Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Public Float | ' | ' | $5,825,629,302 |
Share Price | ' | ' | $69.14 |
Entity Registrant Name | 'CAMDEN PROPERTY TRUST | ' | ' |
Entity Central Index Key | '0000906345 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 85,420,966 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Land | $969,711 | $949,777 |
Buildings and improvements | 5,629,904 | 5,389,674 |
Real estate assets, at cost, total | 6,599,615 | 6,339,451 |
Accumulated depreciation | -1,643,713 | -1,518,896 |
Net operating real estate assets | 4,955,902 | 4,820,555 |
Properties under development, including land | 472,566 | 334,463 |
Investments in joint ventures | 42,155 | 45,092 |
Properties held for sale | 0 | 30,517 |
Total real estate assets | 5,470,623 | 5,230,627 |
Accounts receivable - affiliates | 27,724 | 33,625 |
Other assets, net | 109,401 | 88,260 |
Cash and cash equivalents | 17,794 | 26,669 |
Restricted cash | 6,599 | 5,991 |
Total assets | 5,632,141 | 5,385,172 |
Liabilities | ' | ' |
Unsecured notes payable | 1,588,798 | 1,538,212 |
Secured notes payable | 941,968 | 972,256 |
Accounts payable and accrued expenses | 113,307 | 101,896 |
Accrued real estate taxes | 35,648 | 28,452 |
Distributions payable | 56,787 | 49,969 |
Other liabilities | 88,272 | 67,679 |
Total liabilities | 2,824,780 | 2,758,464 |
Commitments and contingencies | ' | ' |
Non-Qualified deferred compensation share awards | 47,180 | 0 |
Equity | ' | ' |
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 99,645 and 99,106 issued; 96,660 and 96,201 outstanding at December 31, 2013 and 2012, respectively | 967 | 962 |
Additional paid-in capital | 3,596,069 | 3,587,505 |
Distributions in excess of net income attributable to common shareholders | -494,167 | -598,951 |
Treasury shares, at cost (11,352 and 11,771 common shares, at December 31, 2013 and 2012, respectively) | -410,227 | -425,355 |
Accumulated other comprehensive loss | -1,106 | -1,062 |
Total common equity | 2,691,536 | 2,563,099 |
Non-controlling interests | 68,645 | 63,609 |
Total equity | 2,760,181 | 2,626,708 |
Total liabilities and equity | $5,632,141 | $5,385,172 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Common shares, par value, per share | $0.01 | $0.01 |
Common shares, authorized | 175,000 | 175,000 |
Common shares, issued | 99,645 | 99,106 |
Common shares, outstanding | 96,660 | 96,201 |
Treasury shares, at cost | 11,352 | 11,771 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income And Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Property revenues | ' | ' | ' | |||
Rental revenues | $683,362 | $602,004 | $516,182 | |||
Other property revenues | 105,489 | 96,314 | 83,219 | |||
Total property revenues | 788,851 | [1] | 698,318 | [1] | 599,401 | |
Property expenses | ' | ' | ' | |||
Property operating and maintenance | 199,650 | 185,720 | 166,866 | |||
Real estate taxes | 86,041 | 70,710 | 63,346 | |||
Total property expenses | 285,691 | 256,430 | 230,212 | |||
Non-property income | ' | ' | ' | |||
Fee and asset management | 11,690 | 12,345 | 9,973 | |||
Interest and other income (loss) | 1,217 | -710 | 4,649 | |||
Income on deferred compensation plans | 8,290 | 4,772 | 6,773 | |||
Total non-property income | 21,197 | 16,407 | 21,395 | |||
Other expenses | ' | ' | ' | |||
Property management | 21,774 | 21,796 | 20,686 | |||
Fee and asset management | 5,756 | 6,631 | 5,935 | |||
General and administrative | 40,586 | 37,528 | 35,456 | |||
Interest | 98,129 | 104,246 | 112,414 | |||
Depreciation and amortization | 214,395 | 194,673 | 165,486 | |||
Amortization of deferred financing costs | 3,548 | 3,608 | 5,877 | |||
Expense on deferred compensation plans | 8,290 | 4,772 | 6,773 | |||
Total other expenses | 392,478 | 373,254 | 352,627 | |||
Gain on acquisition of controlling interest in joint ventures | 0 | 57,418 | 0 | |||
Gain on sale of properties, including land | 698 | 0 | 4,748 | |||
Gain on sale of unconsolidated joint venture interests | 0 | 0 | 1,136 | |||
Loss on discontinuation of hedging relationship | 0 | 0 | -29,791 | |||
Equity in income of joint ventures | 24,865 | 20,175 | 5,679 | [2] | ||
Income from continuing operations before income taxes | 157,442 | 162,634 | 19,729 | |||
Income tax expense - current | -1,826 | -1,208 | -2,220 | |||
Income from continuing operations | 155,616 | 161,426 | 17,509 | |||
Income from discontinued operations | 8,515 | 17,406 | 17,831 | |||
Gain on sale of discontinued operations, net of tax | 182,160 | 115,068 | 24,621 | |||
Net income | 346,291 | 293,900 | 59,961 | |||
Less income allocated to non-controlling interests from continuing operations | -4,022 | -4,459 | -3,126 | |||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | -5,905 | -3,200 | -456 | |||
Less income allocated to perpetual preferred units | 0 | -776 | -7,000 | |||
Less write off of original issuance costs of redeemed perpetual preferred units | 0 | -2,075 | 0 | |||
Net income attributable to common shareholders | 336,364 | [1] | 283,390 | [1] | 49,379 | |
Earnings per share - basic | ' | ' | ' | |||
Income from continuing operations attributable to common shareholders | $1.70 | $1.81 | $0.09 | |||
Income from discontinued operations, including gain on sale, attributable to common shareholders | $2.12 | $1.54 | $0.58 | |||
Net income attributable to common shareholders, as adjusted - per share | $3.82 | [1] | $3.35 | [1] | $0.67 | |
Earnings per share - diluted | ' | ' | ' | |||
Income from continuing operations attributable to common shareholders | $1.69 | $1.79 | $0.09 | |||
Income from discontinued operations, including gain on sale, attributable to common shareholders | $2.09 | $1.51 | $0.57 | |||
Net income attributable to common shareholders, as adjusted - per share | $3.78 | [1] | $3.30 | [1] | $0.66 | |
Weighted average number of common shares outstanding - basic | 87,204 | 83,772 | 72,756 | |||
Weighted average number of common shares outstanding - diluted | 88,494 | 85,556 | 73,462 | |||
Net income attributable to common shareholders | ' | ' | ' | |||
Income from continuing operations | 155,616 | 161,426 | 17,509 | |||
Less income allocated to non-controlling interests from continuing operations | -4,022 | -4,459 | -3,126 | |||
Less income allocated to perpetual preferred units | 0 | -776 | -7,000 | |||
Less write off of original issuance costs of redeemed perpetual preferred units | 0 | -2,075 | 0 | |||
Income from continuing operations attributable to common shareholders | 151,594 | 154,116 | 7,383 | |||
Income from discontinued operations, including gain on sale | 190,675 | 132,474 | 42,452 | |||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | -5,905 | -3,200 | -456 | |||
Income from discontinued operations, including gain on sale, attributable to common shareholders | 184,770 | 129,274 | 41,996 | |||
Net income attributable to common shareholders | 336,364 | [1] | 283,390 | [1] | 49,379 | |
Consolidated Statements of Comprehensive Income: | ' | ' | ' | |||
Net income | 346,291 | 293,900 | 59,961 | |||
Other comprehensive income | ' | ' | ' | |||
Unrealized loss on cash flow hedging activities | 0 | 0 | -2,692 | |||
Reclassification of net losses on cash flow hedging activities | 0 | 0 | 39,657 | |||
Reclassification of gain on available-for-sale investment to earnings, net of tax | 0 | 0 | -3,306 | |||
Reclassification of prior service cost and net loss on post retirement obligations | 54 | 30 | 0 | |||
Unrealized loss and unamortized prior service cost on postretirement obligation | -99 | -409 | -884 | |||
Comprehensive income | 346,246 | 293,521 | 92,736 | |||
Less income allocated to non-controlling interests from continuing operations | -4,022 | -4,459 | -3,126 | |||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | -5,905 | -3,200 | -456 | |||
Less income allocated to perpetual preferred units | 0 | -776 | -7,000 | |||
Less write off of original issuance costs of redeemed perpetual preferred units | 0 | -2,075 | 0 | |||
Comprehensive income attributable to common shareholders | $336,319 | $283,011 | $82,154 | |||
[1] | (a)Net income per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. | |||||
[2] | Equity in income excludes our ownership interest of fee income from various property management services provided by us to our joint ventures. |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity And Perpetual Preferred Units (USD $) | Total | Common Shares Of Beneficial Interest | Additional Paid-In Capital | Distributions In Excess Of Net Income | Treasury Shares, At Cost | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Perpetual Preferred Units |
Equity, Beginning Balance at Dec. 31, 2010 | $1,757,373,000 | $824,000 | $2,775,625,000 | ($595,317,000) | ($461,255,000) | ($33,458,000) | $70,954,000 | ' |
Perpetual Preferred Units, Beginning Balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | 97,925,000 |
Net income | 52,961,000 | ' | ' | 49,379,000 | ' | ' | 3,582,000 | 7,000,000 |
Other comprehensive income | 32,775,000 | ' | ' | ' | ' | 32,775,000 | ' | ' |
Common shares issued | 106,571,000 | 18,000 | 106,553,000 | ' | ' | ' | ' | ' |
Net share awards | 13,407,000 | 3,000 | 12,592,000 | ' | 812,000 | ' | ' | ' |
Employee share purchase plan | 1,780,000 | ' | 446,000 | ' | 1,334,000 | ' | ' | ' |
Common share options exercised | 12,322,000 | ' | 5,216,000 | ' | 7,106,000 | ' | ' | ' |
Conversions and redemptions of operating partnership units | 0 | 1,000 | 591,000 | ' | ' | ' | -592,000 | ' |
Cash distributions declared to perpetual preferred units | ' | ' | ' | ' | ' | ' | ' | -7,000,000 |
Cash distributions declared to equity holders | -149,421,000 | ' | ' | -144,528,000 | ' | ' | -4,893,000 | ' |
Redemption of perpetual preferred units | 0 | ' | ' | ' | ' | ' | ' | ' |
Other | 0 | -1,000 | 1,000 | ' | ' | ' | ' | ' |
Equity, Ending Balance at Dec. 31, 2011 | 1,827,768,000 | 845,000 | 2,901,024,000 | -690,466,000 | -452,003,000 | -683,000 | 69,051,000 | ' |
Perpetual Preferred Units, Ending Balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | 97,925,000 |
Net income | 291,049,000 | ' | ' | 283,390,000 | ' | ' | 7,659,000 | 2,851,000 |
Other comprehensive income | -379,000 | ' | ' | ' | ' | -379,000 | ' | ' |
Common shares issued | 693,355,000 | 112,000 | 693,243,000 | ' | ' | ' | ' | ' |
Net share awards | 15,146,000 | ' | 1,008,000 | ' | 14,138,000 | ' | ' | ' |
Employee share purchase plan | 1,334,000 | ' | 617,000 | ' | 717,000 | ' | ' | ' |
Common share options exercised | 13,966,000 | ' | 2,173,000 | ' | 11,793,000 | ' | ' | ' |
Conversions and redemptions of operating partnership units | -149,000 | 6,000 | 8,988,000 | ' | ' | ' | -9,143,000 | ' |
Cash distributions declared to perpetual preferred units | ' | ' | ' | ' | ' | ' | ' | 776,000 |
Cash distributions declared to equity holders | -198,900,000 | ' | ' | -191,875,000 | ' | ' | -7,025,000 | ' |
Redemption of perpetual preferred units | -100,000,000 | ' | ' | ' | ' | ' | ' | -100,000,000 |
Purchase of non-controlling interests | -16,482,000 | ' | -19,549,000 | ' | ' | ' | 3,067,000 | ' |
Other | ' | 1,000 | -1,000 | ' | ' | ' | ' | ' |
Equity, Ending Balance at Dec. 31, 2012 | 2,626,708,000 | 962,000 | 3,587,505,000 | -598,951,000 | -425,355,000 | -1,062,000 | 63,609,000 | ' |
Perpetual Preferred Units, Ending Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | 0 |
Net income | 346,291,000 | ' | ' | 336,364,000 | ' | ' | 9,927,000 | ' |
Other comprehensive income | -44,000 | ' | ' | ' | ' | -44,000 | ' | ' |
Common shares issued | 40,044,000 | 6,000 | 40,038,000 | ' | ' | ' | ' | ' |
Net share awards | 17,578,000 | -1,000 | 4,921,000 | ' | 12,658,000 | ' | ' | ' |
Employee share purchase plan | 918,000 | ' | 449,000 | ' | 469,000 | ' | ' | ' |
Common share options exercised | 2,842,000 | ' | 841,000 | ' | 2,001,000 | ' | ' | ' |
Change in classification of deferred compensation plan | -37,958,000 | ' | -37,958,000 | ' | ' | ' | ' | ' |
Change in redemption value of eligible non-qualified share awards | -9,575,000 | ' | ' | -9,575,000 | ' | ' | ' | ' |
Diversification of share awards within deferred compensation plan | 353,000 | ' | 221,000 | 132,000 | ' | ' | ' | ' |
Conversions and redemptions of operating partnership units | -52,000 | 0 | 52,000 | ' | ' | ' | -104,000 | ' |
Cash distributions declared to equity holders | -226,924,000 | ' | ' | -222,137,000 | ' | ' | -4,787,000 | ' |
Redemption of perpetual preferred units | 0 | ' | ' | ' | ' | ' | ' | ' |
Equity, Ending Balance at Dec. 31, 2013 | $2,760,181,000 | $967,000 | $3,596,069,000 | ($494,167,000) | ($410,227,000) | ($1,106,000) | $68,645,000 | ' |
Consolidated_Statements_Of_Equ1
Consolidated Statements Of Equity And Perpetual Preferred Units Consolidated Statements Of Equity and Perpetual Preferred Units (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common shares issued | 555 | 11,192 | 1,751 |
Common share options exercised | 183,871 | 468,839 | 504,838 |
Conversions and redemptions of operating partnership units | 2 | 558 | 66 |
Cash distributions declared to equity holders per share | $2.52 | $2.24 | $1.96 |
Additional Paid-In Capital | ' | ' | ' |
Common share options exercised | 0 | 0 | 68 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities | ' | ' | ' | |
Net income | $346,291 | $293,900 | $59,961 | |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' | |
Depreciation and amortization | 219,650 | 209,872 | 181,791 | |
Gain on acquisition of controlling interest in joint ventures | 0 | -57,418 | 0 | |
Gain on sale of discontinued operations, net of tax | -182,160 | -115,068 | -24,621 | |
Gain on sale of properties, including land | -698 | 0 | -4,748 | |
Gain on sale of unconsolidated joint venture interests | 0 | 0 | -1,136 | |
Gain on sale of available-for-sale investment | 0 | 0 | -4,301 | |
Loss on discontinuation of hedging relationship | 0 | 0 | 29,791 | |
Distributions of income from joint ventures | 8,884 | 6,321 | 5,329 | |
Equity in income of joint ventures | -24,865 | -20,175 | -5,679 | [1] |
Share-based compensation | 14,063 | 13,086 | 12,039 | |
Amortization of deferred financing costs | 3,548 | 3,608 | 5,877 | |
Net change in operating accounts and other | 19,578 | -9,859 | -9,469 | |
Net cash from operating activities | 404,291 | 324,267 | 244,834 | |
Cash flows from investing activities | ' | ' | ' | |
Development and capital improvements | -356,815 | -290,728 | -227,755 | |
Acquisition of operating properties, including joint venture interests, net of cash acquired | -224,109 | -465,400 | 0 | |
Proceeds from sale of properties, including land and discontinued operations | 329,441 | 226,869 | 57,312 | |
Proceeds from sale of joint venture interests | 0 | 0 | 19,310 | |
Proceeds from sale of available-for-sale investment | 0 | 0 | 4,510 | |
Decrease in notes receivable - affiliates | 0 | 0 | 3,279 | |
Investments in joint ventures | -1,886 | -7,006 | -46,037 | |
Distributions of investments from joint ventures | 11,295 | 17,417 | 6,005 | |
Increase in non-real estate assets | -17,497 | -4,787 | -2,422 | |
Other | 586 | -4,050 | -1,566 | |
Net cash from investing activities | -258,985 | -527,685 | -187,364 | |
Cash flows from financing activities | ' | ' | ' | |
Borrowings on unsecured line of credit and other short-term borrowings | 952,900 | 603,000 | 8,000 | |
Repayments on unsecured line of credit and other short-term borrowings | -952,900 | -603,000 | -8,000 | |
Repayment of notes payable | -230,288 | -567,575 | -627,623 | |
Proceeds from notes payable | 249,535 | 346,308 | 495,705 | |
Proceeds from issuance of common shares | 40,044 | 693,355 | 106,571 | |
Distributions to common shareholders, perpetual preferred units, and non-controlling interests | -220,083 | -189,018 | -152,242 | |
Redemption of perpetual preferred units | 0 | -100,000 | 0 | |
Purchase of non-controlling interests | 0 | -16,482 | 0 | |
Payment of deferred financing costs | -3,165 | -3,737 | -9,288 | |
Common share options exercised | 2,458 | 13,038 | 11,397 | |
Net decrease (increase) in accounts receivable - affiliates | 5,901 | -2,586 | 860 | |
Other | 1,417 | 1,625 | 1,734 | |
Net cash from financing activities | -154,181 | 174,928 | -172,886 | |
Net decrease in cash and cash equivalents | -8,875 | -28,490 | -115,416 | |
Cash and cash equivalents, beginning of period | 26,669 | 55,159 | 170,575 | |
Cash and cash equivalents, end of period | 17,794 | 26,669 | 55,159 | |
Supplemental information | ' | ' | ' | |
Cash paid for interest, net of interest capitalized | 98,101 | 106,405 | 114,615 | |
Cash paid for income taxes | 2,114 | 1,561 | 2,664 | |
Supplemental schedule of non-cash investing and financing activities | ' | ' | ' | |
Distributions declared but not paid | 56,787 | 49,969 | 39,364 | |
Value of shares issued under benefit plans, net of cancellations | 20,195 | 20,933 | 18,629 | |
Net change in redemption of non-qualified share awards | 9,443 | 0 | 0 | |
Conversion of operating partnership units to common shares | 71 | 9,143 | 592 | |
Accrual associated with construction and capital expenditures | 21,071 | 18,993 | 16,754 | |
Acquisition of operating properties, including joint venture interests: | ' | ' | ' | |
Mortgage debt assumed | 0 | 298,807 | 0 | |
Other liabilities | $0 | $6,976 | $0 | |
[1] | Equity in income excludes our ownership interest of fee income from various property management services provided by us to our joint ventures. |
Description_Of_Business
Description Of Business | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Description Of Business | ' |
1. Description of Business | |
Business. Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust (“REIT”), is primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as “communities,” “multifamily communities,” “properties,” or “multifamily properties” in the following discussion. As of December 31, 2013, we owned interests in, operated, or were developing 184 multifamily properties comprised of 64,328 apartment homes across the United States. Of the 184 properties, 14 properties were under construction, and when completed will consist of a total of 4,354 apartment homes. Additionally, we are adding a subsequent phase to a stabilized community which will consist of 75 apartment homes and we own land holdings we may develop into multifamily apartment communities in the future. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | ||||||||||||
Basis Of Presentation Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ' | ||||||||||||
2. Summary of Significant Accounting Policies | |||||||||||||
Principles of Consolidation. Our consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation (primarily using a voting interest model) under the remaining consolidation guidance relating to real estate entities. If we are the general partner of a limited partnership, or manager of a limited liability company, we also consider the consolidation guidance relating to the rights of limited partners (non-managing members) to assess whether any rights held by the limited partners overcome the presumption of control by us. | |||||||||||||
Acquisitions of Real Estate. Upon acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Upon the acquisition of a controlling interest of an investment in an unconsolidated joint venture, such joint venture is consolidated and our initial equity investment is remeasured to fair value at the date the controlling interest is acquired; any differences between the carrying value of the previously held equity investment is recognized in earnings at the time of obtaining control. Transaction costs associated with the acquisition of operating real estate assets are expensed. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition. The net carrying value of below market leases is included in other liabilities in our consolidated balance sheets and the net carrying value of in-place leases is included in other assets, net, in our consolidated balance sheets. | |||||||||||||
The carrying values of below market leases and in-place leases at December 31, 2013 and 2012 are as follows: | |||||||||||||
December 31, | |||||||||||||
(in millions) | 2013 | 2012 | |||||||||||
Below market leases (Gross carrying value) | $ | 0.4 | $ | 0.9 | |||||||||
Accumulated amortization | (0.2 | ) | (0.2 | ) | |||||||||
Value of below market leases, net | $ | 0.2 | $ | 0.7 | |||||||||
In-place leases (Gross carrying value) | $ | 2.3 | $ | 4.1 | |||||||||
Accumulated amortization | (1.1 | ) | (1.5 | ) | |||||||||
Value of in-place leases, net | $ | 1.2 | $ | 2.6 | |||||||||
The average amortization period of below market leases and in-place leases for each of the years ended December 31, 2013 and 2012 was approximately six months. | |||||||||||||
Revenues recognized related to below market leases and amortization expense related to in-place leases for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Revenues related to below market leases | $ | 1.1 | $ | 1.4 | $ | — | |||||||
Amortization of in-place leases | $ | 5.6 | $ | 13.1 | $ | 3.9 | |||||||
The unamortized value of the below market leases and in-place leases will be fully amortized during the year ended December 31, 2014. | |||||||||||||
Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future discounted and undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies could significantly affect these estimates. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which maximize inputs from a marketplace participant’s perspective. When impairment exists, the long-lived asset is adjusted to its fair value. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the years ended December 31, 2013, 2012 or 2011. | |||||||||||||
The value of our properties under development depends on market conditions, including estimates of the project start date as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated. | |||||||||||||
We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect on our consolidated financial position and results of operations. | |||||||||||||
Cash and Cash Equivalents. All cash and investments in money market accounts and other highly liquid securities with a maturity of three months or less at the date of purchase are considered to be cash and cash equivalents. We maintain the majority of our cash and cash equivalents at major financial institutions in the United States and deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we regularly monitor the financial stability of these financial institutions and believe we are not currently exposed to any significant default risk with respect to these deposits. | |||||||||||||
Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and activities necessary to get the underlying real estate ready for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. Upon substantial completion of the apartment homes, the total capitalized development cost for the apartment homes and the associated land is transferred to buildings and improvements and land, respectively. | |||||||||||||
As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately $15.4 million, $12.5 million, and $8.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. Capitalized real estate taxes were approximately $3.0 million, $2.8 million, and $1.4 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Where possible, we stage our construction to allow leasing and occupancy during the construction period, which we believe minimizes the duration of the lease-up period following completion of construction. Our accounting policy related to properties in the development and leasing phase is to expense all operating expenses associated with completed apartment homes. We capitalize renovation and improvement costs we believe extend the economic lives of depreciable property. Capital expenditures subsequent to initial construction are capitalized and depreciated over their estimated useful lives. | |||||||||||||
We also incur expenditures related to renovation and construction of office space we lease and we capitalize these leasehold improvements as furniture, fixtures, equipment and other. We depreciate these costs using the straight-line method over the shorter of the lease term or the useful life of the improvement. During the third quarter of 2013, we relocated our corporate headquarters. In conjunction with this relocation, we capitalized approximately $12.2 million related to leasehold improvements which will be depreciated over the life of our new lease. | |||||||||||||
Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows: | |||||||||||||
Estimated | |||||||||||||
Useful Life | |||||||||||||
Buildings and improvements | 5-35 years | ||||||||||||
Furniture, fixtures, equipment and other | 3-20 years | ||||||||||||
Intangible assets/liabilities (in-place leases and below market leases) | underlying lease term | ||||||||||||
Discontinued Operations. A property is classified as a discontinued operation when (i) the operations and cash flows of the property can be clearly distinguished and have been or will be eliminated from our ongoing operations; (ii) the property has either been disposed of or is classified as held for sale; and (iii) we will not have any significant continuing involvement in the operations of the property after the disposal transaction. Significant judgments are involved in determining whether a property meets the criteria for discontinued operations reporting and the period in which these criteria are met. A property is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed; (ii) it is available for immediate sale in its present condition and the sale is expected to be completed within one year; and (iii) it is unlikely significant changes to the plan will be made or the plan will be withdrawn. | |||||||||||||
The results of operations for properties sold during the period or classified as held for sale at the end of the current period are classified as discontinued operations in the current and prior periods. The property-specific components of earnings classified as discontinued operations include separately identifiable property-specific revenues, expenses, depreciation, and interest expense, if any. The gain or loss resulting from the eventual disposal of the held for sale properties is also classified within discontinued operations. Real estate assets held for sale are measured at the lower of carrying amount or fair value less costs to sell and are presented separately in the accompanying consolidated balance sheets. Subsequent to classification of a property as held for sale, no further depreciation is recorded. Properties sold by our unconsolidated entities are not included in discontinued operations and related gains or losses are reported as a component of equity in income of joint ventures. | |||||||||||||
Gains on sale of real estate are recognized using the full accrual or partial sale methods, as applicable, in accordance with accounting principles generally accepted in the United States of America ("GAAP"), provided various criteria relating to the terms of sale and any subsequent involvement with the real estate sold are satisfied. | |||||||||||||
Fair Value. For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. | |||||||||||||
In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: | |||||||||||||
• | Level 1: Quoted prices for identical instruments in active markets. | ||||||||||||
• | Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | ||||||||||||
• | Level 3: Significant inputs to the valuation model are unobservable. | ||||||||||||
Recurring Fair Value Disclosures. The valuation methodology we use to measure our deferred compensation plan investments is based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded at fair value on a recurring basis and included in other assets in our consolidated balance sheets. | |||||||||||||
Non-recurring Fair Value Disclosures. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value when they are impaired. The fair value methodologies used to measure long-lived assets are described above at "Asset Impairment." The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy. | |||||||||||||
Income Recognition. Our rental and other property revenue is recorded when due from residents and is recognized monthly as it is earned. Other property revenue consists primarily of utility rebillings and administrative, application, and other transactional fees charged to our residents. Our apartment homes are rented to residents on lease terms generally ranging from six to fifteen months, with monthly payments due in advance. All other sources of income, including interest and fee and asset management income, are recognized as earned. Operations of multifamily properties acquired are recorded from the date of acquisition in accordance with the acquisition method of accounting. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk. | |||||||||||||
Insurance. Our primary lines of insurance coverage are property, general liability, and health and workers’ compensation. We believe our insurance coverage adequately insures our properties against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils and adequately insures us against other risks. Losses are accrued based upon our estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. | |||||||||||||
Other Assets, Net. Other assets in our consolidated financial statements include investments under deferred compensation plans, deferred financing costs, non-real estate leasehold improvements and equipment, prepaid expenses, the value of in-place leases net of related accumulated amortization, available-for-sale investments, and other miscellaneous receivables. Investments under deferred compensation plans are classified as trading securities and are adjusted to fair market value at period end. See further discussion of our investments under deferred compensation plans in Note 11, “Share-based Compensation and Benefit Plans.” Deferred financing costs are amortized no longer than the terms of the related debt on the straight-line method, which approximates the effective interest method. Corporate leasehold improvements and equipment are depreciated using the straight-line method over the shorter of the expected useful lives or the lease terms which generally range from three to ten years. Our available-for-sale investments are carried at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. | |||||||||||||
Reportable Segments. We operate in a single reportable segment which includes the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Each of our operating properties is considered a separate operating segment as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on geography, size or type. Our multifamily apartment communities have similar economic characteristics and provide similar products and services to our residents. Further, all material operations are within the United States and no multifamily apartment community comprises more than 10% of consolidated revenues. As a result, our operating properties are aggregated into a single reportable segment. Our multifamily communities generate rental revenue and other income through the leasing of apartment homes, which comprised approximately 98% of our total property revenues and total non-property income, excluding income on deferred compensation plans, for each of the years ended December 31, 2013, 2012, and 2011. | |||||||||||||
Restricted Cash. Restricted cash consists of escrow deposits held by lenders for property taxes, insurance and replacement reserves, cash required to be segregated for the repayment of residents’ security deposits, and escrowed amounts related to our development and acquisition activities. Substantially all restricted cash is invested in demand and short-term instruments. | |||||||||||||
Share-based Compensation. Compensation expense associated with share-based awards is recognized in our consolidated statements of income and comprehensive income using the grant-date fair values. Compensation cost for all share-based awards, including options, requires measurement at estimated fair value on the grant date and recognition of compensation expense over the requisite service period for awards expected to vest. The fair value of stock option grants is estimated using the Black-Scholes valuation model. Valuation models require the input of assumptions, including judgments to estimate the expected stock price volatility, expected life, and forfeiture rate. The compensation cost for share-based awards is based on the market value of the shares on the date of grant. | |||||||||||||
Use of Estimates. In the application of GAAP, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, results of operations during the reporting periods, and related disclosures. Our more significant estimates include estimates supporting our impairment analysis related to the carrying values of our real estate assets. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. Future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment. |
Share_Data
Share Data | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Per Share Data | ' | ||||||||||||
3. Share Data | |||||||||||||
Basic earnings per share are computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflect common shares issuable from the assumed conversion of common share options and share awards granted and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 2.1 million, 2.3 million, and 4.0 million for the years ended December 31, 2013, 2012, and 2011, respectively. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculation as they are anti-dilutive. | |||||||||||||
The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Earnings per share calculation – basic | |||||||||||||
Income from continuing operations attributable to common shareholders | $ | 151,594 | $ | 154,116 | $ | 7,383 | |||||||
