the 15% discount on the share purchases) as a period expense. Total compensation expense relating to the ESPP was $55 and $103 for the three months and $164 and $181 for the nine months ended September 30, 2015 and 2014, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	11. INCOME TAXES The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must distribute annually at least 90% of its adjusted taxable income, as defined in the Code, to its shareholders and satisfy certain other organizational and operating requirements. It is management’s current intention to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be subject to federal income tax at the corporate level on the taxable income it distributes to its shareholders. Should the Company fail to qualify as a REIT in any tax year, it may be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. The Company may be subject to certain state and local taxes on its income and property, and to federal income taxes and excise taxes on its undistributed taxable income. The Operating Partnership files tax returns as a limited partnership under the Code. As a partnership, the income and losses of the Operating Partnership are allocated to its partners, including the Company, for inclusion in their respective income tax returns. Accordingly, no provision or benefit for income taxes has been included in the accompanying Operating Partnership financial statements. The Operating Partnership intends to make sufficient cash distributions to the Company to enable it to meet its annual REIT distribution requirements. In the preparation of income tax returns in federal and state jurisdictions, the Company, the Operating Partnership and its taxable REIT subsidiaries assert certain tax positions based on their understanding and interpretation of the income tax law. The taxing authorities may challenge such positions and the resolution of such matters could result in the payment and recognition of additional income tax expense. Management believes it has used reasonable judgments and conclusions in the preparation of its income tax returns. The Company and its subsidiaries, including the Company’s taxable REIT subsidiaries (“TRSs”), income tax returns are subject to examination by federal and state tax jurisdictions for years 2012 through 2014. Net income tax loss carryforwards and other tax attributes generated in years prior to 2012 are also subject to challenge in any examination of the 2012 to 2014 tax years. The Company utilizes TRSs principally to perform such non-REIT activities as asset and property management and other services. These TRSs are subject to federal and state income taxes. The income tax attributes associated with the TRSs are not material to the Company’s consolidated financial position or results of operations.

Other Expenses

Other Expenses	9 Months Ended
	Sep. 30, 2015
Other Income And Expenses [Abstract]
Other Expenses	12. OTHER EXPENSES Other expenses for the three and nine months ended September 30, 2014 included expenses of approximately $344 and $1,003, respectively, related to the upgrade of the Company’s operating and financial software systems. For the nine months ended September 30, 2014, other expenses also included casualty losses of $750 primarily related to extreme winter weather conditions in many of the Company’s markets, and due to fire damage at one of the Company’s Atlanta, Georgia communities.

Legal Proceedings, Commitments

Legal Proceedings, Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Legal Proceedings, Commitments and Contingencies	13. LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES In September 2010, the United States Department of Justice (the “DOJ”) filed a lawsuit against the Company in the United States District Court for the Northern District of Georgia. The suit alleges various violations of the Fair Housing Act (“FHA”) and the Americans with Disabilities Act (“ADA”) at properties designed, constructed or operated by the Company in the District of Columbia, Virginia, Florida, Georgia, New York, North Carolina and Texas. The plaintiff seeks statutory damages and a civil penalty in unspecified amounts, as well as injunctive relief that includes retrofitting apartments and public use areas to comply with the FHA and the ADA and prohibiting construction or sale of noncompliant units or complexes. The Company filed a motion to transfer the case to the United States District Court for the District of Columbia, where a previous civil case involving alleged violations of the FHA and ADA by the Company was filed and ultimately dismissed. On October 29, 2010, the United States District Court for the Northern District of Georgia issued an opinion finding that the complaint shows that the DOJ’s claims are essentially the same as the previous civil case, and, therefore, granted the Company’s motion and transferred the DOJ’s case to the United States District Court for the District of Columbia. Discovery has closed, and the Court has denied motions filed by the parties relating to additional discovery and expert witnesses. Each party filed Motions for Summary Judgment, which were briefed in April 2014. In March 2015, the Court denied both Motions for Summary Judgment and requested supplemental briefing, which both sides submitted in June 2015. In October 2015, the Court requested additional briefing due in December 2015 to resolve legal issues before trial. Until such time as the court issues rulings on the application of the law to the facts of this case, it is not possible to predict or determine the outcome of the legal proceeding, nor is it possible to estimate the amount of loss, if any, that would be associated with an adverse decision. The Company is involved in various other legal proceedings incidental to their business from time to time, some of which are expected to be covered by liability or other insurance. Management of the Company believes that any resolution of pending proceedings or liability to the Company which may arise as a result of these various other legal proceedings will not have a material effect on the Company’s results of operations, cash flows or financial position.

