Home Properties Inactive 10-K21 Feb 142013 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2013	Feb. 13, 2014	Jun. 30, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'HOME PROPERTIES INC	'	'
Entity Central Index Key	'0000923118	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Public Float	'	'	$3,377,247,375
Entity Common Stock, Shares Outstanding	'	57,053,009	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Real estate:	'	'
Land	$786,868	$791,604
Construction in progress	187,976	83,241
Buildings, improvements and equipment	4,645,921	4,580,381
Real estate, gross	5,620,765	5,455,226
Less: accumulated depreciation	-1,243,243	-1,108,840
Real estate, net	4,377,522	4,346,386
Cash and cash equivalents	9,853	21,092
Cash in escrows	23,738	26,971
Accounts receivable, net	14,937	13,406
Prepaid expenses	22,089	19,504
Deferred charges, net	11,945	13,429
Other assets	7,793	10,704
Total assets	4,467,877	4,451,492
LIABILITIES AND EQUITY	'	'
Mortgage notes payable	1,814,217	2,165,027
Unsecured notes payable	450,000	450,000
Unsecured line of credit	193,000	162,500
Accounts payable	27,540	22,691
Accrued interest payable	8,392	9,974
Accrued expenses and other liabilities	33,936	33,887
Security deposits	18,479	19,146
Total liabilities	2,545,564	2,863,225
Commitments and contingencies	'	'
Equity:	'	'
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding	'	'
Common stock, $0.01 par value; 80,000,000 shares authorized; 56,961,646 and 51,508,142 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively	570	515
Excess stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding	'	'
Additional paid-in capital	2,007,300	1,709,919
Distributions in excess of accumulated earnings	-380,168	-388,397
Accumulated other comprehensive income (loss)	1,551	-1,069
Total common stockholders' equity	1,629,253	1,320,968
Noncontrolling interest	293,060	267,299
Total equity	1,922,313	1,588,267
Total liabilities and equity	$4,467,877	$4,451,492

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED BALANCE SHEETS	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	56,961,646	51,508,142
Common stock, shares outstanding	56,961,646	51,508,142
Excess stock, par value (in dollars per share)	$0.01	$0.01
Excess stock, shares authorized	10,000,000	10,000,000
Excess stock, shares issued	0	0
Excess stock, shares outstanding	0	0

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues:	'	'	'
Rental income	$608,994	$575,969	$500,328
Property other income	53,426	50,709	44,105
Other income	1,180	311	154
Total revenues	663,600	626,989	544,587
Expenses:	'	'	'
Operating and maintenance	238,510	229,290	211,307
General and administrative	28,507	34,174	29,145
Interest	113,911	123,874	125,255
Depreciation and amortization	172,903	161,047	136,503
Other expenses	312	2,741	3,225
Total expenses	554,143	551,126	505,435
Income from continuing operations	109,457	75,863	39,152
Discontinued operations:	'	'	'
Income from discontinued operations	917	7,227	8,512
Gain on disposition of property	81,205	80,532	'
Discontinued operations	82,122	87,759	8,512
Net income	191,579	163,622	47,664
Net income attributable to noncontrolling interest	-30,706	-28,320	-9,808
Net income attributable to common stockholders	$160,873	$135,302	$37,856
Basic earnings per share data:	'	'	'
Income from continuing operations (in dollars per share)	$1.69	$1.26	$0.74
Discontinued operations (in dollars per share)	$1.27	$1.46	$0.16
Net income attributable to common stockholders (in dollars per share)	$2.96	$2.72	$0.90
Diluted earnings per share data:	'	'	'
Income from continuing operations (in dollars per share)	$1.68	$1.24	$0.73
Discontinued operations (in dollars per share)	$1.25	$1.45	$0.16
Net income attributable to common stockholders (in dollars per share)	$2.93	$2.69	$0.89
Weighted average number of shares outstanding:	'	'	'
Basic (in shares)	54,328,514	49,744,636	41,860,139
Diluted (in shares)	54,820,194	50,382,636	42,545,082

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'
Net income	$191,579	$163,622	$47,664
Other comprehensive income (loss):	'	'	'
Unrealized gain (loss) on interest rate swap agreements	3,136	-1,296	'
Other comprehensive income (loss)	3,136	-1,296	'
Comprehensive income	194,715	162,326	47,664
Net income attributable to noncontrolling interest	-30,706	-28,320	-9,808
Other comprehensive (income) loss attributable to noncontrolling interest	-516	227	'
Comprehensive income attributable to common stockholders	$163,493	$134,233	$37,856

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Common Stock	Additional Paid-In Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest
In Thousands, except Share data, unless otherwise specified	Total	Common Stock	Additional Paid-In Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest
Balance at Dec. 31, 2010	$935,134	$379	$1,047,325	($326,811)	$0	$214,241
Balance (in shares) at Dec. 31, 2010	'	37,949,229	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Net income	47,664	'	'	37,856	'	9,808
Issuance of common stock, net	216,603	39	216,564	'	'	'
Issuance of common stock, net (in shares)	'	3,881,833	'	'	'	'
Issuance of common stock through public offering, net	336,760	60	336,700	'	'	'
Issuance of common stock through public offering, net (in shares)	'	6,000,000	'	'	'	'
Stock-based compensation	10,105	'	10,105	'	'	'
Stock-based compensation (in shares)	'	21,457	'	'	'	'
Repurchase of common stock	-5,770	-1	-5,769	'	'	'
Repurchase of common stock (in shares)	'	-96,723	'	'	'	'
Conversion of UPREIT Units for common stock	0	6	11,393	'	'	-11,399
Conversion of UPREIT Units for common stock (in shares)	'	565,509	'	'	'	'
Adjustment of noncontrolling interest	0	'	-70,755	'	'	70,755
Dividends and distributions paid	-130,852	'	'	-103,423	'	-27,429
Balance at Dec. 31, 2011	1,409,644	483	1,545,563	-392,378	0	255,976
Balance (in shares) at Dec. 31, 2011	'	48,321,305	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Net income	163,622	'	'	135,302	'	28,320
Unrealized gain (loss) on interest rate swap agreements	-1,296	'	'	'	-1,069	-227
Issuance of common stock, net	165,968	30	165,938	'	'	'
Issuance of common stock, net (in shares)	'	2,966,742	'	'	'	'
Stock-based compensation	13,923	'	13,923	'	'	'
Stock-based compensation (in shares)	'	4,199	'	'	'	'
Repurchase of common stock	-4,245	-1	-4,244	'	'	'
Repurchase of common stock (in shares)	'	-68,284	'	'	'	'
Conversion of UPREIT Units for common stock	0	3	6,896	'	'	-6,899
Conversion of UPREIT Units for common stock (in shares)	'	284,180	'	'	'	'
Adjustment of noncontrolling interest	0	'	-18,157	'	'	18,157
Dividends and distributions paid	-159,349	'	'	-131,321	'	-28,028
Balance at Dec. 31, 2012	1,588,267	515	1,709,919	-388,397	-1,069	267,299
Balance (in shares) at Dec. 31, 2012	51,508,142	51,508,142	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Net income	191,579	'	'	160,873	'	30,706
Unrealized gain (loss) on interest rate swap agreements	3,136	'	'	'	2,620	516
Issuance of common stock, net	47,486	9	47,477	'	'	'
Issuance of common stock, net (in shares)	'	902,934	'	'	'	'
Issuance of common stock through public offering, net	267,633	44	267,589	'	'	'
Issuance of common stock through public offering, net (in shares)	'	4,427,500	'	'	'	'
Stock-based compensation	9,055	'	9,055	'	'	'
Stock-based compensation (in shares)	'	3,137	'	'	'	'
Repurchase of common stock	-3,133	'	-3,133	'	'	'
Repurchase of common stock (in shares)	'	-48,484	'	'	'	'
Conversion of UPREIT Units for common stock	0	2	4,493	'	'	-4,495
Conversion of UPREIT Units for common stock (in shares)	'	168,417	'	'	'	'
Adjustment of noncontrolling interest	0	'	-28,100	'	'	28,100
Dividends and distributions paid	-181,710	'	'	-152,644	'	-29,066
Balance at Dec. 31, 2013	$1,922,313	$570	$2,007,300	($380,168)	$1,551	$293,060
Balance (in shares) at Dec. 31, 2013	56,961,646	56,961,646	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:	'	'	'
Net income	$191,579	$163,622	$47,664
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'
Depreciation and amortization	177,885	172,558	148,630
Amortization of senior note debt discount	'	'	1,782
Accreted debt discount on repurchase of exchangeable senior notes	'	'	-9,765
Gain on disposition of property	-81,205	-80,532	'
Stock-based compensation	9,055	13,923	10,105
Changes in assets and liabilities:	'	'	'
Cash in escrows, net	1,825	1,881	813
Other assets	-5,101	-8,250	-296
Accounts payable and accrued liabilities	1,042	4,378	-1,228
Total adjustments	103,501	103,958	150,041
Net cash provided by operating activities	295,080	267,580	197,705
Cash flows from investing activities:	'	'	'
Deposits on real estate acquisitions	-800	'	'
Purchase of properties, net of mortgage notes assumed	-55,821	-289,759	-498,558
Purchase of land for development	-41,889	'	-12,750
Capital improvements to properties including redevelopment	-144,304	-164,987	-126,786
Additions to construction in progress	-60,947	-61,806	-32,038
Additions to predevelopment	-938	-535	-1,310
Proceeds from sale of properties, net	187,993	149,783	5,426
Proceeds from insurance for property losses	1,145	'	'
Proceeds from notes receivable	'	'	1,015
Withdrawals from cash held in escrow, net	1,408	1,301	658
Net cash used in investing activities	-114,153	-366,003	-664,343
Cash flows from financing activities:	'	'	'
Proceeds from sale of common stock, net	47,486	165,968	216,603
Proceeds from issuance of common stock through public offering, net	267,633	'	336,760
Repurchase of common stock	-3,133	-4,245	-5,770
Scheduled payments of mortgage notes payable	-33,974	-35,873	-36,345
Payoff mortgage notes payable	-316,836	-67,324	-127,050
Proceeds from unsecured notes payable	25,000	150,000	400,000
Payments of unsecured notes payable	-25,000	-100,000	'
Payment for repurchase of exchangeable senior notes	'	'	-130,235
Proceeds from unsecured line of credit	743,000	524,000	522,000
Payments of unsecured line of credit	-712,500	-364,000	-576,000
Proceeds from unsecured term loan	'	'	135,000
Payments of unsecured term loan	'	'	-135,000
Payments of deferred loan costs	-2,132	-410	-4,953
Withdrawals from (additions to) cash held in escrow, net	'	2,451	-5
Dividends and distributions paid	-181,710	-159,349	-130,852
Net cash provided by (used in) financing activities	-192,166	111,218	464,153
Net increase (decrease) in cash and cash equivalents	-11,239	12,795	-2,485
Cash and cash equivalents:	'	'	'
Beginning of year	21,092	8,297	10,782
End of year	$9,853	$21,092	$8,297

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Dec. 31, 2013
ORGANIZATION AND BASIS OF PRESENTATION	'
ORGANIZATION AND BASIS OF PRESENTATION	'
	1 ORGANIZATION AND BASIS OF PRESENTATION

	Organization

	Home Properties, Inc. (the “Company”) was formed in November 1993, as a Maryland corporation and is engaged in the ownership, management, acquisition, rehabilitation and development of residential apartment communities primarily in selected Northeast and Mid-Atlantic regions of the United States. The Company completed an initial public offering of 5,408,000 shares of common stock on August 4, 1994 and is traded on the New York Stock Exchange (“NYSE”) under the symbol “HME”. The Company is included in Standard & Poor’s MidCap 400 Index.