Amount allocated to participating securities | (3,177 | ) | (2,784 | ) | (551 | ) | |||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 148,417 | $ | 151,332 | $ | 6,832 | |||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders | 184,770 | 129,274 | 41,996 | ||||||||||
Net income attributable to common shareholders, as adjusted | $ | 333,187 | $ | 280,606 | $ | 48,828 | |||||||
Income from continuing operations attributable to common shareholders,as adjusted – per share | $ | 1.7 | $ | 1.81 | $ | 0.09 | |||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders – per share | 2.12 | 1.54 | 0.58 | ||||||||||
Net income attributable to common shareholders, as adjusted – per share | $ | 3.82 | $ | 3.35 | $ | 0.67 | |||||||
Weighted average number of common shares outstanding – basic | 87,204 | 83,772 | 72,756 | ||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Earnings per share calculation – diluted | |||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 148,417 | $ | 151,332 | $ | 6,832 | |||||||
Income allocated to common units from continuing operations | 1,133 | 1,984 | — | ||||||||||
Income from continuing operations attributable to common shareholders, as adjusted | $ | 149,550 | $ | 153,316 | $ | 6,832 | |||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders | 184,770 | 129,274 | 41,996 | ||||||||||
Net income attributable to common shareholders, as adjusted | $ | 334,320 | $ | 282,590 | $ | 48,828 | |||||||
Income from continuing operations attributable to common shareholders, as adjusted – per share | $ | 1.69 | $ | 1.79 | $ | 0.09 | |||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders – per share | 2.09 | 1.51 | 0.57 | ||||||||||
Net income attributable to common shareholders, as adjusted – per share | $ | 3.78 | $ | 3.3 | $ | 0.66 | |||||||
Weighted average number of common shares outstanding – basic | 87,204 | 83,772 | 72,756 | ||||||||||
Incremental shares issuable from assumed conversion of: | |||||||||||||
Common share options and share awards granted | 476 | 647 | 706 | ||||||||||
Common units | 814 | 1,137 | — | ||||||||||
Weighted average number of common shares outstanding – diluted | 88,494 | 85,556 | 73,462 | ||||||||||
Common_Shares
Common Shares | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||
4. Common Shares | ||||||||
In May 2012, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares having an aggregate offering price of up to $300 million (the "2012 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. The net proceeds for the year ended December 31, 2013 were used for general corporate purposes, which included funding for development and capital improvement projects. | ||||||||
The following table presents activity under our 2012 ATM program for the periods presented (in thousands, except per share amounts): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Total net consideration | $ | 40,044.10 | $ | 173,607.50 | ||||
Common shares sold | 555.1 | 2,607.90 | ||||||
Average price per share | $ | 73.73 | $ | 67.63 | ||||
As of the date of this filing, we had common shares having an aggregate offering price of up to $82.7 million remaining available for sale under the 2012 ATM program. No additional shares were sold subsequent to December 31, 2013 through the date of this filing. | ||||||||
In May 2011, we created an ATM share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering price of up to $300 million (the “2011 ATM program”), in amounts and at times as we determined, into the existing trading market at current market prices as well as through negotiated transactions. The net proceeds resulting from the 2011 ATM program were used to redeem all of our outstanding redeemable perpetual preferred units and for other general corporate purposes, which included funding for development activities, financing of acquisitions, repayment of notes payable and borrowings under our $500 million unsecured line of credit. The 2011 ATM program terminated in the second quarter of 2012, and no further common shares are available for sale under the 2011 ATM program. | ||||||||
In March 2010, we created an ATM share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering price of up to $250 million (the “2010 ATM program”), in amounts and at times as we determined, into the existing trading market at current market prices as well as through negotiated transactions. The 2010 ATM program terminated in the second quarter of 2011, and no further common shares are available for sale under the 2010 ATM program. The net proceeds during 2011 from the 2010 ATM program were used for general corporate purposes. | ||||||||
The following table presents activity under our 2010 and 2011 ATM programs for the periods presented (in thousands, except per share amounts): | ||||||||
Year ended December 31, | ||||||||
2012 | 2011 | |||||||
Total net consideration | $ | 128,128.00 | $ | 106,570.60 | ||||
Common shares sold | 1,971.40 | 1,751.00 | ||||||
Average price per share | $ | 66.01 | $ | 61.95 | ||||
We currently have an automatic shelf registration statement which allows us to offer, from time to time, common shares, preferred shares, debt securities, or warrants. Our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At December 31, 2013, we had approximately 85.3 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding. |
Operating_Partnerships
Operating Partnerships | 12 Months Ended |
Dec. 31, 2013 | |
Operating Partnerships [Abstract] | ' |
Operating Partnerships [Text Block] | ' |
5. Operating Partnerships | |
At December 31, 2013, approximately 8% of our multifamily apartment homes were held in Camden Operating, L.P (“Camden Operating” or the “operating partnership”). Camden Operating has 11.9 million outstanding common limited partnership units and as of December 31, 2013, we held 92.1% of the outstanding common limited partnership units and the sole 1% general partnership interest of the operating partnership. The remaining common limited partnership units, comprising approximately 0.8 million units, are primarily held by former officers, directors, and investors of Paragon Group, Inc., which we acquired in 1997. Each common limited partnership unit is redeemable for one common share of Camden or cash at our election. Holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Operating common limited partnership units, and one of our ten trust managers owns Camden Operating common limited partnership units. | |
At December 31, 2011, Camden Operating had 4.0 million of 7.0% Series B Cumulative Redeemable Perpetual Preferred Units outstanding. Distributions on the preferred units were payable quarterly in arrears. In February 2012, we redeemed all of these outstanding units at their redemption price of $25.00 per unit, or an aggregate of $100.0 million, plus accrued and unpaid distributions. In connection with this redemption, the unamortized issuance costs relating to these units of approximately $2.1 million were expensed in the first quarter of 2012. | |
At December 31, 2013, approximately 26% of our multifamily apartment homes were held in Camden Summit Partnership, L.P. (the “Camden Summit Partnership”). The Camden Summit Partnership has 22.8 million outstanding common limited partnership units and as of December 31, 2013, we held 94.2% of the outstanding common limited partnership units and the sole 1% general partnership interest of the Camden Summit Partnership. The remaining common limited partnership units, comprising approximately 1.1 million units, are primarily held by former officers, directors, and investors of Summit Properties Inc. (“Summit”), which we acquired in 2005. Each common limited partnership unit is redeemable for one common share of Camden or cash at our election. Holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Summit Partnership common limited partnership units, and two of our ten trust managers own Camden Summit Partnership common limited partnership units. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
6. Income Taxes | |||||||||||||
We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our REIT taxable income, computed without regard to the dividends paid deduction and our net capital gains. As a REIT, we generally will not be subject to federal income tax on our taxable income at the corporate level to the extent such income is distributed to our shareholders annually. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income taxes at regular corporate rates, including any applicable alternative minimum tax. In addition, we may not be able to requalify as a REIT for the four subsequent taxable years. Historically, we have incurred only state and local income, franchise, margin, and excise taxes. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income and margin taxes. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level. | |||||||||||||
We have provided for income, franchise, and excise taxes in the consolidated statements of income and comprehensive income for the years ended December 31, 2013, 2012 and 2011 as income tax expense. Income taxes for the years ended December 31, 2013, 2012 and 2011, primarily related to state income tax and federal taxes on certain of our taxable REIT subsidiaries. Income taxes for the year ended December 31, 2011 also included approximately $1.0 million associated with the gain recognized on the sale of an available-for-sale investment. We have no significant temporary differences or tax credits associated with our taxable REIT subsidiaries. | |||||||||||||
The reconciliation of net income to REIT taxable income is set forth in the following table: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net income | $ | 346,291 | $ | 293,900 | $ | 59,961 | |||||||
Less income attributable to non-controlling interests from continuing operations | (4,022 | ) | (4,459 | ) | (3,126 | ) | |||||||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | (5,905 | ) | (3,200 | ) | (456 | ) | |||||||
Less income allocated to perpetual preferred units | — | (776 | ) | (7,000 | ) | ||||||||
Less write off of original issuance costs of redeemed perpetual preferred units | — | (2,075 | ) | — | |||||||||
Net income attributable to common shareholders | $ | 336,364 | $ | 283,390 | $ | 49,379 | |||||||
(Income) loss from taxable REIT subsidiaries included above | (2,940 | ) | 3,323 | 539 | |||||||||
Net income from REIT operations | $ | 333,424 | $ | 286,713 | $ | 49,918 | |||||||
Book depreciation and amortization, including discontinued operations | 223,198 | 213,479 | 188,042 | ||||||||||
Tax depreciation and amortization | (204,059 | ) | (171,060 | ) | (155,636 | ) | |||||||
Book/tax difference on gains/losses from capital transactions | (86,358 | ) | (63,832 | ) | (4,315 | ) | |||||||
Other book/tax differences, net | (9,427 | ) | (40,961 | ) | 8,205 | ||||||||
REIT taxable income | $ | 256,778 | $ | 224,339 | $ | 86,214 | |||||||
Dividends paid deduction | (256,778 | ) | -1 | (224,339 | ) | -2 | (143,657 | ) | |||||
Dividends paid in excess of taxable income | $ | — | $ | — | $ | (57,443 | ) | ||||||
(1) The dividends paid deduction includes estimated designated dividends from 2014 of approximately $62.1 million. | |||||||||||||
(2) We borrowed approximately $26.6 million from 2013 for designated dividends in 2012. | |||||||||||||
A schedule of per share distributions we paid and reported to our shareholders is set forth in the following table: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common Share Distributions | |||||||||||||
Ordinary income | $ | 1.4 | $ | 0.96 | $ | 1.08 | |||||||
Long-term capital gain | 0.76 | 0.64 | 0.13 | ||||||||||
Unrecaptured Sec. 1250 gain | 0.36 | 0.64 | 0.23 | ||||||||||
Return of capital | — | — | 0.52 | ||||||||||
Total | $ | 2.52 | $ | 2.24 | $ | 1.96 | |||||||
Percentage of distributions representing tax preference items | 4.95 | % | 5.72 | % | 2.83 | % | |||||||
We have taxable REIT subsidiaries which are subject to federal and state income taxes. At December 31, 2013, our taxable REIT subsidiaries had net operating loss carryforwards (“NOL’s”) of approximately $16.3 million which expire in years 2030 to 2033. Because NOL’s are subject to certain change of ownership, continuity of business, and separate return year limitations, and because we believe it is unlikely the available NOL’s will be utilized or if utilized, any amounts will be immaterial, no benefits related to these NOL’s have been recognized in our consolidated financial statements. | |||||||||||||
The carrying value of net assets reported in our consolidated financial statements at December 31, 2013 exceeded the tax basis by approximately $1.2 billion. | |||||||||||||
Income Tax Expense – Current. For the tax years ended December 31, 2013, 2012, and 2011, we had current income tax expense of approximately $1.8 million, $1.2 million, and $2.2 million, respectively. Income tax for the year ended December 31, 2013 and 2012 was comprised mainly of state income tax, and federal income tax related to one of our taxable REIT subsidiaries. Income tax expense for the year ended December 31, 2011 included approximately $1.0 million associated with the gain recognized by one of our taxable REIT subsidiaries on the sale of an available-for-sale investment during 2011, and also is comprised of state income tax, and federal income tax related to another one of our taxable REIT subsidiaries. | |||||||||||||
Income Tax Expense – Deferred. For the years ended December 31, 2013, 2012, and 2011, our deferred tax expense was not significant. | |||||||||||||
The Company and its subsidiaries’ income tax returns are subject to examination by federal, state and local tax jurisdictions for years 2010 through 2012. Net income tax loss carry forwards and other tax attributes generated in years prior to 2010 are also subject to challenge in any examination of those tax years. The Company and its subsidiaries are not under any notice of audit from any taxing authority at year end 2013. We believe we have no uncertain tax positions or unrecognized tax benefits requiring disclosure as of and for the periods presented. |
Acquisitions_and_Discontinued_
Acquisitions and Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract] | ' | ||||||||||||
Property Acquisitions Dispositions Discontinued Operations And Assets Held For Sale Disclosure [Text Block] | ' | ||||||||||||
7. Acquisitions and Discontinued Operations | |||||||||||||
Acquisitions of operating properties. During the year ended December 31, 2013, we completed the acquisition of three operating properties as follows: | |||||||||||||
Acquisitions of Operating Properties | Location | Number of Apartment Homes | Date of Acquisition | Purchase Price | |||||||||
Camden Post Oak | Houston, TX | 356 | 4/10/13 | $108.50 | |||||||||
Camden Sotelo | Tempe, AZ | 170 | 9/11/13 | 34 | |||||||||
Camden Vantage | Atlanta, GA | 592 | 9/18/13 | 82.5 | |||||||||
Consolidated total | 1,118 | $225.00 | |||||||||||
During 2012, we acquired seven operating properties comprised of 2,114 units located in Dallas, Texas, Atlanta, Georgia, Ontario, California, Scottsdale, Arizona, and Denver, Colorado for approximately $356.0 million. | |||||||||||||
In December 2012, we acquired the remaining 50% ownership interest in an unconsolidated joint venture, Camden Denver West, which owned one apartment community, containing 320 apartment homes located in Denver, Colorado, for approximately $15.9 million and assumed a secured note payable of approximately $26.2 million. As a result of acquiring a controlling interest in the former unconsolidated joint venture, our previously held equity interest was remeasured at fair value, resulting in a gain of approximately $17.2 million. The equity was remeasured utilizing the consideration paid for the acquired 50% ownership interest. | |||||||||||||
As of December 31, 2011, we held a 20% ownership interest in twelve unconsolidated joint ventures which owned 12 apartment communities, containing 4,034 apartment homes located in Dallas, Houston, Las Vegas, Phoenix, and Southern California. In January 2012, we acquired the remaining 80% ownership interests in these joint ventures for approximately $99.5 million and assumed approximately $272.6 million in mortgage debt associated with these joint ventures, which was subsequently repaid in January 2012. As a result of acquiring a controlling interest in the former unconsolidated joint ventures, our previously held equity interest was remeasured at fair value, resulting in a gain of approximately $40.2 million. The equity was remeasured utilizing the consideration paid for the acquired 80% ownership interest. | |||||||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed for the acquisition/consolidation of the operating properties described above as of the respective acquisition/consolidation dates (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Assets acquired: | |||||||||||||
Buildings and improvements | $ | 192 | $ | 622.9 | |||||||||
Land | 29.5 | 174.6 | |||||||||||
Cash | — | 3.9 | |||||||||||
Restricted cash | — | 0.7 | |||||||||||
Intangible and other assets | 4.5 | 16 | |||||||||||
Total assets acquired (1) | $ | 226 | $ | 818.1 | |||||||||
Liabilities assumed: | |||||||||||||
Mortgage debt (2) | $ | — | $ | 298.8 | |||||||||
Other liabilities | 1.9 | 8.2 | |||||||||||
Total liabilities assumed | $ | 1.9 | $ | 307 | |||||||||
Net assets acquired | $ | 224.1 | $ | 511.1 | |||||||||
(1) Represents 100% of the fair value of assets of operating properties acquired which includes our previously held investments in the joint ventures acquired in 2012. Upon acquisition, we revalued our investments in these joint ventures which resulted in a fair value adjustment of assets of approximately $42.1 million for the year ended December 31, 2012. | |||||||||||||
(2) Mortgage debt assumed in the amount of $272.6 million was subsequently repaid in January 2012 at face value. | |||||||||||||
The related assets, liabilities, and results of operations for these acquisitions are included in the consolidated financial statements from the respective dates of acquisition. There was no contingent consideration associated with these acquisitions. | |||||||||||||
The operating properties acquired in 2013 as discussed above contributed revenues of approximately $10.8 million and property expenses of approximately $4.5 million from their respective acquisition dates through December 31, 2013. The 13 former joint ventures and seven operating properties acquired in 2012 contributed revenues of approximately $52.8 million and property expenses of approximately $21.0 million from their respective acquisition/consolidation dates through December 31, 2012. Operating properties from three of these former joint ventures acquired in 2012 were sold during the fourth quarter of 2013. The operating properties sold contributed revenues and property expenses of approximately $6.4 million and $3.1 million, respectively, from their respective acquisition dates through December 31, 2012, and is included in income from discontinued operations disclosed below. | |||||||||||||
The following unaudited pro forma summary presents consolidated information assuming the acquisitions of the 10 remaining former joint ventures and seven operating properties acquired in 2012, described above had occurred on January 1, 2011. The information below for the year ended December 31, 2012 contains pro forma results for the respective portions of the periods prior to the respective acquisition dates and actual results from the respective acquisition dates through the end of the periods. | |||||||||||||
Pro Forma Year Ended | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2012 | 2011 | |||||||||||
(unaudited) | |||||||||||||
Property revenues | $ | 727,152 | $ | 668,498 | |||||||||
Property expenses | 266,795 | 257,225 | |||||||||||
$ | 460,357 | $ | 411,273 | ||||||||||
Acquisitions of land. During June 2013, we acquired approximately 38.8 acres in three land parcels located in Scottsdale, Chandler, and Tempe, Arizona for approximately $25.8 million. During the year ended December 31, 2012, we acquired approximately 22.6 acres in four land parcels located in Dallas, Texas, Austin, Texas, Plantation, Florida, and Charlotte, North Carolina for approximately $33.6 million. In January 2014, we acquired approximately 2.9 acres of land located in Houston, Texas for approximately $15.6 million. | |||||||||||||
Acquisitions of non-controlling ownership interests. During the year ended December 31, 2012, we purchased the remaining non-controlling ownership interest in three fully consolidated joint ventures, comprised of 680 units located in Houston, Texas and Charlotte, North Carolina, for approximately $16.5 million. The acquisitions of the remaining ownership interest were recorded as equity transactions and, as a result, the carrying balances of the non-controlling interest were eliminated and the remaining difference between the purchase price and carrying balance was recorded as a reduction in additional-paid-in-capital. See Note 15, "Non-controlling interests" for the effect of changes in ownership interests of these joint ventures on the equity attributable to common shareholders. | |||||||||||||
Discontinued Operations. For the years ended December 31, 2013, 2012 and 2011, income from discontinued operations included the results of operations of 12 operating properties, comprised of 3,931 apartment homes, sold during 2013. For the years ended December 31, 2012 and 2011, income from discontinued operations also included the results of operations of 11 operating properties, comprised of 3,213 apartment homes, sold during 2012. For the year ended December 31, 2011, income from discontinued operations also included the results of operations of two operating properties, comprised of 788 apartment homes, sold in December 2011. | |||||||||||||
The following is a summary of income from discontinued operations for the years presented below: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Property revenues | $ | 24,322 | $ | 60,198 | $ | 65,673 | |||||||
Property expenses | (10,552 | ) | (27,557 | ) | (31,163 | ) | |||||||
$ | 13,770 | $ | 32,641 | $ | 34,510 | ||||||||
Interest | — | (36 | ) | — | |||||||||
Depreciation and amortization | (5,255 | ) | (15,199 | ) | (16,679 | ) | |||||||
Income from discontinued operations | $ | 8,515 | $ | 17,406 | $ | 17,831 | |||||||
Gain on sale of discontinued operations, net of tax | $ | 182,160 | $ | 115,068 | $ | 24,621 | |||||||
During the year ended December 31, 2013, we sold two land holdings comprised of an aggregate of approximately 3.7 acres located adjacent to current development communities in Atlanta, Georgia and Houston, Texas for approximately $6.6 million. We recognized a gain of approximately $0.7 million relating to these land sales. |
Investments_In_Joint_Ventures
Investments In Joint Ventures | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Investments In Joint Ventures [Abstract] | ' | ||||||||||||||
Investments In Joint Ventures | ' | ||||||||||||||
8. Investments in Joint Ventures | |||||||||||||||
Our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consisted of two, four, and 17 joint ventures for the years ended December 31, 2013, 2012 and 2011, respectively. The two joint ventures in which we held an equity investment at December 31, 2013 are two discretionary investment funds (the "funds"), in which we have a 20% ownership. We provide property management services to joint ventures which own operating properties and we may provide construction and development services to the joint ventures which own properties under development. The following table summarizes the combined basis balance sheet and statement of income data for the unconsolidated joint ventures as of and for the periods presented: | |||||||||||||||
(in millions) | 2013 | 2012 | |||||||||||||
Total assets | $ | 790.2 | $ | 917.8 | |||||||||||
Total third-party debt | 530.7 | 712.7 | |||||||||||||
Total equity | 229.6 | 165.2 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Total revenues (1) | $ | 98.6 | $ | 95.9 | (2 | ) | $ | 95.9 | (2 | ) | |||||
Gain on sale of operating properties, net of tax | 112.4 | 49.7 | 17.4 | ||||||||||||
Net income (loss) | 120.7 | 50.5 | (3.2 | ) | |||||||||||
Equity in income (3) | 24.9 | 20.2 | 5.7 | ||||||||||||
-1 | Excludes approximately $20.6 million, $36.0 million, and $30.8 million of revenues for the years ended December 31, 2013, 2012, and 2011, respectively, related to discontinued operations from the sale of 16 operating properties within two of our unconsolidated joint ventures during 2013 and one operating property held for sale within one of our unconsolidated joint ventures at December 31, 2013. Revenues for the years ended December 31, 2012 and 2011 also excludes approximately $23.3 million, and $26.3 million, respectively, related to discontinued operations from the sale of seven operating properties within two of our unconsolidated joint ventures during 2012. Revenues for the year ended December 31, 2011 also excludes approximately $11.4 million related to discontinued operations from the sale of four operating properties within one of our unconsolidated joint ventures during the fourth quarter of 2011. | ||||||||||||||
-2 | Includes approximately $7.8 million and $49.6 million of revenues for the years ended December 31, 2012 and 2011 related to one previously unconsolidated joint venture acquired by us in December 2012 and 12 previously unconsolidated joint ventures acquired by us in January 2012. Refer to Note 7, "Acquisitions and Discontinued Operations" for further discussion of these acquisitions. | ||||||||||||||
-3 | Equity in income excludes our ownership interest of fee income from various property management services provided by us to our joint ventures. | ||||||||||||||
The funds in which we have a partial interest have been funded in part with secured third-party debt. As of December 31, 2013, we had no outstanding guarantees related to loans of our unconsolidated joint ventures. | |||||||||||||||
We may earn fees for property and asset management, construction, development, and other services related to joint ventures in which we own an equity interest and also may earn a promoted equity interest if certain thresholds are met. Fees earned for these services were approximately $10.0 million, $11.4 million, and $9.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. We eliminate fee income for services provided to these joint ventures to the extent of our ownership. | |||||||||||||||
In May 2013, one of our unconsolidated joint ventures sold its 14 operating properties, comprised of 3,098 apartment homes in Las Vegas, Nevada, for approximately $200.2 million. Our proportionate share of the gain was approximately $13.1 million. Additionally, as a result of achieving certain performance measures as set forth in the joint venture agreement, we recognized a promoted equity interest of approximately $5.1 million in 2013. Our proportionate share of the gain and the promoted equity interest were reported as components of equity in income of joint ventures in the consolidated statements of income and comprehensive income. | |||||||||||||||
In December 2013, one of our funds sold two operating properties comprised of a total of 600 apartment homes for approximately $68.7 million. Our proportionate share of the gains on these transactions was approximately $3.2 million. At December 31, 2013, one of our funds had an operating property held for sale comprised of 240 apartment homes located in San Antonio, Texas. This property sold in February 2014. |
Notes_Payable
Notes Payable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes Payable [Abstract] | ' | ||||||||
Notes Payable | ' | ||||||||
9. Notes Payable | |||||||||
The following is a summary of our indebtedness: | |||||||||
December 31, | |||||||||
(in millions) | 2013 | 2012 | |||||||
Senior unsecured notes | |||||||||
5.45% Notes, due 2013 | $ | — | $ | 199.9 | |||||
5.08% Notes, due 2015 | 249.7 | 249.5 | |||||||
5.75% Notes, due 2017 | 246.4 | 246.3 | |||||||
4.70% Notes, due 2021 | 248.8 | 248.7 | |||||||
3.07% Notes, due 2022 | 346.7 | 346.3 | |||||||
5.00% Notes, due 2023 | 247.7 | 247.5 | |||||||
4.27% Notes, due 2024 | 249.5 | — | |||||||
1,588.80 | 1,538.20 | ||||||||
Secured notes | |||||||||
0.93% – 6.00% Conventional Mortgage Notes, due 2014 – 2045 | 905.7 | 934.6 | |||||||
Tax-exempt Mortgage Note, due 2028 (1.30% floating rate) | 36.3 | 37.7 | |||||||
942 | 972.3 | ||||||||
Total notes payable | $ | 2,530.80 | $ | 2,510.50 | |||||
Other floating rate debt included in secured notes (0.93%) | $ | 175 | $ | 175 | |||||
Value of real estate assets, at cost, subject to secured notes | $ | 1,582.50 | $ | 1,584.70 | |||||
We have a $500 million unsecured credit facility which matures in September 2015 with an option to extend at our election to September 2016. Additionally, we have the option to increase this credit facility to $750 million by either adding additional banks to the credit facility or obtaining the agreement of the existing banks in the credit facility to increase their commitments. The interest rate is based upon LIBOR plus a margin which is subject to change as our credit ratings change. Advances under the line of credit may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $250 million or the remaining amount available under the line of credit. The line of credit is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations. | |||||||||
Our line of credit provides us with the ability to issue up to $100 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our line of credit, it does reduce the amount available. At December 31, 2013, we had no balances outstanding on our $500 million unsecured line of credit and we had outstanding letters of credit totaling approximately $11.3 million, leaving approximately $488.7 million available under our unsecured line of credit. As an alternative to our unsecured line of credit, from time to time, we may borrow using an unsecured overnight borrowing facility. Our use of short-term borrowings does not decrease the amount available under our unsecured line of credit. At December 31, 2013, we had no short-term borrowings outstanding. | |||||||||
In December 2013, we issued from our existing shelf registration statement $250 million aggregate principal amount of 4.25% senior unsecured notes due January 2024 (the “2024 Notes”). The 2024 Notes were offered to the public at 99.814% of their face amount with a yield to maturity of 4.27%. We received net proceeds of approximately $247.4 million, net of underwriting discounts and other offering expenses. Interest on the 2024 Notes is payable semi-annually on July 15 and January 15, beginning July 15, 2014. We may redeem the 2024 Notes, in whole or in part, at any time at a redemption price equal to the principal amount and accrued interest of the notes being redeemed, plus a make-whole provision. If, however, we redeem the 2024 Notes 90 days or fewer prior to the maturity date, the redemption price will equal 100% of the principal amount of the 2024 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. The 2024 Notes are direct, senior unsecured obligations and rank equally with all of our other unsecured and unsubordinated indebtedness. We used the proceeds from this offering to pay at maturity the $200 million aggregate principal amount outstanding of our 5.375% Senior Notes due December 15, 2013, plus accrued and unpaid interest to the date of maturity, and the remainder for general corporate purposes, which included property development in the ordinary course of business, capital expenditures and working capital. | |||||||||
At December 31, 2013 and 2012, the weighted average interest rate on our floating rate debt was approximately 1.0% and 1.1%, respectively. | |||||||||
Our indebtedness had a weighted average maturity of 6.9 years at December 31, 2013. Scheduled repayments on outstanding debt, including scheduled principal amortizations, and the weighted average interest rate on maturing debt at December 31, 2013 were as follows: | |||||||||
(in millions) | Amount | Weighted Average | |||||||
Interest Rate | |||||||||
2014 | $ | 35.4 | 3.2 | % | |||||
2015 | 252 | 5.1 | |||||||
2016 (1) | 2.2 | — | |||||||
2017 | 249.2 | 5.7 | |||||||
2018 | 177.6 | 0.9 | |||||||
Thereafter | 1,814.40 | 4.5 | |||||||
Total | $ | 2,530.80 | 4.4 | % | |||||
-1 | Includes only scheduled principal amortizations. |
Derivative_Instruments_And_Hed
Derivative Instruments And Hedging Activities | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | |||||||||||||||
Derivative Instruments And Hedging Activities | ' | |||||||||||||||
10. Derivative Financial Instruments and Hedging Activities | ||||||||||||||||
Risk Management Objective of Using Derivatives. We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we may enter into derivative financial instruments to manage exposures arising from business activities resulting in differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings. | ||||||||||||||||
Cash Flow Hedges of Interest Rate Risk. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps and caps as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. | ||||||||||||||||
Designated Hedges. In August 2011, our interest rate swap, with a notional amount of $16.6 million, matured and settled. As a result of the settlement, we did not have any designated hedges as of December 31, 2011. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges was recorded through settlement in accumulated other comprehensive income and was subsequently reclassified into earnings in the period the hedged forecasted transaction affected earnings. Through August 2011, this derivative was used to hedge the variable cash flows associated with existing variable rate debt. | ||||||||||||||||
