Post Properties 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		53,487,246
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 (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate assets
Land	$ 322,566	$ 322,566
Building and improvements	2,410,408	2,406,425
Furniture, fixtures and equipment	333,968	329,854
Construction in progress	182,632	151,270
Land held for future investment	16,730	16,730
Real estate assets, total	3,266,304	3,226,845
Less: accumulated depreciation	(1,046,178)	(1,023,652)
Total real estate assets	2,220,126	2,203,193
Investments in and advances to unconsolidated real estate entities	3,696	3,856
Cash and cash equivalents	4,545	28,611
Restricted cash	3,951	3,881
Other assets	29,370	27,708
Total assets	2,261,688	2,267,249
Liabilities, redeemable common units and equity
Indebtedness	916,874	884,954
Accounts payable, accrued expenses and other	69,820	74,855
Investments in unconsolidated real estate entities	15,942	15,873
Dividends and distributions payable	25,196	23,819
Accrued interest payable	7,966	4,051
Security deposits and prepaid rents	14,286	13,537
Total liabilities	1,050,084	1,017,089
Redeemable common units	$ 7,202	$ 7,133
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 53,487 and 54,012 shares outstanding at March 31, 2016 and December 31, 2015, respectively	546	546
Additional paid-in-capital	1,119,188	1,117,627
Accumulated earnings	161,363	167,791
Accumulated other comprehensive income (loss)	(5,208)	(3,356)
Stockholders Equity Subtotal Before Treasury Stock	1,275,898	1,282,617
Common stock in treasury, at cost, 1,233 and 706 shares at March 31, 2016 and December 31, 2015, respectively	(73,180)	(41,135)
Total Company shareholders' equity	1,202,718	1,241,482
Noncontrolling interests - consolidated real estate entities	1,684	1,545
Total equity	1,204,402	1,243,027
Total liabilities, redeemable common units and equity	2,261,688	2,267,249
Post Apartment Homes, L.P. [Member]
Real estate assets
Land	322,566	322,566
Building and improvements	2,410,408	2,406,425
Furniture, fixtures and equipment	333,968	329,854
Construction in progress	182,632	151,270
Land held for future investment	16,730	16,730
Real estate assets, total	3,266,304	3,226,845
Less: accumulated depreciation	(1,046,178)	(1,023,652)
Total real estate assets	2,220,126	2,203,193
Investments in and advances to unconsolidated real estate entities	3,696	3,856
Cash and cash equivalents	4,545	28,611
Restricted cash	3,951	3,881
Other assets	29,370	27,708
Total assets	2,261,688	2,267,249
Liabilities, redeemable common units and equity
Indebtedness	916,874	884,954
Accounts payable, accrued expenses and other	69,820	74,855
Investments in unconsolidated real estate entities	15,942	15,873
Dividends and distributions payable	25,196	23,819
Accrued interest payable	7,966	4,051
Security deposits and prepaid rents	14,286	13,537
Total liabilities	1,050,084	1,017,089
Redeemable common units	$ 7,202	$ 7,133
Commitments and contingencies
Company shareholders' equity
Preferred units	$ 43,392	$ 43,392
General partner	13,242	13,610
Limited partner	1,151,292	1,187,836
Accumulated other comprehensive income (loss)	(5,208)	(3,356)
Total Company shareholders' equity	1,202,718	1,241,482
Noncontrolling interests - consolidated real estate entities	1,684	1,545
Total equity	1,204,402	1,243,027
Total liabilities, redeemable common units and equity	$ 2,261,688	$ 2,267,249

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
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	53,487,000	54,012,000
Common stock in treasury, shares	1,233,000	706,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Rental	$ 92,570	$ 87,661
Other property revenues	5,625	5,457
Other	272	313
Total revenues	98,467	93,431
Expenses
Property operating and maintenance (exclusive of items shown separately below)	42,787	40,123
Depreciation	22,709	21,257
General and administrative	4,886	5,014
Investment and development	25	235
Other investment costs	77	134
Other expenses	333
Total expenses	70,817	66,763
Operating income	27,650	26,668
Interest income	1	81
Interest expense	(7,766)	(8,373)
Gains on sales of real estate assets, net		1,773
Equity in income of unconsolidated real estate entities, net	643	397
Other income (expense), net	(395)	(364)
Net loss on extinguishment of indebtedness		(197)
Net income	20,133	19,985
Noncontrolling interests - Operating Partnership	(42)	(42)
Net income available to the Company	20,091	19,943
Dividends to preferred shareholders	(922)	(922)
Net income available to common shareholders	$ 19,169	$ 19,021
Per common share data - Basic
Net income available to common shareholders	$ 0.36	$ 0.35
Weighted average common shares outstanding - basic	53,582	54,448
Per common share data - Diluted
Net income available to common shareholders	$ 0.36	$ 0.35
Weighted average common shares outstanding - diluted	53,599	54,465
Post Apartment Homes, L.P. [Member]
Revenues
Rental	$ 92,570	$ 87,661
Other property revenues	5,625	5,457
Other	272	313
Total revenues	98,467	93,431
Expenses
Property operating and maintenance (exclusive of items shown separately below)	42,787	40,123
Depreciation	22,709	21,257
General and administrative	4,886	5,014
Investment and development	25	235
Other investment costs	77	134
Other expenses	333
Total expenses	70,817	66,763
Operating income	27,650	26,668
Interest income	1	81
Interest expense	(7,766)	(8,373)
Gains on sales of real estate assets, net		1,773
Equity in income of unconsolidated real estate entities, net	643	397
Other income (expense), net	(395)	(364)
Net loss on extinguishment of indebtedness		(197)
Net income	20,133	19,985
Dividends to preferred shareholders	(922)	(922)
Net income available to common shareholders	$ 19,211	$ 19,063
Per common share data - Basic
Net income available to common shareholders	$ 0.36	$ 0.35
Weighted average common shares outstanding - basic	53,703	54,569
Per common share data - Diluted
Net income available to common shareholders	$ 0.36	$ 0.35
Weighted average common shares outstanding - diluted	53,720	54,586

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ 20,133	$ 19,985
Net change in derivative financial instruments	(1,856)	(1,548)
Total comprehensive income	18,277	18,437
Comprehensive income attributable to noncontrolling interests:
Operating Partnership	(38)	(39)
Total Company comprehensive income	18,239	18,398
Post Apartment Homes, L.P. [Member]
Net income	20,133	19,985
Net change in derivative financial instruments	(1,856)	(1,548)
Comprehensive income attributable to noncontrolling interests:
Total Operating Partnership comprehensive income	$ 18,277	$ 18,437

Consolidated Statements of Equi

Consolidated Statements of Equity and Accumulated Earnings (Unaudited) - USD ($) $ in Thousands	Total	Post Apartment Homes, L.P. [Member]	Preferred Stock [Member]	Preferred Stock [Member]Post Apartment Homes, L.P. [Member]	Common Stock [Member]	Common Stock [Member]Post Apartment Homes, L.P. [Member]General Partner [Member]	Common Stock [Member]Post Apartment Homes, L.P. [Member]Limited Partner [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, 2014	$ 1,285,960	$ 1,285,960	$ 9	$ 43,392	$ 546	$ 14,057	$ 1,232,186	$ 1,114,851	$ 185,001	$ (3,675)	$ (3,675)	$ (10,772)	$ 1,285,960	$ 1,285,960
Comprehensive income (loss)	18,398	18,398		922		191	18,830		19,943	(1,545)	(1,545)		18,398	18,398
Employee stock purchase, stock option and other	244	244				2	242	21	(390)			613	244	244
Adjustment for ownership interest of redeemable common units	(1)	(1)					(1)	(1)					(1)	(1)
Stock-based compensation	1,696	1,696				17	1,679	1,696					1,696	1,696
Dividends to preferred shareholders	(922)	(922)		(922)					(922)				(922)	(922)
Dividends to common shareholders ($0.47 and $0.40 per share for the year 2016 and 2015 respectively)	(21,838)	(21,838)				(219)	(21,619)		(21,838)				(21,838)	(21,838)
Adjustment to redemption value of redeemable common units	216	216					216		216				216	216
Ending Balance at Mar. 31, 2015	1,283,753	1,283,753	9	43,392	546	14,048	1,231,533	1,116,567	182,010	(5,220)	(5,220)	(10,159)	1,283,753	1,283,753
Beginning Balance at Dec. 31, 2015	1,243,027	1,243,027	9	43,392	546	13,610	1,187,836	1,117,627	167,791	(3,356)	(3,356)	(41,135)	1,241,482	1,241,482	$ 1,545	$ 1,545
Comprehensive income (loss)	18,239	18,239		922		192	18,977		20,091	(1,852)	(1,852)		18,239	18,239
Employee stock purchase, stock option and other	437	437				4	433	41	(303)			699	437	437
Adjustment for ownership interest of redeemable common units	70	70					70	70					70	70
Stock-based compensation	1,450	1,450				15	1,435	1,450					1,450	1,450
Treasury stock acquisitions	(32,744)	(32,744)				(327)	(32,417)					(32,744)	(32,744)	(32,744)
Dividends to preferred shareholders	(922)	(922)		(922)					(922)				(922)	(922)
Dividends to common shareholders ($0.47 and $0.40 per share for the year 2016 and 2015 respectively)	(25,139)	(25,139)				(252)	(24,887)		(25,139)				(25,139)	(25,139)
Capital contributions from noncontrolling interests - consolidated real estate entities	139	139													139	139
Adjustment to redemption value of redeemable common units	(155)	(155)					(155)		(155)				(155)	(155)
Ending Balance at Mar. 31, 2016	$ 1,204,402	$ 1,204,402	$ 9	$ 43,392	$ 546	$ 13,242	$ 1,151,292	$ 1,119,188	$ 161,363	$ (5,208)	$ (5,208)	$ (73,180)	$ 1,202,718	$ 1,202,718	$ 1,684	$ 1,684