Organization and Significant 21

Organization and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Organization	Organization Post Properties, Inc. (the “Company”) and its subsidiaries develop, own and manage upscale multi-family apartment communities in selected markets in the United States. The Company through its wholly-owned subsidiaries is the sole general partner, a limited partner and owns a majority interest in Post Apartment Homes, L.P. (the “Operating Partnership”), a Georgia limited partnership. The Operating Partnership, through its operating divisions and subsidiaries conducts substantially all of the on-going operations of the Company, a publicly traded corporation which operates as a self-administered and self-managed real estate investment trust (“REIT”). As used herein, the term "Company" includes Post Properties, Inc. and its subsidiaries, including Post Apartment Homes, L.P., unless the context indicates otherwise. The Company has elected to qualify and operate as a self-administrated and self-managed REIT for federal income tax purposes. A REIT is a legal entity which holds real estate interests and is generally not subject to federal income tax on the income it distributes to its shareholders. The Operating Partnership is governed under the provisions of a limited partnership agreement, as amended. Under the provisions of the limited partnership agreement, as amended, Operating Partnership net profits, net losses and cash flow (after allocations to preferred ownership interests) are allocated to the partners in proportion to their common ownership interests. Cash distributions from the Operating Partnership shall be, at a minimum, sufficient to enable the Company to satisfy its annual dividend requirements to maintain its REIT status under the Internal Revenue Code of 1986, as amended. At September 30, 2015, the Company had interests in 23,723 apartment units in 60 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 2,192 apartment units in six communities currently under development or in lease-up. At September 30, 2015, approximately 30.2%, 21.6%, 13.3% and 10.7% (on a unit basis) of the Company’s operating communities were located in the Atlanta, Georgia, Dallas, Texas, the greater Washington, D.C. and Tampa, Florida metropolitan areas, respectively. At September 30, 2015, the Company had outstanding 54,124 shares of common stock and owned the same number of units of common limited partnership interests ("Common Units") in the Operating Partnership, representing a 99.8% ownership interest in the Operating Partnership. Common Units held by persons other than the Company totaled 121 at September 30, 2015 and represented a 0.2% common noncontrolling interest in the Operating Partnership. Each Common Unit may be redeemed by the holder thereof for either one share of Company common stock or cash equal to the fair market value thereof at the time of redemption, at the option, but outside the control, of the Operating Partnership. The Operating Partnership presently anticipates that it will cause shares of common stock to be issued in connection with each such redemption rather than paying cash (as has been done in all redemptions to date). With each redemption of outstanding Common Units for Company common stock, the Company's percentage ownership interest in the Operating Partnership will increase. In addition, whenever the Company issues shares of common stock, the Company will contribute any net proceeds therefrom to the Operating Partnership and the Operating Partnership will issue an equivalent number of Common Units to the Company. The Company’s weighted average common ownership interest in the Operating Partnership was 99.8% for three and nine month ended September 30, 2015 and 2014.
Basis of presentation	Basis of presentation The accompanying unaudited financial statements have been prepared by the Company's management in accordance with generally accepted accounting principles for interim financial information and applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normally recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2014. The accompanying consolidated financial statements include the consolidated accounts of the Company, the Operating Partnership and their wholly owned subsidiaries. The Company also consolidates other entities in which it has a controlling financial interest or entities where it is determined to be the primary beneficiary under ASC Topic 810, "Consolidation." Under ASC Topic 810, variable interest entities ("VIEs") are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. The primary beneficiary is required to consolidate a VIE for financial reporting purposes. The application of ASC Topic 810 requires management to make significant estimates and judgments about the Company's and its other partners' rights, obligations and economic interests in such entities. For entities in which the Company has less than a controlling financial interest or entities where it is not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, the Company's share of the net earnings or losses of these entities is included in consolidated net income. All inter-company accounts and transactions have been eliminated in consolidation. The Company’s noncontrolling interest of common unitholders (also referred to as "Redeemable Common Units") in the operations of the Operating Partnership is calculated based on the weighted average unit ownership during the period.
Revenue recognition	Revenue recognition Residential properties are leased under operating leases with terms of generally one year or less. Rental revenues from residential leases are recognized on the straight-line method over the approximate life of the leases, which is generally one year. The recognition of rental revenues from residential leases when earned has historically not been materially different from rental revenues recognized on a straight-line basis. Under the terms of residential leases, the residents of the Company's residential communities are obligated to reimburse the Company for certain utility usage, water and electricity (at selected properties), where the Company is the primary obligor to the public utility entity. These utility reimbursements from residents are reflected as other property revenues in the consolidated statements of operations.
Cost capitalization	Cost capitalization For communities under development or construction, the Company capitalizes interest, real estate taxes, and certain internal personnel and associated costs related to the development and construction activity. Interest is capitalized to projects under development or construction based upon the weighted average cumulative project costs for each month multiplied by the Company’s weighted average borrowing costs, expressed as a percentage. Weighted average borrowing costs include the costs of the Company’s fixed rate secured and unsecured borrowings and the variable rate unsecured borrowings under its line of credit facilities. The weighted average borrowing costs, expressed as a percentage, were 4.3% and 4.6% for the nine months ended September 30, 2015 and 2014, respectively. Aggregate interest costs capitalized to projects under development or construction were $1,109 and $745 for the three months and $3,328 and $2,345 for the nine months ended September 30, 2015 and 2014, respectively. Internal development and construction personnel and associated costs are capitalized to projects under development or construction based upon the effort associated with such projects. Aggregate internal development and construction personnel and associated costs capitalized to projects under development or construction were $1,237 and $784 for the three months and $3,585 and $1,785 for the nine months ended September 30, 2015 and 2014, respectively. The Company treats each unit in an apartment community separately for cost accumulation, capitalization and expense recognition purposes. Prior to the completion of rental units, interest and other construction costs are capitalized and reflected on the balance sheet as construction in progress. The Company ceases the capitalization of such costs as the residential units in a community become substantially complete and available for occupancy or sale. This results in a proration of costs between amounts that are capitalized and expensed as the residential units in apartment development communities become available for occupancy. In addition, prior to the completion of rental units, the Company expenses as incurred substantially all operating expenses (including pre-opening marketing as well as property management and leasing personnel expenses) of such rental communities.
Real estate assets, depreciation and impairment	Real estate assets, depreciation and impairment Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over their estimated useful lives. Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings and components - 40 years; other building and land improvements - 20 years; furniture, fixtures and equipment – 5-10 years). The Company continually evaluates the recoverability of the carrying value of its real estate assets using the methodology prescribed in ASC Topic 360, "Property, Plant and Equipment." Factors considered by management in evaluating impairment of its existing real estate assets held for investment include significant declines in property operating profits, annually recurring property operating losses and other significant adverse changes in general market conditions that are considered permanent in nature. Under ASC Topic 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated future cash flows of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the theoretical sale of the asset) over its estimated holding period are in excess of the asset's net book value at the balance sheet date. If any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value of the asset to its estimated fair value. The Company periodically classifies real estate assets as held for sale. An asset is classified as held for sale after the approval of the Company's board of directors, after an active program to sell the asset has commenced and after the evaluation of other factors. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. Real estate assets held for sale are stated separately on the accompanying consolidated balance sheets. Upon a decision to no longer market an asset for sale, the asset is classified as an operating asset and depreciation expense is reinstated.
Derivative financial instruments	Derivative financial instruments The Company accounts for derivative financial instruments at fair value under the provisions of ASC Topic 815, “Derivatives and Hedging.” The Company measures derivative financial instruments subject to master netting agreements on a net basis. The Company uses derivative financial instruments, primarily interest rate swap arrangements to manage or hedge its exposure to interest rate changes. Under ASC Topic 815, derivative instruments qualifying as hedges of specific cash flows are recorded on the balance sheet at fair value with an offsetting increase or decrease to accumulated other comprehensive income, an equity account, until the hedged transactions are recognized in earnings. Quarterly, the Company evaluates the effectiveness of its cash flow hedges. Any ineffective portion of cash flow hedges is recognized immediately in earnings.
Fair value measurements	Fair value measurements The Company applies the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures,” to the valuation of real estate assets recorded at fair value, if any, to its impairment valuation analysis of real estate assets, to its disclosure of the fair value of financial instruments, principally indebtedness, and to its derivative financial instruments. Fair value disclosures required under ASC Topic 820 are summarized in note 8 utilizing the following hierarchy: · Level 1 – Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. · Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. · Level 3 – Unobservable inputs for the assets or liability.
Recently issued accounting pronouncements	Recently issued accounting pronouncements In May 2014, Accounting Standards Update No. 2014-09 (“ASU 2014-09”), “Revenue from Contracts with Customers,” was issued. This new guidance establishes a single comprehensive revenue recognition model under U.S. GAAP and provides for enhanced disclosures. Under this new guidance, the amount of revenue recognized for certain transactions could differ from amounts recognized under existing accounting guidance and could also result in recognition in different reporting periods. Also, the provisions of ASU 2014-09 exclude revenue recognition regarding lease contracts. In August 2015, ASU 2014-09 was amended to defer the effective date by one year. The new guidance is effective for annual reporting periods beginning after December 15, 2017; however, early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Company expects to adopt ASU 2014-09 as of January 1, 2018 and is currently evaluating the impact that this new guidance may have on its results of operations. In February 2015, Accounting Standards Update No. 2015-02 (“ASU 2015-02”), “Consolidation,” was issued. The new guidance primarily amends current consolidation accounting guidance with respect to the evaluation criteria for determining whether certain limited partnerships or similar legal entities and certain variable interest entities are subject to consolidated reporting. The new guidance is effective for reporting periods beginning after December 15, 2015. The Company expects to adopt ASU 2015-02 as of January 1, 2016 and is currently evaluating the impact this new standard may have on its financial position and results of operations. In April and August 2015, Accounting Standards Update Nos. 2015-03 and 2015-15 (“ASU 2015-03” and “ASU 2015-15”), “Interest-Imputation of Interest”, were issued. ASU 2015-03 requires debt issuance costs to be reported as direct deductions from the face value of the related debt instrument in the preparation of consolidated balance sheets. Currently, such debt issuance costs are reported as deferred assets on the consolidated balance sheet. Further, the amortization of debt issuance costs will be reported as interest expense in the consolidated statement of operations, under ASU 2015-03. Currently, amortization expense of debt issuance costs is reported as a separate line item in the consolidated statement of operations. ASU 2015-15 clarified that debt issuance costs related to line-of-credit arrangements would continue to be classified as deferred assets and ratably amortized over the term of the arrangements. The new guidance is effective for reporting periods beginning after December 31, 2015. The Company expects to adopt ASU 2015-03 and ASU 2015-15 as of January 1, 2016. This new guidance is not expected to have a significant impact on the Company’s financial position or results of operations.

