Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 23, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CAMDEN PROPERTY TRUST | |
Entity Central Index Key | 906,345 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 86,861,188 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Land | $ 1,047,453 | $ 1,003,422 |
Buildings and improvements | 6,237,648 | 5,890,498 |
Real estate assets, at cost, total | 7,285,101 | 6,893,920 |
Accumulated depreciation | (1,914,469) | (1,738,862) |
Net operating real estate assets | 5,370,632 | 5,155,058 |
Properties under development, including land | 443,469 | 527,596 |
Investments in joint ventures | 34,705 | 36,429 |
Properties held for sale | 13,168 | 27,143 |
Total real estate assets | 5,861,974 | 5,746,226 |
Accounts receivable – affiliates | 25,053 | 25,977 |
Other assets, net | 130,360 | 124,888 |
Cash and cash equivalents | 10,375 | 153,918 |
Restricted cash | 6,126 | 5,898 |
Total assets | 6,033,888 | 6,056,907 |
Liabilities | ||
Unsecured notes payable | 1,811,739 | 1,837,911 |
Secured notes payable | 903,468 | 905,628 |
Accounts payable and accrued expenses | 131,532 | 157,232 |
Accrued real estate taxes | 57,642 | 39,149 |
Distributions payable | 64,276 | 60,386 |
Other liabilities | 96,679 | 100,058 |
Total liabilities | $ 3,065,336 | $ 3,100,364 |
Commitments and contingencies (Note 10) | ||
Non-qualified deferred compensation share awards | $ 72,316 | $ 68,134 |
Equity | ||
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 100,640 and 100,620 issued; 97,574 and 97,604 outstanding at September 30, 2015 and December 31, 2014, respectively | 976 | 976 |
Additional paid-in capital | 3,660,482 | 3,667,448 |
Distributions in excess of net income attributable to common shareholders | (452,257) | (453,777) |
Treasury shares, at cost (10,712 and 10,975 common shares at September 30, 2015 and December 31, 2014, respectively) | (387,114) | (396,626) |
Accumulated other comprehensive loss | (2,307) | (2,419) |
Total common equity | 2,819,780 | 2,815,602 |
Non-controlling interests | 76,456 | 72,807 |
Total equity | 2,896,236 | 2,888,409 |
Total liabilities and equity | $ 6,033,888 | $ 6,056,907 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
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 | 100,640 | 100,620 |
Common shares, outstanding | 97,574 | 97,604 |
Treasury shares, at cost | 10,712 | 10,975 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Property revenues | |||||
Rental revenues | $ 194,515 | $ 184,247 | $ 571,461 | $ 543,649 | |
Other property revenues | 32,670 | 28,851 | 91,809 | 83,870 | |
Total property revenues | 227,185 | 213,098 | 663,270 | 627,519 | |
Property expenses | |||||
Property operating and maintenance | 58,062 | 55,228 | 164,532 | 158,239 | |
Real estate taxes | 26,044 | 23,447 | 76,774 | 70,640 | |
Total property expenses | 84,106 | 78,675 | 241,306 | 228,879 | |
Non-property income | |||||
Fee and asset management | 1,902 | 2,131 | 5,083 | 7,301 | |
Interest and other income | 107 | 430 | 308 | 762 | |
Income (loss) on deferred compensation plans | (3,438) | (765) | (1,871) | 1,934 | |
Total non-property income | (1,429) | 1,796 | 3,520 | 9,997 | |
Other expenses | |||||
Property management | 5,884 | 5,416 | 17,928 | 17,108 | |
Fee and asset management | 1,227 | 1,240 | 3,424 | 3,746 | |
General and administrative | 11,790 | 10,331 | 33,120 | 30,410 | |
Interest | 23,265 | 22,967 | 72,288 | 68,846 | |
Depreciation and amortization | 65,079 | 59,179 | 190,337 | 174,528 | |
Amortization of deferred financing costs | 725 | 836 | 2,143 | 2,493 | |
Expense (benefit) on deferred compensation plans | (3,438) | (765) | (1,871) | 1,934 | |
Total other expenses | 104,532 | 99,204 | 317,369 | 299,065 | |
Gain on sale of operating properties, including land | 0 | 1,808 | 85,192 | 3,609 | |
Impairment associated with land holdings | 0 | 0 | 0 | (1,152) | |
Equity in income of joint ventures | [1] | 1,574 | 863 | 4,487 | 5,889 |
Income from continuing operations before income taxes | 38,692 | 39,686 | 197,794 | 117,918 | |
Income tax expense | (498) | (353) | (1,334) | (1,228) | |
Net income | 38,194 | 39,333 | 196,460 | 116,690 | |
Less income allocated to non-controlling interests from continuing operations | (1,150) | (1,050) | (7,738) | (3,099) | |
Net income attributable to common shareholders | $ 37,044 | $ 38,283 | $ 188,722 | $ 113,591 | |
Earnings per common share – basic | $ 0.41 | $ 0.43 | $ 2.10 | $ 1.28 | |
Earnings per common share – diluted | 0.41 | 0.43 | 2.09 | 1.28 | |
Distributions declared per common share | $ 0.70 | $ 0.66 | $ 2.10 | $ 1.98 | |
Weighted average number of common shares outstanding – basic | 89,164 | 88,146 | 89,102 | 87,882 | |
Weighted average number of common shares outstanding – diluted | 90,341 | 89,353 | 89,450 | 89,052 | |
Condensed Consolidated Statements of Comprehensive Income: | |||||
Net income | $ 38,194 | $ 39,333 | $ 196,460 | $ 116,690 | |
Other comprehensive income | |||||
Unrealized loss on cash flow hedging activities | 0 | (417) | 0 | (417) | |
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 38 | 20 | 112 | 49 | |
Comprehensive income | 38,232 | 38,936 | 196,572 | 116,322 | |
Less income allocated to non-controlling interests from continuing operations | (1,150) | (1,050) | (7,738) | (3,099) | |
Comprehensive income attributable to common shareholders | $ 37,082 | $ 37,886 | $ 188,834 | $ 113,223 | |
[1] | Equity in income excludes our ownership interest of fee income from various services provided by us to the funds. |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Equity - USD ($) $ in Thousands | 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, 2013 | $ 2,760,181 | $ 967 | $ 3,596,069 | $ (494,167) | $ (410,227) | $ (1,106) | $ 68,645 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) Attributable to Parent | 113,591 | 113,591 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 3,099 | 3,099 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 116,690 | ||||||
Other comprehensive income | (368) | (368) | |||||
Common shares issued | 50,535 | 7 | 50,528 | ||||
Net share awards | 14,773 | 3,538 | 11,235 | ||||
Employee share purchase plan | 1,932 | 870 | 1,062 | ||||
Common share options exercised | 769 | 1 | 335 | 433 | |||
Change in classification of deferred compensation plan | (4,916) | (4,916) | |||||
Change in redemption value of non-qualified share awards | (12,936) | (12,936) | |||||
Diversification of share awards within deferred compensation plan | 4,669 | 3,273 | 1,396 | ||||
Conversions of operating partnership units | 52 | (52) | |||||
Cash distributions declared to equity holders | (179,784) | (176,026) | (3,758) | ||||
Other | 0 | (1) | 1 | ||||
Ending balance at Sep. 30, 2014 | 2,751,545 | 974 | 3,649,750 | (568,142) | (397,497) | (1,474) | 67,934 |
Beginning balance at Dec. 31, 2014 | 2,888,409 | 976 | 3,667,448 | (453,777) | (396,626) | (2,419) | 72,807 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) Attributable to Parent | 188,722 | 188,722 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 7,738 | 7,738 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 196,460 | ||||||
Other comprehensive income | 112 | 112 | |||||
Net share awards | 17,055 | 7,792 | 9,263 | ||||
Employee share purchase plan | 583 | 334 | 249 | ||||
Common share options exercised | 176 | 176 | |||||
Change in classification of deferred compensation plan | (7,924) | (7,924) | |||||
Change in redemption value of non-qualified share awards | 184 | 184 | |||||
Diversification of share awards within deferred compensation plan | 3,558 | 2,135 | 1,423 | ||||
Conversions of operating partnership units | 0 | 86 | (86) | ||||
Cash distributions declared to equity holders | (192,792) | (188,809) | (3,983) | ||||
Purchase of non-controlling interests | (9,500) | (9,480) | (20) | ||||
Other | (85) | (85) | |||||
Ending balance at Sep. 30, 2015 | $ 2,896,236 | $ 976 | $ 3,660,482 | $ (452,257) | $ (387,114) | $ (2,307) | $ 76,456 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Cash flows from operating activities | |||
Net income | $ 196,460 | $ 116,690 | |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 190,337 | 174,528 | |
Gain on sale of operating properties, including land | (85,192) | (3,609) | |
Impairment associated with land holdings | 0 | 1,152 | |
Distributions of income from joint ventures | 4,699 | 6,293 | |
Equity in income of joint ventures | [1] | (4,487) | (5,889) |
Share-based compensation | 13,012 | 11,902 | |
Amortization of deferred financing costs | 2,143 | 2,493 | |
Net change in operating accounts and other | 681 | 23,446 | |
Net cash from operating activities | 317,653 | 327,006 | |
Cash flows from investing activities | |||
Development and capital improvements | (336,398) | (390,756) | |
Proceeds from sales of operating properties, including land | 112,180 | 22,606 | |
Distributions from investments in joint ventures | 1,512 | 6,571 | |
Other | (9,177) | (4,522) | |
Net cash from investing activities | (231,883) | (366,101) | |
Cash flows from financing activities | |||
Repayment of notes payable | (252,160) | (35,640) | |
Borrowings on unsecured credit facility and other short-term borrowings | 728,000 | 2,172,000 | |
Repayments on unsecured credit facility and other short-term borrowings | (505,000) | (2,172,000) | |
Proceeds from notes payable | 0 | 248,078 | |
Distributions to common shareholders and non-controlling interests | (188,876) | (176,284) | |
Purchase of non-controlling interests | (9,500) | 0 | |
Proceeds from Issuance of Common Stock | 0 | 50,535 | |
Other | (1,777) | 739 | |
Net cash from financing activities | (229,313) | 87,428 | |
Net increase (decrease) in cash and cash equivalents | (143,543) | 48,333 | |
Cash and cash equivalents, beginning of period | 153,918 | 17,794 | |
Cash and cash equivalents, end of period | 10,375 | 66,127 | |
Supplemental information | |||
Cash paid for interest, net of interest capitalized | 65,748 | 52,073 | |
Cash paid for income taxes | 1,584 | 1,623 | |
Supplemental schedule of noncash investing and financing activities | |||
Distributions declared but not paid | 64,276 | 60,265 | |
Value of shares issued under benefit plans, net of cancellations | 18,489 | 19,215 | |
Net change in redemption of non-qualified share awards | (1,607) | 11,541 | |
Accrual associated with construction and capital expenditures | $ 17,440 | $ 22,269 | |