Consolidated Statements of Equ7

Consolidated Statements of Equity and Accumulated Earnings (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Dividends to common shareholders	$ 0.47	$ 0.040
Post Apartment Homes, L.P. [Member]
Dividends to common shareholders	$ 0.47	$ 0.40

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities
Net income	$ 20,133	$ 19,985
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	22,709	21,257
Gains on sales of real estate assets, net		(1,773)
Other, net	521	643
Equity in income of unconsolidated entities, net	(643)	(397)
Distributions of earnings of unconsolidated entities	973	261
Stock-based compensation	1,453	1,699
Net loss on extinguishment of indebtedness		197
Changes in assets, decrease (increase) in:
Other assets	(1,871)	233
Changes in liabilities, increase (decrease) in:
Accrued interest payable	3,915	3,704
Accounts payable and accrued expenses	(9,435)	(10,862)
Prepaid rents and other	566	1,454
Net cash provided by operating activities	38,321	36,401
Cash Flows From Investing Activities
Development and construction of real estate assets	(26,801)	(21,927)
Proceeds from sales of real estate assets		4,827
Capitalized interest	(1,550)	(982)
Property capital expenditures	(7,231)	(4,075)
Corporate additions and improvements	(255)	(206)
Investments in unconsolidated entities	(125)
Other investing activities	(70)
Net cash used in investing activities	(36,032)	(22,363)
Cash Flows From Financing Activities
Lines of credit proceeds	125,066
Lines of credit repayments	(92,661)
Payments on indebtedness	(767)	(754)
Payments of financing costs and other		(4,002)
Proceeds from employee stock purchase and stock options plans	495	425
Acquisition of treasury stock and other	(34,069)	(1,295)
Contributions from noncontrolling interests - real estate entities	139
Distributions to noncontrolling interests - common unitholders	(53)	(48)
Dividends paid to preferred shareholders	(922)	(922)
Dividends paid to common shareholders	(23,766)	(21,804)
Other financing activities	183	(69)
Net cash used in financing activities	(26,355)	(28,469)
Net decrease in cash and cash equivalents	(24,066)	(14,431)
Cash and cash equivalents, beginning of period	28,611	140,512
Cash and cash equivalents, end of period	4,545	126,081
Post Apartment Homes, L.P. [Member]
Cash Flows From Operating Activities
Net income	20,133	19,985
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	22,709	21,257
Gains on sales of real estate assets, net		(1,773)
Other, net	521	643
Equity in income of unconsolidated entities, net	(643)	(397)
Distributions of earnings of unconsolidated entities	973	261
Stock-based compensation	1,453	1,699
Net loss on extinguishment of indebtedness		197
Changes in assets, decrease (increase) in:
Other assets	(1,871)	233
Changes in liabilities, increase (decrease) in:
Accrued interest payable	3,915	3,704
Accounts payable and accrued expenses	(9,435)	(10,862)
Prepaid rents and other	566	1,454
Net cash provided by operating activities	38,321	36,401
Cash Flows From Investing Activities
Development and construction of real estate assets	(26,801)	(21,927)
Proceeds from sales of real estate assets		4,827
Capitalized interest	(1,550)	(982)
Property capital expenditures	(7,231)	(4,075)
Corporate additions and improvements	(255)	(206)
Investments in unconsolidated entities	(125)
Other investing activities	(70)
Net cash used in investing activities	(36,032)	(22,363)
Cash Flows From Financing Activities
Lines of credit proceeds	125,066
Lines of credit repayments	(92,661)
Payments on indebtedness	(767)	(754)
Payments of financing costs and other		(4,002)
Proceeds from employee stock purchase and stock options plans	495	425
Acquisition of treasury stock and other	(34,069)	(1,295)
Contributions from noncontrolling interests - real estate entities	139
Distributions to noncontrolling interests - common unitholders	(53)	(48)
Dividends paid to preferred shareholders	(922)	(922)
Dividends paid to common shareholders	(23,766)	(21,804)
Other financing activities	183	(69)
Net cash used in financing activities	(26,355)	(28,469)
Net decrease in cash and cash equivalents	(24,066)	(14,431)
Cash and cash equivalents, beginning of period	28,611	140,512
Cash and cash equivalents, end of period	$ 4,545	$ 126,081

Organization and Significant Ac

Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, the Company had interests in 24,162 apartment units in 61 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 2,630 apartment units in seven communities currently under development or in lease-up. At March 31, 2016, 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 March 31, 2016, the Company had outstanding 53,487 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 March 31, 2016 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 the three months ended March 31, 2016 and 2015. 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 months ended March 31, 2016 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, 2015. 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 4.2% and 4.3% for the three months ended March 31, 2016 and 2015, respectively. Aggregate interest costs capitalized to projects under development or construction were $1,550 and $982 for the three months ended March 31, 2016 and 2015, 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 $1,414 and $1,135 for the three months ended March 31, 2016 and 2015, 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. 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. Noncontrolling interests The Company accounts for noncontrolling interests in accordance with ASC Topic 810, “Consolidation.” ASC Topic 810, in conjunction with other existing GAAP, established criterion used to evaluate the characteristics of noncontrolling interests in consolidated entities to determine whether noncontrolling interests are classified and accounted for as permanent equity or “temporary” equity (presented between liabilities and permanent equity on the consolidated balance sheet). ASC Topic 810 also clarified the treatment of noncontrolling interests with redemption provisions. If a noncontrolling interest has a redemption feature that permits the issuer to settle in either cash or common shares at the option of the issuer but the equity settlement feature is deemed to be outside of the control of the issuer, then those noncontrolling interests are classified as “temporary” equity. At March 31, 2016, the Company had two types of noncontrolling interests, (1) noncontrolling interests related to the common unitholders of its Operating Partnership (see note 5) and (2) noncontrolling interests related to its consolidated real estate entities. The Company accounts for the redemption of noncontrolling interests in the Operating Partnership in exchange for shares of company common stock at fair value in accordance with ASC Topic 810. These transactions result in a reduction in the noncontrolling interest of common unitholders in the Operating Partnership and a corresponding increase in equity in the accompanying consolidated balance sheet at the date of conversion. In accordance with guidance in ASC Topic 810 the noncontrolling interest in the Operating Partnership is carried at the greater of its redemption value or net book value. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 (see below). 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 Company adopted ASU 2015-02 on January 1, 2016. This new standard did not have a material impact on the Company’s financial position or 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 presented as direct deductions from the face value of the related debt instrument in the preparation of consolidated balance sheets. Further, ASU 2015-03 requires companies to report the amortization of debt issuance costs as interest expense in their consolidated statements of operations. Effective January 1, 2016, the Company retrospectively adopted ASU 2015-03 and ASU 2015-15. As such, the Company reclassified $4,583 of net debt issuance costs related to its secured and unsecured debt instruments as of December 31, 2015 from Deferred financing costs, net Indebtedness Amortization of deferred financing costs Interest expense Deferred financing costs, net Other assets Amortization of deferred financing costs ther income (expense), net In February 2016, Accounting Standards Update No. 2016-02 (ASU-2016-02), “Leases” was issued. ASU 2016-02 establishes a new lease accounting recognition model for lessees and lessors. Under this new guidance, lessees will be required to apply a dual approach, classifying leases with a term of more than 12 months as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method (finance leases) or on a straight-line basis over the term of the lease (operating leases). A lessee is also required to record a right-of-use asset and a lease liability, measured at the net present value of the lease obligations, for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance. The guidance is effective for interim and annual reporting periods beginning after December 31, 2018. The Company currently expects to adopt ASU 2016-02 as of January 1, 2019 and is currently evaluating the impact that this new guidance may have on its statements of financial position and its results of operations. Supplemental cash flow information Supplemental cash flow information for the three months ended March 31, 2016 and 2015 is as follows: Three months ended March 31, 2016 2015 Interest paid, net of interest capitalized $ 3,570 $ 4,389 Interest paid, including interest capitalized 5,120 5,371 Income tax payments, net 42 21 Non-cash investing and financing activities: Dividends and distributions payable 25,196 21,886 Construction and property capital expenditure cost accruals, increase (decrease) 3,557 6,594 Adjustments to equity related to redeemable common units and other, net increase (decrease) (85 ) 215

