Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CAMDEN PROPERTY TRUST | ' |
Entity Central Index Key | '0000906345 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 85,566,108 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Land | $978,770 | $969,711 |
Buildings and improvements | 5,691,619 | 5,629,904 |
Real estate assets, at cost, total | 6,670,389 | 6,599,615 |
Accumulated depreciation | -1,698,724 | -1,643,713 |
Net operating real estate assets | 4,971,665 | 4,955,902 |
Properties under development, including land | 515,141 | 472,566 |
Investments in joint ventures | 36,719 | 42,155 |
Total real estate assets | 5,523,525 | 5,470,623 |
Accounts receivable – affiliates | 26,145 | 27,724 |
Other assets, net | 107,862 | 109,401 |
Cash and cash equivalents | 16,768 | 17,794 |
Restricted cash | 5,549 | 6,599 |
Total assets | 5,679,849 | 5,632,141 |
Liabilities | ' | ' |
Unsecured notes payable | 1,649,041 | 1,588,798 |
Secured notes payable | 940,881 | 941,968 |
Accounts payable and accrued expenses | 124,981 | 113,307 |
Accrued real estate taxes | 21,922 | 35,648 |
Distributions payable | 59,728 | 56,787 |
Other liabilities | 88,693 | 88,272 |
Total liabilities | 2,885,246 | 2,824,780 |
Commitments and contingencies | ' | ' |
Non-qualified deferred compensation share awards | 55,498 | 47,180 |
Equity | ' | ' |
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 99,698 and 99,645 issued; 96,623 and 96,660 outstanding at March 31, 2014 and December 31, 2013, respectively | 966 | 967 |
Additional paid-in capital | 3,593,633 | 3,596,069 |
Distributions in excess of net income attributable to common shareholders | -523,321 | -494,167 |
Treasury shares, at cost (11,055 and 11,352 common shares at March 31, 2014 and December 31, 2013, respectively) | -399,510 | -410,227 |
Accumulated other comprehensive loss | -1,091 | -1,106 |
Total common equity | 2,670,677 | 2,691,536 |
Non-controlling interests | 68,428 | 68,645 |
Total equity | 2,739,105 | 2,760,181 |
Total liabilities and equity | $5,679,849 | $5,632,141 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | 99,698 | 99,645 |
Common shares, outstanding | 96,623 | 96,660 |
Treasury shares, at cost | 11,055 | 11,352 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income And Comprehensive Income (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Property revenues | ' | ' | ||
Rental revenues | $178,964 | $164,393 | ||
Other property revenues | 26,965 | 25,418 | ||
Total property revenues | 205,929 | 189,811 | ||
Property expenses | ' | ' | ||
Property operating and maintenance | 50,747 | 48,263 | ||
Real estate taxes | 23,577 | 21,183 | ||
Total property expenses | 74,324 | 69,446 | ||
Non-property income | ' | ' | ||
Fee and asset management | 3,023 | 2,894 | ||
Interest and other income | 288 | 52 | ||
Income on deferred compensation plans | 681 | 2,999 | ||
Total non-property income | 3,992 | 5,945 | ||
Other expenses | ' | ' | ||
Property management | 5,839 | 5,983 | ||
Fee and asset management | 1,259 | 1,477 | ||
General and administrative | 9,545 | 9,794 | ||
Interest | 23,133 | 24,895 | ||
Depreciation and amortization | 57,396 | 51,603 | ||
Amortization of deferred financing costs | 841 | 916 | ||
Expense on deferred compensation plans | 681 | 2,999 | ||
Total other expenses | 98,694 | 97,667 | ||
Gain on sale of land | 354 | 698 | ||
Equity in income of joint ventures | 4,290 | [1] | 934 | [1] |
Income from continuing operations before income taxes | 41,547 | 30,275 | ||
Income tax expense | -474 | -399 | ||
Income from continuing operations | 41,073 | 29,876 | ||
Income from discontinued operations | 0 | 2,774 | ||
Gain on sale of discontinued operations, net of tax | 0 | 31,783 | ||
Net income | 41,073 | 64,433 | ||
Less income allocated to non-controlling interests from continuing operations | -1,037 | -864 | ||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | 0 | -93 | ||
Net income attributable to common shareholders | 40,036 | 63,476 | ||
Earnings per share – basic | ' | ' | ||
Income from continuing operations attributable to common shareholders | $0.45 | $0.33 | ||
Income from discontinued operations, including gain on sale, attributable to common shareholders | $0 | $0.39 | ||
Net income attributable to common shareholders, as adjusted – per share | $0.45 | $0.72 | ||
Earnings per share – diluted | ' | ' | ||
Income from continuing operations attributable to common shareholders | $0.45 | $0.33 | ||
Income from discontinued operations, including gain on sale, attributable to common shareholders | $0 | $0.39 | ||
Net income attributable to common shareholders, as adjusted – per share | $0.45 | $0.72 | ||
Distributions declared per common share | $0.66 | $0.63 | ||
Weighted average number of common shares outstanding – basic | 87,651 | 86,703 | ||
Weighted average number of common shares outstanding – diluted | 88,824 | 87,276 | ||
Net income attributable to common shareholders | ' | ' | ||
Income from continuing operations | 41,073 | 29,876 | ||
Less income allocated to non-controlling interests from continuing operations | -1,037 | -864 | ||
Income from continuing operations attributable to common shareholders | 40,036 | 29,012 | ||
Income from discontinued operations, including gain on sale | 0 | 34,557 | ||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | 0 | -93 | ||
Income from discontinued operations, including gain on sale, attributable to common shareholders | 0 | 34,464 | ||
Net income attributable to common shareholders | 40,036 | 63,476 | ||
Condensed Consolidated Statements of Comprehensive Income: | ' | ' | ||
Net income | 41,073 | 64,433 | ||
Other comprehensive income | ' | ' | ||
Reclassification of prior service cost and net loss on post retirement obligations | 15 | 14 | ||
Comprehensive income | 41,088 | 64,447 | ||
Less income allocated to non-controlling interests from continuing operations | -1,037 | -864 | ||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | 0 | -93 | ||
Comprehensive income attributable to common shareholders | $40,051 | $63,490 | ||
[1] | Equity in income excludes our ownership interest of fee income from various property management services provided by us to the funds. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Equity (USD $) | Total | Common shares of beneficial interest | Additional paid-in capital | Distributions in excess of net income | Treasury shares, at cost | Accumulated other comprehensive loss | Non-controlling interests |
Beginning 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 |
Net income | 64,433,000 | ' | ' | 63,476,000 | ' | ' | 957,000 |
Other comprehensive income | 14,000 | ' | ' | ' | ' | 14,000 | ' |
Common shares issued | 9,366,000 | 1,000 | 9,365,000 | ' | ' | ' | ' |
Net share awards | 4,741,000 | ' | -7,198,000 | ' | 11,939,000 | ' | ' |
Employee share purchase plan | 354,000 | ' | 174,000 | ' | 180,000 | ' | ' |
Common share options exercised | 960,000 | ' | 367,000 | ' | 593,000 | ' | ' |
Conversions of operating partnership units | 0 | ' | 47,000 | ' | ' | ' | -47,000 |
Cash distributions declared to equity holders | -56,553,000 | ' | ' | -55,356,000 | ' | ' | -1,197,000 |
Other | 0 | -1,000 | 1,000 | ' | ' | ' | ' |
Ending balance at Mar. 31, 2013 | 2,650,023,000 | 962,000 | 3,590,261,000 | -590,831,000 | -412,643,000 | -1,048,000 | 63,322,000 |
Beginning 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 |
Net income | 41,073,000 | ' | ' | 40,036,000 | ' | ' | 1,037,000 |
Other comprehensive income | 15,000 | ' | ' | ' | ' | 15,000 | ' |
Net share awards | 5,056,000 | ' | -5,287,000 | ' | 10,343,000 | ' | ' |
Employee share purchase plan | 498,000 | ' | 168,000 | ' | 330,000 | ' | ' |
Common share options exercised | 352,000 | ' | 308,000 | ' | 44,000 | ' | ' |
Change in classification of deferred compensation plan | 606,000 | ' | 606,000 | ' | ' | ' | ' |
Change in redemption value of non-qualified share awards | -11,352,000 | ' | ' | -11,352,000 | ' | ' | ' |
Diversification of share awards within deferred compensation plan | 2,428,000 | ' | 1,770,000 | 658,000 | ' | ' | ' |
Cash distributions declared to equity holders | -59,750,000 | ' | ' | -58,496,000 | ' | ' | -1,254,000 |
Other | -2,000 | -1,000 | -1,000 | ' | ' | ' | ' |
Ending balance at Mar. 31, 2014 | $2,739,105,000 | $966,000 | $3,593,633,000 | ($523,321,000) | ($399,510,000) | ($1,091,000) | $68,428,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Cash flows from operating activities | ' | ' | ||
Net income | $41,073 | $64,433 | ||
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ||
Depreciation and amortization | 57,396 | 53,470 | ||
Gain on sale of discontinued operations, net of tax | 0 | -31,783 | ||
Gain on sale of land | -354 | -698 | ||
Distributions of income from joint ventures | 3,873 | 1,299 | ||
Equity in income of joint ventures | -4,290 | [1] | -934 | [1] |
Share-based compensation | 3,626 | 3,274 | ||
Amortization of deferred financing costs | 841 | 916 | ||
Net change in operating accounts and other | -8,146 | -5,107 | ||
Net cash from operating activities | 94,019 | 84,870 | ||
Cash flows from investing activities | ' | ' | ||
Development and capital improvements | -110,085 | -58,390 | ||
Proceeds from sale of land and discontinued operations | 5,749 | 68,237 | ||
Distributions from investments in joint ventures | 5,853 | 276 | ||
Increase in non-real estate assets | -1,586 | -1,085 | ||
Other | 843 | -959 | ||
Net cash from investing activities | -99,226 | 8,079 | ||
Cash flows from financing activities | ' | ' | ||
Borrowings on unsecured line of credit and other short-term borrowings | 310,000 | 0 | ||
Repayments on unsecured line of credit and other short-term borrowings | -250,000 | 0 | ||
Repayment of notes payable | -1,087 | -27,122 | ||