	The Company conducts its business through Home Properties, L.P. (the “Operating Partnership”), a New York limited partnership. As of December 31, 2013, the Company owned and operated 120 apartment communities with 42,170 apartments.

	Basis of Presentation

	The accompanying consolidated financial statements include the accounts of the Company and its ownership of 84.8% of the limited partnership units in the Operating Partnership (“UPREIT Units”) at December 31, 2013 (83.2% at December 31, 2012). The remaining 15.2% is included as noncontrolling interest in these consolidated financial statements at December 31, 2013 (16.8% at December 31, 2012). The Company periodically adjusts the carrying value of noncontrolling interest to reflect its share of the book value of the Operating Partnership. Such adjustments are recorded to additional paid in capital as a reallocation of noncontrolling interest in the accompanying consolidated statements of equity. The Company owns a 1.0% general partner interest in the Operating Partnership and the remainder indirectly as a limited partner through its wholly owned subsidiary, Home Properties I, LLC, which owns 100% of Home Properties Trust, which is the limited partner. Home Properties Trust was formed in September 1997, as a Maryland real estate trust and as a qualified REIT subsidiary (“QRS”), and owns the Company’s share of the limited partner interests in the Operating Partnership.

	The accompanying consolidated financial statements include the accounts of Home Properties Resident Services, Inc. (“HPRS”). HPRS is a wholly owned subsidiary of the Company. All significant inter-company balances and transactions have been eliminated in these consolidated financial statements.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Real Estate

	Real estate is recorded at cost. Costs related to the development, construction and improvement of properties are capitalized. Recurring capital replacements typically include carpeting and tile, appliances, HVAC equipment, new roofs, site improvements and various exterior building improvements. Non-recurring upgrades include, among other items, community centers, new windows, kitchens and bathrooms. Costs incurred on a lease turnover due to normal wear and tear by the resident are expensed on the turn. Ordinary repairs and maintenance that do not extend the life of the asset are expensed as incurred. When retired or otherwise disposed of, the related asset cost and accumulated depreciation are cleared from the respective accounts and the net difference, less any amount realized from disposition, is reflected in income.

	The Company capitalizes the payroll and associated costs of employees directly responsible for the supervision and construction of development properties, major capital and rehabilitation projects. Interest costs for development properties, major capital projects and properties under rehabilitation are capitalized during the construction period. These costs are reflected on the balance sheet as an increase to depreciable property. Payroll and associated costs capitalized were $4,263, $3,895 and $3,028 for the years ended December 31, 2013, 2012 and 2011, respectively.

	For development properties, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. Costs directly related to the development of properties are capitalized. The Company capitalizes interest, real estate taxes, insurance, and payroll including associated costs for those individuals directly responsible for and who spend all their time on development activities. Determination of when a development project commences and capitalization begins, and when a development project is substantially complete and capitalization must end involves a degree of judgment. We begin the capitalization of costs during the pre-construction period which we define as activities that are necessary to the development of the property. We consider a development property as substantially complete after major construction has ended and the property is available for occupancy. For properties that are built in phases, we end capitalization on the portion of a property that is considered substantially complete, and we capitalize only those costs associated with the portion under construction. These costs are reflected on the balance sheet as construction in progress.

	The interest rate used for capitalization is the weighted average interest rate for all Company indebtedness, including amortization of debt issuance costs. In connection with development properties, major capital projects and rehabilitation projects, there was $7,281, $4,380 and $5,255 of interest capitalized for the years ended December 31, 2013, 2012 and 2011, respectively.

	Management reviews its long-lived assets used in operations for impairment when, in accordance with the authoritative guidance for the accounting for the impairment or disposal of long-lived assets, there is an event or change in circumstances that indicates an impairment in value. An asset is considered impaired when the undiscounted future cash flows are not sufficient to recover the asset’s carrying value. If such impairment is present, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The Company records impairment losses and reduces the carrying amounts of assets held for sale when the carrying amounts exceed the estimated selling proceeds less the costs to sell.

	The Company accounts for its acquisitions of investments in real estate in accordance with the authoritative guidance for business combinations, which requires the assets and liabilities acquired to be recognized using fair value. Typical assets and liabilities acquired include land, building, and personal property and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, value of in-place leases and value of resident relationships, based in each case on their fair values. Additionally, acquisition related costs are expensed in the periods in which the costs are incurred and the services are received. The Company considers acquisitions of operating real estate assets to be businesses as that term is defined in the authoritative guidance.

	The Company determines the fair value of the tangible assets of an acquired property (which includes the land, building, and personal property) by valuing the property as if it were vacant. The as-if-vacant value is assigned to land, buildings, and personal property based on management’s determination of the relative fair values of these assets.

	Above-market and below-market in-place lease values for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values are included in other assets and are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values are included in accrued expenses and other liabilities and are amortized as an increase to rental income over the initial term of the respective leases.

	The fair value of in-place leases is based upon the Company’s evaluation of the specific characteristics of the leases. Factors considered in these analyses include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, management also includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods depending on the property acquired.

	The fair value of resident relationships is based on management’s evaluation of the specific characteristics of the residential leases and the Company’s resident retention history.

	The in-place leases and resident relationships are amortized and included in depreciation and amortization expense over a six month and a three year period, respectively.

	Exchange of UPREIT Units for shares

	Exchanges of UPREIT Units for shares of the Company’s common stock are recorded under the historical cost method with UPREIT Units acquired reflected at their book value (“exchange value”). The exchange value of UPREIT Units is allocated to common stock and additional paid in capital.

	There were 168,417, 284,180 and 565,509 shares of UPREIT Units exchanged for common stock, during 2013, 2012 and 2011, respectively. The Company made adjustments within equity in the amount of $4,495, $6,899 and $11,399, during 2013, 2012 and 2011, respectively, to record the exchange value of the transactions.

	Costs Incurred for Stock Issuances

	Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid in capital.

	Discontinued Operations

	The Company reports its property dispositions as discontinued operations as prescribed by the authoritative guidance. Pursuant to the definition of a component of an entity in the authoritative guidance for discontinued operations, assuming no significant continuing involvement by the former owner after the sale, the sale of an apartment community is considered a discontinued operation. In addition, apartment communities classified as held for sale are also considered a discontinued operation. The Company generally considers assets to be held for sale when all significant contingencies surrounding the closing have been resolved, which often corresponds with the actual closing date. For purposes of the discontinued operations presentation, the Company includes interest expense and losses from early extinguishment of debt associated with specific mortgage indebtedness of the properties that are considered discontinued operations.

	Depreciation

	The Company is required to make subjective assessments as to the useful lives of its properties and improvements for purposes of determining the amount of depreciation to record on an annual basis. These assessments have a direct impact on the Company’s net income.

	Assets are depreciated using a straight-line method over the following estimated useful lives:

	Land improvements	3-20 years
	Buildings and improvements	3-40 years
	Furniture, fixtures and equipment	5-10 years
	Computer software	5 years

	Depreciation expense charged to operations was $172,064, $158,428 and $134,957 from continuing operations and $1,839, $7,951 and $8,315 from discontinued operations for the years ended December 31, 2013, 2012 and 2011, respectively.

	Cash and Cash Equivalents

	Cash and cash equivalents include all cash and highly liquid investments purchased with original maturities of three months or less. The Company estimates that the fair value of cash equivalents approximates the carrying value due to the relatively short maturity of these instruments. The majority of the Company’s cash and cash equivalents are held at major commercial banks which at times may exceed the Federal Deposit Insurance Corporation limit of $250. The Company has not experienced any losses to date on its invested cash.

	Cash in Escrows

	Cash in escrows consists of resident security deposits for residential properties, cash restricted under the terms of various loan agreements to be used for the payment of property taxes and insurance as well as required replacement reserves, and occasionally funds held in escrow from tax-free exchanges.

	Accounts Receivable and Allowance for Doubtful Receivables

Accounts receivable are generally comprised of amounts receivable from residents and other miscellaneous receivables from non-affiliated entities. We evaluate the collectability of accounts receivable from residents and establish an allowance for accounts greater than 60 days past due for current residents and all receivables due from former residents, after the application of security deposits. The allowance for doubtful resident receivables was $2,499 and $2,778 as of December 31, 2013 and 2012, respectively.

Deferred Charges

Costs relating to the financing of properties are deferred and amortized over the life of the related financing agreement. Amortization is reflected as interest expense in the consolidated statements of operations, with remaining terms ranging from 2 month to 8 years. Unamortized financing costs are written off when the financing agreement is retired before the maturity date. Accumulated amortization was $9,908 and $11,050, as of December 31, 2013 and 2012, respectively.

Intangible Assets

Intangible assets of $14,304 and $14,300 at December 31, 2013 and 2012, respectively, included in other assets, consist solely of intangible assets recorded in connection with the authoritative guidance for the acquisition of real estate assets. These intangible assets are amortized on a straight-line basis over their estimated useful lives of 6 months to 3 years. Accumulated amortization of intangible assets was $13,292 and $12,797 as of December 31, 2013 and 2012, respectively. Amortization expense for the years ended December 31, 2013, 2012 and 2011 was $838, $2,618 and $1,547 from continuing operations, respectively. There was no amortization expense charged to discontinued operations for the years ended December 31, 2013, 2012 and 2011. The carrying value of intangible assets is periodically reviewed by the Company and impairments are recognized when the expected future operating cash flows derived from such intangible assets are less than their carrying value.

Insurance Reserves

The Company has self insured retentions and aggregates up to certain limits for general liability, workers’ compensation and property claims. The Company relies on third-party actuaries in the development of reserve requirements. Reserves are currently funded for the estimated cost of claims incurred, both reported and unreported.