Organization and Significant 22

Organization and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Supplemental cash flow information	Supplemental cash flow information for the nine months ended September 30, 2015 and 2014 is as follows: Nine months ended September 30, 2015 2014 Interest paid, net of interest capitalized $ 20,109 $ 28,632 Interest paid, including interest capitalized 23,437 30,977 Income tax payments, net 1,298 1,039 Non-cash investing and financing activities: Dividends and distributions payable 23,868 21,833 Construction and property capital expenditure cost accruals, increase (decrease) 6,398 (3,421 ) Adjustments to equity related to redeemable common units and other, net increase (decrease) 34 (531 ) Non-cash contribution from noncontrolling interests - real estate assets 1,371 — Conversions of redeemable common units — 784 Common stock 401k matching contribution — 658

Real Estate Activity (Tables)

Real Estate Activity (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Net Income Attributable to Noncontrolling Interest	The net income and net income attributable to the Company, including gains on sales of real estate assets related to these three communities, for the three and nine months ended September 30, 2014 were as follows: Three months ended Nine months ended September 30, 2014 September 30, 2014 Net income $ 138,365 $ 176,041 Net income, net of noncontrolling interest $ 115,918 $ 153,456

Investments in Unconsolidated24

Investments in Unconsolidated Real Estate Entities (Tables) - Unconsolidated Properties [Member]	9 Months Ended
	Sep. 30, 2015
Summary of Financial Information for Apartment LLCs	A summary of financial information for the Apartment LLCs in the aggregate is as follows: September 30, December 31, Apartment LLCs - Balance Sheet Data 2015 2014 Real estate assets, net of accumulated depreciation of $53,466 and $52,012 at September 30, 2015 and December 31, 2014, respectively $ 208,287 $ 208,493 Cash and other 6,512 5,490 Total assets $ 214,799 $ 213,983 Mortgage notes payable $ 177,723 $ 177,723 Other liabilities 2,535 3,445 Total liabilities 180,258 181,168 Members' equity 34,541 32,815 Total liabilities and members' equity $ 214,799 $ 213,983 Company's equity investment in Apartment LLCs (1) $ (11,899 ) $ (12,565 ) 1) At September 30, 2015 and December 31, 2014, the Company’s equity investment includes its credit investments of $15,882 and $16,624, respectively, discussed above.
Schedule of Operation for Apartment LLCs	Three months ended Nine months ended September 30, September 30, Apartment LLCs - Income Statement Data 2015 2014 2015 2014 Revenues Rental $ 7,036 $ 6,701 $ 20,677 $ 19,821 Other property revenues 494 481 1,487 1,410 Total revenues 7,530 7,182 22,164 21,231 Expenses Property operating and maintenance 2,762 3,167 8,919 8,749 Depreciation and amortization 1,479 1,412 4,391 4,175 Interest 2,278 2,278 6,774 6,774 Total expenses 6,519 6,857 20,084 19,698 Net income $ 1,011 $ 325 $ 2,080 $ 1,533 Company's share of net income in Apartment LLCs $ 603 $ 422 $ 1,568 $ 1,408

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Indebtedness	At September 30, 2015 and December 31, 2014, the Company's indebtedness consisted of the following: Payment Maturity September 30, December 31, Description Terms Interest Rate Date 2015 2014 Senior Unsecured Notes Int. 3.375% - 4.75% 2017 - 2022 (1) $ 400,000 $ 400,000 Unsecured Bank Term Loan Int. LIBOR + 1.15% (2) 2020 300,000 300,000 Secured Mortgage Notes Prin. and Int. 5.99% 2019 190,292 192,459 Total $ 890,292 $ 892,459 1) The outstanding unsecured notes mature in 2017 and 2022. 2) Represents stated rate at September 30, 2015. As discussed below, the Company has entered into interest rate swap arrangements that effectively fix the interest rate under this facility through January 2018. At September 30, 2015, the effective blended interest rate under the Amended Term Loan was 2.69%.
Schedule of Aggregate Maturities of Indebtedness	The aggregate maturities of the Company’s indebtedness are as follows: Remainder of 2015 $ 755 2016 3,071 2017 153,296 2018 3,502 2019 179,668 Thereafter 550,000 $ 890,292

Equity and Noncontrolling Int26

Equity and Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of Redeemable Common Units	A roll-forward of activity relating to the Company’s Redeemable Common Units for the nine months ended September 30, 2015 and 2014 was as follows: Nine months ended September 30, 2015 2014 Redeemable common units, beginning of period $ 7,086 $ 6,121 Comprehensive income 122 465 Conversion of redeemable common units for shares - (784 ) Adjustment for ownership interest of redeemable common units (54 ) 430 Stock-based compensation 8 7 Distributions to common unitholders (154 ) (150 ) Adjustment to redemption value of redeemable common units 20 101 Redeemable common units, end of period $ 7,028 $ 6,190

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Computation of Basic and Diluted Net Income Per Share	For the three and nine months ended September 30, 2015 and 2014, a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share was as follows: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Net income available to common shareholders (numerator): Net income $ 20,190 $ 156,435 $ 59,826 $ 218,679 Noncontrolling interests - consolidated real estate entities — (22,416 ) — (22,554 ) Noncontrolling interests - Operating Partnership (43 ) (313 ) (126 ) (464 ) Preferred stock dividends (922 ) (922 ) (2,766 ) (2,766 ) Unvested restricted stock (allocation of earnings) (47 ) (314 ) (133 ) (435 ) Net income available to common shareholders, adjusted $ 19,178 $ 132,470 $ 56,801 $ 192,460 Common shares (denominator): Weighted average shares outstanding - basic 54,326 54,301 54,409 54,233 Dilutive shares from stock options 16 72 16 103 Weighted average shares outstanding - diluted 54,342 54,373 54,425 54,336 Per-share amount: Basic $ 0.35 $ 2.44 $ 1.04 $ 3.55 Diluted $ 0.35 $ 2.44 $ 1.04 $ 3.54
Post Apartment Homes, L.P. [Member]
Schedule of Computation of Basic and Diluted Net Income Per Share	For the three and nine months ended September 30, 2015 and 2014, a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per unit was as follows: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Net income available to common unitholders (numerator): Net income $ 20,190 $ 156,435 $ 59,826 $ 218,679 Noncontrolling interests - consolidated real estate entities — (22,416 ) — (22,554 ) Preferred unit distributions (922 ) (922 ) (2,766 ) (2,766 ) Unvested restricted stock (allocation of earnings) (47 ) (314 ) (133 ) (435 ) Net income available to common unitholders, adjusted $ 19,221 $ 132,783 $ 56,927 $ 192,924 Common units (denominator): Weighted average units outstanding - basic 54,447 54,431 54,530 54,366 Dilutive units from stock options 16 72 16 103 Weighted average units outstanding - diluted 54,463 54,503 54,546 54,469 Per-unit amount: Basic $ 0.35 $ 2.44 $ 1.04 $ 3.55 Diluted $ 0.35 $ 2.44 $ 1.04 $ 3.54