Non-designated Hedges. Derivatives are not entered into for speculative purposes and are used to manage our exposure to interest rate movements and other identified risks. Our non-designated hedges are either specifically non-designated by management or do not meet strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings in interest and other income (loss). | ||||||||||||||||
In connection with the repayment of a $500 million term loan on June 6, 2011, we discontinued the hedging relationship on a $500 million interest rate swap used as a cash flow hedge as of May 31, 2011. Upon repayment of the loan, which eliminated the probable future variable monthly interest payments that were being hedged, we recognized a non-cash charge of approximately $29.8 million which included the accelerated reclassification of amounts previously recorded in accumulated other comprehensive loss related to this swap. Subsequent changes in the market value of the interest rate swap, which matured in October 2012, were recorded directly in earnings in interest and other income (loss). | ||||||||||||||||
The tables below present the effect of our derivative financial instruments in the consolidated statements of income and comprehensive income for the years ended December 31 (in millions). | ||||||||||||||||
Effect of Derivative Instruments | ||||||||||||||||
Derivatives in | Unrealized (Loss) | Location of Loss | Amount of Loss Reclassified | Location of Loss | Amount of Loss | |||||||||||
Cash Flow | Recognized | Reclassified from | from Accumulated OCI into | Recognized in | Recognized in | |||||||||||
Hedging Relationships | in Other Comprehensive | Accumulated OCI | Income (Effective Portion) | Statements | Statements of Income | |||||||||||
Income (“OCI”) on | into | of Income (Discontinuation, Ineffective | (Discontinuation, Ineffective | |||||||||||||
Derivative (Effective | Income (Effective | Portion and Amount | Portion and Amount | |||||||||||||
Portion) | Portion) | Excluded from | Excluded from Effectiveness | |||||||||||||
Effectiveness Testing) | Testing) | |||||||||||||||
2011 | 2011 | 2011 | ||||||||||||||
Interest Rate Swaps (1) | $ | (2.7 | ) | Interest Expense | $ | 9.9 | Loss on discontinuation of | $ | 29.8 | |||||||
hedging relationship | ||||||||||||||||
(1) The results include the interest rate swap gain (loss) prior to discontinuation in May 2011. | ||||||||||||||||
We did not have any designated hedges during the years ended December 31, 2013 and 2012. No portion of designated hedges was ineffective during the year ended December 31, 2011. | ||||||||||||||||
Derivatives Not Designated as Hedging | Location of Gain/(Loss) | Amount of (Loss) Recognized | ||||||||||||||
Instruments | Recognized in Statements | in Statements of Income | ||||||||||||||
of Income | 2012 | 2011 | ||||||||||||||
Interest Rate Cap | Other income/(loss) | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||
Interest Rate Swap | Other income/(loss) | (0.7 | ) | (0.2 | ) | |||||||||||
We recognized no income or loss during the year ended December 31, 2013 related to non-designated derivatives. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Share-Based Compensation | ' | |||||||||||||
11. Share-based Compensation and Benefit Plans | ||||||||||||||
Incentive Compensation. During the second quarter of 2011, our Board of Trust Managers adopted, and on May 11, 2011 our shareholders approved, the 2011 Share Incentive Plan of Camden Property Trust (as amended, the “2011 Share Plan”). Under the 2011 Share Plan, we may issue up to a total of approximately 9.1 million fungible units (the “Fungible Pool Limit”), which is comprised of approximately 5.8 million new fungible units plus approximately 3.3 million fungible units previously available for issuance under our 2002 share incentive plan based on a 3.45 to 1.0 fungible unit to full value award conversion ratio. Fungible units represent the baseline for the number of shares available for issuance under the 2011 Share Plan. Different types of awards are counted differently against the Fungible Pool Limit, as follows: | ||||||||||||||
• | Each share issued or to be issued in connection with an award, other than an option, right or other award which does not deliver the full value at grant of the underlying shares, will be counted against the Fungible Pool Limit as 3.45 fungible pool units; | |||||||||||||
• | Options and other awards which do not deliver the full value at grant of the underlying shares and which expire more than five years from date of grant will be counted against the Fungible Pool Limit as one fungible pool unit; and | |||||||||||||
• | Options, rights and other awards which do not deliver the full value at grant and expire five years or less from the date of grant will be counted against the Fungible Pool Limit as 0.83 of a fungible pool unit. | |||||||||||||
As of December 31, 2013, approximately 6.7 million fungible units were available under the 2011 Share Plan, which results in approximately 1.9 million common shares which could be granted pursuant to full value awards based on the 3.45 to 1.0 fungible unit to full value award conversion ratio. | ||||||||||||||
Awards which may be granted under the 2011 Share Plan include incentive share options, non-qualified share options (which may be granted separately or in connection with an option), share awards, dividends and dividend equivalents and other equity based awards. Persons eligible to receive awards under the 2011 Share Plan are trust managers, directors of our affiliates, executive and other officers, key employees and consultants, as determined by the Compensation Committee of our Board of Trust Managers. The 2011 Share Plan will expire on May 11, 2021. | ||||||||||||||
Options. New options are exercisable, subject to the terms and conditions of the plan, in increments ranging from 20% to 33.33% per year on each of the anniversaries of the date of grant. The plan provides that the exercise price of an option will be determined by the Compensation Committee of the Board of Trust Managers on the day of grant, and to date all options have been granted at an exercise price that equals the fair market value on the date of grant. Approximately 0.2 million and 0.5 million options were exercised during the years ended December 31, 2013 and 2012, respectively. Options were exercised at prices ranging from $30.06 to $62.32 per option during the year ended December 31, 2013 and at prices ranging from $30.06 to $51.37 per option during the year ended December 31, 2012. | ||||||||||||||
The total intrinsic value of options exercised was approximately $5.3 million, $12.2 million, and $9.6 million during the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013, there was no unrecognized compensation cost related to remaining unvested options which vest in January, 2014. At December 31, 2013, outstanding options and exercisable options had a weighted average remaining life of approximately 3.2 years and 2.9 years, respectively. | ||||||||||||||
The following table summarizes outstanding share options and exercisable options at December 31, 2013: | ||||||||||||||
Outstanding Options (1) | Exercisable Options (1) | |||||||||||||
Range of Exercise Prices | Number | Weighted | Number | Weighted | ||||||||||
Average | Average | |||||||||||||
Price | Price | |||||||||||||
$30.06-$41.16 | 228,012 | $ | 33.14 | 130,107 | $ | 35.46 | ||||||||
$42.90-$43.94 | 108,947 | 43.43 | 108,947 | 43.43 | ||||||||||
$45.53-$62.32 | 297,402 | 47.39 | 297,402 | 47.39 | ||||||||||
Total options | 634,361 | $ | 41.59 | 536,456 | $ | 43.69 | ||||||||
-1 | The aggregate intrinsic value of outstanding and exercisable options at December 31, 2013 was approximately $9.8 million and $7.2 million, respectively. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $56.88 per share on December 31, 2013 and the strike price of the underlying award. | |||||||||||||
Valuation Assumptions. Options generally have a vesting period of three to five years. We estimate the fair values of each option award on the date of grant using the Black-Scholes option pricing model. No new options were granted in 2013, 2012 or 2011. | ||||||||||||||
Share Awards and Vesting. Share awards generally have a vesting period of three to five years. The compensation cost for share awards is based on the market value of the shares on the date of grant and is amortized over the vesting period. To estimate forfeitures, we use actual forfeiture history. At December 31, 2013, the unamortized value of previously issued unvested share awards was approximately $35.7 million which is expected to be amortized over the next four years. The total fair value of shares vested during the years ended December 31, 2013, 2012 and 2011 was approximately $15.9 million, $13.9 million, and $11.5 million, respectively. | ||||||||||||||
Total compensation cost for option and share awards charged against income was approximately $14.7 million, $13.7 million, and $12.3 million for 2013, 2012 and 2011, respectively. Total capitalized compensation cost for option and share awards was approximately $2.2 million, $1.4 million, and $0.9 million for 2013, 2012 and 2011, respectively. | ||||||||||||||
The following table summarizes activity under our share incentive plans for the three years ended December 31: | ||||||||||||||
Options | Weighted | Nonvested | Weighted | |||||||||||
Outstanding | Average | Share | Average | |||||||||||
Exercise / | Awards | Exercise / | ||||||||||||
Grant Price | Outstanding | Grant Price | ||||||||||||
Options and nonvested share awards outstanding at December 31, 2010 | 1,847,136 | $ | 42.37 | 741,505 | $ | 42.16 | ||||||||
Granted | — | — | 347,084 | 57 | ||||||||||
Exercised/Vested | (504,838 | ) | 42.59 | (243,874 | ) | 47.19 | ||||||||
Forfeited | (2,762 | ) | 48.02 | (25,961 | ) | 44.51 | ||||||||
Balance at December 31, 2011 | 1,339,536 | $ | 42.27 | 818,754 | $ | 46.88 | ||||||||
Granted | — | — | 346,330 | 63.51 | ||||||||||
Exercised/Vested | (468,839 | ) | 40.86 | (282,552 | ) | 49.28 | ||||||||
Forfeited | (31,943 | ) | 60.56 | (20,279 | ) | 52.05 | ||||||||
Balance at December 31, 2012 | 838,754 | $ | 42.36 | 862,253 | $ | 52.64 | ||||||||
Granted | — | — | 350,615 | 69.56 | ||||||||||
Exercised/Vested | (183,871 | ) | 41.56 | (309,396 | ) | 51.41 | ||||||||
Forfeited | (20,522 | ) | 73.32 | (72,174 | ) | 58.08 | ||||||||
Total options and nonvested share awards outstanding at December 31, 2013 | 634,361 | $ | 41.59 | 831,298 | $ | 59.77 | ||||||||
Employee Share Purchase Plan (“ESPP”). We have established an ESPP for all active employees and officers who have completed one year of continuous service. Participants may elect to purchase our common shares through payroll deductions and /or through semi-annual contributions. At the end of each six-month offering period, each participant’s account balance is applied to acquire common shares at 85% of the market value, as defined, on the first or last day of the offering period, whichever price is lower. We currently use treasury shares to satisfy ESPP share requirements. Each participant must hold the shares purchased for nine months in order to receive the discount, and a participant may not purchase more than $25,000 in value of shares during any plan year, as defined. The following table presents information related to our ESPP: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Shares purchased | 17,171 | 20,137 | 19,914 | |||||||||||
Weighted average fair value of shares purchased | $ | 62.59 | $ | 67.8 | $ | 63.29 | ||||||||
Expense recorded (in millions) | $ | 0.2 | $ | 0.3 | $ | 0.3 | ||||||||
In January 2014, approximately 9,167 shares were purchased under the ESPP related to the 2013 plan year. | ||||||||||||||
Rabbi Trust. We established a rabbi trust for a select group of participants in which share awards granted under the share incentive plan and salary and other cash amounts earned may be deposited. The rabbi trust is only in use for deferrals made prior to 2005, including bonuses related to service in 2004 but paid in 2005. The rabbi trust is an irrevocable trust and no portion of the trust fund may be used for any purpose other than the delivery of those assets to the participants. The assets held in the rabbi trust are subject to the claims of our general creditors in the event of bankruptcy or insolvency. | ||||||||||||||
The value of the assets of the rabbi trust is consolidated into our financial statements. Granted share awards held by the rabbi trust are classified in equity in a manner similar to the manner in which treasury stock is accounted. Subsequent changes in the fair value of the shares are not recognized. The deferred compensation obligation is classified as an equity instrument and changes in the fair value of the amount owed to the participant are not recognized. At December 31, 2013 and 2012, approximately 1.9 million share awards were held in the rabbi trust. Additionally, as of December 31, 2013 and 2012, the rabbi trust held trading securities totaling approximately $41.3 million and $35.7 million, respectively, which represents cash deferrals made by plan participants. Market value fluctuations on these trading securities are recognized in income in accordance with GAAP and the liability due to participants is adjusted accordingly. | ||||||||||||||
At December 31, 2013 and 2012, approximately $25.4 million and $25.7 million, respectively, was required to be paid to us by plan participants upon the withdrawal of any assets from the rabbi trust, and is included in “Accounts receivable-affiliates” in our consolidated financial statements. | ||||||||||||||
Non-Qualified Deferred Compensation Plan. In 2004, we established a Non-Qualified Deferred Compensation Plan (the “Plan”) which is an unfunded arrangement established and maintained primarily for the benefit of a select group of participants. Eligible participants commence participation in the Plan on the date the deferral election first becomes effective. We credit to the participant’s account an amount equal to the amount designated as the participant’s deferral for the plan year as indicated in the participant’s deferral election(s). Any modification to or termination of the Plan will not reduce a participant’s right to any vested amounts already credited to his or her account. At December 31, 2013 and 2012, approximately 1.2 million and 1.0 million share awards, respectively, were held in the Plan. Additionally, as of December 31, 2013 and 2012, the Plan held trading securities totaling approximately $18.1 million and $15.2 million, respectively, which represents cash deferrals made by plan participants. Market value fluctuations on these trading securities are recognized in income in accordance with GAAP and the liability due to participants is adjusted accordingly. | ||||||||||||||
In July 2013, we amended and restated the Plan to permit diversification of fully vested share awards into other equity securities subject to a six month holding period, which resulted in the fully vested awards and the proportionate share of nonvested awards eligible for diversification being reclassified from additional paid in capital to temporary equity in our consolidated balance sheets. The share awards are adjusted to their redemption value at each reporting period, with the redemption value based on the market value of the shares at the end of the reporting period. Changes in value from period to period are charged to distributions in excess of net income attributable to common shareholders in our consolidated statements of equity and perpetual preferred units. The following table summarizes the eligible share award activity as recorded in temporary equity from July 31, 2013, the effective date of the amended and restated Plan, through December 31, 2013: | ||||||||||||||
(in thousands) | ||||||||||||||
Temporary equity: | ||||||||||||||
Effective date of amended and restated plan at July 31, 2013 | $ | — | ||||||||||||
Change in classification of share awards | 37,958 | |||||||||||||
Change in redemption value of share awards | 9,575 | |||||||||||||
Diversification of share awards | (353 | ) | ||||||||||||
Non-qualified deferred compensation share awards at December 31, 2013 | $ | 47,180 | ||||||||||||
401(k) Savings Plan. We have a 401(k) savings plan, which is a voluntary defined contribution plan. Under the savings plan, every employee is eligible to participate, beginning on the date the employee has completed six months of continuous service with us. Each participant may make contributions to the savings plan by means of a pre-tax salary deferral, which may not be less than 1% or more than 60% of the participant’s compensation. The federal tax code limits the annual amount of salary deferrals which may be made by any participant. We may make matching contributions on the participant’s behalf up to a predetermined limit. The matching contribution made for the years ended December 31, 2013, 2012 and 2011 was approximately $2.2 million, $2.2 million and $1.8 million, respectively. A participant’s salary deferral contribution is 100% vested and nonforfeitable. A participant will become vested in our matching contributions 33% after one year of service, 67% after two years of service and 100% after three years of service. Administrative expenses under the savings plan were paid by us and were not significant for all periods presented. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||||||||||||||||
12. Fair Value Measurements | ||||||||||||||||||||||||||||||||
Recurring Fair Value Disclosures. The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2013 and 2012 using the inputs and fair value hierarchy discussed in Note 2, “Summary of Significant Accounting Policies and Recent Accounting Pronouncements”: | ||||||||||||||||||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
(in millions) | Quoted | Significant | Significant | Total | Quoted | Significant | Significant | Total | ||||||||||||||||||||||||
Prices in | Other | Unobservable | Prices in | Other | Unobservable | |||||||||||||||||||||||||||
Active Markets | Observable | Inputs | Active Markets | Observable | Inputs | |||||||||||||||||||||||||||
for Identical | Inputs | (Level 3) | for Identical | Inputs | (Level 3) | |||||||||||||||||||||||||||
Assets (Level 1) | (Level 2) | Assets (Level 1) | (Level 2) | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Deferred compensation plan investments (1) | $ | 43.8 | $ | — | $ | — | $ | 43.8 | $ | 35 | $ | — | $ | — | $ | 35 | ||||||||||||||||
(1) Approximately $1.6 million of participant cash was withdrawn from our deferred compensation plan investments during the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||
Financial Instrument Fair Value Disclosures. As of December 31, 2013 and 2012, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and distributions payable represent fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. | ||||||||||||||||||||||||||||||||
The following table presents the carrying and estimated fair values of our notes payable for the years ended December 31: | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
(in millions) | Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||||||||||||||||||
Fixed rate notes payable | $ | 2,319.50 | $ | 2,391.50 | $ | 2,297.80 | $ | 2,518.10 | ||||||||||||||||||||||||
Floating rate notes payable | 211.3 | 201.4 | 212.7 | 203.4 | ||||||||||||||||||||||||||||
Nonrecurring Fair Value Disclosures. There were no events during the years ended December 31, 2013 or 2012 which required fair value adjustments of our non-financial assets and non-financial liabilities. The nonrecurring fair value disclosures inputs under the fair value hierarchy are discussed in Note 2, “Summary of Significant Accounting Policies and Recent Accounting Pronouncements.” |
Net_Change_In_Operating_Accoun
Net Change In Operating Accounts | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Increase (Decrease) in Operating Capital [Abstract] | ' | |||||||||||
Net Change In Operating Accounts | ' | |||||||||||
13. Net Change in Operating Accounts | ||||||||||||
The effect of changes in the operating accounts and other on cash flows from operating activities is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Change in assets: | ||||||||||||
Other assets, net | $ | (2,639 | ) | $ | (2,443 | ) | $ | 5,183 | ||||
Change in liabilities: | ||||||||||||
Accounts payable and accrued expenses | (8,138 | ) | 2,320 | 2,026 | ||||||||
Accrued real estate taxes | 7,165 | 5,640 | (122 | ) | ||||||||
Other liabilities | 22,139 | (16,192 | ) | (17,152 | ) | |||||||
Other | 1,051 | 816 | 596 | |||||||||
Change in operating accounts and other | $ | 19,578 | $ | (9,859 | ) | $ | (9,469 | ) | ||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
14. Commitments and Contingencies | |
Construction Contracts. As of December 31, 2013, we estimate the additional costs to complete 13 consolidated projects currently under construction to be approximately $541.2 million. We expect to fund these amounts through a combination of cash flows generated from operations, draws on our unsecured credit facility or other short-term borrowings, proceeds from property dispositions, the use of debt and equity offerings under our automatic shelf registration statement, equity issued from our ATM programs, other unsecured borrowings and secured mortgages. | |
Litigation. One of our wholly-owned subsidiaries previously acted as a general contractor for the construction of an apartment project in Florida which was subsequently sold and converted to condominium units by an unrelated third-party. The condominium association instituted a lawsuit against our subsidiary and other unrelated third-parties in Florida alleging negligent construction and failure to comply with building codes and claimed damages for the costs of repair arising out of the alleged defective construction as well as the recovery of incidental and consequential damages resulting from such alleged negligence. This matter was mediated in December 2013 and the terms of a settlement were agreed upon, subject to the finalization of settlement documentation, pursuant to which we will make a one-time payment to the association in an amount which is not material. | |
We are also subject to various legal proceedings and claims which arise in the ordinary course of business. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on our consolidated financial statements. | |
Other Contingencies. In the ordinary course of our business, we issue letters of intent indicating a willingness to negotiate for acquisitions, dispositions, or joint ventures and also enter into arrangements contemplating various transactions. Such letters of intent and other arrangements are non-binding as to either party unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the purchase or sale of real property are entered into, these contracts generally provide the purchaser with time to evaluate the property and conduct due diligence, during which periods the purchaser will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance definitive contracts will be entered into with respect to any matter covered by letters of intent or we will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. An acquisition or sale of real property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. We are then at risk under a real property acquisition contract, but generally only to the extent of any earnest money deposits associated with the contract, and are obligated to sell under a real property sales contract. At December 31, 2013, we had made earnest money deposits of approximately $2.5 million for potential acquisitions of operating properties and land, of which approximately $2.1 million is non-refundable. | |
Lease Commitments. At December 31, 2013, we had long-term leases covering certain land, office facilities and equipment. Rental expense totaled approximately $2.8 million, $2.6 million, and $2.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. Minimum annual rental commitments for the years ending December 31, 2014 through 2018 are approximately $2.8 million, $2.3 million, $2.6 million, $2.7 million, and $2.5 million, respectively, and approximately $15.4 million in the aggregate thereafter. | |
Investments in Joint Ventures. We have entered into, and may continue in the future to enter into, joint ventures or partnerships (including limited liability companies) through which we own an indirect economic interest in less than 100% of the community or land owned directly by the joint venture or partnership. Our decision whether to hold the entire interest in an apartment community or land ourselves, or to have an indirect interest in the community or land through a joint venture or partnership, is based on a variety of factors and considerations, including: (i) our projection, in some circumstances, that we will achieve higher returns on our invested capital or reduce our risk if a joint venture or partnership vehicle is used; (ii) our desire to diversify our portfolio of investments by market; (iii) our desire at times to preserve our capital resources to maintain liquidity or balance sheet strength; and (iv) the economic and tax terms required by a seller of land or of a community, who may prefer or who may require less payment if the land or community is contributed to a joint venture or partnership. Investments in joint ventures or partnerships are not limited to a specified percentage of our assets. Each joint venture or partnership agreement is individually negotiated, and our ability to operate and/or dispose of land or of a community in our sole discretion is limited to varying degrees in our existing joint venture agreements and may be limited to varying degrees depending on the terms of future joint venture agreements. | |
Employment Agreements. At December 31, 2013, we had employment agreements with 13 of our senior officers, the terms of which expire at various times through August 20, 2014. Such agreements provide for minimum salary levels, as well as various incentive compensation arrangements, which are payable based on the attainment of specific goals. The agreements also provide for severance payments plus a gross-up payment if certain situations occur, such as termination without cause or a change of control. In the case of 10 of the agreements, the severance payment equals one times the respective current annual base salary in the case of termination without cause and 2.99 times the respective average annual base salary over the previous three fiscal years in the case of a change of control and a termination of employment or a material adverse change in the scope of their duties. In the case of one agreement, the severance payment equals one times the respective current annual base salary for termination without cause and 2.99 times the greater of current gross income or average gross income over the previous three fiscal years in the case of a change of control. In the case of the other two agreements, the severance payment generally equals 2.99 times the respective average annual compensation over the previous three fiscal years in connection with, among other things, a termination without cause or a change of control, and the officer would be entitled to receive continuation and vesting of certain benefits in the case of such termination. |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Noncontrolling Interests [Abstract] | ' | |||||||||||
Noncontrolling Interests | ' | |||||||||||
15. Non-controlling Interests | ||||||||||||
The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to common shareholders for each of the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to common shareholders | $ | 336,364 | $ | 283,390 | $ | 49,379 | ||||||
Transfers from the non-controlling interests: | ||||||||||||
Increase in equity for conversion and redemption of operating partnership units | 52 | 8,994 | 592 | |||||||||
Decrease in additional paid-in-capital for acquisition of remaining non-controlling interests in three consolidated joint ventures (1) | — | (19,549 | ) | — | ||||||||
Change in common equity and net transfers from non-controlling interests | $ | 336,416 | $ | 272,835 | $ | 49,971 | ||||||
(1) Refer to Note 7, "Acquisitions and Discontinued Operations" for further discussions of acquisition. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Data (unaudited) [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||||||
16. Quarterly Financial Data (unaudited) | ||||||||||||||||||||
Summarized quarterly financial data, which has been adjusted for discontinued operations as discussed in Note 7, “Property Acquisitions and Discontinued Operations,” for the years ended December 31, 2013 and 2012, is as follows: | ||||||||||||||||||||
(in thousands, except per share amounts) | First | Second | Third | Fourth | Total(a) | |||||||||||||||
2013:00:00 | ||||||||||||||||||||
Revenues | $ | 189,811 | $ | 194,983 | $ | 199,740 | $ | 204,317 | $ | 788,851 | ||||||||||
Net income attributable to common shareholders | 63,476 | 72,172 | 70,720 | 129,996 | 336,364 | |||||||||||||||
Net income attributable to common shareholders per share – basic | 0.72 | (b) | 0.82 | (c) | 0.8 | (d) | 1.47 | (e) | 3.82 | |||||||||||
Net income attributable to common shareholders per share – diluted | 0.72 | (b) | 0.81 | (c) | 0.79 | (d) | 1.46 | (e) | 3.78 | |||||||||||
2012:00:00 | ||||||||||||||||||||
Revenues | $ | 164,046 | $ | 170,807 | $ | 179,667 | $ | 183,798 | $ | 698,318 | ||||||||||
Net income attributable to common shareholders | 88,758 | 21,763 | 30,703 | 142,166 | 283,390 | |||||||||||||||
Net income attributable to common shareholders per share – basic | 1.1 | (f) | 0.26 | 0.36 | (g) | 1.63 | (h) | 3.35 | ||||||||||||
Net income attributable to common shareholders per share – diluted | 1.07 | (f) | 0.26 | 0.35 | (g) | 1.6 | (h) | 3.3 | ||||||||||||
(a) | Net income per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. | |||||||||||||||||||
(b) | Includes a $31,783, or $0.37 basic and $0.36 diluted per share, impact related to the gain on sale of discontinued operations. | |||||||||||||||||||
(c) | Includes a $24,866, or $0.29 basic and $0.28 diluted per share, impact related to the gain on sale of discontinued operations, and a $13,032, or $0.15 basic and diluted per share, impact related to our proportionate gain on sale of 14 joint venture communities included in equity in income of joint ventures. | |||||||||||||||||||
(d) | Includes a $34,410, or $0.39 basic and diluted per share, impact related to the gain on sale of discontinued operations. | |||||||||||||||||||
(e) | Includes a $91,101, or $1.04 basic and $1.03 diluted per share, impact related to the gain on sale of discontinued operations and a $3,245, or $0.04 basic and diluted per share, impact related to our proportionate gain on sale of two operating properties by one of our unconsolidated joint ventures included in equity in income of joint ventures. | |||||||||||||||||||
(f) | Includes a $32,541, or $0.41 basic and $0.39 diluted per share, impact related to the gain on sale of discontinued operations, and a $40,191, or $0.50 basic and $0.49 diluted per share, impact related to the gain on acquisition of the controlling interest in twelve former unconsolidated joint ventures. | |||||||||||||||||||
(g) | Includes a $2,875, or $0.03 basic and diluted per share, impact related to our proportionate gain on sale of one joint venture community included in equity in income of joint ventures. | |||||||||||||||||||
(h) | Includes an $82,527, or $0.96 basic and $0.94 diluted per share, impact related to the gain on sale of discontinued operations. Also includes a $17,227, or $0.20 basic and diluted per share, impact related to the gain on acquisition of the controlling interest in one former unconsolidated joint venture, and a $14,543, or $0.17 basic and diluted per share, impact related to our proportionate gain on sale of six operating properties by two of our unconsolidated joint ventures included in equity in income of joint ventures. |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||
Land | Building/ | Cost | Land | Building/ | Total | Accumulated | Total Cost, | Encumbrances | Year of | |||||||||||||||||||||||||||||
Construction in | Subsequent | Construction | Depreciation | Net of | Completion/ | |||||||||||||||||||||||||||||||||
Progress & | to Acquisition/ | in Progress & | Accumulated | Acquisition | ||||||||||||||||||||||||||||||||||
Improvements | Construction | Improvements | Depreciation | |||||||||||||||||||||||||||||||||||
Current communities: | ||||||||||||||||||||||||||||||||||||||
Camden Addison | $ | 11,516 | $ | 29,332 | $ | 3,280 | $ | 11,516 | $ | 32,612 | $ | 44,128 | $ | 2,444 | $ | 41,684 | 2012 | |||||||||||||||||||||
Camden Ashburn Farm | 4,835 | 22,604 | 1,172 | 4,835 | 23,776 | 28,611 | 6,576 | 22,035 | 2005 | |||||||||||||||||||||||||||||
Camden Aventura | 12,185 | 47,616 | 8,767 | 12,185 | 56,383 | 68,568 | 15,223 | 53,345 | 2005 | |||||||||||||||||||||||||||||
Camden Ballantyne | 4,503 | 30,250 | 6,763 | 4,503 | 37,013 | 41,516 | 10,078 | 31,438 | 26,025 | 2005 | ||||||||||||||||||||||||||||
Camden Bay | 7,450 | 63,283 | 8,182 | 7,450 | 71,465 | 78,915 | 28,305 | 50,610 | 1998/2002 | |||||||||||||||||||||||||||||
Camden Bayside | 3,726 | 28,689 | 16,300 | 3,726 | 44,989 | 48,715 | 27,939 | 20,776 | 1997 | |||||||||||||||||||||||||||||
Camden Bel Air | 3,594 | 31,221 | 6,007 | 3,594 | 37,228 | 40,822 | 20,970 | 19,852 | 1998 | |||||||||||||||||||||||||||||
Camden Belleview Station | 8,091 | 44,003 | 452 | 8,091 | 44,455 | 52,546 | 1,718 | 50,828 | 2012 | |||||||||||||||||||||||||||||
Camden Belmont | 12,521 | 61,522 | 344 | 12,521 | 61,866 | 74,387 | 3,379 | 71,008 | 2012 | |||||||||||||||||||||||||||||
Camden Breakers | 1,055 | 13,024 | 5,997 | 1,055 | 19,021 | 20,076 | 9,934 | 10,142 | 1996 | |||||||||||||||||||||||||||||
Camden Breeze | 2,894 | 15,828 | 4,896 | 2,894 | 20,724 | 23,618 | 11,199 | 12,419 | 1998 | |||||||||||||||||||||||||||||