Real Estate Activity

Real Estate Activity	3 Months Ended
	Mar. 31, 2016
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 did not dispose of any apartment communities in the three months ended March 31, 2016 and had no assets classified as held for sale at March 31, 2016. For the three months ended March 31, 2015, the Company recognized a gain of $1,773 on the sale of its remaining condominium retail space. Consolidated Joint Venture In 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. In 2015, the Joint Venture acquired the land site and initiated the development of the community. 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 March 31, 2016, the Company’s consolidated assets, liabilities and equity included construction in progress of $23,779 and cash and cash equivalents of $244, accounts payable and accrued expenses of $1,480 and noncontrolling equity interests of $1,684 relating to the Joint Venture.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	3 Months Ended
	Mar. 31, 2016
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Real Estate Entities	3. INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES At March 31, 2016, 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 March 31, 2016 and December 31, 2015, the Company’s investment in the 35% owned Apartment LLC totaled $3,696 and $3,856, respectively, excluding the credit investments discussed below. The Company’s investment in the 25% owned Apartment LLC at March 31, 2016 and December 31, 2015 reflects a credit investment of $15,942 and $15,873, 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: March 31, December 31, Apartment LLCs - Balance Sheet Data 2016 2015 Real estate assets, net of accumulated depreciation of $56,416 and $54,936 at March 31, 2016 and December 31, 2015, respectively $ 207,877 $ 208,345 Cash and other 5,857 5,995 Total assets $ 213,734 $ 214,340 Mortgage notes payable $ 177,529 $ 177,503 Other liabilities 3,471 2,994 Total liabilities 181,000 180,497 Members' equity 32,734 33,843 Total liabilities and members' equity $ 213,734 $ 214,340 Company's equity investment in Apartment LLCs (1) $ (12,246 ) $ (12,017 ) 1) At March 31, 2016 and December 31, 2015, the Company’s equity investment includes its credit investments of $15,942 and $15,873, respectively, discussed above. Three months ended March 31, Apartment LLCs - Income Statement Data 2016 2015 Revenues Rental $ 7,093 $ 6,784 Other property revenues 507 456 Total revenues 7,600 7,240 Expenses Property operating and maintenance 3,013 3,107 Depreciation 1,481 1,423 Interest 2,284 2,264 Total expenses 6,778 6,794 Net income $ 822 $ 446 Company's share of net income in Apartment LLCs $ 643 $ 397 At March 31, 2016, mortgage notes payable included four mortgage notes. The first mortgage note with a face value of $51,000 bears interest at a stated rate of 3.50% (effective rate of 3.57%), requires monthly interest only payments and matures in 2019. The second and third mortgage notes with a total face value of $85,724, bear interest at a stated rate of 5.63% (effective rate of 5.76%), require interest only payments and mature in 2017. The fourth mortgage note with a total face value of $41,000, bears interest at a stated rate of 5.71% (effective rate of 5.85%), requires interest only payments, and matures in January 2018 with a one-year automatic extension at a variable interest rate.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Indebtedness	4. INDEBTEDNESS At March 31, 2016 and December 31, 2015, the Company's indebtedness consisted of the following: Payment Stated Maturity March 31, December 31, Description Terms Interest Rate Date 2016 2015 Senior Unsecured Notes Int. 3.375% - 4.75% (1) 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% (3) 2019 188,771 189,537 Unsecured Lines of Credit Int. LIBOR +1.05% (4) 2019 32,405 - 921,176 889,537 Less: Debt Issuance Costs (4,302 ) (4,583 ) Total $ 916,874 $ 884,954 1) Includes unsecured notes totaling $150,000 that mature in 2017 and unsecured notes totaling $250,000 that mature in 2022. The effective interest rates for these unsecured notes were 4.90% and 3.46%, respectively. 2) Represents stated rate at March 31, 2016. The effective rate on the unsecured bank term loan was LIBOR plus 1.37%. As discussed below, the Company has entered into interest rate swap arrangements that effectively fix the stated interest rate at 2.69% under this facility through January 2018. At March 31, 2016, the effective blended interest rate for the term loan was 2.91%. 3) The effective interest rate on the secured mortgage note was 6.00%. 4) Represents stated rate at March 31, 2016. At March 31, 2016, the weighted average stated rate was 1.49%. Debt maturities The aggregate maturities (excluding debt issuance costs) of the Company’s indebtedness are as follows: Remainder of 2016 $ 2,305 2017 153,296 2018 3,502 2019 212,073 (1) 2020 300,000 Thereafter 250,000 $ 921,176 1) Includes outstanding balance of $32,405 on the Company’s lines of credit. Debt issuances and retirements There were no issuances or retirements of indebtedness for the three months ended March 31, 2016. Unsecured lines of credit At March 31, 2016, the Company had a $300,000 syndicated unsecured revolving line of credit (the “Syndicated Line”). 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 January 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 March 31, 2016, letters of credit to third parties totaling $169 had been issued for the account of the Company under this facility. Additionally, at March 31, 2016, the Company had a $30,000 unsecured line of credit (the “Cash Management Line”). The Cash Management Line matures in January 2019, includes a one-year extension option, and carries pricing and terms, including financial covenants, substantially consistent with the Syndicated Line discussed above. Unsecured term loan At March 31, 2016, the Company had outstanding a $300,000 unsecured bank term loan facility (“Term Loan”). 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 January 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. Four interest rate swap arrangements with an aggregate notional value of $300,000 effectively fix the LIBOR component of the interest rate paid under the Term Loan at a blended rate of approximately 1.54% through January 2018, the termination date of the four interest rate swaps. As a result, the current stated 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. In March 2016, the Company entered into three additional interest rate swaps arrangements with an aggregate notional value of $200,000 that will serve as cash flow hedges of a corresponding amount of Term Loan indebtedness for the period from January 2018 through January 2020, the maturity date of the Term Loan and the termination date of the three interest rate swaps. In May 2016, the Company entered into an additional interest rate swap arrangement with an aggregate notional value of $100,000 with pricing, terms and conditions substantially consistent with the three swap arrangements entered into in March 2016. These interest rate swap arrangements totaling $300,000 will effectively fix the LIBOR component of the interest rate paid under the Term Loan at a blended rate of approximately 1.37% during this period. 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 March 31, 2016.

Equity and Noncontrolling Inter

Equity and Noncontrolling Interests	3 Months Ended
	Mar. 31, 2016
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 599 shares of common stock at an aggregate cost of $32,744 and at an average gross price per share of $54.67 for the three months ended March 31, 2016. Under this program, in 2015, the Company repurchased 582 shares of common stock at an aggregate cost of $32,336 and at an average gross price per share of $55.55. Correspondingly, the Operating Partnership repurchased the same number and amount of common units from the Company. The Company has an at-the-market common equity sales program for the sale of up to 4,000 shares of common stock. The Company has not used this program in 2016 or 2015. 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 March 31, 2016, and December 31, 2015, the aggregate redemption value of the noncontrolling interests in the Operating Partnership was $7,202 and $7,133, respectively, representing their fair value at the respective dates. The Company further determined that the noncontrolling interests in consolidated real estate entities totaling $1,684 (see note 2) 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 three months ended March 31, 2016 and 2015 was as follows: Three months ended March 31, 2016 2015 Redeemable common units, beginning of period $ 7,133 $ 7,086 Comprehensive income 38 39 Adjustment for ownership interest of redeemable common units (70 ) 1 Stock-based compensation 3 3 Distributions to common unitholders (57 ) (48 ) Adjustment to redemption value of redeemable common units 155 (216 ) Redeemable common units, end of period $ 7,202 $ 6,865

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share	6. COMPANY EARNINGS PER SHARE For the three months ended March 31, 2016 and 2015, 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 March 31, 2016 2015 Net income available to common shareholders (numerator): Net income $ 20,133 $ 19,985 Noncontrolling interests - Operating Partnership (42 ) (42 ) Preferred stock dividends (922 ) (922 ) Unvested restricted stock (allocation of earnings) (41 ) (40 ) Net income available to common shareholders, adjusted $ 19,128 $ 18,981 Common shares (denominator): Weighted average shares outstanding - basic 53,582 54,448 Dilutive shares from stock options 17 17 Weighted average shares outstanding - diluted 53,599 54,465 Per-share amount: Basic $ 0.36 $ 0.35 Diluted $ 0.36 $ 0.35 Stock options to purchase 106 and 28 shares of common stock for the three months ended March 31, 2016 and 2015, 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 months ended March 31, 2016 and 2015, 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 March 31, 2016 2015 Net income available to common unitholders (numerator): Net income $ 20,133 $ 19,985 Preferred unit distributions (922 ) (922 ) Unvested restricted stock (allocation of earnings) (41 ) (40 ) Net income available to common unitholders, adjusted $ 19,170 $ 19,023 Common units (denominator): Weighted average units outstanding - basic 53,703 54,569 Dilutive units from stock options 17 17 Weighted average units outstanding - diluted 53,720 54,586 Per-unit amount: Basic $ 0.36 $ 0.35 Diluted $ 0.36 $ 0.35