Fair Value Measures and Other28

Fair Value Measures and Other Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Effect of Interest Rate Swaps Designated as Cash Flow Hedges	The following table summarizes the effect of these Interest Rate Swaps (designated as cash flow hedges) on the Company’s consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2015 and 2014: Three months ended Nine months ended September 30, September 30, Interest Rate Swap / Cash Flow Hedging Instruments 2015 2014 2015 2014 Loss recognized in other comprehensive income $ (2,252 ) $ 1,109 $ (5,096 ) $ (2,454 ) Loss reclassified from accumulated other comprehensive income (loss) into interest expense $ (1,032 ) $ (1,058 ) $ (3,081 ) $ (3,134 )

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment's Contribution to Consolidated Revenues and Net Operating Income	Asset cost, depreciation and amortization by segment are not presented because such information at the segment level is not reported internally. Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Revenues Fully stabilized communities $ 85,725 $ 83,371 $ 252,823 $ 246,271 Newly stabilized communities 4,361 3,188 12,780 7,466 Lease-up communities 1,404 656 3,523 889 Held for sale and sold communities — 3,478 — 14,168 Other property segments 5,940 5,534 16,579 15,529 Other 337 234 924 676 Consolidated revenues $ 97,767 $ 96,461 $ 286,629 $ 284,999 Contribution to Property Net Operating Income Fully stabilized communities $ 52,038 $ 50,913 $ 153,350 $ 150,206 Newly stabilized communities 2,380 1,935 7,669 3,922 Lease-up communities 432 44 1,336 (224 ) Held for sale and sold communities — 1,811 — 7,157 Other property segments, including corporate management expenses (127 ) (151 ) (992 ) (804 ) Consolidated property net operating income 54,723 54,552 161,363 160,257 Interest income 34 78 158 94 Other revenues 337 234 924 676 Depreciation (22,073 ) (21,018 ) (64,748 ) (63,614 ) Interest expense (7,927 ) (9,858 ) (23,773 ) (31,535 ) Amortization of deferred financing costs (432 ) (588 ) (1,314 ) (1,853 ) General and administrative (4,622 ) (4,784 ) (13,989 ) (12,878 ) Investment and development (73 ) (555 ) (583 ) (2,160 ) Other investment costs (165 ) (224 ) (453 ) (707 ) Other expenses — (344 ) — (1,753 ) Equity in income of unconsolidated real estate entities, net 603 422 1,568 1,408 Gains on sales of real estate assets, net — 152,785 1,475 189,687 Other income (expense), net (215 ) (195 ) (605 ) (586 ) Net loss on extinguishment of indebtedness — (14,070 ) (197 ) (18,357 ) Net income $ 20,190 $ 156,435 $ 59,826 $ 218,679

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Postemployment Benefits [Abstract]
Schedule of Assumptions Used in Black-Scholes Option-Pricing Model	The weighted average assumptions used in the Black-Scholes option-pricing model are as follows: Nine months ended September 30, 2015 2014 Dividend yield 2.7% 2.8% Expected volatility 42.8% 43.0% Risk-free interest rate 1.4% 1.8% Expected option term (years) 6.0 years 6.0 years
Summary of Activity Related to Company's Restricted Stock	A summary of the activity related to the Company’s restricted stock for the nine months ended September 30, 2015 and 2014 is as follows: Nine months ended September 30, 2015 2014 Weighted-Avg. Weighted-Avg. Grant-Date Grant-Date Shares Fair Value Shares Fair Value Unvested shares, beginning of period 76 $ 49 75 $ 48 Granted (1) 68 60 55 47 Vested (8 ) 54 (1 ) 12 Unvested shares, end of period 136 54 129 48
Summary of Stock Option Activity Under All Plans	A summary of stock option activity under all plans for the nine months ended September 30, 2015 and 2014 is presented below: Nine months ended September 30, 2015 2014 Exercise Exercise Shares Price Shares Price Options outstanding, beginning of period 148 $ 46 539 $ 36 Granted 28 60 35 47 Exercised (43 ) 47 (296 ) 32 Options outstanding, end of period (1) 133 49 278 42 Options exercisable, end of period (1) 72 46 216 41 Options vested and expected to vest, end of period (1) 130 49 275 42 Weighted average fair value of options granted during the period $ 19.49 $ 15.21
Schedule of Outstanding Options into Two Ranges, Based on Exercise Prices	At September 30, 2015, the Company segregated its outstanding options into two ranges, based on exercise prices, as follows: Option Ranges Options Outstanding Options Exercisable Shares Weighted Avg. Exercise Weighted Avg. Life (Years) Shares Weighted Avg. Exercise Price $37.04 - $46.93 75 $ 45 6.5 51 $ 44 $48.00 - $60.40 58 55 7.8 21 50 Total 133 49 7.0 72 46

Organization and Significant 31

Organization and Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)AgreementPropertyApartmentshares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)AgreementPropertyApartmentshares	Sep. 30, 2014USD ($)	Dec. 31, 2014shares
Real Estate Properties [Line Items]
Number of units in real estate property | Agreement	23,723		23,723
Number of real estate properties	60		60
Common stock, shares outstanding | shares	54,124,000		54,124,000		54,509,000
Common units held by persons other than the Company | shares	121,000		121,000
Number of shares for redemption of each common unit | shares	1		1
Operating leases term (in years)			1 year
Revenue recognized lease (in years)			1 year
Aggregate interest costs capitalized to projects under development or construction | $	$ 1,109	$ 745	$ 3,328	$ 2,345
Development or construction costs | $	$ 1,237	$ 784	$ 3,585	$ 1,785
Buildings and Components [Member]
Real Estate Properties [Line Items]
Estimated useful life (in years)			40 years
Other Building and Land Improvements [Member]
Real Estate Properties [Line Items]
Estimated useful life (in years)			20 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Estimated useful life (in years)			5 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Estimated useful life (in years)			10 years
Post Apartment Homes, L.P. [Member]
Real Estate Properties [Line Items]
Ownership interest percentage in Operating Partnership	99.80%	99.80%	99.80%	99.80%
Noncontrolling Owners [Member]
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	0.20%		0.20%
Operating Communities [Member] | Atlanta, Georgia [Member] | Geographic Concentration Risk [Member]
Real Estate Properties [Line Items]
Concentration of location for communities, percentage			30.20%
Operating Communities [Member] | Dallas, Texas [Member] | Geographic Concentration Risk [Member]
Real Estate Properties [Line Items]
Concentration of location for communities, percentage			21.60%
Operating Communities [Member] | Washington, D.C. [Member] | Geographic Concentration Risk [Member]
Real Estate Properties [Line Items]
Concentration of location for communities, percentage			13.30%
Operating Communities [Member] | Tampa, Florida [Member] | Geographic Concentration Risk [Member]
Real Estate Properties [Line Items]
Concentration of location for communities, percentage			10.70%
Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Number of units in real estate property | Agreement	1,471		1,471
Number of real estate properties	4		4
Unconsolidated Properties [Member] | Atlanta, Georgia [Member]
Real Estate Properties [Line Items]
Number of real estate properties	3		3
Unconsolidated Properties [Member] | Washington, D.C. [Member]
Real Estate Properties [Line Items]
Number of real estate properties	1		1
Under Development [Member]
Real Estate Properties [Line Items]
Number of units in real estate property | Agreement	2,192		2,192
Number of real estate properties | Apartment	6		6
Cost Capitalization [Member]
Real Estate Properties [Line Items]
Weighted average borrowing costs, percentage	4.30%	4.60%	4.30%	4.60%