Camden Brickell | 14,621 | 57,031 | 7,713 | 14,621 | 64,744 | 79,365 | 17,845 | 61,520 | 2005 | |||||||||||||||||||||||||||||
Camden Brookwood | 7,174 | 31,984 | 5,249 | 7,174 | 37,233 | 44,407 | 10,300 | 34,107 | 22,624 | 2005 | ||||||||||||||||||||||||||||
Camden Buckingham | 2,704 | 21,251 | 6,769 | 2,704 | 28,020 | 30,724 | 12,668 | 18,056 | 1997 | |||||||||||||||||||||||||||||
Camden Caley | 2,047 | 17,445 | 3,213 | 2,047 | 20,658 | 22,705 | 8,778 | 13,927 | 15,351 | 2000 | ||||||||||||||||||||||||||||
Camden Canyon | 1,802 | 11,666 | 4,855 | 1,802 | 16,521 | 18,323 | 9,308 | 9,015 | 1998 | |||||||||||||||||||||||||||||
Camden Cedar Hills | 2,684 | 20,931 | 108 | 2,684 | 21,039 | 23,723 | 5,090 | 18,633 | 2008 | |||||||||||||||||||||||||||||
Camden Centre | 172 | 1,166 | 369 | 172 | 1,535 | 1,707 | 876 | 831 | 1998 | |||||||||||||||||||||||||||||
Camden Centreport | 1,613 | 12,644 | 3,787 | 1,613 | 16,431 | 18,044 | 7,695 | 10,349 | 1997 | |||||||||||||||||||||||||||||
Camden Cimarron | 2,231 | 14,092 | 5,412 | 2,231 | 19,504 | 21,735 | 10,338 | 11,397 | 1997 | |||||||||||||||||||||||||||||
Camden City Centre | 4,976 | 44,735 | 611 | 4,976 | 45,346 | 50,322 | 10,643 | 39,679 | 33,795 | 2007 | ||||||||||||||||||||||||||||
Camden City Centre II | 5,101 | 28,553 | — | 5,101 | 28,553 | 33,654 | 1,253 | 32,401 | 2013 | |||||||||||||||||||||||||||||
Camden Clearbrook | 2,384 | 44,017 | 700 | 2,384 | 44,717 | 47,101 | 10,457 | 36,644 | 2007 | |||||||||||||||||||||||||||||
Camden Club | 4,453 | 29,811 | 8,743 | 4,453 | 38,554 | 43,007 | 24,913 | 18,094 | 1998 | |||||||||||||||||||||||||||||
Camden College Park | 16,409 | 91,503 | 1,205 | 16,409 | 92,708 | 109,117 | 9,295 | 99,822 | 2008 | |||||||||||||||||||||||||||||
Camden Commons | 2,476 | 20,073 | 6,012 | 2,476 | 26,085 | 28,561 | 16,772 | 11,789 | 1998 | |||||||||||||||||||||||||||||
Camden Copper Ridge | 1,204 | 9,180 | 6,473 | 1,204 | 15,653 | 16,857 | 10,986 | 5,871 | 1993 | |||||||||||||||||||||||||||||
Camden Copper Square | 4,825 | 23,672 | 5,693 | 4,825 | 29,365 | 34,190 | 12,367 | 21,823 | 2000 | |||||||||||||||||||||||||||||
Camden Cotton Mills | 4,246 | 19,147 | 4,882 | 4,246 | 24,029 | 28,275 | 6,775 | 21,500 | 2005 | |||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||
Land | Building/ | Cost | Land | Building/ | Total | Accumulated | Total Cost, | Encumbrances | Year of | |||||||||||||||||||||||||||||
Construction in | Subsequent | Construction | Depreciation | Net of | Completion/ | |||||||||||||||||||||||||||||||||
Progress & | to Acquisition/ | in Progress & | Accumulated | Acquisition | ||||||||||||||||||||||||||||||||||
Improvements | Construction | Improvements | Depreciation | |||||||||||||||||||||||||||||||||||
Camden Cove | $ | 1,382 | $ | 6,266 | $ | 1,691 | 1,382 | $ | 7,957 | $ | 9,339 | $ | 4,863 | $ | 4,476 | 1998 | ||||||||||||||||||||||
Camden Creekstone | 5,017 | 19,912 | 407 | 5,017 | 20,319 | 25,336 | 1,093 | 24,243 | 2012 | |||||||||||||||||||||||||||||
Camden Crest | 4,412 | 31,108 | 2,600 | 4,412 | 33,708 | 38,120 | 9,500 | 28,620 | 2005 | |||||||||||||||||||||||||||||
Camden Crown Valley | 9,381 | 54,210 | 5,387 | 9,381 | 59,597 | 68,978 | 22,432 | 46,546 | 2001 | |||||||||||||||||||||||||||||
Camden Deerfield | 4,895 | 21,922 | 3,724 | 4,895 | 25,646 | 30,541 | 7,101 | 23,440 | 19,220 | 2005 | ||||||||||||||||||||||||||||
Camden Del Mar | 4,404 | 35,264 | 13,746 | 4,404 | 49,010 | 53,414 | 27,558 | 25,856 | 1998 | |||||||||||||||||||||||||||||
Camden Denver West | 6,396 | 51,552 | 712 | 6,396 | 52,264 | 58,660 | 1,693 | 56,967 | 24,698 | 2012 | ||||||||||||||||||||||||||||
Camden Dilworth | 516 | 16,633 | 1,350 | 516 | 17,983 | 18,499 | 4,523 | 13,976 | 13,073 | 2006 | ||||||||||||||||||||||||||||
Camden Doral | 10,260 | 40,416 | 2,664 | 10,260 | 43,080 | 53,340 | 11,509 | 41,831 | 2005 | |||||||||||||||||||||||||||||
Camden Doral Villas | 6,476 | 25,543 | 3,577 | 6,476 | 29,120 | 35,596 | 7,993 | 27,603 | 2005 | |||||||||||||||||||||||||||||
Camden Dulles Station | 10,807 | 61,548 | 2,066 | 10,807 | 63,614 | 74,421 | 12,581 | 61,840 | 2008 | |||||||||||||||||||||||||||||
Camden Dunwoody | 5,290 | 23,642 | 5,453 | 5,290 | 29,095 | 34,385 | 7,806 | 26,579 | 21,168 | 2005 | ||||||||||||||||||||||||||||
Camden Fair Lakes | 15,515 | 104,223 | 5,453 | 15,515 | 109,676 | 125,191 | 29,090 | 96,101 | 2005 | |||||||||||||||||||||||||||||
Camden Fairfax Corner | 8,484 | 72,953 | 2,218 | 8,484 | 75,171 | 83,655 | 18,828 | 64,827 | 2006 | |||||||||||||||||||||||||||||
Camden Fairview | 1,283 | 7,223 | 3,325 | 1,283 | 10,548 | 11,831 | 3,223 | 8,608 | 2005 | |||||||||||||||||||||||||||||
Camden Fairways | 3,969 | 15,543 | 9,291 | 3,969 | 24,834 | 28,803 | 15,560 | 13,243 | 1998 | |||||||||||||||||||||||||||||
Camden Fallsgrove | 9,408 | 43,647 | 3,864 | 9,408 | 47,511 | 56,919 | 12,443 | 44,476 | 2005 | |||||||||||||||||||||||||||||
Camden Farmers Market | 17,341 | 74,193 | 10,175 | 17,341 | 84,368 | 101,709 | 30,616 | 71,093 | 50,711 | 2001/2005 | ||||||||||||||||||||||||||||
Camden Foxcroft | 1,408 | 7,919 | 3,295 | 1,408 | 11,214 | 12,622 | 3,792 | 8,830 | 8,901 | 2005 | ||||||||||||||||||||||||||||
Camden Gaines Ranch | 5,094 | 37,100 | 6,903 | 5,094 | 44,003 | 49,097 | 11,338 | 37,759 | 2005 | |||||||||||||||||||||||||||||
Camden Glen Lakes | 2,157 | 16,339 | 14,505 | 2,157 | 30,844 | 33,001 | 26,489 | 6,512 | 1993 | |||||||||||||||||||||||||||||
Camden Governor's Village | 3,669 | 20,508 | 2,374 | 3,669 | 22,882 | 26,551 | 6,729 | 19,822 | 13,004 | 2005 | ||||||||||||||||||||||||||||
Camden Grand Parc | 7,688 | 35,900 | 890 | 7,688 | 36,790 | 44,478 | 9,859 | 34,619 | 2005 | |||||||||||||||||||||||||||||
Camden Grandview | 7,570 | 33,859 | 5,754 | 7,570 | 39,613 | 47,183 | 11,348 | 35,835 | 2005 | |||||||||||||||||||||||||||||
Camden Greenway | 16,916 | 43,933 | 12,874 | 16,916 | 56,807 | 73,723 | 24,283 | 49,440 | 52,360 | 1999 | ||||||||||||||||||||||||||||
Camden Harbor View | 16,079 | 127,459 | 6,161 | 16,079 | 133,620 | 149,699 | 41,100 | 108,599 | 92,716 | 2003 | ||||||||||||||||||||||||||||
Camden Henderson | 3,842 | 15,256 | 85 | 3,842 | 15,341 | 19,183 | 857 | 18,326 | 2012 | |||||||||||||||||||||||||||||
Camden Highlands Ridge | 2,612 | 34,726 | 7,070 | 2,612 | 41,796 | 44,408 | 17,956 | 26,452 | 1996 | |||||||||||||||||||||||||||||
Camden Hills | 853 | 7,834 | 1,543 | 853 | 9,377 | 10,230 | 5,606 | 4,624 | 1998 | |||||||||||||||||||||||||||||
Camden Holly Springs | 11,108 | 42,852 | 4,095 | 11,108 | 46,947 | 58,055 | 3,245 | 54,810 | 2012 | |||||||||||||||||||||||||||||
Camden Hunter's Creek | 4,156 | 20,925 | 2,341 | 4,156 | 23,266 | 27,422 | 6,460 | 20,962 | 2005 | |||||||||||||||||||||||||||||
Camden Huntingdon | 2,289 | 17,393 | 6,169 | 2,289 | 23,562 | 25,851 | 12,371 | 13,480 | 1995 | |||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||
Land | Building/ | Cost | Land | Building/ | Total | Accumulated | Total Cost, | Encumbrances | Year of | |||||||||||||||||||||||||||||
Construction in | Subsequent | Construction | Depreciation | Net of | Completion/ | |||||||||||||||||||||||||||||||||
Progress & | to Acquisition/ | in Progress & | Accumulated | Acquisition | ||||||||||||||||||||||||||||||||||
Improvements | Construction | Improvements | Depreciation | |||||||||||||||||||||||||||||||||||
Camden Interlocken | $ | 5,293 | $ | 31,612 | $ | 6,901 | $ | 5,293 | $ | 38,513 | $ | 43,806 | $ | 16,918 | $ | 26,888 | $ | 27,431 | 1999 | |||||||||||||||||||
Camden Lago Vista | 3,497 | 29,623 | 925 | 3,497 | 30,548 | 34,045 | 9,372 | 24,673 | 2005 | |||||||||||||||||||||||||||||
Camden Lake Pine | 5,746 | 31,714 | 5,610 | 5,746 | 37,324 | 43,070 | 10,833 | 32,237 | 26,212 | 2005 | ||||||||||||||||||||||||||||
Camden Lakes | 3,106 | 22,746 | 12,823 | 3,106 | 35,569 | 38,675 | 26,124 | 12,551 | 1997 | |||||||||||||||||||||||||||||
Camden Lakeside | 1,171 | 7,395 | 4,861 | 1,171 | 12,256 | 13,427 | 8,384 | 5,043 | 1997 | |||||||||||||||||||||||||||||
Camden Lakeway | 3,915 | 34,129 | 8,335 | 3,915 | 42,464 | 46,379 | 19,566 | 26,813 | 29,267 | 1997 | ||||||||||||||||||||||||||||
Camden Landmark | 17,339 | 71,315 | 888 | 17,339 | 72,203 | 89,542 | 3,278 | 86,264 | 2012 | |||||||||||||||||||||||||||||
Camden Lansdowne | 15,502 | 102,267 | 3,623 | 15,502 | 105,890 | 121,392 | 29,162 | 92,230 | 2005 | |||||||||||||||||||||||||||||
Camden Largo Town Center | 8,411 | 44,163 | 2,075 | 8,411 | 46,238 | 54,649 | 12,255 | 42,394 | 2005 | |||||||||||||||||||||||||||||
Camden Las Olas | 12,395 | 79,518 | 6,114 | 12,395 | 85,632 | 98,027 | 23,027 | 75,000 | 2005 | |||||||||||||||||||||||||||||
Camden LaVina | 12,907 | 42,569 | 8 | 12,907 | 42,577 | 55,484 | 4,331 | 51,153 | 2012 | |||||||||||||||||||||||||||||
Camden Lee Vista | 4,350 | 34,643 | 4,318 | 4,350 | 38,961 | 43,311 | 16,709 | 26,602 | 2000 | |||||||||||||||||||||||||||||
Camden Legacy | 4,068 | 26,612 | 8,772 | 4,068 | 35,384 | 39,452 | 17,609 | 21,843 | 1998 | |||||||||||||||||||||||||||||
Camden Legacy Creek | 2,052 | 12,896 | 4,400 | 2,052 | 17,296 | 19,348 | 8,553 | 10,795 | 1997 | |||||||||||||||||||||||||||||
Camden Legacy Park | 2,560 | 15,449 | 5,536 | 2,560 | 20,985 | 23,545 | 10,030 | 13,515 | 13,866 | 1997 | ||||||||||||||||||||||||||||
Camden Legends | 1,370 | 6,382 | 1,145 | 1,370 | 7,527 | 8,897 | 4,056 | 4,841 | 1998 | |||||||||||||||||||||||||||||
Camden Main and Jamboree | 17,363 | 75,387 | 433 | 17,363 | 75,820 | 93,183 | 8,756 | 84,427 | 50,579 | 2008 | ||||||||||||||||||||||||||||
Camden Manor Park | 2,535 | 47,159 | 1,165 | 2,535 | 48,324 | 50,859 | 12,985 | 37,874 | 29,675 | 2006 | ||||||||||||||||||||||||||||
Camden Martinique | 28,401 | 51,861 | 14,168 | 28,401 | 66,029 | 94,430 | 31,599 | 62,831 | 36,284 | 1998 | ||||||||||||||||||||||||||||
Camden Midtown | 4,583 | 18,026 | 7,442 | 4,583 | 25,468 | 30,051 | 11,066 | 18,985 | 28,058 | 1999 | ||||||||||||||||||||||||||||
Camden Midtown Atlanta | 6,196 | 33,828 | 3,351 | 6,196 | 37,179 | 43,375 | 10,877 | 32,498 | 20,565 | 2005 | ||||||||||||||||||||||||||||
Camden Miramar | — | 38,784 | 9,198 | — | 47,982 | 47,982 | 17,426 | 30,556 | 1994-2013 | |||||||||||||||||||||||||||||
Camden Montague | 3,576 | 16,534 | 8 | 3,576 | 16,542 | 20,118 | 1,490 | 18,628 | 2012 | |||||||||||||||||||||||||||||
Camden Montierra | 13,687 | 31,727 | 2,682 | 13,687 | 34,409 | 48,096 | 1,229 | 46,867 | 2012 | |||||||||||||||||||||||||||||
Camden Monument Place | 9,030 | 54,089 | 429 | 9,030 | 54,518 | 63,548 | 12,411 | 51,137 | 2007 | |||||||||||||||||||||||||||||
Camden Oak Crest | 2,078 | 20,941 | 2,511 | 2,078 | 23,452 | 25,530 | 8,584 | 16,946 | 17,309 | 2003 | ||||||||||||||||||||||||||||
Camden Old Creek | 20,360 | 71,777 | 678 | 20,360 | 72,455 | 92,815 | 16,758 | 76,057 | 2007 | |||||||||||||||||||||||||||||
Camden Orange Court | 5,319 | 40,733 | 532 | 5,319 | 41,265 | 46,584 | 8,676 | 37,908 | 2008 | |||||||||||||||||||||||||||||
Camden Overlook | 4,591 | 25,563 | 4,829 | 4,591 | 30,392 | 34,983 | 8,860 | 26,123 | 2005 | |||||||||||||||||||||||||||||
Camden Palisades | 8,406 | 31,497 | 8,171 | 8,406 | 39,668 | 48,074 | 21,292 | 26,782 | 1998 | |||||||||||||||||||||||||||||
Camden Park | 4,922 | 16,453 | 1,050 | 4,922 | 17,503 | 22,425 | 1,315 | 21,110 | 2012 | |||||||||||||||||||||||||||||
Camden Parkside | 29,730 | 34,368 | 751 | 29,730 | 35,119 | 64,849 | 2,491 | 62,358 | 2012 | |||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||
Land | Building/ | Cost | Land | Building/ | Total | Accumulated | Total Cost, | Encumbrances | Year of | |||||||||||||||||||||||||||||
Construction in | Subsequent | Construction | Depreciation | Net of | Completion/ | |||||||||||||||||||||||||||||||||
Progress & | to Acquisition/ | in Progress & | Accumulated | Acquisition | ||||||||||||||||||||||||||||||||||
Improvements | Construction | Improvements | Depreciation | |||||||||||||||||||||||||||||||||||
Camden Peachtree City | $ | 6,536 | $ | 29,063 | $ | 2,439 | $ | 6,536 | $ | 31,502 | $ | 38,038 | $ | 9,254 | $ | 28,784 | 2005 | |||||||||||||||||||||
Camden Pecos Ranch | 3,362 | 24,492 | 3,216 | 3,362 | 27,708 | 31,070 | 2,108 | 28,962 | 2012 | |||||||||||||||||||||||||||||
Camden Pinehurst | 3,380 | 14,807 | 8,084 | 3,380 | 22,891 | 26,271 | 20,593 | 5,678 | 1997 | |||||||||||||||||||||||||||||
Camden Pines | 3,496 | 21,852 | 641 | 3,496 | 22,493 | 25,989 | 1,654 | 24,335 | 2012 | |||||||||||||||||||||||||||||
Camden Plantation | 6,299 | 77,964 | 5,679 | 6,299 | 83,643 | 89,942 | 22,929 | 67,013 | 2005 | |||||||||||||||||||||||||||||
Camden Plaza | 7,204 | 31,044 | 406 | 7,204 | 31,450 | 38,654 | 3,388 | 35,266 | 21,506 | 2007 | ||||||||||||||||||||||||||||
Camden Pointe | 2,058 | 14,879 | 2,881 | 2,058 | 17,760 | 19,818 | 9,101 | 10,717 | 1998 | |||||||||||||||||||||||||||||
Camden Portofino | 9,867 | 38,702 | 3,511 | 9,867 | 42,213 | 52,080 | 11,608 | 40,472 | 2005 | |||||||||||||||||||||||||||||
Camden Post Oak | 14,302 | 92,557 | 2,494 | 14,302 | 95,051 | 109,353 | 2,134 | 107,219 | 2013 | |||||||||||||||||||||||||||||
Camden Potomac Yard | 16,498 | 88,317 | 354 | 16,498 | 88,671 | 105,169 | 18,653 | 86,516 | 2008 | |||||||||||||||||||||||||||||
Camden Preserve | 1,206 | 17,982 | 5,311 | 1,206 | 23,293 | 24,499 | 10,568 | 13,931 | 1997 | |||||||||||||||||||||||||||||
Camden Providence Lakes | 2,020 | 14,855 | 5,742 | 2,020 | 20,597 | 22,617 | 8,572 | 14,045 | 2002 | |||||||||||||||||||||||||||||
Camden Renaissance | 4,144 | 39,987 | 5,005 | 4,144 | 44,992 | 49,136 | 20,598 | 28,538 | 1997 | |||||||||||||||||||||||||||||
Camden Reunion Park | 3,302 | 18,457 | 4,034 | 3,302 | 22,491 | 25,793 | 6,458 | 19,335 | 19,961 | 2005 | ||||||||||||||||||||||||||||
Camden Ridgecrest | 1,008 | 12,720 | 3,377 | 1,008 | 16,097 | 17,105 | 9,139 | 7,966 | 1995 | |||||||||||||||||||||||||||||
Camden River | 5,386 | 24,025 | 3,834 | 5,386 | 27,859 | 33,245 | 8,496 | 24,749 | 21,614 | 2005 | ||||||||||||||||||||||||||||
Camden Roosevelt | 11,470 | 45,785 | 776 | 11,470 | 46,561 | 58,031 | 12,782 | 45,249 | 2005 | |||||||||||||||||||||||||||||
Camden Royal Oaks | 1,055 | 20,046 | 376 | 1,055 | 20,422 | 21,477 | 5,896 | 15,581 | 2006 | |||||||||||||||||||||||||||||
Camden Royal Oaks II | 587 | 12,743 | 9 | 587 | 12,752 | 13,339 | 1,083 | 12,256 | 2012 | |||||||||||||||||||||||||||||
Camden Royal Palms | 2,147 | 38,339 | 1,727 | 2,147 | 40,066 | 42,213 | 8,607 | 33,606 | 2007 | |||||||||||||||||||||||||||||
Camden Russett | 13,460 | 61,837 | 3,130 | 13,460 | 64,967 | 78,427 | 17,778 | 60,649 | 45,063 | 2005 | ||||||||||||||||||||||||||||
Camden San Marcos | 11,520 | 35,166 | 3,207 | 11,520 | 38,373 | 49,893 | 1,409 | 48,484 | 2012 | |||||||||||||||||||||||||||||
Camden San Paloma | 6,480 | 23,045 | 6,382 | 6,480 | 29,427 | 35,907 | 10,585 | 25,322 | 2002 | |||||||||||||||||||||||||||||
Camden Sea Palms | 4,336 | 9,930 | 2,550 | 4,336 | 12,480 | 16,816 | 6,564 | 10,252 | 1998 | |||||||||||||||||||||||||||||
Camden Sedgebrook | 5,266 | 29,211 | 5,674 | 5,266 | 34,885 | 40,151 | 9,649 | 30,502 | 21,306 | 2005 | ||||||||||||||||||||||||||||
Camden Shiloh | 4,181 | 18,798 | 2,690 | 4,181 | 21,488 | 25,669 | 6,203 | 19,466 | 10,576 | 2005 | ||||||||||||||||||||||||||||
Camden Sierra at Otay Ranch | 10,585 | 49,781 | 3,471 | 10,585 | 53,252 | 63,837 | 17,389 | 46,448 | 2003 | |||||||||||||||||||||||||||||
Camden Silo Creek | 9,707 | 45,301 | 1,430 | 9,707 | 46,731 | 56,438 | 12,548 | 43,890 | 2005 | |||||||||||||||||||||||||||||
Camden Simsbury | 1,152 | 6,499 | 1,864 | 1,152 | 8,363 | 9,515 | 2,357 | 7,158 | 2005 | |||||||||||||||||||||||||||||
Camden Sotelo | 3,376 | 30,576 | 345 | 3,376 | 30,921 | 34,297 | 378 | 33,919 | 2013 | |||||||||||||||||||||||||||||
Camden South End Square | 6,625 | 29,175 | 5,066 | 6,625 | 34,241 | 40,866 | 9,371 | 31,495 | 2005 | |||||||||||||||||||||||||||||
Camden St. Clair | 7,526 | 27,486 | 5,923 | 7,526 | 33,409 | 40,935 | 9,135 | 31,800 | 21,646 | 2005 | ||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||
Land | Building/ | Cost | Land | Building/ | Total | Accumulated | Total Cost, | Encumbrances | Year of | |||||||||||||||||||||||||||||
Construction in | Subsequent | Construction | Depreciation | Net of | Completion/ | |||||||||||||||||||||||||||||||||
Progress & | to Acquisition/ | in Progress & | Accumulated | Acquisition | ||||||||||||||||||||||||||||||||||
Improvements | Construction | Improvements | Depreciation | |||||||||||||||||||||||||||||||||||
Camden Stockbridge | $ | 5,071 | $ | 22,693 | $ | 2,721 | $ | 5,071 | $ | 25,414 | $ | 30,485 | $ | 7,449 | $ | 23,036 | $ | 14,332 | 2005 | |||||||||||||||||||
Camden Stonebridge | 1,016 | 7,137 | 3,131 | 1,016 | 10,268 | 11,284 | 6,380 | 4,904 | 1993 | |||||||||||||||||||||||||||||
Camden Stonecrest | 3,941 | 22,021 | 5,058 | 3,941 | 27,079 | 31,020 | 7,546 | 23,474 | 2005 | |||||||||||||||||||||||||||||
Camden Stoneleigh | 3,498 | 31,285 | 4,865 | 3,498 | 36,150 | 39,648 | 8,854 | 30,794 | 2006 | |||||||||||||||||||||||||||||
Camden Sugar Grove | 7,614 | 27,594 | 655 | 7,614 | 28,249 | 35,863 | 1,999 | 33,864 | 2012 | |||||||||||||||||||||||||||||
Camden Summerfield | 14,659 | 48,404 | 530 | 14,659 | 48,934 | 63,593 | 10,705 | 52,888 | 2008 | |||||||||||||||||||||||||||||
Camden Summerfield II | 4,459 | 20,566 | 3 | 4,459 | 20,569 | 25,028 | 1,869 | 23,159 | 2012 | |||||||||||||||||||||||||||||
Camden Summit | 11,212 | 18,399 | 664 | 11,212 | 19,063 | 30,275 | 1,377 | 28,898 | 2012 | |||||||||||||||||||||||||||||
Camden Tiara | 7,709 | 28,644 | 692 | 7,709 | 29,336 | 37,045 | 2,131 | 34,914 | 2012 | |||||||||||||||||||||||||||||
Camden Touchstone | 1,203 | 6,772 | 2,400 | 1,203 | 9,172 | 10,375 | 3,216 | 7,159 | 2005 | |||||||||||||||||||||||||||||
Camden Town Square | 13,127 | 45,997 | 5 | 13,127 | 46,002 | 59,129 | 3,084 | 56,045 | 2012 | |||||||||||||||||||||||||||||
Camden Travis Street | 1,780 | 29,104 | 103 | 1,780 | 29,207 | 30,987 | 5,407 | 25,580 | 2010 | |||||||||||||||||||||||||||||
Camden Tuscany | 3,330 | 36,466 | 2,799 | 3,330 | 39,265 | 42,595 | 12,292 | 30,303 | 2003 | |||||||||||||||||||||||||||||
Camden Valley Park | 3,096 | 14,667 | 12,679 | 3,096 | 27,346 | 30,442 | 22,412 | 8,030 | 1994 | |||||||||||||||||||||||||||||
Camden Vanderbilt | 16,076 | 44,918 | 14,642 | 16,076 | 59,560 | 75,636 | 33,007 | 42,629 | 73,165 | 1994/1997 | ||||||||||||||||||||||||||||
Camden Vantage | 11,787 | 68,822 | 350 | 11,787 | 69,172 | 80,959 | 878 | 80,081 | 2013 | |||||||||||||||||||||||||||||
Camden Vineyards | 4,367 | 28,494 | 1,699 | 4,367 | 30,193 | 34,560 | 10,922 | 23,638 | 2002 | |||||||||||||||||||||||||||||
Camden Vintage | 3,641 | 19,255 | 5,036 | 3,641 | 24,291 | 27,932 | 14,244 | 13,688 | 1998 | |||||||||||||||||||||||||||||
Camden Westchase Park | 11,955 | 36,254 | 17 | 11,955 | 36,271 | 48,226 | 2,696 | 45,530 | 2012 | |||||||||||||||||||||||||||||
Camden Westshore | 1,734 | 10,819 | 6,792 | 1,734 | 17,611 | 19,345 | 11,854 | 7,491 | 1997 | |||||||||||||||||||||||||||||
Camden Westwood | 4,567 | 25,519 | 3,864 | 4,567 | 29,383 | 33,950 | 8,191 | 25,759 | 19,907 | 2005 | ||||||||||||||||||||||||||||
Camden Whispering Oaks | 1,188 | 26,242 | 180 | 1,188 | 26,422 | 27,610 | 6,262 | 21,348 | 2008 | |||||||||||||||||||||||||||||
Camden Woods | 2,693 | 19,930 | 9,516 | 2,693 | 29,446 | 32,139 | 19,412 | 12,727 | 1999 | |||||||||||||||||||||||||||||
Camden World Gateway | 5,785 | 51,821 | 3,373 | 5,785 | 55,194 | 60,979 | 14,325 | 46,654 | 2005 | |||||||||||||||||||||||||||||
Total Current communities: | $ | 963,677 | $ | 4,993,078 | $ | 602,850 | $ | 963,677 | $ | 5,595,928 | $ | 6,559,605 | $ | 1,643,490 | $ | 4,916,115 | $ | 941,968 | ||||||||||||||||||||
Communities under construction: | ||||||||||||||||||||||||||||||||||||||
Camden Boca Raton | $ | — | $ | 25,968 | $ | — | $ | — | $ | 25,968 | $ | 25,968 | $ | 6 | $ | 25,962 | N/A | |||||||||||||||||||||
Camden Flatirons | — | 46,275 | — | — | 46,275 | 46,275 | 137 | 46,138 | N/A | |||||||||||||||||||||||||||||
Camden Foothills | — | 17,492 | — | — | 17,492 | 17,492 | — | 17,492 | N/A | |||||||||||||||||||||||||||||
Camden Gallery | — | 14,022 | — | — | 14,022 | 14,022 | — | 14,022 | N/A | |||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||
Land | Building/ | Cost | Land | Building/ | Total | Accumulated | Total Cost, | Encumbrances | Year of | |||||||||||||||||||||||||||||
Construction in | Subsequent | Construction | Depreciation | Net of | Completion/ | |||||||||||||||||||||||||||||||||
Progress & | to Acquisition/ | in Progress & | Accumulated | Acquisition | ||||||||||||||||||||||||||||||||||
Improvements | Construction | Improvements | Depreciation | |||||||||||||||||||||||||||||||||||
Camden Glendale | $ | — | $ | 52,312 | $ | — | $ | — | $ | 52,312 | $ | 52,312 | $ | — | $ | 52,312 | N/A | |||||||||||||||||||||
Camden Hayden | — | 13,222 | — | — | 13,222 | 13,222 | — | 13,222 | N/A | |||||||||||||||||||||||||||||
Camden La Frontera | — | 9,345 | — | — | 9,345 | 9,345 | — | 9,345 | N/A | |||||||||||||||||||||||||||||
Camden Lamar Heights | — | 27,481 | — | — | 27,481 | 27,481 | — | 27,481 | N/A | |||||||||||||||||||||||||||||
Camden NOMA (1) | — | 98,572 | — | — | 98,572 | 98,572 | 73 | 98,499 | N/A | |||||||||||||||||||||||||||||
Camden Paces | — | 46,726 | — | — | 46,726 | 46,726 | — | 46,726 | N/A | |||||||||||||||||||||||||||||
Camden Victory Park | — | 17,702 | — | — | 17,702 | 17,702 | 7 | 17,695 | N/A | |||||||||||||||||||||||||||||
Camden Miramar IX-B | — | 104 | — | — | 104 | 104 | — | 104 | N/A | |||||||||||||||||||||||||||||
The Camden | — | 30,665 | — | — | 30,665 | 30,665 | — | 30,665 | N/A | |||||||||||||||||||||||||||||
Total Communities under construction: | $ | — | $ | 399,886 | $ | — | $ | — | $ | 399,886 | $ | 399,886 | $ | 223 | $ | 399,663 | $ | — | ||||||||||||||||||||
Development pipeline communities: | ||||||||||||||||||||||||||||||||||||||
Camden Atlantic | $ | — | $ | 11,143 | $ | — | $ | — | $ | 11,143 | $ | 11,143 | $ | — | $ | 11,143 | N/A | |||||||||||||||||||||
Camden Buckhead | — | 18,850 | — | — | 18,850 | 18,850 | — | 18,850 | N/A | |||||||||||||||||||||||||||||
Camden Chandler | — | 6,490 | — | — | 6,490 | 6,490 | — | 6,490 | N/A | |||||||||||||||||||||||||||||
Camden Lincoln Station | — | 5,852 | — | — | 5,852 | 5,852 | — | 5,852 | N/A | |||||||||||||||||||||||||||||
Camden McGowen Station | — | 7,978 | — | — | 7,978 | 7,978 | — | 7,978 | N/A | |||||||||||||||||||||||||||||
Camden NOMA II | — | 19,795 | — | — | 19,795 | 19,795 | — | 19,795 | N/A | |||||||||||||||||||||||||||||
Total Development pipeline communities: | $ | — | $ | 70,108 | $ | — | $ | — | $ | 70,108 | $ | 70,108 | $ | — | $ | 70,108 | $ | — | ||||||||||||||||||||
Land Holdings | $ | — | $ | 34,373 | $ | — | $ | — | $ | 34,373 | $ | 34,373 | $ | — | $ | 34,373 | N/A | |||||||||||||||||||||
Corporate | — | 8,209 | — | — | 8,209 | 8,209 | — | 8,209 | N/A | |||||||||||||||||||||||||||||
$ | — | $ | 42,582 | $ | — | $ | — | $ | 42,582 | $ | 42,582 | $ | — | $ | 42,582 | $ | — | |||||||||||||||||||||
TOTAL | $ | 963,677 | $ | 5,505,654 | $ | 602,850 | $ | 963,677 | $ | 6,108,504 | $ | 7,072,181 | $ | 1,643,713 | $ | 5,428,468 | $ | 941,968 | ||||||||||||||||||||
(1) Property in lease-up at December 31, 2013. Balance presented here includes costs which are included in buildings and improvements and land on the balance sheet at December 31, 2013. These costs related to completed unit turns for this property. | ||||||||||||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
The changes in total real estate assets for the years ended December 31: | ||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 6,673,914 | $ | 5,819,540 | $ | 5,647,677 | ||||||||||||||||||||||||||||||||
Additions during period: | ||||||||||||||||||||||||||||||||||||||
Acquisition of operating properties and unconsolidated joint ventures | 221,421 | 797,477 | — | |||||||||||||||||||||||||||||||||||
Development and repositions | 306,950 | 232,296 | 180,028 | |||||||||||||||||||||||||||||||||||
Improvements | 67,049 | 60,426 | 61,037 | |||||||||||||||||||||||||||||||||||
Deductions during period: | ||||||||||||||||||||||||||||||||||||||
Cost of real estate sold contributed to joint venture | — | — | (12,578 | ) | ||||||||||||||||||||||||||||||||||
Cost of real estate sold – other | (197,153 | ) | (176,872 | ) | (32,673 | ) | ||||||||||||||||||||||||||||||||
Classification to held for sale | — | (58,953 | ) | (23,951 | ) | |||||||||||||||||||||||||||||||||
Balance, end of period | $ | 7,072,181 | $ | 6,673,914 | $ | 5,819,540 | ||||||||||||||||||||||||||||||||
The changes in accumulated depreciation for the years ended December 31: | ||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,518,896 | $ | 1,432,799 | $ | 1,292,924 | ||||||||||||||||||||||||||||||||
Depreciation | 203,897 | 185,546 | 171,009 | |||||||||||||||||||||||||||||||||||
Dispositions | (79,080 | ) | (72,465 | ) | (18,877 | ) | ||||||||||||||||||||||||||||||||
Transfers to held for sale | — | (26,984 | ) | (12,257 | ) | |||||||||||||||||||||||||||||||||
Balance, end of period | $ | 1,643,713 | $ | 1,518,896 | $ | 1,432,799 | ||||||||||||||||||||||||||||||||
The aggregate cost for federal income tax purposes at December 31, 2013 was $6.1 billion. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | ||||||||||||
Principles Of Consolidation | ' | ||||||||||||
Principles of Consolidation. Our consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation (primarily using a voting interest model) under the remaining consolidation guidance relating to real estate entities. If we are the general partner of a limited partnership, or manager of a limited liability company, we also consider the consolidation guidance relating to the rights of limited partners (non-managing members) to assess whether any rights held by the limited partners overcome the presumption of control by us. | |||||||||||||
Allocations of Purchase Price | ' | ||||||||||||
Acquisitions of Real Estate. Upon acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Upon the acquisition of a controlling interest of an investment in an unconsolidated joint venture, such joint venture is consolidated and our initial equity investment is remeasured to fair value at the date the controlling interest is acquired; any differences between the carrying value of the previously held equity investment is recognized in earnings at the time of obtaining control. Transaction costs associated with the acquisition of operating real estate assets are expensed. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition. The net carrying value of below market leases is included in other liabilities in our consolidated balance sheets and the net carrying value of in-place leases is included in other assets, net, in our consolidated balance sheets. | |||||||||||||
The carrying values of below market leases and in-place leases at December 31, 2013 and 2012 are as follows: | |||||||||||||
December 31, | |||||||||||||
(in millions) | 2013 | 2012 | |||||||||||
Below market leases (Gross carrying value) | $ | 0.4 | $ | 0.9 | |||||||||
Accumulated amortization | (0.2 | ) | (0.2 | ) | |||||||||
Value of below market leases, net | $ | 0.2 | $ | 0.7 | |||||||||
In-place leases (Gross carrying value) | $ | 2.3 | $ | 4.1 | |||||||||
Accumulated amortization | (1.1 | ) | (1.5 | ) | |||||||||
Value of in-place leases, net | $ | 1.2 | $ | 2.6 | |||||||||
The average amortization period of below market leases and in-place leases for each of the years ended December 31, 2013 and 2012 was approximately six months. | |||||||||||||
Revenues recognized related to below market leases and amortization expense related to in-place leases for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Revenues related to below market leases | $ | 1.1 | $ | 1.4 | $ | — | |||||||
Amortization of in-place leases | $ | 5.6 | $ | 13.1 | $ | 3.9 | |||||||
The unamortized value of the below market leases and in-place leases will be fully amortized during the year ended December 31, 2014. | |||||||||||||
Asset Impairment | ' | ||||||||||||
Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future discounted and undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies could significantly affect these estimates. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which maximize inputs from a marketplace participant’s perspective. When impairment exists, the long-lived asset is adjusted to its fair value. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the years ended December 31, 2013, 2012 or 2011. | |||||||||||||
The value of our properties under development depends on market conditions, including estimates of the project start date as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated. | |||||||||||||
We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect on our consolidated financial position and results of operations. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents. All cash and investments in money market accounts and other highly liquid securities with a maturity of three months or less at the date of purchase are considered to be cash and cash equivalents. We maintain the majority of our cash and cash equivalents at major financial institutions in the United States and deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we regularly monitor the financial stability of these financial institutions and believe we are not currently exposed to any significant default risk with respect to these deposits. | |||||||||||||
Cost Capitalization | ' | ||||||||||||
Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and activities necessary to get the underlying real estate ready for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. Upon substantial completion of the apartment homes, the total capitalized development cost for the apartment homes and the associated land is transferred to buildings and improvements and land, respectively. | |||||||||||||
As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately $15.4 million, $12.5 million, and $8.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. Capitalized real estate taxes were approximately $3.0 million, $2.8 million, and $1.4 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Where possible, we stage our construction to allow leasing and occupancy during the construction period, which we believe minimizes the duration of the lease-up period following completion of construction. Our accounting policy related to properties in the development and leasing phase is to expense all operating expenses associated with completed apartment homes. We capitalize renovation and improvement costs we believe extend the economic lives of depreciable property. Capital expenditures subsequent to initial construction are capitalized and depreciated over their estimated useful lives. | |||||||||||||
We also incur expenditures related to renovation and construction of office space we lease and we capitalize these leasehold improvements as furniture, fixtures, equipment and other. We depreciate these costs using the straight-line method over the shorter of the lease term or the useful life of the improvement. During the third quarter of 2013, we relocated our corporate headquarters. In conjunction with this relocation, we capitalized approximately $12.2 million related to leasehold improvements which will be depreciated over the life of our new lease. | |||||||||||||
Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows: | |||||||||||||
Estimated | |||||||||||||
Useful Life | |||||||||||||
Buildings and improvements | 5-35 years | ||||||||||||
Furniture, fixtures, equipment and other | 3-20 years | ||||||||||||
Intangible assets/liabilities (in-place leases and below market leases) | underlying lease term | ||||||||||||
Discontinued Operations | ' | ||||||||||||
Discontinued Operations. A property is classified as a discontinued operation when (i) the operations and cash flows of the property can be clearly distinguished and have been or will be eliminated from our ongoing operations; (ii) the property has either been disposed of or is classified as held for sale; and (iii) we will not have any significant continuing involvement in the operations of the property after the disposal transaction. Significant judgments are involved in determining whether a property meets the criteria for discontinued operations reporting and the period in which these criteria are met. A property is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed; (ii) it is available for immediate sale in its present condition and the sale is expected to be completed within one year; and (iii) it is unlikely significant changes to the plan will be made or the plan will be withdrawn. | |||||||||||||
The results of operations for properties sold during the period or classified as held for sale at the end of the current period are classified as discontinued operations in the current and prior periods. The property-specific components of earnings classified as discontinued operations include separately identifiable property-specific revenues, expenses, depreciation, and interest expense, if any. The gain or loss resulting from the eventual disposal of the held for sale properties is also classified within discontinued operations. Real estate assets held for sale are measured at the lower of carrying amount or fair value less costs to sell and are presented separately in the accompanying consolidated balance sheets. Subsequent to classification of a property as held for sale, no further depreciation is recorded. Properties sold by our unconsolidated entities are not included in discontinued operations and related gains or losses are reported as a component of equity in income of joint ventures. | |||||||||||||
Gains on sale of real estate are recognized using the full accrual or partial sale methods, as applicable, in accordance with accounting principles generally accepted in the United States of America ("GAAP"), provided various criteria relating to the terms of sale and any subsequent involvement with the real estate sold are satisfied. | |||||||||||||