[1] | Equity in income excludes our ownership interest of fee income from various services provided by us to the funds. |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2015 | |
Description of Business [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 September 30, 2015 , we owned interests in, operated, or were developing 181 multifamily properties comprised of 62,909 apartment homes across the United States. Of the 181 properties, 10 properties were under construction, and when completed will consist of a total of 3,502 apartment homes. We also own land holdings which we may develop into multifamily communities in the future. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 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, or non-managing members, as the case may be, to assess whether any rights held by the limited partners, or non-managing members, as the case may be, indicate we do not have a controlling financial interest. We did not have any interests in VIEs at September 30, 2015 or December 31, 2014 . 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 2014 Annual Report on Form 10-K. Certain insignificant amounts in the unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2014 have been reclassified to conform to the current year presentation. These reclassifications had no impact on our condensed consolidated cash flows from operating, investing or financing activities. 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 and nine months ended September 30, 2015 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 September 30, 2015 and December 31, 2014 are as follows: (in millions) September 30, 2015 December 31, 2014 Below market leases (Gross carrying value) $ 0.5 $ 0.5 Accumulated amortization (0.5 ) (0.4 ) Value of below market leases, net $ — $ 0.1 In-place leases (Gross carrying value) $ 3.0 $ 3.0 Accumulated amortization (3.0 ) (2.5 ) Value of in-place leases, net $ — $ 0.5 Revenues recognized related to below market leases and amortization expense related to in-place leases for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended Nine Months Ended (in millions) 2015 2014 2015 2014 Revenues related to below market leases $ — $ — $ 0.1 $ 0.2 Amortization of in-place leases $ — $ — $ 0.5 $ 1.2 The weighted average amortization period of below market leases and in-place leases was approximately eight months and seven months for the nine months ended September 30, 2015 and 2014, respectively. There were no below market leases or in-place leases during the three months ended September 30, 2015 or 2014. Asset Impairment . Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future discounted and undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which 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. 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 prepare the underlying real estate 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 $4.3 million and $5.8 million for the three months ended September 30, 2015 and 2014 , respectively, and was approximately $14.6 million and $16.1 million for the nine months ended September 30, 2015 and 2014 , respectively. Capitalized real estate taxes were approximately $0.9 million and $0.8 million for the three months ended September 30, 2015 and 2014 , respectively, and were approximately $2.9 million and $3.8 million for the nine months ended September 30, 2015 and 2014 , respectively. Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows: Estimated 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 Measurements. 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 Measurements. 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." Non-recurring fair value disclosures are not provided for impairments on assets disposed during the period because they are no longer owned by us. The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy. Financial Instrument Fair Value Disclosures. As of September 30, 2015 and December 31, 2014 , the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and distributions payable represent fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-09 ("ASU 2014-09"), "Revenue from Contracts with Customers." ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. In August 2015, the FASB deferred the effective date of ASU 2014-09 by one year, and it is now effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted but not before the original effective date. ASU 2014-09 may be applied using either a full retrospective or a modified approach upon adoption. We expect to adopt this standard as of January 1, 2018, and we are currently evaluating the impact this standard may have on our consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update 2015-02 ("ASU 2015-02"), "Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 modifies whether limited partnerships and similar entities are VIEs or voting interest entities and eliminates the presumption a general partner should consolidate a limited partnership. Reporting entities which consolidate or hold a variable interest in a VIE as a result of this standard are subject to additional disclosure requirements. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. We will adopt ASU 2015-02 as of January 1, 2016 and do not expect it to have a material impact on our consolidated financial statements upon adoption. In April 2015, the FASB issued Accounting Standards Update 2015-03 ("ASU 2015-03"), "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires all costs incurred to issue debt to be presented in the balance sheet as a direct deduction from the carrying value of the debt rather than being recorded as a deferred charge and presented as an asset. ASU 2015-03 also requires amortization of debt issuance costs to be reported as interest expense in the statement of income. Currently, we report amortization expense of debt issuance costs as a separate line item in our consolidated statements of income. In August 2015, the FASB issued Accounting Standards Update 2015-15 ("ASU 2015-15"), "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." ASU 2015-15 supplements the requirements of ASU 2015-03 by allowing an entity to defer and present debt issuance costs related to a line of credit arrangement as an asset and subsequently amortize the deferred costs ratably over the term of the line of credit arrangement. Accordingly, upon our adoption of ASU 2015-03, we will present debt issuance costs related to our unsecured credit facility and unsecured short-term borrowing facility within other assets, net on our consolidated balance sheets. ASU 2015-03 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and retrospective application required. We will adopt ASU 2015-03 as of January 1, 2016. The presentation requirements under this ASU will require reclassifications for presentation purposes of certain line items within our consolidated financial statements, and we do not expect the adoption of this standard to have a material impact on our consolidated financial statements. |
Per Share Data
Per Share Data | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Per Share Data | 3. Per Share Data Basic earnings per share is 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 1.8 million and 1.9 million for the three months ended September 30, 2015 and 2014 , respectively, and was approximately 2.6 million and 2.0 million for the nine months ended September 30, 2015 and 2014 , 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 Nine Months Ended (in thousands, except per share amounts) 2015 2014 2015 2014 Earnings per common share calculation – basic Net income attributable to common shareholders $ 37,044 $ 38,283 $ 188,722 $ 113,591 Amount allocated to participating securities (259 ) (317 ) (1,562 ) (970 ) Net income attributable to common shareholders – basic $ 36,785 $ 37,966 $ 187,160 $ 112,621 Earnings per common share – basic $ 0.41 $ 0.43 $ 2.10 $ 1.28 Weighted average number of common shares outstanding – basic 89,164 88,146 89,102 87,882 Earnings per common share calculation – diluted Net income attributable to common shareholders – basic $ 36,785 $ 37,966 $ 187,160 $ 112,621 Income allocated to common units 292 313 — 937 Net income attributable to common shareholders – diluted $ 37,077 $ 38,279 $ 187,160 $ 113,558 Earnings per common share – diluted $ 0.41 $ 0.43 $ 2.09 $ 1.28 Weighted average number of common shares outstanding – basic 89,164 88,146 89,102 87,882 Incremental shares issuable from assumed conversion of: Common share options and share awards granted 366 396 348 358 Common units 811 811 — 812 Weighted average number of common shares outstanding – diluted 90,341 89,353 89,450 89,052 |
Common Shares
Common Shares | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Common Shares [Text Block] | 4. Common Shares In November 2014, 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 $331.3 million (the "2014 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. We intend to use the net proceeds from any future sales under the 2014 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured credit facility or other short-term borrowings, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development, redevelopment and investment projects and financing for acquisitions. There were no shares sold during the three and nine months ended September 30, 2015 under the 2014 ATM program. As of the date of this filing, we had common shares having an aggregate offering price of up to $315.3 million remaining available for sale under the 2014 ATM program. No shares were sold subsequent to September 30, 2015 through the date of this filing under the 2014 ATM program. In January 2008, our Board of Trust Managers approved an increase of the April 2007 repurchase plan to allow for the repurchase of up to $500 million of our common equity securities through open market purchases, block purchases, and privately negotiated transactions. Under this program, we repurchased 4.3 million shares for a total of approximately $230.2 million from April 2007 through the year ended December 31, 2008 and there have not been any shares repurchased subsequent to that date. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under the program was approximately $269.8 million . 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 September 30, 2015, we had approximately 86.9 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding. |
Acquisitions, Dispositions, Ass
