Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 25, 2019 | |
Document And Entity Information [Abstract] | ||
Title of 12(b) Security | Common Shares of Beneficial Interest, $.01 par value | |
Entity Incorporation, State or Country Code | TX | |
City Area Code | (713) | |
Entity Address, State or Province | TX | |
Entity Tax Identification Number | 76-6088377 | |
Entity Registrant Name | CAMDEN PROPERTY TRUST | |
Local Phone Number | 354-2500 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Central Index Key | 0000906345 | |
Trading Symbol | CPT | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Entity File Number | 1-12110 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 96,831,663 | |
Entity Current Reporting Status | Yes | |
Security Exchange Name | NYSE | |
Entity Address, Address Line One | 11 Greenway Plaza, Suite 2400 | |
Entity Address, City or Town | Houston, | |
Entity Address, Postal Zip Code | 77046 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Land | $ 1,158,342 | $ 1,098,526 |
Buildings and improvements | 7,242,256 | 6,935,971 |
Real estate assets, at cost, total | 8,400,598 | 8,034,497 |
Accumulated depreciation | (2,638,693) | (2,403,149) |
Net operating real estate assets | 5,761,905 | 5,631,348 |
Properties under development, including land | 440,917 | 293,978 |
Investments in joint ventures | 21,715 | 22,283 |
Total real estate assets | 6,224,537 | 5,947,609 |
Accounts receivable – affiliates | 23,170 | 22,920 |
Other assets, net | 238,014 | 205,454 |
Cash and cash equivalents | 157,239 | 34,378 |
Restricted cash | 5,686 | 9,225 |
Total assets | 6,648,646 | 6,219,586 |
Liabilities | ||
Unsecured notes payable | 2,432,137 | 1,836,427 |
Secured notes payable | 45,250 | 485,176 |
Accounts payable and accrued expenses | 170,689 | 146,866 |
Accrued real estate taxes | 74,658 | 54,358 |
Distributions payable | 80,764 | 74,982 |
Other liabilities | 187,367 | 183,999 |
Total liabilities | 2,990,865 | 2,781,808 |
Commitments and contingencies (Note 13) | ||
Non-qualified deferred compensation share awards | 0 | 52,674 |
Equity | ||
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 108,882 and 105,503 issued; 106,472 and 103,080 outstanding at September 30, 2019 and December 31, 2018, respectively | 1,065 | 1,031 |
Additional paid-in capital | 4,538,422 | 4,154,763 |
Distributions in excess of net income attributable to common shareholders | (599,615) | (495,496) |
Treasury shares, at cost (9,640 and 9,841 common shares at September 30, 2019 and December 31, 2018, respectively) | (348,556) | (355,804) |
Accumulated other comprehensive (loss) income | (6,438) | 6,929 |
Total common equity | 3,584,878 | 3,311,423 |
Non-controlling interests | 72,903 | 73,681 |
Total equity | 3,657,781 | 3,385,104 |
Total liabilities and equity | $ 6,648,646 | $ 6,219,586 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
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 | 108,882 | 105,503 |
Common shares, outstanding | 106,472 | 103,080 |
Treasury shares, at cost | 9,640 | 9,841 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Property revenues | |||||
Property revenues | $ 260,672 | $ 241,770 | $ 765,000 | $ 709,586 | |
Property expenses | |||||
Property operating and maintenance | 62,277 | 56,973 | 177,372 | 165,624 | |
Real estate taxes | 31,596 | 30,860 | 98,566 | 91,235 | |
Total property expenses | 93,873 | 87,833 | 275,938 | 256,859 | |
Non-property income | |||||
Fee and asset management | 2,139 | 1,827 | 5,849 | 5,651 | |
Interest and other income | 1,485 | 385 | 2,114 | 1,669 | |
Income on deferred compensation plans | 780 | 3,539 | 14,992 | 3,769 | |
Total non-property income | 4,404 | 5,751 | 22,955 | 11,089 | |
Other expenses | |||||
Property management | 6,154 | 6,303 | 18,904 | 19,415 | |
Fee and asset management | 1,316 | 1,140 | 4,022 | 3,193 | |
General and administrative | 13,458 | 12,618 | 40,027 | 37,113 | |
Interest | 20,719 | 21,235 | 60,538 | 62,216 | |
Depreciation and amortization | 85,814 | 76,476 | 250,734 | 222,269 | |
Expense on deferred compensation plans | 780 | 3,539 | 14,992 | 3,769 | |
Total other expenses | 128,241 | 121,311 | 389,217 | 347,975 | |
Equity in income of joint ventures | [1] | 2,133 | 1,943 | 5,954 | 5,644 |
Income from continuing operations before income taxes | 45,095 | 40,320 | 128,754 | 121,485 | |
Income tax expense | (313) | (330) | (709) | (1,098) | |
Net income | 44,782 | 39,990 | 128,045 | 120,387 | |
Less income allocated to non-controlling interests from continuing operations | (1,185) | (1,124) | (3,436) | (3,455) | |
Net income attributable to common shareholders | $ 43,597 | $ 38,866 | $ 124,609 | $ 116,932 | |
Earnings per share – basic | $ 0.44 | $ 0.41 | $ 1.27 | $ 1.22 | |
Earnings per share – diluted | $ 0.44 | $ 0.40 | $ 1.26 | $ 1.22 | |
Weighted average number of common shares outstanding – basic | 98,959 | 95,257 | 98,259 | 95,190 | |
Weighted average number of common shares outstanding – diluted | 99,066 | 95,417 | 98,375 | 95,333 | |
Condensed Consolidated Statements of Comprehensive Income | |||||
Net income | $ 44,782 | $ 39,990 | $ 128,045 | $ 120,387 | |
Other comprehensive income | |||||
Unrealized (loss) gain on cash flow hedging activities | 0 | 5,202 | (12,998) | 13,984 | |
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post-retirement obligation | 357 | 35 | (369) | 104 | |
Comprehensive income | 45,139 | 45,227 | 114,678 | 134,475 | |
Less income allocated to non-controlling interests from continuing operations | (1,185) | (1,124) | (3,436) | (3,455) | |
Comprehensive income attributable to common shareholders | $ 43,954 | $ 44,103 | $ 111,242 | $ 131,020 | |
[1] | Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds. |
Condensed Consolidated Statem_2
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)/income | Non-controlling interests |
Cash distributions declared to equity holders per common share | $ 2.31 | ||||||
Beginning balance at Dec. 31, 2017 | $ 3,484,714 | $ 1,028 | $ 4,137,161 | $ (368,703) | $ (364,066) | $ (57) | $ 79,351 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 120,387 | 116,932 | 3,455 | ||||
Other comprehensive income (loss) | 14,088 | 14,088 | |||||
Common shares issued | 0 | ||||||
Net share awards | 17,570 | 9,341 | 8,229 | ||||
Employee share purchase plan | 720 | 455 | 265 | ||||
Common share options exercised | 41 | 41 | |||||
Change in classification of deferred compensation plan | (13,547) | (13,547) | |||||
Change in redemption value of non-qualified share awards | (2,048) | (2,048) | |||||
Diversification of share awards within deferred compensation plan (Equity) | 31,951 | 23,780 | 8,171 | ||||
Conversion of operating partnership units | (14,415) | (9,781) | (4,634) | ||||
Common shares repurchased | (253) | (253) | |||||
Cash distributions declared to equity holders | (225,115) | (220,864) | (4,251) | ||||
Other | (170) | 2 | (172) | ||||
Ending balance at Sep. 30, 2018 | $ 3,413,923 | 1,030 | 4,147,278 | (466,512) | (355,825) | 14,031 | 73,921 |
Cash distributions declared to equity holders per common share | $ 0.77 | ||||||
Beginning balance at Jun. 30, 2018 | $ 3,428,604 | 1,027 | 4,132,404 | (436,575) | (355,752) | 8,794 | 78,706 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 39,990 | 38,866 | 1,124 | ||||
Other comprehensive income (loss) | 5,237 | 5,237 | |||||
Net share awards | 4,369 | 4,442 | (73) | ||||
Employee share purchase plan | 63 | 63 | |||||
Change in classification of deferred compensation plan | (2,912) | (2,912) | |||||
Change in redemption value of non-qualified share awards | (3,024) | (3,024) | |||||
Diversification of share awards within deferred compensation plan (Equity) | 31,000 | 23,143 | 7,857 | ||||
Conversion of operating partnership units | (14,415) | (9,859) | (4,556) | ||||
Cash distributions declared to equity holders | (74,989) | (73,636) | (1,353) | ||||
Other | 0 | 3 | (3) | ||||
Ending balance at Sep. 30, 2018 | $ 3,413,923 | 1,030 | 4,147,278 | (466,512) | (355,825) | 14,031 | 73,921 |
Cash distributions declared to equity holders per common share | $ 2.40 | ||||||
Beginning balance at Dec. 31, 2018 | $ 3,385,104 | 1,031 | 4,154,763 | (495,496) | (355,804) | 6,929 | 73,681 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 128,045 | 124,609 | 3,436 | ||||
Other comprehensive income (loss) | (13,367) | (13,367) | |||||
Common shares issued | 328,374 | 34 | 328,340 | ||||
Net share awards | 17,219 | 10,565 | 6,654 | ||||
Employee share purchase plan | 1,807 | 1,213 | 594 | ||||
Change in classification of deferred compensation plan (See Note 11) | 52,674 | 43,311 | 9,363 | ||||
Conversion of operating partnership units | 0 | 186 | (186) | ||||
Cash distributions declared to equity holders | (242,299) | (238,091) | (4,208) | ||||
Other | 224 | 0 | 44 | 180 | |||
Ending balance at Sep. 30, 2019 | $ 3,657,781 | 1,065 | 4,538,422 | (599,615) | (348,556) | (6,438) | 72,903 |
Cash distributions declared to equity holders per common share | $ 0.80 | ||||||
Beginning balance at Jun. 30, 2019 | $ 3,688,768 | 1,065 | 4,533,667 | (563,834) | (348,480) | (6,795) | 73,145 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 44,782 | 43,597 | 1,185 | ||||
Other comprehensive income (loss) | 357 | 357 | |||||
Net share awards | 4,549 | 4,625 | (76) | ||||
Employee share purchase plan | 57 | 57 | |||||
Conversion of operating partnership units | 0 | 71 | (71) | ||||
Cash distributions declared to equity holders | (80,778) | (79,378) | (1,400) | ||||
Other | 46 | 2 | 44 | ||||
Ending balance at Sep. 30, 2019 | $ 3,657,781 | $ 1,065 | $ 4,538,422 | $ (599,615) | $ (348,556) | $ (6,438) | $ 72,903 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Cash flows from operating activities | |||
Net income | $ 128,045 | $ 120,387 | |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 250,734 | 222,269 | |
Distributions of income from joint ventures | 5,954 | 5,573 | |
Equity in income of joint ventures | [1] | (5,954) | (5,644) |
Share-based compensation | 12,183 | 12,337 | |
Settlement of forward interest rate swaps | (20,430) | 0 | |
Net change in operating accounts and other | 37,903 | 21,028 | |
Net cash from operating activities | 408,435 | 375,950 | |
Cash flows from investing activities | |||
Development and capital improvements, including land | (300,661) | (272,340) | |
Acquisition of operating properties | (214,233) | (290,005) | |
Proceeds from sale of land | 0 | 11,296 | |
Increase in non-real estate assets | (13,793) | (12,436) | |
Decrease (increase) in Notes Receivables | (27) | 9,475 | |
Other | (770) | 2,219 | |
Net cash from investing activities | (529,484) | (551,791) | |
Cash flows from financing activities | |||
Borrowings on unsecured credit facility and other short-term borrowings | 1,167,000 | 62,000 | |
Repayments on unsecured credit facility and other short-term borrowings | (1,167,000) | (8,000) | |
Repayment of notes payable | (440,103) | (1,072) | |
Proceeds from notes payable | 593,409 | 0 | |
Distributions to common shareholders and non-controlling interests | (236,489) | (223,029) | |
Proceeds from issuance of common shares | 328,374 | 0 | |
Payment of deferred financing costs | (6,009) | (752) | |
Payments to Noncontrolling Interests | 0 | (14,668) | |
Other | 1,189 | 2,147 | |
Net cash from financing activities | 240,371 | (183,374) | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 119,322 | (359,215) | |
Cash, cash equivalents, and restricted cash, beginning of year | 43,603 | 377,805 | |
Cash, cash equivalents, and restricted cash, end of period | 162,925 | 18,590 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |||
Total cash, cash equivalents, and restricted cash | 43,603 | 377,805 | |
Supplemental information | |||
Cash paid for interest, net of interest capitalized | 49,793 | 58,597 | |
Cash paid for income taxes | 1,209 | 1,954 | |
Supplemental schedule of noncash investing and financing activities | |||
Distributions declared but not paid | 80,764 | 74,976 | |
Value of shares issued under benefit plans, net of cancellations | 18,388 | 17,841 | |
Accrual associated with construction and capital expenditures | 18,474 | 26,207 | |
Right-of-use assets obtained in exchange for the use of new operating lease liabilities | $ 15,666 | $ 0 | |
[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, 2019 | |
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"), and all consolidated subsidiaries are 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, 2019 , we owned interests in, operated, or were developing 172 multifamily properties comprised of 58,209 apartment homes across the United States. Of the 172 properties, seven properties were under construction as of September 30, 2019 , and will consist of a total of 1,938 apartment homes when completed. 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, 2019 | |