Organization and Significant 32

Organization and Significant Accounting Policies - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Accounting Policies [Abstract]
Interest paid, net of interest capitalized	$ 20,109	$ 28,632
Interest paid, including interest capitalized	23,437	30,977
Income tax payments, net	1,298	1,039
Non-cash investing and financing activities:
Dividends and distributions payable	23,868	21,833
Construction and property capital expenditure cost accruals, increase (decrease)	6,398	(3,421)
Adjustments to equity related to redeemable common units and other, net increase (decrease)	34	(531)
Non-cash contribution from noncontrolling interests - real estate assets	$ 1,371
Conversions of redeemable common units		784
Common stock 401k matching contribution		$ 658

Real Estate Activity (Dispositi

Real Estate Activity (Dispositions) - Additional Information (Detail) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2014USD ($)Apartment	May. 31, 2014USD ($)	Jun. 30, 2015USD ($)	Sep. 30, 2014USD ($)Apartment	Sep. 30, 2015USD ($)AgreementProperty	Sep. 30, 2014USD ($)Apartment	Mar. 31, 2014Apartment
Real Estate Properties [Line Items]
Number of real estate properties | Property					60
Number of units in real estate property | Agreement					23,723
Gains on sales of real estate assets, net				$ 152,785	$ 1,475	$ 189,687
Apartment Communities Sold [Member] | New York [Member]
Real Estate Properties [Line Items]
Number of real estate properties | Apartment							2
Number of units in real estate property | Apartment							337
Apartment Communities Sold [Member] | Houston, Texas [Member]
Real Estate Properties [Line Items]
Number of real estate properties | Apartment							1
Number of units in real estate property | Apartment							308
Apartment community sold approximately for gross proceeds		$ 71,750
Gains on sales of real estate assets, net			$ 36,092		(298)
For-Sale Condominium Homes [Member] | Atlanta Condominium Project [Member]
Real Estate Properties [Line Items]
Gains on sales of real estate assets, net				$ 1,862		$ 1,052
Reduction to condominium warranty and related obligation					(771)
For-Sale Condominium Homes [Member] | Austin Condominium Project [Member]
Real Estate Properties [Line Items]
Gains on sales of real estate assets, net					$ 1,773
Assets Held-for-Sale [Member]
Real Estate Properties [Line Items]
Number of units in real estate property | Apartment							645
Assets Held-for-Sale [Member] | Apartment Communities Sold [Member]
Real Estate Properties [Line Items]
Number of real estate properties | Apartment							3
Discontinued Operations [Member] | Apartment Communities Sold [Member] | New York [Member]
Real Estate Properties [Line Items]
Number of real estate properties | Apartment	2			2		2
Apartment community sold approximately for gross proceeds	$ 270,000
Net gain on sale of apartment community				$ 151,733
One of these communities was held in a consolidated joint venture with Company ownership	68.00%			68.00%		68.00%
Discontinued Operations [Member] | Apartment Communities Sold [Member] | New York [Member] | Total Company Equity [Member]
Real Estate Properties [Line Items]
Net gain on sale of apartment community				$ 127,659

Real Estate Activity - Net Inco

Real Estate Activity - Net Income Attributable to Noncontrolling Interest (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Loss From Operations Net Of Non Controlling Interest [Line Items]
Net income	$ 20,190	$ 156,435	$ 59,826	$ 218,679
Net income, net of noncontrolling interest	$ 20,147	133,706	$ 59,700	195,661
Apartment Communities Sold [Member] | Assets Held-for-Sale [Member]
Income Loss From Operations Net Of Non Controlling Interest [Line Items]
Net income		138,365		176,041
Net income, net of noncontrolling interest		$ 115,918		$ 153,456

Real Estate Activity (Consolida

Real Estate Activity (Consolidated Joint Venture) - Additional Information (Detail) $ in Thousands	Sep. 30, 2015USD ($)Agreement	Aug. 31, 2015Apartment	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2013USD ($)
Real Estate Properties [Line Items]
Number of units in real estate property | Agreement	23,723
Construction in progress	$ 108,531		$ 86,971
Cash and cash equivalents	62,959		140,512	$ 160,520	$ 82,110
Accounts payable, accrued expenses and other	79,241		$ 70,616
Consolidated Joint Venture [Member] | Denver, Colorado [Member]
Real Estate Properties [Line Items]
Number of units in real estate property | Apartment		358
Equity interest ownership percentage		92.50%
Construction in progress	18,710
Cash and cash equivalents	163
Accounts payable, accrued expenses and other	909
Noncontrolling equity interest	$ 1,371

Investments in Unconsolidated36

Investments in Unconsolidated Real Estate Entities - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)Property	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Number of real estate properties | Property	60
Investment in owned subsidiaries	$ 3,983	$ 4,059
Investments in unconsolidated real estate entities	15,882	16,624
3.50% Mortgage Note Payable [Member]
Real Estate Properties [Line Items]
Mortgage note payable	$ 51,000
Mortgage notes payable bearing interest rate	3.50%
5.63% Mortgage Notes Payable [Member]
Real Estate Properties [Line Items]
Mortgage note payable	$ 85,724
Mortgage notes payable bearing interest rate	5.63%
5.71% Mortgage Notes Payable [Member]
Real Estate Properties [Line Items]
Mortgage note payable	$ 41,000
Mortgage notes payable bearing interest rate	5.71%
Automatic extension period (in years)	1 year
Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties | Property	4
Investments in unconsolidated real estate entities	$ 15,882	16,624
Mortgage note payable	$ 177,723	$ 177,723
Washington, D.C. [Member] | Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties | Property	1
Atlanta, Georgia [Member] | Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties | Property	3
Apartment LLC [Member] | Minimum [Member] | Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Equity method investment, ownership percentage	25.00%
Apartment LLC [Member] | Maximum [Member] | Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Equity method investment, ownership percentage	35.00%

Investments in Unconsolidated37

Investments in Unconsolidated Real Estate Entities - Summary of Financial Information for Apartment LLCs (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Real estate assets, net of accumulated depreciation of $53,466 and $52,012 at September 30, 2015 and December 31, 2014, respectively	$ 2,181,641	$ 2,128,767
Total assets	2,288,894	2,311,798
Total liabilities	1,031,668	1,018,752
Members' equity	1,250,198	1,285,960	$ 1,290,444	$ 1,152,731
Total liabilities, redeemable common units and equity	2,288,894	2,311,798
Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Real estate assets, net of accumulated depreciation of $53,466 and $52,012 at September 30, 2015 and December 31, 2014, respectively	208,287	208,493
Cash and other	6,512	5,490
Total assets	214,799	213,983
Mortgage notes payable	177,723	177,723
Other liabilities	2,535	3,445
Total liabilities	180,258	181,168
Members' equity	34,541	32,815
Total liabilities, redeemable common units and equity	214,799	213,983
Unconsolidated Properties [Member] | Apartment LLC [Member]
Real Estate Properties [Line Items]
Company's equity investment in Apartment LLCs	$ (11,899)	$ (12,565)