Derivative Instruments and Hedging Activities

The Company follows authoritative guidance for disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has 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 changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered 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 in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

Revenue Recognition

The Company leases its residential apartment units under leases with terms generally one year or less. Rental income is recognized on a straight-line basis over the related lease term. As a result, deferred rents receivable are created when rental income is recognized during the concession period of certain negotiated leases and amortized over the remaining term of the lease. In accordance with the authoritative guidance for business combinations, the Company recognizes rental revenue of acquired in-place “above and below” market leases at their fair value over the weighted average remaining lease term. Property other income, which consists primarily of income from operation of laundry facilities, utility recovery, administrative fees, garage and carport rentals and miscellaneous charges to residents, is recognized when earned (when the services are provided, or when the resident incurs the charge).

Other Income

Other income for the years ended December 31, 2013, 2012 and 2011 is primarily comprised of other real estate service fees.

Other Expenses

Other expenses for the years ended December 31, 2013, 2012 and 2011 are the transaction costs from the apartment communities acquired during 2013, 2012 and 2011 that were expensed according to authoritative guidance for business combinations. These costs, which are primarily transfer taxes and title fees, represent 0.42%, 0.90% and 0.64% of the total purchase price of the apartment communities acquired during 2013, 2012 and 2011, respectively.

Gain on Real Estate Sales

Gain on disposition of properties is recognized using the full accrual method in accordance with the authoritative guidance, provided that various criteria relating to the terms of sale and any subsequent involvement by the Company with the properties sold are met.

Advertising

Advertising expenses are charged to operations during the year in which they are incurred. Advertising expenses incurred and charged to operating and maintenance expenses in the consolidated statements of operations were $5,306, $5,199 and $4,550 from continuing operations, and $47, $256 and $306 from discontinued operations, for the years ended December 31, 2013, 2012 and 2011, respectively.

Federal Income Taxes

The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 1994. As a result, the Company generally is not subject to federal or state income taxation at the corporate level to the extent it distributes annually at least 90% of its REIT taxable income to its shareholders and satisfies certain other requirements. For the years ended December 31, 2013, 2012 and 2011, the Company distributed in excess of 100% of its taxable income; accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Stockholders of the Company are taxed on dividends and must report distributions from the Company as either ordinary income, capital gains, or as return of capital; as more fully described in Note 11.

The Company follows the authoritative guidance for accounting for uncertainty in income taxes which addresses the recognition and measurement of assets and liabilities associated with tax positions taken or expected to be taken in a tax return. The Company reviewed its potential uncertain tax positions and made no adjustments to its existing financial and tax accounting treatment for all periods presented. The authoritative guidance also requires a public enterprise to disclose the aggregate difference in the basis of its net assets for financial and tax reporting purposes. The tax basis of assets is less than the amounts reported in the accompanying consolidated financial statements by approximately $508,787 and $483,031 at December 31, 2013 and 2012, respectively.

The following table reconciles net income to taxable income for the years ended December 31, 2013, 2012 and 2011:

		2013			2012			2011
Net income		$	191,579		$	163,622		$	47,664
Net income attributable to noncontrolling interest		(30,706		)	(28,320		)	(9,808		)
Net (income) loss of taxable REIT Subsidiary included in net income		(123		)	5			4
Net income from REIT operations		160,750			135,307			37,860
Book to tax differences:
Book depreciation and amortization		146,675			139,067			114,138
Tax depreciation and amortization		(153,975		)	(143,893		)	(117,822		)
Gains/losses from capital transactions		(9,026		)	(62,507		)	(22		)
Carrying value of mortgages		(884		)	(784		)	(575		)
Equity compensation		(2,905		)	(857		)	(3,928		)
Amortization of debt discount		-			-			1,409
Property acquisition costs		212			2,210			2,551
Other, net		958			(1,934		)	1,912
Adjusted taxable income subject to 90% REIT dividend requirement		$	141,805		$	66,609		$	35,523

The Company made actual distributions in excess of 100% of taxable income before capital gains. All adjustments to net income from REIT operations are net of amounts attributable to noncontrolling interest and the taxable REIT subsidiary, HPRS.

Included in total assets on the consolidated balance sheets are deferred tax assets of $13,107 and $13,168 as of December 31, 2013 and 2012, respectively. The deferred tax assets were a result of the net losses associated with the affordable property portfolio sales during 2004 and 2003. The deferred tax assets expire between 2020 and 2032. Management does not believe it is more likely than not that these deferred assets will be used, and accordingly has recorded a reserve against the deferred tax assets of $13,107 and $13,168 for the years ended December 31, 2013 and 2012, respectively. The deferred tax assets are associated with HPRS which performed certain residential and development activities of the Company. HPRS historically provided commercial management services and provided loan advances to affordable housing entities owned through general partnership interests. As these activities are no longer provided, Management does not currently believe there is a source for future material taxable earnings for HPRS that would give rise to value for the deferred tax assets.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

RECENTLY_ADOPTED_AND_RECENTLY_

RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	12 Months Ended
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	Dec. 31, 2013
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	'
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	'
	3 RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS

	Recently Adopted Accounting Standards

	In February 2013, the Financial Accounting Standards Board issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires an entity to present information about reclassification adjustments from accumulated other comprehensive income in their interim and annual financial statements in a single note or on the face of the financial statements. ASU 2013-02 became effective for the Company on January 1, 2013. The Company’s adoption of this authoritative guidance did not have a material impact on its operating results or financial position.

ACQUISITIONS_AND_DEVELOPMENT

ACQUISITIONS AND DEVELOPMENT	12 Months Ended
ACQUISITIONS AND DEVELOPMENT	Dec. 31, 2013
ACQUISITIONS AND DEVELOPMENT	'
ACQUISITIONS AND DEVELOPMENT	'
	4 ACQUISITIONS AND DEVELOPMENT

	Property Acquisitions

	During the years ended December 31, 2013 and 2012, the Company acquired the communities listed below:

												Cost of
				Date		Year	Number		Cost of			Acquisition
	Apartment Community	Region		Acquired		Constructed	of Units		Acquisition			Per Unit
	Stone Hill	Philadelphia		11/27/13		1971		205		$	15,500		$	76
	Middlesex Crossing	Boston		12/18/13		1969-1974		252		40,250			160
								457		$	55,750

	The Manor East	Suburban D.C.		5/11/12		1964		164		$	16,200		$	99
	Woodway at Trinity Centre	Suburban D.C.		5/17/12		1997		504		96,000			190
	Howard Crossing	Baltimore		6/28/12		1968-1975		1,350		186,000			138
								2,018		$	298,200

	All of the 2013 and 2012 acquired apartment communities were recorded at fair value which approximated actual purchase price. None of the acquisitions were subject to bargain purchase options or resulted in goodwill being recorded. In connection with these acquisitions, closing costs of $312 and $2,741 were incurred and are included in other expenses for the years ended December 31, 2013 and 2012, respectively.

	Included in the consolidated statements of income for the years ended December 31, 2013 and 2012, are total revenues of $29,637 and $15,578, respectively, and net income attributable to common shareholders of $9,810 and $4,056, respectively, since the respective date of acquisition through December 31, 2013 for the 2013 and 2012 acquired apartment communities.

	Pro Forma Information

	The following unaudited pro forma information was prepared as if the 2013 and 2012 transactions related to the acquisition of apartment communities occurred as of January 1 of the preceding year. The pro forma financial information is based upon the historical consolidated financial statements of the Company and the acquired communities, and is not necessarily indicative of the consolidated results which actually would have occurred if the transactions had been consummated at January 1, 2012, nor does it purport to represent the results of operations for future periods. Adjustments to the pro forma financial information for the years ended December 31, 2013 and 2012 consist principally of providing net operating activity and recording interest, depreciation and amortization from January 1, 2012 to the acquisition date as appropriate. Acquisition related costs in the amount of $312 were excluded from the 2013 pro forma net income attributable to common stockholders. An adjustment was made to include these costs in the 2012 pro forma net income attributable to common stockholders.


		2013			2012
		(Unaudited)			(Unaudited)
	Pro forma total revenues	$	669,418		$	645,463
	Pro forma net income attributable to common stockholders	162,371			140,479
	Pro forma earnings per common share:
	Basic	$	2.99		$	2.82
	Diluted	2.96			2.79

	Redevelopment

	The Company has one project under redevelopment. Arbor Park, located in Alexandria, Virginia, has 851 garden apartments in fifty-two buildings built in 1967. The Company is part way through a project to extensively renovate all of the units over several years on a building by building basis. As of December 31, 2013, there were four buildings with 42 units under renovation and thirty-six buildings with 596 units completed and 540 of those units occupied. As of December 31, 2013, the Company has incurred costs of $21,862 for the renovation which is included in buildings, improvements and equipment. The entire project is expected to be completed in 2015.

	Development

	During 2012, the Company completed construction at The Apartments at Cobblestone Square located in Fredericksburg, Virginia, consisting of eight, four-story buildings and a refurbished rail depot, for a total of 314 apartment units. The total cost for this community was $48,609 for an average cost per apartment unit of $155.

	During the fourth quarter of 2011, the Company started construction on Eleven55 Ripley, located in Silver Spring, Maryland, consisting of two buildings, a 21 story high-rise and a 5 story mid-rise, for a total of 379 apartment units. Initial occupancy occurred in the fourth quarter of 2013. Construction is expected to be completed in the first half of 2014. The construction in progress for this development was $97,171 as of December 31, 2013.

	During the second quarter of 2012, the Company started construction on The Courts at Spring Mill Station, located in Conshohocken, Pennsylvania, a suburb of Philadelphia. The mid-rise project, consisting of two buildings, will have a total of 385 apartment units. Construction is expected to be completed in the second half of 2014 with initial occupancy in the second quarter of 2014. The construction in progress for this development was $42,504 as of December 31, 2013.

	During the first quarter of 2013, the Company purchased a land parcel located in Tysons Corner, Virginia. The Company intends to develop approximately 694 units in a residential community on this entitled parcel for approximately $232,000. The construction in progress for this development, consisting primarily of land value, was $33,659 as of December 31, 2013.

	During the fourth quarter of 2013, the Company purchased a land parcel located in Linthicum, Maryland. The land is intended for future development of approximately 300 multifamily units. The construction in progress for this development, consisting primarily of land value, was $14,642 as of December 31, 2013.