Acquisitions, Dispositions, Assets Held for Sale and Impairment Acquisitions, Dispositions, Assets Held for Sale and Impairment | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Acquisitions, Dispositions, Assets Held For Sale and Impairment [Text Block] | 5. Acquisitions, Dispositions, Assets Held for Sale and Impairment Acquisitions of Land. In May 2015, we acquired approximately 49.6 acres of land located in Phoenix, Arizona for approximately $36.3 million and in June 2015, we acquired approximately 2.7 acres of land located in Los Angeles, California for approximately $9.5 million . In October 2015, we acquired approximately 5.8 acres of land in Gaithersburg, Maryland for approximately $13.3 million . In January 2014, we acquired approximately 2.9 acres of land located in Houston, Texas for approximately $15.6 million and in April 2014, we acquired approximately 7.6 acres of land in Rockville, Maryland for approximately $23.8 million . Acquisition of Non-controlling Ownership Interest. In March 2015, we purchased the remaining 0.01% non-controlling interest in two fully consolidated joint ventures, which own an aggregate of 798 apartment homes located in College Park, Maryland and Irvine, California, for approximately $9.5 million . The acquisitions of the remaining ownership interests were recorded as equity transactions and, as a result, the carrying balances of the non-controlling interest were eliminated and the remaining difference between the purchase price and carrying balance was recorded as a reduction in additional paid-in capital. See Note 13, "Non-controlling Interests," for the effect of changes in ownership interests of these former joint ventures on the equity attributable to common shareholders. Land Holding Dispositions and Impairment. In March 2015, we sold a land holding adjacent to an operating property in Dallas, Texas for approximately $0.4 million and recognized a gain of approximately $0.1 million . In July 2014, we sold approximately 2.4 acres of land adjacent to an operating property in Dallas, Texas for approximately $0.8 million . We recognized a $1.2 million impairment charge related to this land parcel in June 2014, which represented the difference between the land holding's carrying value and the fair value based upon the sales contract on this land parcel. In August 2014, we sold approximately 19.2 acres of land adjacent to an operating property in Houston, Texas for approximately $8.3 million and recognized a gain of approximately $1.8 million . During the nine months ended September 30, 2014 , we also sold approximately 7.7 acres of land adjacent to current development and operating communities located in Atlanta, Georgia and Dallas, Texas for approximately $14.6 million and recognized a gain of approximately $1.8 million related to these land sales. Sales of Operating Properties. In January 2015, we sold two operating properties, which were included in properties held for sale at December 31, 2014 , comprised of 1,116 apartment homes located in Tampa, Florida and Austin, Texas for approximately $114.4 million and we recognized a gain of approximately $85.1 million relating to these property sales. Operating Property Held for Sale. In October 2015, we sold one operating property, which was included in properties held for sale at September 30, 2015 , comprised of 260 apartment homes located in Brandon, Florida for approximately $33.0 million . |
Investments in Joint Ventures
Investments in Joint Ventures | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | 6. Investments in Joint Ventures As of September 30, 2015 , our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consisted of three discretionary investment funds (collectively, "the funds"). Our ownership interest in each of the first two funds was 31.3% at September 30, 2015 and December 31, 2014 , and was 20% at September 30, 2014 . In March 2015, we completed the formation of a third fund with an unaffiliated third party for additional multifamily investments of up to $450.0 million . Our ownership interest in this fund was 20% as of September 30, 2015 ; this fund did not own any properties at such date. The following table summarizes the combined balance sheet and statement of income data for the funds as of and for the periods presented: (in millions) September 30, 2015 December 31, 2014 Total assets $ 753.8 $ 757.8 Total third-party debt 529.3 523.6 Total equity 198.5 203.3 Three Months Ended Nine Months Ended (in millions) 2015 2014 2015 2014 Total revenues (1) $ 29.4 $ 27.3 $ 85.2 $ 78.3 Gain on sale of operating properties, net of tax — — — 18.5 Net income 3.1 2.2 8.7 23.8 Equity in income (2) 1.6 0.9 4.5 5.9 (1) Excludes approximately $1.1 million for the nine months ended September 30, 2014 , related to the sale of two operating properties by the funds during the first quarter of 2014. (2) Equity in income excludes our ownership interest of fee income from various services provided by us to the funds. The funds which own properties have been funded in part with secured third-party debt. As of September 30, 2015 , 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 may earn a promoted equity interest if certain thresholds are met. We eliminate fee income for services provided to these joint ventures to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $1.4 million and $2.0 million for the three months ended September 30, 2015 and 2014 , respectively, and were approximately $4.4 million and $6.6 million for the nine months ended September 30, 2015 and 2014 , respectively. In February 2014, two of the funds each sold an operating property, comprised of 558 apartment homes, for approximately $65.6 million . 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 | 9 Months Ended |
Sep. 30, 2015 | |
Notes Payable [Abstract] | |
Notes Payable | 7. Notes Payable The following is a summary of our indebtedness: (in millions) September 30, December 31, 2014 Commercial banks Unsecured credit facility $ 200.0 $ — Unsecured short-term borrowings 23.0 — $ 223.0 $ — Senior unsecured notes 5.08% Notes, due 2015 $ — $ 249.9 5.75% Notes, due 2017 246.6 246.5 4.70% Notes, due 2021 249.1 249.0 3.07% Notes, due 2022 347.2 347.0 5.00% Notes, due 2023 248.0 247.8 4.27% Notes, due 2024 249.6 249.6 3.59% Notes, due 2024 248.2 248.1 $ 1,588.7 $ 1,837.9 Total unsecured notes payable 1,811.7 1,837.9 Secured notes 0.95% – 5.63% Conventional Mortgage Notes, due 2018 – 2045 870.0 870.9 Tax-exempt Mortgage Note, due 2028 (1.24% floating rate) 33.5 34.7 903.5 905.6 Total notes payable $ 2,715.2 $ 2,743.5 Other floating rate debt included in secured notes (0.95%) $ 175.0 $ 175.0 In August 2015 , we amended our $500 million unsecured credit facility to extend the maturity date from September 2015 to August 2019 , with two six-month options to extend at our election to August 2020 , and increased the facility from $500 million to $600 million , with the option to further increase it to $900 million by either adding additional banks to the facility or obtaining the agreement of the existing banks to increase their commitments. The interest rate on this credit facility is based upon the London Interbank Offered Rate ("LIBOR") plus a margin which is subject to change as our credit ratings change. Advances under this credit facility 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 $300 million or the remaining amount available under the credit facility. This credit facility 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 credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our credit facility, it does reduce the amount available. At September 30, 2015 , we had approximately $200.0 million outstanding on our credit facility and we had outstanding letters of credit totaling approximately $10.1 million , leaving approximately $389.9 million available under our credit facility. In May 2015, we entered into a $40 million unsecured short-term borrowing facility which matures in May 2016 . The interest rate is based upon LIBOR plus 1.05% . At September 30, 2015, we had approximately $23.0 million outstanding on this unsecured short-term borrowing facility. In June 2015, we used cash and borrowings from our existing unsecured credit facility to repay the principal amount of our 5.08% senior unsecured notes payable, which was scheduled to mature on June 15, 2015 , for a total of $250.0 million , plus accrued interest. At September 30, 2015 and 2014 , we had outstanding floating rate debt of approximately $431.5 million and $210.1 million , respectively, which included our unsecured credit facility and short-term borrowings, and the weighted average interest rate on such debt was approximately 1.0% for each of the nine months ended September 30, 2015 and 2014 . Our indebtedness, which includes our unsecured credit facility and unsecured short-term borrowings, had a weighted average maturity of approximately 6.0 years at September 30, 2015 . The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at September 30, 2015 : (in millions) Amount Weighted Average Interest Rate 2015 (1) $ 0.5 — % 2016 (2) 25.0 1.3 2017 249.0 5.8 2018 177.4 0.9 2019 (3) 846.5 4.3 Thereafter 1,416.8 4.0 Total $ 2,715.2 4.0 % (1) Includes only scheduled principal amortizations. (2) Includes $23.0 million of unsecured short-term borrowings. (3) Includes $200.0 million balance outstanding under our unsecured credit facility. |
Share-based Compensation and No
Share-based Compensation and Non-Qualified Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2015 | |