Fair Value Measures and Other F

Fair Value Measures and Other Financial Instruments	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016. 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 months ended March 31, 2016 and 2015, 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 March 31, 2016, the Company had outstanding four interest rate swap arrangements with substantially similar terms and conditions. These arrangements have an aggregate notional value of $300,000 and require the Company to pay a blended fixed interest rate of approximately 1.54% (with the counterparties paying the Company the floating one-month LIBOR rate) and terminate in January 2018. Additionally, at March 31, 2016, the Company had outstanding an additional three interest rate swap arrangements with an aggregate notional value of $200,000. In May 2016, the Company entered into an additional interest rate swap arrangement with an aggregate notional value of $100,000. These arrangements require the Company to pay a blended fixed interest rate of approximately 1.37% (with the counterparties paying the Company the floating one-month LIBOR rate) for the period from January 2018 and January 2020, the termination date of these arrangements and the maturity date of the Term Loan (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 a stated blended fixed rate for $300,000 of Term Loan borrowings of approximately 2.69% (subject to an adjustment based on subsequent changes in the Company’s credit ratings) through January 2018. The stated blended interest rate for $300,000 of Term Loan borrowings for the period from January 2018 to January 2020 will be approximately 2.52%. The Interest Rate Swaps are measured and accounted for at fair value on a recurring basis. The Interest Rate Swaps outstanding at March 31, 2016 and December 31, 2015 were valued as net liabilities of $5,221 and $3,365, 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 months ended March 31, 2016 and 2015: Three months ended March 31, Interest Rate Swap / Cash Flow Hedging Instruments 2016 2015 Loss recognized in other comprehensive income $ (2,700 ) $ (2,571 ) Loss reclassified from accumulated other comprehensive income (loss) into interest expense $ (844 ) $ (1,023 ) The amounts reported in accumulated other comprehensive income as of March 31, 2016 will be reclassified to interest expense as interest payments are made under the hedged indebtedness. Over the next year, the Company estimates that $2,934 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 March 31, 2016, the termination payment by the Company would have been approximately $5,287. 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 March 31, 2016, the fair value of fixed rate debt was approximately $607,545 (carrying value of $586,938) and the fair value of variable rate debt, including the Company’s lines of credit, was approximately $333,008 (carrying value of $329,936). At December 31, 2015, the fair value of fixed rate debt was approximately $598,952 (carrying value of $587,588) and the fair value of variable rate debt, including the Company’s lines of credit, was approximately $300,593 (carrying value of $297,366). Long-term indebtedness was valued using Level 2 inputs, primarily market prices of comparable debt instruments.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
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, 2015. · 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 2016 and 2015. · Newly stabilized communities – those apartment communities which reached stabilized occupancy in 2015. · Lease-up communities – those apartment communities that are under development and lease-up but were not stabilized by the beginning of 2016, including communities that stabilized in 2016. · Held for sale and sold communities – those apartment and mixed-use communities classified as held for sale or sold in 2016, if any, and those communities sold in 2015, if any (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 months ended March 31, 2016 and 2015. 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 March 31, 2016 2015 Revenues Fully stabilized communities $ 90,242 $ 86,769 Newly stabilized communities 1,077 1,022 Lease-up communities 990 - Other property segments 5,886 5,327 Other 272 313 Consolidated revenues $ 98,467 $ 93,431 Contribution to Property Net Operating Income Fully stabilized communities $ 54,751 $ 52,938 Newly stabilized communities 580 526 Lease-up communities 305 - Other property segments, including corporate management expenses (228 ) (469 ) Consolidated property net operating income 55,408 52,995 Interest income 1 81 Other revenues 272 313 Depreciation (22,709 ) (21,257 ) Interest expense (7,766 ) (8,373 ) General and administrative (4,886 ) (5,014 ) Investment and development (25 ) (235 ) Other investment costs (77 ) (134 ) Other expenses (333 ) - Equity in income of unconsolidated real estate entities, net 643 397 Gains on sales of real estate assets, net - 1,773 Other income (expense), net (395 ) (364 ) Net loss on extinguishment of indebtedness - (197 ) Net income $ 20,133 $ 19,985

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2016
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: March 31, 2016 2015 Dividend yield 3.0% 2.7% Expected volatility 23.8% 42.8% Risk-free interest rate 1.6% 1.4% 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 $1,164 and $1,467 for the three months ended March 31, 2016 and 2015, respectively. At March 31, 2016, there was $5,833 of unrecognized compensation cost related to restricted stock. This cost is expected to be recognized over a weighted average period of 2.1 years. A summary of the activity related to the Company’s restricted stock for the three months ended March 31, 2016 and 2015 is as follows: Three months ended March 31, 2016 2015 Weighted-Avg. Weighted-Avg. Grant-Date Grant-Date Shares Fair Value Shares Fair Value Unvested shares, beginning of period 78 $ 56 76 $ 49 Granted (1) 60 58 68 60 Vested - - (3 ) 52 Unvested shares, end of period 138 57 141 54 1) The total value of the restricted share grants for the three months ended March 31, 2016 and 2015 was $3,486 and $4,123, 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 $235 and $178 for the three months ended March 31, 2016 and 2015, respectively, recognized under the fair value method. At March 31, 2016, there was $999 of unrecognized compensation cost related to unvested stock options. This cost is expected to be recognized over a weighted average period of 2.2 years. A summary of stock option activity under all plans for the three months ended March 31, 2016 and 2015 is presented below: Three months ended March 31, 2016 2015 Exercise Exercise Shares Price Shares Price Options outstanding, beginning of period 133 $ 49 148 $ 46 Granted 78 58 28 60 Exercised (11 ) 39 (38 ) 48 Options outstanding, end of period (1) 200 53 138 49 Options exercisable, end of period (1) 91 48 77 45 Options vested and expected to vest, end of period (1) 195 53 135 49 Weighted average fair value of options granted during the period $ 9.44 $ 19.49 1) March 31, 2016 the aggregate intrinsic value of stock options outstanding, exercisable and vested/expected to vest was $1,338, $1,036 and $1,323, respectively. At that same date, the weighted average remaining contractual lives of stock options outstanding, exercisable and vested/expected to vest was 8.0 years, 6.2 years and 7.9 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 three months ended March 31, 2016 and 2015 was $214 and $548, respectively. At March 31, 2016, 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 - $50.30 94 $ 47 6.1 82 $ 47 $57.80 - $60.40 106 58 9.6 9 60 Total 200 53 8.0 91 48 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 $54 and $54 for the three months ended March 31, 2016 and 2015, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
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	3 Months Ended
	Mar. 31, 2016
Other Income And Expenses [Abstract]
Other Expenses	12. OTHER EXPENSES Other expenses for the three months ended March 31, 2016 included casualty losses of $250 related to an extreme weather event in one of the Company’s Texas markets and $83 related to the upgrade of the Company’s human resource information systems.