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. In determining if we have a controlling financial interest, we consider factors such as ownership interests, authority to make decisions, kick-out rights and participating rights. As of September 30, 2019 , two of our consolidated operating partnerships are VIEs. We are considered the primary beneficiary of both consolidated operating partnerships and therefore consolidate these operating partnerships. As of September 30, 2019 , we held approximately 92% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships. 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 2018 Annual Report on Form 10-K. Certain amounts have been presented separately within financing activities in the unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2018 to conform to the current year presentation. These changes in presentation had no impact in our condensed consolidated cash flows from financing activities. Additionally, we adopted Accounting Standards Update ("ASU") 2016-02, "Leases" on January 1, 2019. ASU 2016-02 requires us, based on our election of a practical expedient, to combine lessor lease and non-lease components as a single component under certain conditions. For the three and nine months ended September 30, 2018 , we combined other property revenues with rental revenues to conform to the current year presentation. 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. We generally believe acquisitions of operating properties are asset acquisitions, which include the capitalization of transaction costs. 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 in-place leases are included in other assets, net and the net carrying value of above or below market leases are included in other liabilities, net in our condensed consolidated balance sheets. We recognized amortization expense related to in-place leases of approximately $3.4 million and $2.4 million for the three months ended September 30, 2019 and 2018, respectively, and approximately $8.8 million and $8.0 million for the nine months ended September 30, 2019 and 2018, respectively. We recognized amortization expense related to net below market leases approximately $0.1 million and $0.2 million for the nine months ended September 30, 2019 and 2018, respectively. During the three and nine months ended September 30, 2019 , the weighted average amortization periods for in-place and net below market leases were approximately six months and five months , respectively. During the three and nine months ended September 30, 2018, the weighted average amortization periods for in-place and net below market leases were approximately seven months and five months , respectively. Asset Impairment . Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future 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, but not limited to, 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. We did not record any impairment charges for the three or nine months ended September 30, 2019 or 2018 . 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 in 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 and was approximately $4.0 million and $3.3 million for the three months ended September 30, 2019 and 2018 , respectively, and was approximately $9.9 million and $10.8 million for the nine months ended September 30, 2019 and 2018, respectively. Capitalized real estate taxes were approximately $0.4 million for both the three months ended September 30, 2019 and 2018 and were approximately $2.3 million and $1.9 million for the nine months ended September 30, 2019 and 2018 , respectively. 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 certain 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. As apartment homes within development properties are substantially completed the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements. 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 above and below market leases) underlying lease term Derivative Financial Instruments. Derivative financial instruments are recorded in the condensed consolidated balance sheets at fair value and presented on a gross basis for financial reporting purposes even when those instruments are subject to master netting arrangements and may otherwise qualify for net presentation. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows or other types of forecasted transactions are cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes attributable to the earnings effect of the hedged transactions. We may enter into derivative contracts which are intended to economically hedge certain of our risks, for which hedge accounting does not apply or we elect not to apply hedge accounting. 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 expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. 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 following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis: Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded in other assets in our condensed consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy. Derivative Financial Instruments. The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps and caps are estimated using the market-standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk, including our own nonperformance risk and the respective counterparty’s nonperformance risk. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities. Although we have determined the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. 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, 2019 and December 31, 2018 , the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and distributions payable represented 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. The carrying values of our notes receivable also approximate their fair values, which are based on certain factors, such as market interest rates, terms of the note and credit worthiness of the borrower. These financial instruments utilize Level 3 inputs. 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. Note Receivable. We have one note receivable included in other assets, net, in our condensed consolidated balance sheets, relating to a real estate secured loan made to an unaffiliated third party. This note receivable matures on October 1, 2025. At both September 30, 2019 and December 31, 2018 , the outstanding note receivable principal balance was approximately $9.3 million . The weighted average interest rate was approximately 7.0% and 4.0% for the nine months ended September 30, 2019 and 2018, respectively. Interest is recognized over the life of the note and included in interest and other income in our condensed consolidated statements of income and comprehensive income. We consider a note receivable to be impaired and will record an allowance when it is probable we will not be able to collect all contractual amounts due. Recent Accounting Pronouncements. In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, "Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." ASU 2018-15 aligns the accounting for costs incurred to implement a cloud computing arrangement which is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. ASU 2018-15 is effective for interim and annual periods beginning after December 15, 2019, and early adoption is permitted. This standard may be applied using the prospective transition method which is applicable to costs for activities on service contracts entered, renewed, materially modified or performed after the effective date or the retrospective transition method which allows us to recognize a cumulative effect adjustment to the opening balance of retained earnings, if any, as of the adoption date. We will adopt ASU 2018-15 as of January 1, 2020, using the prospective transition method and will present future qualified capitalizable costs relating to new completed cloud computing arrangements which are service arrangements as prepaid assets on our consolidated balance sheets, as cash flows from operating activities on our consolidated statement of cash flows, and the associated amortization as general and administrative expenses on our consolidated statements of income and comprehensive income. We do not expect our adoption of ASU 2018-15 to have a material impact on our consolidated financial statements. In August 2018, FASB issued ASU 2018-13 " Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. " ASU 2018-13 removes, modifies, and adds certain fair value disclosure requirements including (i) the removal of disclosures regarding amounts, reasons, and timing for transfers between Levels 1 and 2 as well as descriptions of valuation processes used for Level 3 measurements of the fair value hierarchy; (ii) modified disclosures for the timing of liquidation of investee assets; (iii) clarifies the narrative description of the measurement uncertainty of Level 3 fair value measurements at the reporting date does not need to include sensitivity of future changes; (iv) add disclosures related to changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements to also be included in the statement of comprehensive income; and (v) add disclosures for the range and weighted average of significant unobservable inputs. ASU 2018-13 is effective January 1, 2020 for the additional disclosures and early adoption of the removal and amended disclosures is allowed. We will adopt ASU 2018-13 as of January 1, 2020 and do not expect the adoption to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 and its related amendments codify Accounting Standard Codification ("ASC") 842 and provides new guidance for accounting for leases. We adopted ASC 842 as of January 1, 2019 using the transition practical expedient which allows us to recognize a cumulative-effect adjustment to the opening balance of retained earnings as of the adoption date and to initially apply the new lease standard to leases which existed as of January 1, 2019. Upon our adoption of ASC 842, as a lessee we recorded a right-of-use asset and a corresponding liability in our condensed consolidated balance sheet, as a lessor we now present combined lease and non-lease components as a single component in our condensed consolidated statement of income and comprehensive income, and this ASU did not have an impact on the opening balance of retained earnings as of the adoption date. In addition to the transition practical expedient, we elected other practical expedients during our adoption of the new lease standard. For both lessor and lessee contracts, we elected the practical expedient package to not reassess: (i) whether any expired or existing contract is a lease or contains a lease, (ii) the lease classification of any expired or existing leases, and (iii) the accounting for initial direct costs for any existing leases. As a lessor, we also elected practical expedients to: • not separate the lease and non-lease components by class of underlying assets and account for the combined components as a single component under certain conditions, and • exclude from lease revenues the sales taxes collected from lessees and certain lessor costs paid directly by the lessee (as of the date of adoption, we did not have material sales tax collected from customers or lessor costs paid by customers). As a lessee, we also elected the practical expedients to: • use hindsight to determine lease terms and impairment of the right-of-use assets for existing lease contracts, • not separate lease and non-lease components by class of underlying asset when certain conditions are met which is consistent with our current accounting, and • not recognize short-term lease contracts with a duration of 12 months or less (short-term leases) in our condensed consolidated balance sheet. |
Revenues Revenues
Revenues Revenues | 9 Months Ended |
Sep. 30, 2019 | |
Revenues [Abstract] | |