Investments in Unconsolidated38

Investments in Unconsolidated Real Estate Entities - Summary of Financial Information for Apartment LLCs (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Real estate assets, accumulated depreciation	$ 1,001,342	$ 937,310
Investments in unconsolidated real estate entities	15,882	16,624
Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Real estate assets, accumulated depreciation	53,466	52,012
Investments in unconsolidated real estate entities	$ 15,882	$ 16,624

Investments in Unconsolidated39

Investments in Unconsolidated Real Estate Entities - Schedule of Operation for Apartment LLCs (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Rental	$ 91,802	$ 90,751	$ 268,831	$ 268,193
Other property revenues	5,628	5,476	16,874	16,130
Total revenues	97,767	96,461	286,629	284,999
Expenses
Property operating and maintenance	42,707	41,675	124,342	124,066
Interest	7,927	9,858	23,773	31,535
Total expenses	69,640	68,600	204,115	205,178
Net income available to the Company	20,147	133,706	59,700	195,661
Company's share of net income in Apartment LLCs	603	422	1,568	1,408
Unconsolidated Properties [Member]
Revenues
Rental	7,036	6,701	20,677	19,821
Other property revenues	494	481	1,487	1,410
Total revenues	7,530	7,182	22,164	21,231
Expenses
Property operating and maintenance	2,762	3,167	8,919	8,749
Depreciation and amortization	1,479	1,412	4,391	4,175
Interest	2,278	2,278	6,774	6,774
Total expenses	6,519	6,857	20,084	19,698
Net income available to the Company	1,011	325	2,080	1,533
Company's share of net income in Apartment LLCs	$ 603	$ 422	$ 1,568	$ 1,408

Indebtedness - Schedule of Inde

Indebtedness - Schedule of Indebtedness (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total	$ 890,292	$ 892,459
Senior Notes [Member]
Debt Instrument [Line Items]
Payment Terms	Int.
Interest Rate, minimum	3.375%
Interest Rate, maximum	4.75%
Unsecured debt	$ 400,000	400,000
Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity	2,017
Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity	2,022
Unsecured Bank Term Loan [Member]
Debt Instrument [Line Items]
Payment Terms	Int.
Interest Rate, spread over LIBOR	1.15%
Debt instrument, Maturity	2,020
Unsecured debt	$ 300,000	300,000
Secured Mortgage Notes [Member]
Debt Instrument [Line Items]
Payment Terms	Prin. and Int.
Interest Rate	5.99%
Debt instrument, Maturity	2,019
Mortgage note payable	$ 190,292	$ 192,459

Indebtedness - Schedule of In41

Indebtedness - Schedule of Indebtedness (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2015
Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity	2,017
Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity	2,022
Unsecured Bank Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity	2,020
Unsecured Bank Term Loan [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Effective blended interest rate	2.69%

Indebtedness - Schedule of Aggr

Indebtedness - Schedule of Aggregate Maturities of Indebtedness (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Remainder of 2015	$ 755
2,016	3,071
2,017	153,296
2,018	3,502
2,019	179,668
Thereafter	550,000
Total	$ 890,292	$ 892,459

Indebtedness (Debt issuances an

Indebtedness (Debt issuances and retirements) - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2014	May. 31, 2014	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Net loss on extinguishment of indebtedness			$ (14,070)	$ (197)	$ (18,357)
Secured Mortgage Notes [Member]
Debt Instrument [Line Items]
Prepaid secured mortgage indebtedness	$ 82,627	$ 120,000
Net loss on extinguishment of indebtedness					$ (4,287)
Total Company Equity [Member] | New York [Member]
Debt Instrument [Line Items]
Net loss on extinguishment of indebtedness			$ (12,333)

Indebtedness (Unsecured lines o

Indebtedness (Unsecured lines of credit) - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2015USD ($)OptionPlan	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Debt Instrument [Line Items]
Letters of credit issued			$ 122
Incurred fees and expenses			4,008
Net gain (loss) on extinguishment of indebtedness		$ (14,070)	(197)	$ (18,357)
Cash Management Line [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 30,000		30,000
Number of extension options | OptionPlan	1
Time period extension option	1 year
Lines of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity			$ 300,000
Interest Rate, spread over LIBOR			1.05%
Line of credit facility annual facility fees percentage			0.20%
Interest rate based on credit ratings ranges, minimum			0.875%
Interest rate based on credit ratings ranges, maximum			1.55%
Facility fee rate based on credit ratings range, minimum			0.125%
Facility fee rate based on credit ratings range, maximum			0.30%
Line of credit facility, competitive bid option for short-term funds, percentage			50.00%

Indebtedness (Unsecured term lo

Indebtedness (Unsecured term loan) - Additional Information (Detail) - Unsecured Bank Term Loan [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Debt Instrument [Line Items]
Term loan facility, borrowing capacity	$ 300,000,000
Interest Rate, spread over LIBOR	1.15%
Interest rate based on credit ratings ranges, minimum	0.90%
Interest rate based on credit ratings ranges, maximum	1.85%
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Interest rate paid under the Term Loan	1.54%
Effective blended interest rate	2.69%

Indebtedness (Debt compliance a

Indebtedness (Debt compliance and other) - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Coverage's ratio	1.5
Company's ratio	2
Unencumbered assets to unsecured debt	1.5
Leverage ratio	60.00%
Total secured debt to total asset value	40.00%
Line of credit facility, covenant terms	The Company's Syndicated Line, Cash Management Line, Term Loan and senior unsecured notes contain customary restrictions, representations, covenants and events of default and require the Company to meet certain financial covenants. Debt service and fixed charge coverage covenants require the Company to maintain coverages of a minimum of 1.5 to 1.0, as defined in applicable debt arrangements.

Equity and Noncontrolling Int47

Equity and Noncontrolling Interests (Common stock) - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Oct. 31, 2015	Dec. 31, 2014
Equity And Noncontrolling Interests [Line Items]
Repurchased shares of common stock, shares	482,000	0	482,000	0
Stock repurchase program, authorized amount						$ 200,000
Repurchased shares of common stock, aggregate cost	$ 26,712,000		$ 26,712,000
Repurchased shares of common stock, average gross price	$ 55.40		$ 55.40
Common stock, shares authorized	100,000,000		100,000,000			100,000,000
Subsequent Event [Member] | At-The-Market Common Equity Sales Program [Member]
Equity And Noncontrolling Interests [Line Items]
Common stock, shares authorized					4,000,000

Equity and Noncontrolling Int48

Equity and Noncontrolling Interests (Noncontrolling interests) - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Equity [Abstract]
Noncontrolling interests in the Operating Partnership, net book value	$ 7,028	$ 7,086