Legal Proceedings, Commitments

Legal Proceedings, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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. Substantive briefing on these legal issues was completed on February 9, 2016. The parties now await a hearing with the Court to discuss the issues and potentially to set the case for 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 its 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)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
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 months ended March 31, 2016 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, 2015. 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 4.2% and 4.3% for the three months ended March 31, 2016 and 2015, respectively. Aggregate interest costs capitalized to projects under development or construction were $1,550 and $982 for the three months ended March 31, 2016 and 2015, 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 $1,414 and $1,135 for the three months ended March 31, 2016 and 2015, 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. 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.
Noncontrolling interests	Noncontrolling interests The Company accounts for noncontrolling interests in accordance with ASC Topic 810, “Consolidation.” ASC Topic 810, in conjunction with other existing GAAP, established criterion used to evaluate the characteristics of noncontrolling interests in consolidated entities to determine whether noncontrolling interests are classified and accounted for as permanent equity or “temporary” equity (presented between liabilities and permanent equity on the consolidated balance sheet). ASC Topic 810 also clarified the treatment of noncontrolling interests with redemption provisions. If a noncontrolling interest has a redemption feature that permits the issuer to settle in either cash or common shares at the option of the issuer but the equity settlement feature is deemed to be outside of the control of the issuer, then those noncontrolling interests are classified as “temporary” equity. At March 31, 2016, the Company had two types of noncontrolling interests, (1) noncontrolling interests related to the common unitholders of its Operating Partnership (see note 5) and (2) noncontrolling interests related to its consolidated real estate entities. The Company accounts for the redemption of noncontrolling interests in the Operating Partnership in exchange for shares of company common stock at fair value in accordance with ASC Topic 810. These transactions result in a reduction in the noncontrolling interest of common unitholders in the Operating Partnership and a corresponding increase in equity in the accompanying consolidated balance sheet at the date of conversion. In accordance with guidance in ASC Topic 810 the noncontrolling interest in the Operating Partnership is carried at the greater of its redemption value or net book value.
Use of estimates	Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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 (see below). 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 Company adopted ASU 2015-02 on January 1, 2016. This new standard did not have a material impact on the Company’s financial position or 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 presented as direct deductions from the face value of the related debt instrument in the preparation of consolidated balance sheets. Further, ASU 2015-03 requires companies to report the amortization of debt issuance costs as interest expense in their consolidated statements of operations. Effective January 1, 2016, the Company retrospectively adopted ASU 2015-03 and ASU 2015-15. As such, the Company reclassified $4,583 of net debt issuance costs related to its secured and unsecured debt instruments as of December 31, 2015 from Deferred financing costs, net Indebtedness Amortization of deferred financing costs Interest expense Deferred financing costs, net Other assets Amortization of deferred financing costs ther income (expense), net In February 2016, Accounting Standards Update No. 2016-02 (ASU-2016-02), “Leases” was issued. ASU 2016-02 establishes a new lease accounting recognition model for lessees and lessors. Under this new guidance, lessees will be required to apply a dual approach, classifying leases with a term of more than 12 months as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method (finance leases) or on a straight-line basis over the term of the lease (operating leases). A lessee is also required to record a right-of-use asset and a lease liability, measured at the net present value of the lease obligations, for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance. The guidance is effective for interim and annual reporting periods beginning after December 31, 2018. The Company currently expects to adopt ASU 2016-02 as of January 1, 2019 and is currently evaluating the impact that this new guidance may have on its statements of financial position and its results of operations.

Organization and Significant 22

Organization and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Supplemental cash flow information	Supplemental cash flow information for the three months ended March 31, 2016 and 2015 is as follows: Three months ended March 31, 2016 2015 Interest paid, net of interest capitalized $ 3,570 $ 4,389 Interest paid, including interest capitalized 5,120 5,371 Income tax payments, net 42 21 Non-cash investing and financing activities: Dividends and distributions payable 25,196 21,886 Construction and property capital expenditure cost accruals, increase (decrease) 3,557 6,594 Adjustments to equity related to redeemable common units and other, net increase (decrease) (85 ) 215

Investments in Unconsolidated23

Investments in Unconsolidated Real Estate Entities (Tables) - Unconsolidated Properties [Member]	3 Months Ended
	Mar. 31, 2016
Summary of Financial Information for Apartment LLCs	A summary of financial information for the Apartment LLCs in the aggregate is as follows: March 31, December 31, Apartment LLCs - Balance Sheet Data 2016 2015 Real estate assets, net of accumulated depreciation of $56,416 and $54,936 at March 31, 2016 and December 31, 2015, respectively $ 207,877 $ 208,345 Cash and other 5,857 5,995 Total assets $ 213,734 $ 214,340 Mortgage notes payable $ 177,529 $ 177,503 Other liabilities 3,471 2,994 Total liabilities 181,000 180,497 Members' equity 32,734 33,843 Total liabilities and members' equity $ 213,734 $ 214,340 Company's equity investment in Apartment LLCs (1) $ (12,246 ) $ (12,017 ) 1) At March 31, 2016 and December 31, 2015, the Company’s equity investment includes its credit investments of $15,942 and $15,873, respectively, discussed above.
Schedule of Operation for Apartment LLCs	Three months ended March 31, Apartment LLCs - Income Statement Data 2016 2015 Revenues Rental $ 7,093 $ 6,784 Other property revenues 507 456 Total revenues 7,600 7,240 Expenses Property operating and maintenance 3,013 3,107 Depreciation 1,481 1,423 Interest 2,284 2,264 Total expenses 6,778 6,794 Net income $ 822 $ 446 Company's share of net income in Apartment LLCs $ 643 $ 397

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Indebtedness	At March 31, 2016 and December 31, 2015, the Company's indebtedness consisted of the following: Payment Stated Maturity March 31, December 31, Description Terms Interest Rate Date 2016 2015 Senior Unsecured Notes Int. 3.375% - 4.75% (1) 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% (3) 2019 188,771 189,537 Unsecured Lines of Credit Int. LIBOR +1.05% (4) 2019 32,405 - 921,176 889,537 Less: Debt Issuance Costs (4,302 ) (4,583 ) Total $ 916,874 $ 884,954 1) Includes unsecured notes totaling $150,000 that mature in 2017 and unsecured notes totaling $250,000 that mature in 2022. The effective interest rates for these unsecured notes were 4.90% and 3.46%, respectively. 2) Represents stated rate at March 31, 2016. The effective rate on the unsecured bank term loan was LIBOR plus 1.37%. As discussed below, the Company has entered into interest rate swap arrangements that effectively fix the stated interest rate at 2.69% under this facility through January 2018. At March 31, 2016, the effective blended interest rate for the term loan was 2.91%. 3) The effective interest rate on the secured mortgage note was 6.00%. 4) Represents stated rate at March 31, 2016. At March 31, 2016, the weighted average stated rate was 1.49%.
Schedule of Aggregate Maturities of Indebtedness	The aggregate maturities (excluding debt issuance costs) of the Company’s indebtedness are as follows: Remainder of 2016 $ 2,305 2017 153,296 2018 3,502 2019 212,073 (1) 2020 300,000 Thereafter 250,000 $ 921,176 1) Includes outstanding balance of $32,405 on the Company’s lines of credit.

Equity and Noncontrolling Int25

Equity and Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of Redeemable Common Units	A roll-forward of activity relating to the Company’s Redeemable Common Units for the three months ended March 31, 2016 and 2015 was as follows: Three months ended March 31, 2016 2015 Redeemable common units, beginning of period $ 7,133 $ 7,086 Comprehensive income 38 39 Adjustment for ownership interest of redeemable common units (70 ) 1 Stock-based compensation 3 3 Distributions to common unitholders (57 ) (48 ) Adjustment to redemption value of redeemable common units 155 (216 ) Redeemable common units, end of period $ 7,202 $ 6,865

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Computation of Basic and Diluted Net Income Per Share	For the three months ended March 31, 2016 and 2015, 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 March 31, 2016 2015 Net income available to common shareholders (numerator): Net income $ 20,133 $ 19,985 Noncontrolling interests - Operating Partnership (42 ) (42 ) Preferred stock dividends (922 ) (922 ) Unvested restricted stock (allocation of earnings) (41 ) (40 ) Net income available to common shareholders, adjusted $ 19,128 $ 18,981 Common shares (denominator): Weighted average shares outstanding - basic 53,582 54,448 Dilutive shares from stock options 17 17 Weighted average shares outstanding - diluted 53,599 54,465 Per-share amount: Basic $ 0.36 $ 0.35 Diluted $ 0.36 $ 0.35
Post Apartment Homes, L.P. [Member]
Schedule of Computation of Basic and Diluted Net Income Per Share	For the three months ended March 31, 2016 and 2015, 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 March 31, 2016 2015 Net income available to common unitholders (numerator): Net income $ 20,133 $ 19,985 Preferred unit distributions (922 ) (922 ) Unvested restricted stock (allocation of earnings) (41 ) (40 ) Net income available to common unitholders, adjusted $ 19,170 $ 19,023 Common units (denominator): Weighted average units outstanding - basic 53,703 54,569 Dilutive units from stock options 17 17 Weighted average units outstanding - diluted 53,720 54,586 Per-unit amount: Basic $ 0.36 $ 0.35 Diluted $ 0.36 $ 0.35

Fair Value Measures and Other27

Fair Value Measures and Other Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015: Three months ended March 31, Interest Rate Swap / Cash Flow Hedging Instruments 2016 2015 Loss recognized in other comprehensive income $ (2,700 ) $ (2,571 ) Loss reclassified from accumulated other comprehensive income (loss) into interest expense $ (844 ) $ (1,023 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Revenues Fully stabilized communities $ 90,242 $ 86,769 Newly stabilized communities 1,077 1,022 Lease-up communities 990 - Other property segments 5,886 5,327 Other 272 313 Consolidated revenues $ 98,467 $ 93,431 Contribution to Property Net Operating Income Fully stabilized communities $ 54,751 $ 52,938 Newly stabilized communities 580 526 Lease-up communities 305 - Other property segments, including corporate management expenses (228 ) (469 ) Consolidated property net operating income 55,408 52,995 Interest income 1 81 Other revenues 272 313 Depreciation (22,709 ) (21,257 ) Interest expense (7,766 ) (8,373 ) General and administrative (4,886 ) (5,014 ) Investment and development (25 ) (235 ) Other investment costs (77 ) (134 ) Other expenses (333 ) - Equity in income of unconsolidated real estate entities, net 643 397 Gains on sales of real estate assets, net - 1,773 Other income (expense), net (395 ) (364 ) Net loss on extinguishment of indebtedness - (197 ) Net income $ 20,133 $ 19,985