Revenues | 3. Revenues The majority of our revenues are derived from real estate lease contracts which are accounted for pursuant to ASC 842 and presented as property revenues, which include rental revenue and revenue from amounts received under contractual terms for other services provided to our customers. Our other revenue stream includes fee and asset management income in accordance with other revenue guidance, ASC 606, Revenues from Contracts with Customers . A detail of these revenue streams are discussed below: Property Revenue. We earn rental revenue from operating lease contracts for the use of dedicated spaces within owned assets which is recognized on a straight-line basis over the applicable lease term, net of amounts related to lease contracts identified as uncollectible. We also earn revenues from amounts received under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees, and are charged to our residents and recognized monthly as earned. We elected the practical expedient to not separate lease and non-lease components and have presented our property revenues combined based upon the lease being determined to be the predominant component. Any uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new, separate contract and will be recognized at the time the option is exercised on a straight-line basis over the renewal period. As of September 30, 2019 , our average residential lease term was between twelve months to fifteen months with all other commercial leases averaging longer lease terms. We anticipate property revenue from existing leases as follows: (in millions) Year ended December 31, Operating Leases Remainder of 2019 $ 258.4 2020 478.5 2021 9.7 2022 5.1 2023 4.4 Thereafter 31.7 Total $ 787.8 Fee and Asset Management Income. We receive property management, asset management, and development and construction fees from our joint ventures for managing the ventures and managing the activities, development, and construction of their operating communities. While the individual activities related to these fees may vary the services provided are substantially similar, have the same pattern of transfer, and are considered to be individual performance obligations composed of a series of distinct services recognized monthly as earned. We also earn construction fees for construction management and general contracting services we provide to third-party owners of multifamily and commercial properties. These fees are recognized as we satisfy our single performance obligation over time based on a percentage-of-completion of cost basis which we believe is an accurate depiction of the transfer of control to our customers. For these contracts, significant judgment is used to estimate the cost plus margin for the project fee and our profitability on those contracts is dependent on the ability to accurately predict such factors. Contract Balances. We record third-party construction receivables for amounts where we have unconditional rights to payments earned but not received and liabilities for amounts received but not earned. For the three and nine months ended September 30, 2019 |
Leases Leases
Leases Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 4. Leases Substantially all of our operating leases recorded in our condensed consolidated balance sheet at January 1, 2019 upon adoption of ASC 842 are related to office facility leases. The lease and non-lease components are accounted for as a combined single component based upon the standalone price at the time the applicable lease is commenced and is recognized as a lease expense on a straight-line basis over the lease term. Most of our office facility leases include options to renew and generally are not included in the operating lease liabilities or right-of-use ("ROU") assets as they are not reasonably certain of being exercised. If an option to renew is exercised, it would be considered a separate contract and recognized based upon the standalone price at the time the option to renew is exercised. Variable lease payments which values are not known at lease commencement, such as executory costs of real estate taxes, property insurance, and common area maintenance, are expensed as incurred. As of September 30, 2019 , we had no significant leases executed but not yet commenced and did not record any impairment charges related to our ROU assets. See Note 13, "Commitments and Contingencies," for maturities of lease liabilities. The following is a summary of our operating lease related information: ($ in millions) As of Balance sheet Classification September 30, 2019 Right-of-use assets, net Other assets, net $ 11.1 Operating lease liabilities Other liabilities $ 15.7 ($ in millions) Statement of income and comprehensive income Classification Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Rent expense related to operating lease liabilities General and administrative expenses and property management expenses $ 0.7 $ 2.2 Variable lease expense General and administrative expenses and property management expenses $ 0.3 $ 1.0 Statement of cash flows Cash flows from operating leases Net cash from operating activities $ 0.7 $ 2.3 Supplemental lease information Weighted average remaining lease term (years) 5.6 Weighted average discount rate - operating leases (1) 4.9 % (1) We use a secured incremental borrowing rate, as defined by ASC 842 based on an estimated secured rate with applicable adjustments, as most of our lease contracts do not provide a readily determinable implicit rate. |
Per Share Data
Per Share Data | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Per Share Data | 5. 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 reflects 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 were approximately 1.9 million for both the three and nine months ended September 30, 2019 and approximately 2.1 million and 2.2 million for the three and nine months ended September 30, 2018 , 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 calculations 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) 2019 2018 2019 2018 Earnings per common share calculation – basic Income from continuing operations attributable to common shareholders $ 43,597 $ 38,866 $ 124,609 $ 116,932 Amount allocated to participating securities (89 ) (284 ) (284 ) (831 ) Net income attributable to common shareholders – basic $ 43,508 $ 38,582 $ 124,325 $ 116,101 Total earnings per common share – basic $ 0.44 $ 0.41 $ 1.27 $ 1.22 Weighted average number of common shares outstanding – basic 98,959 95,257 98,259 95,190 Earnings per common share calculation – diluted Net income attributable to common shareholders – diluted $ 43,508 $ 38,582 $ 124,325 $ 116,101 Total earnings per common share – diluted $ 0.44 $ 0.40 $ 1.26 $ 1.22 Weighted average number of common shares outstanding – basic 98,959 95,257 98,259 95,190 Incremental shares issuable from assumed conversion of: Common share options and share awards granted 107 160 116 143 Weighted average number of common shares outstanding – diluted 99,066 95,417 98,375 95,333 |
Common Shares
Common Shares | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Common Shares [Text Block] | 6. Common Shares In May 2017, 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 $315.3 million (the "2017 ATM program") in amounts and at times as we determine into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time-to-time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. The proceeds from the sale of our common shares under the 2017 ATM program are intended to be used for general corporate purposes, which may include reducing future borrowings under our $900 million unsecured line of credit, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions. For the three and nine months ended September 30, 2019 , and through the date of this filing, we did not sell any shares under the 2017 ATM program. As of the date of this filing, we had common shares having an aggregate offering price of up to $312.8 million remaining available for sale under the 2017 ATM program. We have a repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. There were no repurchases during the three and nine months ended September 30, 2019 . As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this program was approximately $269.5 million . We currently have an automatic shelf registration statement which allows us to offer common shares, preferred shares, debt securities, or warrants, and 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, 2019, we had approximately 96.8 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding. In February 2019, we issued approximately 3.4 million common shares in an underwritten equity offering and received approximately $328.4 million in net proceeds, which we used to acquire one operating property in Scottsdale, Arizona, and repay amounts on our unsecured line of credit and certain secured conventional mortgage debt. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Acquisitions [Text Block] | 7. Acquisitions and Dispositions Asset Acquisition of Operating Properties. In May 2019, we acquired one operating property comprised of 326 apartment homes located in Austin, Texas for approximately $120.4 million . In February 2019, we acquired one operating property comprised of 316 apartment homes located in Scottsdale, Arizona for approximately $97.1 million . In September 2018, we acquired one operating property comprised of 299 apartment homes located in Orlando, Florida, for approximately $89.8 million . In February 2018, we acquired one operating property comprised of 333 apartment homes located in Orlando, Florida for approximately $81.4 million . In January 2018, we acquired one operating property comprised of 358 apartment homes located in St. Petersburg, Florida for approximately $126.9 million . Acquisition of Land. In May 2019, we acquired approximately 11.6 acres of land in Tempe, Arizona for approximately $18.0 million for the development of approximately 400 apartment homes. In April 2019, we acquired approximately 4.3 acres of land in Charlotte, North Carolina for approximately $10.9 million for the development of approximately 400 apartment homes. In April 2018, we acquired approximately 1.8 acres of land in Orlando, Florida for approximately $11.4 million for the development of approximately 360 wholly-owned apartment homes which commenced construction during the quarter ended June 30, 2018. Disposition of Land. In September 2018, we sold approximately 14.1 acres of land adjacent to two of our development properties in Phoenix, Arizona for approximately $11.5 million |
Investments in Joint Ventures
Investments in Joint Ventures | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | 8. Investments in Joint Ventures Our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consists of three funds (collectively, the "Funds"). As of September 30, 2019 , we had an ownership interest of 31.3% in two discretionary investment funds. In March 2015, we completed the formation of the third fund with an unaffiliated third party for additional multifamily investments of up to $450 million . In June 2019, we amended the third fund's agreement, among other things, to reduce the investments from $450 million to approximately $360 million and increase our ownership interest from 20% to 40% . This third fund did not own any properties as of September 30, 2019 or 2018. We provide property and asset management and other services to the Funds which own operating properties and we may also provide construction and development services to the Funds which own properties under development. The following table summarizes the combined balance sheets and statements of income data for the Funds as of and for the periods presented: (in millions) September 30, 2019 December 31, 2018 Total assets $ 698.9 $ 695.2 Total third-party debt 514.1 510.7 Total equity 156.5 158.4 Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Total revenues $ 33.3 $ 32.5 $ 98.5 $ 95.3 Net income 4.4 4.0 12.3 11.6 Equity in income (1) 2.1 1.9 6.0 5.6 (1) Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds. The Funds have been funded in part with secured third-party debt and, as of September 30, 2019 , we had no outstanding guarantees related to debt of the Funds. We may earn fees for property and asset management, construction, development, and other services related to the Funds and may earn a promoted equity interest if certain thresholds are met. We eliminate fee income for services provided to the Funds to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $1.7 million and $1.5 million for the three months ended September 30, 2019 and 2018, respectively, and approximately $4.6 million and $4.3 million for the nine months ended September 30, 2019 and 2018 , respectively. |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2019 | |
Notes Payable [Abstract] | |