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. During the second quarter of 2011, our Board of Trust Managers adopted, and our shareholders approved, the 2011 Share Incentive Plan of Camden Property Trust (as amended, the "2011 Share Plan"). Under the 2011 Share Plan, we may issue up to a total of approximately 9.1 million fungible units (the "Fungible Pool Limit"), which is comprised of approximately 5.8 million new fungible units plus approximately 3.3 million fungible units previously available for issuance under our 2002 share incentive plan based on a 3.45 to 1.0 fungible unit to full value award conversion ratio. Fungible units represent the baseline for the number of shares available for issuance under the 2011 Share Plan. Different types of awards are counted differently against the Fungible Pool Limit, as follows: • Each share issued or to be issued in connection with an award, other than an option, right or other award which does not deliver the full value at grant of the underlying shares, will be counted against the Fungible Pool Limit as 3.45 fungible pool units; • Options and other awards which do not deliver the full value at grant of the underlying shares and which expire more than five years from date of grant will be counted against the Fungible Pool Limit as one fungible pool unit; and • Options, rights and other awards which do not deliver the full value at grant and expire five years or less from the date of grant will be counted against the Fungible Pool Limit as 0.83 of a fungible pool unit. At September 30, 2015 , approximately 4.6 million fungible units were available under the 2011 Share Plan, which results in approximately 1.3 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. Awards which may be granted under the 2011 Share Plan include incentive share options, non-qualified share options (which may be granted separately or in connection with an option), share awards, dividends and dividend equivalents and other equity based awards. Persons eligible to receive awards under the 2011 Share Plan are trust managers, directors of our affiliates, executive and other officers, key employees and consultants, as determined by the Compensation Committee of our Board of Trust Managers. The 2011 Share Plan will expire on May 11, 2021. Options . New options are exercisable, subject to the terms and conditions of the plan, in increments ranging from 20% to 33.33% per year on each of the anniversaries of the date of grant. The plan provides that the exercise price of an option will be determined by the Compensation Committee of the Board of Trust Managers on the day of grant, and to date all options have been granted at an exercise price that equals the fair market value on the date of grant. Approximately 0.1 million and 0.4 million options were exercised during the nine months ended September 30, 2015 and 2014 , respectively. The total intrinsic value of options exercised was approximately $2.0 million and $6.9 million during the nine months ended September 30, 2015 and 2014 , respectively. At September 30, 2015 , there was no unrecognized compensation cost related to unvested options. At September 30, 2015 , all options outstanding were exercisable and had a weighted average remaining life of approximately 3.4 years. The following table summarizes outstanding share options, all of which were exercisable, at September 30, 2015 : Options Outstanding and Exercisable (1) Range of Exercise Prices Number Weighted Average Price $30.06 105,015 $ 30.06 $41.16 - $43.94 119,242 42.46 $48.02 - $75.17 70,948 60.92 Total options 295,205 $ 42.49 (1) The aggregate intrinsic value of options outstanding and exercisable at September 30, 2015 was $9.3 million . The aggregate intrinsic value was calculated as the excess, if any, between our closing share price of $73.90 per share on September 30, 2015 and the strike price of the underlying award. Options Granted and Valuation Assumptions . During the nine months ended September 30, 2015 , we granted approximately 26.8 thousand 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 nine months ended September 30, 2015 vested immediately and approximately $0.2 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 nine months ended September 30, 2015 : Nine Months Ended Weighted average fair value of options granted $5.52 - $7.38 Expected volatility 16.5% - 18.8% Risk-free interest rate 1.0% - 1.3% Expected dividend yield 3.5% - 3.7% Expected life 3 years - 4 years Our computation of expected volatility for 2015 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, and 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 generally based on the market value of the shares on the date of grant and is amortized over the vesting period. In the event the holder of the share awards will reach both the retirement eligibility age of 65 years and the service requirements as defined in the 2011 Share Plan before the term in which the awards are scheduled to vest, the value of the share awards is amortized from the date of grant to the individual's retirement eligibility date. To estimate forfeitures, we use actual forfeiture history. At September 30, 2015 , the unamortized value of previously issued unvested share awards was approximately $37.1 million , which is expected to be amortized over the next three years. The total fair value of shares vested during the nine months ended September 30, 2015 and 2014 was approximately $18.1 million and $16.0 million , respectively. Total compensation cost for option and share awards charged against income was approximately $4.8 million and $4.2 million for the three months ended September 30, 2015 and 2014 , respectively, and approximately $13.7 million and $12.1 million for the nine months ended September 30, 2015 and 2014 , respectively. Total capitalized compensation cost for option and share awards was approximately $0.9 million and $0.7 million for the three months ended September 30, 2015 and 2014 , respectively, and approximately $2.6 million and $2.0 million for the nine months ended September 30, 2015 and 2014 , respectively. The following table summarizes activity under our share incentive plans for the nine months ended September 30, 2015 : Options Outstanding Weighted Average Exercise / Grant Price Nonvested Share Awards Outstanding Weighted Average Exercise / Grant Price Options and nonvested share awards outstanding at December 31, 2014 321,811 $ 38.97 818,943 $ 63.39 Granted 26,752 75.17 256,599 74.53 Exercised/Vested (53,358 ) 37.69 (299,806 ) 60.42 Forfeited — — (9,297 ) 67.78 Total options and nonvested share awards outstanding at September 30, 2015 295,205 $ 42.49 766,439 $ 68.22 Non-Qualified Deferred Compensation Plan. In February 2014, we adopted the Second Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan to clarify certain terms in the existing plan relating to the deferral of performance based compensation. As a result of such action, the fully vested awards and the proportionate share of nonvested awards eligible for diversification were 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 nine months ended September 30, 2015 : (in thousands) Nine Months Ended Temporary equity: Balance at December 31, 2014 $ 68,134 Change in classification 7,924 Change in redemption value (184 ) Diversification of share awards (3,558 ) Balance at September 30, 2015 $ 72,316 |
Net Change In Operating Account
Net Change In Operating Accounts | 9 Months Ended |
Sep. 30, 2015 | |
Increase (Decrease) in Operating Capital [Abstract] | |
Net Change in Operating Accounts | 9. Net Change in Operating Accounts The effect of changes in the operating and other accounts on cash flows from operating activities is as follows: Nine Months Ended (in thousands) 2015 2014 Change in assets: Other assets, net $ (10,013 ) $ (9,826 ) Change in liabilities: Accounts payable and accrued expenses (10,718 ) 18,009 Accrued real estate taxes 18,516 18,886 Other liabilities 2,068 (4,273 ) Other 828 650 Change in operating accounts and other $ 681 $ 23,446 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Construction Contracts . As of September 30, 2015 , we estimate the additional cost to complete the nine consolidated projects currently under construction to be approximately $357.2 million . We expect to fund this amount through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured credit facility, 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. Other Commitments and 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 September 30, 2015 , we had earnest money deposits of approximately $0.9 million for potential acquisitions of land which are included in other assets, net in our condensed consolidated balance sheets. Approximately $0.7 million of these deposits was non-refundable at September 30, 2015 . Lease Commitments . At September 30, 2015 , we had long-term leases covering certain land, office facilities, and equipment. Rental expense totaled approximately $0.8 million for each of the three months ended September 30, 2015 and 2014 , and approximately $2.4 million and $2.2 million for the nine months ended September 30, 2015 and 2014 , respectively. Minimum annual rental commitments for the remainder of 2015 are $0.7 million , and for the years ending December 31, 2016 through 2019 are approximately $2.8 million , $2.9 million , $2.7 million , and $2.5 million , respectively, and approximately $13.6 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 may be 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 | 9 Months Ended |
Sep. 30, 2015 | |
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, and excise taxes. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income 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 and nine months ended September 30, 2015 and 2014 as income tax expense. Income taxes for the three and nine months ended September 30, 2015 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 nine months ended September 30, 2015 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 September 30, 2015 and December 31, 2014 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 September 30, 2015 December 31, 2014 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Deferred compensation plan investments (1) $ 51.6 $ — $ — $ 51.6 $ 56.1 $ — $ — $ 56.1 (1) Approximately $8.3 million of participant cash was withdrawn from our deferred compensation plan investments during the nine months ended September 30, 2015 . Non-recurring Fair Value Measurements. 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." There were no non-recurring fair value adjustments at September 30, 2015 or December 31, 2014 . Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at September 30, 2015 and December 31, 2014 , in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." September 30, 2015 December 31, 2014 (in millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fixed rate notes payable $ 2,283.7 $ 2,380.3 $ 2,533.8 $ 2,666.1 Floating rate notes payable (1) 431.5 423.6 209.7 203.7 (1) Includes balances outstanding under our unsecured credit facility and unsecured short-term borrowings. |
Non-controlling Interests
Non-controlling Interests | 9 Months Ended |
Sep. 30, 2015 | |
Non-controlling Interests [Abstract] | |