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2016
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: March 31, 2016 2015 Dividend yield 3.0% 2.7% Expected volatility 23.8% 42.8% Risk-free interest rate 1.6% 1.4% 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 three months ended March 31, 2016 and 2015 is as follows: Three months ended March 31, 2016 2015 Weighted-Avg. Weighted-Avg. Grant-Date Grant-Date Shares Fair Value Shares Fair Value Unvested shares, beginning of period 78 $ 56 76 $ 49 Granted (1) 60 58 68 60 Vested - - (3 ) 52 Unvested shares, end of period 138 57 141 54
Summary of Stock Option Activity Under All Plans	A summary of stock option activity under all plans for the three months ended March 31, 2016 and 2015 is presented below: Three months ended March 31, 2016 2015 Exercise Exercise Shares Price Shares Price Options outstanding, beginning of period 133 $ 49 148 $ 46 Granted 78 58 28 60 Exercised (11 ) 39 (38 ) 48 Options outstanding, end of period (1) 200 53 138 49 Options exercisable, end of period (1) 91 48 77 45 Options vested and expected to vest, end of period (1) 195 53 135 49 Weighted average fair value of options granted during the period $ 9.44 $ 19.49
Schedule of Outstanding Options into Two Ranges, Based on Exercise Prices	At March 31, 2016, 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 - $50.30 94 $ 47 6.1 82 $ 47 $57.80 - $60.40 106 58 9.6 9 60 Total 200 53 8.0 91 48

Organization and Significant 30

Organization and Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)ApartmentPropertyshares	Mar. 31, 2015USD ($)	Dec. 31, 2015shares
Real Estate Properties [Line Items]
Number of units in real estate property | Apartment	24,162
Number of real estate properties | Property	61
Common stock, shares outstanding | shares	53,487,000		54,012,000
Common units held by persons other than the Company | shares	121,000
Number of shares for redemption of each common unit | shares	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	$ 1,550	$ 982
Development or construction costs	1,414	$ 1,135
Reclassification of deferred financing cost	4,583
Reclassification of amortization of deferred financing costs to Interest expense	280
Reclassification of Amortization of deferred financing costs to other income (expense)	169
Line of Credit Arrangements [Member]
Real Estate Properties [Line Items]
Reclassification of deferred financing costs, net to other assets	$ 2,365
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
Noncontrolling Owners [Member]
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	0.20%
Post Apartment Homes, L.P. [Member]
Real Estate Properties [Line Items]
Ownership interest percentage in Operating Partnership	99.80%	99.80%
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 | Apartment	1,471
Number of real estate properties | Property	4
Unconsolidated Properties [Member] | Atlanta, Georgia [Member]
Real Estate Properties [Line Items]
Number of real estate properties | Property	3
Unconsolidated Properties [Member] | Washington, D.C. [Member]
Real Estate Properties [Line Items]
Number of real estate properties | Property	1
Under Development [Member]
Real Estate Properties [Line Items]
Number of units in real estate property | Apartment	2,630
Number of real estate properties | Property	7
Cost Capitalization [Member]
Real Estate Properties [Line Items]
Weighted average borrowing costs, percentage	4.20%	4.30%

Organization and Significant 31

Organization and Significant Accounting Policies - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Interest paid, net of interest capitalized	$ 3,570	$ 4,389
Interest paid, including interest capitalized	5,120	5,371
Income tax payments, net	42	21
Non-cash investing and financing activities:
Dividends and distributions payable	25,196	21,886
Construction and property capital expenditure cost accruals, increase (decrease)	3,557	6,594
Adjustments to equity related to redeemable common units and other, net increase (decrease)	$ (85)	$ 215

Real Estate Activity (Dispositi

Real Estate Activity (Dispositions) - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Retail Condominium Sold
Real Estate Properties [Line Items]
Gains on sales of real estate assets, net	$ 1,773

Real Estate Activity (Consolida

Real Estate Activity (Consolidated Joint Venture) - Additional Information (Detail) $ in Thousands	Mar. 31, 2016USD ($)Apartment	Dec. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Number of units in real estate property | Apartment	24,162
Construction in progress	$ 182,632	$ 151,270
Cash and cash equivalents	4,545	28,611	$ 126,081	$ 140,512
Accounts payable, accrued expenses and other	$ 69,820	$ 74,855
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	$ 23,779
Cash and cash equivalents	244
Accounts payable, accrued expenses and other	1,480
Noncontrolling equity interest	$ 1,684

Investments in Unconsolidated34

Investments in Unconsolidated Real Estate Entities - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Number of real estate properties | Property	61
Investments in and advances to unconsolidated real estate entities	$ 3,696	$ 3,856
Investments in unconsolidated real estate entities	15,942	15,873
3.50% Mortgage Note Payable [Member]
Real Estate Properties [Line Items]
Mortgage notes payable	$ 51,000
Mortgage notes payable bearing interest rate	3.50%
Mortgage notes payable effective interest rate	3.57%
Mortgage notes payable maturity date	2,019
5.63% Mortgage Notes Payable [Member]
Real Estate Properties [Line Items]
Mortgage notes payable	$ 85,724
Mortgage notes payable bearing interest rate	5.63%
Mortgage notes payable effective interest rate	5.76%
Mortgage notes payable maturity date	2,017
5.71% Mortgage Notes Payable [Member]
Real Estate Properties [Line Items]
Mortgage notes payable	$ 41,000
Mortgage notes payable bearing interest rate	5.71%
Mortgage notes payable effective interest rate	5.85%
Automatic extension period (in years)	1 year
Mortgage notes payable maturity date	2,018
Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties | Property	4
Investments in unconsolidated real estate entities	$ 15,942	15,873
Mortgage notes payable	$ 177,529	$ 177,503
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 Unconsolidated35

Investments in Unconsolidated Real Estate Entities - Summary of Financial Information for Apartment LLCs (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Real estate assets, net of accumulated depreciation of $56,416 and $54,936 at March 31, 2016 and December 31, 2015, respectively	$ 2,220,126	$ 2,203,193
Total assets	2,261,688	2,267,249
Total liabilities	1,050,084	1,017,089
Members' equity	1,204,402	1,243,027	$ 1,283,753	$ 1,285,960
Total liabilities, redeemable common units and equity	2,261,688	2,267,249
Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Real estate assets, net of accumulated depreciation of $56,416 and $54,936 at March 31, 2016 and December 31, 2015, respectively	207,877	208,345
Cash and other	5,857	5,995
Total assets	213,734	214,340
Mortgage notes payable	177,529	177,503
Other liabilities	3,471	2,994
Total liabilities	181,000	180,497
Members' equity	32,734	33,843
Total liabilities, redeemable common units and equity	213,734	214,340
Unconsolidated Properties [Member] | Apartment LLC [Member]
Real Estate Properties [Line Items]
Company's equity investment in Apartment LLCs	$ (12,246)	$ (12,017)

Investments in Unconsolidated36

Investments in Unconsolidated Real Estate Entities - Summary of Financial Information for Apartment LLCs (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Investments in unconsolidated real estate entities	$ 15,942	$ 15,873
Accumulated depreciation, assets held for sale	1,046,178	1,023,652
Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Investments in unconsolidated real estate entities	15,942	15,873
Accumulated depreciation, assets held for sale	$ 56,416	$ 54,936

Investments in Unconsolidated37

Investments in Unconsolidated Real Estate Entities - Schedule of Operation for Apartment LLCs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Rental	$ 92,570	$ 87,661
Other property revenues	5,625	5,457
Total revenues	98,467	93,431
Expenses
Property operating and maintenance	42,787	40,123
Interest	7,766	8,373
Total expenses	70,817	66,763
Net income available to the Company	20,091	19,943
Company's share of net income in Apartment LLCs	643	397
Unconsolidated Properties [Member]
Revenues
Rental	7,093	6,784
Other property revenues	507	456
Total revenues	7,600	7,240
Expenses
Property operating and maintenance	3,013	3,107
Depreciation	1,481	1,423
Interest	2,284	2,264
Total expenses	6,778	6,794
Net income available to the Company	822	446
Company's share of net income in Apartment LLCs	$ 643	$ 397