Equity and Noncontrolling Int49

Equity and Noncontrolling Interests - Schedule of Redeemable Common Units (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Equity And Noncontrolling Interests [Line Items]
Redeemable common units, beginning of period	$ 7,086
Comprehensive income	57,689	$ 218,894
Conversion of redeemable common units for shares		784
Stock-based compensation	3,638	2,950
Distributions to common unitholders	(69,673)	(63,097)
Adjustment to redemption value of redeemable common units	(20)	(101)
Redeemable common units, end of period	7,028
Redeemable Common Units [Member]
Equity And Noncontrolling Interests [Line Items]
Redeemable common units, beginning of period	7,086	6,121
Comprehensive income	122	465
Conversion of redeemable common units for shares		(784)
Adjustment for ownership interest of redeemable common units	(54)	430
Stock-based compensation	8	7
Distributions to common unitholders	(154)	(150)
Adjustment to redemption value of redeemable common units	20	101
Redeemable common units, end of period	$ 7,028	$ 6,190

Company Earnings Per Share - Sc

Company Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income	$ 20,190	$ 156,435	$ 59,826	$ 218,679
Noncontrolling interests - consolidated real estate entities		(22,416)		(22,554)
Noncontrolling interests - Operating Partnership	(43)	(313)	(126)	(464)
Dividends to preferred shareholders	(922)	(922)	(2,766)	(2,766)
Unvested restricted stock (allocation of earnings)	(47)	(314)	(133)	(435)
Net income available to common shareholders, adjusted	$ 19,178	$ 132,470	$ 56,801	$ 192,460
Weighted average shares outstanding - basic	54,326	54,301	54,409	54,233
Dilutive shares from stock options	16	72	16	103
Weighted average shares outstanding - diluted	54,342	54,373	54,425	54,336
Basic	$ 0.35	$ 2.44	$ 1.04	$ 3.55
Diluted	$ 0.35	$ 2.44	$ 1.04	$ 3.54

Company Earnings Per Share - Ad

Company Earnings Per Share - Additional Information (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gross Antidilutive [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options to purchase common stock	28	55	28	62

Operating Partnership Earnings

Operating Partnership Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 20,190	$ 156,435	$ 59,826	$ 218,679
Noncontrolling interests - consolidated real estate entities		(22,416)		(22,554)
Preferred unit distributions	(922)	(922)	(2,766)	(2,766)
Unvested restricted stock (allocation of earnings)	(47)	(314)	(133)	(435)
Net income available to common shareholders, adjusted	$ 19,178	$ 132,470	$ 56,801	$ 192,460
Weighted average units outstanding - basic	54,326	54,301	54,409	54,233
Dilutive units from stock options	16	72	16	103
Weighted average units outstanding - diluted	54,342	54,373	54,425	54,336
Basic	$ 0.35	$ 2.44	$ 1.04	$ 3.55
Diluted	$ 0.35	$ 2.44	$ 1.04	$ 3.54
Post Apartment Homes, L.P. [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 20,190	$ 156,435	$ 59,826	$ 218,679
Noncontrolling interests - consolidated real estate entities		(22,416)		(22,554)
Preferred unit distributions	(922)	(922)	(2,766)	(2,766)
Unvested restricted stock (allocation of earnings)	(47)	(314)	(133)	(435)
Net income available to common shareholders, adjusted	$ 19,221	$ 132,783	$ 56,927	$ 192,924
Weighted average units outstanding - basic	54,447	54,431	54,530	54,366
Dilutive units from stock options	16	72	16	103
Weighted average units outstanding - diluted	54,463	54,503	54,546	54,469
Basic	$ 0.35	$ 2.44	$ 1.04	$ 3.55
Diluted	$ 0.35	$ 2.44	$ 1.04	$ 3.54

Operating Partnership Earning53

Operating Partnership Earnings Per Unit - Additional Information (Detail) - Gross Antidilutive [Member] - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options to purchase common stock	28	55	28	62
Post Apartment Homes, L.P. [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options to purchase common stock	28	55	28	62

Fair Value Measures and Other54

Fair Value Measures and Other Financial Instruments (Real estate assets) - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment charges	$ 0	$ 0	$ 0	$ 0

Fair Value Measures and Other55

Fair Value Measures and Other Financial Instruments (Derivatives and other financial instruments) - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)Agreement	Dec. 31, 2014USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accumulated comprehensive income to interest expense, future periods	$ 3,476,000
Termination payment	5,699,000
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net liabilities	$ 5,700,000	$ 3,685,000
Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of interest rate swap agreements | Agreement	3
Three Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amounts	$ 230,000,000
Derivative, fixed interest rate	1.55%
Three Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Counterparty paying	Counterparties paying the Company the floating one-month LIBOR rate
Fourth Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amounts	$ 70,000,000
Derivative, fixed interest rate	1.50%
Fourth Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Counterparty paying	Counterparty paying the Company the floating one-month LIBOR rate
Unsecured Bank Term Loan [Member] | Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective blended interest rate	2.69%

Fair Value Measures and Other56

Fair Value Measures and Other Financial Instruments - Schedule of Effect of Interest Rate Swaps Designated as Cash Flow Hedges (Detail) - Cash Flow Hedging [Member] - Interest Rate Swap [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income	$ (2,252)	$ 1,109	$ (5,096)	$ (2,454)
Loss reclassified from accumulated other comprehensive income (loss) into interest expense	$ (1,032)	$ (1,058)	$ (3,081)	$ (3,134)

Fair Value Measures and Financi

Fair Value Measures and Financial Instruments (Other financial instruments) - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fixed Rate Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 608,290	$ 620,641
Carrying value of debt	590,292	592,459
Variable Rate Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	300,632	304,983
Carrying value of debt	$ 300,000	$ 300,000

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting [Abstract]
Stabilized occupancy benchmark percentage	95.00%	95.00%
Number of years to achieve stabilized occupancy subsequent to completion of construction	1 year	1 year

Segment Information - Schedule

Segment Information - Schedule of Segment's Contribution to Consolidated Revenues and Net Operating Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Revenues	$ 97,767	$ 96,461	$ 286,629	$ 284,999
Other	337	234	924	676
Consolidated property net operating income	54,723	54,552	161,363	160,257
Interest income	34	78	158	94
Depreciation	(22,073)	(21,018)	(64,748)	(63,614)
Interest expense	(7,927)	(9,858)	(23,773)	(31,535)
Amortization of deferred financing costs	(432)	(588)	(1,314)	(1,853)
General and administrative	(4,622)	(4,784)	(13,989)	(12,878)
Investment and development	(73)	(555)	(583)	(2,160)
Other investment costs	(165)	(224)	(453)	(707)
Other expenses		(344)		(1,753)
Equity in income of unconsolidated real estate entities, net	603	422	1,568	1,408
Gains on sales of real estate assets, net		152,785	1,475	189,687
Other income (expense), net	(215)	(195)	(605)	(586)
Net loss on extinguishment of indebtedness		(14,070)	(197)	(18,357)
Net income	20,190	156,435	59,826	218,679
Fully Stabilized Communities [Member]
Segment Reporting Information [Line Items]
Revenues	85,725	83,371	252,823	246,271
Consolidated property net operating income	52,038	50,913	153,350	150,206
Newly Stabilized Communities [Member]
Segment Reporting Information [Line Items]
Revenues	4,361	3,188	12,780	7,466
Consolidated property net operating income	2,380	1,935	7,669	3,922
Lease Up Communities [Member]
Segment Reporting Information [Line Items]
Revenues	1,404	656	3,523	889
Consolidated property net operating income	432	44	1,336	(224)
Held For Sale And Sold Communities [Member]
Segment Reporting Information [Line Items]
Revenues		3,478		14,168
Consolidated property net operating income		1,811		7,157
Other Property Segments, Including Corporate Management Expenses [Member]
Segment Reporting Information [Line Items]
Revenues	5,940	5,534	16,579	15,529
Consolidated property net operating income	$ (127)	$ (151)	$ (992)	$ (804)