Distributions to common shareholders and non-controlling interests | -56,787 | -49,941 | ||
Proceeds from issuance of common shares | 0 | 9,366 | ||
Payment of deferred financing costs | -205 | -306 | ||
Net decrease in accounts receivable – affiliates | 1,579 | 6,677 | ||
Other | 681 | 1,350 | ||
Net cash from financing activities | 4,181 | -59,976 | ||
Net (decrease) increase in cash and cash equivalents | -1,026 | 32,973 | ||
Cash and cash equivalents, beginning of period | 17,794 | 26,669 | ||
Cash and cash equivalents, end of period | 16,768 | 59,642 | ||
Supplemental information | ' | ' | ||
Cash paid for interest, net of interest capitalized | 5,307 | 7,160 | ||
Supplemental schedule of noncash investing and financing activities | ' | ' | ||
Distributions declared but not paid | 59,728 | 56,559 | ||
Value of shares issued under benefit plans, net of cancellations | 18,502 | 22,811 | ||
Net change in redemption of non-qualified share awards | 10,694 | 0 | ||
Accrual associated with construction and capital expenditures | $22,111 | $9,118 | ||
[1] | Equity in income excludes our ownership interest of fee income from various property management services provided by us to the funds. |
Description_Of_Business
Description Of Business | 3 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014, we owned interests in, operated, or were developing 183 multifamily properties comprised of 64,150 apartment homes across the United States. Of the 183 properties, 14 properties were under construction, and when completed will consist of a total of 4,434 apartment homes. Additionally, we are adding a subsequent phase to a stabilized community which when completed 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 and Recent Accounting Pronouncements | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary Of Significant Accounting Policies | ' | ||||||||
2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements | |||||||||
Principles of Consolidation. Our condensed 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. We did not have any VIEs at March 31, 2014 or December 31, 2013. | |||||||||
Interim Financial Reporting. We have prepared these unaudited financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim unaudited financial statements should be read in conjunction with the audited financial statements and notes included in our 2013 Annual Report on Form 10-K. In the opinion of management, all adjustments and eliminations, consisting of normal recurring adjustments, necessary for a fair representation of our financial statements for the interim period reported have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results which may be expected for the full year. | |||||||||
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 difference between the carrying value of the previously held equity investment and the fair value 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 condensed consolidated balance sheets, and the net carrying value of in-place leases is included in other assets, net, in our condensed consolidated balance sheets. | |||||||||
The carrying values of below market leases and in-place leases at March 31, 2014 and December 31, 2013 are as follows: | |||||||||
March 31, | December 31, | ||||||||
(in millions) | 2014 | 2013 | |||||||
Below market leases (Gross carrying value) | $ | 0.4 | $ | 0.4 | |||||
Accumulated amortization | (0.4 | ) | (0.2 | ) | |||||
Value of below market leases, net | $ | — | $ | 0.2 | |||||
In-place leases (Gross carrying value) | $ | 2.3 | $ | 2.3 | |||||
Accumulated amortization | (2.1 | ) | (1.1 | ) | |||||
Value of in-place leases, net | $ | 0.2 | $ | 1.2 | |||||
Revenues recognized related to below market leases and amortization expense related to in-place leases for the three months ended March 31, 2014 and 2013 are as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in millions) | 2014 | 2013 | |||||||
Revenues related to below market leases | $ | 0.2 | $ | 0.4 | |||||
Amortization of in-place leases | $ | 1 | $ | 1.9 | |||||
The weighted average amortization period of below market leases and in-place leases for the three months ended March 31, 2014 and 2013 was approximately seven and six months, respectively. | |||||||||
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 utilize 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. There were no impairment charges recorded for the three months ended March 31, 2014 or 2013. | |||||||||
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. | |||||||||
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 $4.9 million and $3.2 million for the three months ended March 31, 2014 and 2013, respectively. Capitalized real estate taxes were approximately $1.6 million and $0.9 million for the three months ended March 31, 2014 and 2013, 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 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. | |||||||||
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 | ||||||||
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 condensed 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 if they are impaired using the fair value methodologies used to measure long-lived assets 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. | |||||||||
Recent Accounting Pronouncements. In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-08 ("ASU 2014-08"), "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the threshold for disclosing discontinued operations and the related disclosure requirements, requiring only disposals representing a strategic shift, such as a major line of business, a major geographical area or a major equity investment, to be presented as a discontinued operation. If the disposal does qualify as a discontinued operation under ASU 2014-08, the entity will be required to provide expanded disclosures. The guidance will be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014 with early adoption permitted but only for disposals or classifications as held for sale which have not been reported in financial statements previously issued or available for issuance. We adopted ASU 2014-08 as of January 1, 2014 and believe future sales of our individual operating properties will no longer qualify as discontinued operations. |
Per_Share_Data
Per Share Data | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Per Share Data | ' | |||||||
3. Per 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 and 3.0 million for the three months ended March 31, 2014 and 2013, 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: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in thousands, except per share amounts) | 2014 | 2013 | ||||||
Earnings per share calculation – basic | ||||||||
Income from continuing operations attributable to common shareholders | $ | 40,036 | $ | 29,012 | ||||
Amount allocated to participating securities | (352 | ) | (638 | ) | ||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | 39,684 | 28,374 | ||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders | — | 34,464 | ||||||
Net income attributable to common shareholders, as adjusted | $ | 39,684 | $ | 62,838 | ||||
Income from continuing operations attributable to common shareholders, as adjusted – per share | $ | 0.45 | $ | 0.33 | ||||
Income from discontinued operations, including gain on sale, attributable to common shareholders – per share | — | 0.39 | ||||||
Net income attributable to common shareholders, as adjusted – per share | $ | 0.45 | $ | 0.72 | ||||
Weighted average number of common shares outstanding – basic | 87,651 | 86,703 | ||||||
Earnings per share calculation – diluted | ||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 39,684 | $ | 28,374 | ||||
Income allocated to common units from continuing operations | 310 | — | ||||||
Income from continuing operations attributable to common shareholders, as adjusted | 39,994 | 28,374 | ||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders | — | 34,464 | ||||||
Net income attributable to common shareholders, as adjusted | $ | 39,994 | $ | 62,838 | ||||
Income from continuing operations attributable to common shareholders, as adjusted – per share | $ | 0.45 | $ | 0.33 | ||||
Income from discontinued operations, including gain on sale, attributable to common shareholders – per share | — | 0.39 | ||||||
Net income attributable to common shareholders, as adjusted – per share | $ | 0.45 | $ | 0.72 | ||||
Weighted average number of common shares outstanding – basic | 87,651 | 86,703 | ||||||
Incremental shares issuable from assumed conversion of: | ||||||||
Common share options and share awards granted | 360 | 573 | ||||||
Common units | 813 | — | ||||||
Weighted average number of common shares outstanding – diluted | 88,824 | 87,276 | ||||||
Common_Shares
Common Shares | 3 Months Ended | |||
Mar. 31, 2014 | ||||
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 following table presents activity under our 2012 ATM program for the three months ended March 31, 2013. There were no shares sold during the three months ended March 31, 2014. | ||||
Three Months Ended March 31, | ||||
(in thousands, except per share amounts) | 2013 | |||
Total net consideration | $ | 9,365.50 | ||
Common shares sold | 135.7 | |||
Average price per share | $ | 70.63 | ||
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 March 31, 2014 through the date of this filing. | ||||
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 March 31, 2014, we had approximately 85.6 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding. |
Acquisitions_and_Discontinued_
Acquisitions and Discontinued Operations | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Acquisitions and Discontinued Operations [Abstract] | ' | |||