Fair Value | ' | ||||||||||||
Fair Value. For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. | |||||||||||||
In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: | |||||||||||||
• | Level 1: Quoted prices for identical instruments in active markets. | ||||||||||||
• | Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | ||||||||||||
• | Level 3: Significant inputs to the valuation model are unobservable. | ||||||||||||
Recurring Fair Value Disclosures. The valuation methodology we use to measure our deferred compensation plan investments is based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded at fair value on a recurring basis and included in other assets in our consolidated balance sheets. | |||||||||||||
Non-recurring Fair Value Disclosures. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value when they are impaired. The fair value methodologies used to measure long-lived assets are described above at "Asset Impairment." The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy. | |||||||||||||
Income Recognition | ' | ||||||||||||
Income Recognition. Our rental and other property revenue is recorded when due from residents and is recognized monthly as it is earned. Other property revenue consists primarily of utility rebillings and administrative, application, and other transactional fees charged to our residents. Our apartment homes are rented to residents on lease terms generally ranging from six to fifteen months, with monthly payments due in advance. All other sources of income, including interest and fee and asset management income, are recognized as earned. Operations of multifamily properties acquired are recorded from the date of acquisition in accordance with the acquisition method of accounting. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk. | |||||||||||||
Insurance | ' | ||||||||||||
Insurance. Our primary lines of insurance coverage are property, general liability, and health and workers’ compensation. We believe our insurance coverage adequately insures our properties against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils and adequately insures us against other risks. Losses are accrued based upon our estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. | |||||||||||||
Other Assets, Net | ' | ||||||||||||
Other Assets, Net. Other assets in our consolidated financial statements include investments under deferred compensation plans, deferred financing costs, non-real estate leasehold improvements and equipment, prepaid expenses, the value of in-place leases net of related accumulated amortization, available-for-sale investments, and other miscellaneous receivables. Investments under deferred compensation plans are classified as trading securities and are adjusted to fair market value at period end. See further discussion of our investments under deferred compensation plans in Note 11, “Share-based Compensation and Benefit Plans.” Deferred financing costs are amortized no longer than the terms of the related debt on the straight-line method, which approximates the effective interest method. Corporate leasehold improvements and equipment are depreciated using the straight-line method over the shorter of the expected useful lives or the lease terms which generally range from three to ten years. Our available-for-sale investments are carried at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. | |||||||||||||
Reportable Segments | ' | ||||||||||||
Reportable Segments. We operate in a single reportable segment which includes the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Each of our operating properties is considered a separate operating segment as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on geography, size or type. Our multifamily apartment communities have similar economic characteristics and provide similar products and services to our residents. Further, all material operations are within the United States and no multifamily apartment community comprises more than 10% of consolidated revenues. As a result, our operating properties are aggregated into a single reportable segment. Our multifamily communities generate rental revenue and other income through the leasing of apartment homes, which comprised approximately 98% of our total property revenues and total non-property income, excluding income on deferred compensation plans, for each of the years ended December 31, 2013, 2012, and 2011. | |||||||||||||
Restricted Cash | ' | ||||||||||||
Restricted Cash. Restricted cash consists of escrow deposits held by lenders for property taxes, insurance and replacement reserves, cash required to be segregated for the repayment of residents’ security deposits, and escrowed amounts related to our development and acquisition activities. Substantially all restricted cash is invested in demand and short-term instruments. | |||||||||||||
Share-based Compensation | ' | ||||||||||||
Share-based Compensation. Compensation expense associated with share-based awards is recognized in our consolidated statements of income and comprehensive income using the grant-date fair values. Compensation cost for all share-based awards, including options, requires measurement at estimated fair value on the grant date and recognition of compensation expense over the requisite service period for awards expected to vest. The fair value of stock option grants is estimated using the Black-Scholes valuation model. Valuation models require the input of assumptions, including judgments to estimate the expected stock price volatility, expected life, and forfeiture rate. The compensation cost for share-based awards is based on the market value of the shares on the date of grant. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates. In the application of GAAP, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, results of operations during the reporting periods, and related disclosures. Our more significant estimates include estimates supporting our impairment analysis related to the carrying values of our real estate assets. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. Future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | ||||||||||||
Schedule of unamortized below market leases and in-place leases [Table Text Block] | ' | ||||||||||||
The carrying values of below market leases and in-place leases at December 31, 2013 and 2012 are as follows: | |||||||||||||
December 31, | |||||||||||||
(in millions) | 2013 | 2012 | |||||||||||
Below market leases (Gross carrying value) | $ | 0.4 | $ | 0.9 | |||||||||
Accumulated amortization | (0.2 | ) | (0.2 | ) | |||||||||
Value of below market leases, net | $ | 0.2 | $ | 0.7 | |||||||||
In-place leases (Gross carrying value) | $ | 2.3 | $ | 4.1 | |||||||||
Accumulated amortization | (1.1 | ) | (1.5 | ) | |||||||||
Value of in-place leases, net | $ | 1.2 | $ | 2.6 | |||||||||
Revenues recognized related to below market leases and amortization expense related to in-place leases [Table Text Block] | ' | ||||||||||||
Revenues recognized related to below market leases and amortization expense related to in-place leases for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Revenues related to below market leases | $ | 1.1 | $ | 1.4 | $ | — | |||||||
Amortization of in-place leases | $ | 5.6 | $ | 13.1 | $ | 3.9 | |||||||
Expected Useful Lives Of Depreciable Property | ' | ||||||||||||
Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows: | |||||||||||||
Estimated | |||||||||||||
Useful Life | |||||||||||||
Buildings and improvements | 5-35 years | ||||||||||||
Furniture, fixtures, equipment and other | 3-20 years | ||||||||||||
Intangible assets/liabilities (in-place leases and below market leases) | underlying lease term |
Share_Data_Tables
Share Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Calculation Of Basic And Diluted Earnings Per Share | ' | ||||||||||||
The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Earnings per share calculation – basic | |||||||||||||
Income from continuing operations attributable to common shareholders | $ | 151,594 | $ | 154,116 | $ | 7,383 | |||||||
Amount allocated to participating securities | (3,177 | ) | (2,784 | ) | (551 | ) | |||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 148,417 | $ | 151,332 | $ | 6,832 | |||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders | 184,770 | 129,274 | 41,996 | ||||||||||
Net income attributable to common shareholders, as adjusted | $ | 333,187 | $ | 280,606 | $ | 48,828 | |||||||
Income from continuing operations attributable to common shareholders,as adjusted – per share | $ | 1.7 | $ | 1.81 | $ | 0.09 | |||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders – per share | 2.12 | 1.54 | 0.58 | ||||||||||
Net income attributable to common shareholders, as adjusted – per share | $ | 3.82 | $ | 3.35 | $ | 0.67 | |||||||
Weighted average number of common shares outstanding – basic | 87,204 | 83,772 | 72,756 | ||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Earnings per share calculation – diluted | |||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 148,417 | $ | 151,332 | $ | 6,832 | |||||||
Income allocated to common units from continuing operations | 1,133 | 1,984 | — | ||||||||||
Income from continuing operations attributable to common shareholders, as adjusted | $ | 149,550 | $ | 153,316 | $ | 6,832 | |||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders | 184,770 | 129,274 | 41,996 | ||||||||||
Net income attributable to common shareholders, as adjusted | $ | 334,320 | $ | 282,590 | $ | 48,828 | |||||||
Income from continuing operations attributable to common shareholders, as adjusted – per share | $ | 1.69 | $ | 1.79 | $ | 0.09 | |||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders – per share | 2.09 | 1.51 | 0.57 | ||||||||||
Net income attributable to common shareholders, as adjusted – per share | $ | 3.78 | $ | 3.3 | $ | 0.66 | |||||||
Weighted average number of common shares outstanding – basic | 87,204 | 83,772 | 72,756 | ||||||||||
Incremental shares issuable from assumed conversion of: | |||||||||||||
Common share options and share awards granted | 476 | 647 | 706 | ||||||||||
Common units | 814 | 1,137 | — | ||||||||||
Weighted average number of common shares outstanding – diluted | 88,494 | 85,556 | 73,462 | ||||||||||
Common_Shares_Tables
Common Shares (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | |||||||||||||||
2010 and 2011 ATM Programs [Member] | 2012 ATM Program [Member] | |||||||||||||||
Activity Under At-The-Market Share Offering Program | ' | ' | ||||||||||||||
The following table presents activity under our 2010 and 2011 ATM programs for the periods presented (in thousands, except per share amounts): | The following table presents activity under our 2012 ATM program for the periods presented (in thousands, except per share amounts): | |||||||||||||||
Year ended December 31, | Year Ended December 31, | |||||||||||||||
2012 | 2011 | 2013 | 2012 | |||||||||||||
Total net consideration | $ | 128,128.00 | $ | 106,570.60 | Total net consideration | $ | 40,044.10 | $ | 173,607.50 | |||||||
Common shares sold | 1,971.40 | 1,751.00 | Common shares sold | 555.1 | 2,607.90 | |||||||||||
Average price per share | $ | 66.01 | $ | 61.95 | Average price per share | $ | 73.73 | $ | 67.63 | |||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule Of Reconciliation Of Net Income Attributable To Common Stockholders To Taxable Net Income [Table Text Block] | ' | ||||||||||||
The reconciliation of net income to REIT taxable income is set forth in the following table: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net income | $ | 346,291 | $ | 293,900 | $ | 59,961 | |||||||
Less income attributable to non-controlling interests from continuing operations | (4,022 | ) | (4,459 | ) | (3,126 | ) | |||||||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | (5,905 | ) | (3,200 | ) | (456 | ) | |||||||
Less income allocated to perpetual preferred units | — | (776 | ) | (7,000 | ) | ||||||||
Less write off of original issuance costs of redeemed perpetual preferred units | — | (2,075 | ) | — | |||||||||
Net income attributable to common shareholders | $ | 336,364 | $ | 283,390 | $ | 49,379 | |||||||
(Income) loss from taxable REIT subsidiaries included above | (2,940 | ) | 3,323 | 539 | |||||||||
Net income from REIT operations | $ | 333,424 | $ | 286,713 | $ | 49,918 | |||||||
Book depreciation and amortization, including discontinued operations | 223,198 | 213,479 | 188,042 | ||||||||||
Tax depreciation and amortization | (204,059 | ) | (171,060 | ) | (155,636 | ) | |||||||
Book/tax difference on gains/losses from capital transactions | (86,358 | ) | (63,832 | ) | (4,315 | ) | |||||||
Other book/tax differences, net | (9,427 | ) | (40,961 | ) | 8,205 | ||||||||
REIT taxable income | $ | 256,778 | $ | 224,339 | $ | 86,214 | |||||||
Dividends paid deduction | (256,778 | ) | -1 | (224,339 | ) | -2 | (143,657 | ) | |||||
Dividends paid in excess of taxable income | $ | — | $ | — | $ | (57,443 | ) | ||||||
(1) The dividends paid deduction includes estimated designated dividends from 2014 of approximately $62.1 million. | |||||||||||||
(2) We borrowed approximately $26.6 million from 2013 for designated dividends in 2012. | |||||||||||||
Summary Of Tax Components Of Common And Preferred Dividends Declared And Distributions [Table Text Block] | ' | ||||||||||||
A schedule of per share distributions we paid and reported to our shareholders is set forth in the following table: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common Share Distributions | |||||||||||||
Ordinary income | $ | 1.4 | $ | 0.96 | $ | 1.08 | |||||||
Long-term capital gain | 0.76 | 0.64 | 0.13 | ||||||||||
Unrecaptured Sec. 1250 gain | 0.36 | 0.64 | 0.23 | ||||||||||
Return of capital | — | — | 0.52 | ||||||||||
Total | $ | 2.52 | $ | 2.24 | $ | 1.96 | |||||||
Percentage of distributions representing tax preference items | 4.95 | % | 5.72 | % | 2.83 | % |
Acquisitions_and_Discontinued_1
Acquisitions and Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||||||||||
During the year ended December 31, 2013, we completed the acquisition of three operating properties as follows: | |||||||||||||
Acquisitions of Operating Properties | Location | Number of Apartment Homes | Date of Acquisition | Purchase Price | |||||||||
Camden Post Oak | Houston, TX | 356 | 4/10/13 | $108.50 | |||||||||
Camden Sotelo | Tempe, AZ | 170 | 9/11/13 | 34 | |||||||||
Camden Vantage | Atlanta, GA | 592 | 9/18/13 | 82.5 | |||||||||
Consolidated total | 1,118 | $225.00 | |||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed for the acquisition/consolidation of the operating properties described above as of the respective acquisition/consolidation dates (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Assets acquired: | |||||||||||||
Buildings and improvements | $ | 192 | $ | 622.9 | |||||||||
Land | 29.5 | 174.6 | |||||||||||
Cash | — | 3.9 | |||||||||||
Restricted cash | — | 0.7 | |||||||||||
Intangible and other assets | 4.5 | 16 | |||||||||||
Total assets acquired (1) | $ | 226 | $ | 818.1 | |||||||||
Liabilities assumed: | |||||||||||||
Mortgage debt (2) | $ | — | $ | 298.8 | |||||||||
Other liabilities | 1.9 | 8.2 | |||||||||||
Total liabilities assumed | $ | 1.9 | $ | 307 | |||||||||
Net assets acquired | $ | 224.1 | $ | 511.1 | |||||||||
(1) Represents 100% of the fair value of assets of operating properties acquired which includes our previously held investments in the joint ventures acquired in 2012. Upon acquisition, we revalued our investments in these joint ventures which resulted in a fair value adjustment of assets of approximately $42.1 million for the year ended December 31, 2012. | |||||||||||||
(2) Mortgage debt assumed in the amount of $272.6 million was subsequently repaid in January 2012 at face value | |||||||||||||
Unaudited pro forma summary for consolidated information | ' | ||||||||||||
The information below for the year ended December 31, 2012 contains pro forma results for the respective portions of the periods prior to the respective acquisition dates and actual results from the respective acquisition dates through the end of the periods. | |||||||||||||
Pro Forma Year Ended | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2012 | 2011 | |||||||||||
(unaudited) | |||||||||||||
Property revenues | $ | 727,152 | $ | 668,498 | |||||||||
Property expenses | 266,795 | 257,225 | |||||||||||
$ | 460,357 | $ | 411,273 | ||||||||||
Summary of income from discontinued operations | ' | ||||||||||||
The following is a summary of income from discontinued operations for the years presented below: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Property revenues | $ | 24,322 | $ | 60,198 | $ | 65,673 | |||||||
Property expenses | (10,552 | ) | (27,557 | ) | (31,163 | ) | |||||||
$ | 13,770 | $ | 32,641 | $ | 34,510 | ||||||||
Interest | — | (36 | ) | — | |||||||||
Depreciation and amortization | (5,255 | ) | (15,199 | ) | (16,679 | ) | |||||||
Income from discontinued operations | $ | 8,515 | $ | 17,406 | $ | 17,831 | |||||||
Gain on sale of discontinued operations, net of tax | $ | 182,160 | $ | 115,068 | $ | 24,621 | |||||||
Investments_In_Joint_Ventures_
Investments In Joint Ventures (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Investments In Joint Ventures [Abstract] | ' | ||||||||||||||
Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures | ' | ||||||||||||||
The following table summarizes the combined basis balance sheet and statement of income data for the unconsolidated joint ventures as of and for the periods presented: | |||||||||||||||
(in millions) | 2013 | 2012 | |||||||||||||
Total assets | $ | 790.2 | $ | 917.8 | |||||||||||
Total third-party debt | 530.7 | 712.7 | |||||||||||||
Total equity | 229.6 | 165.2 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Total revenues (1) | $ | 98.6 | $ | 95.9 | (2 | ) | $ | 95.9 | (2 | ) | |||||
Gain on sale of operating properties, net of tax | 112.4 | 49.7 | 17.4 | ||||||||||||
Net income (loss) | 120.7 | 50.5 | (3.2 | ) | |||||||||||
Equity in income (3) | 24.9 | 20.2 | 5.7 | ||||||||||||
-1 | Excludes approximately $20.6 million, $36.0 million, and $30.8 million of revenues for the years ended December 31, 2013, 2012, and 2011, respectively, related to discontinued operations from the sale of 16 operating properties within two of our unconsolidated joint ventures during 2013 and one operating property held for sale within one of our unconsolidated joint ventures at December 31, 2013. Revenues for the years ended December 31, 2012 and 2011 also excludes approximately $23.3 million, and $26.3 million, respectively, related to discontinued operations from the sale of seven operating properties within two of our unconsolidated joint ventures during 2012. Revenues for the year ended December 31, 2011 also excludes approximately $11.4 million related to discontinued operations from the sale of four operating properties within one of our unconsolidated joint ventures during the fourth quarter of 2011. | ||||||||||||||
-2 | Includes approximately $7.8 million and $49.6 million of revenues for the years ended December 31, 2012 and 2011 related to one previously unconsolidated joint venture acquired by us in December 2012 and 12 previously unconsolidated joint ventures acquired by us in January 2012. Refer to Note 7, "Acquisitions and Discontinued Operations" for further discussion of these acquisitions. | ||||||||||||||
-3 | Equity in income excludes our ownership interest of fee income from various property management services provided by us to our joint ventures |
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes Payable [Abstract] | ' | ||||||||
Summary Of Indebtedness | ' | ||||||||
The following is a summary of our indebtedness: | |||||||||
December 31, | |||||||||
(in millions) | 2013 | 2012 | |||||||
Senior unsecured notes | |||||||||
5.45% Notes, due 2013 | $ | — | $ | 199.9 | |||||
5.08% Notes, due 2015 | 249.7 | 249.5 | |||||||
5.75% Notes, due 2017 | 246.4 | 246.3 | |||||||
4.70% Notes, due 2021 | 248.8 | 248.7 | |||||||
3.07% Notes, due 2022 | 346.7 | 346.3 | |||||||
5.00% Notes, due 2023 | 247.7 | 247.5 | |||||||
4.27% Notes, due 2024 | 249.5 | — | |||||||
1,588.80 | 1,538.20 | ||||||||
Secured notes | |||||||||
0.93% – 6.00% Conventional Mortgage Notes, due 2014 – 2045 | 905.7 | 934.6 | |||||||
Tax-exempt Mortgage Note, due 2028 (1.30% floating rate) | 36.3 | 37.7 | |||||||
942 | 972.3 | ||||||||
Total notes payable | $ | 2,530.80 | $ | 2,510.50 | |||||
Other floating rate debt included in secured notes (0.93%) | $ | 175 | $ | 175 | |||||
Value of real estate assets, at cost, subject to secured notes | $ | 1,582.50 | $ | 1,584.70 | |||||
Scheduled Repayments On Outstanding Debt | ' | ||||||||
Our indebtedness had a weighted average maturity of 6.9 years at December 31, 2013. Scheduled repayments on outstanding debt, including scheduled principal amortizations, and the weighted average interest rate on maturing debt at December 31, 2013 were as follows: | |||||||||
(in millions) | Amount | Weighted Average | |||||||
Interest Rate | |||||||||
2014 | $ | 35.4 | 3.2 | % | |||||
2015 | 252 | 5.1 | |||||||
2016 (1) | 2.2 | — | |||||||
2017 | 249.2 | 5.7 | |||||||
2018 | 177.6 | 0.9 | |||||||
Thereafter | 1,814.40 | 4.5 | |||||||
Total | $ | 2,530.80 | 4.4 | % | |||||
-1 | Includes only scheduled principal amortizations. |
Derivative_Instruments_And_Hed1
Derivative Instruments And Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | |||||||||||||||
Effect Of Derivative Financial Instruments On The Statements Of Income And Comprehensive Income | ' | |||||||||||||||
The tables below present the effect of our derivative financial instruments in the consolidated statements of income and comprehensive income for the years ended December 31 (in millions). | ||||||||||||||||
Effect of Derivative Instruments | ||||||||||||||||
Derivatives in | Unrealized (Loss) | Location of Loss | Amount of Loss Reclassified | Location of Loss | Amount of Loss | |||||||||||
Cash Flow | Recognized | Reclassified from | from Accumulated OCI into | Recognized in | Recognized in | |||||||||||
Hedging Relationships | in Other Comprehensive | Accumulated OCI | Income (Effective Portion) | Statements | Statements of Income | |||||||||||
Income (“OCI”) on | into | of Income (Discontinuation, Ineffective | (Discontinuation, Ineffective | |||||||||||||
Derivative (Effective | Income (Effective | Portion and Amount | Portion and Amount | |||||||||||||
Portion) | Portion) | Excluded from | Excluded from Effectiveness | |||||||||||||
Effectiveness Testing) | Testing) | |||||||||||||||
2011 | 2011 | 2011 | ||||||||||||||
Interest Rate Swaps (1) | $ | (2.7 | ) | Interest Expense | $ | 9.9 | Loss on discontinuation of | $ | 29.8 | |||||||
hedging relationship | ||||||||||||||||
(1) The results include the interest rate swap gain (loss) prior to discontinuation in May 2011. | ||||||||||||||||
We did not have any designated hedges during the years ended December 31, 2013 and 2012. No portion of designated hedges was ineffective during the year ended December 31, 2011. | ||||||||||||||||
Derivatives Not Designated as Hedging | Location of Gain/(Loss) | Amount of (Loss) Recognized | ||||||||||||||
Instruments | Recognized in Statements | in Statements of Income | ||||||||||||||
of Income | 2012 | 2011 | ||||||||||||||
Interest Rate Cap | Other income/(loss) | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||
Interest Rate Swap | Other income/(loss) | (0.7 | ) | (0.2 | ) | |||||||||||
We recognized no income or loss during the year ended December 31, 2013 related to non-designated derivatives. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Schedule Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range And Intrinsic Value | ' | |||||||||||||
The following table summarizes outstanding share options and exercisable options at December 31, 2013: | ||||||||||||||
Outstanding Options (1) | Exercisable Options (1) | |||||||||||||
Range of Exercise Prices | Number | Weighted | Number | Weighted | ||||||||||
Average | Average | |||||||||||||
Price | Price | |||||||||||||
$30.06-$41.16 | 228,012 | $ | 33.14 | 130,107 | $ | 35.46 | ||||||||
$42.90-$43.94 | 108,947 | 43.43 | 108,947 | 43.43 | ||||||||||
$45.53-$62.32 | 297,402 | 47.39 | 297,402 | 47.39 | ||||||||||
Total options | 634,361 | $ | 41.59 | 536,456 | $ | 43.69 | ||||||||
-1 | The aggregate intrinsic value of outstanding and exercisable options at December 31, 2013 was approximately $9.8 million and $7.2 million, respectively. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $56.88 per share on December 31, 2013 and the strike price of the underlying award. | |||||||||||||
Summary Of Share Incentive Plans | ' | |||||||||||||
The following table summarizes activity under our share incentive plans for the three years ended December 31: | ||||||||||||||
Options | Weighted | Nonvested | Weighted | |||||||||||
Outstanding | Average | Share | Average | |||||||||||
Exercise / | Awards | Exercise / | ||||||||||||
Grant Price | Outstanding | Grant Price | ||||||||||||
Options and nonvested share awards outstanding at December 31, 2010 | 1,847,136 | $ | 42.37 | 741,505 | $ | 42.16 | ||||||||
Granted | — | — | 347,084 | 57 | ||||||||||
Exercised/Vested | (504,838 | ) | 42.59 | (243,874 | ) | 47.19 | ||||||||
Forfeited | (2,762 | ) | 48.02 | (25,961 | ) | 44.51 | ||||||||
Balance at December 31, 2011 | 1,339,536 | $ | 42.27 | 818,754 | $ | 46.88 | ||||||||
Granted | — | — | 346,330 | 63.51 | ||||||||||
Exercised/Vested | (468,839 | ) | 40.86 | (282,552 | ) | 49.28 | ||||||||
Forfeited | (31,943 | ) | 60.56 | (20,279 | ) | 52.05 | ||||||||
Balance at December 31, 2012 | 838,754 | $ | 42.36 | 862,253 | $ | 52.64 | ||||||||
Granted | — | — | 350,615 | 69.56 | ||||||||||
Exercised/Vested | (183,871 | ) | 41.56 | (309,396 | ) | 51.41 | ||||||||
Forfeited | (20,522 | ) | 73.32 | (72,174 | ) | 58.08 | ||||||||
Total options and nonvested share awards outstanding at December 31, 2013 | 634,361 | $ | 41.59 | 831,298 | $ | 59.77 | ||||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | ' | |||||||||||||
The following table presents information related to our ESPP: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Shares purchased | 17,171 | 20,137 | 19,914 | |||||||||||
Weighted average fair value of shares purchased | $ | 62.59 | $ | 67.8 | $ | 63.29 | ||||||||
Expense recorded (in millions) | $ | 0.2 | $ | 0.3 | $ | 0.3 | ||||||||
Temporary Equity [Table Text Block] | ' | |||||||||||||
The following table summarizes the eligible share award activity as recorded in temporary equity from July 31, 2013, the effective date of the amended and restated Plan, through December 31, 2013: | ||||||||||||||
(in thousands) | ||||||||||||||
Temporary equity: | ||||||||||||||
Effective date of amended and restated plan at July 31, 2013 | $ | — | ||||||||||||
Change in classification of share awards | 37,958 | |||||||||||||
Change in redemption value of share awards | 9,575 | |||||||||||||
Diversification of share awards | (353 | ) | ||||||||||||
Non-qualified deferred compensation share awards at December 31, 2013 | $ | 47,180 | ||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Financial Assets And Liabilities Measured At Fair Value | ' | |||||||||||||||||||||||||||||||
The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2013 and 2012 using the inputs and fair value hierarchy discussed in Note 2, “Summary of Significant Accounting Policies and Recent Accounting Pronouncements”: | ||||||||||||||||||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
(in millions) | Quoted | Significant | Significant | Total | Quoted | Significant | Significant | Total | ||||||||||||||||||||||||
Prices in | Other | Unobservable | Prices in | Other | Unobservable | |||||||||||||||||||||||||||
Active Markets | Observable | Inputs | Active Markets | Observable | Inputs | |||||||||||||||||||||||||||
for Identical | Inputs | (Level 3) | for Identical | Inputs | (Level 3) | |||||||||||||||||||||||||||
Assets (Level 1) | (Level 2) | Assets (Level 1) | (Level 2) | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Deferred compensation plan investments (1) | $ | 43.8 | $ | — | $ | — | $ | 43.8 | $ | 35 | $ | — | $ | — | $ | 35 | ||||||||||||||||
(1) Approximately $1.6 million of participant cash was withdrawn from our deferred compensation plan investments during the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||
Fair Value Of Notes Receivable And Notes Payable | ' | |||||||||||||||||||||||||||||||
The following table presents the carrying and estimated fair values of our notes payable for the years ended December 31: | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
(in millions) | Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||||||||||||||||||
Fixed rate notes payable | $ | 2,319.50 | $ | 2,391.50 | $ | 2,297.80 | $ | 2,518.10 | ||||||||||||||||||||||||
Floating rate notes payable | 211.3 | 201.4 | 212.7 | 203.4 | ||||||||||||||||||||||||||||
Net_Change_In_Operating_Accoun1
Net Change In Operating Accounts (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Increase (Decrease) in Operating Capital [Abstract] | ' | |||||||||||
Effect Of Changes In The Operating Accounts On Cash Flows From Operating Activities | ' | |||||||||||
The effect of changes in the operating accounts and other on cash flows from operating activities is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Change in assets: | ||||||||||||
Other assets, net | $ | (2,639 | ) | $ | (2,443 | ) | $ | 5,183 | ||||
Change in liabilities: | ||||||||||||
Accounts payable and accrued expenses | (8,138 | ) | 2,320 | 2,026 | ||||||||
Accrued real estate taxes | 7,165 | 5,640 | (122 | ) | ||||||||
Other liabilities | 22,139 | (16,192 | ) | (17,152 | ) | |||||||
Other | 1,051 | 816 | 596 | |||||||||
Change in operating accounts and other | $ | 19,578 | $ | (9,859 | ) | $ | (9,469 | ) | ||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Noncontrolling Interests [Abstract] | ' | |||||||||||
Effect Of Changes In Ownership Interest In Subsidiaries | ' | |||||||||||
The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to common shareholders for each of the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to common shareholders | $ | 336,364 | $ | 283,390 | $ | 49,379 | ||||||
Transfers from the non-controlling interests: | ||||||||||||
Increase in equity for conversion and redemption of operating partnership units | 52 | 8,994 | 592 | |||||||||
Decrease in additional paid-in-capital for acquisition of remaining non-controlling interests in three consolidated joint ventures (1) | — | (19,549 | ) | — | ||||||||
Change in common equity and net transfers from non-controlling interests | $ | 336,416 | $ | 272,835 | $ | 49,971 | ||||||
(1) Refer to Note 7, "Acquisitions and Discontinued Operations" for further discussions of acquisition. |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Data (unaudited) [Abstract] | ' | |||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||||||
Summarized quarterly financial data, which has been adjusted for discontinued operations as discussed in Note 7, “Property Acquisitions and Discontinued Operations,” for the years ended December 31, 2013 and 2012, is as follows: | ||||||||||||||||||||
(in thousands, except per share amounts) | First | Second | Third | Fourth | Total(a) | |||||||||||||||
2013:00:00 | ||||||||||||||||||||
Revenues | $ | 189,811 | $ | 194,983 | $ | 199,740 | $ | 204,317 | $ | 788,851 | ||||||||||
Net income attributable to common shareholders | 63,476 | 72,172 | 70,720 | 129,996 | 336,364 | |||||||||||||||
Net income attributable to common shareholders per share – basic | 0.72 | (b) | 0.82 | (c) | 0.8 | (d) | 1.47 | (e) | 3.82 | |||||||||||
Net income attributable to common shareholders per share – diluted | 0.72 | (b) | 0.81 | (c) | 0.79 | (d) | 1.46 | (e) | 3.78 | |||||||||||
2012:00:00 | ||||||||||||||||||||
Revenues | $ | 164,046 | $ | 170,807 | $ | 179,667 | $ | 183,798 | $ | 698,318 | ||||||||||
Net income attributable to common shareholders | 88,758 | 21,763 | 30,703 | 142,166 | 283,390 | |||||||||||||||
Net income attributable to common shareholders per share – basic | 1.1 | (f) | 0.26 | 0.36 | (g) | 1.63 | (h) | 3.35 | ||||||||||||
Net income attributable to common shareholders per share – diluted | 1.07 | (f) | 0.26 | 0.35 | (g) | 1.6 | (h) | 3.3 | ||||||||||||
(a) | Net income per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. | |||||||||||||||||||
(b) | Includes a $31,783, or $0.37 basic and $0.36 diluted per share, impact related to the gain on sale of discontinued operations. | |||||||||||||||||||
(c) | Includes a $24,866, or $0.29 basic and $0.28 diluted per share, impact related to the gain on sale of discontinued operations, and a $13,032, or $0.15 basic and diluted per share, impact related to our proportionate gain on sale of 14 joint venture communities included in equity in income of joint ventures. | |||||||||||||||||||
(d) | Includes a $34,410, or $0.39 basic and diluted per share, impact related to the gain on sale of discontinued operations. | |||||||||||||||||||
(e) | Includes a $91,101, or $1.04 basic and $1.03 diluted per share, impact related to the gain on sale of discontinued operations and a $3,245, or $0.04 basic and diluted per share, impact related to our proportionate gain on sale of two operating properties by one of our unconsolidated joint ventures included in equity in income of joint ventures. | |||||||||||||||||||
(f) | Includes a $32,541, or $0.41 basic and $0.39 diluted per share, impact related to the gain on sale of discontinued operations, and a $40,191, or $0.50 basic and $0.49 diluted per share, impact related to the gain on acquisition of the controlling interest in twelve former unconsolidated joint ventures. | |||||||||||||||||||