Stock-Based Compensation Plan60

Stock-Based Compensation Plans (Incentive stock plans) - Additional Information (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for issuance	3,469
Stock grants counted against the total shares for every share issued	2.7
Stock-based compensation arrangement maximum assumption expected period, years	10 years
Description and terms of 2003 incentive stock plan	Incentive stock awards are granted under the Company’s 2003 Incentive Stock Plan, as amended and restated in October 2008 (the “2003 Stock Plan”). Under the 2003 Stock Plan, an aggregate of 3,469 shares of common stock were reserved for issuance. Of this amount, stock grants count against the total shares available under the 2003 Stock Plan as 2.7 shares for every one share issued, while options (and stock appreciation rights (“SAR”) settled in shares) count against the total shares available as one share for every one share issued on the exercise of an option (or SAR). The exercise price of each option granted under the 2003 Stock Plan may not be less than the market price of the Company’s common stock on the date of the option grant and all options may have a maximum life of ten years. Participants receiving restricted stock grants are generally eligible to vote such shares and receive dividends on such shares. Substantially all stock option and restricted stock grants are subject to annual vesting provisions (generally three to five years) as determined by the compensation committee overseeing the 2003 Stock Plan.
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award vesting period, (in years)	3 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award vesting period, (in years)	5 years

Stock-Based Compensation Plan61

Stock-Based Compensation Plans - Schedule of Assumptions Used in Black-Scholes Option-Pricing Model (Detail)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Dividend yield	2.70%	2.80%
Expected volatility	42.80%	43.00%
Risk-free interest rate	1.40%	1.80%
Expected option term (years)	6 years	6 years

Stock-Based Compensation Plan62

Stock-Based Compensation Plans (Restricted stock) - Additional Information (Detail) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense relating to restricted stock	$ 851	$ 782	$ 3,084	$ 2,370
Unrecognized compensation cost	$ 4,016		$ 4,016
Unrecognized compensation costs, weighted average period of recognition, years				1 year 10 months 24 days

Stock-Based Compensation Plan63

Stock-Based Compensation Plans - Summary of Activity Related to Company's Restricted Stock (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares, beginning of period	76	75
Granted, Shares	68	55
Vested, Shares	(8)	(1)
Unvested shares, end of period	136	129
Weighted-Avg. Grant-Date Fair Value, Unvested shares, beginning of period	$ 49	$ 48
Weighted-Avg. Grant-Date Fair Value, Granted	60	47
Weighted-Avg. Grant-Date Fair Value, Vested	54	12
Weighted-Avg. Grant-Date Fair Value, Unvested Shares, end of period	$ 54	$ 48

Stock-Based Compensation Plan64

Stock-Based Compensation Plans - Summary of Activity Related to Company's Restricted Stock (Parenthetical) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Total value of the restricted share grants	$ 4,123	$ 2,566

Stock-Based Compensation Plan65

Stock-Based Compensation Plans (Stock options) - Additional Information (Detail) - Stock Options [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense relating to stock options	$ 110	$ 133	$ 398	$ 406
Unrecognized compensation cost related to unvested stock options	$ 617		617
Unrecognized compensation costs, weighted average period of recognition, years				1 year 10 months 24 days
Intrinsic value of stock options exercised			$ 634	$ 5,899

Stock-Based Compensation Plan66

Stock-Based Compensation Plans - Summary of Stock Option Activity Under All Plans (Detail) - Stock Options [Member] - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, beginning of period, Shares	148	539
Granted, Shares	28	35
Exercised, Shares	(43)	(296)
Options outstanding, end of period, Shares	133	278
Options exercisable, end of period, Shares	72	216
Options vested and expected to vest, end of period, Shares	130	275
Weighted average fair value of options granted during the period	$ 19.49	$ 15.21
Options outstanding, beginning of period, Exercise Price	46	36
Granted, Exercise Price	60	47
Exercised, Exercise Price	47	32
Options outstanding, end of period, Exercise Price	49	42
Options exercisable, end of period, Exercise Price	46	41
Options vested and expected to vest, end of period, Exercise Price	$ 49	$ 42

Stock-Based Compensation Plan67

Stock-Based Compensation Plans - Summary of Stock Option Activity Under All Plans (Parenthetical) (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Aggregate intrinsic value of stock options outstanding	$ 1,260
Aggregate intrinsic value of stock options exercisable	923
Aggregate intrinsic values of stock options expected to vest	$ 1,243
Weighted average remaining contractual lives of stock options outstanding, years	7 years
Weighted average remaining contractual lives of stock options exercisable, years	5 years 8 months 12 days
Weighted average remaining contractual lives of stock options expected to vest, years	7 years

Stock-Based Compensation Plan68

Stock-Based Compensation Plans - Schedule of Outstanding Options into Two Ranges, Based on Exercise Prices (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices shares, outstanding | shares	133
Range of exercise prices weighted average exercise price, outstanding	$ 49
Range of exercise prices remaining contractual life, outstanding	7 years
Range of exercise prices shares, exercisable | shares	72
Options Exercisable, Weighted Avg. Exercise Price	$ 46
Outstanding Options with Range Based Exercise Prices Set One [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit	37.04
Exercise price range, upper range limit	$ 46.93
Range of exercise prices shares, outstanding | shares	75
Range of exercise prices weighted average exercise price, outstanding	$ 45
Range of exercise prices remaining contractual life, outstanding	6 years 6 months
Range of exercise prices shares, exercisable | shares	51
Options Exercisable, Weighted Avg. Exercise Price	$ 44
Outstanding Options with Range Based Exercise Prices Set Two [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit	48
Exercise price range, upper range limit	$ 60.40
Range of exercise prices shares, outstanding | shares	58
Range of exercise prices weighted average exercise price, outstanding	$ 55
Range of exercise prices remaining contractual life, outstanding	7 years 9 months 18 days
Range of exercise prices shares, exercisable | shares	21
Options Exercisable, Weighted Avg. Exercise Price	$ 50

Stock-Based Compensation Plan69

Stock-Based Compensation Plans (Employee stock purchase plan) - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Maximum number of shares issuable under the ESPP	250		250
Percentage of share purchase price			85.00%
Discount on the share purchases			15.00%
Employee stock purchase plan description, compensation expense	$ 55	$ 103	$ 164	$ 181

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)
Income Tax Disclosure [Abstract]
Provision or benefit for income taxes	$ 0

Other Expenses - Additional Inf

Other Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Component Of Operating Cost And Expense [Line Items]
Other expenses	$ 344	$ 1,753
Software Systems [Member]
Component Of Operating Cost And Expense [Line Items]
Other expenses	$ 344	1,003
Natural Disasters and Other Casualty Events [Member]
Component Of Operating Cost And Expense [Line Items]
Other expenses		$ 750