Acquisitions and Discontinued Operations | ' | |||
5. Acquisitions and Discontinued Operations | ||||
Acquisitions of Land. In January 2014, we acquired approximately 2.9 acres of land located in Houston, Texas for approximately $15.6 million. In April 2014, we acquired approximately 7.6 acres of land in Montgomery County, Maryland for approximately $23.8 million. | ||||
Discontinued Operations. For the three months ended March 31, 2013, income from discontinued operations, included the results of operations of 12 operating properties, comprised of 3,931 apartment homes, sold during 2013. There were no operating properties sold during the three months ended March 31, 2014. Effective January 1, 2014, in accordance with ASU 2014-08, we believe future sales of our individual operating properties will no longer qualify as discontinued operations. See Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements" for additional discussion of ASU 2014-08. | ||||
The following is a summary of income from discontinued operations for the three months ended March 31, 2013: | ||||
Three Months Ended March 31, | ||||
(in thousands) | 2013 | |||
Property revenues | $ | 8,111 | ||
Property expenses | (3,470 | ) | ||
$ | 4,641 | |||
Depreciation and amortization | (1,867 | ) | ||
Income from discontinued operations | $ | 2,774 | ||
Gain on sale of discontinued operations, net of tax | $ | 31,783 | ||
Land Holding Dispositions. In March 2014, we sold approximately 3.0 acres of land adjacent to a current development community located in Atlanta, Georgia for approximately $6.3 million and recognized a gain of approximately $0.4 million. In April 2014, we sold approximately 4.7 acres of land adjacent to an operating property located in Dallas, Texas for approximately $8.3 million. During the three months ended March 31, 2013, we sold two land parcels comprised of an aggregate of approximately 3.7 acres, adjacent to current development communities in Atlanta, Georgia and Houston, Texas, for approximately $6.6 million and recognized a gain of approximately $0.7 million. |
Investments_In_Joint_Ventures
Investments In Joint Ventures | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Investments In Joint Ventures [Abstract] | ' | |||||||
Investments In Joint Ventures | ' | |||||||
6. Investments in Joint Ventures | ||||||||
Our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consisted of two joint ventures at March 31, 2014 and December 31, 2013, and four joint ventures at March 31, 2013. The two joint ventures in which we held an equity investment at March 31, 2014 are two discretionary investment funds (the "funds"), in which we have a 20% ownership interest. 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) | March 31, 2014 | December 31, 2013 | ||||||
Total assets | $ | 739.2 | $ | 790.2 | ||||
Total third-party debt | 517 | 530.7 | ||||||
Total equity | 203.7 | 229.6 | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2014 | 2013 | ||||||
Total revenues (1) | $ | 25.1 | $ | 22.3 | ||||
Gain on sale of operating properties, net of tax | 18.5 | — | ||||||
Net income | 20 | 2 | ||||||
Equity in income (2) | 4.3 | 0.9 | ||||||
-1 | Excludes approximately $1.1 million and $1.8 million for the three months ended March 31, 2014, and 2013, respectively, related to the sale of two operating properties by the funds during the first quarter of 2014. Additionally, excludes approximately $8.4 million for the three months ended March 31, 2013, related to the sale of 16 operating properties within two of our unconsolidated joint ventures in May and December 2013. | |||||||
-2 | Equity in income excludes our ownership interest of fee income from various property management services provided by us to the funds. | |||||||
The funds in which we have a partial interest have been funded in part with secured third-party debt. As of March 31, 2014, we had no outstanding guarantees related to loans of the funds. | ||||||||
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 2.7 million for each of the three months ended March 31, 2014 and 2013. We eliminate fee income for services provided to these joint ventures to the extent of our ownership. | ||||||||
In February 2014, each of the funds sold an operating property comprised of an aggregate of 558 apartment homes for approximately $65.6 million. One of the operating properties was located in San Antonio, Texas and the other operating property was located in Houston, Texas. Our proportionate share of the gains on these transactions was approximately $3.6 million and was reported as a component of equity in income of joint ventures in the condensed consolidated statements of income and comprehensive income. |
Notes_Payable
Notes Payable | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Notes Payable [Abstract] | ' | |||||||
Notes Payable | ' | |||||||
7. Notes Payable | ||||||||
The following is a summary of our indebtedness: | ||||||||
Balance at | ||||||||
(in millions) | March 31, | December 31, 2013 | ||||||
2014 | ||||||||
Commercial Banks | ||||||||
Unsecured line of credit and short-term borrowings | $ | 60 | $ | — | ||||
Senior unsecured notes | ||||||||
5.08% Notes, due 2015 | 249.8 | 249.7 | ||||||
5.75% Notes, due 2017 | 246.4 | 246.4 | ||||||
4.70% Notes, due 2021 | 248.9 | 248.8 | ||||||
3.07% Notes, due 2022 | 346.7 | 346.7 | ||||||
5.00% Notes, due 2023 | 247.7 | 247.7 | ||||||
4.27% Notes, due 2024 | 249.5 | 249.5 | ||||||
1,589.00 | 1,588.80 | |||||||
Total unsecured notes payable | 1,649.00 | 1,588.80 | ||||||
Secured notes | ||||||||
0.93% – 6.00% Conventional Mortgage Notes, due 2014 – 2045 | 905 | 905.7 | ||||||
Tax-exempt Mortgage Note, due 2028 (1.31% floating rate) | 35.9 | 36.3 | ||||||
940.9 | 942 | |||||||
Total notes payable | $ | 2,589.90 | $ | 2,530.80 | ||||
Other floating rate debt included in secured notes (0.93%) | $ | 175 | $ | 175 | ||||
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 the London Interbank Offered Rate ("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 on the date of this filing. | ||||||||
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 March 31, 2014, we had $60.0 million outstanding on our $500 million unsecured line of credit and we had outstanding letters of credit totaling approximately $10.7 million, leaving approximately $429.3 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 March 31, 2014, we had no short-term borrowings outstanding. | ||||||||
At March 31, 2014 and 2013, the weighted average interest rate on our floating rate debt of approximately $270.9 million and $212.4 million, respectively, which includes our unsecured line of credit and short-term borrowings, was approximately 1.0% and 1.1%, respectively. | ||||||||
Our indebtedness, which includes our unsecured line of credit and short-term borrowings, had a weighted average maturity of 6.6 years at March 31, 2014. Scheduled repayments on outstanding debt, including our unsecured line of credit, short-term borrowings and scheduled principal amortizations, and the respective weighted average interest rate on maturing debt at March 31, 2014 were as follows: | ||||||||
(in millions) | Amount | Weighted Average Interest Rate | ||||||
2014 | $ | 34.5 | 3.2 | % | ||||
2015 | 312 | 4.2 | ||||||
2016 (1) | 2.2 | — | ||||||
2017 | 249.2 | 5.7 | ||||||
2018 | 177.6 | 0.9 | ||||||
Thereafter | 1,814.40 | 4.5 | ||||||
Total | $ | 2,589.90 | 4.3 | % | ||||
(1) Includes only scheduled principal amortizations. |
ShareBased_Compensation_and_No
Share-Based Compensation and Non-Qualified Deferred Compensation Plan | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Share-Based Compensation and Non-Qualified Deferred Compensation Plan | ' | |||||||||||||
8. Share-based Compensation and Non-Qualified Deferred Compensation Plan | ||||||||||||||
Incentive Compensation. Under the 2011 Share Incentive Plan of Camden Property Trust (as amended, 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. | |||||||||||||
At March 31, 2014, approximately 5.6 million fungible units were available under the 2011 Share Plan, which results in approximately 1.6 million common shares which may be granted pursuant to full value awards based on the 3.45 to 1.0 fungible unit to full value award conversion ratio. | ||||||||||||||
Options. Approximately 0.2 million and 0.1 million options were exercised during the three months ended March 31, 2014 and 2013, respectively. The total intrinsic value of options exercised was approximately $3.6 million and $4.1 million during the three months ended March 31, 2014 and 2013, respectively. At March 31, 2014, there was no unrecognized compensation cost related to unvested options. Options generally have a vesting period of three to five years. At March 31, 2014, options outstanding and exercisable had a weighted average remaining life of approximately 3.5 years. | ||||||||||||||
The following table summarizes outstanding share options and exercisable options at March 31, 2014: | ||||||||||||||
Options Outstanding and Exercisable (1) (2) | ||||||||||||||
Range of Exercise Prices | Number | Weighted | ||||||||||||
Average Price | ||||||||||||||
$30.06-$41.16 | 207,036 | $ | 33.46 | |||||||||||
$43.90-$45.53 | 151,837 | 44.94 | ||||||||||||
$48.02-$64.75 | 158,086 | 56.96 | ||||||||||||
Total options | 516,959 | $ | 44.02 | |||||||||||
-1 | As of March 31, 2014, all options outstanding are also exercisable. | |||||||||||||
-2 | The aggregate intrinsic value of options outstanding and exercisable at March 31, 2014 was $12.1 million. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $67.34 per share on March 31, 2014 and the strike price of the underlying award. | |||||||||||||