(g) | Includes a $2,875, or $0.03 basic and diluted per share, impact related to our proportionate gain on sale of one joint venture community included in equity in income of joint ventures. | |||||||||||||||||||
(h) | Includes an $82,527, or $0.96 basic and $0.94 diluted per share, impact related to the gain on sale of discontinued operations. Also includes a $17,227, or $0.20 basic and diluted per share, impact related to the gain on acquisition of the controlling interest in one former unconsolidated joint venture, and a $14,543, or $0.17 basic and diluted per share, impact related to our proportionate gain on sale of six operating properties by two of our unconsolidated joint ventures included in equity in income of joint ventures. |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation (Summary) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||
Land | Building/ | Cost | Land | Building/ | Total | Accumulated | Total Cost, | Encumbrances | Year of | |||||||||||||||||||||||||||||
Construction in | Subsequent | Construction | Depreciation | Net of | Completion/ | |||||||||||||||||||||||||||||||||
Progress & | to Acquisition/ | in Progress & | Accumulated | Acquisition | ||||||||||||||||||||||||||||||||||
Improvements | Construction | Improvements | Depreciation | |||||||||||||||||||||||||||||||||||
Current communities: | ||||||||||||||||||||||||||||||||||||||
Camden Addison | $ | 11,516 | $ | 29,332 | $ | 3,280 | $ | 11,516 | $ | 32,612 | $ | 44,128 | $ | 2,444 | $ | 41,684 | 2012 | |||||||||||||||||||||
Camden Ashburn Farm | 4,835 | 22,604 | 1,172 | 4,835 | 23,776 | 28,611 | 6,576 | 22,035 | 2005 | |||||||||||||||||||||||||||||
Camden Aventura | 12,185 | 47,616 | 8,767 | 12,185 | 56,383 | 68,568 | 15,223 | 53,345 | 2005 | |||||||||||||||||||||||||||||
Camden Ballantyne | 4,503 | 30,250 | 6,763 | 4,503 | 37,013 | 41,516 | 10,078 | 31,438 | 26,025 | 2005 | ||||||||||||||||||||||||||||
Camden Bay | 7,450 | 63,283 | 8,182 | 7,450 | 71,465 | 78,915 | 28,305 | 50,610 | 1998/2002 | |||||||||||||||||||||||||||||
Camden Bayside | 3,726 | 28,689 | 16,300 | 3,726 | 44,989 | 48,715 | 27,939 | 20,776 | 1997 | |||||||||||||||||||||||||||||
Camden Bel Air | 3,594 | 31,221 | 6,007 | 3,594 | 37,228 | 40,822 | 20,970 | 19,852 | 1998 | |||||||||||||||||||||||||||||
Camden Belleview Station | 8,091 | 44,003 | 452 | 8,091 | 44,455 | 52,546 | 1,718 | 50,828 | 2012 | |||||||||||||||||||||||||||||
Camden Belmont | 12,521 | 61,522 | 344 | 12,521 | 61,866 | 74,387 | 3,379 | 71,008 | 2012 | |||||||||||||||||||||||||||||
Camden Breakers | 1,055 | 13,024 | 5,997 | 1,055 | 19,021 | 20,076 | 9,934 | 10,142 | 1996 | |||||||||||||||||||||||||||||
Camden Breeze | 2,894 | 15,828 | 4,896 | 2,894 | 20,724 | 23,618 | 11,199 | 12,419 | 1998 | |||||||||||||||||||||||||||||
Camden Brickell | 14,621 | 57,031 | 7,713 | 14,621 | 64,744 | 79,365 | 17,845 | 61,520 | 2005 | |||||||||||||||||||||||||||||
Camden Brookwood | 7,174 | 31,984 | 5,249 | 7,174 | 37,233 | 44,407 | 10,300 | 34,107 | 22,624 | 2005 | ||||||||||||||||||||||||||||
Camden Buckingham | 2,704 | 21,251 | 6,769 | 2,704 | 28,020 | 30,724 | 12,668 | 18,056 | 1997 | |||||||||||||||||||||||||||||
Camden Caley | 2,047 | 17,445 | 3,213 | 2,047 | 20,658 | 22,705 | 8,778 | 13,927 | 15,351 | 2000 | ||||||||||||||||||||||||||||
Camden Canyon | 1,802 | 11,666 | 4,855 | 1,802 | 16,521 | 18,323 | 9,308 | 9,015 | 1998 | |||||||||||||||||||||||||||||
Camden Cedar Hills | 2,684 | 20,931 | 108 | 2,684 | 21,039 | 23,723 | 5,090 | 18,633 | 2008 | |||||||||||||||||||||||||||||
Camden Centre | 172 | 1,166 | 369 | 172 | 1,535 | 1,707 | 876 | 831 | 1998 | |||||||||||||||||||||||||||||
Camden Centreport | 1,613 | 12,644 | 3,787 | 1,613 | 16,431 | 18,044 | 7,695 | 10,349 | 1997 | |||||||||||||||||||||||||||||
Camden Cimarron | 2,231 | 14,092 | 5,412 | 2,231 | 19,504 | 21,735 | 10,338 | 11,397 | 1997 | |||||||||||||||||||||||||||||
Camden City Centre | 4,976 | 44,735 | 611 | 4,976 | 45,346 | 50,322 | 10,643 | 39,679 | 33,795 | 2007 | ||||||||||||||||||||||||||||
Camden City Centre II | 5,101 | 28,553 | — | 5,101 | 28,553 | 33,654 | 1,253 | 32,401 | 2013 | |||||||||||||||||||||||||||||
Camden Clearbrook | 2,384 | 44,017 | 700 | 2,384 | 44,717 | 47,101 | 10,457 | 36,644 | 2007 | |||||||||||||||||||||||||||||
Camden Club | 4,453 | 29,811 | 8,743 | 4,453 | 38,554 | 43,007 | 24,913 | 18,094 | 1998 | |||||||||||||||||||||||||||||
Camden College Park | 16,409 | 91,503 | 1,205 | 16,409 | 92,708 | 109,117 | 9,295 | 99,822 | 2008 | |||||||||||||||||||||||||||||
Camden Commons | 2,476 | 20,073 | 6,012 | 2,476 | 26,085 | 28,561 | 16,772 | 11,789 | 1998 | |||||||||||||||||||||||||||||
Camden Copper Ridge | 1,204 | 9,180 | 6,473 | 1,204 | 15,653 | 16,857 | 10,986 | 5,871 | 1993 | |||||||||||||||||||||||||||||
Camden Copper Square | 4,825 | 23,672 | 5,693 | 4,825 | 29,365 | 34,190 | 12,367 | 21,823 | 2000 | |||||||||||||||||||||||||||||
Camden Cotton Mills | 4,246 | 19,147 | 4,882 | 4,246 | 24,029 | 28,275 | 6,775 | 21,500 | 2005 | |||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||
Land | Building/ | Cost | Land | Building/ | Total | Accumulated | Total Cost, | Encumbrances | Year of | |||||||||||||||||||||||||||||
Construction in | Subsequent | Construction | Depreciation | Net of | Completion/ | |||||||||||||||||||||||||||||||||
Progress & | to Acquisition/ | in Progress & | Accumulated | Acquisition | ||||||||||||||||||||||||||||||||||
Improvements | Construction | Improvements | Depreciation | |||||||||||||||||||||||||||||||||||
Camden Cove | $ | 1,382 | $ | 6,266 | $ | 1,691 | 1,382 | $ | 7,957 | $ | 9,339 | $ | 4,863 | $ | 4,476 | 1998 | ||||||||||||||||||||||
Camden Creekstone | 5,017 | 19,912 | 407 | 5,017 | 20,319 | 25,336 | 1,093 | 24,243 | 2012 | |||||||||||||||||||||||||||||
Camden Crest | 4,412 | 31,108 | 2,600 | 4,412 | 33,708 | 38,120 | 9,500 | 28,620 | 2005 | |||||||||||||||||||||||||||||
Camden Crown Valley | 9,381 | 54,210 | 5,387 | 9,381 | 59,597 | 68,978 | 22,432 | 46,546 | 2001 | |||||||||||||||||||||||||||||
Camden Deerfield | 4,895 | 21,922 | 3,724 | 4,895 | 25,646 | 30,541 | 7,101 | 23,440 | 19,220 | 2005 | ||||||||||||||||||||||||||||
Camden Del Mar | 4,404 | 35,264 | 13,746 | 4,404 | 49,010 | 53,414 | 27,558 | 25,856 | 1998 | |||||||||||||||||||||||||||||
Camden Denver West | 6,396 | 51,552 | 712 | 6,396 | 52,264 | 58,660 | 1,693 | 56,967 | 24,698 | 2012 | ||||||||||||||||||||||||||||
Camden Dilworth | 516 | 16,633 | 1,350 | 516 | 17,983 | 18,499 | 4,523 | 13,976 | 13,073 | 2006 | ||||||||||||||||||||||||||||
Camden Doral | 10,260 | 40,416 | 2,664 | 10,260 | 43,080 | 53,340 | 11,509 | 41,831 | 2005 | |||||||||||||||||||||||||||||
Camden Doral Villas | 6,476 | 25,543 | 3,577 | 6,476 | 29,120 | 35,596 | 7,993 | 27,603 | 2005 | |||||||||||||||||||||||||||||
Camden Dulles Station | 10,807 | 61,548 | 2,066 | 10,807 | 63,614 | 74,421 | 12,581 | 61,840 | 2008 | |||||||||||||||||||||||||||||
Camden Dunwoody | 5,290 | 23,642 | 5,453 | 5,290 | 29,095 | 34,385 | 7,806 | 26,579 | 21,168 | 2005 | ||||||||||||||||||||||||||||
Camden Fair Lakes | 15,515 | 104,223 | 5,453 | 15,515 | 109,676 | 125,191 | 29,090 | 96,101 | 2005 | |||||||||||||||||||||||||||||
Camden Fairfax Corner | 8,484 | 72,953 | 2,218 | 8,484 | 75,171 | 83,655 | 18,828 | 64,827 | 2006 | |||||||||||||||||||||||||||||
Camden Fairview | 1,283 | 7,223 | 3,325 | 1,283 | 10,548 | 11,831 | 3,223 | 8,608 | 2005 | |||||||||||||||||||||||||||||
Camden Fairways | 3,969 | 15,543 | 9,291 | 3,969 | 24,834 | 28,803 | 15,560 | 13,243 | 1998 | |||||||||||||||||||||||||||||
Camden Fallsgrove | 9,408 | 43,647 | 3,864 | 9,408 | 47,511 | 56,919 | 12,443 | 44,476 | 2005 | |||||||||||||||||||||||||||||
Camden Farmers Market | 17,341 | 74,193 | 10,175 | 17,341 | 84,368 | 101,709 | 30,616 | 71,093 | 50,711 | 2001/2005 | ||||||||||||||||||||||||||||
Camden Foxcroft | 1,408 | 7,919 | 3,295 | 1,408 | 11,214 | 12,622 | 3,792 | 8,830 | 8,901 | 2005 | ||||||||||||||||||||||||||||
Camden Gaines Ranch | 5,094 | 37,100 | 6,903 | 5,094 | 44,003 | 49,097 | 11,338 | 37,759 | 2005 | |||||||||||||||||||||||||||||
Camden Glen Lakes | 2,157 | 16,339 | 14,505 | 2,157 | 30,844 | 33,001 | 26,489 | 6,512 | 1993 | |||||||||||||||||||||||||||||
Camden Governor's Village | 3,669 | 20,508 | 2,374 | 3,669 | 22,882 | 26,551 | 6,729 | 19,822 | 13,004 | 2005 | ||||||||||||||||||||||||||||
Camden Grand Parc | 7,688 | 35,900 | 890 | 7,688 | 36,790 | 44,478 | 9,859 | 34,619 | 2005 | |||||||||||||||||||||||||||||
Camden Grandview | 7,570 | 33,859 | 5,754 | 7,570 | 39,613 | 47,183 | 11,348 | 35,835 | 2005 | |||||||||||||||||||||||||||||
Camden Greenway | 16,916 | 43,933 | 12,874 | 16,916 | 56,807 | 73,723 | 24,283 | 49,440 | 52,360 | 1999 | ||||||||||||||||||||||||||||
Camden Harbor View | 16,079 | 127,459 | 6,161 | 16,079 | 133,620 | 149,699 | 41,100 | 108,599 | 92,716 | 2003 | ||||||||||||||||||||||||||||
Camden Henderson | 3,842 | 15,256 | 85 | 3,842 | 15,341 | 19,183 | 857 | 18,326 | 2012 | |||||||||||||||||||||||||||||
Camden Highlands Ridge | 2,612 | 34,726 | 7,070 | 2,612 | 41,796 | 44,408 | 17,956 | 26,452 | 1996 | |||||||||||||||||||||||||||||
Camden Hills | 853 | 7,834 | 1,543 | 853 | 9,377 | 10,230 | 5,606 | 4,624 | 1998 | |||||||||||||||||||||||||||||
Camden Holly Springs | 11,108 | 42,852 | 4,095 | 11,108 | 46,947 | 58,055 | 3,245 | 54,810 | 2012 | |||||||||||||||||||||||||||||
Camden Hunter's Creek | 4,156 | 20,925 | 2,341 | 4,156 | 23,266 | 27,422 | 6,460 | 20,962 | 2005 | |||||||||||||||||||||||||||||
Camden Huntingdon | 2,289 | 17,393 | 6,169 | 2,289 | 23,562 | 25,851 | 12,371 | 13,480 | 1995 | |||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||
Land | Building/ | Cost | Land | Building/ | Total | Accumulated | Total Cost, | Encumbrances | Year of | |||||||||||||||||||||||||||||
Construction in | Subsequent | Construction | Depreciation | Net of | Completion/ | |||||||||||||||||||||||||||||||||
Progress & | to Acquisition/ | in Progress & | Accumulated | Acquisition | ||||||||||||||||||||||||||||||||||
Improvements | Construction | Improvements | Depreciation | |||||||||||||||||||||||||||||||||||
Camden Interlocken | $ | 5,293 | $ | 31,612 | $ | 6,901 | $ | 5,293 | $ | 38,513 | $ | 43,806 | $ | 16,918 | $ | 26,888 | $ | 27,431 | 1999 | |||||||||||||||||||
Camden Lago Vista | 3,497 | 29,623 | 925 | 3,497 | 30,548 | 34,045 | 9,372 | 24,673 | 2005 | |||||||||||||||||||||||||||||
Camden Lake Pine | 5,746 | 31,714 | 5,610 | 5,746 | 37,324 | 43,070 | 10,833 | 32,237 | 26,212 | 2005 | ||||||||||||||||||||||||||||
Camden Lakes | 3,106 | 22,746 | 12,823 | 3,106 | 35,569 | 38,675 | 26,124 | 12,551 | 1997 | |||||||||||||||||||||||||||||
Camden Lakeside | 1,171 | 7,395 | 4,861 | 1,171 | 12,256 | 13,427 | 8,384 | 5,043 | 1997 | |||||||||||||||||||||||||||||
Camden Lakeway | 3,915 | 34,129 | 8,335 | 3,915 | 42,464 | 46,379 | 19,566 | 26,813 | 29,267 | 1997 | ||||||||||||||||||||||||||||
Camden Landmark | 17,339 | 71,315 | 888 | 17,339 | 72,203 | 89,542 | 3,278 | 86,264 | 2012 | |||||||||||||||||||||||||||||
Camden Lansdowne | 15,502 | 102,267 | 3,623 | 15,502 | 105,890 | 121,392 | 29,162 | 92,230 | 2005 | |||||||||||||||||||||||||||||
Camden Largo Town Center | 8,411 | 44,163 | 2,075 | 8,411 | 46,238 | 54,649 | 12,255 | 42,394 | 2005 | |||||||||||||||||||||||||||||
Camden Las Olas | 12,395 | 79,518 | 6,114 | 12,395 | 85,632 | 98,027 | 23,027 | 75,000 | 2005 | |||||||||||||||||||||||||||||
Camden LaVina | 12,907 | 42,569 | 8 | 12,907 | 42,577 | 55,484 | 4,331 | 51,153 | 2012 | |||||||||||||||||||||||||||||
Camden Lee Vista | 4,350 | 34,643 | 4,318 | 4,350 | 38,961 | 43,311 | 16,709 | 26,602 | 2000 | |||||||||||||||||||||||||||||
Camden Legacy | 4,068 | 26,612 | 8,772 | 4,068 | 35,384 | 39,452 | 17,609 | 21,843 | 1998 | |||||||||||||||||||||||||||||
Camden Legacy Creek | 2,052 | 12,896 | 4,400 | 2,052 | 17,296 | 19,348 | 8,553 | 10,795 | 1997 | |||||||||||||||||||||||||||||
Camden Legacy Park | 2,560 | 15,449 | 5,536 | 2,560 | 20,985 | 23,545 | 10,030 | 13,515 | 13,866 | 1997 | ||||||||||||||||||||||||||||
Camden Legends | 1,370 | 6,382 | 1,145 | 1,370 | 7,527 | 8,897 | 4,056 | 4,841 | 1998 | |||||||||||||||||||||||||||||
Camden Main and Jamboree | 17,363 | 75,387 | 433 | 17,363 | 75,820 | 93,183 | 8,756 | 84,427 | 50,579 | 2008 | ||||||||||||||||||||||||||||
Camden Manor Park | 2,535 | 47,159 | 1,165 | 2,535 | 48,324 | 50,859 | 12,985 | 37,874 | 29,675 | 2006 | ||||||||||||||||||||||||||||
Camden Martinique | 28,401 | 51,861 | 14,168 | 28,401 | 66,029 | 94,430 | 31,599 | 62,831 | 36,284 | 1998 | ||||||||||||||||||||||||||||
Camden Midtown | 4,583 | 18,026 | 7,442 | 4,583 | 25,468 | 30,051 | 11,066 | 18,985 | 28,058 | 1999 | ||||||||||||||||||||||||||||
Camden Midtown Atlanta | 6,196 | 33,828 | 3,351 | 6,196 | 37,179 | 43,375 | 10,877 | 32,498 | 20,565 | 2005 | ||||||||||||||||||||||||||||
Camden Miramar | — | 38,784 | 9,198 | — | 47,982 | 47,982 | 17,426 | 30,556 | 1994-2013 | |||||||||||||||||||||||||||||
Camden Montague | 3,576 | 16,534 | 8 | 3,576 | 16,542 | 20,118 | 1,490 | 18,628 | 2012 | |||||||||||||||||||||||||||||
Camden Montierra | 13,687 | 31,727 | 2,682 | 13,687 | 34,409 | 48,096 | 1,229 | 46,867 | 2012 | |||||||||||||||||||||||||||||
Camden Monument Place | 9,030 | 54,089 | 429 | 9,030 | 54,518 | 63,548 | 12,411 | 51,137 | 2007 | |||||||||||||||||||||||||||||
Camden Oak Crest | 2,078 | 20,941 | 2,511 | 2,078 | 23,452 | 25,530 | 8,584 | 16,946 | 17,309 | 2003 | ||||||||||||||||||||||||||||
Camden Old Creek | 20,360 | 71,777 | 678 | 20,360 | 72,455 | 92,815 | 16,758 | 76,057 | 2007 | |||||||||||||||||||||||||||||
Camden Orange Court | 5,319 | 40,733 | 532 | 5,319 | 41,265 | 46,584 | 8,676 | 37,908 | 2008 | |||||||||||||||||||||||||||||
Camden Overlook | 4,591 | 25,563 | 4,829 | 4,591 | 30,392 | 34,983 | 8,860 | 26,123 | 2005 | |||||||||||||||||||||||||||||
Camden Palisades | 8,406 | 31,497 | 8,171 | 8,406 | 39,668 | 48,074 | 21,292 | 26,782 | 1998 | |||||||||||||||||||||||||||||
Camden Park | 4,922 | 16,453 | 1,050 | 4,922 | 17,503 | 22,425 | 1,315 | 21,110 | 2012 | |||||||||||||||||||||||||||||
Camden Parkside | 29,730 | 34,368 | 751 | 29,730 | 35,119 | 64,849 | 2,491 | 62,358 | 2012 | |||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||
Land | Building/ | Cost | Land | Building/ | Total | Accumulated | Total Cost, | Encumbrances | Year of | |||||||||||||||||||||||||||||
Construction in | Subsequent | Construction | Depreciation | Net of | Completion/ | |||||||||||||||||||||||||||||||||
Progress & | to Acquisition/ | in Progress & | Accumulated | Acquisition | ||||||||||||||||||||||||||||||||||
Improvements | Construction | Improvements | Depreciation | |||||||||||||||||||||||||||||||||||
Camden Peachtree City | $ | 6,536 | $ | 29,063 | $ | 2,439 | $ | 6,536 | $ | 31,502 | $ | 38,038 | $ | 9,254 | $ | 28,784 | 2005 | |||||||||||||||||||||
Camden Pecos Ranch | 3,362 | 24,492 | 3,216 | 3,362 | 27,708 | 31,070 | 2,108 | 28,962 | 2012 | |||||||||||||||||||||||||||||
Camden Pinehurst | 3,380 | 14,807 | 8,084 | 3,380 | 22,891 | 26,271 | 20,593 | 5,678 | 1997 | |||||||||||||||||||||||||||||
Camden Pines | 3,496 | 21,852 | 641 | 3,496 | 22,493 | 25,989 | 1,654 | 24,335 | 2012 | |||||||||||||||||||||||||||||
Camden Plantation | 6,299 | 77,964 | 5,679 | 6,299 | 83,643 | 89,942 | 22,929 | 67,013 | 2005 | |||||||||||||||||||||||||||||
Camden Plaza | 7,204 | 31,044 | 406 | 7,204 | 31,450 | 38,654 | 3,388 | 35,266 | 21,506 | 2007 | ||||||||||||||||||||||||||||
Camden Pointe | 2,058 | 14,879 | 2,881 | 2,058 | 17,760 | 19,818 | 9,101 | 10,717 | 1998 | |||||||||||||||||||||||||||||
Camden Portofino | 9,867 | 38,702 | 3,511 | 9,867 | 42,213 | 52,080 | 11,608 | 40,472 | 2005 | |||||||||||||||||||||||||||||
Camden Post Oak | 14,302 | 92,557 | 2,494 | 14,302 | 95,051 | 109,353 | 2,134 | 107,219 | 2013 | |||||||||||||||||||||||||||||
Camden Potomac Yard | 16,498 | 88,317 | 354 | 16,498 | 88,671 | 105,169 | 18,653 | 86,516 | 2008 | |||||||||||||||||||||||||||||
Camden Preserve | 1,206 | 17,982 | 5,311 | 1,206 | 23,293 | 24,499 | 10,568 | 13,931 | 1997 | |||||||||||||||||||||||||||||
Camden Providence Lakes | 2,020 | 14,855 | 5,742 | 2,020 | 20,597 | 22,617 | 8,572 | 14,045 | 2002 | |||||||||||||||||||||||||||||
Camden Renaissance | 4,144 | 39,987 | 5,005 | 4,144 | 44,992 | 49,136 | 20,598 | 28,538 | 1997 | |||||||||||||||||||||||||||||
Camden Reunion Park | 3,302 | 18,457 | 4,034 | 3,302 | 22,491 | 25,793 | 6,458 | 19,335 | 19,961 | 2005 | ||||||||||||||||||||||||||||
Camden Ridgecrest | 1,008 | 12,720 | 3,377 | 1,008 | 16,097 | 17,105 | 9,139 | 7,966 | 1995 | |||||||||||||||||||||||||||||
Camden River | 5,386 | 24,025 | 3,834 | 5,386 | 27,859 | 33,245 | 8,496 | 24,749 | 21,614 | 2005 | ||||||||||||||||||||||||||||
Camden Roosevelt | 11,470 | 45,785 | 776 | 11,470 | 46,561 | 58,031 | 12,782 | 45,249 | 2005 | |||||||||||||||||||||||||||||
Camden Royal Oaks | 1,055 | 20,046 | 376 | 1,055 | 20,422 | 21,477 | 5,896 | 15,581 | 2006 | |||||||||||||||||||||||||||||
Camden Royal Oaks II | 587 | 12,743 | 9 | 587 | 12,752 | 13,339 | 1,083 | 12,256 | 2012 | |||||||||||||||||||||||||||||
Camden Royal Palms | 2,147 | 38,339 | 1,727 | 2,147 | 40,066 | 42,213 | 8,607 | 33,606 | 2007 | |||||||||||||||||||||||||||||
Camden Russett | 13,460 | 61,837 | 3,130 | 13,460 | 64,967 | 78,427 | 17,778 | 60,649 | 45,063 | 2005 | ||||||||||||||||||||||||||||
Camden San Marcos | 11,520 | 35,166 | 3,207 | 11,520 | 38,373 | 49,893 | 1,409 | 48,484 | 2012 | |||||||||||||||||||||||||||||
Camden San Paloma | 6,480 | 23,045 | 6,382 | 6,480 | 29,427 | 35,907 | 10,585 | 25,322 | 2002 | |||||||||||||||||||||||||||||
Camden Sea Palms | 4,336 | 9,930 | 2,550 | 4,336 | 12,480 | 16,816 | 6,564 | 10,252 | 1998 | |||||||||||||||||||||||||||||
Camden Sedgebrook | 5,266 | 29,211 | 5,674 | 5,266 | 34,885 | 40,151 | 9,649 | 30,502 | 21,306 | 2005 | ||||||||||||||||||||||||||||
Camden Shiloh | 4,181 | 18,798 | 2,690 | 4,181 | 21,488 | 25,669 | 6,203 | 19,466 | 10,576 | 2005 | ||||||||||||||||||||||||||||
Camden Sierra at Otay Ranch | 10,585 | 49,781 | 3,471 | 10,585 | 53,252 | 63,837 | 17,389 | 46,448 | 2003 | |||||||||||||||||||||||||||||
Camden Silo Creek | 9,707 | 45,301 | 1,430 | 9,707 | 46,731 | 56,438 | 12,548 | 43,890 | 2005 | |||||||||||||||||||||||||||||
Camden Simsbury | 1,152 | 6,499 | 1,864 | 1,152 | 8,363 | 9,515 | 2,357 | 7,158 | 2005 | |||||||||||||||||||||||||||||
Camden Sotelo | 3,376 | 30,576 | 345 | 3,376 | 30,921 | 34,297 | 378 | 33,919 | 2013 | |||||||||||||||||||||||||||||
Camden South End Square | 6,625 | 29,175 | 5,066 | 6,625 | 34,241 | 40,866 | 9,371 | 31,495 | 2005 | |||||||||||||||||||||||||||||
Camden St. Clair | 7,526 | 27,486 | 5,923 | 7,526 | 33,409 | 40,935 | 9,135 | 31,800 | 21,646 | 2005 | ||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||
Land | Building/ | Cost | Land | Building/ | Total | Accumulated | Total Cost, | Encumbrances | Year of | |||||||||||||||||||||||||||||
Construction in | Subsequent | Construction | Depreciation | Net of | Completion/ | |||||||||||||||||||||||||||||||||
Progress & | to Acquisition/ | in Progress & | Accumulated | Acquisition | ||||||||||||||||||||||||||||||||||
Improvements | Construction | Improvements | Depreciation | |||||||||||||||||||||||||||||||||||
Camden Stockbridge | $ | 5,071 | $ | 22,693 | $ | 2,721 | $ | 5,071 | $ | 25,414 | $ | 30,485 | $ | 7,449 | $ | 23,036 | $ | 14,332 | 2005 | |||||||||||||||||||
Camden Stonebridge | 1,016 | 7,137 | 3,131 | 1,016 | 10,268 | 11,284 | 6,380 | 4,904 | 1993 | |||||||||||||||||||||||||||||
Camden Stonecrest | 3,941 | 22,021 | 5,058 | 3,941 | 27,079 | 31,020 | 7,546 | 23,474 | 2005 | |||||||||||||||||||||||||||||
Camden Stoneleigh | 3,498 | 31,285 | 4,865 | 3,498 | 36,150 | 39,648 | 8,854 | 30,794 | 2006 | |||||||||||||||||||||||||||||
Camden Sugar Grove | 7,614 | 27,594 | 655 | 7,614 | 28,249 | 35,863 | 1,999 | 33,864 | 2012 | |||||||||||||||||||||||||||||
Camden Summerfield | 14,659 | 48,404 | 530 | 14,659 | 48,934 | 63,593 | 10,705 | 52,888 | 2008 | |||||||||||||||||||||||||||||
Camden Summerfield II | 4,459 | 20,566 | 3 | 4,459 | 20,569 | 25,028 | 1,869 | 23,159 | 2012 | |||||||||||||||||||||||||||||
Camden Summit | 11,212 | 18,399 | 664 | 11,212 | 19,063 | 30,275 | 1,377 | 28,898 | 2012 | |||||||||||||||||||||||||||||
Camden Tiara | 7,709 | 28,644 | 692 | 7,709 | 29,336 | 37,045 | 2,131 | 34,914 | 2012 | |||||||||||||||||||||||||||||
Camden Touchstone | 1,203 | 6,772 | 2,400 | 1,203 | 9,172 | 10,375 | 3,216 | 7,159 | 2005 | |||||||||||||||||||||||||||||
Camden Town Square | 13,127 | 45,997 | 5 | 13,127 | 46,002 | 59,129 | 3,084 | 56,045 | 2012 | |||||||||||||||||||||||||||||
Camden Travis Street | 1,780 | 29,104 | 103 | 1,780 | 29,207 | 30,987 | 5,407 | 25,580 | 2010 | |||||||||||||||||||||||||||||
Camden Tuscany | 3,330 | 36,466 | 2,799 | 3,330 | 39,265 | 42,595 | 12,292 | 30,303 | 2003 | |||||||||||||||||||||||||||||
Camden Valley Park | 3,096 | 14,667 | 12,679 | 3,096 | 27,346 | 30,442 | 22,412 | 8,030 | 1994 | |||||||||||||||||||||||||||||
Camden Vanderbilt | 16,076 | 44,918 | 14,642 | 16,076 | 59,560 | 75,636 | 33,007 | 42,629 | 73,165 | 1994/1997 | ||||||||||||||||||||||||||||
Camden Vantage | 11,787 | 68,822 | 350 | 11,787 | 69,172 | 80,959 | 878 | 80,081 | 2013 | |||||||||||||||||||||||||||||
Camden Vineyards | 4,367 | 28,494 | 1,699 | 4,367 | 30,193 | 34,560 | 10,922 | 23,638 | 2002 | |||||||||||||||||||||||||||||
Camden Vintage | 3,641 | 19,255 | 5,036 | 3,641 | 24,291 | 27,932 | 14,244 | 13,688 | 1998 | |||||||||||||||||||||||||||||
Camden Westchase Park | 11,955 | 36,254 | 17 | 11,955 | 36,271 | 48,226 | 2,696 | 45,530 | 2012 | |||||||||||||||||||||||||||||
Camden Westshore | 1,734 | 10,819 | 6,792 | 1,734 | 17,611 | 19,345 | 11,854 | 7,491 | 1997 | |||||||||||||||||||||||||||||
Camden Westwood | 4,567 | 25,519 | 3,864 | 4,567 | 29,383 | 33,950 | 8,191 | 25,759 | 19,907 | 2005 | ||||||||||||||||||||||||||||
Camden Whispering Oaks | 1,188 | 26,242 | 180 | 1,188 | 26,422 | 27,610 | 6,262 | 21,348 | 2008 | |||||||||||||||||||||||||||||
Camden Woods | 2,693 | 19,930 | 9,516 | 2,693 | 29,446 | 32,139 | 19,412 | 12,727 | 1999 | |||||||||||||||||||||||||||||
Camden World Gateway | 5,785 | 51,821 | 3,373 | 5,785 | 55,194 | 60,979 | 14,325 | 46,654 | 2005 | |||||||||||||||||||||||||||||
Total Current communities: | $ | 963,677 | $ | 4,993,078 | $ | 602,850 | $ | 963,677 | $ | 5,595,928 | $ | 6,559,605 | $ | 1,643,490 | $ | 4,916,115 | $ | 941,968 | ||||||||||||||||||||
Communities under construction: | ||||||||||||||||||||||||||||||||||||||
Camden Boca Raton | $ | — | $ | 25,968 | $ | — | $ | — | $ | 25,968 | $ | 25,968 | $ | 6 | $ | 25,962 | N/A | |||||||||||||||||||||
Camden Flatirons | — | 46,275 | — | — | 46,275 | 46,275 | 137 | 46,138 | N/A | |||||||||||||||||||||||||||||
Camden Foothills | — | 17,492 | — | — | 17,492 | 17,492 | — | 17,492 | N/A | |||||||||||||||||||||||||||||
Camden Gallery | — | 14,022 | — | — | 14,022 | 14,022 | — | 14,022 | N/A | |||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||
Land | Building/ | Cost | Land | Building/ | Total | Accumulated | Total Cost, | Encumbrances | Year of | |||||||||||||||||||||||||||||
Construction in | Subsequent | Construction | Depreciation | Net of | Completion/ | |||||||||||||||||||||||||||||||||
Progress & | to Acquisition/ | in Progress & | Accumulated | Acquisition | ||||||||||||||||||||||||||||||||||
Improvements | Construction | Improvements | Depreciation | |||||||||||||||||||||||||||||||||||
Camden Glendale | $ | — | $ | 52,312 | $ | — | $ | — | $ | 52,312 | $ | 52,312 | $ | — | $ | 52,312 | N/A | |||||||||||||||||||||
Camden Hayden | — | 13,222 | — | — | 13,222 | 13,222 | — | 13,222 | N/A | |||||||||||||||||||||||||||||
Camden La Frontera | — | 9,345 | — | — | 9,345 | 9,345 | — | 9,345 | N/A | |||||||||||||||||||||||||||||
Camden Lamar Heights | — | 27,481 | — | — | 27,481 | 27,481 | — | 27,481 | N/A | |||||||||||||||||||||||||||||
Camden NOMA (1) | — | 98,572 | — | — | 98,572 | 98,572 | 73 | 98,499 | N/A | |||||||||||||||||||||||||||||
Camden Paces | — | 46,726 | — | — | 46,726 | 46,726 | — | 46,726 | N/A | |||||||||||||||||||||||||||||
Camden Victory Park | — | 17,702 | — | — | 17,702 | 17,702 | 7 | 17,695 | N/A | |||||||||||||||||||||||||||||
Camden Miramar IX-B | — | 104 | — | — | 104 | 104 | — | 104 | N/A | |||||||||||||||||||||||||||||
The Camden | — | 30,665 | — | — | 30,665 | 30,665 | — | 30,665 | N/A | |||||||||||||||||||||||||||||
Total Communities under construction: | $ | — | $ | 399,886 | $ | — | $ | — | $ | 399,886 | $ | 399,886 | $ | 223 | $ | 399,663 | $ | — | ||||||||||||||||||||
Development pipeline communities: | ||||||||||||||||||||||||||||||||||||||
Camden Atlantic | $ | — | $ | 11,143 | $ | — | $ | — | $ | 11,143 | $ | 11,143 | $ | — | $ | 11,143 | N/A | |||||||||||||||||||||
Camden Buckhead | — | 18,850 | — | — | 18,850 | 18,850 | — | 18,850 | N/A | |||||||||||||||||||||||||||||
Camden Chandler | — | 6,490 | — | — | 6,490 | 6,490 | — | 6,490 | N/A | |||||||||||||||||||||||||||||
Camden Lincoln Station | — | 5,852 | — | — | 5,852 | 5,852 | — | 5,852 | N/A | |||||||||||||||||||||||||||||
Camden McGowen Station | — | 7,978 | — | — | 7,978 | 7,978 | — | 7,978 | N/A | |||||||||||||||||||||||||||||
Camden NOMA II | — | 19,795 | — | — | 19,795 | 19,795 | — | 19,795 | N/A | |||||||||||||||||||||||||||||
Total Development pipeline communities: | $ | — | $ | 70,108 | $ | — | $ | — | $ | 70,108 | $ | 70,108 | $ | — | $ | 70,108 | $ | — | ||||||||||||||||||||
Land Holdings | $ | — | $ | 34,373 | $ | — | $ | — | $ | 34,373 | $ | 34,373 | $ | — | $ | 34,373 | N/A | |||||||||||||||||||||
Corporate | — | 8,209 | — | — | 8,209 | 8,209 | — | 8,209 | N/A | |||||||||||||||||||||||||||||
$ | — | $ | 42,582 | $ | — | $ | — | $ | 42,582 | $ | 42,582 | $ | — | $ | 42,582 | $ | — | |||||||||||||||||||||
TOTAL | $ | 963,677 | $ | 5,505,654 | $ | 602,850 | $ | 963,677 | $ | 6,108,504 | $ | 7,072,181 | $ | 1,643,713 | $ | 5,428,468 | $ | 941,968 | ||||||||||||||||||||
(1) Property in lease-up at December 31, 2013. Balance presented here includes costs which are included in buildings and improvements and land on the balance sheet at December 31, 2013. These costs related to completed unit turns for this property. | ||||||||||||||||||||||||||||||||||||||
Camden Property Trust | Schedule III | |||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
The changes in total real estate assets for the years ended December 31: | ||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 6,673,914 | $ | 5,819,540 | $ | 5,647,677 | ||||||||||||||||||||||||||||||||
Additions during period: | ||||||||||||||||||||||||||||||||||||||
Acquisition of operating properties and unconsolidated joint ventures | 221,421 | 797,477 | — | |||||||||||||||||||||||||||||||||||
Development and repositions | 306,950 | 232,296 | 180,028 | |||||||||||||||||||||||||||||||||||
Improvements | 67,049 | 60,426 | 61,037 | |||||||||||||||||||||||||||||||||||
Deductions during period: | ||||||||||||||||||||||||||||||||||||||
Cost of real estate sold contributed to joint venture | — | — | (12,578 | ) | ||||||||||||||||||||||||||||||||||
Cost of real estate sold – other | (197,153 | ) | (176,872 | ) | (32,673 | ) | ||||||||||||||||||||||||||||||||
Classification to held for sale | — | (58,953 | ) | (23,951 | ) | |||||||||||||||||||||||||||||||||
Balance, end of period | $ | 7,072,181 | $ | 6,673,914 | $ | 5,819,540 | ||||||||||||||||||||||||||||||||
The changes in accumulated depreciation for the years ended December 31: | ||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,518,896 | $ | 1,432,799 | $ | 1,292,924 | ||||||||||||||||||||||||||||||||
Depreciation | 203,897 | 185,546 | 171,009 | |||||||||||||||||||||||||||||||||||
Dispositions | (79,080 | ) | (72,465 | ) | (18,877 | ) | ||||||||||||||||||||||||||||||||
Transfers to held for sale | — | (26,984 | ) | (12,257 | ) | |||||||||||||||||||||||||||||||||
Balance, end of period | $ | 1,643,713 | $ | 1,518,896 | $ | 1,432,799 | ||||||||||||||||||||||||||||||||
The aggregate cost for federal income tax purposes at December 31, 2013 was $6.1 billion. |
Description_Of_Business_Detail
Description Of Business (Details) | Dec. 31, 2013 |
Accounting Policies [Abstract] | ' |
Number of multifamily communities comprising of apartment homes | 184 |
Total number of apartment homes in multifamily communities | 64,328 |
Number of multifamily properties under development | 14 |
Total number of apartment homes in multifamily properties upon completion of development | 4,354 |
Units in subsequent phase of a stabilized community | 75 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | ' | ' |
Average amortization period for below market leases and in-place leases | '6 months | '6 months | ' |
Capitalized interest | $15.40 | $12.50 | $8.80 |
Capitalized real estate taxes | 3 | 2.8 | 1.4 |
Leasehold Improvements, Gross | $12.20 | ' | ' |
Percentage Of Rental Revenue And Other Income From Leasing Of Apartment Homes | 98.00% | 98.00% | 98.00% |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Net Carrying Value of Below Market Leases and In-Place Leases) Table (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Summary of Accounting Policies and Recent Accounting Pronouncements [Abstract] | ' | ' |
Below market leases (Gross carrying value) | $0.40 | $0.90 |
Accumulated amortization | -0.2 | -0.2 |
Value of below market leases, net | 0.2 | 0.7 |
In-place leases (Gross carrying value) | 2.3 | 4.1 |
Accumulated amortization | -1.1 | -1.5 |
Value of in-place leases, net | $1.20 | $2.60 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Amortization of below market leases and in-place leases) Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Accounting Policies and Recent Accounting Pronouncements [Abstract] | ' | ' | ' |
Revenues related to below market leases | $1.10 | $1.40 | $0 |
Amortization of in-place leases | $5.60 | $13.10 | $3.90 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Expected Useful Lives Of Depreciable Property) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Intangible assets/liabilities (in-place leases and below market leases) | 'underlying lease term |
Minimum [Member] | Buildings And Improvements [Member] | ' |
Estimated Useful Life (in years) | '5 years |
Minimum [Member] | Furniture, Fixtures, Equipment, And Other [Member] | ' |
Estimated Useful Life (in years) | '3 years |
Maximum [Member] | Buildings And Improvements [Member] | ' |
Estimated Useful Life (in years) | '35 years |
Maximum [Member] | Furniture, Fixtures, Equipment, And Other [Member] | ' |
Estimated Useful Life (in years) | '20 years |
Share_Data_Calculation_Of_Basi
Share Data (Calculation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Number of common share equivalent securities excluded from the diluted earnings per share calculation | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 2,300,000 | 4,000,000 | |||||||||
Income from continuing operations attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $151,594 | $154,116 | $7,383 | |||||||||
Amount allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -3,177 | -2,784 | -551 | |||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 148,417 | 151,332 | 6,832 | |||||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 184,770 | 129,274 | 41,996 | |||||||||
Net income attributable to common shareholders, as adjusted | ' | ' | ' | ' | ' | ' | ' | ' | 333,187 | 280,606 | 48,828 | |||||||||
Income from continuing operations attributable to common shareholders, as adjusted - per share | ' | ' | ' | ' | ' | ' | ' | ' | $1.70 | $1.81 | $0.09 | |||||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $2.12 | $1.54 | $0.58 | |||||||||
Net income attributable to common shareholders, as adjusted - per share | $1.47 | [1] | $0.80 | [2] | $0.82 | [3] | $0.72 | [4] | $1.63 | [5] | $0.36 | [6] | $0.26 | $1.10 | [7] | $3.82 | [8] | $3.35 | [8] | $0.67 |
Weighted average number of common shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 87,204,000 | 83,772,000 | 72,756,000 | |||||||||
Income allocated to common units from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,133 | 1,984 | 0 | |||||||||
Income from continuing operations attributable to common shareholders, as adjusted | ' | ' | ' | ' | ' | ' | ' | ' | 149,550 | 153,316 | 6,832 | |||||||||
Net income attributable to common shareholders, as adjusted | ' | ' | ' | ' | ' | ' | ' | ' | $334,320 | $282,590 | $48,828 | |||||||||
Income from continuing operations attributable to common shareholders, as adjusted - per share | ' | ' | ' | ' | ' | ' | ' | ' | $1.69 | $1.79 | $0.09 | |||||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders - per share | ' | ' | ' | ' | ' | ' | ' | ' | $2.09 | $1.51 | $0.57 | |||||||||
Net income attributable to common shareholders, as adjusted - per share | $1.46 | [1] | $0.79 | [2] | $0.81 | [3] | $0.72 | [4] | $1.60 | [5] | $0.35 | [6] | $0.26 | $1.07 | [7] | $3.78 | [8] | $3.30 | [8] | $0.66 |
Common share options and share awards granted | ' | ' | ' | ' | ' | ' | ' | ' | 476,000 | 647,000 | 706,000 | |||||||||
Common units | ' | ' | ' | ' | ' | ' | ' | ' | 814,000 | 1,137,000 | 0 | |||||||||
Weighted average number of common shares outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 88,494,000 | 85,556,000 | 73,462,000 | |||||||||
[1] | (e)Includes a $91,101, or $1.04 basic and $1.03 diluted per share, impact related to the gain on sale of discontinued operations and a $3,245, or $0.04 basic and diluted per share, impact related to our proportionate gain on sale of two operating properties by one of our unconsolidated joint ventures included in equity in income of joint ventures. | |||||||||||||||||||
[2] | (d)Includes a $34,410, or $0.39 basic and diluted per share, impact related to the gain on sale of discontinued operations. | |||||||||||||||||||
[3] | (c)Includes a $24,866, or $0.29 basic and $0.28 diluted per share, impact related to the gain on sale of discontinued operations, and a $13,032, or $0.15 basic and diluted per share, impact related to our proportionate gain on sale of 14 joint venture communities included in equity in income of joint ventures. | |||||||||||||||||||