Notes Payable | 9. Notes Payable The following is a summary of our indebtedness: (in millions) September 30, December 31, 2018 Commercial banks 3.11% Term Loan, due 2022 $ 99.7 $ 99.6 Senior unsecured notes 4.78% Notes, due 2021 $ 249.3 $ 249.1 3.15% Notes, due 2022 347.8 347.3 5.07% Notes, due 2023 248.3 248.0 4.36% Notes, due 2024 248.9 248.7 3.68% Notes, due 2024 247.9 247.6 3.74% Notes, due 2028 396.6 396.1 3.67% Notes, due 2029 593.6 — $ 2,332.4 $ 1,736.8 Total unsecured notes payable $ 2,432.1 $ 1,836.4 Secured notes 4.38% Conventional Mortgage Loan, due 2045 $ 45.3 $ 45.9 5.19% Conventional Mortgage Notes, due 2019 — 419.9 5.33% Conventional Mortgage Loan, due 2019 — 19.4 Total secured notes payable $ 45.3 $ 485.2 Total notes payable (1) $ 2,477.4 $ 2,321.6 (1) Unamortized debt discounts and debt issuance costs of $18.0 million and $13.9 million are included in senior unsecured and secured notes payable as of September 30, 2019 and December 31, 2018 , respectively. In March 2019, we amended and restated our $600 million unsecured credit facility to, among other things, extend the maturity date from August 2019 to March 2023, with two options to further extend the facility at our election for two additional six month periods, and increase the facility from $600 million to $900 million , which may be expanded three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rate on our unsecured 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 our 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 $450 million or the remaining amount available under our credit facility. Our 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, 2019 , we did not have any amounts outstanding on our $900 million credit facility and we had outstanding letters of credit totaling approximately $8.9 million , leaving approximately $891.1 million available under our credit facility. In June 2019, we issued $600.0 million aggregate principal amount of 3.150% senior unsecured notes due July 1, 2029 (the "2029 Notes") under our existing shelf registration statement. The 2029 Notes were offered to the public at 99.751% of their face amount with a stated rate of 3.150% and a yield to maturity of 3.179% . In anticipation of the offering of the 2029 Notes, we initiated forward interest rate swap agreements with an aggregate notional amount of $300.0 million . After giving effect to the settlement of the swap agreements, which will be recognized over the first seven years of the 2029 Notes as discussed below in Note 10, "Derivative Financial Instruments and Hedging Activities," and deducting the underwriting discounts and other estimated expenses of the offering, the effective annual interest rate on the 2029 Notes is approximately 3.84% through June 2026, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67% . We received net proceeds of approximately $593.4 million , net of underwriting discounts and other estimated offering expenses. Interest on the 2029 Notes is payable semi-annually on January 1 and July 1, beginning January 1, 2020. We may redeem the 2029 Notes, in whole or in part, at any time at a redemption price equal to the principal amount and accrued interest of the notes being redeemed plus a make- whole provision. If, however, we redeem the 2029 Notes 90 days or fewer prior to the maturity date, the redemption price will equal 100% of the principal amount of the 2029 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. The 2029 Notes are direct, senior unsecured obligations and rank equally with all of our other unsecured and unsubordinated indebtedness. We used the proceeds from the offering of the 2029 Notes to repay outstanding balances on our unsecured line of credit in June 2019, the prepayment of secured debt in late October 2019 (discussed below) and for general corporate purposes which included property development, capital expenditures, and working capital. In the first quarter of 2019, we repaid approximately $439.3 million of secured conventional mortgage debt utilizing our unsecured credit facility and proceeds from our equity offering completed in February 2019. We had outstanding floating rate debt of approximately $99.7 million and $229.0 million at September 30, 2019 and 2018 , respectively. The weighted average interest rate on such debt was approximately 3.1% and 2.9% for the nine months ended September 30, 2019 and 2018 , respectively. Our indebtedness had a weighted average maturity of approximately 5.6 years at September 30, 2019 . 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, 2019 : (in millions) (1) Amount Weighted Average Interest Rate (2) 2019 (3) $ 293.9 4.7 % 2020 (3.0 ) — 2021 (3.1 ) — 2022 447.1 3.1 2023 248.0 5.1 Thereafter 1,494.5 3.9 Total $ 2,477.4 4.0 % (1) Includes amortization of debt discounts, debt issuance costs, net of scheduled principal payments, and all available extension options. (2) Includes the effects of the applicable settled forward interest rate swaps. (3) Includes the $250 million 4.78% Senior Notes due 2021 and the $45.3 million 4.38% secured conventional mortgage note due 2045. In late October 2019, we redeemed the Senior Notes due 2021 and prepaid the secured conventional notes due 2045. See below for further discussion. In October 2019, we issued $300.0 million aggregate principal amount of 3.350% senior unsecured notes due November 1, 2049 (the "2049 Notes") under our existing shelf registration statement. The 2049 Notes were offered to the public at 99.941% of their face amount with a stated rate of 3.350% and a yield to maturity of 3.353% . We received net proceeds of approximately $296.6 million , net of underwriting discounts and other estimated offering expenses. Interest on the 2049 Notes is payable semi-annually on May 1 and November 1, beginning May 1, 2020. We may redeem the 2049 Notes, in whole or in part, at any time at a redemption price equal to the principal amount and accrued interest of the notes being redeemed, plus a make-whole provision. If, however, we redeem the 2049 Notes within six months of the maturity date, the redemption price will equal 100% of the principal amount of the 2049 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. The 2049 Notes are direct, senior unsecured obligations and rank equally with all of our other unsecured and unsubordinated indebtedness. In late October 2019, we used the net proceeds from the 2049 Notes, together with cash on hand from the proceeds of the 2029 Notes, to fund the early redemption of all of the $250 million aggregate principal amount of our 4.78% effective rate Senior Notes due 2021, plus a make-whole premium and accrued and unpaid interest to the date of redemption, and to prepay all of the approximately $45.3 million aggregate principal amount of our 4.38% secured conventional mortgage note due 2045, plus a prepayment premium and interest to the date of repayment. In connection with these transactions, we will record an approximate $12 million |
Derivative and Hedging Activiti
Derivative and Hedging Activities Derivative and Hedging Activities (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Derivatives [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 10. Derivative Financial Instruments and Hedging Activities Risk Management Objective of Using Derivatives. We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we may enter into derivative financial instruments to manage exposures arising from business activities resulting in differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings. See Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements" for a further discussion of derivative financial instruments. Cash Flow Hedges of Interest Rate Risk. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps and caps as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. Designated Hedges. The gain or loss on derivatives designated and qualifying as cash flow hedges is reported as a component of other comprehensive income or loss, and subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings and is presented in the same line item as the earnings effect of the hedged item. In connection with the 2029 Notes issued in June 2019, we settled all of our remaining outstanding forward interest rate swaps with a total notional value of $300.0 million resulting in a net cash payment of approximately $20.4 million . Amounts in other comprehensive income associated with the settled forward interest rate swaps will be reclassified to interest expense over the first seven years of the 2029 Notes. At September 30, 2019 , we had no designated hedges outstanding. At September 30, 2018 , we had a total of five designated hedges outstanding with a notional value of $400.0 million to hedge our future fixed rate debt issuances in 2018. Non-Designated Hedges. Derivatives are not entered into for speculative purposes and are used to manage our exposure to interest rate movements and other identified risks. Our non-designated hedges are either specifically non-designated by management or do not meet strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings in interest and other income. At September 30, 2019 and 2018, we did not have any non-designated hedges outstanding. The table below presents the fair value of our derivative financial instruments as well as their classification in the consolidated balance sheets at September 30, 2019 and December 31, 2018: Asset Derivatives Liability Derivatives September 30, 2019 (1) December 31, 2018 September 30, 2019 (1) December 31, 2018 (in millions) Balance Sheet Fair Balance Sheet Fair Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments Interest Rate Swaps Other Assets $ — Other Assets $ — Other Liabilities $ — Other Liabilities $ 7.4 (1) Derivatives subject to master netting arrangements are presented on a gross basis in our consolidated balance sheet. There were no derivative contracts in a master netting arrangement as of September 30, 2019 or December 31, 2018. The table below presents the effect of our derivative financial instruments in the consolidated statements of income and comprehensive income for the three months ended September 30, 2019 and 2018: (in millions) Unrealized Gain (Loss) Location of Gain Amount of Gain (Loss) Derivatives in Cash Flow Hedging Relationships 2019 2018 2019 2018 Interest Rate Swaps $ — $ 5.2 Interest expense $ (0.3 ) $ — The table below presents the effect of our derivative financial instruments in the consolidated statements of income and comprehensive income for the nine months ended September 30, 2019 and 2018: (in millions) Unrealized Gain (Loss) Location of Gain Amount of Gain Derivatives in Cash Flow Hedging Relationships 2019 2018 2019 2018 Interest Rate Swaps $ (13.0 ) $ 14.0 Interest expense $ 0.5 N/A As of September 30, 2019 , the amount we expect to be reclassified into earnings in the next 12 months as an increase to interest expense is approximately $1.3 million |
Share-based Compensation and No
Share-based Compensation and Non-Qualified Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Compensation and Non-Qualified Deferred Compensation Plan | 11. Share-Based Compensation and Non-Qualified Deferred Compensation Plan Incentive Compensation. We currently maintain the 2018 Share Incentive Plan (the “2018 Share Plan”) and the 2011 Share Incentive Plan (the “2011 Share Plan”), although no new awards may be granted under the 2011 Plan. Each of these plans were approved by our shareholders. The shares available for awards under the 2018 Share Plan are, subject to certain other limits under the plan, generally available for any type of award authorized under the 2018 Share Plan including stock options, stock appreciation rights, restricted stock awards, stock bonuses and other stock-based awards. Persons eligible to receive awards under the 2018 Share Plan include our and our subsidiaries' officers and employees, Trust Managers, and certain of our and our subsidiaries' consultants and advisors. A total of 9.7 million shares (“Share Limit”) was authorized under the 2018 Share Plan. Shares issued or to be issued are counted against the Share Limit as (1) 3.45 to 1.0 for every share award, excluding stock options and share appreciation rights, granted, and (2) 1.0 to 1.0 for every share of stock option or share appreciation right granted. As of September 30, 2019 , there were approximately 7.5 million common shares available under the 2018 Share Plan, which would result in approximately 2.2 million shares which could be granted pursuant to full value awards conversion ratios as defined under the plan. Total compensation cost for share awards charged against income was approximately $4.0 million and $4.4 million for the three months ended September 30, 2019 and 2018 , respectively, and approximately $13.3 million and $13.2 million for the nine months ended September 30, 2019 and 2018 , respectively. Total capitalized compensation costs for option and share awards were approximately $0.8 million and $0.7 million for the three months ended September 30, 2019 and 2018 , respectively, and approximately $2.6 million and $2.4 million for the nine months ended September 30, 2019 and 2018 , respectively. A summary of activity under our share incentive plans for the nine months ended September 30, 2019 is shown below: Nonvested Share Awards Outstanding Weighted Nonvested share awards outstanding at December 31, 2018 390,681 $ 79.82 Granted 198,896 98.78 Vested (308,514 ) 82.65 Forfeited (14,651 ) 85.83 Total nonvested share awards outstanding at September 30, 2019 266,412 $ 90.37 Options. Stock options have a contractual life of ten years and vest over periods up to five years. Expense for stock options is based on grant date fair value and recognized on a straight-line method over the vesting period. There were no options outstanding as of September 30, 2019 or December 31, 2018. Share Awards and Vesting . Share awards for employees generally vest over three years and are valued at the market value of the shares on the grant date. In the event the holder of the share awards attains at least age 65, and with respect to employees, also attain at least ten or more years of service ("Retirement Eligibility") 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. At September 30, 2019 and 2018 , the weighted average fair value of share awards granted was $98.78 and $82.77 , respectively. The total fair value of shares vested during the nine months ended September 30, 2019 and 2018 was approximately $25.5 million and $24.0 million , respectively. At September 30, 2019 , the unamortized value of previously issued unvested share awards was approximately $16.6 million which is expected to be amortized over the next two years . Non-Qualified Deferred Compensation. |