Options Granted and Valuation Assumptions. During the three months ended March 31, 2014, we granted approximately 0.1 million reload options. Reload options are granted for the number of shares tendered as payment for the exercise price upon the exercise of an option with a reload provision. The reload options granted have an exercise price equal to the fair market value of a common share on the date of grant and expire on the same date as the original options which were exercised. The reload options granted during the three months ended March 31, 2014 vested immediately and approximately $0.3 million was expensed on the reload date. We estimate the fair values of each option award including reloads on the date of grant using the Black-Scholes option pricing model. The following assumptions were used for the reload options granted during the three months ended March 31, 2014: | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | ||||||||||||||
Weighted average fair value of options granted | $3.55 - $8.17 | |||||||||||||
Expected volatility | 22.6% - 23.2% | |||||||||||||
Risk-free interest rate | 0.1% - 1.1% | |||||||||||||
Expected dividend yield | 3.50% | |||||||||||||
Expected life | 6 months - 4 years | |||||||||||||
Our computation of expected volatility for 2014 is based on the historical volatility of our common shares over a time period equal to the expected life of the option and ending on the grant date. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield on our common shares is based on the historical dividend yield over the expected term of the options granted. Our computation of expected life is based upon historical experience of similar awards, giving consideration to the contractual terms of the share-based awards. | ||||||||||||||
Share Awards and Vesting. Share awards for employees 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 March 31, 2014, the unamortized value of previously issued unvested share awards was approximately $49.2 million, which is expected to be amortized over the next five years. The total fair value of shares vested during the three months ended March 31, 2014 and 2013 was approximately $15.5 million and $14.1 million, respectively. | ||||||||||||||
Total compensation cost for option and share awards charged against income was approximately $3.8 million and $3.4 million for the three months ended March 31, 2014 and 2013, respectively. Total capitalized compensation cost for option and share awards was approximately $0.6 million and $0.5 million for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||
The following table summarizes activity under our share incentive plans for the three months ended March 31, 2014: | ||||||||||||||
Options | Weighted | Nonvested | Weighted | |||||||||||
Outstanding | Average | Share | Average | |||||||||||
Exercise | Awards | Grant Price | ||||||||||||
Price | Outstanding | |||||||||||||
Total options and nonvested share awards outstanding at December 31, 2013 | 634,361 | $ | 41.59 | 831,298 | $ | 59.77 | ||||||||
Granted | 84,452 | 64.75 | 286,484 | 65.22 | ||||||||||
Exercised/vested | (180,168 | ) | 42.98 | (281,828 | ) | 55.11 | ||||||||
Forfeited | (21,686 | ) | 62.32 | (2,847 | ) | 64.03 | ||||||||
Total options and nonvested share awards outstanding at March 31, 2014 | 516,959 | $ | 44.02 | 833,107 | $ | 63.2 | ||||||||
Non-Qualified Deferred Compensation Plan. In February 2014, we adopted the Second Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan (the "Plan") to clarify certain terms in the original plan relating to the deferral of performance based compensation. The Plan permits diversification of fully vested share awards into other equity securities subject to a six month holding period, which results 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 condensed 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 condensed consolidated statements of equity. | ||||||||||||||
The following table summarizes the eligible share award activity as recorded in temporary equity for the three months ended March 31, 2014: | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at December 31, 2013 | $ | 47,180 | ||||||||||||
Change in classification | (606 | ) | ||||||||||||
Change in redemption value | 11,352 | |||||||||||||
Diversification of share awards | (2,428 | ) | ||||||||||||
Balance at March 31, 2014 | $ | 55,498 | ||||||||||||
Net_Change_In_Operating_Accoun
Net Change In Operating Accounts | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Increase (Decrease) in Operating Capital [Abstract] | ' | |||||||
Net Change In Operating Accounts | ' | |||||||
9. Net Change in Operating Accounts | ||||||||
The effect of changes in the operating accounts and other on cash flows from operating activities is as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Change in assets: | ||||||||
Other assets, net | $ | 2,313 | $ | 1,158 | ||||
Change in liabilities: | ||||||||
Accounts payable and accrued expenses | 5,965 | 2,035 | ||||||
Accrued real estate taxes | (13,714 | ) | (7,768 | ) | ||||
Other liabilities | (2,953 | ) | (791 | ) | ||||
Other | 243 | 259 | ||||||
Change in operating accounts and other | $ | (8,146 | ) | $ | (5,107 | ) |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
10. Commitments and Contingencies | |
Construction Contracts. As of March 31, 2014, we estimate the additional costs to complete 14 consolidated projects currently under construction to be approximately $533.2 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 program, 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 resolved in March 2014 and, pursuant to the terms of the settlement, we made a one-time payment to the association in an amount which was 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 condensed 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 March 31, 2014, we had earnest money deposits of approximately $2.6 million for potential acquisitions of land which are included in other assets, net in our condensed consolidated balance sheets. Approximately $2.3 million of these deposits was non-refundable, and included approximately $1.5 million related to the 7.6 acres of land purchased in April 2014. | |
Lease Commitments. At March 31, 2014, we had long-term leases covering certain land, office facilities, and equipment. Rental expense totaled approximately $0.7 million for each of the three months ended March 31, 2014 and 2013. Minimum annual rental commitments for the remainder of 2014 are $2.2 million, and for the years ending December 31, 2015 through 2018 are approximately $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. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
11. 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 recorded income, franchise, and excise taxes in the condensed consolidated statements of income and comprehensive income for the three months ended March 31, 2014 and 2013 as income tax expense. Income taxes for the three months ended March 31, 2014 primarily related to state income tax and federal taxes on certain of our taxable REIT subsidiaries. We have no significant temporary or permanent differences or tax credits associated with our taxable REIT subsidiaries. | |
We believe we have no uncertain tax positions or unrecognized tax benefits requiring disclosure as of and for the three months ended March 31, 2014. |
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||||||||||||||||
12. Fair Value Measurements | ||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements. The following table presents information about our financial instruments measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 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 | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Deferred compensation plan investments (1) | $ | 47 | $ | — | $ | — | $ | 47 | $ | 43.8 | $ | — | $ | — | $ | 43.8 | ||||||||||||||||
-1 | Approximately $1.1 million of participant cash was withdrawn from our deferred compensation plan investments during the three months ended March 31, 2014. | |||||||||||||||||||||||||||||||
Financial Instrument Fair Value Disclosures. As of March 31, 2014 and December 31, 2013, 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 creditworthiness 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 at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(in millions) | Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||||||||||||||||||
Fixed rate notes payable | $ | 2,319.00 | $ | 2,433.40 | $ | 2,319.50 | $ | 2,391.50 | ||||||||||||||||||||||||
Floating rate notes payable (1) | 270.9 | 263.5 | 211.3 | 201.4 | ||||||||||||||||||||||||||||
-1 | Includes balances outstanding under our unsecured line of credit and short-term borrowings of $60.0 million and $0.0 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||
Non-recurring Fair Value Measurements. There were no events during the three months ended March 31, 2014 or 2013 which required fair value adjustments of our non-financial assets and non-financial liabilities. The non-recurring fair value disclosure inputs under the fair value hierarchy are discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Principles Of Consolidation | ' | ||||||||
Principles of Consolidation. Our condensed 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. We did not have any VIEs at March 31, 2014 or December 31, 2013. | |||||||||
Interim Financial Reporting | ' | ||||||||
Interim Financial Reporting. We have prepared these unaudited financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim unaudited financial statements should be read in conjunction with the audited financial statements and notes included in our 2013 Annual Report on Form 10-K. In the opinion of management, all adjustments and eliminations, consisting of normal recurring adjustments, necessary for a fair representation of our financial statements for the interim period reported have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results which may be expected for the full year. | |||||||||