MORTGAGE_NOTES_PAYABLE

MORTGAGE NOTES PAYABLE	12 Months Ended
MORTGAGE NOTES PAYABLE	Dec. 31, 2013
MORTGAGE NOTES PAYABLE	'
MORTGAGE NOTES PAYABLE	'
	5 MORTGAGE NOTES PAYABLE

	The Company’s mortgage notes payable are summarized as follows:

		2013		2012
	Fixed rate mortgage notes payable	$1,731,177		$1,967,026
	Variable rate mortgage notes payable	83,040		198,001
	Mortgage notes payable	$1,814,217		$2,165,027

	For 2013 and 2012, mortgage notes payable were collateralized by certain apartment communities as detailed in Schedule III. The mortgage notes payable outstanding as of December 31, 2013 mature at various dates from 2014 through 2029, with a weighted average remaining term of approximately four years. The weighted average interest rate of the Company’s fixed rate notes was 5.21% and 5.30% at December 31, 2013 and 2012, respectively. The weighted average interest rate of the Company’s variable rate notes was 3.02% and 2.77% at December 31, 2013 and 2012, respectively.

	Principal payments on the mortgage notes payable for years subsequent to December 31, 2013 are as follows:

	2014	$	94,927
	2015	248,216
	2016	310,509
	2017	256,063
	2018	214,212
	Thereafter	690,290
		$	1,814,217

	Prepayment penalties of $2,229, $2,202 and $13 were incurred for the years ended December 31, 2013, 2012 and 2011, respectively, and are included in interest expense. Included in the 2013 and 2012 prepayment penalties of $2,229 and $2,202, respectively, are penalties of $1,613 and $2,115, respectively, which were incurred in connection with the sale of property and are included in discontinued operations.

	Deferred financing costs of $518, $45 and $72 were written off for the years ended December 31, 2013, 2012 and 2011, respectively, and are included in interest expense. For 2013 and 2012, deferred financing costs written off of $169 and $42, respectively, were incurred in connection with the sale of properties and are included in discontinued operations. For 2013, 2012 and 2011, deferred financing costs written off of $349, $3 and $72, respectively, were incurred in connection with the early repayment of mortgages and are included in interest expense from continuing operations.

UNSECURED_NOTES_PAYABLE

UNSECURED NOTES PAYABLE	12 Months Ended
UNSECURED NOTES PAYABLE	Dec. 31, 2013
UNSECURED NOTES PAYABLE	'
UNSECURED NOTES PAYABLE	'
	6 UNSECURED NOTES PAYABLE

	Unsecured Term Loans

	In December 2011, the Company entered into a five-year unsecured term loan for $250,000 with M&T Bank as lead bank, and ten other participating lenders, which was set to mature on December 8, 2016. On August 19, 2013, the Company amended the loan agreement to extend the maturity date to August 18, 2018. No other changes were made to the terms of the unsecured term loan. The loan bears monthly interest at a variable rate based on LIBOR, plus a spread from 1.00% to 2.00% based on the Company’s leverage ratio. The unsecured term loan has covenants that align with the unsecured line of credit facility described in Note 8. The Company was in compliance with these financial covenants for all periods presented.

	On July 19, 2012, the Company entered into two interest rate swap agreements that effectively convert the variable LIBOR portion of this loan to a fixed rate of 0.685% through December 7, 2016. On November 4, 2013, the Company entered into three additional interest rate swap agreements that effectively convert the variable LIBOR portion of this loan to a fixed rate of 2.604% for the period of December 8, 2016 through August 18, 2018. The interest rate swap agreements are more fully described in Note 10. As of December 31, 2013, based on the Company’s leverage ratio, the spread was 1.00%, and the one-month LIBOR was swapped at 0.685%; resulting in an effective rate of 1.685% for the Company.

	On June 28, 2013, the Company entered into an unsecured loan agreement with M&T Bank with a September 30, 2013 maturity date. The note had a maximum principal amount of $75,000, with monthly interest at a variable rate based on LIBOR, plus a spread from 1.00% to 2.00% based on the Company’s leverage ratio. On June 28, 2013, the Company borrowed $25,000 which was repaid in its entirety on July 12, 2013. Proceeds from this term loan were utilized to partially fund the repayment of secured debt. On August 19, 2013, the loan commitment was terminated in connection with an amendment to the unsecured line of credit, as more fully described in Note 8.

	Unsecured Demand Note

	On June 27, 2012, the Company entered into a loan agreement with M&T Bank with a maximum principal amount of $100,000 and monthly interest at a variable rate based on LIBOR, plus a spread from 1.00% to 2.00% based on the Company’s leverage ratio. The Company borrowed the maximum amount of $100,000. Proceeds from this demand note were utilized to partially fund the purchase of a 1,350 unit apartment community on June 28, 2012. During the fourth quarter, 2012, the Company repaid the $100,000 balance on the note from property disposition proceeds.

	Unsecured Senior Notes

	In December 2011, the Company issued $150,000 of unsecured senior notes. The notes were offered in a private placement in two series: Series A: $90,000 with a seven-year term due December 19, 2018 at a fixed interest rate of 4.46% (“Series A”); and, Series B: $60,000 with a ten-year term due December 19, 2021 at a fixed interest rate of 5.00% (“Series B”).

	On June 27, 2012, the Company issued another private placement note in the amount of $50,000 with a seven-year term, a fixed rate of 4.16% and a June 27, 2019 due date. The proceeds from this note were used to partially fund the purchase of a 1,350 unit apartment community on June 28, 2012.

	The unsecured senior notes are subject to various covenants and maintenance of certain financial ratios. Although the covenants of the notes do not duplicate all the covenants of the unsecured line of credit facility, any covenants applicable to both the notes and the line are identical. The Company was in compliance with these financial covenants for all periods presented.

EXCHANGEABLE_SENIOR_NOTES

EXCHANGEABLE SENIOR NOTES	12 Months Ended
	Dec. 31, 2013
EXCHANGEABLE SENIOR NOTES	'
EXCHANGEABLE SENIOR NOTES	'
	7 EXCHANGEABLE SENIOR NOTES

	In October 2006, the Company issued $200,000 principal amount of exchangeable senior notes (“Senior Notes”) under an Indenture, with a coupon rate of 4.125%. In the fourth quarter of 2008, the Company repurchased $60,000 principal amount of the Senior Notes, leaving $140,000 outstanding. The Senior Notes were exchangeable into cash equal to the principal amount of the notes and, at the Company’s option, cash or common stock for the exchange value, to the extent that the market price of common stock exceeded the initial exchange price of $73.34 per share, subject to adjustment and generally not redeemable by the Company until November 1, 2011. Prior to the maturity date of November 1, 2026, holders of the Senior Notes had the right to require the Company to repurchase the notes on November 1, 2011, 2016 and 2021, and the occurrence of certain events.

	On November 1, 2011, the Company repurchased at face value $135,000 of the Senior Notes, plus accrued interest of $2,784, that were presented by the holders for repurchase in accordance with the Indenture. On December 21, 2011 the remaining outstanding balance of $5,000 principal amount of the Senior Notes was repurchased by the Company, at face value plus accrued interest of $29, at the Company’s option in accordance with the Indenture. There were no outstanding Senior Notes as of December 31, 2013, 2012 or 2011.

	The following table provides additional information about the Senior Notes for the year ended December 31, 2011:

		2011
	Coupon interest	$	4,835
	Issuance cost amortization	456
	Discount amortization	1,782
	Total interest expense	$	7,073

	The effective interest rate was 5.75% for the year ended 2011. The conversion price per share, as adjusted, was $72.87 as of the November 1, 2011 and December 21, 2011 repurchase dates.

UNSECURED_LINE_OF_CREDIT

UNSECURED LINE OF CREDIT	12 Months Ended
UNSECURED LINE OF CREDIT	Dec. 31, 2013
UNSECURED LINE OF CREDIT	'
UNSECURED LINE OF CREDIT	'
	8 UNSECURED LINE OF CREDIT

	On August 19, 2013, the Company entered into a First Amendment to the Amended and Restated Credit Agreement (the “Credit Agreement”), which provides for a $450,000 revolving credit facility with an initial maturity date of August 18, 2017 and a one-year extension at the Company’s option. The Credit Agreement amended the Company’s prior $275,000 facility, which was scheduled to expire on December 8, 2015, not including a one-year extension at the Company’s option. The Credit Agreement is with M&T Bank and U.S. Bank National Association as joint lead arrangers, M&T Bank as administrative agent and nine other commercial banks as participants. The Company had $193,000 outstanding under the credit facility as of December 31, 2013. Borrowings under the line of credit bear interest at a variable rate based on LIBOR, plus a spread from 1.00% to 2.00% based on the Company’s leverage ratio. As of December 31, 2013, based on the Company’s leverage ratio, the spread was 1.00%, and the one-month LIBOR was 0.19%; resulting in an effective rate of 1.19% for the Company.

	The Credit Agreement requires the Company to maintain certain financial ratios and measurements including a limitation on outstanding indebtedness and a minimum interest coverage ratio. The Company was in compliance with these financial covenants for all periods presented.

	The Credit Agreement also provides the ability to issue up to $20,000 in letters of credit. While the issuance of letters of credit does not increase borrowings outstanding under the line of credit, it does reduce the amount available. At December 31, 2013, the Company had outstanding letters of credit of $5,237 and the amount available on the credit facility was $251,763.

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Dec. 31, 2013
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
	9 FAIR VALUE OF FINANCIAL INSTRUMENTS

	Financial Instruments Carried at Fair Value

	The fair value of interest rate swaps, which are more fully described in Note 10, are determined using the market standard of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rate forward curves derived from observable market interest rate curves (level 2 inputs, as defined by the authoritative guidance). The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The Company has determined that the significant inputs used in this model are observable in active markets, therefore considers the interest rate swap asset valuation of $1,840 at December 31, 2013 and the liability valuation of $1,296 at December 31, 2012 as level 2 classifications within the fair value hierarchy.

	Financial Instruments Not Carried at Fair Value

	The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments.

	Cash and cash equivalents, cash in escrows, accounts receivable, other assets, accounts payable, accrued interest payable, accrued expenses and other liabilities, except for interest rate swaps, are all carried at their face amounts, which approximate their fair values due to their relatively short-term nature and high probability of realization.

	Financial Instruments Not Carried at Fair Value (continued)

	The Company determined the fair value of its mortgage notes payable, unsecured term loan, unsecured senior notes and unsecured line of credit facility using a discounted future cash flow technique that incorporates observable market-based inputs, including a market interest yield curve with adjustments for duration, loan to value (level 2 inputs), and risk profile (level 3 inputs). In determining the market interest yield curve, the Company considered its investment grade credit ratings (level 2 inputs). The Company has determined that the significant inputs used in this model are observable in active markets, therefore considers the valuation classified as level 2 of the fair value hierarchy. At December 31, 2013 and December 31, 2012, the fair value of the Company’s total debt, consisting of the mortgage notes, the unsecured term loan, unsecured senior notes and unsecured line of credit, amounted to a liability of $2,552,145 and $2,968,865, respectively, compared to its carrying amount of $2,457,217 and $2,777,527, respectively.