Non-controlling Interests [Text Block] | 13. Non-controlling Interests The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to common shareholders for the periods indicated: Nine Months Ended (in thousands) 2015 2014 Net income attributable to common shareholders $ 188,722 $ 113,591 Transfers from non-controlling interests: Increase in equity for conversion of operating partnership units 86 52 Decrease in additional paid-in capital for purchase of remaining non-controlling ownership interests in two consolidated joint ventures (1) (9,480 ) — Change in common equity and net transfers from non-controlling interests $ 179,328 $ 113,643 (1) Refer to Note 5, "Acquisitions, Dispositions, Assets Held for Sale and Impairment," for further discussion of acquisitions. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
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, or non-managing members, as the case may be, to assess whether any rights held by the limited partners, or non-managing members, as the case may be, indicate we do not have a controlling financial interest. We did not have any interests in VIEs at September 30, 2015 or December 31, 2014 . |
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 2014 Annual Report on Form 10-K. Certain insignificant amounts in the unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2014 have been reclassified to conform to the current year presentation. These reclassifications had no impact on our condensed consolidated cash flows from operating, investing or financing activities. 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 and nine months ended September 30, 2015 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 September 30, 2015 and December 31, 2014 are as follows: (in millions) September 30, 2015 December 31, 2014 Below market leases (Gross carrying value) $ 0.5 $ 0.5 Accumulated amortization (0.5 ) (0.4 ) Value of below market leases, net $ — $ 0.1 In-place leases (Gross carrying value) $ 3.0 $ 3.0 Accumulated amortization (3.0 ) (2.5 ) Value of in-place leases, net $ — $ 0.5 Revenues recognized related to below market leases and amortization expense related to in-place leases for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended Nine Months Ended (in millions) 2015 2014 2015 2014 Revenues related to below market leases $ — $ — $ 0.1 $ 0.2 Amortization of in-place leases $ — $ — $ 0.5 $ 1.2 The weighted average amortization period of below market leases and in-place leases was approximately eight months and seven months for the nine months ended September 30, 2015 and 2014, respectively. There were no below market leases or in-place leases during the three months ended September 30, 2015 or 2014. |
Asset Impairment | Asset Impairment . Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future discounted and undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which 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. 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 prepare the underlying real estate 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 $4.3 million and $5.8 million for the three months ended September 30, 2015 and 2014 , respectively, and was approximately $14.6 million and $16.1 million for the nine months ended September 30, 2015 and 2014 , respectively. Capitalized real estate taxes were approximately $0.9 million and $0.8 million for the three months ended September 30, 2015 and 2014 , respectively, and were approximately $2.9 million and $3.8 million for the nine months ended September 30, 2015 and 2014 , respectively. Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows: Estimated 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 Measurements. 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 Measurements. 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." Non-recurring fair value disclosures are not provided for impairments on assets disposed during the period because they are no longer owned by us. The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy. Financial Instrument Fair Value Disclosures. As of September 30, 2015 and December 31, 2014 , the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and distributions payable represent fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-09 ("ASU 2014-09"), "Revenue from Contracts with Customers." ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. In August 2015, the FASB deferred the effective date of ASU 2014-09 by one year, and it is now effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted but not before the original effective date. ASU 2014-09 may be applied using either a full retrospective or a modified approach upon adoption. We expect to adopt this standard as of January 1, 2018, and we are currently evaluating the impact this standard may have on our consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update 2015-02 ("ASU 2015-02"), "Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 modifies whether limited partnerships and similar entities are VIEs or voting interest entities and eliminates the presumption a general partner should consolidate a limited partnership. Reporting entities which consolidate or hold a variable interest in a VIE as a result of this standard are subject to additional disclosure requirements. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. We will adopt ASU 2015-02 as of January 1, 2016 and do not expect it to have a material impact on our consolidated financial statements upon adoption. In April 2015, the FASB issued Accounting Standards Update 2015-03 ("ASU 2015-03"), "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires all costs incurred to issue debt to be presented in the balance sheet as a direct deduction from the carrying value of the debt rather than being recorded as a deferred charge and presented as an asset. ASU 2015-03 also requires amortization of debt issuance costs to be reported as interest expense in the statement of income. Currently, we report amortization expense of debt issuance costs as a separate line item in our consolidated statements of income. In August 2015, the FASB issued Accounting Standards Update 2015-15 ("ASU 2015-15"), "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." ASU 2015-15 supplements the requirements of ASU 2015-03 by allowing an entity to defer and present debt issuance costs related to a line of credit arrangement as an asset and subsequently amortize the deferred costs ratably over the term of the line of credit arrangement. Accordingly, upon our adoption of ASU 2015-03, we will present debt issuance costs related to our unsecured credit facility and unsecured short-term borrowing facility within other assets, net on our consolidated balance sheets. ASU 2015-03 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and retrospective application required. We will adopt ASU 2015-03 as of January 1, 2016. The presentation requirements under this ASU will require reclassifications for presentation purposes of certain line items within our consolidated financial statements, and we do not expect the adoption of this standard to have a material impact on our consolidated financial statements. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and December 31, 2014 are as follows: (in millions) September 30, 2015 December 31, 2014 Below market leases (Gross carrying value) $ 0.5 $ 0.5 Accumulated amortization (0.5 ) (0.4 ) Value of below market leases, net $ — $ 0.1 In-place leases (Gross carrying value) $ 3.0 $ 3.0 Accumulated amortization (3.0 ) (2.5 ) Value of in-place leases, net $ — $ 0.5 |
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 and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended Nine Months Ended (in millions) 2015 2014 2015 2014 Revenues related to below market leases $ — $ — $ 0.1 $ 0.2 Amortization of in-place leases $ — $ — $ 0.5 $ 1.2 |
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 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) | 9 Months Ended |
Sep. 30, 2015 | |
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 Nine Months Ended (in thousands, except per share amounts) 2015 2014 2015 2014 Earnings per common share calculation – basic Net income attributable to common shareholders $ 37,044 $ 38,283 $ 188,722 $ 113,591 Amount allocated to participating securities (259 ) (317 ) (1,562 ) (970 ) Net income attributable to common shareholders – basic $ 36,785 $ 37,966 $ 187,160 $ 112,621 Earnings per common share – basic $ 0.41 $ 0.43 $ 2.10 $ 1.28 Weighted average number of common shares outstanding – basic 89,164 88,146 89,102 87,882 Earnings per common share calculation – diluted Net income attributable to common shareholders – basic $ 36,785 $ 37,966 $ 187,160 $ 112,621 Income allocated to common units 292 313 — 937 Net income attributable to common shareholders – diluted $ 37,077 $ 38,279 $ 187,160 $ 113,558 Earnings per common share – diluted $ 0.41 $ 0.43 $ 2.09 $ 1.28 Weighted average number of common shares outstanding – basic 89,164 88,146 89,102 87,882 Incremental shares issuable from assumed conversion of: Common share options and share awards granted 366 396 348 358 Common units 811 811 — 812 Weighted average number of common shares outstanding – diluted 90,341 89,353 89,450 89,052 |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures | The following table summarizes the combined balance sheet and statement of income data for the funds as of and for the periods presented: (in millions) September 30, 2015 December 31, 2014 Total assets $ 753.8 $ 757.8 Total third-party debt 529.3 523.6 Total equity 198.5 203.3 Three Months Ended Nine Months Ended (in millions) 2015 2014 2015 2014 Total revenues (1) $ 29.4 $ 27.3 $ 85.2 $ 78.3 Gain on sale of operating properties, net of tax — — — 18.5 Net income 3.1 2.2 8.7 23.8 Equity in income (2) 1.6 0.9 4.5 5.9 (1) Excludes approximately $1.1 million for the nine months ended September 30, 2014 , related to the sale of two operating properties by the funds during the first quarter of 2014. (2) Equity in income excludes our ownership interest of fee income from various services provided by us to the funds. |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Payable [Abstract] | |
Summary Of Indebtedness | The following is a summary of our indebtedness: (in millions) September 30, December 31, 2014 Commercial banks Unsecured credit facility $ 200.0 $ — Unsecured short-term borrowings 23.0 — $ 223.0 $ — Senior unsecured notes 5.08% Notes, due 2015 $ — $ 249.9 5.75% Notes, due 2017 246.6 246.5 4.70% Notes, due 2021 249.1 249.0 3.07% Notes, due 2022 347.2 347.0 5.00% Notes, due 2023 248.0 247.8 4.27% Notes, due 2024 249.6 249.6 3.59% Notes, due 2024 248.2 248.1 $ 1,588.7 $ 1,837.9 Total unsecured notes payable 1,811.7 1,837.9 Secured notes 0.95% – 5.63% Conventional Mortgage Notes, due 2018 – 2045 870.0 870.9 Tax-exempt Mortgage Note, due 2028 (1.24% floating rate) 33.5 34.7 903.5 905.6 Total notes payable $ 2,715.2 $ 2,743.5 Other floating rate debt included in secured notes (0.95%) $ 175.0 $ 175.0 |