Acquisitions of Real Estate | ' | ||||||||
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 difference between the carrying value of the previously held equity investment and the fair value 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 condensed consolidated balance sheets, and the net carrying value of in-place leases is included in other assets, net, in our condensed consolidated balance sheets. | |||||||||
The carrying values of below market leases and in-place leases at March 31, 2014 and December 31, 2013 are as follows: | |||||||||
March 31, | December 31, | ||||||||
(in millions) | 2014 | 2013 | |||||||
Below market leases (Gross carrying value) | $ | 0.4 | $ | 0.4 | |||||
Accumulated amortization | (0.4 | ) | (0.2 | ) | |||||
Value of below market leases, net | $ | — | $ | 0.2 | |||||
In-place leases (Gross carrying value) | $ | 2.3 | $ | 2.3 | |||||
Accumulated amortization | (2.1 | ) | (1.1 | ) | |||||
Value of in-place leases, net | $ | 0.2 | $ | 1.2 | |||||
Revenues recognized related to below market leases and amortization expense related to in-place leases for the three months ended March 31, 2014 and 2013 are as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in millions) | 2014 | 2013 | |||||||
Revenues related to below market leases | $ | 0.2 | $ | 0.4 | |||||
Amortization of in-place leases | $ | 1 | $ | 1.9 | |||||
The weighted average amortization period of below market leases and in-place leases for the three months ended March 31, 2014 and 2013 was approximately seven and six months, respectively. | |||||||||
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 utilize 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. There were no impairment charges recorded for the three months ended March 31, 2014 or 2013. | |||||||||
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. | |||||||||
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 $4.9 million and $3.2 million for the three months ended March 31, 2014 and 2013, respectively. Capitalized real estate taxes were approximately $1.6 million and $0.9 million for the three months ended March 31, 2014 and 2013, 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 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. | |||||||||
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 | ||||||||
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 condensed 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 if they are impaired using the fair value methodologies used to measure long-lived assets 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. | |||||||||
Recent Accounting Pronouncements | ' | ||||||||
Recent Accounting Pronouncements. In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-08 ("ASU 2014-08"), "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the threshold for disclosing discontinued operations and the related disclosure requirements, requiring only disposals representing a strategic shift, such as a major line of business, a major geographical area or a major equity investment, to be presented as a discontinued operation. If the disposal does qualify as a discontinued operation under ASU 2014-08, the entity will be required to provide expanded disclosures. The guidance will be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014 with early adoption permitted but only for disposals or classifications as held for sale which have not been reported in financial statements previously issued or available for issuance. We adopted ASU 2014-08 as of January 1, 2014 and believe future sales of our individual operating properties will no longer qualify as discontinued operations. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [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 March 31, 2014 and December 31, 2013 are as follows: | |||||||||
March 31, | December 31, | ||||||||
(in millions) | 2014 | 2013 | |||||||
Below market leases (Gross carrying value) | $ | 0.4 | $ | 0.4 | |||||
Accumulated amortization | (0.4 | ) | (0.2 | ) | |||||
Value of below market leases, net | $ | — | $ | 0.2 | |||||
In-place leases (Gross carrying value) | $ | 2.3 | $ | 2.3 | |||||
Accumulated amortization | (2.1 | ) | (1.1 | ) | |||||
Value of in-place leases, net | $ | 0.2 | $ | 1.2 | |||||
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 three months ended March 31, 2014 and 2013 are as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in millions) | 2014 | 2013 | |||||||
Revenues related to below market leases | $ | 0.2 | $ | 0.4 | |||||
Amortization of in-place leases | $ | 1 | $ | 1.9 | |||||
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 |
Per_Share_Data_Tables
Per Share Data (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in thousands, except per share amounts) | 2014 | 2013 | ||||||
Earnings per share calculation – basic | ||||||||
Income from continuing operations attributable to common shareholders | $ | 40,036 | $ | 29,012 | ||||
Amount allocated to participating securities | (352 | ) | (638 | ) | ||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | 39,684 | 28,374 | ||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders | — | 34,464 | ||||||
Net income attributable to common shareholders, as adjusted | $ | 39,684 | $ | 62,838 | ||||
Income from continuing operations attributable to common shareholders, as adjusted – per share | $ | 0.45 | $ | 0.33 | ||||
Income from discontinued operations, including gain on sale, attributable to common shareholders – per share | — | 0.39 | ||||||
Net income attributable to common shareholders, as adjusted – per share | $ | 0.45 | $ | 0.72 | ||||
Weighted average number of common shares outstanding – basic | 87,651 | 86,703 | ||||||
Earnings per share calculation – diluted | ||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 39,684 | $ | 28,374 | ||||
Income allocated to common units from continuing operations | 310 | — | ||||||
Income from continuing operations attributable to common shareholders, as adjusted | 39,994 | 28,374 | ||||||
Income from discontinued operations, including gain on sale, attributable to common shareholders | — | 34,464 | ||||||
Net income attributable to common shareholders, as adjusted | $ | 39,994 | $ | 62,838 | ||||
Income from continuing operations attributable to common shareholders, as adjusted – per share | $ | 0.45 | $ | 0.33 | ||||
Income from discontinued operations, including gain on sale, attributable to common shareholders – per share | — | 0.39 | ||||||
Net income attributable to common shareholders, as adjusted – per share | $ | 0.45 | $ | 0.72 | ||||
Weighted average number of common shares outstanding – basic | 87,651 | 86,703 | ||||||
Incremental shares issuable from assumed conversion of: | ||||||||
Common share options and share awards granted | 360 | 573 | ||||||
Common units | 813 | — | ||||||
Weighted average number of common shares outstanding – diluted | 88,824 | 87,276 | ||||||
Common_Shares_Tables
Common Shares (Tables) (2012 ATM Program [Member]) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
2012 ATM Program [Member] | ' | |||
Activity Under At-The-Market Share Offering Program | ' | |||
The following table presents activity under our 2012 ATM program for the three months ended March 31, 2013. There were no shares sold during the three months ended March 31, 2014. | ||||
Three Months Ended March 31, | ||||
(in thousands, except per share amounts) | 2013 | |||
Total net consideration | $ | 9,365.50 | ||
Common shares sold | 135.7 | |||
Average price per share | $ | 70.63 | ||
Acquisitions_and_Discontinued_1
Acquisitions and Discontinued Operations (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Acquisitions and Discontinued Operations [Abstract] | ' | |||
Summary of income from discontinued operations | ' | |||
The following is a summary of income from discontinued operations for the three months ended March 31, 2013: | ||||
Three Months Ended March 31, | ||||
(in thousands) | 2013 | |||
Property revenues | $ | 8,111 | ||
Property expenses | (3,470 | ) | ||
$ | 4,641 | |||
Depreciation and amortization | (1,867 | ) | ||
Income from discontinued operations | $ | 2,774 | ||
Gain on sale of discontinued operations, net of tax | $ | 31,783 | ||
Investments_In_Joint_Ventures_
Investments In Joint Ventures (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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) | March 31, 2014 | December 31, 2013 | ||||||
Total assets | $ | 739.2 | $ | 790.2 | ||||
Total third-party debt | 517 | 530.7 | ||||||
Total equity | 203.7 | 229.6 | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2014 | 2013 | ||||||
Total revenues (1) | $ | 25.1 | $ | 22.3 | ||||
Gain on sale of operating properties, net of tax | 18.5 | — | ||||||
Net income | 20 | 2 | ||||||
Equity in income (2) | 4.3 | 0.9 | ||||||
-1 | Excludes approximately $1.1 million and $1.8 million for the three months ended March 31, 2014, and 2013, respectively, related to the sale of two operating properties by the funds during the first quarter of 2014. Additionally, excludes approximately $8.4 million for the three months ended March 31, 2013, related to the sale of 16 operating properties within two of our unconsolidated joint ventures in May and December 2013. | |||||||
-2 | Equity in income excludes our ownership interest of fee income from various property management services provided by us to the funds. |
Notes_Payable_Tables
Notes Payable (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Notes Payable [Abstract] | ' | |||||||
Summary Of Indebtedness | ' | |||||||
The following is a summary of our indebtedness: | ||||||||