DERIVATIVE_AND_HEDGING_ACTIVIT

DERIVATIVE AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2013

DERIVATIVE AND HEDGING ACTIVITIES

10 DERIVATIVE AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company does not utilize these arrangements for trading or speculative purposes.

Cash Flow Hedges of Interest Rate Risk

On July 19, 2012, the Company entered into two interest rate swap agreements that effectively convert the one-month LIBOR portion of a $250,000 five-year variable rate unsecured term loan, originally due on December 8, 2016, from a variable rate of one-month LIBOR plus a spread of 1.00% to 2.00% based on the Company’s leverage ratio to a fixed rate of 0.685% plus the applicable spread. As further described in Note 6, the $250,000 unsecured term loan was amended to extend the maturity date to August 18, 2018. On November 4, 2013, the Company entered into three additional interest rate swap agreements for the period of December 8, 2016 through August 18, 2018 to succeed the original two swaps. These three forward swaps effectively convert the variable rate of one-month LIBOR plus a spread of 1.00% to 2.00% based on the Company’s leverage ratio to a fixed rate of 2.604% plus the applicable spread.

As of December 31, 2013, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate

Notional

Fixed

Variable

Effective Date

Maturity Date

Derivative

Amount

Interest

Interest Rate

Rate

Interest rate swap

150,000

0.68%

One-month LIBOR

August 13, 2012

December 8, 2016

Interest rate swap

100,000

0.69%

One-month LIBOR

August 13, 2012

December 8, 2016

Interest rate swap

100,000

2.60%

One-month LIBOR

December 8, 2016

August 18, 2018

Interest rate swap

75,000

2.60%

One-month LIBOR

December 8, 2016

August 18, 2018

Interest rate swap

75,000

2.61%

One-month LIBOR

December 8, 2016

August 18, 2018

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheets as of December 31, 2013 and December 31, 2012:

Fair Value of Derivative Instruments

Asset Derivatives

Liability Derivatives

Balance

Fair Value at

Balance

Fair Value at

Sheet Location

12/31/13

12/31/12

Sheet Location

12/31/13

12/31/12

Interest Rate Swap

Other Assets

1,840

Other Liabilities

1,296

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2013 and 2012, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the years ended December 31, 2013 and 2012, the Company did not record any hedge ineffectiveness.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The Company estimates that an additional $1,101 will be reclassified from accumulated other comprehensive income as an increase to interest expense over the next twelve months.

The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2013 and 2012, respectively:

2013

2012

Amount of gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives (effective portion)

1,972

-1,722

Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion)

-1,164

-426

Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)

Disclosure of Offsetting Derivatives

As of December 31, 2013 and December 31, 2012, the gross amount of derivative assets classified on the balance sheet in other assets was $1,840 and $0, respectively. As of December 31, 2013 and December 31, 2012, the gross amount of derivative liabilities classified on the balance sheet in accrued expenses and other liabilities was $0 and $1,296, respectively. The Company does not have any derivative instruments offset on the balance sheet or subject to master netting arrangements or similar agreements.

Credit-risk-related Contingent Features

The Company is exposed to credit risk in the event of non-performance by the counterparties to the swaps. The Company minimizes this risk exposure by limiting counterparties to major banks who meet established credit and capital guidelines.

The Company has agreements with each of its derivative counterparties that provide, among other defaults, that if the Company defaults on indebtedness having an aggregate principal amount in excess of $20,000, including default where repayment of the indebtedness has not been accelerated by the lender, the counterparty could declare the Company in default on its derivative obligations.

As of December 31, 2013, the Company had no derivatives in a net liability position, has not posted any collateral related to these agreements and was not in breach of any agreement provisions.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2013
STOCKHOLDERS' EQUITY	'
STOCKHOLDERS' EQUITY	'
	11 STOCKHOLDERS’ EQUITY

	Common Stock

	In 1997, the Company’s Board of Directors approved a stock repurchase program under which the Company may repurchase shares of its outstanding common stock and UPREIT Units (“Company Program”). The shares and units may be repurchased through open market or privately negotiated transactions at the discretion of Company management. The Board’s action did not establish a target price or a specific timetable for repurchase. At December 31, 2013 the Company had authorization to repurchase 2,291,160 shares of common stock and UPREIT Units under the Company Program. There were no repurchases in 2013, 2012 or 2011 under the Company Program.

	In addition, participants in the Company’s stock benefit plans can use common stock of the Company that they already own to pay all or a portion of the exercise price payable to the Company upon the exercise of an option. In such event, the common stock used to pay the exercise price is returned to authorized but unissued status, and is deemed to have been repurchased by the Company, but does not represent repurchases under the Company Program.

	At-The-Market Equity Offering Programs

	On September 17, 2010, the Company initiated an At-The-Market (“ATM”) equity offering program through which it was authorized to sell up to 3,600,000 shares of common stock from time to time in ATM offerings or negotiated transactions. There were no shares issued from this program during 2010 or during the fourth quarter of 2011. The following summarizes issuances of common stock from this program since inception through the completion of the program on May 11, 2012:

	Period		Number of Shares Sold				Gross				Net Proceeds				Average
	Period		Number of Shares Sold				Proceeds				Net Proceeds				Sales Price
	First quarter 2011			841,000				$ 47,524				$ 46,572				$ 56.51
	Second quarter 2011			1,485,707				90,102				88,299				60.65
	Third quarter 2011			877,400				56,542				55,273				64.44
	First quarter 2012			188,393				11,156				10,897				59.22
	Second quarter 2012			207,500				13,224				12,957				63.73
	Total			3,600,000				$ 218,548				$ 213,998				$ 60.71

	On May 14, 2012, the Company initiated another ATM equity offering program through which it is authorized to sell up to 4,400,000 shares of common stock from time to time in ATM offerings or negotiated transactions. The following summarizes issuances of common stock from this program since inception through December 31, 2013:

	Period		Number of				Gross				Net Proceeds				Average
	Period		Shares Sold				Proceeds				Net Proceeds				Sales Price
	Second quarter 2012			698,599				$ 42,528				$ 41,617				$ 60.88
	Third quarter 2012			1,262,125				80,303				78,682				63.63
	Fourth quarter 2012			10,100				628				609				62.18
	First quarter 2013			407,296				25,855				25,282				63.48
	Second quarter 2013			52,113				3,322				3,228				63.75
	Total			2,430,233				$ 152,636				$ 149,418				$ 62.81

	There were no shares issued from this program during the third and fourth quarters of 2013. As of December 31, 2013, 1,969,767 shares remain available under this ATM program.

	The Company used the net proceeds from the ATM offerings primarily for general corporate purposes including acquisitions, development and redevelopment of apartment communities.

	Public Equity Offering Programs

	On September 20, 2011, the Company publicly offered 6,000,000 shares of its common stock at a price of $58.50 per share, for net proceeds of $336,760 after underwriting discounts, commissions and offering expenses. All of the 6,000,000 shares offered were purchased and subsequently delivered on September 23, 2011.

	On July 9, 2013, the Company filed a prospectus supplement for a follow-on offering of 4,427,500 shares of its common stock at a price of $63.00 per share, including 577,500 shares issued pursuant to the exercise in full of an underwriters’ option to purchase additional shares. Net proceeds were $267,633 after underwriting discounts, commissions and offering expenses and were used to pay off outstanding indebtedness. All of the 4,427,500 shares offered were purchased and subsequently delivered on July 12, 2013.

	Dividend Reinvestment Plan

	The Company has a Dividend Reinvestment Plan (the “DRIP”). The DRIP provides the stockholders of the Company an opportunity to automatically invest their cash dividends in common stock. In addition, eligible participants may make monthly payments or other voluntary cash investments in shares of common stock. The maximum monthly investment without prior Company approval is currently $10. There is no discount offered on the investment. The Company can meet share demand under the DRIP through share repurchases by the transfer agent in the open market on the Company’s behalf or new share issuance.

	Dividends and Distributions

	Stockholders are taxed on dividends and must report such dividends as ordinary income, capital gains, or return of capital. The Company has declared and paid a $2.80 distribution per common share (CUSIP 437306103) during its most recent fiscal year. Pursuant to Internal Revenue Code Section 857(b)(3)(C), for the year ended December 31, 2013, the Company designated the taxable composition of the following cash distributions to holders of common shares in the amounts set forth in the tables below:

											Distribution Type
	Declaration		Record		Payable		Distributions				Ordinary		Qualified		Return of		Long-	Unrecaptured
	Dates		Dates		Dates		Per Share				Taxable		Dividend		Capital		Term	Sec. 1250
											Dividend						Capital	Gain
																	Gain
	2/2/13		2/14/13		2/26/13			$0.70			63.07%		0.00%		0.00%		22.36%		14.56%
	4/30/13		5/14/13		5/24/13			$0.70			63.07%		0.00%		0.00%		22.36%		14.56%
	7/30/13		8/13/13		8/23/13			$0.70			63.07%		0.00%		0.00%		22.36%		14.56%
	10/30/13		11/12/13		11/22/13			$0.70			63.07%		0.00%		0.00%		22.36%		14.56%

					Totals			$2.80			63.07%		0.00%		0.00%		22.36%		14.56%

	The taxable composition of cash distributions for each common share for 2012 and 2011 is as follows:

								Distribution Type
Year				Distributions		Ordinary		Qualified		Return of		Long-		Unrecaptured
				Per Share		Taxable		Dividend		Capital		Term		Sec. 1250
						Dividend						Capital		Gain
												Gain
2012				$2.64		75.98%		0.00%		21.79%		1.22%		1.02%
2011				$2.48		62.85%		0.00%		37.15%		0.00%		0.00%

Total Shares and Units Outstanding

At December 31, 2013, 56,961,646 common shares, and 10,287,176 UPREIT Units were outstanding for a total of 67,248,822 common share equivalents.

Earnings Per Share

Basic earnings per share (“EPS”) is computed as net income attributable to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock-based compensation including stock options (using the treasury stock method). The exchange of an UPREIT Unit for a share of common stock has no effect on diluted EPS as unitholders and stockholders effectively share equally in the net income of the Operating Partnership. Income from continuing operations and discontinued operations is the same for both the basic and diluted calculation.