Scheduled Repayments On Outstanding Debt | The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at September 30, 2015 : (in millions) Amount Weighted Average Interest Rate 2015 (1) $ 0.5 — % 2016 (2) 25.0 1.3 2017 249.0 5.8 2018 177.4 0.9 2019 (3) 846.5 4.3 Thereafter 1,416.8 4.0 Total $ 2,715.2 4.0 % (1) Includes only scheduled principal amortizations. (2) Includes $23.0 million of unsecured short-term borrowings. (3) Includes $200.0 million balance outstanding under our unsecured credit facility. |
Share-based Compensation and 25
Share-based Compensation and Non-Qualified Deferred Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, all of which were exercisable, at September 30, 2015 : Options Outstanding and Exercisable (1) Range of Exercise Prices Number Weighted Average Price $30.06 105,015 $ 30.06 $41.16 - $43.94 119,242 42.46 $48.02 - $75.17 70,948 60.92 Total options 295,205 $ 42.49 (1) The aggregate intrinsic value of options outstanding and exercisable at September 30, 2015 was $9.3 million . The aggregate intrinsic value was calculated as the excess, if any, between our closing share price of $73.90 per share on September 30, 2015 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 nine months ended September 30, 2015 : Nine Months Ended Weighted average fair value of options granted $5.52 - $7.38 Expected volatility 16.5% - 18.8% Risk-free interest rate 1.0% - 1.3% Expected dividend yield 3.5% - 3.7% Expected life 3 years - 4 years |
Summary of Share Incentive Plans | The following table summarizes activity under our share incentive plans for the nine months ended September 30, 2015 : Options Outstanding Weighted Average Exercise / Grant Price Nonvested Share Awards Outstanding Weighted Average Exercise / Grant Price Options and nonvested share awards outstanding at December 31, 2014 321,811 $ 38.97 818,943 $ 63.39 Granted 26,752 75.17 256,599 74.53 Exercised/Vested (53,358 ) 37.69 (299,806 ) 60.42 Forfeited — — (9,297 ) 67.78 Total options and nonvested share awards outstanding at September 30, 2015 295,205 $ 42.49 766,439 $ 68.22 |
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 nine months ended September 30, 2015 : (in thousands) Nine Months Ended Temporary equity: Balance at December 31, 2014 $ 68,134 Change in classification 7,924 Change in redemption value (184 ) Diversification of share awards (3,558 ) Balance at September 30, 2015 $ 72,316 |
Net Change in Operating Accou26
Net Change in Operating Accounts (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Increase (Decrease) in Operating Capital [Abstract] | |
Effect Of Changes In The Operating And Other Accounts On Cash Flows From Operating Activities | The effect of changes in the operating and other accounts on cash flows from operating activities is as follows: Nine Months Ended (in thousands) 2015 2014 Change in assets: Other assets, net $ (10,013 ) $ (9,826 ) Change in liabilities: Accounts payable and accrued expenses (10,718 ) 18,009 Accrued real estate taxes 18,516 18,886 Other liabilities 2,068 (4,273 ) Other 828 650 Change in operating accounts and other $ 681 $ 23,446 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and December 31, 2014 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 September 30, 2015 December 31, 2014 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Deferred compensation plan investments (1) $ 51.6 $ — $ — $ 51.6 $ 56.1 $ — $ — $ 56.1 (1) Approximately $8.3 million of participant cash was withdrawn from our deferred compensation plan investments during the nine months ended September 30, 2015 . |
Fair Value Of Notes Payable | The following table presents the carrying and estimated fair values of our notes payable at September 30, 2015 and December 31, 2014 , in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." September 30, 2015 December 31, 2014 (in millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fixed rate notes payable $ 2,283.7 $ 2,380.3 $ 2,533.8 $ 2,666.1 Floating rate notes payable (1) 431.5 423.6 209.7 203.7 (1) Includes balances outstanding under our unsecured credit facility and unsecured short-term borrowings. |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Non-controlling Interests [Abstract] | |
Non-controlling Interests [Table Text Block] | The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to common shareholders for the periods indicated: Nine Months Ended (in thousands) 2015 2014 Net income attributable to common shareholders $ 188,722 $ 113,591 Transfers from non-controlling interests: Increase in equity for conversion of operating partnership units 86 52 Decrease in additional paid-in capital for purchase of remaining non-controlling ownership interests in two consolidated joint ventures (1) (9,480 ) — Change in common equity and net transfers from non-controlling interests $ 179,328 $ 113,643 (1) Refer to Note 5, "Acquisitions, Dispositions, Assets Held for Sale and Impairment," for further discussion of acquisitions. |
Description of Business (Detail
Description of Business (Details) | Sep. 30, 2015 |
Description of Business [Abstract] | |
Number of multifamily properties owned, operated, or under development | 181 |
Total number of apartment homes in multifamily properties | 62,909 |
Number of multifamily properties under development | 10 |
Total Number of apartment homes in multifamily properties upon completion of development | 3,502 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Value of Leases acquired) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Below market leases (Gross carrying value) | $ 0.5 | $ 0.5 |
Accumulated amortization | (0.5) | (0.4) |
Value of below market leases, net | 0 | 0.1 |
In-place leases (Gross carrying value) | 3 | 3 |
Accumulated amortization | (3) | (2.5) |
Value of in-place leases, net | $ 0 | $ 0.5 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Revenues from below market leases and Expenses from In-place leases) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||||
Revenues related to below market leases | $ 0 | $ 0 | $ 0.1 | $ 0.2 |
Amortization of in-place leases | $ 0 | $ 0 | $ 0.5 | $ 1.2 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||||
Average amortization period for acquired leases | 8 months | 7 months | ||
Capitalized interest | $ 4.3 | $ 5.8 | $ 14.6 | $ 16.1 |
Capitalized real estate taxes | $ 0.9 | $ 0.8 | $ 2.9 | $ 3.8 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Expected Useful Lives Of Depreciable Property) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
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 ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Number of common share equivalent securities excluded from the diluted earnings per share calculation | 1,800 | 1,900 | 2,600 | 2,000 |
Net income attributable to common shareholders | $ 37,044 | $ 38,283 | $ 188,722 | $ 113,591 |
Amount allocated to participating securities | (259) | (317) | (1,562) | (970) |
Net income attributable to common shareholders – basic | $ 36,785 | $ 37,966 | $ 187,160 | $ 112,621 |
Earnings per common share – basic | $ 0.41 | $ 0.43 | $ 2.10 | $ 1.28 |
Weighted average number of common shares outstanding – basic | 89,164 | 88,146 | 89,102 | 87,882 |
Income allocated to common units | $ 292 | $ 313 | $ 0 | $ 937 |
Net income attributable to common shareholders – diluted | $ 37,077 | $ 38,279 | $ 187,160 | $ 113,558 |
Earnings per common share – diluted | $ 0.41 | $ 0.43 | $ 2.09 | $ 1.28 |
Common share options and share awards granted | 366 | 396 | 348 | 358 |
Common units | 811 | 811 | 0 | 812 |
Weighted average number of common shares outstanding – diluted | 90,341 | 89,353 | 89,450 | 89,052 |
Common Shares (Narrative) (Deta
Common Shares (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2015 | Nov. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Treasury Stock, Shares Repurchased | 10,712,000 | 10,712,000 | 10,975,000 | ||
Treasury Stock, Value of Shares Repurchased | $ 387,114 | $ 387,114 | $ 396,626 | ||
Number of common and preferred stock authorized to issue | 185,000,000 | 185,000,000 | |||
Common shares, authorized | 175,000,000 | 175,000,000 | 175,000,000 | ||
Preferred shares, authorized | 10,000,000 | 10,000,000 | |||
Common Stock, Shares, Outstanding | 86,900,000 | 86,900,000 | |||
Preferred Stock, Shares Outstanding | 0 | 0 | |||
2014 ATM program [Member] | |||||
Maximum aggregate offering price of common shares | $ 331,300 | ||||
Stock Issued During Period, Shares, New Issues | 0 | 0 | |||
2014 ATM program [Member] | Subsequent Event [Member] | |||||
Stock Issued During Period, Shares, New Issues | 0 | ||||
Maximum aggregate offering price of remaining common shares available for sale | $ 315,300 | ||||
April 2007 Repurchase Plan [Member] | |||||
Treasury stock allowed for repurchase | $ 500,000 | $ 500,000 | |||
Treasury Stock, Shares Repurchased | 4,300,000 | 4,300,000 | |||
Treasury Stock, Value of Shares Repurchased | $ 230,200 | $ 230,200 | |||
Share Repurchase Program, Remaining Authorized Repurchase Amount | $ 269,800 | $ 269,800 |
Acquisitions, Dispositions, A36
Acquisitions, Dispositions, Assets Held for Sale and Impairment (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Oct. 30, 2015USD ($)a | Jun. 30, 2015USD ($)a | May. 31, 2015USD ($)a | Mar. 31, 2015USD ($) | Jan. 31, 2015USD ($) | Aug. 31, 2014USD ($)a | Jul. 31, 2014USD ($)a | Jun. 30, 2014USD ($) | Apr. 30, 2014USD ($)a | Feb. 28, 2014USD ($) | Jan. 31, 2014USD ($)a | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($)a | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($)a | |
Area of Land | a | 2.7 | 49.6 | 7.6 | 2.9 | |||||||||||
Payments to Acquire Land | $ 9,500 | $ 36,300 | $ 23,800 | $ 15,600 | |||||||||||
Proceeds from sales of operating properties | $ 65,600 | ||||||||||||||
Purchase of non-controlling interests | $ 9,500 | $ 0 | |||||||||||||
Impairment associated with land holdings | $ 1,200 | $ 0 | $ 0 | $ 0 | $ 1,152 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||
Area of Land | a | 19.2 | 2.4 | 7.7 | 7.7 | |||||||||||