Balance at | ||||||||
(in millions) | March 31, | December 31, 2013 | ||||||
2014 | ||||||||
Commercial Banks | ||||||||
Unsecured line of credit and short-term borrowings | $ | 60 | $ | — | ||||
Senior unsecured notes | ||||||||
5.08% Notes, due 2015 | 249.8 | 249.7 | ||||||
5.75% Notes, due 2017 | 246.4 | 246.4 | ||||||
4.70% Notes, due 2021 | 248.9 | 248.8 | ||||||
3.07% Notes, due 2022 | 346.7 | 346.7 | ||||||
5.00% Notes, due 2023 | 247.7 | 247.7 | ||||||
4.27% Notes, due 2024 | 249.5 | 249.5 | ||||||
1,589.00 | 1,588.80 | |||||||
Total unsecured notes payable | 1,649.00 | 1,588.80 | ||||||
Secured notes | ||||||||
0.93% – 6.00% Conventional Mortgage Notes, due 2014 – 2045 | 905 | 905.7 | ||||||
Tax-exempt Mortgage Note, due 2028 (1.31% floating rate) | 35.9 | 36.3 | ||||||
940.9 | 942 | |||||||
Total notes payable | $ | 2,589.90 | $ | 2,530.80 | ||||
Other floating rate debt included in secured notes (0.93%) | $ | 175 | $ | 175 | ||||
Scheduled Repayments On Outstanding Debt | ' | |||||||
Scheduled repayments on outstanding debt, including our unsecured line of credit, short-term borrowings and scheduled principal amortizations, and the respective weighted average interest rate on maturing debt at March 31, 2014 were as follows: | ||||||||
(in millions) | Amount | Weighted Average Interest Rate | ||||||
2014 | $ | 34.5 | 3.2 | % | ||||
2015 | 312 | 4.2 | ||||||
2016 (1) | 2.2 | — | ||||||
2017 | 249.2 | 5.7 | ||||||
2018 | 177.6 | 0.9 | ||||||
Thereafter | 1,814.40 | 4.5 | ||||||
Total | $ | 2,589.90 | 4.3 | % | ||||
(1) Includes only scheduled principal amortizations. |
ShareBased_Compensation_and_No1
Share-Based Compensation and Non-Qualified Deferred Compensation Plan (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
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 March 31, 2014: | ||||||||||||||
Options Outstanding and Exercisable (1) (2) | ||||||||||||||
Range of Exercise Prices | Number | Weighted | ||||||||||||
Average Price | ||||||||||||||
$30.06-$41.16 | 207,036 | $ | 33.46 | |||||||||||
$43.90-$45.53 | 151,837 | 44.94 | ||||||||||||
$48.02-$64.75 | 158,086 | 56.96 | ||||||||||||
Total options | 516,959 | $ | 44.02 | |||||||||||
-1 | As of March 31, 2014, all options outstanding are also exercisable. | |||||||||||||
-2 | The aggregate intrinsic value of options outstanding and exercisable at March 31, 2014 was $12.1 million. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $67.34 per share on March 31, 2014 and the strike price of the underlying award. | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||
The following assumptions were used for the reload options granted during the three months ended March 31, 2014: | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | ||||||||||||||
Weighted average fair value of options granted | $3.55 - $8.17 | |||||||||||||
Expected volatility | 22.6% - 23.2% | |||||||||||||
Risk-free interest rate | 0.1% - 1.1% | |||||||||||||
Expected dividend yield | 3.50% | |||||||||||||
Expected life | 6 months - 4 years | |||||||||||||
Summary Of Share Incentive Plans | ' | |||||||||||||
The following table summarizes activity under our share incentive plans for the three months ended March 31, 2014: | ||||||||||||||
Options | Weighted | Nonvested | Weighted | |||||||||||
Outstanding | Average | Share | Average | |||||||||||
Exercise | Awards | Grant Price | ||||||||||||
Price | Outstanding | |||||||||||||
Total options and nonvested share awards outstanding at December 31, 2013 | 634,361 | $ | 41.59 | 831,298 | $ | 59.77 | ||||||||
Granted | 84,452 | 64.75 | 286,484 | 65.22 | ||||||||||
Exercised/vested | (180,168 | ) | 42.98 | (281,828 | ) | 55.11 | ||||||||
Forfeited | (21,686 | ) | 62.32 | (2,847 | ) | 64.03 | ||||||||
Total options and nonvested share awards outstanding at March 31, 2014 | 516,959 | $ | 44.02 | 833,107 | $ | 63.2 | ||||||||
Summary of non-qualified deferred compensation share award activity | ' | |||||||||||||
The following table summarizes the eligible share award activity as recorded in temporary equity for the three months ended March 31, 2014: | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at December 31, 2013 | $ | 47,180 | ||||||||||||
Change in classification | (606 | ) | ||||||||||||
Change in redemption value | 11,352 | |||||||||||||
Diversification of share awards | (2,428 | ) | ||||||||||||
Balance at March 31, 2014 | $ | 55,498 | ||||||||||||
Net_Change_In_Operating_Accoun1
Net Change In Operating Accounts (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Change in assets: | ||||||||
Other assets, net | $ | 2,313 | $ | 1,158 | ||||
Change in liabilities: | ||||||||
Accounts payable and accrued expenses | 5,965 | 2,035 | ||||||
Accrued real estate taxes | (13,714 | ) | (7,768 | ) | ||||
Other liabilities | (2,953 | ) | (791 | ) | ||||
Other | 243 | 259 | ||||||
Change in operating accounts and other | $ | (8,146 | ) | $ | (5,107 | ) |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
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 March 31, 2014 and December 31, 2013 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 | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Deferred compensation plan investments (1) | $ | 47 | $ | — | $ | — | $ | 47 | $ | 43.8 | $ | — | $ | — | $ | 43.8 | ||||||||||||||||
-1 | Approximately $1.1 million of participant cash was withdrawn from our deferred compensation plan investments during the three months ended March 31, 2014. | |||||||||||||||||||||||||||||||
Fair Value Of Notes Receivable And Notes Payable | ' | |||||||||||||||||||||||||||||||
The following table presents the carrying and estimated fair values of our notes payable at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(in millions) | Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||||||||||||||||||
Fixed rate notes payable | $ | 2,319.00 | $ | 2,433.40 | $ | 2,319.50 | $ | 2,391.50 | ||||||||||||||||||||||||
Floating rate notes payable (1) | 270.9 | 263.5 | 211.3 | 201.4 | ||||||||||||||||||||||||||||
-1 | Includes balances outstanding under our unsecured line of credit and short-term borrowings of $60.0 million and $0.0 million at March 31, 2014 and December 31, 2013, respectively. |
Description_Of_Business_Detail
Description Of Business (Details) | Mar. 31, 2014 |
Accounting Policies [Abstract] | ' |
Number of multifamily communities comprising of apartment homes | 183 |
Total number of apartment homes in multifamily communities | 64,150 |
Number of multifamily properties under development | 14 |
Total number of apartment homes in multifamily properties upon completion of development | 4,434 |
Units in subsequent phase of a stabilized community | 75 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies and Recent Accounting Pronouncements Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Value of Leases acquired) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Below market leases (Gross carrying value) | $0.40 | $0.40 |
Accumulated amortization | -0.4 | -0.2 |
Value of below market leases, net | 0 | 0.2 |
In-place leases (Gross carrying value) | 2.3 | 2.3 |
Accumulated amortization | -2.1 | -1.1 |
Value of in-place leases, net | $0.20 | $1.20 |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies and Recent Accounting Pronouncements Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Revenues from below market leases and Expenses from In-place leases) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Revenues related to below market leases | $0.20 | $0.40 |
Amortization of in-place leases | $1 | $1.90 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies and Recent Accounting Pronouncements (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Average amortization period for acquired leases | '7 months | '6 months |
Capitalized interest | $4.90 | $3.20 |
Capitalized real estate taxes | $1.60 | $0.90 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies and Recent Accounting Pronouncements (Expected Useful Lives Of Depreciable Property) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
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 |
Per_Share_Data_Calculation_Of_
Per Share Data (Calculation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Number of common share equivalent securities excluded from the diluted earnings per share calculation | 2,100,000 | 3,000,000 |
Income from continuing operations attributable to common shareholders | $40,036 | $29,012 |
Amount allocated to participating securities | -352 | -638 |
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | 39,684 | 28,374 |
Income from discontinued operations, including gain on sale, attributable to common shareholders | 0 | 34,464 |
Net income attributable to common shareholders, as adjusted | 39,684 | 62,838 |
Income from continuing operations attributable to common shareholders, as adjusted – per share | $0.45 | $0.33 |
Income from discontinued operations, including gain on sale, attributable to common shareholders – per share | $0 | $0.39 |
Net income attributable to common shareholders, as adjusted – per share | $0.45 | $0.72 |
Weighted average number of common shares outstanding – basic | 87,651,000 | 86,703,000 |
Income allocated to common units from continuing operations | 310 | 0 |
Income from continuing operations attributable to common shareholders, as adjusted | 39,994 | 28,374 |
Net income attributable to common shareholders, as adjusted | $39,994 | $62,838 |
Income from continuing operations attributable to common shareholders, as adjusted – per share | $0.45 | $0.33 |
Income from discontinued operations, including gain on sale, attributable to common shareholders – per share | $0 | $0.39 |
Net income attributable to common shareholders, as adjusted – per share | $0.45 | $0.72 |