[4] | (b)Includes a $31,783, or $0.37 basic and $0.36 diluted per share, impact related to the gain on sale of discontinued operations. | |||||||||||||||||||
[5] | Includes an $82,527, or $0.96 basic and $0.94 diluted per share, impact related to the gain on sale of discontinued operations. Also includes a $17,227, or $0.20 basic and diluted per share, impact related to the gain on acquisition of the controlling interest in one former unconsolidated joint venture, and a $14,543, or $0.17 basic and diluted per share, impact related to our proportionate gain on sale of six operating properties by two of our unconsolidated joint ventures included in equity in income of joint ventures. | |||||||||||||||||||
[6] | Includes a $2,875, or $0.03 basic and diluted per share, impact related to our proportionate gain on sale of one joint venture community included in equity in income of joint ventures. | |||||||||||||||||||
[7] | (f)Includes a $32,541, or $0.41 basic and $0.39 diluted per share, impact related to the gain on sale of discontinued operations, and a $40,191, or $0.50 basic and $0.49 diluted per share, impact related to the gain on acquisition of the controlling interest in twelve former unconsolidated joint ventures. | |||||||||||||||||||
[8] | (a)Net income per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Common_Shares_Narrative_Detail
Common Shares (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 | Mar. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 21, 2014 | Dec. 31, 2013 | |
2010 and 2011 ATM Programs [Member] | 2010 and 2011 ATM Programs [Member] | 2010 and 2011 ATM Programs [Member] | 2010 and 2011 ATM Programs [Member] | 2012 ATM Program [Member] | 2012 ATM Program [Member] | 2012 ATM Program [Member] | 2012 ATM Program [Member] | Line of Credit [Member] | ||||||
Maximum aggregate offering price of common shares | ' | ' | ' | ' | ' | $300,000,000 | $250,000,000 | ' | ' | $300,000,000 | ' | ' | ' | ' |
Amount of current borrowing capacity under unsecured credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 |
Total net consideration | ' | ' | 40,044,000 | 693,355,000 | 106,571,000 | ' | ' | 128,128,000 | 106,570,600 | ' | 40,044,100 | 173,607,500 | ' | ' |
Common shares sold | ' | ' | 555 | 11,192 | 1,751 | ' | ' | 1,971,400 | 1,751,000 | ' | 555,100 | 2,607,900 | ' | ' |
Average price per common share sold | ' | ' | ' | ' | ' | ' | ' | $66.01 | $61.95 | ' | $73.73 | $67.63 | ' | ' |
Maximum aggregate offering price of remaining common shares available for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $82,700,000 | ' |
Percentage of voting interests acquired | 50.00% | 80.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of unconsolidated equity method investments acquired | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of apartment units in wholly owned property acquired | 320 | 4,034 | 1,118 | 2,114 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common and preferred stock authorized to issue | ' | ' | 185,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, authorized | 175,000,000 | ' | 175,000,000 | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares, authorized | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | ' | ' | 85,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common_Shares_Activity_Under_A
Common Shares (Activity Under At-The-Market Share Offering Program) (Details) (USD $) | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 21, 2014 | |
2010 and 2011 ATM Programs [Member] | 2010 and 2011 ATM Programs [Member] | 2012 ATM Program [Member] | 2012 ATM Program [Member] | 2012 ATM Program [Member] | ||||
Maximum aggregate offering price of remaining common shares available for sale | ' | ' | ' | ' | ' | ' | ' | $82,700,000 |
Total net consideration | $40,044,000 | $693,355,000 | $106,571,000 | $128,128,000 | $106,570,600 | $40,044,100 | $173,607,500 | ' |
Common shares sold | 555 | 11,192 | 1,751 | 1,971,400 | 1,751,000 | 555,100 | 2,607,900 | ' |
Average price per common share sold | ' | ' | ' | $66.01 | $61.95 | $73.73 | $67.63 | ' |
Operating_Partnerships_Operati
Operating Partnerships Operating Partnerships (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Camden Operating L P [Member] | Camden Operating L P [Member] | Camden Summit Partnership L P [Member] | ||||
Percentage Of Real Estate Properties Held With Operating Partnership | ' | ' | ' | ' | 8.00% | 26.00% |
Units of Partnership Interest, Amount | ' | ' | ' | ' | 11.9 | 22.8 |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | ' | ' | ' | ' | 92.10% | 94.20% |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | ' | ' | ' | ' | 1.00% | 1.00% |
Limited Partners' Capital Account, Units Outstanding | ' | ' | ' | ' | 0.8 | 1.1 |
Number of perpetual preferred units redeemed | ' | ' | ' | 4 | ' | ' |
Dividend percentage of perpetual preferred units | ' | ' | ' | 7.00% | ' | ' |
Perpetual preferred units Redemption Price Per Share | ' | ' | ' | $25 | ' | ' |
Aggregated redemption value of perpetual preferred units | ' | ' | ' | $100,000,000 | ' | ' |
Write off of original issuance costs of redeemed perpetual preferred units | $0 | $2,075,000 | $0 | $2,100,000 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Annual dividends distribution percentage to shareholders to qualify as a REIT | 90.00% | ' | ' |
Income tax related to gain on sale of available-for-sale investments | ' | ' | $1,000,000 |
Significant temporary differences or tax credits associated with our taxable REIT subsidiaries | 0 | ' | ' |
Operating Loss Carryforwards | 16,300,000 | ' | ' |
Statement [Line Items] | ' | ' | ' |
Difference Between Carry Value Of Net Assets And Tax Basis Of Net Assets | 1,200,000,000 | ' | ' |
Income tax expense | 1,826,000 | 1,208,000 | 2,220,000 |
Uncertain tax positions or unrecognized tax benefits | $0 | ' | ' |
Minimum [Member] | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 1-Jan-30 | ' | ' |
Maximum [Member] | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 1-Jan-33 | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Net Income to REIT Taxable Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income tax reconciliation, Estimated designated dividends included in Dividends Paid Deduction | ' | ' | ' | ' | ' | ' | ' | ' | $62,100,000 | ' | ' | ' | ||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 346,291,000 | 293,900,000 | 59,961,000 | ||
Less income allocated to non-controlling interests from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,022,000 | -4,459,000 | -3,126,000 | ||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,905,000 | -3,200,000 | -456,000 | ||
Less income allocated to perpetual preferred units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -776,000 | -7,000,000 | ||
Write off of original issuance costs of redeemed perpetual preferred units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,075,000 | 0 | ||
Net income attributable to common shareholders | 129,996,000 | 70,720,000 | 72,172,000 | 63,476,000 | 142,166,000 | 30,703,000 | 21,763,000 | 88,758,000 | ' | 336,364,000 | [1] | 283,390,000 | [1] | 49,379,000 |
(Income) loss from taxable Real Estate Investment Trust subsidiaries included above | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,940,000 | 3,323,000 | 539,000 | ||
Net income from Real Estate Investment Trust operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333,424,000 | 286,713,000 | 49,918,000 | ||
Book depreciation and amortization, including discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 223,198,000 | 213,479,000 | 188,042,000 | ||
Tax depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | -204,059,000 | -171,060,000 | -155,636,000 | ||
Book/tax difference on gains/losses from capital transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | -86,358,000 | -63,832,000 | -4,315,000 | ||
Other book/tax differences, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,427,000 | -40,961,000 | 8,205,000 | ||
Real Estate Investment Trust Taxable Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 256,778,000 | 224,339,000 | 86,214,000 | ||
Dividends paid deduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | -256,778,000 | [2] | -224,339,000 | [3] | -143,657,000 |
Dividends Paid In Excess Of Taxable Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -57,443,000 | ||
Income tax reconciliation, designated dividends included in dividends paid deduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,600,000 | ' | ' | ||
[1] | (a)Net income per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. | |||||||||||||
[2] | The dividends paid deduction includes estimated designated dividends from 2014 of approximately $62.1 million. | |||||||||||||
[3] | We borrowed approximately $26.6 million from 2013 for designated dividends in 2012. |
Income_Taxes_Schedule_of_Per_S
Income Taxes (Schedule of Per Share Distributions Reported to Shareholders) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Ordinary Income | $1.40 | $0.96 | $1.08 |
Long-term capital gain | $0.76 | $0.64 | $0.13 |
Unrecaptured Sec. 1250 gain | $0.36 | $0.64 | $0.23 |
Return of capital | $0 | $0 | $0.52 |
Total common share distributions | $2.52 | $2.24 | $1.96 |
Percentage Of Distributions Representing Tax Preference Items | 4.95% | 5.72% | 2.83% |
Acquisitions_and_Discontinued_2
Acquisitions and Discontinued Operations (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
acre | acre | acre | acre | acre | ||||||||
Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 7 | ' |
Number of apartment units in wholly owned property acquired | ' | ' | ' | ' | 320 | 4,034 | ' | ' | ' | 1,118 | 2,114 | ' |
Purchase price of operating properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | $225,000,000 | $356,000,000 | ' |
Percentage of voting interests acquired | ' | ' | ' | ' | 50.00% | 80.00% | ' | 50.00% | ' | ' | 50.00% | ' |
Equity method investment ownership percentage | ' | ' | 20.00% | ' | ' | ' | 20.00% | ' | ' | 20.00% | ' | 20.00% |
Number of unconsolidated equity method investments acquired | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | ' | 15,900,000 | 99,500,000 | ' | ' | ' | ' | ' | ' |
Debt assumed | ' | ' | ' | ' | 26,200,000 | 272,600,000 | ' | 26,200,000 | ' | ' | 26,200,000 | ' |
Gain on acquisition of controlling interest in joint ventures | ' | ' | ' | ' | 17,200,000 | 40,200,000 | ' | 17,227,000 | 40,191,000 | 0 | 57,418,000 | 0 |
Acres of land acquired | ' | 2.9 | ' | 38.8 | ' | ' | ' | ' | ' | ' | 22.6 | ' |
Purchase price of land acquired | ' | 15,600,000 | ' | 25,800,000 | ' | ' | ' | ' | ' | ' | 33,600,000 | ' |
Pro Forma Property Revenues of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,800,000 | 52,800,000 | ' |
Pro Forma Property Expenses of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | 21,000,000 | ' |
Number of apartment units in property of which noncontrolling ownership interests were acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 680 | ' |
Number of fully consolidated joint ventures acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Purchase of non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 16,482,000 | 0 |
Number of operating properties sold | ' | ' | 2 | ' | ' | 12 | 2 | ' | ' | 16 | 11 | ' |
Number of apartment homes in operating properties sold | 240 | ' | 600 | ' | ' | ' | 788 | ' | ' | 3,931 | 3,213 | ' |
Area of Land | ' | ' | 3.7 | ' | ' | ' | ' | ' | ' | 3.7 | ' | ' |
Proceeds from Sale of Land Held-for-investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | ' | ' |
Gain on sale of properties, including land | ' | ' | ' | ' | ' | ' | ' | ' | ' | 698,000 | 0 | 4,748,000 |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual, included in Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,400,000 | ' |
Business Combination Pro Forma Information Expenses of Acquiree since Acquisition Date, Actual included in Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,100,000 | ' |
Acquisitions_and_Discontinued_3
Acquisitions and Discontinued Operations Acquisitions and Discontinued Operations (Acquired properties) Table (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Camden Post Oak [Member] | Camden Sotelo [Member] | Camden Vantage [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of apartment units in wholly owned property acquired | 320 | 4,034 | 1,118 | 2,114 | 356 | 170 | 592 |
Purchase price of operating properties acquired | ' | ' | $225 | $356 | $108.50 | $34 | $82.50 |
Acquisitions_and_Discontinued_4
Acquisitions and Discontinued Operations (Fair value of assets acquired and liabilities assumed) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | ||
In Millions, unless otherwise specified | |||||
Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract] | ' | ' | ' | ||
Change in fair value of assets due to revaluation of previous joint venture investment | ' | $42.10 | ' | ||
Buildings and improvements | 192 | 622.9 | ' | ||
Land | 29.5 | 174.6 | ' | ||
Cash | 0 | 3.9 | ' | ||
Restricted cash | 0 | 0.7 | ' | ||
Intangible and other assets | 4.5 | 16 | ' | ||
Total assets acquired | 226 | [1] | 818.1 | [1] | ' |
Mortgage debt | 0 | [2] | 298.8 | [2] | ' |
Other liabilities | 1.9 | 8.2 | ' | ||
Total liabilities assumed | 1.9 | 307 | ' | ||
Net assets acquired | 224.1 | 511.1 | ' | ||
Debt assumed | ' | $26.20 | $272.60 | ||
[1] | Represents 100% of the fair value of assets of operating properties acquired which includes our previously held investments in the joint ventures acquired in 2012. Upon acquisition, we revalued our investments in these joint ventures which resulted in a fair value adjustment of assets of approximately $42.1 million for the year ended December 31, 2012. | ||||
[2] | 2) Mortgage debt assumed in the amount of $272.6 million was subsequently repaid in January 2012 at face value. |
Acquisitions_and_Discontinued_5
Acquisitions and Discontinued Operations (Pro Forma Consolidated Income Statement Information) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract] | ' | ' |
Property revenues | $727,152 | $668,498 |
Property expenses | 266,795 | 257,225 |
Property results | $460,357 | $411,273 |
Acquisitions_and_Discontinued_6
Acquisitions and Discontinued Operations (Summary Of Income From Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property revenues | ' | ' | ' | ' | ' | ' | $24,322 | $60,198 | $65,673 |
Property expenses | ' | ' | ' | ' | ' | ' | -10,552 | -27,557 | -31,163 |
Operating results | ' | ' | ' | ' | ' | ' | 13,770 | 32,641 | 34,510 |
Interest | ' | ' | ' | ' | ' | ' | 0 | -36 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | -5,255 | -15,199 | -16,679 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | 8,515 | 17,406 | 17,831 |
Gain on sale of discontinued operations, net of tax | $91,101 | $34,410 | $24,866 | $31,783 | $82,527 | $32,541 | $182,160 | $115,068 | $24,621 |
Investments_In_Joint_Ventures_1
Investments In Joint Ventures (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||
Feb. 28, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jan. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-13 | |
acre | acre | acre | Sale of 14 operating properties within an unconsolidated joint venture in May 2013 [Member] | |||||||||||
Number of joint ventures accounted for under equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 4 | 17 | ' |
Equity method investment ownership percentage | ' | ' | 20.00% | ' | ' | 20.00% | 20.00% | ' | ' | ' | 20.00% | ' | 20.00% | ' |
Maximum guaranteed amount of loans utilized for construction and development activities for joint ventures | ' | ' | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | ' | ' | ' |
Fees earned for property and asset management, construction, development, and other services to joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 11,400,000 | 9,300,000 | ' |
Acres of land acquired | ' | 2.9 | ' | 38.8 | ' | ' | ' | ' | ' | ' | ' | 22.6 | ' | ' |
Number of operating properties sold | ' | ' | 2 | ' | 12 | 2 | ' | ' | ' | ' | 16 | 11 | ' | 14 |
Number of apartment homes in operating properties sold | 240 | ' | 600 | ' | ' | 788 | ' | ' | ' | ' | 3,931 | 3,213 | ' | 3,098 |
Sales price of property sold by unconsolidated joint venture | ' | ' | 68,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,200,000 |
Gain on sale of property by unconsolidated joint venture | ' | ' | 3,200,000 | ' | ' | ' | 3,245,000 | 13,032,000 | 14,543,000 | 2,875,000 | ' | ' | ' | 13,100,000 |
Promoted equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,100,000 |
Investments_In_Joint_Ventures_2
Investments In Joint Ventures (Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | |
Revenues from discontinued operations attributable to unconsolidated joint venture | ' | ' | ' | ' | ' | $7,800,000 | $49,600,000 | |
Revenues from discontinued operations attributable to unconsolidated joint venture | ' | ' | ' | ' | 20,600,000 | 36,000,000 | 30,800,000 | |
Total assets | 790,200,000 | 917,800,000 | ' | ' | 790,200,000 | 917,800,000 | ' | |
Total third party debt | 530,700,000 | 712,700,000 | ' | ' | 530,700,000 | 712,700,000 | ' | |
Total equity | 229,600,000 | 165,200,000 | ' | ' | 229,600,000 | 165,200,000 | ' | |
Total revenues | ' | ' | ' | ' | 98,600,000 | 95,900,000 | 95,900,000 | [1] |
Gain On Sale Of Operating Properties, Net Of Tax | ' | ' | ' | ' | 112,400,000 | 49,700,000 | 17,400,000 | |
Net income (loss) | ' | ' | ' | ' | 120,700,000 | 50,500,000 | -3,200,000 | |
Equity in income of joint ventures | ' | ' | ' | ' | 24,865,000 | 20,175,000 | 5,679,000 | [2] |
Number of unconsolidated equity method investments acquired | ' | 1 | ' | ' | ' | ' | ' | |
Number of operating properties sold | 2 | ' | 12 | 2 | 16 | 11 | ' | |
Sale of 7 operating properties within two unconsolidated joint ventures in 2012 [Member] | ' | ' | ' | ' | ' | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | |
Revenues from discontinued operations attributable to unconsolidated joint venture | ' | ' | ' | ' | ' | 23,300,000 | 26,300,000 | |
Sale of 4 operating properties within one unconsolidated joint venture in 2011 [Member] | ' | ' | ' | ' | ' | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | |
Revenues from discontinued operations attributable to unconsolidated joint venture | ' | ' | ' | ' | ' | ' | $11,400,000 | |
[1] | Includes approximately $7.8 million and $49.6 million of revenues for the years ended DecemberB 31, 2012 and 2011 related to one previously unconsolidated joint venture acquired by us in December 2012 and 12 previously unconsolidated joint ventures acquired by us in January 2012. | |||||||
[2] | Equity in income excludes our ownership interest of fee income from various property management services provided by us to our joint ventures. |
Notes_Payable_Summary_Of_Indeb
Notes Payable (Summary Of Indebtedness) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Unsecured Debt | $1,588,798,000 | $1,538,212,000 |
Total secured notes payable | 941,968,000 | 972,256,000 |
Total notes payable | 2,530,800,000 | 2,510,500,000 |
Notes payable, effective interest rate | 4.27% | ' |
Value Of Real Estate Assets At Cost Subject To Secured Notes | 1,582,500,000 | 1,584,700,000 |
5.45% Notes Due 2013 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured Debt | 0 | 199,900,000 |
Notes payable, effective interest rate | 5.45% | ' |
Notes payable, maturity date | '2013 | ' |
5.08% Notes Due 2015 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured Debt | 249,700,000 | 249,500,000 |
Notes payable, effective interest rate | 5.08% | ' |
Notes payable, maturity date | '2015 | ' |
5.75% Notes Due 2017 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured Debt | 246,400,000 | 246,300,000 |
Notes payable, effective interest rate | 5.75% | ' |
Notes payable, maturity date | '2017 | ' |
4.70% Notes Due 2021 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured Debt | 248,800,000 | 248,700,000 |
Notes payable, effective interest rate | 4.70% | ' |
Notes payable, maturity date | '2021 | ' |
3.07% Notes Due 2022 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured Debt | 346,700,000 | 346,300,000 |
Notes payable, effective interest rate | 3.07% | ' |
Notes payable, maturity date | '2022 | ' |
5.00% Notes Due 2023 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured Debt | 247,700,000 | 247,500,000 |
Notes payable, effective interest rate | 5.00% | ' |
Notes payable, maturity date | '2023 | ' |
4.27% Notes Due 2024 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured Debt | 249,500,000 | 0 |
Notes payable, effective interest rate | 4.27% | ' |
Notes payable, maturity date | '2024 | ' |
Secured Notes 0.93% to 6.00% Conventional Mortgage Notes Due 2014 to 2045 [Member] | Secured Debt [Member] | ' | ' |
Total secured notes payable | 905,700,000 | 934,600,000 |
1.30% Tax-Exempt Mortgage Note Due 2028 [Member] | Secured Debt [Member] | ' | ' |
Total secured notes payable | 36,300,000 | 37,700,000 |
Notes payable, effective interest rate | 1.30% | ' |
Notes payable, maturity date | '2028 | ' |
Other Floating Rate Debt Included In Secured Notes (0.93%) [Member] | Secured Debt [Member] | ' | ' |
Total secured notes payable | $175,000,000 | $175,000,000 |
Minimum [Member] | Secured Notes 0.93% to 6.00% Conventional Mortgage Notes Due 2014 to 2045 [Member] | Secured Debt [Member] | ' | ' |
Notes payable, effective interest rate | 0.93% | ' |
Notes payable, maturity date | '2014 | ' |
Maximum [Member] | Secured Notes 0.93% to 6.00% Conventional Mortgage Notes Due 2014 to 2045 [Member] | Secured Debt [Member] | ' | ' |
Notes payable, effective interest rate | 6.00% | ' |
Notes payable, maturity date | '2045 | ' |
Notes_Payable_Narrative_Detail
Notes Payable (Narrative) (Details) (USD $) | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Y | Letter Of Credit [Member] | Short-term Debt [Member] | Floating Rate Debt [Member] | Floating Rate Debt [Member] | 5.45% Notes Due 2013 [Member] | Line of Credit [Member] | |
Senior Unsecured Notes [Member] | |||||||
Amount of current borrowing capacity under unsecured credit facility | ' | ' | ' | ' | ' | ' | $500 |
Unsecured Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | 22-Sep-15 |
Optional extension period of unsecured credit facility | ' | ' | ' | ' | ' | ' | 'September 2016 |
Maximum borrowing capacity under unsecured credit facility | ' | 100 | ' | ' | ' | ' | 750 |
Maximum term of bid rate loans (days) | ' | ' | ' | ' | ' | ' | '180 |
Lesser of amount stated or the amount available under the line of credit | ' | ' | ' | ' | ' | ' | 250 |
Outstanding letters of credit under credit facility | ' | 11.3 | ' | ' | ' | ' | 0 |
Available amount under unsecured credit facility | ' | ' | ' | ' | ' | ' | 488.7 |
Other Short-term Borrowings | ' | ' | 0 | ' | ' | ' | ' |
Debt Instrument, Face Amount | 250 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ' | ' | ' | ' | 5.38% | ' |
Discounted notes payable face amount | 99.81% | ' | ' | ' | ' | ' | ' |
Notes payable, effective interest rate | 4.27% | ' | ' | ' | ' | 5.45% | ' |
Proceeds From Notes Payable Net Of Issuance Costs | 247.4 | ' | ' | ' | ' | ' | ' |
Repayment of unsecured debt using proceeds from debt issuance | ' | ' | ' | ' | ' | $200 | ' |
Weighted average interest rate on floating rate debt | 4.40% | ' | ' | 1.00% | 1.10% | ' | ' |
Weighted average maturity of indebtedness (including unsecured line of credit) (in years) | 6.9 | ' | ' | ' | ' | ' | ' |
Notes_Payable_Scheduled_Repaym
Notes Payable (Scheduled Repayments On Outstanding Debt) (Details) (USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
2013 | $35.40 | |
2014 | 252 | |
2015 | 2.2 | [1] |
2016 | 249.2 | |
2017 | 177.6 | |
Thereafter | 1,814.40 | |
Total notes payable | $2,530.80 | |
Weighted Average Interest Rate | 4.40% | |
Maturities Due In 2013 [Member] | ' | |
Weighted Average Interest Rate | 3.20% | |
Maturities Due In 2014 [Member] | ' | |
Weighted Average Interest Rate | 5.10% | |
Maturities Due In 2015 [Member] | ' | |
Weighted Average Interest Rate | 0.00% | [1] |
Maturities Due In 2016 [Member] | ' | |
Weighted Average Interest Rate | 5.70% | |
Maturities Due In 2017 [Member] | ' | |
Weighted Average Interest Rate | 0.90% | |
Maturities Due Thereafter [Member] | ' | |
Weighted Average Interest Rate | 4.50% | |
[1] | (1)Includes only scheduled principal amortizations. |
Derivative_Instruments_And_Hed2
Derivative Instruments And Hedging Activities (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2011 | Aug. 31, 2011 |
Interest Rate Swap [Member] | ||
Derivative, Notional Amount | $500 | $16.60 |
Repayments of Unsecured Debt | $500 | ' |
Discontinuation of Cash Flow Hedge | '29.8 | ' |
Derivative_Instruments_And_Hed3
Derivative Instruments And Hedging Activities (Effect Of Derivative Financial Instruments On The Statements Of Income And Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | |
Interest Rate Cap [Member] | Not-Designated [Member] | Other Income Loss [Member] | ' | ' | |
Amount of (Loss) Recognized in Statements of Income | ($0.10) | ($0.10) | |
Interest Rate Swap [Member] | Cash Flow Hedge [Member] | Interest Expense [Member] | ' | ' | |
Unrealized (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivative (Effective Portion) | ' | -2.7 | [1] |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | ' | 9.9 | [1] |
Amount of Loss Recognized in Statements of Income (Discontinuation, Ineffective Portion and Amount Excluded from Effectiveness Testing) | ' | 29.8 | [1] |
Interest Rate Swap [Member] | Not-Designated [Member] | Other Income Loss [Member] | ' | ' | |
Amount of (Loss) Recognized in Statements of Income | ($0.70) | ($0.20) | |
[1] | (1) The results include the interest rate swap gain (loss) prior to discontinuation in May 2011. |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2011 | Dec. 31, 2013 |
Options [Member] | Options [Member] | Options [Member] | Share Awards and Vesting [Member] | Share Awards and Vesting [Member] | Share Awards and Vesting [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | 2011 Share Incentive Plan [Member] | 2011 Share Incentive Plan [Member] | ||||
Options [Member] | Options [Member] | Options [Member] | Options [Member] | ||||||||||||||
Total fungible units to be issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | 6,700,000 |
Units available under the 2011 Share Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,800,000 | ' |
Fungible units transferred from the 2002 Share Plan to the 2011 Share Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' |
Fungible Units To Full Value Award Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.45 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | 33.33% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 183,871 | 468,839 | 504,838 | 200,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration value of option right or other award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.83 | ' |
Common shares which could be granted pursuant to full value awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 |
Exercise price range for options exercised during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30.06 | $30.06 | ' | $62.32 | $51.37 | ' | ' |
Total intrinsic value of options exercised during the period | ' | ' | ' | $5.30 | $12.20 | $9.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to unvested options which is expected to be amortized | ' | ' | ' | ' | ' | ' | 35.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining weighted average contractual life (years) outstanding options | ' | ' | ' | '3 years 73 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining weighted average contractual life (years) exercisable options | ' | ' | ' | '2 years 329 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '5 years | ' | ' | ' |
Options granted in current year | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of shares vested | ' | ' | ' | ' | ' | ' | 15.9 | 13.9 | 11.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation cost for option and share awards | 14.7 | 13.7 | 12.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capitalized compensation cost for option and share awards | 2.2 | 1.4 | 0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Market Value Per Share At Which Shares Purchased Under Employee Share Purchase Plan | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Share Purchase Plan, Maximum Authorized Amount Per Participant | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Awards Held In Employee Trust Shares | 1,900,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Awards Held In Non Qualified Deferred Compensation Plan Shares | 41.3 | 35.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Required By Plan Participants Upon Withdrawal | 25.4 | 25.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Awards Held In Non Qualified Deferred Compensation Plan Shares | 1,200,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Securities Held In Non Qualified Deferred Compensation Plan Value | 18.1 | 15.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $2.20 | $2.20 | $1.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of Share Options Outstanding And Exercisable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
In Millions, except Share data, unless otherwise specified | $30.06-$41.16 [Member] | $42.90-$43.94 [Member] | $45.53-$62.32 [Member] | |||||
Range of exercise prices, minimum | ' | ' | ' | ' | $30.06 | $42.90 | $45.53 | |
Range of exercise prices, maximum | ' | ' | ' | ' | $41.16 | $43.94 | $62.32 | |
Outstanding Options, Number | 634,361 | [1] | 838,754 | 1,339,536 | 1,847,136 | 228,012 | 108,947 | 297,402 |
Outstanding Options, Weighted Average Price | $41.59 | $42.36 | $42.27 | $42.37 | $33.14 | $43.43 | $47.39 | |
Exercisable Options, Number | 536,456 | [1] | ' | ' | ' | 130,107 | 108,947 | 297,402 |
Exercisable Options, Weighted Average Price | $43.69 | ' | ' | ' | $35.46 | $43.43 | $47.39 | |
Aggregate intrinsic value of outstanding options | $9.80 | ' | ' | ' | ' | ' | ' | |
Aggregate Intrinsic Value of Exercisable Options | $7.20 | ' | ' | ' | ' | ' | ' | |
Closing share price per share for calculation of aggregate intrinsic values | $56.88 | ' | ' | ' | ' | ' | ' | |
[1] | (1)The aggregate intrinsic value of outstanding and exercisable options at DecemberB 31, 2013 was approximately $9.8 million and $7.2 million, respectively. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $56.88 per share on DecemberB 31, 2013 and the strike price of the underlying award. |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary Of Share Incentive Plans) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | |
Outstanding Options, Number | 838,754 | 1,339,536 | 1,847,136 | |
Granted, Options Outstanding | 0 | 0 | 0 | |
Exercised/Vested, Options Outstanding | -183,871 | -468,839 | -504,838 | |
Forfeited, Options Outstanding | -20,522 | -31,943 | -2,762 | |
Outstanding Options, Number | 634,361 | [1] | 838,754 | 1,339,536 |
Weighted Average Exercise/Grant Price, balance | $42.36 | $42.27 | $42.37 | |
Granted, Weighted Average Exercise/Grant Price | $0 | $0 | $0 | |
Exercised/Vested, Weighted Average Exercise/Grant Price | $41.56 | $40.86 | $42.59 | |
Forfeited, Weighted Average Exercise/Grant Price | $73.32 | $60.56 | $48.02 | |
Weighted Average Exercise/Grant Price, balance | $41.59 | $42.36 | $42.27 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | |
Nonvested share awards outstanding, Share Awards Outstanding | 862,253 | 818,754 | 741,505 | |
Granted, Share Awards Outstanding | 350,615 | 346,330 | 347,084 | |
Exercised/Vested, Share Awards Outstanding | -309,396 | -282,552 | -243,874 | |
Forfeited, Share Awards Outstanding | -72,174 | -20,279 | -25,961 | |
Nonvested share awards outstanding, Share Awards Outstanding | 831,298 | 862,253 | 818,754 | |
Nonvested share awards outstanding, Weighted Average Exercise/Grant Price | $52.64 | $46.88 | $42.16 | |
Granted, Weighted Average Exercise/Grant Price | $69.56 | $63.51 | $57 | |
Exercised/Vested, Weighted Average Exercise/Grant Price | $51.41 | $49.28 | $47.19 | |
Forfeited, Weighted Average Exercise/Grant Price | $58.08 | $52.05 | $44.51 | |
Nonvested share awards outstanding, Weighted Average Exercise/Grant Price | $59.77 | $52.64 | $46.88 | |
[1] | (1)The aggregate intrinsic value of outstanding and exercisable options at DecemberB 31, 2013 was approximately $9.8 million and $7.2 million, respectively. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $56.88 per share on DecemberB 31, 2013 and the strike price of the underlying award. |
ShareBased_Compensation_ShareB
Share-Based Compensation Share-Based Compensation And Benefit Plans (Employee Share Purchase Plan Activity) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation [Abstract] | ' | ' | ' | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 9,167 | 17,171 | 20,137 | 19,914 |
Weighted Average Fair Value Of Shares Purchased Under Employee Share Purchase Plan | ' | $62.59 | $67.80 | $63.29 |
Allocated Share-based Compensation Expense | ' | $0.20 | $0.30 | $0.30 |
ShareBased_Compensation_ShareB1
Share-Based Compensation Share-Based Compensation (Deferred Compensation Plan Shares) Table (Details) (USD $) | 5 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2012 |
Share Based Compensation Awards (Deferred Compensation Plan Awards) Table [Abstract] | ' | ' | ' |
Effective date of amended and restated plan at July 31, 2013 | ' | $0 | ' |
Change in classification of deferred compensation plan | 37,958 | ' | ' |
Change in redemption value of share awards | 9,575 | ' | ' |
Diversification of share awards | -353 | ' | ' |
Non-Qualified deferred compensation share awards | $47,180 | ' | $0 |
Fair_Value_Disclosures_Financi
Fair Value Disclosures (Financial Assets And Liabilities Measured At Fair Value) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred compensation plan investments | $43.80 | $35 |