Number of apartment units in wholly owned property acquired | 1,116 | ||||||||||||||
Proceeds from sales of operating properties | $ 114,400 | ||||||||||||||
Sales price of land parcels | $ 400 | $ 8,300 | $ 800 | $ 14,600 | |||||||||||
Gains (losses) on sales of land parcels | $ 100 | $ 1,800 | $ 1,800 | ||||||||||||
Number of operating properties sold | 2 | ||||||||||||||
Gain (Loss) on Sales of Operating Properties | $ 85,100 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||
Area of Land | a | 5.8 | ||||||||||||||
Payments to Acquire Land | $ 13,300 | ||||||||||||||
Subsequent Event [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||
Number of apartment units in wholly owned property acquired | 260 | ||||||||||||||
Proceeds from sales of operating properties | $ 33,000 | ||||||||||||||
Corporate Joint Venture [Member] | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 0.01% | ||||||||||||||
Number of fully consolidated joint ventures acquired | 2 | ||||||||||||||
Number of apartment units in wholly owned property acquired | 798 | ||||||||||||||
Purchase of non-controlling interests | $ 9,500 |
Investments in Joint Ventures37
Investments in Joint Ventures (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Feb. 28, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Mar. 31, 2014 | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment ownership percentage | 31.30% | 20.00% | 31.30% | 20.00% | 31.30% | |||
Number of joint ventures accounted for under equity method investments | 2 | 3 | ||||||
Maximum Investments by Formed Unconsolidated Joint Venture | $ 450,000,000 | |||||||
Maximum guaranteed amount of loans utilized for construction and development activities for joint ventures | $ 0 | $ 0 | ||||||
Fees earned for property and asset management, construction, development, and other services to joint ventures | $ 1,400,000 | $ 2,000,000 | $ 4,400,000 | $ 6,600,000 | ||||
Number of apartment homes in joint venture's operating properties sold | 558 | |||||||
Proceeds from sale of 2 JV operating properties | $ 65,600,000 | |||||||
Gain on sale of unconsolidated JV property | $ 3,600,000 | |||||||
Formation of Unconsolidated Joint Venture [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment ownership percentage | 20.00% | 20.00% | ||||||
Sale of two operating properties within the funds in 2014 [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of operating properties sold | 2 |
Investments in Joint Ventures38
Investments in Joint Ventures (Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Mar. 31, 2014 | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |||
Investments in Joint Ventures [Abstract] | ||||||||
Total assets | $ 753,800 | $ 753,800 | $ 757,800 | |||||
Total third-party debt | 529,300 | 529,300 | 523,600 | |||||
Total equity | 198,500 | 198,500 | $ 203,300 | |||||
Total revenues (1) | 29,400 | $ 27,300 | 85,200 | $ 78,300 | [1] | |||
Gain On Sale Of Joint Venture Operating Property Net Of Tax | 0 | 0 | 0 | 18,500 | ||||
Net income | 3,100 | 2,200 | 8,700 | 23,800 | ||||
Equity in income (2) | [2] | $ 1,574 | $ 863 | $ 4,487 | 5,889 | |||
Sale of two operating properties within the funds in 2014 [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Revenues from discontinued operations attributable to unconsolidated joint venture | $ 1,100 | |||||||
Number of operating properties sold | 2 | |||||||
[1] | Excludes approximately $1.1 million for the nine months ended September 30, 2014, related to the sale of two operating properties by the funds during the first quarter of 2014. | |||||||
[2] | Equity in income excludes our ownership interest of fee income from various services provided by us to the funds. |
Notes Payable (Summary Of Indeb
Notes Payable (Summary Of Indebtedness) (Details) - USD ($) $ in Thousands | Jun. 15, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Unsecured notes payable | $ 1,811,739 | $ 1,837,911 | ||
Secured notes payable | 903,468 | 905,628 | ||
Total notes payable | 2,715,200 | 2,743,500 | ||
Commercial Banks [Member] | ||||
Unsecured notes payable | 223,000 | 0 | ||
Senior Unsecured Notes [Member] | ||||
Unsecured notes payable | 1,588,700 | $ 1,837,900 | ||
5.08% Notes Due 2015 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | Jun. 15, 2015 | |||
Notes payable, effective interest rate | 5.08% | 5.08% | ||
Unsecured notes payable | $ 0 | $ 249,900 | ||
5.75% Notes Due 2017 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | May 15, 2017 | |||
Notes payable, effective interest rate | 5.75% | 5.75% | ||
Unsecured notes payable | $ 246,600 | $ 246,500 | ||
4.70% Notes Due 2021 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | Jun. 15, 2021 | |||
Notes payable, effective interest rate | 4.70% | 4.70% | ||
Unsecured notes payable | $ 249,100 | $ 249,000 | ||
3.07% Notes Due 2022 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | Dec. 15, 2022 | |||
Notes payable, effective interest rate | 3.07% | 3.07% | ||
Unsecured notes payable | $ 347,200 | $ 347,000 | ||
5.00% Notes Due 2023 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | Jun. 15, 2023 | |||
Notes payable, effective interest rate | 5.00% | 5.00% | ||
Unsecured notes payable | $ 248,000 | $ 247,800 | ||
4.27% Notes Due 2024 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | Jan. 15, 2024 | |||
Notes payable, effective interest rate | 4.27% | 4.27% | ||
Unsecured notes payable | $ 249,600 | $ 249,600 | ||
3.59% Notes Due 2024 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | Sep. 15, 2024 | |||
Notes payable, effective interest rate | 3.59% | 3.59% | ||
Unsecured notes payable | $ 248,200 | $ 248,100 | ||
Secured Notes 0.95% to 5.63% Conventional Mortgage Notes Due 2018 to 2045 [Member] | Secured Debt [Member] | ||||
Secured notes payable | $ 870,000 | 870,900 | ||
Secured Notes 1.24% Floating Rate Tax Exempt Mortgage Note Due 2028 [Member] [Domain] | Secured Debt [Member] | ||||
Debt Instrument, Maturity Date | Jun. 15, 2028 | |||
Notes payable, effective interest rate | 1.24% | |||
Secured notes payable | $ 33,500 | 34,700 | ||
Secured Notes 0.95% Floating Rate [Member] | Secured Debt [Member] | ||||
Secured notes payable | $ 175,000 | 175,000 | ||
Minimum [Member] | Secured Notes 0.95% to 5.63% Conventional Mortgage Notes Due 2018 to 2045 [Member] | Secured Debt [Member] | ||||
Debt Instrument, Maturity Date | Oct. 1, 2018 | |||
Notes payable, effective interest rate | 0.95% | |||
Minimum [Member] | Secured Notes 0.95% Floating Rate [Member] | Secured Debt [Member] | ||||
Notes payable, effective interest rate | 0.95% | |||
Maximum [Member] | Secured Notes 0.95% to 5.63% Conventional Mortgage Notes Due 2018 to 2045 [Member] | Secured Debt [Member] | ||||
Debt Instrument, Maturity Date | Sep. 1, 2045 | |||
Notes payable, effective interest rate | 5.63% | |||
Unsecured Credit Facility [Member] | Commercial Banks [Member] | ||||
Unsecured notes payable | $ 200,000 | 0 | ||
Short-term Debt [Member] | ||||
Debt Instrument, Maturity Date | May 14, 2016 | |||
Short-term Debt [Member] | Commercial Banks [Member] | ||||
Unsecured notes payable | $ 23,000 | $ 0 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) $ in Millions | Jun. 15, 2015 | Aug. 31, 2015USD ($) | Jun. 30, 2015USD ($) | May. 31, 2015USD ($) | Sep. 30, 2015USD ($)yr | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | ||
Notes payable | $ 2,715.2 | $ 2,743.5 | |||||||
Weighted Average Interest Rate | 4.00% | ||||||||
Weighted average maturity of indebtedness (including unsecured line of credit) (in years) | yr | 6 | ||||||||
Letter Of Credit [Member] | |||||||||
Maximum Ability to Issue Letters of Credit Under Unsecured Credit Facility | $ 50 | ||||||||
Outstanding balance under credit facility | 10.1 | ||||||||
Unsecured Credit Facility [Member] | |||||||||
Outstanding balance under credit facility | 200 | ||||||||
Short-term Debt [Member] | |||||||||
Maximum borrowing capacity under unsecured credit facility | $ 40 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.05% | ||||||||
Other Short-term Borrowings | $ 23 | ||||||||
Debt Instrument, Maturity Date | May 14, 2016 | ||||||||
5.08% Notes Due 2015 [Member] | Senior Unsecured Notes [Member] | |||||||||
Repayments of Unsecured Debt | $ 250 | ||||||||
Notes payable, effective interest rate | 5.08% | 5.08% | |||||||
Debt Instrument, Maturity Date | Jun. 15, 2015 | ||||||||
Unsecured Credit Facility [Member] | |||||||||
Unsecured Credit Facility, Current Borrowing Capacity | $ 500 | $ 600 | |||||||
Unsecured Credit Facility, Expiration Date | Sep. 22, 2015 | Aug. 7, 2019 | |||||||
Optional extension period of unsecured credit facility | August 2,020 | ||||||||
Maximum borrowing capacity under unsecured credit facility | $ 900 | ||||||||
Maximum term of bid rate loans (days) | 180 | ||||||||
Lesser of amount stated or the amount available under the unsecured credit facility | $ 300 | ||||||||
Available amount under unsecured credit facility | 389.9 | ||||||||
Floating rate notes payable [Member] | |||||||||
Notes payable | $ 431.5 | [1] | $ 209.7 | [1] | $ 210.1 | ||||
Weighted Average Interest Rate | 1.00% | ||||||||
[1] | Includes balances outstanding under our unsecured credit facility and unsecured short-term borrowings. |
Notes Payable (Scheduled Repaym
Notes Payable (Scheduled Repayments On Outstanding Debt) (Details) $ in Millions | Sep. 30, 2015USD ($) | |
2015 (1) | $ 0.5 | [1] |
2016 (2) | 25 | [2] |
2,017 | 249 | |
2,018 | 177.4 | |
2019 (3) | 846.5 | [3] |
Thereafter | 1,416.8 | |
Total notes payable | $ 2,715.2 | |
Weighted Average Interest Rate | 4.00% | |
2015 (1) | ||
Weighted Average Interest Rate | 0.00% | [1] |
2016 (2) | ||
Weighted Average Interest Rate | 1.30% | [2] |
2,017 | ||
Weighted Average Interest Rate | 5.80% | |
2,018 | ||
Weighted Average Interest Rate | 0.90% | |
2019 (3) | ||
Weighted Average Interest Rate | 4.30% | [3] |
Thereafter | ||
Weighted Average Interest Rate | 4.00% | |
Unsecured Credit Facility [Member] | ||
Long-term Credit Facility | $ 200 | |
[1] | Includes only scheduled principal amortizations. | |
[2] | Includes $23.0 million of unsecured short-term borrowings. | |
[3] | Includes $200.0 million balance outstanding under our unsecured credit facility. |
Share-based Compensation and 42
Share-based Compensation and Non-Qualified Deferred Compensation Plan (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)shares | Sep. 30, 2014USD ($) | Jun. 30, 2011shares | Sep. 30, 2015USD ($)shares | Sep. 30, 2014USD ($)shares | |