Common share options and share awards granted | 360,000 | 573,000 |
Common units | 813,000 | 0 |
Weighted average number of common shares outstanding – diluted | 88,824,000 | 87,276,000 |
Common_Shares_Narrative_Detail
Common Shares (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | 31-May-12 |
In Millions, except Share data, unless otherwise specified | 2012 ATM Program [Member] | ||
Maximum aggregate offering price of common shares | ' | ' | $300 |
Number of common and preferred stock authorized to issue | 185,000,000 | ' | ' |
Common shares, authorized | 175,000,000 | 175,000,000 | ' |
Preferred shares, authorized | 10,000,000 | ' | ' |
Common Stock, Shares, Outstanding | 85,600,000 | ' | ' |
Preferred Stock, Shares Outstanding | 0 | ' | ' |
Common_Shares_Activity_Under_A
Common Shares (Activity Under At-The-Market Share Offering Program) (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2013 | Mar. 31, 2013 | 7-May-14 | |
2012 ATM Program [Member] | Subsequent Event [Member] | ||
2012 ATM Program [Member] | |||
Total net consideration | $9,366,000 | $9,365,500 | ' |
Common shares sold | ' | 135,700 | 0 |
Average price per share | ' | $70.63 | ' |
Maximum aggregate offering price of remaining common shares available for sale | ' | ' | $82,700,000 |
Acquisitions_and_Discontinued_2
Acquisitions and Discontinued Operations (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||
Feb. 28, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2014 | |
acre | acre | acre | Subsequent Event [Member] | |||
acre | ||||||
Acres of land acquired | ' | 2.9 | ' | ' | ' | 7.6 |
Payments to Acquire Land | ' | $15,600,000 | ' | ' | ' | $23,800,000 |
Number of operating properties sold | ' | ' | 0 | ' | 12 | ' |
Number of Apartment Units in operating Property Disposed | 558 | ' | ' | ' | 3,931 | ' |
Acres of land sold | ' | ' | 3 | 3.7 | ' | 4.7 |
Sales price of land parcels | ' | ' | 6,300,000 | 6,600,000 | ' | 8,300,000 |
Gain on sale of land | ' | ' | $354,000 | $698,000 | ' | ' |
Acquisitions_and_Discontinued_3
Acquisitions and Discontinued Operations (Summary Of Income From Discontinued Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Acquisitions and Discontinued Operations [Abstract] | ' | ' |
Property revenues | ' | $8,111 |
Property expenses | ' | -3,470 |
Operating results | ' | 4,641 |
Depreciation and amortization | ' | -1,867 |
Income from discontinued operations | 0 | 2,774 |
Gain on sale of discontinued operations, net of tax | $0 | $31,783 |
Investments_In_Joint_Ventures_1
Investments In Joint Ventures (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Investments In Joint Ventures [Abstract] | ' | ' | ' | ' |
Number of joint ventures accounted for under equity method investments | ' | 2 | 4 | 2 |
Equity method investment ownership percentage | ' | 20.00% | ' | ' |
Maximum guaranteed amount of loans utilized for construction and development activities for joint ventures | ' | $0 | ' | ' |
Fees earned for property and asset management, construction, development, and other services to joint ventures | ' | 2,700,000 | 2,700,000 | ' |
Number of apartment homes in joint venture's operating properties sold | 558 | ' | ' | 3,931 |
Proceeds from sale of 14 operating properties | 65,600,000 | ' | ' | ' |
Gain on sale of unconsolidated JV property | $3,600,000 | ' | ' | ' |
Investments_In_Joint_Ventures_2
Investments In Joint Ventures (Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||||
Investments In Joint Ventures [Abstract] | ' | ' | ' | |||
Total assets | $739,200,000 | [1] | ' | $790,200,000 | [1] | |
Total third-party debt | 517,000,000 | ' | 530,700,000 | |||
Total equity | 203,700,000 | ' | 229,600,000 | |||
Total revenues (1) | 25,100,000 | [1] | 22,300,000 | [1] | ' | |
Gain on sale of operating properties, net of tax | 18,500,000 | 0 | ' | |||
Net income | 20,000,000 | 2,000,000 | ' | |||
Equity in income (2) | 4,290,000 | [2] | 934,000 | [2] | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |||
Number of operating properties sold | 0 | ' | 12 | |||
Sale of two operating properties within the funds in 2014 | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |||
Revenues from discontinued operations attributable to unconsolidated joint venture | 1,100,000 | 1,800,000 | ' | |||
Number of operating properties sold | 2 | ' | ' | |||
Sale of 16 operating properties within two unconsolidated joint ventures in 2013 [Member] | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |||
Revenues from discontinued operations attributable to unconsolidated joint venture | ' | $8,400,000 | ' | |||
Number of operating properties sold | ' | ' | 16 | |||
[1] | Excludes approximately $1.1 million and $1.8 million for the three months ended March 31, 2014, and 2013, respectively, related to the sale of two operating properties by the funds during the first quarter of 2014. Additionally, excludes approximately $8.4 million for the three months ended March 31, 2013, related to the sale of 16 operating properties within two of our unconsolidated joint ventures in May and December 2013. | |||||
[2] | Equity in income excludes our ownership interest of fee income from various property management services provided by us to the funds. |
Notes_Payable_Summary_Of_Indeb
Notes Payable (Summary Of Indebtedness) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Unsecured notes payable | $1,649,041,000 | $1,588,798,000 |
Total secured notes payable | 940,881,000 | 941,968,000 |
Total notes payable | 2,589,900,000 | 2,530,800,000 |
Senior Unsecured Notes [Member] | ' | ' |
Unsecured notes payable | 1,589,000,000 | 1,588,800,000 |
Tax Exempt Mortgage Note Due 2028 (1.31% floating rate) | Secured Debt [Member] | ' | ' |
Total secured notes payable | 35,900,000 | 36,300,000 |
Notes payable, effective interest rate | 1.31% | ' |
Notes payable, maturity date | '2028 | ' |
5.08% Notes Due 2015 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured notes payable | 249,800,000 | 249,700,000 |
Notes payable, effective interest rate | 5.08% | ' |
Notes payable, maturity date | '2015 | ' |
5.75% Notes Due 2017 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured notes payable | 246,400,000 | 246,400,000 |
Notes payable, effective interest rate | 5.75% | ' |
Notes payable, maturity date | '2017 | ' |
4.70% Notes Due 2021 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured notes payable | 248,900,000 | 248,800,000 |
Notes payable, effective interest rate | 4.70% | ' |
Notes payable, maturity date | '2021 | ' |
3.07% Notes Due 2022 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured notes payable | 346,700,000 | 346,700,000 |
Notes payable, effective interest rate | 3.07% | ' |
Notes payable, maturity date | '2022 | ' |
5.00% Notes Due 2023 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured notes payable | 247,700,000 | 247,700,000 |
Notes payable, effective interest rate | 5.00% | ' |
Notes payable, maturity date | '2023 | ' |
4.27% Notes Due 2024 [Member] | Senior Unsecured Notes [Member] | ' | ' |
Unsecured notes payable | 249,500,000 | 249,500,000 |
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 | 905,000,000 | 905,700,000 |
Secured Notes 0.93% Floating Rate [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 | ' |
Minimum [Member] | Secured Notes 0.93% Floating Rate [Member] | Secured Debt [Member] | ' | ' |
Notes payable, effective interest rate | 0.93% | ' |
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 | ' |
Line of Credit [Member] | Commercial Banks [Member] | ' | ' |
Unsecured notes payable | $60,000,000 | $0 |
Notes_Payable_Narrative_Detail
Notes Payable (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Y | Letter Of Credit [Member] | Short-term Debt [Member] | Floating rate notes payable (1) | Floating rate notes payable (1) | Floating rate notes payable (1) | Line of Credit [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 | ' | ' | 10.7 | ' | ' | ' | ' | 60 |
Available amount under unsecured credit facility | ' | ' | ' | ' | ' | ' | ' | 429.3 |
Other Short-term Borrowings | ' | ' | ' | 0 | ' | ' | ' | ' |
Floating rate notes payable | $2,589.90 | $2,530.80 | ' | ' | $270.90 | $211.30 | $212.40 | ' |
Weighted average interest rate on floating rate debt | 4.30% | ' | ' | ' | 1.00% | ' | 1.10% | ' |
Weighted average maturity of indebtedness (including unsecured line of credit) (in years) | 6.6 | ' | ' | ' | ' | ' | ' | ' |
Notes_Payable_Scheduled_Repaym
Notes Payable (Scheduled Repayments On Outstanding Debt) (Details) (USD $) | Mar. 31, 2014 | |
In Millions, unless otherwise specified | ||
2014 | $34.50 | |
2015 | 312 | |
2016 | 2.2 | [1] |
2017 | 249.2 | |
2018 | 177.6 | |
Thereafter | 1,814.40 | |
Total notes payable | $2,589.90 | |
Weighted Average Interest Rate | 4.30% | |
2014 | ' | |
Weighted Average Interest Rate | 3.20% | |
2015 | ' | |
Weighted Average Interest Rate | 4.20% | |
2016 | ' | |
Weighted Average Interest Rate | 0.00% | [1] |
2017 | ' | |
Weighted Average Interest Rate | 5.70% | |
2018 | ' | |
Weighted Average Interest Rate | 0.90% | |
Thereafter | ' | |
Weighted Average Interest Rate | 4.50% | |
[1] | Includes only scheduled principal amortizations. |
ShareBased_Compensation_and_No2
Share-Based Compensation and Non-Qualified Deferred Compensation Plan (Narrative) (Details) (USD $) | 3 Months Ended | |||||||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2011 | Mar. 31, 2014 |
Options [Member] | Options [Member] | Share Awards and Vesting [Member] | Share Awards and Vesting [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | 2011 Share Incentive Plan [Member] | 2011 Share Incentive Plan [Member] | |||
Options [Member] | Share Awards and Vesting [Member] | Options [Member] | Share Awards and Vesting [Member] | |||||||||