Indebtedness - Schedule of Inde

Indebtedness - Schedule of Indebtedness (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total		$ 921,176	$ 889,537
Less: Debt Issuance Costs		(4,302)	(4,583)
Indebtedness		$ 916,874	884,954
Senior Notes [Member]
Debt Instrument [Line Items]
Payment Terms		Int.
Interest Rate, minimum	[1]	3.375%
Interest Rate, maximum	[1]	4.75%
Unsecured debt		$ 400,000	400,000
Unsecured Bank Term Loan [Member]
Debt Instrument [Line Items]
Payment Terms		Int.
Interest Rate, spread over LIBOR	[2]	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	[3]	5.99%
Debt instrument, Maturity		2,019
Mortgage notes payable		$ 188,771	$ 189,537
Unsecured Lines of Credit [Member]
Debt Instrument [Line Items]
Payment Terms		Int.
Interest Rate, spread over LIBOR	[4]	1.05%
Debt instrument, Maturity		2,019
Unsecured debt		$ 32,405
Minimum [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity	[1]	2,017
Maximum [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity	[1]	2,022
[1]	Includes unsecured notes totaling $150,000 that mature in 2017 and unsecured notes totaling $250,000 that mature in 2022. The effective interest rates for these unsecured notes were 4.90% and 3.46%, respectively
[2]	Represents stated rate at March 31, 2016. The effective rate on the unsecured bank term loan was LIBOR plus 1.37%. As discussed below, the Company has entered into interest rate swap arrangements that effectively fix the stated interest rate at 2.69% under this facility through January 2018. At March 31, 2016, the effective blended interest rate for the term loan was 2.91%.
[3]	The effective interest rate on the secured mortgage note was 6.00%.
[4]	Represents stated rate at March 31, 2016. At March 31, 2016, the weighted average stated rate was 1.49%.

Indebtedness - Schedule of In39

Indebtedness - Schedule of Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured debt		$ 400,000	$ 400,000
Senior Notes [Member] | Unsecured Notes Mature in 2017 [Member]
Debt Instrument [Line Items]
Unsecured debt		$ 150,000
Debt instrument, Maturity		2,017
Interest rate, effective		4.90%
Senior Notes [Member] | Unsecured Notes Mature in 2022 [Member]
Debt Instrument [Line Items]
Unsecured debt		$ 250,000
Debt instrument, Maturity		2,022
Interest rate, effective		3.46%
Unsecured Bank Term Loan [Member]
Debt Instrument [Line Items]
Unsecured debt		$ 300,000	$ 300,000
Debt instrument, Maturity		2,020
Unsecured Bank Term Loan [Member] | Future Interest Rate Swap [Member]
Debt Instrument [Line Items]
Interest rate, effective		1.37%
Unsecured Bank Term Loan [Member] | Current Interest Rate Swap [Member]
Debt Instrument [Line Items]
Interest rate, effective		2.91%
Interest rate, effective		1.54%
Interest Rate		2.69%
Secured Mortgage Notes [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity		2,019
Interest rate, effective		6.00%
Interest Rate	[1]	5.99%
Line Of Credit [Member]
Debt Instrument [Line Items]
Weighted average borrowing costs, percentage		1.49%
[1]	The effective interest rate on the secured mortgage note was 6.00%.

Indebtedness - Schedule of Aggr

Indebtedness - Schedule of Aggregate Maturities of Indebtedness (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Remainder of 2016		$ 2,305
2,017		153,296
2,018		3,502
2,019	[1]	212,073
2,020		300,000
Thereafter		250,000
Total		$ 921,176	$ 889,537
[1]	1) Includes outstanding balance of $32,405 on the Company’s lines of credit.

Indebtedness - Schedule of Ag41

Indebtedness - Schedule of Aggregate Maturities of Indebtedness (Parenthetical) (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Debt Disclosure [Abstract]
Unsecured Lines of Credit	$ 32,405

Indebtedness (Unsecured lines o

Indebtedness (Unsecured lines of credit) - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)OptionPlan
Debt Instrument [Line Items]
Letters of credit issued	$ 169
Cash Management Line [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 30,000
Line of credit facility, expiration year	2,019
Number of extension options | OptionPlan	1
Time period extension option	1 year
Line 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%
Line of credit facility, expiration year	2,019
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]		3 Months Ended
		Mar. 31, 2016USD ($)Agreement	May. 04, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Term loan facility, borrowing capacity		$ 300,000,000		$ 300,000,000
Interest Rate, spread over LIBOR	[1]	1.15%
Debt instrument, Maturity		2,020
Interest rate based on credit ratings ranges, minimum		0.90%
Interest rate based on credit ratings ranges, maximum		1.85%
Current Interest Rate Swap [Member]
Debt Instrument [Line Items]
Number of interest rate swap agreements | Agreement		4
Notional amounts		$ 300,000,000
Interest rate paid under the Term Loan		1.54%
Interest rate, effective		2.69%
Derivative maturity period		2018-01
Future Interest Rate Swap [Member]
Debt Instrument [Line Items]
Number of interest rate swap agreements | Agreement		3
Notional amounts		$ 200,000,000
Interest rate paid under the Term Loan		1.37%
Interest rate, effective		2.52%
Derivative maturity period		2020-01
Future Interest Rate Swap [Member] | Subsequent Event
Debt Instrument [Line Items]
Notional amounts			$ 100,000,000
Future Interest Rate Swap [Member] | Subsequent Event | New Four Interest Rate Swap
Debt Instrument [Line Items]
Notional amounts			$ 300,000,000
[1]	Represents stated rate at March 31, 2016. The effective rate on the unsecured bank term loan was LIBOR plus 1.37%. As discussed below, the Company has entered into interest rate swap arrangements that effectively fix the stated interest rate at 2.69% under this facility through January 2018. At March 31, 2016, the effective blended interest rate for the term loan was 2.91%.

Indebtedness (Debt compliance a

Indebtedness (Debt compliance and other) - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016
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 Int45

Equity and Noncontrolling Interests (Common stock) - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Stock repurchase program, authorized amount			$ 200,000,000
Stock repurchase program, last date to repurchase	2017-12
Repurchased shares of common stock, shares	599,000	582,000
Repurchased shares of common stock, aggregate cost	$ 32,744,000	$ 32,336,000
Repurchased shares of common stock, average gross price	$ 54.67	$ 55.55
Common stock reserved for future issuance	4,000,000

Equity and Noncontrolling Int46

Equity and Noncontrolling Interests (Noncontrolling interests) - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Noncontrolling interests in the Operating Partnership, net book value	$ 7,202	$ 7,133
Noncontrolling interests - consolidated real estate entities	$ 1,684	$ 1,545

Equity and Noncontrolling Int47

Equity and Noncontrolling Interests - Schedule of Redeemable Common Units (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity And Noncontrolling Interests [Line Items]
Redeemable common units, beginning of period	$ 7,133
Comprehensive income	18,239	$ 18,398
Adjustment for ownership interest of redeemable common units	(70)	1
Stock-based compensation	1,450	1,696
Distributions to common unitholders	(25,139)	(21,838)
Adjustment to redemption value of redeemable common units	(155)	216
Redeemable common units, end of period	7,202
Redeemable Common Units [Member]
Equity And Noncontrolling Interests [Line Items]
Redeemable common units, beginning of period	7,133	7,086
Comprehensive income	38	39
Adjustment for ownership interest of redeemable common units	(70)	1
Stock-based compensation	3	3
Distributions to common unitholders	(57)	(48)
Adjustment to redemption value of redeemable common units	155	(216)
Redeemable common units, end of period	$ 7,202	$ 6,865

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
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income	$ 20,133	$ 19,985
Noncontrolling interests - Operating Partnership	(42)	(42)
Dividends to preferred shareholders	(922)	(922)
Unvested restricted stock (allocation of earnings)	(41)	(40)
Net income available to common shareholders, adjusted	$ 19,128	$ 18,981
Weighted average shares outstanding - basic	53,582	54,448
Dilutive shares from stock options	17	17
Weighted average shares outstanding - diluted	53,599	54,465
Basic	$ 0.36	$ 0.35
Diluted	$ 0.36	$ 0.35

Company Earnings Per Share - Ad

Company Earnings Per Share - Additional Information (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Gross Antidilutive [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options to purchase common stock	106	28

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
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 20,133	$ 19,985
Dividends to preferred shareholders	(922)	(922)
Unvested restricted stock (allocation of earnings)	(41)	(40)
Net income available to common shareholders, adjusted	$ 19,128	$ 18,981
Weighted average shares outstanding - basic	53,582	54,448
Dilutive units from stock options	17	17
Weighted average shares outstanding - diluted	53,599	54,465
Basic	$ 0.36	$ 0.35
Diluted	$ 0.36	$ 0.35
Post Apartment Homes, L.P. [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 20,133	$ 19,985
Dividends to preferred shareholders	(922)	(922)
Unvested restricted stock (allocation of earnings)	(41)	(40)
Net income available to common shareholders, adjusted	$ 19,170	$ 19,023
Weighted average shares outstanding - basic	53,703	54,569
Dilutive units from stock options	17	17
Weighted average shares outstanding - diluted	53,720	54,586
Basic	$ 0.36	$ 0.35
Diluted	$ 0.36	$ 0.35