The reconciliation of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011, is as follows:

		2013			2012			2011
Numerator:
Income from continuing operations		$	109,457		$	75,863		$	39,152
Less: Income from continuing operations attributable to noncontrolling interest		-17,471			-13,277			-8,030
Income from continuing operations attributable to common stockholders		$	91,986		$	62,586		$	31,122
Discontinued operations		$	82,122		$	87,759		$	8,512
Less: Discontinued operations attributable to noncontrolling interest		-13,235			-15,043			-1,778
Discontinued operations attributable to common stockholders		$	68,887		$	72,716		$	6,734
Denominator:
Basic weighted average number of common shares outstanding		54,328,514			49,744,636			41,860,139
Effect of dilutive stock options		459,303			566,732			595,708
Effect of restricted shares and restricted stock units		32,377			71,268			89,235
Diluted weighted average number of common shares outstanding		54,820,194			50,382,636			42,545,082
Earnings per common share:
Basic earnings per share:
Income from continuing operations		$	1.69		$	1.26		$	0.74
Discontinued operations		1.27			1.46			0.16
Net income attributable to common stockholders		$	2.96		$	2.72		$	0.9
Diluted earnings per share:
Income from continuing operations		$	1.68		$	1.24		$	0.73
Discontinued operations		1.25			1.45			0.16
Net income attributable to common stockholders		$	2.93		$	2.69		$	0.89

Unexercised stock options to purchase 411,779, 334,659 and 172,810 shares of the Company’s common stock were not included in the computations of diluted EPS because the options’ exercise prices were greater than the average market price of the Company’s stock during the years ended December 31, 2013, 2012 and 2011, respectively.

STOCK_BENEFIT_PLANS

STOCK BENEFIT PLANS	12 Months Ended
STOCK BENEFIT PLANS	Dec. 31, 2013
STOCK BENEFIT PLANS	'
STOCK BENEFIT PLANS	'
	12 STOCK BENEFIT PLANS

	Description of Stock Benefit Plans

	The Company has established stock benefit plans for the purpose of attracting and retaining the services of individuals who are important to the future success of the Company, including key employees, non-employee Directors and other key persons, and to provide them with increased motivation and incentive to exert their best efforts to enhance the long term value of the Company by enlarging their personal stake in its success.

	On May 3, 2011, the stockholders of the Company approved the 2011 Stock Benefit Plan (the “2011 Plan”). The types of awards that may be granted under the 2011 Plan include stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, and dividend equivalent rights. The 2011 Plan includes an authorization to issue up to 3,000,000 newly authorized shares of the Company’s common stock plus the number of shares available for grant under a predecessor plan, the 2008 Stock Benefit Plan, which were 523,232 as of December 31, 2013. The grant of a stock option or stock appreciation right is deemed, for purposes of determining the number of shares available under the 2011 Plan, as an award of one share of common stock for each share of common stock subject to the option or stock appreciation right. The grant of any full value awards (awards other than stock options or stock appreciation rights) is deemed, for purposes of determining the number of shares available under the 2011 Plan, as an award of 4.28 shares of common stock for each share of common stock subject to the award. Any forfeitures or cancellations of awards will be returned to the reserved pool under the 2011 Plan in the same manner. As of December 31, 2013, awards of 3,936 shares which have been forfeited or cancelled have been returned to the 2011 Plan and are available for future grants. The 2011 Plan succeeds previous plans as described below.

	In November 2011, the Company’s Board of Directors approved a multiyear performance-based equity plan (“the 2012 Performance Plan”). The 2012 Performance Plan is governed by the 2011 Plan. Awards are in the form of restricted stock units with a service condition and market conditions.

	There were several plans prior to the 2011 Plan adopted by the Company and approved by the stockholders including the 1994 Stock Benefit Plan, the 2000 Stock Benefit Plan, the 2003 Stock Benefit Plan, the Amended and Restated 2003 Stock Benefit Plan and the 2008 Stock Benefit Plan. Participants in each of the above referenced plans (the “Previous Plans”) included officers, non-employee Directors, and key employees of the Company. The Previous Plans allowed for the award of options, stock appreciation rights and restricted stock; though, no stock appreciation rights were awarded. Effective May 3, 2011, no additional awards may be issued under the Previous Plans.

	The 2008 Stock Benefit Plan limited the number of shares issuable under the plan to 2,450,000. Stock options awarded reduced the number of shares available for awards by one share for every one share granted. Awards of restricted stock reduced the number of shares available for award by one share for every one share awarded, up to 250,000; beyond that, restricted stock reduced the number of shares available for award by 3.5 shares for every one share awarded. The number of options and shares of restricted stock issued to each non-employee Director were subject to a 2008 Plan provision that they not exceed 6,000 options and 2,000 shares annually for the years 2009 and 2010.

	Stock option, restricted stock and restricted stock unit awards granted to employees and non-employee Directors under the all stock benefit plans are as follows:

			Employee Awards								Non-Employee Director Awards
	Name of Plan		Stock		Restricted		Restricted		Total		Stock		Restricted	Total		Available
			Options		Stock		Stock		Granted		Options		Stock	Granted		for Future
			Granted		Granted		Units				Granted		Granted			Grant of
							Granted(a)									Awards
	Previous Plans		7,735,580		737,655		N/A		8,473,235		669,283		67,948	737,231		-
	2011 Plan		446,567		231,471		219,430		897,468		-		28,678	28,678		1,040,862

	(a) Represents service-based awards of 36,565 and market-based awards of 182,865 at the maximum achievable level.

	Terms and provisions applicable to an award granted, including vesting provisions, are specified in an award certificate. Options granted under the 2011 Plan during the years 2013, 2012 and 2011, vest 20% for each year of service until 100% vested on the fifth anniversary and expire after ten years from the grant date. The exercise price per share for stock options issued under all of the stock benefit plans may not be less than 100% of the closing price of a share of common stock on the date the stock option is granted. Restricted stock awards granted to Directors vest 100% on the fifth anniversary of the grant date. All of the 35,493, 108,065 and 87,913 restricted stock awards granted to employees during 2013, 2012 and 2011 vest 25% on each anniversary of the grant date for a period of four years. Vesting conditions for restricted stock unit awards are more fully described under the heading “Restricted Stock Units” below. The Company has a policy of issuing new shares upon the exercise of stock options and upon the vesting of restricted stock and restricted stock units.

	Stock Options

	Stock-based compensation cost for a stock option is estimated at the grant date based on each option’s fair value as calculated using the Black-Scholes option pricing model, which incorporates various assumptions including expected dividend yields, volatility, option lives and interest rates. The Company recognizes stock-based compensation cost as expense ratably on a straight-line basis over the requisite service period. In determining the service period, the Company considers service requirements, the vesting period and retirement eligibility of the grantee. Authoritative guidance requires the estimation of forfeitures when recognizing compensation expense and that this estimate of forfeitures be adjusted over the requisite service period should actual forfeitures differ from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change, and impacts the amount of unamortized compensation expense to be recognized in future periods.

	The following weighted average assumptions were used for the years ended December 31, 2013, 2012 and 2011:

	Assumption		2013		2012		2011
	Expected dividend yield		4.34%		4.22%		4.32%
	Expected volatility		26.25%		26.53%		25.98%
	Expected lives		6.0 Years		6.0 Years		6.0 Years
	Risk free interest rate		0.99%		1.03%		2.36%

	The expected dividend yield was based on the historical dividend growth rates and the historical annual dividends. The expected volatility was based on the historical volatility of the Company’s common stock. The weighted average expected option lives for options, with a lifetime of ten years, was based on the Company’s historical data for prior period stock option exercise and cancellation activity. The risk free interest rates for the expected life of the options were based on the implied U.S. Treasury yield curve.

	A summary of stock option activity for the year ended December 31, 2013 is as follows:

			Number of			Weighted					Weighted			Aggregate
			Options			Average					Average			Intrinsic
						Exercise Price					Remaining			Value
						Per Option					Contractual
											Term in Years
	Options outstanding at December 31, 2012		2,556,341				$	48.40
	Granted		59,958				65.14
	Exercised		-326,532				44.39
	Cancelled		(245	)			55.9
	Options outstanding at December 31, 2013		2,289,522				$	49.41				4.7			$	9,639
	Options exercisable at December 31, 2013		1,734,063				$	47.80				3.9			$	10,092

	A summary of unvested stock option activity for the year ended December 31, 2013 is as follows:

			Number of					Weighted
			Options					Average
								Exercise Price
								Per Option
	Unvested stock options at December 31, 2012			835,071					$	51.2
Granted			59,958					65.14
Vested			(339,325		)			48.37
Cancelled				(245	)			55.9
Unvested stock options at December 31, 2013			555,459					$	54.43


As of December 31, 2013, there was $946 of total unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted average period of 1.88 years.

A summary of stock option activity for the years ended December 31, 2013, 2012 and 2011 is as follows:

		2013			2012			2011
Stock-based compensation costs recognized		$	1,360		$	3,052		$	2,813
Fair value of options vested		2,029			2,717			2,562
Cash received from the exercise of options		14,494			18,228			23,843
Intrinsic value of options exercised		6,644			8,737			9,288
Grant date fair value of options granted, per share		9.17			9.32			9.95

Number of options granted		59,958			219,799			166,810


Restricted Stock

Stock-based compensation cost for restricted stock is measured based on the closing price of the Company’s common stock on the grant date and is recognized ratably on a straight-line basis over the requisite service period. In determining the service period, the Company considers service requirements, the vesting period and retirement eligibility of the grantee.

A summary of restricted stock activity for the year ended December 31, 2013 is as follows:

		Number of				Weighted
		Shares				Average
						Grant Date
						Fair Value
						Per Share
Restricted stock outstanding and unvested at December 31, 2012			295,034				$	55.77
Granted			43,168				65.14
Vested and issued			(101,639	)			52.19
Cancelled			(1,890	)			47.33
Restricted stock outstanding and unvested at December 31, 2013			234,673				$	59.11

As of December 31, 2013, there was $3,809 of total unrecognized compensation cost related to unvested restricted stock that is expected to be recognized over a weighted-average period of 2.27 years.

A summary of restricted stock activity for the years ended December 31, 2013, 2012 and 2011 is as follows:

		2013			2012			2011
Stock-based compensation costs recognized		$	3,956		$	7,659		$	6,226
Fair value of restricted shares vested		6,603			6,707			5,246
Weighted average price of shares granted, per share		65.14			63.62			62.09

Number of restricted shares granted to employees		35,493			108,065			87,913
Number of restricted shares granted to Directors		7,675			11,539			9,464


Restricted Stock Units

The Company has granted awards under a multiyear performance-based equity plan referred to as the 2012 Performance Plan. Awards are in the form of restricted stock units with a service condition and market conditions, with dividend equivalent rights. Seventy-five percent of a total award value is market-based and subject to three Total Shareholder Return (“TSR”) market measures: 50% absolute Home Properties TSR, 25% relative NAREIT All Equity REIT Index, and 25% relative NAREIT Apartment Index. The remaining twenty-five percent is service-based and vests over three years.