Total fungible units to be issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | 5,600,000 |
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 | ' |
Full Value award in the fungible unit conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Expiration value of option right or other award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.83 | ' |
Common shares which could be granted pursuant to full value awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 |
Options exercised during the period | 180,168 | ' | 200,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised during the period | ' | ' | $3.60 | $4.10 | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to unvested options which is expected to be amortized | ' | ' | 0 | ' | 49.2 | ' | ' | ' | ' | ' | ' | ' |
Remaining weighted average contractual life (years) outstanding options | ' | ' | '3 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining weighted average contractual life (years) exercisable options | ' | ' | '3 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period, years | ' | ' | ' | ' | ' | ' | '3 years | '3 years | '5 years | '5 years | ' | ' |
Expected amortized period of unrecognized compensation expected to be recognized for share-based compensation plans | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Fair value of shares vested | ' | ' | ' | ' | 15.5 | 14.1 | ' | ' | ' | ' | ' | ' |
Total capitalized compensation cost for option and share awards | 0.6 | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 84,452 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | $3.80 | $3.40 | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_and_No3
Share-Based Compensation and Non-Qualified Deferred Compensation Plan (Summary Of Share Options Outstanding And Exercisable) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||||
In Millions, except Share data, unless otherwise specified | $30.06-$41.16 [Member] | Range Of Exercise Prices Forty Three Point Nine Zero To Forty Five Point Five Three [Member] [Domain] | Range Of Exercise Prices Forty Eight Point Zero Two To Sixty Four Point Seven Five Member [Domain] | ||||||
Range of exercise prices, minimum | ' | ' | $30.06 | $43.90 | $48.02 | ||||
Range of exercise prices, maximum | ' | ' | $41.16 | $45.53 | $64.75 | ||||
Outstanding and Exercisable Options, Number | 516,959 | [1],[2] | ' | 207,036 | [1],[2] | 151,837 | [1],[2] | 158,086 | [1],[2] |
Outstanding and Exercisable Options, Weighted Average Price | ' | ' | $33.46 | [1],[2] | $44.94 | [1],[2] | $56.96 | [1],[2] | |
Aggregate intrinsic value of outstanding options | $12.10 | ' | ' | ' | ' | ||||
Aggregate Intrinsic Value of Exercisable Options | $12.10 | ' | ' | ' | ' | ||||
Closing share price per share for calculation of aggregate intrinsic values | $67.34 | ' | ' | ' | ' | ||||
Share Based Compensation Shares Authorized Under Stock Options Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price | $44.02 | [1],[2] | $41.59 | ' | ' | ' | |||
[1] | The aggregate intrinsic value of options outstanding and exercisable at March 31, 2014 was $12.1 million. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $67.34 per share on March 31, 2014 and the strike price of the underlying award. | ||||||||
[2] | As of March 31, 2014, all options outstanding are also exercisable. |
ShareBased_Compensation_and_No4
Share-Based Compensation and Non-Qualified Deferred Compensation Plan Share-Based Compensation and Non-Qualified Deferred Compensation Plan (Option Valuation Assumptions) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected volatility | 22.60% |
Expected volatility | 23.20% |
Risk-free interest rate | 0.10% |
Risk-free interest rate | 1.10% |
Expected dividend yield | 3.50% |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted average fair value of options granted | 3.55 |
Expected life | '6 months |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted average fair value of options granted | 8.17 |
Expected life | '4 years |
ShareBased_Compensation_and_No5
Share-Based Compensation and Non-Qualified Deferred Compensation Plan (Summary Of Share Incentive Plans) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | |
Outstanding Options, Number At December 31, 2013 | 634,361 | |
Granted, Options Outstanding | 84,452 | |
Exercised/Vested, Options Outstanding | -180,168 | |
Forfeited, Options Outstanding | -21,686 | |
Outstanding Options, Number At March 31, 2014 | 516,959 | |
Options outstanding at December 31, 2013, Weighted Average Exercise/Grant Price | $41.59 | |
Granted, Weighted Average Exercise/Grant Price | $64.75 | |
Exercised/Vested, Weighted Average Exercise/Grant Price | $42.98 | |
Forfeited, Weighted Average Exercise/Grant Price | $62.32 | |
Options outstanding at March 31, 2014, Weighted Average Exercise/Grant Price | $44.02 | [1],[2] |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | |
Nonvested share awards outstanding at December 31, 2013, Share Awards Outstanding | 831,298 | |
Granted, Share Awards Outstanding | 286,484 | |
Exercised/Vested, Share Awards Outstanding | -281,828 | |
Forfeited, Share Awards Outstanding | -2,847 | |
Nonvested share awards outstanding at March 31, 2014, Share Awards Outstanding | 833,107 | |
Nonvested share awards outstanding at December 31, 2013, Weighted Average Exercise/Grant Price | $59.77 | |
Granted, Weighted Average Exercise/Grant Price | $65.22 | |
Exercised/Vested, Weighted Average Exercise/Grant Price | $55.11 | |
Forfeited, Weighted Average Exercise/Grant Price | $64.03 | |
Nonvested share awards outstanding at March 31, 2014, Weighted Average Exercise/Grant Price | $63.20 | |
[1] | The aggregate intrinsic value of options outstanding and exercisable at March 31, 2014 was $12.1 million. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $67.34 per share on March 31, 2014 and the strike price of the underlying award. | |
[2] | As of March 31, 2014, all options outstanding are also exercisable. |
ShareBased_Compensation_and_No6
Share-Based Compensation and Non-Qualified Deferred Compensation Plan Share-Based Compensation and Non-Qualified Deferred Compensation Plan (NQDC diversified share awards rollforward) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Share-based Compensation [Abstract] | ' |
Balance at December 31, 2013 | $47,180 |
Change in classification | -606 |
Change in redemption value | 11,352 |
Diversification of share awards | -2,428 |
Balance at March 31, 2014 | $55,498 |
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 $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (Decrease) in Operating Capital [Abstract] | ' | ' |
Other assets, net | $2,313 | $1,158 |
Accounts payable and accrued expenses | 5,965 | 2,035 |
Accrued real estate taxes | -13,714 | -7,768 |
Other liabilities | -2,953 | -791 |
Other | 243 | 259 |
Change in operating accounts and other | ($8,146) | ($5,107) |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2014 |
acre | Maximum [Member] | Non-Refundable [Member] | Subsequent Event [Member] | |||
Partnership Interest [Member] | acre | |||||
Number of consolidated projects under construction | ' | 14 | ' | ' | ' | ' |
Anticipated expenditures relating to completion of construction type contracts | ' | $533.20 | ' | ' | ' | ' |
Earnest Money Deposits | ' | 2.6 | ' | ' | 2.3 | 1.5 |
Acres of land acquired | 2.9 | ' | ' | ' | ' | 7.6 |
Rental expense | ' | 0.7 | 0.7 | ' | ' | ' |
Minimum annual rental commitments, remainder of 2014 | ' | 2.2 | ' | ' | ' | ' |
Minimum annual rental commitments, 2015 | ' | 2.3 | ' | ' | ' | ' |
Minimum annual rental commitments, 2016 | ' | 2.6 | ' | ' | ' | ' |
Minimum annual rental commitments, 2017 | ' | 2.7 | ' | ' | ' | ' |
Minimum annual rental commitments, 2018 | ' | 2.5 | ' | ' | ' | ' |
Minimum annual rental commitments, thereafter | ' | $15.40 | ' | ' | ' | ' |
Less than joint venture economic interest noted | ' | ' | ' | 100.00% | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ' |
Annual dividends distribution percentage to shareholders to qualify as a REIT | 90.00% |
Significant temporary differences or tax credits associated with our taxable REIT subsidiaries | $0 |
Uncertain tax positions or unrecognized tax benefits | $0 |
Fair_Value_Disclosures_Financi
Fair Value Disclosures (Financial Assets And Liabilities Measured At Fair Value) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | |
Deferred compensation plan investments (1) | $47 | [1] | $43.80 |
Participant Withdrawals From Deferred Compensation Plan Investments | 1.1 | ' | |
Level 1 [Member] | ' | ' | |
Deferred compensation plan investments (1) | 47 | [1] | 43.8 |
Level 2 [Member] | ' | ' | |
Deferred compensation plan investments (1) | 0 | [1] | 0 |
Level 3 [Member] | ' | ' | |
Deferred compensation plan investments (1) | $0 | [1] | $0 |
[1] | Approximately $1.1 million of participant cash was withdrawn from our deferred compensation plan investments during the three months ended March 31, 2014. |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures (Fair Value Of Notes Receivable And Notes Payable) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Carrying Value | $2,589,900,000 | $2,530,800,000 | ' |
Balances outstanding under our unsecured notes line of credit and short-term borrowings | 1,649,041,000 | 1,588,798,000 | ' |
Fixed rate notes payable | ' | ' | ' |
Carrying Value | 2,319,000,000 | 2,319,500,000 | ' |
Estimated Fair Value | 2,433,400,000 | 2,391,500,000 | ' |
Floating rate notes payable (1) | ' | ' | ' |
Carrying Value | 270,900,000 | 211,300,000 | 212,400,000 |
Estimated Fair Value | 263,500,000 | 201,400,000 | ' |
Line of Credit [Member] | Commercial Banks [Member] | ' | ' | ' |
Balances outstanding under our unsecured notes line of credit and short-term borrowings | $60,000,000 | $0 | ' |