Operating Partnership Earning51

Operating Partnership Earnings Per Unit - Additional Information (Detail) - Gross Antidilutive [Member] - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options to purchase common stock	106	28
Post Apartment Homes, L.P. [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options to purchase common stock	106	28

Fair Value Measures and Other52

Fair Value Measures and Other Financial Instruments (Derivatives and other financial instruments) - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)Agreement	May. 04, 2016USD ($)	Dec. 31, 2015USD ($)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Accumulated comprehensive income (loss) to interest expense, future periods	$ 2,934,000
Termination payment	5,287,000
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Net liabilities	$ 5,221,000		$ 3,365,000
Unsecured Bank Term Loan [Member] | Current Interest Rate Swap [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Number of interest rate swap agreements | Agreement	4
Notional amounts	$ 300,000,000
Interest rate, effective	1.54%
Derivative maturity period	2018-01
Derivative, fixed interest rate	2.69%
Unsecured Bank Term Loan [Member] | Future Interest Rate Swap [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Number of interest rate swap agreements | Agreement	3
Notional amounts	$ 200,000,000
Interest rate, effective	1.37%
Derivative maturity period	2020-01
Derivative, fixed interest rate	2.52%
Subsequent Event | Unsecured Bank Term Loan [Member] | Future Interest Rate Swap [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notional amounts		$ 100,000,000
Subsequent Event | Unsecured Bank Term Loan [Member] | Future Interest Rate Swap [Member] | New Four Interest Rate Swap
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notional amounts		$ 300,000,000

Fair Value Measures and Other53

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
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments Gain Loss [Line Items]
Gain (loss) recognized in other comprehensive income	$ (2,700)	$ (2,571)
Loss reclassified from accumulated other comprehensive income (loss) into interest expense	$ (844)	$ (1,023)

Fair Value Measures and Other54

Fair Value Measures and Other Financial Instruments (Other financial instruments) - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value of debt	$ 916,874	$ 884,954
Fixed Rate Debt [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of debt	607,545	598,952
Carrying value of debt	586,938	587,588
Variable Rate Debt [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of debt	333,008	300,593
Carrying value of debt	$ 329,936	$ 297,366

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Revenues	$ 98,467	$ 93,431
Other	272	313
Consolidated property net operating income	55,408	52,995
Interest income	1	81
Depreciation	(22,709)	(21,257)
Interest expense	(7,766)	(8,373)
General and administrative	(4,886)	(5,014)
Investment and development	(25)	(235)
Other investment costs	(77)	(134)
Other expenses	(333)
Equity in income of unconsolidated real estate entities, net	643	397
Gains on sales of real estate assets, net		1,773
Other income (expense), net	(395)	(364)
Net loss on extinguishment of indebtedness		(197)
Net income	20,133	19,985
Fully Stabilized Communities [Member]
Segment Reporting Information [Line Items]
Revenues	90,242	86,769
Consolidated property net operating income	54,751	52,938
Newly Stabilized Communities [Member]
Segment Reporting Information [Line Items]
Revenues	1,077	1,022
Consolidated property net operating income	580	526
Lease Up Communities [Member]
Segment Reporting Information [Line Items]
Revenues	990
Consolidated property net operating income	305
Other Property Segments, Including Corporate Management Expenses [Member]
Segment Reporting Information [Line Items]
Revenues	5,886	5,327
Consolidated property net operating income	$ (228)	$ (469)

Stock-Based Compensation Plan57

Stock-Based Compensation Plans (Incentive stock plans) - Additional Information (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2016shares
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 Plan58

Stock-Based Compensation Plans - Schedule of Assumptions Used in Black-Scholes Option-Pricing Model (Detail)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Dividend yield	3.00%	2.70%
Expected volatility	23.80%	42.80%
Risk-free interest rate	1.60%	1.40%
Expected option term (years)	6 years	6 years

Stock-Based Compensation Plan59

Stock-Based Compensation Plans (Restricted stock) - Additional Information (Detail) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 1,164	$ 1,467
Unrecognized compensation cost	$ 5,833
Unrecognized compensation costs, weighted average period of recognition, years	2 years 1 month 6 days

Stock-Based Compensation Plan60

Stock-Based Compensation Plans - Summary of Activity Related to Company's Restricted Stock (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares, beginning of period	78	76
Granted, Shares	60	68
Vested, Shares		(3)
Unvested shares, end of period	138	141
Weighted-Avg. Grant-Date Fair Value, Unvested shares, beginning of period	$ 56	$ 49
Weighted-Avg. Grant-Date Fair Value, Granted	58	60
Weighted-Avg. Grant-Date Fair Value, Vested		52
Weighted-Avg. Grant-Date Fair Value, Unvested Shares, end of period	$ 57	$ 54

Stock-Based Compensation Plan61

Stock-Based Compensation Plans - Summary of Activity Related to Company's Restricted Stock (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Total value of the restricted share grants	$ 3,486	$ 4,123

Stock-Based Compensation Plan62

Stock-Based Compensation Plans (Stock options) - Additional Information (Detail) - Stock Options [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 235	$ 178
Unrecognized compensation cost related to unvested stock options	$ 999
Unrecognized compensation costs, weighted average period of recognition, years	2 years 2 months 12 days
Intrinsic value of stock options exercised	$ 214	$ 548

Stock-Based Compensation Plan63

Stock-Based Compensation Plans - Summary of Stock Option Activity Under All Plans (Detail) - Stock Options [Member] - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, beginning of period, Shares	133	148
Granted, Shares	78	28
Exercised, Shares	(11)	(38)
Options outstanding, end of period, Shares	200	138
Options exercisable, end of period, Shares	91	77
Options vested and expected to vest, end of period, Shares	195	135
Weighted average fair value of options granted during the period	$ 9.44	$ 19.49
Options outstanding, beginning of period, Exercise Price	49	46
Granted, Exercise Price	58	60
Exercised, Exercise Price	39	48
Options outstanding, end of period, Exercise Price	53	49
Options exercisable, end of period, Exercise Price	48	45
Options vested and expected to vest, end of period, Exercise Price	$ 53	$ 49

Stock-Based Compensation Plan64

Stock-Based Compensation Plans - Summary of Stock Option Activity Under All Plans (Parenthetical) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Aggregate intrinsic value of stock options outstanding	$ 1,338
Aggregate intrinsic value of stock options exercisable	1,036
Aggregate intrinsic values of stock options expected to vest	$ 1,323
Weighted average remaining contractual lives of stock options outstanding, years	8 years
Weighted average remaining contractual lives of stock options exercisable, years	6 years 2 months 12 days
Weighted average remaining contractual lives of stock options expected to vest, years	7 years 10 months 24 days

Stock-Based Compensation Plan65

Stock-Based Compensation Plans - Schedule of Outstanding Options into Two Ranges, Based on Exercise Prices (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices shares, outstanding | shares	200
Range of exercise prices weighted average exercise price, outstanding	$ 53
Range of exercise prices remaining contractual life, outstanding	8 years
Range of exercise prices shares, exercisable | shares	91
Options Exercisable, Weighted Avg. Exercise Price	$ 48
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	$ 50.30
Range of exercise prices shares, outstanding | shares	94
Range of exercise prices weighted average exercise price, outstanding	$ 47
Range of exercise prices remaining contractual life, outstanding	6 years 1 month 6 days
Range of exercise prices shares, exercisable | shares	82
Options Exercisable, Weighted Avg. Exercise Price	$ 47
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	57.80
Exercise price range, upper range limit	$ 60.40
Range of exercise prices shares, outstanding | shares	106
Range of exercise prices weighted average exercise price, outstanding	$ 58
Range of exercise prices remaining contractual life, outstanding	9 years 7 months 6 days
Range of exercise prices shares, exercisable | shares	9
Options Exercisable, Weighted Avg. Exercise Price	$ 60

Stock-Based Compensation Plan66

Stock-Based Compensation Plans (Employee stock purchase plan) - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Maximum number of shares issuable under the ESPP	250
Percentage of share purchase price	85.00%
Discount on the share purchases	15.00%
Employee stock purchase plan description, compensation expense	$ 54	$ 54

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)
Income Tax Disclosure [Abstract]
Provision or benefit for income taxes	$ 0

Other Expenses - Additional Inf

Other Expenses - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Component Of Operating Cost And Expense [Line Items]
Other expenses	$ 333
Human Resource Information Systems [Member]
Component Of Operating Cost And Expense [Line Items]
Other expenses	83
Natural Disasters and Other Casualty Events [Member]
Component Of Operating Cost And Expense [Line Items]
Other expenses	$ 250