Options exercised during the period | 53,358 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 26,752 | ||||
Total compensation cost for option and share awards | $ | $ 4.8 | $ 4.2 | $ 13.7 | $ 12.1 | |
Total capitalized compensation cost for option and share awards | $ | 0.9 | $ 0.7 | $ 2.6 | $ 2 | |
Employee Stock Option [Member] | |||||
Options exercised during the period | 100,000 | 400,000 | |||
Total intrinsic value of options exercised during the period | $ | $ 2 | $ 6.9 | |||
Remaining weighted average contractual life (years) outstanding options | 3 years 4 months 24 days | ||||
Remaining weighted average contractual life (years) exercisable options | 3 years 4 months 24 days | ||||
Option Expense | $ | $ 0.2 | ||||
Share Awards and Vesting [Member] | |||||
Total unrecognized compensation cost which is expected to be amortized | $ | $ 37.1 | $ 37.1 | |||
Expected amortized period of unrecognized compensation expected to be recognized for share-based compensation plans | 3 years | ||||
Fair value of shares vested | $ | $ 18.1 | $ 16 | |||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||
Minimum [Member] | Share Awards and Vesting [Member] | |||||
Vesting period, years | 3 years | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||
Maximum [Member] | Share Awards and Vesting [Member] | |||||
Vesting period, years | 5 years | ||||
2011 Share Incentive Plan [Member] | |||||
Total fungible units available | 4,600,000 | 9,100,000 | 4,600,000 | ||
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 | ||||
Value of option right or other award in the fungible unit conversion | 0.83 | ||||
Common shares which could be granted pursuant to full value awards | 1,300,000 | 1,300,000 |
Share-based Compensation and 43
Share-based Compensation and Non-Qualified Deferred Compensation Plan (Summary Of Share Options Outstanding And Exercisable) (Details) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($)$ / sharesshares | ||
Outstanding and Exercisable Options, Number | shares | 295,205 | [1] |
Aggregate intrinsic value of outstanding options | $ | $ 9.3 | |
Aggregate Intrinsic Value of Exercisable Options | $ | $ 9.3 | |
Closing share price per share for calculation of aggregate intrinsic values | $ 73.90 | |
Options outstanding at September 30, 2015, Weighted Average Exercise/Grant Price | 42.49 | [1] |
Exercise Price Thirty Point Zero Six Member [Domain] | ||
Range of exercise prices, minimum | 30.06 | |
Range of exercise prices, maximum | $ 30.06 | |
Outstanding and Exercisable Options, Number | shares | 105,015 | [1] |
Outstanding and Exercisable Options, Weighted Average Price | $ 30.06 | [1] |
Range Of Exercise Prices Forty One Point Sixteen To Forty Three Point Ninety Four [Domain] | ||
Range of exercise prices, minimum | 41.16 | |
Range of exercise prices, maximum | $ 43.94 | |
Outstanding and Exercisable Options, Number | shares | 119,242 | [1] |
Outstanding and Exercisable Options, Weighted Average Price | $ 42.46 | [1] |
Range Of Exercise Prices Forty Eight Point Zero Two To Seventy Five Point Seventeen Member [Domain] [Domain] | ||
Range of exercise prices, minimum | 48.02 | |
Range of exercise prices, maximum | $ 75.17 | |
Outstanding and Exercisable Options, Number | shares | 70,948 | [1] |
Outstanding and Exercisable Options, Weighted Average Price | $ 60.92 | [1] |
[1] | The aggregate intrinsic value of options outstanding and exercisable at September 30, 2015 was $9.3 million. The aggregate intrinsic value was calculated as the excess, if any, between our closing share price of $73.90 per share on September 30, 2015 and the strike price of the underlying award. |
Share-based Compensation and 44
Share-based Compensation and Non-Qualified Deferred Compensation Plan (Option Valuation Assumptions) (Details) | 9 Months Ended |
Sep. 30, 2015$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, Minimum | 16.50% |
Expected volatility, Maximum | 18.80% |
Risk-free interest rate, Minimum | 1.00% |
Risk-free interest rate, Maximum | 1.30% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average fair value of options granted | $ 5.52 |
Expected dividend yield | 3.50% |
Expected life | 3 years |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average fair value of options granted | $ 7.38 |
Expected dividend yield | 3.70% |
Expected life | 4 years |
Share-based Compensation and 45
Share-based Compensation and Non-Qualified Deferred Compensation Plan (Summary Of Share Incentive Plans) (Details) | 9 Months Ended | |
Sep. 30, 2015$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding Options, Number At December 31, 2014 | 321,811 | |
Granted, Options Outstanding | 26,752 | |
Exercised/Vested, Options Outstanding | (53,358) | |
Forfeited, Options Outstanding | 0 | |
Outstanding Options, Number At September 30, 2015 | 295,205 | |
Options outstanding at December 31, 2014, Weighted Average Exercise/Grant Price | $ / shares | $ 38.97 | |
Granted, Weighted Average Exercise/Grant Price | $ / shares | 75.17 | |
Exercised/Vested, Weighted Average Exercise/Grant Price | $ / shares | 37.69 | |
Forfeited, Weighted Average Exercise/Grant Price | $ / shares | 0 | |
Options outstanding at September 30, 2015, Weighted Average Exercise/Grant Price | $ / shares | $ 42.49 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||
Nonvested share awards outstanding at December 31, 2014, Share Awards Outstanding | 818,943 | |
Granted, Share Awards Outstanding | 256,599 | |
Exercised/Vested, Share Awards Outstanding | (299,806) | |
Forfeited, Share Awards Outstanding | (9,297) | |
Nonvested share awards outstanding at September 30, 2015, Share Awards Outstanding | 766,439 | |
Nonvested share awards outstanding at December 31, 2014, Weighted Average Exercise/Grant Price | $ / shares | $ 63.39 | |
Granted, Weighted Average Exercise/Grant Price | $ / shares | 74.53 | |
Exercised/Vested, Weighted Average Exercise/Grant Price | $ / shares | 60.42 | |
Forfeited, Weighted Average Exercise/Grant Price | $ / shares | 67.78 | |
Nonvested share awards outstanding at September 30, 2015, Weighted Average Exercise/Grant Price | $ / shares | $ 68.22 | |
[1] | The aggregate intrinsic value of options outstanding and exercisable at September 30, 2015 was $9.3 million. The aggregate intrinsic value was calculated as the excess, if any, between our closing share price of $73.90 per share on September 30, 2015 and the strike price of the underlying award. |
Share-based Compensation and 46
Share-based Compensation and Non-Qualified Deferred Compensation Plan (NQDC diversified share awards rollforward) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-Based Compensation and Non-Qualified Deferred Compensation [Abstract] | ||
Balance at December 31, 2014 | $ 68,134 | |
Change in classification | 7,924 | $ 4,916 |
Change in redemption value | (184) | $ 12,936 |
Diversification of share awards | (3,558) | |
Balance at September 30, 2015 | $ 72,316 |
Net Change in Operating Accou47
Net Change in Operating Accounts (Effect Of Changes In The Operating Accounts On Cash Flows From Operating Activities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Increase (Decrease) in Operating Capital [Abstract] | ||
Other assets, net | $ (10,013) | $ (9,826) |
Accounts payable and accrued expenses | (10,718) | 18,009 |
Accrued real estate taxes | 18,516 | 18,886 |
Other liabilities | 2,068 | (4,273) |
Other | 828 | 650 |
Change in operating accounts and other | $ 681 | $ 23,446 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Number of consolidated projects under construction | 9 | 9 | ||
Anticipated expenditures relating to completion of construction type contracts | $ 357.2 | $ 357.2 | ||
Earnest Money Deposits | 0.9 | 0.9 | ||
Rental expense | 0.8 | $ 0.8 | 2.4 | $ 2.2 |
Minimum annual rental commitments, remainder of 2015 | 0.7 | 0.7 | ||
Minimum annual rental commitments, 2016 | 2.8 | 2.8 | ||
Minimum annual rental commitments, 2017 | 2.9 | 2.9 | ||
Minimum annual rental commitments, 2018 | 2.7 | 2.7 | ||
Minimum annual rental commitments, 2019 | 2.5 | 2.5 | ||
Minimum annual rental commitments, thereafter | $ 13.6 | $ 13.6 | ||
Maximum [Member] | Partnership Interest [Member] | ||||
Less than joint venture economic interest noted | 100.00% | 100.00% | ||
Non-Refundable [Member] | ||||
Earnest Money Deposits | $ 0.7 | $ 0.7 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
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 Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Non-recurring fair value measurements [Abstract] | ||
Fair Value Measurements, Nonrecurring | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | ||
Deferred compensation plan investments (1) | $ 51.6 | [1] | $ 56.1 |
Participant Withdrawals From Deferred Compensation Plan Investments | 8.3 | ||
Level 1 [Member] | |||
Deferred compensation plan investments (1) | 51.6 | [1] | 56.1 |
Level 2 [Member] | |||
Deferred compensation plan investments (1) | 0 | [1] | 0 |
Level 3 [Member] | |||
Deferred compensation plan investments (1) | $ 0 | [1] | $ 0 |
[1] | Approximately $8.3 million of participant cash was withdrawn from our deferred compensation plan investments during the nine months ended September 30, 2015. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Notes Payable) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |||
Carrying Value | $ 2,715.2 | $ 2,743.5 | ||||
Fixed rate notes payable | ||||||
Carrying Value | 2,283.7 | 2,533.8 | ||||
Estimated Fair Value | 2,380.3 | 2,666.1 | ||||
Floating rate notes payable (1) | ||||||
Carrying Value | 431.5 | [1] | 209.7 | [1] | $ 210.1 | |
Estimated Fair Value | [1] | $ 423.6 | $ 203.7 | |||
[1] | Includes balances outstanding under our unsecured credit facility and unsecured short-term borrowings. |
Non-controlling Interests (Deta
Non-controlling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Non-controlling Interests [Abstract] | |||||
Net income attributable to common shareholders | $ 37,044 | $ 38,283 | $ 188,722 | $ 113,591 | |
Increase in equity for conversion of operating partnership units | 86 | 52 | |||
Decrease in additional paid-in capital for purchase of remaining non-controlling ownership interests in two consolidated joint ventures (1) | [1] | (9,480) | 0 | ||
Change in common equity and net transfers from non-controlling interests | $ 179,328 | $ 113,643 | |||
[1] | Refer to Note 5, "Acquisitions, Dispositions, Assets Held for Sale and Impairment," for further discussion of acquisitions. |