Net Change In Operating Account
Net Change In Operating Accounts | 9 Months Ended |
Sep. 30, 2019 | |
Increase (Decrease) in Operating Capital [Abstract] | |
Net Change in Operating Accounts | 12. 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) 2019 2018 Change in assets: Other assets, net $ (12,358 ) $ 3,167 Change in liabilities: Accounts payable and accrued expenses 26,691 (1,111 ) Accrued real estate taxes 19,236 17,726 Other liabilities 1,867 (837 ) Other 2,467 2,083 Change in operating accounts and other $ 37,903 $ 21,028 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Construction Contracts . As of September 30, 2019 , we estimate the total additional cost to complete the six consolidated projects currently under construction to be approximately $337.1 million . We expect to fund this amount through a combination of one or more of the following: cash and cash equivalents, cash flows generated from operations, draws on our unsecured credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our 2017 ATM program, other unsecured borrowings or 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, 2019 , we had approximately $0.7 million in refundable earnest money for potential acquisitions of real property in our condensed consolidated balance sheets. Lease Commitments . At September 30, 2019 , we had long-term leases primarily related to office facilities. Rental expense pursuant to the new lease standard is inclusive of lease payments and variable lease expenses and totaled approximately $1.0 million and $3.2 million for the three and nine months ended September 30, 2019 , respectively. The following is a summary of our maturities of our lease liabilities as of September 30, 2019 : (in millions) Year ended December 31, Operating Leases Remainder of 2019 $ 1.4 2020 3.4 2021 3.2 2022 2.9 2023 2.7 Thereafter 4.9 Less: discount for time value (2.8 ) Lease liability as of September 30, 2019 $ 15.7 For the three and nine months ended September 30, 2018 , we recognized rental expense of approximately $0.9 million and $2.8 million , respectively. Minimum annual rental commitments as of December 31, 2018 for the years ending December 31, 2019 through 2023 are approximately $2.9 million , $3.0 million , $3.1 million , $2.7 million and $2.6 million , respectively, and approximately $4.5 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 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, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. 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 adjusted taxable income. 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. 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 consolidated 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, 2019 and 2018 as income tax expense. Income taxes for the three and nine months ended September 30, 2019 primarily related to state income tax and federal taxes on the taxable income of 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, 2019 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 15. 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, 2019 and December 31, 2018 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, 2019 December 31, 2018 (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 Other Assets Deferred compensation plan investments (1) $ 143.5 $ — $ — $ 143.5 $ 144.7 $ — $ — $ 144.7 Other Liabilities Derivative financial instruments - forward interest rate swaps $ — $ — $ — $ — $ — $ 7.4 $ — $ 7.4 (1) Approximately $19.1 million and $12.7 million of participant cash was withdrawn from our deferred compensation plan investments during the nine months ended September 30, 2019 and the year ended December 31, 2018 , respectively. Non-Recurring Fair Value Disclosures. The nonrecurring fair value disclosure inputs under the fair value hierarchy are discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." We completed two asset acquisitions of operating properties during the nine months ended September 30, 2019 . We recorded the real estate assets and identifiable net below market and in-place leases at their relative fair values based upon methods similar to those used by independent appraisers of income producing properties. The fair value measurements associated with the valuation of these acquired assets represent Level 3 measurements within the fair value hierarchy. See Note 7, "Acquisitions," for a further discussion about this acquisition. Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at September 30, 2019 and December 31, 2018 , in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." September 30, 2019 December 31, 2018 (in millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fixed rate notes payable $ 2,377.7 $ 2,534.9 $ 2,222.0 $ 2,265.4 Floating rate notes payable 99.7 100.1 99.6 99.4 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
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. In determining if we have a controlling financial interest, we consider factors such as ownership interests, authority to make decisions, kick-out rights and participating rights. As of September 30, 2019 , two of our consolidated operating partnerships are VIEs. We are considered the primary beneficiary of both consolidated operating partnerships and therefore consolidate these operating partnerships. As of September 30, 2019 , we held approximately 92% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships. |
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 2018 Annual Report on Form 10-K. Certain amounts have been presented separately within financing activities in the unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2018 to conform to the current year presentation. These changes in presentation had no impact in our condensed consolidated cash flows from financing activities. Additionally, we adopted Accounting Standards Update ("ASU") 2016-02, "Leases" on January 1, 2019. ASU 2016-02 requires us, based on our election of a practical expedient, to combine lessor lease and non-lease components as a single component under certain conditions. For the three and nine months ended September 30, 2018 , we combined other property revenues with rental revenues to conform to the current year presentation. |
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. We generally believe acquisitions of operating properties are asset acquisitions, which include the capitalization of transaction costs. 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 in-place leases are included in other assets, net and the net carrying value of above or below market leases are included in other liabilities, net in our condensed consolidated balance sheets. We recognized amortization expense related to in-place leases of approximately $3.4 million and $2.4 million for the three months ended September 30, 2019 and 2018, respectively, and approximately $8.8 million and $8.0 million for the nine months ended September 30, 2019 and 2018, respectively. We recognized amortization expense related to net below market leases approximately $0.1 million and $0.2 million for the nine months ended September 30, 2019 and 2018, respectively. During the three and nine months ended September 30, 2019 , the weighted average amortization periods for in-place and net below market leases were approximately six months and five months , respectively. During the three and nine months ended September 30, 2018, the weighted average amortization periods for in-place and net below market leases were approximately seven months and five months , respectively. |
Asset Impairment | Asset Impairment . Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future 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, but not limited to, 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. We did not record any impairment charges for the three or nine months ended September 30, 2019 or 2018 . 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 in 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 and was approximately $4.0 million and $3.3 million for the three months ended September 30, 2019 and 2018 , respectively, and was approximately $9.9 million and $10.8 million for the nine months ended September 30, 2019 and 2018, respectively. Capitalized real estate taxes were approximately $0.4 million for both the three months ended September 30, 2019 and 2018 and were approximately $2.3 million and $1.9 million for the nine months ended September 30, 2019 and 2018 , respectively. 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 certain 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. As apartment homes within development properties are substantially completed the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements. 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 above and below market leases) underlying lease term |
Derivatives Financial Instruments | Derivative Financial Instruments. Derivative financial instruments are recorded in the condensed consolidated balance sheets at fair value and presented on a gross basis for financial reporting purposes even when those instruments are subject to master netting arrangements and may otherwise qualify for net presentation. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows or other types of forecasted transactions are cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes attributable to the earnings effect of the hedged transactions. We may enter into derivative contracts which are intended to economically hedge certain of our risks, for which hedge accounting does not apply or we elect not to apply hedge accounting. |
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 expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. 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 following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis: Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded in other assets in our condensed consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy. Derivative Financial Instruments. The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps and caps are estimated using the market-standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk, including our own nonperformance risk and the respective counterparty’s nonperformance risk. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities. Although we have determined the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. 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, 2019 and December 31, 2018 , the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and distributions payable represented 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. The carrying values of our notes receivable also approximate their fair values, which are based on certain factors, such as market interest rates, terms of the note and credit worthiness of the borrower. These financial instruments utilize Level 3 inputs. 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. |