On January 2, 2013 and February 14, 2012, awards in connection with the 2012 Performance Plan, with an estimated fair value of $3,653 and $4,084, respectively, were granted to executive officers of the Company. The measurement period for the awards granted in 2013 began on January 1, 2013 and will end on December 31, 2015. The measurement period for the awards granted in 2012 began on January 1, 2012 and will end on December 31, 2014.

At the end of the three-year measurement periods ending December 31, 2014 and 2015, the Company’s TSR results will be compared to the Threshold, Target and High hurdles established at the beginning of the three-year measurement periods as defined below:

		Three-Year Performance Goals

Market Requirements		Threshold		Target		High

Absolute TSR		7%		9%		11%

All REIT TSR Index		Absolute TSR is within 350 basis points below the index return		Absolute TSR is within 100 basis points below or above the index return		Absolute TSR is greater than 250 basis points above the index return

Apartment TSR Index		Absolute TSR is within 350 basis points below the index return		Absolute TSR is within 100 basis points below or above the index return		Absolute TSR is greater than 250 basis points above the index return

If the Company’s TSR results meet or exceed the Threshold hurdle for any of the three performance measures, an equity award will be granted in accordance with the vesting conditions as outlined in the 2012 Performance Plan. Actual results achieved that fall between the Threshold and High hurdles will result in a prorated number of awards granted.

The fair value of the restricted stock unit awards was estimated on the grant date using a multifactor Monte Carlo simulation model, which incorporates various assumptions including the baseline share value, dividend yield, estimated volatility figures and risk free rates over the three-year measurement period. The Company recognizes compensation expense for the 2012 Performance Plan over the three-year measurement periods for 100% of each award with a service condition and 50% of each award with a market condition. For the remaining 50% of each award with a market condition, the Company recognizes compensation expense over a four year period which includes the three-year measurement period and a one-year vesting period subsequent to the end of the measurement period. The recognition of compensation cost takes into account retirement eligibility.

The following weighted average assumptions were used for grants awarded during the years ended December 31, 2013 and 2012:

Assumption		2013		2012
Baseline share value		$60.20		$55.87
Expected dividend yield		4.27%		4.45%
Expected volatility		21.19%		31.24%
Risk free interest rate		0.21%		0.22%
Estimated fair value per share of the market-based awards		$49.17		$51.40
Estimated fair value per share of the service-based awards		$61.83		$59.32

A summary of unvested restricted stock unit activity for the year ended December 31, 2013 is as follows:

		Number of			Weighted Average
		Awards			Grant Date Fair Value
					Per Share
Restricted stock units unvested at December 31, 2012			105,008			$	53.39
Granted (a)			104,687			52.34
Vested			(5,831	)		59.34
Restricted stock units unvested at December 31, 2013 (b)			203,864			$	52.61

(a) Represents service-based awards of 17,446 and market-based awards of 87,241 at the maximum achievable level.
(b) Represents service-based awards of 29,112 and market-based awards of 174,752 at the maximum achievable level.

During the years ended December 31, 2013 and 2012, the Company recognized stock-based compensation expense of $3,746 and $3,240, respectively, for the 2012 Performance Plan. As of December 31, 2013, there was $751 of total unrecognized compensation cost related to unvested restricted stock units that is expected to be recognized over a weighted-average period of 1.38 years.

EMPLOYEE_BENEFIT_PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2013
EMPLOYEE BENEFIT PLANS	'
EMPLOYEE BENEFIT PLANS	'
	13 EMPLOYEE BENEFIT PLANS

	401(k) Savings Plan

	The Company sponsors a defined contribution plan. Under the plan, the Company will match 75% of the first 4% of each employee’s contributions not to exceed 3% of that employee’s eligible compensation. The matching expense under this plan charged to operations were $1,164, $1,031 and $1,006 from continuing operations, and $8, $35 and $37 from discontinued operations, for the years ended December 31, 2013, 2012 and 2011, respectively.

	Incentive Bonus Plans

	The Company sponsors two incentive bonus plans. The quarterly site bonus plan is designed to encourage and reward property operations employees for superior financial performance as measured versus budget. The annual incentive bonus plan is designed to motivate executive officers and certain other corporate and regional employees to maximize the Company’s annual operating and financial performance as measured in year over year actual financial measures, annual performance as compared to a peer group and, beginning in 2011, attainment of certain individual and team objectives. The expense under these plans was $5,567, $7,034 and $7,874 for the years ended December 31, 2013, 2012 and 2011, respectively.

	Deferred Bonus Plan

	The Company sponsors a deferred bonus plan, which permits certain employees to defer receipt of up to 100% of their annual incentive bonus for three, five or ten years. Under the plan, the Company will match 10% of the amount deferred and the match vests after three years. Each deferral and match is credited to an individual employee account with the number of shares of the Company’s common stock that could be purchased with the amounts deferred and matched at the common stock closing price the day before the bonus would have otherwise been paid. An equivalent of dividends on those shares is also credited to the employee account on dividend payment dates based upon the common stock closing price on those dates. Payments out of deferred accounts are made by issuance of common stock. The total amounts deferred were $1,504 and $1,390 at December 31, 2013 and 2012, respectively. The matching expense under this plan was $8, $10 and $15 for the years ended December 31, 2013, 2012 and 2011, respectively.

	Deferred Compensation Plan

	In 2011, the Company initiated a deferred compensation plan, which permits certain employees to defer up to 50% of their annual base pay until retirement. Upon retirement, the employee can elect a lump sum distribution or annual payments over two to ten years. There is no Company match and all deferred amounts are 100% vested. The total amount deferred was $807 and $405 at December 31, 2013 and 2012, respectively.

SEGMENT_REPORTING

SEGMENT REPORTING	12 Months Ended
SEGMENT REPORTING	Dec. 31, 2013
SEGMENT REPORTING	'
SEGMENT REPORTING	'
	14 SEGMENT REPORTING

	The Company is engaged in the ownership and management of market rate apartment communities. Each apartment community is considered a separate operating segment. Each segment on a standalone basis is less than 10% of the revenues, net operating income and assets of the combined reported operating segment and meets a majority of the aggregation criteria under authoritative guidance. There is no resident who has one or more leases which, in the aggregate, account for more than 10% of the aggregate gross revenues for the years ended December 31, 2013, 2012 or 2011. The operating segments are aggregated as Core and Non-core properties.

	Non-segment revenue to reconcile to total revenue consists of other income. Non-segment assets to reconcile to total assets include cash and cash equivalents, cash in escrows, accounts receivable, prepaid expenses, deferred charges and other assets.

	Core properties consist of apartment communities which have been owned more than one full calendar year. Therefore, the Core properties represent communities owned as of January 1, 2012. Non-core properties consist of apartment communities acquired, developed or redeveloped during 2012 and 2013, such that comparable operating results are not available.

	The Company assesses and measures segment operating results based on a performance measure referred to as net operating income. Net operating income is defined as total revenues less operating and maintenance expenses. The accounting policies of the segments are the same as those described in Notes 1, 2 and 3.

	The revenues and net operating income for each of the reportable segments are summarized as follows for the years ended December 31, 2013, 2012 and 2011:

		2013				2012				2011
	Revenues
	Apartments owned
	Core properties		$	613,603			$	594,684			$	544,433
	Non-core properties		48,817				31,994				-
	Reconciling items		1,180				311				154
	Total revenues		$	663,600			$	626,989			$	544,587
	Net operating income
	Apartments owned
	Core properties		$	392,066			$	377,002			$	333,126
	Non-core properties		31,844				20,386				-
	Reconciling items		1,180				311				154
	Net operating income, including reconciling items		425,090				397,699				333,280
	General and administrative expenses		(28,507		)		(34,174		)		(29,145		)
	Interest expense		(113,911		)		(123,874		)		(125,255		)
	Depreciation and amortization		(172,903		)		(161,047		)		(136,503		)
	Other expenses		(312		)		(2,741		)		(3,225		)
	Income from continuing operations		$	109,457			$	75,863			$	39,152

	The assets for each of the reportable segments are summarized as follows as of December 31, 2013 and 2012:

	Assets		2013				2012
	Apartments owned
	Core properties		$	3,687,242			$	3,721,879
	Non-core properties		690,280				624,507
	Reconciling items		90,355				105,106
	Total assets		$	4,467,877			$	4,451,492

TRANSACTIONS_WITH_AFFILIATES

TRANSACTIONS WITH AFFILIATES	12 Months Ended
TRANSACTIONS WITH AFFILIATES	Dec. 31, 2013
TRANSACTIONS WITH AFFILIATES	'
TRANSACTIONS WITH AFFILIATES	'
	15 TRANSACTIONS WITH AFFILIATES

	The Company leases its corporate office space from a former affiliate. The rent for the corporate office space is a gross rent that includes real estate taxes and common area maintenance. In July 2009, the Company extended the lease on its corporate office space through September 2019 (with a right to terminate the lease in 2016, at the Company’s option), plus two five-year renewal options. Rental expense was $1,404, $1,377 and $1,350 for each of the years ended December 31, 2013, 2012 and 2011, respectively.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2013
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'
	16 COMMITMENTS AND CONTINGENCIES

	Lease Commitments

	The Company has entered into operating leases for office space and office equipment with remaining terms of 1 to 4 years. Future minimum rental payments under non-cancelable operating leases in effect as of December 31, 2013 were as follows:

	2014	$	1,884
	2015	1,888
	2016	1,651
	2017	294
	Thereafter	-
		$	5,717

	The Company incurred $2,588, $2,574 and $2,567 of rent expense under operating leases in 2013, 2012 and 2011, respectively.

	Letters of Credit

	As of December 31, 2013 the Company had issued $5,237 in letters of credit, which were provided under the Company’s $450,000 unsecured Credit Agreement. The letters of credit were required to be issued under certain tax escrow agreements, construction projects, workers’ compensation and health insurance policies.

	Debt Covenants

	The unsecured notes payable and unsecured Credit Agreement contain restrictions which, among other things, require maintenance of certain financial ratios. The Company was in compliance with these financial ratios for all periods presented.

	Included in the Company’s consolidated balance sheet at December 31, 2013 are assets of its subsidiary Home Properties Fair Oaks, LLC, owner of The Courts at Fair Oaks, Fairfax County, VA, that are pledged as collateral for specific indebtedness and are not available to satisfy any other obligations of the Company.

	Tax Protection Obligations

	In connection with various UPREIT transactions, the Company has agreed to maintain certain levels of nonrecourse debt for a period of 7 to 10 years associated with the contributed properties acquired. In addition, the Company is restricted in its ability to sell certain contributed properties (7% of the owned portfolio at December 31, 2013) for a contract period of 7 to 10 years except through a tax deferred Internal Revenue Code Section 1031 like-kind exchange. The remaining terms on the sale restrictions range from 2 months to 3.5 years.