Participant Withdrawals From Deferred Compensation Plan Investments | 1.6 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Deferred compensation plan investments | 43.8 | 35 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Deferred compensation plan investments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Deferred compensation plan investments | $0 | $0 |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures (Fair Value Of Notes Receivable And Notes Payable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Carrying Value | $2,530.80 | $2,510.50 |
Fixed Rate Notes Payable [Member] | ' | ' |
Carrying Value | 2,319.50 | 2,297.80 |
Estimated Fair Value | 2,391.50 | 2,518.10 |
Floating Rate Notes Payable [Member] | ' | ' |
Carrying Value | 211.3 | 212.7 |
Estimated Fair Value | $201.40 | $203.40 |
Net_Change_In_Operating_Accoun2
Net Change In Operating Accounts (Effect Of Changes In The Operating Accounts On Cash Flows From Operating Activities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Increase (Decrease) in Operating Capital [Abstract] | ' | ' | ' |
Other assets, net | ($2,639) | ($2,443) | $5,183 |
Accounts payable and accrued expenses | -8,138 | 2,320 | 2,026 |
Accrued real estate taxes | 7,165 | 5,640 | -122 |
Other liabilities | 22,139 | -16,192 | -17,152 |
Other | 1,051 | 816 | 596 |
Change in operating accounts and other | $19,578 | ($9,859) | ($9,469) |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Number of consolidated projects under construction | 13 | ' | ' |
Anticipated expenditures relating to completion of construction type contracts | $541.20 | ' | ' |
Earnest Money Deposits | 2.5 | ' | ' |
Rental expense | 2.8 | 2.6 | 2.8 |
Minimum annual rental commitments, 2013 | 2.8 | ' | ' |
Minimum annual rental commitments, 2014 | 2.3 | ' | ' |
Minimum annual rental commitments, 2015 | 2.6 | ' | ' |
Minimum annual rental commitments, 2016 | 2.7 | ' | ' |
Minimum annual rental commitments, 2017 | 2.5 | ' | ' |
Minimum annual rental commitments, thereafter | 15.4 | ' | ' |
Non-Refundable [Member] | ' | ' | ' |
Earnest Money Deposits | $2.10 | ' | ' |
Partnership Interest [Member] | Maximum [Member] | ' | ' | ' |
Less than joint venture economic interest noted | 100.00% | ' | ' |
Noncontrolling_Interests_Effec
Noncontrolling Interests (Effect Of Changes In Ownership Interest In Subsidiaries) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Noncontrolling Interests [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income attributable to common shareholders | $129,996 | $70,720 | $72,172 | $63,476 | $142,166 | $30,703 | $21,763 | $88,758 | $336,364 | [1] | $283,390 | [1] | $49,379 |
Increase in equity for conversion of operating partnership units | ' | ' | ' | ' | ' | ' | ' | ' | 52 | 8,994 | 592 | ||
Decrease in additional-paid-in-capital for purchase of remaining non-controlling ownership interests in three consolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -19,549 | 0 | ||
Change in common equity and net transfers from non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | $336,416 | $272,835 | $49,971 | ||
[1] | (a)Net income per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) Quarterly Financial Data (unaudited) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Quarterly Financial Data (unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Revenues | ' | ' | ' | $204,317 | $199,740 | $194,983 | $189,811 | $183,798 | $179,667 | $170,807 | $164,046 | $788,851 | [1] | $698,318 | [1] | $599,401 | |||||||
Net income attributable to common shareholders | ' | ' | ' | 129,996 | 70,720 | 72,172 | 63,476 | 142,166 | 30,703 | 21,763 | 88,758 | 336,364 | [1] | 283,390 | [1] | 49,379 | |||||||
Net income attributable to common shareholders per share - basic | ' | ' | ' | $1.47 | [2] | $0.80 | [3] | $0.82 | [4] | $0.72 | [5] | $1.63 | [6] | $0.36 | [7] | $0.26 | $1.10 | [8] | $3.82 | [1] | $3.35 | [1] | $0.67 |
Net income attributable to common shareholders per share b diluted | ' | ' | ' | $1.46 | [2] | $0.79 | [3] | $0.81 | [4] | $0.72 | [5] | $1.60 | [6] | $0.35 | [7] | $0.26 | $1.07 | [8] | $3.78 | [1] | $3.30 | [1] | $0.66 |
Gain on sale of discontinued operations, net of tax | ' | ' | ' | 91,101 | 34,410 | 24,866 | 31,783 | 82,527 | ' | ' | 32,541 | 182,160 | 115,068 | 24,621 | |||||||||
Income Loss From Disposition Of Discontinued Operations Per Basic Share | ' | ' | ' | $1.04 | $0.39 | $0.29 | $0.37 | $0.96 | ' | ' | $0.41 | ' | ' | ' | |||||||||
Income Loss From Disposition Of Discontinued Operations Per Diluted Share | ' | ' | ' | $1.03 | $0.39 | $0.28 | $0.36 | $0.94 | ' | ' | $0.39 | ' | ' | ' | |||||||||
Gain on acquisition of controlling interest in joint ventures | ' | 17,200 | 40,200 | ' | ' | ' | ' | 17,227 | ' | ' | 40,191 | 0 | 57,418 | 0 | |||||||||
Income loss from acquisition of the remaining non-controlling ownership interest per basic share | ' | ' | ' | ' | ' | ' | ' | $0.20 | ' | ' | $0.50 | ' | ' | ' | |||||||||
Income loss from acquisition of the remaining non-controlling ownership interest per diluted share | ' | ' | ' | ' | ' | ' | ' | $0.20 | ' | ' | $0.49 | ' | ' | ' | |||||||||
Gain (loss) on sale of unconsolidated JV property | $3,200 | ' | ' | $3,245 | ' | $13,032 | ' | $14,543 | $2,875 | ' | ' | ' | ' | ' | |||||||||
Income Loss From Disposition Of Unconsolidated Joint Venture Property Per Basic Share | ' | ' | ' | $0.04 | ' | $0.15 | ' | $0.17 | $0.03 | ' | ' | ' | ' | ' | |||||||||
Income Loss From Disposition Of Unconsolidated Joint Venture Property Per Diluted Share | ' | ' | ' | $0.04 | ' | $0.15 | ' | $0.17 | $0.03 | ' | ' | ' | ' | ' | |||||||||
[1] | (a)Net income per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. | ||||||||||||||||||||||
[2] | (e)Includes a $91,101, or $1.04 basic and $1.03 diluted per share, impact related to the gain on sale of discontinued operations and a $3,245, or $0.04 basic and diluted per share, impact related to our proportionate gain on sale of two operating properties by one of our unconsolidated joint ventures included in equity in income of joint ventures. | ||||||||||||||||||||||
[3] | (d)Includes a $34,410, or $0.39 basic and diluted per share, impact related to the gain on sale of discontinued operations. | ||||||||||||||||||||||
[4] | (c)Includes a $24,866, or $0.29 basic and $0.28 diluted per share, impact related to the gain on sale of discontinued operations, and a $13,032, or $0.15 basic and diluted per share, impact related to our proportionate gain on sale of 14 joint venture communities included in equity in income of joint ventures. | ||||||||||||||||||||||
[5] | (b)Includes a $31,783, or $0.37 basic and $0.36 diluted per share, impact related to the gain on sale of discontinued operations. | ||||||||||||||||||||||
[6] | Includes an $82,527, or $0.96 basic and $0.94 diluted per share, impact related to the gain on sale of discontinued operations. Also includes a $17,227, or $0.20 basic and diluted per share, impact related to the gain on acquisition of the controlling interest in one former unconsolidated joint venture, and a $14,543, or $0.17 basic and diluted per share, impact related to our proportionate gain on sale of six operating properties by two of our unconsolidated joint ventures included in equity in income of joint ventures. | ||||||||||||||||||||||
[7] | Includes a $2,875, or $0.03 basic and diluted per share, impact related to our proportionate gain on sale of one joint venture community included in equity in income of joint ventures. | ||||||||||||||||||||||
[8] | (f)Includes a $32,541, or $0.41 basic and $0.39 diluted per share, impact related to the gain on sale of discontinued operations, and a $40,191, or $0.50 basic and $0.49 diluted per share, impact related to the gain on acquisition of the controlling interest in twelve former unconsolidated joint ventures. |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
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Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Current Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Construction Communities [Member] | Development Pipeline Communities [Member] | Development Pipeline Communities [Member] | Development Pipeline Communities [Member] | Development Pipeline Communities [Member] | Development Pipeline Communities [Member] | Development Pipeline Communities [Member] | Land Holdings [Member] | Corporate [Member] | Total Land Holdings and Corporate [Member] | |||||
Camden Addison [Member] | Camden Ashburn Farms [Member] | Camden Aventura [Member] | Camden Ballantyne [Member] | Camden Bay [Member] | Camden Bayside [Member] | Camden Bel Air [Member] | Camden Belleview Station [Member] | Camden Belmont [Member] | Camden Breakers [Member] | Camden Breeze [Member] | Camden Brickell [Member] | Camden Brookwood [Member] | Camden Buckingham [Member] | Camden Caley [Member] | Camden Canyon [Member] | Camden Cedar Hills [Member] | Camden Centre [Member] | Camden Centreport [Member] | Camden Cimarron [Member] | Camden City Centre [Member] | Camden Clearbrook [Member] | Camden Club [Member] | Camden College Park [Member] | Camden Commons [Member] | Camden Copper Ridge [Member] | Camden Copper Square [Member] | Camden Cotton Mills [Member] | Camden Cove [Member] | Camden Creekstone [Member] | Camden Crest [Member] | Camden Crown Valley [Member] | Camden Deerfield [Member] | Camden Del Mar [Member] | Camden Denver West [Member] | Camden Dilworth [Member] | Camden Doral [Member] | Camden Doral Villas [Member] | Camden Dulles Station [Member] | Camden Dunwoody [Member] | Camden Fair Lakes [Member] | Camden Fairfax Corner [Member] | Camden Fairview [Member] | Camden Fairways [Member] | Camden Fallsgrove [Member] | Camden Farmers Market [Member] | Camden Foxcroft [Member] | Camden Gaines Ranch [Member] | Camden Glen Lakes [Member] | Camden Governors Village [Member] | Camden Grand Parc [Member] | Camden Grandview [Member] | Camden Greenway [Member] | Camden Harbor View [Member] | Camden Henderson [Member] | Camden Highlands Ridge [Member] | Camden Hills [Member] | Camden Holly Springs [Member] | Camden Hunters Creek [Member] | Camden Huntingdon [Member] | Camden Interlocken [Member] | Camden Lago Vista [Member] | Camden Lake Pine [Member] | Camden Lakes [Member] | Camden Lakeside [Member] | Camden Lakeway [Member] | Camden Landmark [Member] | Camden Landsdowne [Member] | Camden Largo Town Center [Member] | Camden Las Olas [Member] | Camden LaVina [Member] | Camden Lee Vista [Member] | Camden Legacy [Member] | Camden Legacy Creek [Member] | Camden Legacy Park [Member] | Camden Legends [Member] | Camden Main Jamboree [Member] | Camden Manor Park [Member] | Camden Martinique [Member] | Camden Midtown [Member] | Camden Midtown Atlanta [Member] | Camden Miramar [Member] | Camden Montague [Member] | Camden Montierra [Member] | Camden Monument Place [Member] | Camden Oak Crest [Member] | Camden Old Creek [Member] | Camden Orange Court [Member] | Camden Overlook [Member] | Camden Palisades [Member] | Camden Park [Member] | Camden Parkside [Member] | Camden Peachtree City [Member] | Camden Pecos Ranch [Member] | Camden Pinehurst [Member] | Camden Pines [Member] | Camden Plantation [Member] | Camden Plaza [Member] | Camden Pointe [Member] | Camden Portofino [Member] | Camden Post Oak [Member] | Camden Potomac Yard [Member] | Camden Preserve [Member] | Camden Providence Lakes [Member] | Camden Renaissance [Member] | Camden Reunion Park [Member] | Camden Ridgecrest [Member] | Camden River [Member] | Camden Roosevelt [Member] | Camden Royal Oaks [Member] | Camden Royal Palms [Member] | Camden Russett [Member] | Camden San Marcos [Member] | Camden San Paloma [Member] | Camden Sea Palms [Member] | Camden Sedgebrook [Member] | Camden Shiloh [Member] | Camden Sierra At Otay Ranch [Member] | Camden Silo Creek [Member] | Camden Simsbury [Member] | Camden South End Square [Member] | Camden St Clair [Member] | Camden Stockbridge [Member] | Camden Stonebridge [Member] | Camden Stonecrest [Member] | Camden Stoneleigh [Member] | Camden Sugar Grove [Member] | Camden Summerfield [Member] | Camden Summerfield Two [Member] | Camden Summit [Member] | Camden Tiara [Member] | Camden Touchstone [Member] | Camden Travis Street [Member] | Camden Tuscany [Member] | Camden Valley Park [Member] | Camden Vanderbilt [Member] | Camden Vantage [Member] | Camden Vineyards [Member] | Camden Vintage [Member] | Camden Westchase Park [Member] | Camden Westshore [Member] | Camden Westwood [Member] | Camden Whispering Oaks [Member] | Camden Woods [Member] | Camden World Gateway [Member] | Camden Royal Oaks Two [Member] | Camden Town Square [Member] | Camden City Centre Two [Member] | Camden Sotelo [Member] | Camden Boca Raton [Member] | Camden Flatirons [Member] | Camden Foothills [Member] | Camden Glendale [Member] | Camden Hayden [Member] | Camden Lamar Heights [Member] | Camden NOMA [Member] | Camden NOMA II [Member] | Camden Paces [Member] | Camden Centro [Member] | Camden Hollywood [Member] | Camden La Frontera [Member] | Camden Victory Park [Member] | Camden Miramar IX-B [Member] | Camden Atlantic [Member] | Camden Buckhead [Member] | Camden Chandler [Member] | Camden Lincoln Station [Member] | Camden McGowen Station [Member] | |||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $963,677,000 | ' | ' | ' | $963,677,000 | $11,516,000 | $4,835,000 | $12,185,000 | $4,503,000 | $7,450,000 | $3,726,000 | $3,594,000 | $8,091,000 | $12,521,000 | $1,055,000 | $2,894,000 | $14,621,000 | $7,174,000 | $2,704,000 | $2,047,000 | $1,802,000 | $2,684,000 | $172,000 | $1,613,000 | $2,231,000 | $4,976,000 | $2,384,000 | $4,453,000 | $16,409,000 | $2,476,000 | $1,204,000 | $4,825,000 | $4,246,000 | $1,382,000 | $5,017,000 | $4,412,000 | $9,381,000 | $4,895,000 | $4,404,000 | $6,396,000 | $516,000 | $10,260,000 | $6,476,000 | $10,807,000 | $5,290,000 | $15,515,000 | $8,484,000 | $1,283,000 | $3,969,000 | $9,408,000 | $17,341,000 | $1,408,000 | $5,094,000 | $2,157,000 | $3,669,000 | $7,688,000 | $7,570,000 | $16,916,000 | $16,079,000 | $3,842,000 | $2,612,000 | $853,000 | $11,108,000 | $4,156,000 | $2,289,000 | $5,293,000 | $3,497,000 | $5,746,000 | $3,106,000 | $1,171,000 | $3,915,000 | $17,339,000 | $15,502,000 | $8,411,000 | $12,395,000 | $12,907,000 | $4,350,000 | $4,068,000 | $2,052,000 | $2,560,000 | $1,370,000 | $17,363,000 | $2,535,000 | $28,401,000 | $4,583,000 | $6,196,000 | $0 | $3,576,000 | $13,687,000 | $9,030,000 | $2,078,000 | $20,360,000 | $5,319,000 | $4,591,000 | $8,406,000 | $4,922,000 | $29,730,000 | $6,536,000 | $3,362,000 | $3,380,000 | $3,496,000 | $6,299,000 | $7,204,000 | $2,058,000 | $9,867,000 | $14,302,000 | $16,498,000 | $1,206,000 | $2,020,000 | $4,144,000 | $3,302,000 | $1,008,000 | $5,386,000 | $11,470,000 | $1,055,000 | $2,147,000 | $13,460,000 | $11,520,000 | $6,480,000 | $4,336,000 | $5,266,000 | $4,181,000 | $10,585,000 | $9,707,000 | $1,152,000 | $6,625,000 | $7,526,000 | $5,071,000 | $1,016,000 | $3,941,000 | $3,498,000 | $7,614,000 | $14,659,000 | $4,459,000 | $11,212,000 | $7,709,000 | $1,203,000 | $1,780,000 | $3,330,000 | $3,096,000 | $16,076,000 | $11,787,000 | $4,367,000 | $3,641,000 | $11,955,000 | $1,734,000 | $4,567,000 | $1,188,000 | $2,693,000 | $5,785,000 | $587,000 | $13,127,000 | $5,101,000 | $3,376,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,505,654,000 | ' | ' | ' | 4,993,078,000 | 29,332,000 | 22,604,000 | 47,616,000 | 30,250,000 | 63,283,000 | 28,689,000 | 31,221,000 | 44,003,000 | 61,522,000 | 13,024,000 | 15,828,000 | 57,031,000 | 31,984,000 | 21,251,000 | 17,445,000 | 11,666,000 | 20,931,000 | 1,166,000 | 12,644,000 | 14,092,000 | 44,735,000 | 44,017,000 | 29,811,000 | 91,503,000 | 20,073,000 | 9,180,000 | 23,672,000 | 19,147,000 | 6,266,000 | 19,912,000 | 31,108,000 | 54,210,000 | 21,922,000 | 35,264,000 | 51,552,000 | 16,633,000 | 40,416,000 | 25,543,000 | 61,548,000 | 23,642,000 | 104,223,000 | 72,953,000 | 7,223,000 | 15,543,000 | 43,647,000 | 74,193,000 | 7,919,000 | 37,100,000 | 16,339,000 | 20,508,000 | 35,900,000 | 33,859,000 | 43,933,000 | 127,459,000 | 15,256,000 | 34,726,000 | 7,834,000 | 42,852,000 | 20,925,000 | 17,393,000 | 31,612,000 | 29,623,000 | 31,714,000 | 22,746,000 | 7,395,000 | 34,129,000 | 71,315,000 | 102,267,000 | 44,163,000 | 79,518,000 | 42,569,000 | 34,643,000 | 26,612,000 | 12,896,000 | 15,449,000 | 6,382,000 | 75,387,000 | 47,159,000 | 51,861,000 | 18,026,000 | 33,828,000 | 38,784,000 | 16,534,000 | 31,727,000 | 54,089,000 | 20,941,000 | 71,777,000 | 40,733,000 | 25,563,000 | 31,497,000 | 16,453,000 | 34,368,000 | 29,063,000 | 24,492,000 | 14,807,000 | 21,852,000 | 77,964,000 | 31,044,000 | 14,879,000 | 38,702,000 | 92,557,000 | 88,317,000 | 17,982,000 | 14,855,000 | 39,987,000 | 18,457,000 | 12,720,000 | 24,025,000 | 45,785,000 | 20,046,000 | 38,339,000 | 61,837,000 | 35,166,000 | 23,045,000 | 9,930,000 | 29,211,000 | 18,798,000 | 49,781,000 | 45,301,000 | 6,499,000 | 29,175,000 | 27,486,000 | 22,693,000 | 7,137,000 | 22,021,000 | 31,285,000 | 27,594,000 | 48,404,000 | 20,566,000 | 18,399,000 | 28,644,000 | 6,772,000 | 29,104,000 | 36,466,000 | 14,667,000 | 44,918,000 | 68,822,000 | 28,494,000 | 19,255,000 | 36,254,000 | 10,819,000 | 25,519,000 | 26,242,000 | 19,930,000 | 51,821,000 | 12,743,000 | 45,997,000 | 28,553,000 | 30,576,000 | 399,886,000 | 25,968,000 | 46,275,000 | 17,492,000 | 52,312,000 | 13,222,000 | 27,481,000 | 98,572,000 | 19,795,000 | 46,726,000 | 14,022,000 | 30,665,000 | 9,345,000 | 17,702,000 | 104,000 | 70,108,000 | 11,143,000 | 18,850,000 | 6,490,000 | 5,852,000 | 7,978,000 | 34,373,000 | 8,209,000 | 42,582,000 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 602,850,000 | ' | ' | ' | 602,850,000 | 3,280,000 | 1,172,000 | 8,767,000 | 6,763,000 | 8,182,000 | 16,300,000 | 6,007,000 | 452,000 | 344,000 | 5,997,000 | 4,896,000 | 7,713,000 | 5,249,000 | 6,769,000 | 3,213,000 | 4,855,000 | 108,000 | 369,000 | 3,787,000 | 5,412,000 | 611,000 | 700,000 | 8,743,000 | 1,205,000 | 6,012,000 | 6,473,000 | 5,693,000 | 4,882,000 | 1,691,000 | 407,000 | 2,600,000 | 5,387,000 | 3,724,000 | 13,746,000 | 712,000 | 1,350,000 | 2,664,000 | 3,577,000 | 2,066,000 | 5,453,000 | 5,453,000 | 2,218,000 | 3,325,000 | 9,291,000 | 3,864,000 | 10,175,000 | 3,295,000 | 6,903,000 | 14,505,000 | 2,374,000 | 890,000 | 5,754,000 | 12,874,000 | 6,161,000 | 85,000 | 7,070,000 | 1,543,000 | 4,095,000 | 2,341,000 | 6,169,000 | 6,901,000 | 925,000 | 5,610,000 | 12,823,000 | 4,861,000 | 8,335,000 | 888,000 | 3,623,000 | 2,075,000 | 6,114,000 | 8,000 | 4,318,000 | 8,772,000 | 4,400,000 | 5,536,000 | 1,145,000 | 433,000 | 1,165,000 | 14,168,000 | 7,442,000 | 3,351,000 | 9,198,000 | 8,000 | 2,682,000 | 429,000 | 2,511,000 | 678,000 | 532,000 | 4,829,000 | 8,171,000 | 1,050,000 | 751,000 | 2,439,000 | 3,216,000 | 8,084,000 | 641,000 | 5,679,000 | 406,000 | 2,881,000 | 3,511,000 | 2,494,000 | 354,000 | 5,311,000 | 5,742,000 | 5,005,000 | 4,034,000 | 3,377,000 | 3,834,000 | 776,000 | 376,000 | 1,727,000 | 3,130,000 | 3,207,000 | 6,382,000 | 2,550,000 | 5,674,000 | 2,690,000 | 3,471,000 | 1,430,000 | 1,864,000 | 5,066,000 | 5,923,000 | 2,721,000 | 3,131,000 | 5,058,000 | 4,865,000 | 655,000 | 530,000 | 3,000 | 664,000 | 692,000 | 2,400,000 | 103,000 | 2,799,000 | 12,679,000 | 14,642,000 | 350,000 | 1,699,000 | 5,036,000 | 17,000 | 6,792,000 | 3,864,000 | 180,000 | 9,516,000 | 3,373,000 | 9,000 | 5,000 | 0 | 345,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 963,677,000 | ' | ' | ' | 963,677,000 | 11,516,000 | 4,835,000 | 12,185,000 | 4,503,000 | 7,450,000 | 3,726,000 | 3,594,000 | 8,091,000 | 12,521,000 | 1,055,000 | 2,894,000 | 14,621,000 | 7,174,000 | 2,704,000 | 2,047,000 | 1,802,000 | 2,684,000 | 172,000 | 1,613,000 | 2,231,000 | 4,976,000 | 2,384,000 | 4,453,000 | 16,409,000 | 2,476,000 | 1,204,000 | 4,825,000 | 4,246,000 | 1,382,000 | 5,017,000 | 4,412,000 | 9,381,000 | 4,895,000 | 4,404,000 | 6,396,000 | 516,000 | 10,260,000 | 6,476,000 | 10,807,000 | 5,290,000 | 15,515,000 | 8,484,000 | 1,283,000 | 3,969,000 | 9,408,000 | 17,341,000 | 1,408,000 | 5,094,000 | 2,157,000 | 3,669,000 | 7,688,000 | 7,570,000 | 16,916,000 | 16,079,000 | 3,842,000 | 2,612,000 | 853,000 | 11,108,000 | 4,156,000 | 2,289,000 | 5,293,000 | 3,497,000 | 5,746,000 | 3,106,000 | 1,171,000 | 3,915,000 | 17,339,000 | 15,502,000 | 8,411,000 | 12,395,000 | 12,907,000 | 4,350,000 | 4,068,000 | 2,052,000 | 2,560,000 | 1,370,000 | 17,363,000 | 2,535,000 | 28,401,000 | 4,583,000 | 6,196,000 | 0 | 3,576,000 | 13,687,000 | 9,030,000 | 2,078,000 | 20,360,000 | 5,319,000 | 4,591,000 | 8,406,000 | 4,922,000 | 29,730,000 | 6,536,000 | 3,362,000 | 3,380,000 | 3,496,000 | 6,299,000 | 7,204,000 | 2,058,000 | 9,867,000 | 14,302,000 | 16,498,000 | 1,206,000 | 2,020,000 | 4,144,000 | 3,302,000 | 1,008,000 | 5,386,000 | 11,470,000 | 1,055,000 | 2,147,000 | 13,460,000 | 11,520,000 | 6,480,000 | 4,336,000 | 5,266,000 | 4,181,000 | 10,585,000 | 9,707,000 | 1,152,000 | 6,625,000 | 7,526,000 | 5,071,000 | 1,016,000 | 3,941,000 | 3,498,000 | 7,614,000 | 14,659,000 | 4,459,000 | 11,212,000 | 7,709,000 | 1,203,000 | 1,780,000 | 3,330,000 | 3,096,000 | 16,076,000 | 11,787,000 | 4,367,000 | 3,641,000 | 11,955,000 | 1,734,000 | 4,567,000 | 1,188,000 | 2,693,000 | 5,785,000 | 587,000 | 13,127,000 | 5,101,000 | 3,376,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 6,108,504,000 | ' | ' | ' | 5,595,928,000 | 32,612,000 | 23,776,000 | 56,383,000 | 37,013,000 | 71,465,000 | 44,989,000 | 37,228,000 | 44,455,000 | 61,866,000 | 19,021,000 | 20,724,000 | 64,744,000 | 37,233,000 | 28,020,000 | 20,658,000 | 16,521,000 | 21,039,000 | 1,535,000 | 16,431,000 | 19,504,000 | 45,346,000 | 44,717,000 | 38,554,000 | 92,708,000 | 26,085,000 | 15,653,000 | 29,365,000 | 24,029,000 | 7,957,000 | 20,319,000 | 33,708,000 | 59,597,000 | 25,646,000 | 49,010,000 | 52,264,000 | 17,983,000 | 43,080,000 | 29,120,000 | 63,614,000 | 29,095,000 | 109,676,000 | 75,171,000 | 10,548,000 | 24,834,000 | 47,511,000 | 84,368,000 | 11,214,000 | 44,003,000 | 30,844,000 | 22,882,000 | 36,790,000 | 39,613,000 | 56,807,000 | 133,620,000 | 15,341,000 | 41,796,000 | 9,377,000 | 46,947,000 | 23,266,000 | 23,562,000 | 38,513,000 | 30,548,000 | 37,324,000 | 35,569,000 | 12,256,000 | 42,464,000 | 72,203,000 | 105,890,000 | 46,238,000 | 85,632,000 | 42,577,000 | 38,961,000 | 35,384,000 | 17,296,000 | 20,985,000 | 7,527,000 | 75,820,000 | 48,324,000 | 66,029,000 | 25,468,000 | 37,179,000 | 47,982,000 | 16,542,000 | 34,409,000 | 54,518,000 | 23,452,000 | 72,455,000 | 41,265,000 | 30,392,000 | 39,668,000 | 17,503,000 | 35,119,000 | 31,502,000 | 27,708,000 | 22,891,000 | 22,493,000 | 83,643,000 | 31,450,000 | 17,760,000 | 42,213,000 | 95,051,000 | 88,671,000 | 23,293,000 | 20,597,000 | 44,992,000 | 22,491,000 | 16,097,000 | 27,859,000 | 46,561,000 | 20,422,000 | 40,066,000 | 64,967,000 | 38,373,000 | 29,427,000 | 12,480,000 | 34,885,000 | 21,488,000 | 53,252,000 | 46,731,000 | 8,363,000 | 34,241,000 | 33,409,000 | 25,414,000 | 10,268,000 | 27,079,000 | 36,150,000 | 28,249,000 | 48,934,000 | 20,569,000 | 19,063,000 | 29,336,000 | 9,172,000 | 29,207,000 | 39,265,000 | 27,346,000 | 59,560,000 | 69,172,000 | 30,193,000 | 24,291,000 | 36,271,000 | 17,611,000 | 29,383,000 | 26,422,000 | 29,446,000 | 55,194,000 | 12,752,000 | 46,002,000 | 28,553,000 | 30,921,000 | 399,886,000 | 25,968,000 | 46,275,000 | 17,492,000 | 52,312,000 | 13,222,000 | 27,481,000 | 98,572,000 | 19,795,000 | 46,726,000 | 14,022,000 | 30,665,000 | 9,345,000 | 17,702,000 | 104,000 | 70,108,000 | 11,143,000 | 18,850,000 | 6,490,000 | 5,852,000 | 7,978,000 | 34,373,000 | 8,209,000 | 42,582,000 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 7,072,181,000 | 6,673,914,000 | 5,819,540,000 | 5,647,677,000 | 6,559,605,000 | 44,128,000 | 28,611,000 | 68,568,000 | 41,516,000 | 78,915,000 | 48,715,000 | 40,822,000 | 52,546,000 | 74,387,000 | 20,076,000 | 23,618,000 | 79,365,000 | 44,407,000 | 30,724,000 | 22,705,000 | 18,323,000 | 23,723,000 | 1,707,000 | 18,044,000 | 21,735,000 | 50,322,000 | 47,101,000 | 43,007,000 | 109,117,000 | 28,561,000 | 16,857,000 | 34,190,000 | 28,275,000 | 9,339,000 | 25,336,000 | 38,120,000 | 68,978,000 | 30,541,000 | 53,414,000 | 58,660,000 | 18,499,000 | 53,340,000 | 35,596,000 | 74,421,000 | 34,385,000 | 125,191,000 | 83,655,000 | 11,831,000 | 28,803,000 | 56,919,000 | 101,709,000 | 12,622,000 | 49,097,000 | 33,001,000 | 26,551,000 | 44,478,000 | 47,183,000 | 73,723,000 | 149,699,000 | 19,183,000 | 44,408,000 | 10,230,000 | 58,055,000 | 27,422,000 | 25,851,000 | 43,806,000 | 34,045,000 | 43,070,000 | 38,675,000 | 13,427,000 | 46,379,000 | 89,542,000 | 121,392,000 | 54,649,000 | 98,027,000 | 55,484,000 | 43,311,000 | 39,452,000 | 19,348,000 | 23,545,000 | 8,897,000 | 93,183,000 | 50,859,000 | 94,430,000 | 30,051,000 | 43,375,000 | 47,982,000 | 20,118,000 | 48,096,000 | 63,548,000 | 25,530,000 | 92,815,000 | 46,584,000 | 34,983,000 | 48,074,000 | 22,425,000 | 64,849,000 | 38,038,000 | 31,070,000 | 26,271,000 | 25,989,000 | 89,942,000 | 38,654,000 | 19,818,000 | 52,080,000 | 109,353,000 | 105,169,000 | 24,499,000 | 22,617,000 | 49,136,000 | 25,793,000 | 17,105,000 | 33,245,000 | 58,031,000 | 21,477,000 | 42,213,000 | 78,427,000 | 49,893,000 | 35,907,000 | 16,816,000 | 40,151,000 | 25,669,000 | 63,837,000 | 56,438,000 | 9,515,000 | 40,866,000 | 40,935,000 | 30,485,000 | 11,284,000 | 31,020,000 | 39,648,000 | 35,863,000 | 63,593,000 | 25,028,000 | 30,275,000 | 37,045,000 | 10,375,000 | 30,987,000 | 42,595,000 | 30,442,000 | 75,636,000 | 80,959,000 | 34,560,000 | 27,932,000 | 48,226,000 | 19,345,000 | 33,950,000 | 27,610,000 | 32,139,000 | 60,979,000 | 13,339,000 | 59,129,000 | 33,654,000 | 34,297,000 | 399,886,000 | 25,968,000 | 46,275,000 | 17,492,000 | 52,312,000 | 13,222,000 | 27,481,000 | 98,572,000 | 19,795,000 | 46,726,000 | 14,022,000 | 30,665,000 | 9,345,000 | 17,702,000 | 104,000 | 70,108,000 | 11,143,000 | 18,850,000 | 6,490,000 | 5,852,000 | 7,978,000 | 34,373,000 | 8,209,000 | 42,582,000 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,643,713,000 | 1,518,896,000 | 1,432,799,000 | 1,292,924,000 | 1,643,490,000 | 2,444,000 | 6,576,000 | 15,223,000 | 10,078,000 | 28,305,000 | 27,939,000 | 20,970,000 | 1,718,000 | 3,379,000 | 9,934,000 | 11,199,000 | 17,845,000 | 10,300,000 | 12,668,000 | 8,778,000 | 9,308,000 | 5,090,000 | 876,000 | 7,695,000 | 10,338,000 | 10,643,000 | 10,457,000 | 24,913,000 | 9,295,000 | 16,772,000 | 10,986,000 | 12,367,000 | 6,775,000 | 4,863,000 | 1,093,000 | 9,500,000 | 22,432,000 | 7,101,000 | 27,558,000 | 1,693,000 | 4,523,000 | 11,509,000 | 7,993,000 | 12,581,000 | 7,806,000 | 29,090,000 | 18,828,000 | 3,223,000 | 15,560,000 | 12,443,000 | 30,616,000 | 3,792,000 | 11,338,000 | 26,489,000 | 6,729,000 | 9,859,000 | 11,348,000 | 24,283,000 | 41,100,000 | 857,000 | 17,956,000 | 5,606,000 | 3,245,000 | 6,460,000 | 12,371,000 | 16,918,000 | 9,372,000 | 10,833,000 | 26,124,000 | 8,384,000 | 19,566,000 | 3,278,000 | 29,162,000 | 12,255,000 | 23,027,000 | 4,331,000 | 16,709,000 | 17,609,000 | 8,553,000 | 10,030,000 | 4,056,000 | 8,756,000 | 12,985,000 | 31,599,000 | 11,066,000 | 10,877,000 | 17,426,000 | 1,490,000 | 1,229,000 | 12,411,000 | 8,584,000 | 16,758,000 | 8,676,000 | 8,860,000 | 21,292,000 | 1,315,000 | 2,491,000 | 9,254,000 | 2,108,000 | 20,593,000 | 1,654,000 | 22,929,000 | 3,388,000 | 9,101,000 | 11,608,000 | 2,134,000 | 18,653,000 | 10,568,000 | 8,572,000 | 20,598,000 | 6,458,000 | 9,139,000 | 8,496,000 | 12,782,000 | 5,896,000 | 8,607,000 | 17,778,000 | 1,409,000 | 10,585,000 | 6,564,000 | 9,649,000 | 6,203,000 | 17,389,000 | 12,548,000 | 2,357,000 | 9,371,000 | 9,135,000 | 7,449,000 | 6,380,000 | 7,546,000 | 8,854,000 | 1,999,000 | 10,705,000 | 1,869,000 | 1,377,000 | 2,131,000 | 3,216,000 | 5,407,000 | 12,292,000 | 22,412,000 | 33,007,000 | 878,000 | 10,922,000 | 14,244,000 | 2,696,000 | 11,854,000 | 8,191,000 | 6,262,000 | 19,412,000 | 14,325,000 | 1,083,000 | 3,084,000 | 1,253,000 | 378,000 | 223,000 | 6,000 | 137,000 | 0 | 0 | 0 | 0 | 73,000 | 0 | 0 | 0 | 0 | 0 | 7,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 5,428,468,000 | ' | ' | ' | 4,916,115,000 | 41,684,000 | 22,035,000 | 53,345,000 | 31,438,000 | 50,610,000 | 20,776,000 | 19,852,000 | 50,828,000 | 71,008,000 | 10,142,000 | 12,419,000 | 61,520,000 | 34,107,000 | 18,056,000 | 13,927,000 | 9,015,000 | 18,633,000 | 831,000 | 10,349,000 | 11,397,000 | 39,679,000 | 36,644,000 | 18,094,000 | 99,822,000 | 11,789,000 | 5,871,000 | 21,823,000 | 21,500,000 | 4,476,000 | 24,243,000 | 28,620,000 | 46,546,000 | 23,440,000 | 25,856,000 | 56,967,000 | 13,976,000 | 41,831,000 | 27,603,000 | 61,840,000 | 26,579,000 | 96,101,000 | 64,827,000 | 8,608,000 | 13,243,000 | 44,476,000 | 71,093,000 | 8,830,000 | 37,759,000 | 6,512,000 | 19,822,000 | 34,619,000 | 35,835,000 | 49,440,000 | 108,599,000 | 18,326,000 | 26,452,000 | 4,624,000 | 54,810,000 | 20,962,000 | 13,480,000 | 26,888,000 | 24,673,000 | 32,237,000 | 12,551,000 | 5,043,000 | 26,813,000 | 86,264,000 | 92,230,000 | 42,394,000 | 75,000,000 | 51,153,000 | 26,602,000 | 21,843,000 | 10,795,000 | 13,515,000 | 4,841,000 | 84,427,000 | 37,874,000 | 62,831,000 | 18,985,000 | 32,498,000 | 30,556,000 | 18,628,000 | 46,867,000 | 51,137,000 | 16,946,000 | 76,057,000 | 37,908,000 | 26,123,000 | 26,782,000 | 21,110,000 | 62,358,000 | 28,784,000 | 28,962,000 | 5,678,000 | 24,335,000 | 67,013,000 | 35,266,000 | 10,717,000 | 40,472,000 | 107,219,000 | 86,516,000 | 13,931,000 | 14,045,000 | 28,538,000 | 19,335,000 | 7,966,000 | 24,749,000 | 45,249,000 | 15,581,000 | 33,606,000 | 60,649,000 | 48,484,000 | 25,322,000 | 10,252,000 | 30,502,000 | 19,466,000 | 46,448,000 | 43,890,000 | 7,158,000 | 31,495,000 | 31,800,000 | 23,036,000 | 4,904,000 | 23,474,000 | 30,794,000 | 33,864,000 | 52,888,000 | 23,159,000 | 28,898,000 | 34,914,000 | 7,159,000 | 25,580,000 | 30,303,000 | 8,030,000 | 42,629,000 | 80,081,000 | 23,638,000 | 13,688,000 | 45,530,000 | 7,491,000 | 25,759,000 | 21,348,000 | 12,727,000 | 46,654,000 | 12,256,000 | 56,045,000 | 32,401,000 | 33,919,000 | 399,663,000 | 25,962,000 | 46,138,000 | 17,492,000 | 52,312,000 | 13,222,000 | 27,481,000 | 98,499,000 | 19,795,000 | 46,726,000 | 14,022,000 | 30,665,000 | 9,345,000 | 17,695,000 | 104,000 | 70,108,000 | 11,143,000 | 18,850,000 | 6,490,000 | 5,852,000 | 7,978,000 | 34,373,000 | 8,209,000 | 42,582,000 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $941,968,000 | ' | ' | ' | $941,968,000 | ' | ' | ' | $26,025,000 | ' | ' | ' | ' | ' | ' | ' | ' | $22,624,000 | ' | $15,351,000 | ' | ' | ' | ' | ' | $33,795,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19,220,000 | ' | $24,698,000 | $13,073,000 | ' | ' | ' | $21,168,000 | ' | ' | ' | ' | ' | $50,711,000 | $8,901,000 | ' | ' | $13,004,000 | ' | ' | $52,360,000 | $92,716,000 | ' | ' | ' | ' | ' | ' | $27,431,000 | ' | $26,212,000 | ' | ' | $29,267,000 | ' | ' | ' | ' | ' | ' | ' | ' | $13,866,000 | ' | $50,579,000 | $29,675,000 | $36,284,000 | $28,058,000 | $20,565,000 | ' | ' | ' | ' | $17,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,506,000 | ' | ' | ' | ' | ' | ' | ' | $19,961,000 | ' | $21,614,000 | ' | ' | ' | $45,063,000 | ' | ' | ' | $21,306,000 | $10,576,000 | ' | ' | ' | ' | $21,646,000 | $14,332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $73,165,000 | ' | ' | ' | ' | ' | $19,907,000 | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | $0 |
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | ' | ' | ' | ' | ' | '2012 | '2005 | '2005 | '2005 | '1998/2002 | '1997 | '1998 | '2012 | '2012 | '1996 | '1998 | '2005 | '2005 | '1997 | '2000 | '1998 | '2008 | '1998 | '1997 | '1997 | '2007 | '2007 | '1998 | '2008 | '1998 | '1993 | '2000 | '2005 | '1998 | '2012 | '2005 | '2001 | '2005 | '1998 | '2012 | '2006 | '2005 | '2005 | '2008 | '2005 | '2005 | '2006 | '2005 | '1998 | '2005 | '2001/2005 | '2005 | '2005 | '1993 | '2005 | '2005 | '2005 | '1999 | '2003 | '2012 | '1996 | '1998 | '2012 | '2005 | '1995 | '1999 | '2005 | '2005 | '1997 | '1997 | '1997 | '2012 | '2005 | '2005 | '2005 | '2012 | '2000 | '1998 | '1997 | '1997 | '1998 | '2008 | '2006 | '1998 | '1999 | '2005 | '1994-2013 | '2012 | '2012 | '2007 | '2003 | '2007 | '2008 | '2005 | '1998 | '2012 | '2012 | '2005 | '2012 | '1997 | '2012 | '2005 | '2007 | '1998 | '2005 | '2013 | '2008 | '1997 | '2002 | '1997 | '2005 | '1995 | '2005 | '2005 | '2006 | '2007 | '2005 | '2012 | '2002 | '1998 | '2005 | '2005 | '2003 | '2005 | '2005 | '2005 | '2005 | '2005 | '1993 | '2005 | '2006 | '2012 | '2008 | '2012 | '2012 | '2012 | '2005 | '2010 | '2003 | '1994 | '1994/1997 | '2013 | '2002 | '1998 | '2012 | '1997 | '2005 | '2008 | '1999 | '2005 | '2012 | '2012 | '2013 | '2013 | ' | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | ' | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | ' |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation (Changes in Total Real Estate Assets and Accumulated Depreciation) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule III - Real Estate and Accumulated Depreciation [Abstract] | ' | ' | ' |
Balance, beginning of period | $6,673,914,000 | $5,819,540,000 | $5,647,677,000 |
Acquisition of operating properties and unconsolidated joint ventures | 221,421,000 | 797,477,000 | 0 |
Development and repositions | 306,950,000 | 232,296,000 | 180,028,000 |
Improvements | 67,049,000 | 60,426,000 | 61,037,000 |
Cost of real estate sold contributed to joint venture | 0 | 0 | -12,578,000 |
Cost of real estate sold b other | -197,153,000 | -176,872,000 | -32,673,000 |
Classification to held for sale | 0 | -58,953,000 | -23,951,000 |
Balance, end of period | 7,072,181,000 | 6,673,914,000 | 5,819,540,000 |
Balance, Beginning of period | 1,518,896,000 | 1,432,799,000 | 1,292,924,000 |
Depreciation | 203,897,000 | 185,546,000 | 171,009,000 |
Dispositions | -79,080,000 | -72,465,000 | -18,877,000 |
Transfers to held for sale | 0 | -26,984,000 | -12,257,000 |
Balance, End of period | 1,643,713,000 | 1,518,896,000 | 1,432,799,000 |
Real Estate, Federal Income Tax Basis | $6,100,000,000 | ' | ' |