Notes Receivable | Note Receivable. We have one note receivable included in other assets, net, in our condensed consolidated balance sheets, relating to a real estate secured loan made to an unaffiliated third party. This note receivable matures on October 1, 2025. At both September 30, 2019 and December 31, 2018 , the outstanding note receivable principal balance was approximately $9.3 million . The weighted average interest rate was approximately 7.0% and 4.0% for the nine months ended September 30, 2019 and 2018, respectively. Interest is recognized over the life of the note and included in interest and other income in our condensed consolidated statements of income and comprehensive income. We consider a note receivable to be impaired and will record an allowance when it is probable we will not be able to collect all contractual amounts due. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, "Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." ASU 2018-15 aligns the accounting for costs incurred to implement a cloud computing arrangement which is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. ASU 2018-15 is effective for interim and annual periods beginning after December 15, 2019, and early adoption is permitted. This standard may be applied using the prospective transition method which is applicable to costs for activities on service contracts entered, renewed, materially modified or performed after the effective date or the retrospective transition method which allows us to recognize a cumulative effect adjustment to the opening balance of retained earnings, if any, as of the adoption date. We will adopt ASU 2018-15 as of January 1, 2020, using the prospective transition method and will present future qualified capitalizable costs relating to new completed cloud computing arrangements which are service arrangements as prepaid assets on our consolidated balance sheets, as cash flows from operating activities on our consolidated statement of cash flows, and the associated amortization as general and administrative expenses on our consolidated statements of income and comprehensive income. We do not expect our adoption of ASU 2018-15 to have a material impact on our consolidated financial statements. In August 2018, FASB issued ASU 2018-13 " Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. " ASU 2018-13 removes, modifies, and adds certain fair value disclosure requirements including (i) the removal of disclosures regarding amounts, reasons, and timing for transfers between Levels 1 and 2 as well as descriptions of valuation processes used for Level 3 measurements of the fair value hierarchy; (ii) modified disclosures for the timing of liquidation of investee assets; (iii) clarifies the narrative description of the measurement uncertainty of Level 3 fair value measurements at the reporting date does not need to include sensitivity of future changes; (iv) add disclosures related to changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements to also be included in the statement of comprehensive income; and (v) add disclosures for the range and weighted average of significant unobservable inputs. ASU 2018-13 is effective January 1, 2020 for the additional disclosures and early adoption of the removal and amended disclosures is allowed. We will adopt ASU 2018-13 as of January 1, 2020 and do not expect the adoption to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 and its related amendments codify Accounting Standard Codification ("ASC") 842 and provides new guidance for accounting for leases. We adopted ASC 842 as of January 1, 2019 using the transition practical expedient which allows us to recognize a cumulative-effect adjustment to the opening balance of retained earnings as of the adoption date and to initially apply the new lease standard to leases which existed as of January 1, 2019. Upon our adoption of ASC 842, as a lessee we recorded a right-of-use asset and a corresponding liability in our condensed consolidated balance sheet, as a lessor we now present combined lease and non-lease components as a single component in our condensed consolidated statement of income and comprehensive income, and this ASU did not have an impact on the opening balance of retained earnings as of the adoption date. In addition to the transition practical expedient, we elected other practical expedients during our adoption of the new lease standard. For both lessor and lessee contracts, we elected the practical expedient package to not reassess: (i) whether any expired or existing contract is a lease or contains a lease, (ii) the lease classification of any expired or existing leases, and (iii) the accounting for initial direct costs for any existing leases. As a lessor, we also elected practical expedients to: • not separate the lease and non-lease components by class of underlying assets and account for the combined components as a single component under certain conditions, and • exclude from lease revenues the sales taxes collected from lessees and certain lessor costs paid directly by the lessee (as of the date of adoption, we did not have material sales tax collected from customers or lessor costs paid by customers). As a lessee, we also elected the practical expedients to: • use hindsight to determine lease terms and impairment of the right-of-use assets for existing lease contracts, • not separate lease and non-lease components by class of underlying asset when certain conditions are met which is consistent with our current accounting, and • not recognize short-term lease contracts with a duration of 12 months or less (short-term leases) in our condensed consolidated balance sheet. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
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 above and below market leases) underlying lease term |
Revenues Revenues (Tables)
Revenues Revenues (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenues [Abstract] | |
Scheduled Property Revenue from Leases | We anticipate property revenue from existing leases as follows: (in millions) Year ended December 31, Operating Leases Remainder of 2019 $ 258.4 2020 478.5 2021 9.7 2022 5.1 2023 4.4 Thereafter 31.7 Total $ 787.8 |
Leases Leases (Tables)
Leases Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Summary of Operating Leases | The following is a summary of our operating lease related information: ($ in millions) As of Balance sheet Classification September 30, 2019 Right-of-use assets, net Other assets, net $ 11.1 Operating lease liabilities Other liabilities $ 15.7 ($ in millions) Statement of income and comprehensive income Classification Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Rent expense related to operating lease liabilities General and administrative expenses and property management expenses $ 0.7 $ 2.2 Variable lease expense General and administrative expenses and property management expenses $ 0.3 $ 1.0 Statement of cash flows Cash flows from operating leases Net cash from operating activities $ 0.7 $ 2.3 Supplemental lease information Weighted average remaining lease term (years) 5.6 Weighted average discount rate - operating leases (1) 4.9 % (1) We use a secured incremental borrowing rate, as defined by ASC 842 based on an estimated secured rate with applicable adjustments, as most of our lease contracts do not provide a readily determinable implicit rate. |
Per Share Data (Tables)
Per Share Data (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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) 2019 2018 2019 2018 Earnings per common share calculation – basic Income from continuing operations attributable to common shareholders $ 43,597 $ 38,866 $ 124,609 $ 116,932 Amount allocated to participating securities (89 ) (284 ) (284 ) (831 ) Net income attributable to common shareholders – basic $ 43,508 $ 38,582 $ 124,325 $ 116,101 Total earnings per common share – basic $ 0.44 $ 0.41 $ 1.27 $ 1.22 Weighted average number of common shares outstanding – basic 98,959 95,257 98,259 95,190 Earnings per common share calculation – diluted Net income attributable to common shareholders – diluted $ 43,508 $ 38,582 $ 124,325 $ 116,101 Total earnings per common share – diluted $ 0.44 $ 0.40 $ 1.26 $ 1.22 Weighted average number of common shares outstanding – basic 98,959 95,257 98,259 95,190 Incremental shares issuable from assumed conversion of: Common share options and share awards granted 107 160 116 143 Weighted average number of common shares outstanding – diluted 99,066 95,417 98,375 95,333 |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 sheets and statements of income data for the Funds as of and for the periods presented: (in millions) September 30, 2019 December 31, 2018 Total assets $ 698.9 $ 695.2 Total third-party debt 514.1 510.7 Total equity 156.5 158.4 Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Total revenues $ 33.3 $ 32.5 $ 98.5 $ 95.3 Net income 4.4 4.0 12.3 11.6 Equity in income (1) 2.1 1.9 6.0 5.6 (1) 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, 2019 | |
Notes Payable [Abstract] | |
Summary Of Indebtedness | The following is a summary of our indebtedness: (in millions) September 30, December 31, 2018 Commercial banks 3.11% Term Loan, due 2022 $ 99.7 $ 99.6 Senior unsecured notes 4.78% Notes, due 2021 $ 249.3 $ 249.1 3.15% Notes, due 2022 347.8 347.3 5.07% Notes, due 2023 248.3 248.0 4.36% Notes, due 2024 248.9 248.7 3.68% Notes, due 2024 247.9 247.6 3.74% Notes, due 2028 396.6 396.1 3.67% Notes, due 2029 593.6 — $ 2,332.4 $ 1,736.8 Total unsecured notes payable $ 2,432.1 $ 1,836.4 Secured notes 4.38% Conventional Mortgage Loan, due 2045 $ 45.3 $ 45.9 5.19% Conventional Mortgage Notes, due 2019 — 419.9 5.33% Conventional Mortgage Loan, due 2019 — 19.4 Total secured notes payable $ 45.3 $ 485.2 Total notes payable (1) $ 2,477.4 $ 2,321.6 (1) Unamortized debt discounts and debt issuance costs of $18.0 million and $13.9 million are included in senior unsecured and secured notes payable as of September 30, 2019 and December 31, 2018 , respectively. |
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, 2019 : (in millions) (1) Amount Weighted Average Interest Rate (2) 2019 (3) $ 293.9 4.7 % 2020 (3.0 ) — 2021 (3.1 ) — 2022 447.1 3.1 2023 248.0 5.1 Thereafter 1,494.5 3.9 Total $ 2,477.4 4.0 % (1) Includes amortization of debt discounts, debt issuance costs, net of scheduled principal payments, and all available extension options. (2) Includes the effects of the applicable settled forward interest rate swaps. (3) Includes the $250 million 4.78% Senior Notes due 2021 and the $45.3 million 4.38% secured conventional mortgage note due 2045. In late October 2019, we redeemed the Senior Notes due 2021 and prepaid the secured conventional notes due 2045. See below for further discussion. |
Derivative and Hedging Activi_2
Derivative and Hedging Activities Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivatives [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The table below presents the fair value of our derivative financial instruments as well as their classification in the consolidated balance sheets at September 30, 2019 and December 31, 2018: Asset Derivatives Liability Derivatives September 30, 2019 (1) December 31, 2018 September 30, 2019 (1) December 31, 2018 (in millions) Balance Sheet Fair Balance Sheet Fair Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments Interest Rate Swaps Other Assets $ — Other Assets $ — Other Liabilities $ — Other Liabilities $ 7.4 (1) Derivatives subject to master netting arrangements are presented on a gross basis in our consolidated balance sheet. There were no derivative contracts in a master netting arrangement as of September 30, 2019 or December 31, 2018. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The table below presents the effect of our derivative financial instruments in the consolidated statements of income and comprehensive income for the three months ended September 30, 2019 and 2018: (in millions) Unrealized Gain (Loss) Location of Gain Amount of Gain (Loss) Derivatives in Cash Flow Hedging Relationships 2019 2018 2019 2018 Interest Rate Swaps $ — $ 5.2 Interest expense $ (0.3 ) $ — The table below presents the effect of our derivative financial instruments in the consolidated statements of income and comprehensive income for the nine months ended September 30, 2019 and 2018: (in millions) Unrealized Gain (Loss) Location of Gain Amount of Gain Derivatives in Cash Flow Hedging Relationships 2019 2018 2019 2018 Interest Rate Swaps $ (13.0 ) $ 14.0 Interest expense $ 0.5 N/A |
Share-based Compensation and _2
Share-based Compensation and Non-Qualified Deferred Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Summary of Share Incentive Plans | A summary of activity under our share incentive plans for the nine months ended September 30, 2019 is shown below: Nonvested Share Awards Outstanding Weighted Nonvested share awards outstanding at December 31, 2018 390,681 $ 79.82 Granted 198,896 98.78 Vested (308,514 ) 82.65 Forfeited (14,651 ) 85.83 Total nonvested share awards outstanding at September 30, 2019 266,412 $ 90.37 |
Net Change in Operating Accou_2
Net Change in Operating Accounts (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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) 2019 2018 Change in assets: Other assets, net $ (12,358 ) $ 3,167 Change in liabilities: Accounts payable and accrued expenses 26,691 (1,111 ) Accrued real estate taxes 19,236 17,726 Other liabilities 1,867 (837 ) Other 2,467 2,083 Change in operating accounts and other $ 37,903 $ 21,028 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies [Abstract] | |
Summary of Maturities of Lease Liabilities | The following is a summary of our maturities of our lease liabilities as of September 30, 2019 : (in millions) Year ended December 31, Operating Leases Remainder of 2019 $ 1.4 2020 3.4 2021 3.2 2022 2.9 2023 2.7 Thereafter 4.9 Less: discount for time value (2.8 ) Lease liability as of September 30, 2019 $ 15.7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018 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, 2019 December 31, 2018 (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 Other Assets Deferred compensation plan investments (1) $ 143.5 $ — $ — $ 143.5 $ 144.7 $ — $ — $ 144.7 Other Liabilities Derivative financial instruments - forward interest rate swaps $ — $ — $ — $ — $ — $ 7.4 $ — $ 7.4 (1) Approximately $19.1 million and $12.7 million of participant cash was withdrawn from our deferred compensation plan investments during the nine months ended September 30, 2019 and the year ended December 31, 2018 , respectively. |
Fair Value Of Notes Payable | The following table presents the carrying and estimated fair values of our notes payable at September 30, 2019 and December 31, 2018 , in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." September 30, 2019 December 31, 2018 (in millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fixed rate notes payable $ 2,377.7 $ 2,534.9 $ 2,222.0 $ 2,265.4 Floating rate notes payable 99.7 100.1 99.6 99.4 |
Description of Business (Detail
Description of Business (Details) | Sep. 30, 2019 |
Business Acquisition [Line Items] | |
Number of multifamily properties owned, operated, or under development | 172 |
Total number of apartment homes in multifamily properties | 58,209 |
Number of multifamily properties under development | 7 |
Total Number of apartment homes in multifamily properties upon completion of development | 1,938 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Amortization of Intangible Assets | $ 3.4 | $ 2.4 | $ 8.8 | $ 8 | |
Capitalized interest | 4 | 3.3 | 9.9 | 10.8 | |
Capitalized real estate taxes | 0.4 | 0.4 | 2.3 | $ 1.9 | |
Outstanding notes receivable | $ 9.3 | $ 9.3 | $ 9.3 | ||
Weighted average interest rate on outstanding notes receivable | 7.00% | 4.00% | |||
Amortization of Below Market Lease | $ 0.1 | $ 0.1 | $ 0.2 | ||
Camden Summit Partnership L P [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Outstanding common limited partnership units, ownership interest | 95.00% | ||||
General Partner of Consolidated Operating Partnerships, Ownership Interest | 1.00% | ||||
Camden Operating L P [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Outstanding common limited partnership units, ownership interest | 92.00% | ||||
General Partner of Consolidated Operating Partnerships, Ownership Interest | 1.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Expected Useful Lives Of Depreciable Property) (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Intangible assets/liabilities (in-place leases and above 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 |
Revenues (Details)
Revenues (Details) | Sep. 30, 2019USD ($) |
Lessor, Lease, Description [Line Items] | |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 258,400 |
Lessor, Operating Lease, Payments to be Received, in Two Years | 478,500 |
Lessor, Operating Lease, Payments to be Received, in Three Years | 9,700 |
Lessor, Operating Lease, Payments to be Received, in Four Years | 5,100 |
Lessor, Operating Lease, Payments to be Received, in Five Years | 4,400 |
Lessor, Operating Lease, Payments to be Received, Thereafter | 31,700 |
Lessor, Operating Lease, Payments to be Received, Total | $ 787,800 |
Minimum [Member] | |
Lessor, Lease, Description [Line Items] | |
Lessor, Operating Lease, Term of Contract | 12 months |
Residential Leases [Member] | Maximum [Member] | |
Lessor, Lease, Description [Line Items] | |
Lessor, Operating Lease, Term of Contract | 15 months |
Leases Leases (Details)
Leases Leases (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Operating Leased Assets [Line Items] | ||
Rent expense related to operating lease liabilities | $ 0.7 | $ 2.2 |
Operating Lease, Right-of-Use Asset | 11.1 | 11.1 |
Operating lease liabilities | 15.7 | 15.7 |
Variable lease expense | 0.3 | 1 |
Cash flows from operating leases | $ 0.7 | $ 2.3 |
Weighted average remaining lease term (years) | 5 years 7 months 6 days | 5 years 7 months 6 days |
Weighted average discount rate - operating leases (1) | 4.90% | 4.90% |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Number of common share equivalent securities excluded from the diluted earnings per share calculation | 1,900 | 2,100 | 1,900 | 2,200 |
Income from continuing operations attributable to common shareholders | $ 43,597 | $ 38,866 | $ 124,609 | $ 116,932 |
Amount allocated to participating securities | (89) | (284) | (284) | (831) |
Net income attributable to common shareholders – basic | $ 43,508 | $ 38,582 | $ 124,325 | $ 116,101 |
Total earnings per common share – basic | $ 0.44 | $ 0.41 | $ 1.27 | $ 1.22 |
Net income attributable to common shareholders – diluted | $ 43,508 | $ 38,582 | $ 124,325 | $ 116,101 |
Total earnings per common share – diluted | $ 0.44 | $ 0.40 | $ 1.26 | $ 1.22 |
Weighted average number of common shares outstanding – basic | 98,959 | 95,257 | 98,259 | 95,190 |
Common share options and share awards granted | 107 | 160 | 116 | 143 |
Weighted average number of common shares outstanding – diluted | 99,066 | 95,417 | 98,375 | 95,333 |
Common Shares (Narrative) (Deta
Common Shares (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | |||
May 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Nov. 01, 2019 | Dec. 31, 2018 | |
Number of common and preferred stock authorized to issue | 185,000 | ||||
Common shares, authorized | 175,000 | 175,000 | |||
Preferred shares, authorized | 10,000 | ||||
Common Stock, Shares, Outstanding | 96,800 | ||||
Preferred Stock, Shares Outstanding | 0 | ||||
Stock Issued During Period, Shares, New Issues | 3,400 | ||||
Proceeds from issuance of common shares | $ 328,374 | $ 0 | |||
Unsecured Credit Facility [Member] | |||||
Maximum borrowing capacity under unsecured credit facility | 900,000 | ||||
2017 ATM program [Member] | |||||
Maximum aggregate offering price of common shares | $ 315,300 | ||||
2017 ATM program [Member] | Subsequent Event [Member] | |||||
Maximum aggregate offering price of remaining common shares available for sale | $ 312,800 | ||||
April 2007 Repurchase Plan [Member] | |||||
Treasury stock allowed for repurchase | $ 500,000 | ||||
April 2007 Repurchase Plan [Member] | Subsequent Event [Member] | |||||
Share Repurchase Program, Remaining Authorized Repurchase Amount | $ 269,500 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | May 29, 2019USD ($)a | May 01, 2019USD ($) | Apr. 01, 2019USD ($)a | Sep. 24, 2018USD ($)a | Apr. 12, 2018USD ($)a | Feb. 15, 2018USD ($) | Jan. 11, 2018USD ($) | Feb. 28, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) |
Area of Land | a | 1.8 | |||||||||
Payments to Acquire Land | $ 11,400 | |||||||||
Number of Units in Real Estate Property | 360 | |||||||||
Purchase Price of Operating Properties Acquired | $ 214,233 | $ 290,005 | ||||||||
Camden Rainey Street [Member] | ||||||||||
Number of Operating properties Acquired | 1 | |||||||||
Number of Units in Real Estate Property | 326 | |||||||||
Purchase Price of Operating Properties Acquired | $ 120,400 | |||||||||
Camden Old Town Scottsdale [Member] | ||||||||||
Number of Operating properties Acquired | 1 | |||||||||
Number of Units in Real Estate Property | 316 | |||||||||
Purchase Price of Operating Properties Acquired | $ 97,100 | |||||||||
Camden Thornton Park [Member] | ||||||||||
Number of Operating properties Acquired | 1 | |||||||||
Number of Units in Real Estate Property | 299 | |||||||||
Purchase Price of Operating Properties Acquired | $ 89,800 | |||||||||
Camden Pier District [Member] | ||||||||||
Number of Operating properties Acquired | 1 | |||||||||
Number of Units in Real Estate Property | 358 | |||||||||
Purchase Price of Operating Properties Acquired | $ 126,900 | |||||||||
Camden Hayden II [Member] | ||||||||||
Area of Land | a | 11.6 | |||||||||
Payments to Acquire Land | $ 18,000 | |||||||||
Number of Units in Real Estate Property | 400 | |||||||||
Camden North Quarter [Member] | ||||||||||
Number of Operating properties Acquired | 1 | |||||||||
Number of Units in Real Estate Property | 333 | |||||||||
Purchase Price of Operating Properties Acquired | $ 81,400 | |||||||||
Camden Chadbourne Mill [Member] | ||||||||||
Area of Land | a | 4.3 | |||||||||
Payments to Acquire Land | $ 10,900 | |||||||||
Number of Units in Real Estate Property | 400 | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||
Area of Land | a | 14.1 | |||||||||
Proceeds from Sale of Land Held-for-investment | $ 11,500 |
Investments in Joint Ventures_2
Investments in Joint Ventures (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Number of joint ventures accounted for under equity method investments | 2 | |||
Maximum guaranteed amount of loans utilized for construction and development activities for joint ventures | $ 0 | $ 0 | ||
Maximum Investments by Formed Unconsolidated Joint Venture | 450,000,000 | 450,000,000 | ||
Maximum Investments by Formed Unconsolidated Joint Venture | 360,000,000 | 360,000,000 | ||
Fees earned for property and asset management, construction, development, and other services to joint ventures | $ 1,700,000 | $ 1,500,000 | $ 4,600,000 | $ 4,300,000 |
Maximum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 40.00% | 40.00% | ||
Minimum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 31.30% | 31.30% |
Investments in Joint Ventures_3
Investments in Joint Ventures (Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Investments in Joint Ventures [Abstract] | ||||||
Total assets | $ 698,900 | $ 698,900 | $ 695,200 | |||
Total third-party debt | 514,100 | 514,100 | 510,700 | |||
Total equity | 156,500 | 156,500 | $ 158,400 | |||
Total revenues | 33,300 | $ 32,500 | 98,500 | $ 95,300 | ||
Net income | 4,400 | 4,000 | 12,300 | 11,600 | ||
Equity in income (1) | [1] | $ 2,133 | $ 1,943 | $ 5,954 | $ 5,644 | |
[1] | 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 | 9 Months Ended | |||
Sep. 30, 2019 | Jun. 06, 2019 | Dec. 31, 2018 | ||
Notes payable, effective interest rate | 3.179% | |||
Unsecured notes payable | $ 2,432,137 | $ 1,836,427 | ||
Secured notes payable | 45,250 | 485,176 | ||
Total notes payable (1) | 2,477,400 | 2,321,600 | ||
Senior Unsecured Notes [Member] | ||||
Unsecured notes payable | [1] | 2,332,400 | 1,736,800 | |
Secured Debt [Member] | ||||
Secured notes payable | $ 45,300 | $ 485,200 | ||
3.11% Term loan, due 2022 [Member] | Commercial Banks [Member] | ||||
Debt Instrument, Maturity Date | Jan. 1, 2022 | |||
Notes payable, effective interest rate | 3.11% | 3.11% | ||
Unsecured notes payable | $ 99,700 | $ 99,600 | ||
4.78% Notes Due 2021 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | Jun. 15, 2021 | |||
Notes payable, effective interest rate | 4.78% | |||
Unsecured notes payable | $ 249,300 | $ 249,100 | ||
3.15% Notes Due 2022 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | Dec. 15, 2022 | |||
Notes payable, effective interest rate | 3.15% | 3.15% | ||
Unsecured notes payable | $ 347,800 | $ 347,300 | ||
5.07% Notes Due 2023 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | Jun. 15, 2023 | |||
Notes payable, effective interest rate | 5.07% | 5.07% | ||
Unsecured notes payable | $ 248,300 | $ 248,000 | ||
4.36% Notes Due 2024 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | Jan. 15, 2024 | |||
Notes payable, effective interest rate | 4.36% | 4.36% | ||
Unsecured notes payable | $ 248,900 | $ 248,700 | ||
3.68% Notes Due 2024 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | Sep. 15, 2024 | |||
Notes payable, effective interest rate | 3.68% | 3.68% | ||
Unsecured notes payable | $ 247,900 | $ 247,600 | ||
3.74% Notes Due 2028 [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument, Maturity Date | Oct. 15, 2028 | |||
Notes payable, effective interest rate | 3.74% | 3.74% | ||
Unsecured notes payable | $ 396,600 | $ 396,100 | ||
3.67% Notes due 2029 [Member] | Senior Unsecured Notes [Member] | ||||
Unsecured notes payable | $ 593,600 | $ 0 | ||
4.38% Conventional Mortgage Notes, due 2045 [Member] | Secured Debt [Member] | ||||
Debt Instrument, Maturity Date | Sep. 1, 2045 | |||
Notes payable, effective interest rate | 4.38% | |||
Secured notes payable | $ 45,300 | $ 45,900 | ||
5.19% Conventional Mortgage Notes, due 2019 [Member] | Secured Debt [Member] | ||||
Debt Instrument, Maturity Date | May 1, 2019 | |||
Notes payable, effective interest rate | 0.00% | 5.19% | ||
Secured notes payable | $ 0 | $ 419,900 | ||
5.33% Conventional Mortgage Notes Due 2019 [Member] | Secured Debt [Member] | ||||
Debt Instrument, Maturity Date | Jun. 1, 2019 | |||
Notes payable, effective interest rate | 0.00% | 5.33% | ||
Secured notes payable | $ 0 | $ 19,400 | ||
Unsecured 3.11% Floating Rate Debt [Member] | Commercial Banks [Member] | ||||
Notes payable, effective interest rate | 3.11% | |||
[1] | Unamortized debt discounts and debt issuance costs of $18.0 million and $13.9 million are included in senior unsecured and secured notes payable as of September 30, 2019 and December 31, 2018 , respectively. |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) | Jun. 06, 2019USD ($) | Nov. 01, 2019USD ($) | Sep. 30, 2019USD ($)yr | Oct. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | |
Notes Payable | $ 2,477,400,000 | $ 2,321,600,000 | |||||
Unamortized debt discounts and debt issuance costs | 18,000,000 | 13,900,000 | |||||
Unsecured Debt | 2,432,137,000 | 1,836,427,000 | |||||
Available amount under unsecured credit facility | $ 891,100,000 | ||||||
Weighted Average Interest Rate | [1] | 4.00% | |||||
Weighted average maturity of indebtedness (including unsecured line of credit) (in years) | yr | 5.6 | ||||||
Notes payable, effective interest rate | 3.179% | ||||||
Secured Debt | $ 45,250,000 | 485,176,000 | |||||
Derivative, Notional Amount | $ 300,000,000 | ||||||
Debt Instrument, Interest Rate During Period | 3.67% | ||||||
Proceeds from Issuance of Debt | 593,400,000 | ||||||
Debt Instrument, Face Amount | $ 600,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||||||
Discounted notes payable face amount | 99.751% | ||||||
Debt Instrument, Interest Rate Before June 2026 | 3.84% | ||||||
Debt Instrument, Interest Rate After June 2026 | 3.28% | ||||||
Letter Of Credit [Member] | |||||||
Maximum Ability to Issue Letters of Credit Under Unsecured Credit Facility | $ 50,000,000 | ||||||
Outstanding balance under credit facility | 8,900,000 | ||||||
Senior Unsecured Notes [Member] | |||||||
Unsecured Debt | [2] | 2,332,400,000 | 1,736,800,000 | ||||
Secured Debt [Member] | |||||||
Secured Debt | 45,300,000 | 485,200,000 | |||||
Unsecured Credit Facility [Member] | |||||||
Unsecured Credit Facility, Current Borrowing Capacity | 600,000,000 | ||||||
Maximum borrowing capacity under unsecured credit facility | $ 900,000,000 | ||||||
Maximum term of bid rate loans (days) | P180D | ||||||
Lesser of amount stated or the amount available under the unsecured credit facility | $ 450,000,000 | ||||||
Floating rate notes payable [Member] | |||||||
Notes Payable | $ 99,700,000 | 99,600,000 | $ 229,000,000 | ||||
Weighted Average Interest Rate | 3.10% | 2.90% | |||||
Secured Notes Fixed Rate Debt due 2019 [Member] | Secured Debt [Member] | |||||||
Repayments of Secured Debt | $ 439,300,000 | ||||||
4.78% Notes Due 2021 [Member] | Senior Unsecured Notes [Member] | |||||||
Unsecured Debt | $ 249,300,000 | $ 249,100,000 | |||||
Notes payable, effective interest rate | 4.78% | ||||||
Debt Instrument, Maturity Date | Jun. 15, 2021 | ||||||
4.38% Conventional Mortgage Notes, due 2045 [Member] | Secured Debt [Member] | |||||||
Notes payable, effective interest rate | 4.38% | ||||||
Secured Debt | $ 45,300,000 | $ 45,900,000 | |||||
Debt Instrument, Maturity Date | Sep. 1, 2045 | ||||||
Subsequent Event [Member] | |||||||
Notes payable, effective interest rate | 3.353% | ||||||
Proceeds from Issuance of Debt | $ 296,600,000 | ||||||
Debt Instrument, Face Amount | $ 300,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.35% | ||||||
Discounted notes payable face amount | 99.941% | ||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 12,000,000 | ||||||
Subsequent Event [Member] | 4.78% Notes Due 2021 [Member] | Senior Unsecured Notes [Member] | |||||||
Unsecured Debt | $ 250,000,000 | ||||||
Notes payable, effective interest rate | 4.78% | ||||||
Subsequent Event [Member] | 4.38% Conventional Mortgage Notes, due 2045 [Member] | Secured Debt [Member] | |||||||
Notes payable, effective interest rate | 4.38% | ||||||
Secured Debt | $ 45,300,000 | ||||||
[1] | Includes the effects of the applicable settled forward interest rate swaps. | ||||||
[2] | Unamortized debt discounts and debt issuance costs of $18.0 million and $13.9 million are included in senior unsecured and secured notes payable as of September 30, 2019 and December 31, 2018 , respectively. |
Notes Payable (Scheduled Repaym
Notes Payable (Scheduled Repayments On Outstanding Debt) (Details) $ in Millions | Sep. 30, 2019USD ($) | |
2019 | $ 293.9 | [1],[2] |
2020 | (3) | [1] |
2021 | (3.1) | [1] |
2022 | 447.1 | [1] |
2023 | 248 | [1] |
Thereafter | 1,494.5 | [1] |
Total notes payable | $ 2,477.4 | [1] |
Weighted Average Interest Rate | 4.00% | [3] |
Maturities Due In 2019 [Member] | ||
Weighted Average Interest Rate | 4.70% | [2],[3] |
Maturities Due In 2020 [Member] | ||
Weighted Average Interest Rate | 0.00% | [3] |
Maturities due in 2021 [Member] | ||
Weighted Average Interest Rate | 0.00% | [3] |
Maturities due in 2022 [Member] | ||
Weighted Average Interest Rate | 3.10% | [3] |
Maturities due in 2023 [Member] | ||
Weighted Average Interest Rate | 5.10% | [3] |
Maturities Due Thereafter [Member] | ||
Weighted Average Interest Rate | 3.90% | [3] |
[1] | Includes amortization of debt discounts, debt issuance costs, net of scheduled principal payments, and all available extension options. | |
[2] | Includes the $250 million 4.78% Senior Notes due 2021 and the $45.3 million 4.38% secured conventional mortgage note due 2045. In late October 2019, we redeemed the Senior Notes due 2021 and prepaid the secured conventional notes due 2045. See below for further discussion. | |
[3] | Includes the effects of the applicable settled forward interest rate swaps. |
Derivative and Hedging Activi_3
Derivative and Hedging Activities (Details) $ in Thousands | Jun. 06, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Cash Paid on Hedge | $ (20,400) | $ (20,430) | $ 0 | ||||
Unrealized Gain (Loss) on Derivatives | $ 0 | $ 5,200 | (13,000) | $ 14,000 | |||
Derivative, Notional Amount | $ 300,000 | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 1,300 | 1,300 | |||||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 | $ 7,400 | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (300) | 500 | |||||
Interest Rate Swap [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | 0 | ||||
Interest Rate Derivative Liabilities, at Fair Value | $ 0 | $ 0 | $ 7,400 | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Number of Interest Rate Derivatives Held | 5 | 5 | |||||
Derivative, Notional Amount | $ 400,000 | $ 400,000 | $ 300,000 |
Share-based Compensation and _3
Share-based Compensation and Non-Qualified Deferred Compensation Plan (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)shares$ / shares | Sep. 30, 2018USD ($)$ / shares | May 17, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 98.78 | $ 82.77 | |||
Total compensation cost for option and share awards | $ | $ 4,000 | $ 4,400 | $ 13,300 | $ 13,200 | |
Total capitalized compensation cost for option and share awards | $ | 800 | $ 700 | 2,600 | 2,400 | |
Share Awards and Vesting [Member] | |||||
Total unrecognized compensation cost which is expected to be amortized | $ | $ 16,600 | $ 16,600 | |||
Expected amortized period of unrecognized compensation expected to be recognized for share-based compensation plans | 2 years | ||||
Fair value of shares vested | $ | $ 25,500 | $ 24,000 | |||
Maximum [Member] | Share Awards and Vesting [Member] | |||||
Vesting period, years | 3 years | ||||
Two Thousand Eighteen Share Incentive Plan [Member] | |||||
Total common shares available | shares | 7,500,000 | 7,500,000 | 9,700,000 | ||
Common shares To Full Value Award Conversion Ratio | 3.45 | ||||
Value Of Option Right Or Other Award In The Fungible Unit Conversion | shares | 1 | ||||
Full Value award in the common share conversion ratio | shares | 1 | ||||
Common shares which could be granted pursuant to full value awards | shares | 2,200,000 | 2,200,000 |
Share-based Compensation and _4
Share-based Compensation and Non-Qualified Deferred Compensation Plan (Summary Of Share Incentive Plans) (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||
Nonvested share awards outstanding at December 31, 2018, Share Awards Outstanding | 390,681 | |
Granted, Share Awards Outstanding | 198,896 | |
Exercised/Vested, Share Awards Outstanding | (308,514) | |
Forfeited, Share Awards Outstanding | (14,651) | |
Nonvested share awards outstanding at September 30, 2019, Share Awards Outstanding | 266,412 | |
Nonvested share awards outstanding at December 31, 2018, Weighted Average Exercise/Grant Price | $ 79.82 | |
Granted, Weighted Average Exercise/Grant Price | 98.78 | $ 82.77 |
Exercised/Vested, Weighted Average Exercise/Grant Price | 82.65 | |
Forfeited, Weighted Average Exercise/Grant Price | 85.83 | |
Nonvested share awards outstanding at September 30, 2019, Weighted Average Exercise/Grant Price | $ 90.37 |
Net Change in Operating Accou_3
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, 2019 | Sep. 30, 2018 | |
Increase (Decrease) in Operating Capital [Abstract] | ||
Other assets, net | $ (12,358) | $ 3,167 |
Accounts payable and accrued expenses | 26,691 | (1,111) |
Accrued real estate taxes | 19,236 | 17,726 |
Other liabilities | 1,867 | (837) |
Other | 2,467 | 2,083 |
Change in operating accounts and other | $ 37,903 | $ 21,028 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 2.9 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 3 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 3.1 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | 2.7 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | 2.6 | ||||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 4.5 | ||||
Number of consolidated projects under construction | 6 | 6 | |||
Anticipated expenditures relating to completion of construction type contracts | $ 337.1 | $ 337.1 | |||
Earnest Money Deposits | 0.7 | 0.7 | |||
Operating Lease, Expense | 1 | 3.2 | |||
Rental expense | $ 0.9 | $ 2.8 | |||
Minimum Rental Commitments, Remainder of 2019 | 1.4 | 1.4 | |||
Minimum Rental Commitments, 2020 | 3.4 | 3.4 | |||
Minimum Rental Commitments, 2021 | 3.2 | 3.2 | |||
Minimum Rental Commitments, 2022 | 2.9 | 2.9 | |||
Minimum Rental Commitments, 2023 | 2.7 | 2.7 | |||
Minimum Rental Commitments, Thereafter | 4.9 | 4.9 | |||
Less: interest | (2.8) | (2.8) | |||
Operating lease liabilities | $ 15.7 | $ 15.7 | |||
Maximum [Member] | Partnership Interest [Member] | |||||
Less than joint venture economic interest noted | 100.00% | 100.00% |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
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 (Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | ||
Deferred compensation plan investments (1) | $ 143.5 | [1] | $ 144.7 |
Participant Withdrawals From Deferred Compensation Plan Investments | 19.1 | 12.7 | |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 7.4 | |
Level 1 [Member] | |||
Deferred compensation plan investments (1) | 143.5 | [1] | 144.7 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 | |
Level 2 [Member] | |||
Deferred compensation plan investments (1) | 0 | [1] | 0 |
Level 3 [Member] | |||
Deferred compensation plan investments (1) | 0 | [1] | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 | |
Interest Rate Swap [Member] | |||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 7.4 | |
Interest Rate Swap [Member] | Level 2 [Member] | |||
Interest Rate Derivative Liabilities, at Fair Value | $ 0 | $ 7.4 | |
[1] | Approximately $19.1 million and $12.7 million of participant cash was withdrawn from our deferred compensation plan investments during the nine months ended September 30, 2019 and the year ended December 31, 2018 , respectively. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Notes Payable) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Carrying Value | $ 2,477.4 | $ 2,321.6 | |
Fixed rate notes payable | |||
Carrying Value | 2,377.7 | 2,222 | |
Estimated Fair Value | 2,534.9 | 2,265.4 | |
Floating rate notes payable (1) | |||
Carrying Value | 99.7 | 99.6 | $ 229 |
Estimated Fair Value | $ 100.1 | $ 99.4 |