	Tax Credit Guarantee

	For periods before October 13, 2010, the Company, through its general partnership interest in an affordable property limited partnership, had guaranteed certain low income housing tax credits to limited partners in this partnership through 2015 totaling approximately $3,000. The Company’s general partner interest in this entity was sold on October 13, 2010. The tax credit guarantee was reduced to a $3,000 secondary guarantee. As of December 31, 2013, there were no known conditions that would make such payments necessary relating to the tax credit guarantee; therefore, no liability has been recorded in the financial statements.

	Executive Retention Plan

	The Executive Retention Plan provides for severance benefits and other compensation to be paid to certain employees in the event of a change in control of the Company and a subsequent termination of their employment.

	Contingencies

	The Company is not a party to any legal proceedings that are expected to have a material adverse effect on the Company’s liquidity, financial position or results of operations. The Company is subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by liability insurance. Various claims of employment and resident discrimination are also periodically brought, most of which also are covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations.

DISPOSITION_OF_PROPERTY_AND_DI

DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS	12 Months Ended
DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS	Dec. 31, 2013
DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS	'
DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS	'
	17 DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS

	Included in discontinued operations for the three years ended December 31, 2013 are the operating results of ten apartment community dispositions (four sold in 2013 and six sold in 2012). For purposes of the discontinued operations presentation, the Company only includes interest expense and losses from early extinguishment of debt associated with specific mortgage indebtedness of the properties that are sold or held for sale.

	A summary of 2013 and 2012 community dispositions is as follows:

	Apartment Community	Region		Date Sold		Number of				Sales Price			Gain on Sale
	Apartment Community	Region		Date Sold		Units				Sales Price			Gain on Sale

	South Bay Manor	Long Island		3/14/13			61				$	11,100		$	5,222
	Falkland Chase	Washington, D.C.		3/29/13			450				98,000			36,511
	Castle Club	Philadelphia		4/10/13			158				15,000			3,307
	Virginia Village	Washington, D.C.		10/15/13			344				68,000			36,201
							1,013				$	192,100		$	81,241

	Chesterfield Apartments	Philadelphia		9/13/12			247				$	25,155		$	12,209
	Woodholme Manor	Baltimore		9/20/12			177				16,000			7,449
	Curren Terrace	Philadelphia		10/11/12			318				29,793			15,872
	Falcon Crest	Baltimore		11/8/12			396				46,000			27,801
	Timbercroft	Baltimore		12/13/12			284				29,150			12,126
	Glen Brook	Philadelphia		12/21/12			174				13,500			5,075
							1,596				$	159,598		$	80,532

	The operating results of discontinued operations are summarized as follows for the years ended December 31, 2013, 2012 and 2011:


		2013			2012			2011
	Revenues:
	Rental income	$	7,095		$	30,324		$	32,043
	Property other income	768			3,230			3,342
	Total revenues	7,863			33,554			35,385
	Expenses:
	Operating and maintenance	2,483			11,951			13,230
	Interest expense, including prepayment penalties	2,625			6,425			5,328
	Depreciation and amortization	1,838			7,951			8,315
	Total expenses	6,946			26,327			26,873
	Income from discontinued operations	917			7,227			8,512
	Gain on disposition of property	81,205			80,532			-
	Discontinued operations	$	82,122		$	87,759		$	8,512

SUPPLEMENTAL_CASH_FLOW_DISCLOS

SUPPLEMENTAL CASH FLOW DISCLOSURES	12 Months Ended
	Dec. 31, 2013
SUPPLEMENTAL CASH FLOW DISCLOSURES	'
SUPPLEMENTAL CASH FLOW DISCLOSURES	'
	18 SUPPLEMENTAL CASH FLOW DISCLOSURES

	Supplemental cash flow information including non-cash financing and investing activities for the years ended December 31, 2013, 2012 and 2011 are as follows:

		2013		2012		2011
	Supplemental disclosures:
	Cash paid for interest, net of capitalized interest	$	115,079	$	127,249	$	126,267
	Interest capitalized	7,281		4,380		5,255
	Non-cash investing and financing activities:
	Note receivable converted to real estate	-		608		-
	Mortgage loan assumed associated with property acquisition	-		7,284		-
	Mortgage note discount written off	-		104		17
	Exchange of UPREIT Units for common shares	4,495		6,899		11,399
	Transfers of construction in progress to buildings, improvements and equipment	4,480		42,732		100,266
	Transfers of other assets to construction in progress	836		-		-
	Capital improvements to properties and construction in progress included in accounts payable	9,261		6,130		6,577

QUARTERLY_FINANCIAL_STATEMENT_

QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)	12 Months Ended
QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)	Dec. 31, 2013
QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)	'
QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)	'
	19 QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)

	Quarterly financial information for the years ended December 31, 2013 and 2012 are as follows:


		2013
		First	Second	Third	Fourth
	Total revenue	$ 164,981	$ 165,599	$ 165,229	$ 167,791
	Net income attributable to common stockholders	51,880	27,036	25,038	56,919
	Basic earnings per share data:
	Net income attributable to common stockholders	1.01	0.52	0.44	1
	Diluted earnings per share data:
	Net income attributable to common stockholders	0.99	0.51	0.44	0.99

		2012
		First	Second	Third	Fourth
	Total revenue	$ 151,171	$ 153,277	$ 160,228	$ 162,313
	Net income attributable to common stockholders	15,388	13,727	36,413	69,774
	Basic earnings per share data:
	Net income attributable to common stockholders	0.32	0.28	0.72	1.36
	Diluted earnings per share data:
	Net income attributable to common stockholders	0.31	0.28	0.71	1.34

	The sum of the quarterly earnings per common share amounts may not equal the annual earnings per common share amounts due primarily to changes in the number of common shares outstanding quarter to quarter. The quarterly reports for the years ended December 31, 2013 and 2012 have been reclassified to reflect discontinued operations in accordance with authoritative guidance.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2013
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	20 SUBSEQUENT EVENTS

	On February 1, 2014, the Board of Directors declared a dividend of $0.73 per share on the Company’s common stock and approved a distribution of $0.73 per UPREIT Unit for the quarter ended December 31, 2013. The dividend and distribution is payable February 25, 2014, to stockholders and unitholders of record on February 13, 2014.

SCHEDULE_II_VALUATION_AND_QUAL

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2013
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	'
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	'
	VALUATION AND QUALIFYING ACCOUNTS
	FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
	(Dollars in thousands)

		Balance at		Charged to		Adjustments/
		Beginning		Costs and		Amounts		Balance at
		of Year		Expenses		Written Off		End of Year
	Allowance for Doubtful Receivables
	2013	$	2,778	$	6,028	$	(6,307)	$	2,499
	2012	2,869		5,886		-5,977		2,778
	2011	3,134		6,593		-6,858		2,869
	Deferred Tax Asset Valuation Allowance
	2013	$	13,168	$	-	$	(61)	$	13,107
	2012	13,185		-		-17		13,168
	2011	12,750		-		435		13,185

SCHEDULE_III_REAL_ESTATE_AND_A

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	Dec. 31, 2013
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	'
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	'
	REAL ESTATE AND ACCUMULATED DEPRECIATION
	31-Dec-13
	(Dollars in thousands)

									Initial Cost			Costs			Total Cost									Total Cost,
									Buildings,			Capitalized			Buildings,									Net of			Year of
			Encum-						Improvements			Subsequent to			Improvements						Accumulated			Accumulated			Acquisition or
	Community		brances			Land (a)			& Equipment (a)			Acquisition			& Equipment			Total(d)			Depreciation(e)			Depreciation			Completion
	1200 East West		$	-		$	13,068		$	69,908		$	2,355		$	72,263		$	85,331		$	7,975		$	77,356		2010 (b)
	Annapolis Roads		22,982			14,400			18,035			8,105			26,140			40,540			3,178			37,362			2010
	Arbor Park of Alexandria		92,638			9,447			63,198			55,794			118,992			128,439			40,270			88,169			2000
	Barrington Gardens		-			923			6,954			6,666			13,620			14,543			4,360			10,183			2005
	Bayview/Colonial		-			1,671			9,180			6,115			15,295			16,966			6,231			10,735			2000
	Blackhawk		-			3,051			15,426			9,556			24,982			28,033			9,833			18,200			2000
	Bonnie Ridge		47,857			5,241			46,916			38,151			85,067			90,308			38,157			52,151			1999
	Braddock Lee		-			3,962			10,330			9,209			19,539			23,501			9,369			14,132			1998
	Cambridge Village		-			2,514			3,708			2,768			6,476			8,990			2,509			6,481			2002
	Canterbury		-			5,179			23,737			17,937			41,674			46,853			16,235			30,618			1999
	Charleston Place		72,620			22,764			84,648			12,311			96,959			119,723			9,592			110,131			2010
	Chatham Hill		42,462			2,134			48,584			16,717			65,301			67,435			18,420			49,015			2004
	Cider Mill		58,709			16,016			70,488			17,843			88,331			104,347			29,164			75,183			2002
	Cinnamon Run		52,236			7,962			61,627			10,189			71,816			79,778			16,597			63,181			2005
	Country Village		17,590			2,349			12,269			12,834			25,103			27,452			11,548			15,904			1998
	Courts at Huntington Station		-			33,409			88,522			296			88,818			122,227			8,848			113,379			2011 (b)
	Courtyards Village		-			3,405			10,349			6,067			16,416			19,821			5,983			13,838			2001
	Crescent Club		-			2,338			28,792			7,536			36,328			38,666			3,588			35,078			2010
	Cypress Place		9,776			2,349			8,340			6,401			14,741			17,090			5,897			11,193			2000
	Devonshire Hills		72,197			27,989			72,440			27,573			100,013			128,002			32,678			95,324			2001
	Dunfield Townhomes		10,519			1,683			30,302			8,328			38,630			40,313			7,366			32,947			2007
	East Hill Gardens		-			255			1,801			1,611			3,412			3,667			1,571			2,096			1998
	East Meadow		14,101			2,339			11,666			4,841			16,507			18,846			5,836			13,010			2000
	Elmwood Terrace		25,647			6,203			16,241			14,378			30,619			36,822			12,040			24,782			2000
	Fox Hall		47,000			9,959			51,874			18,802			70,676			80,635			14,898			65,737			2007
	Gardencrest		-			25,181			66,500			29,087			95,587			120,768			32,824			87,944			2002
	Gateway Village		-			1,391			7,316			4,378			11,694			13,085			4,592			8,493			1999
	Glen Manor		7,599			1,088			5,005			4,521			9,526			10,614			4,204			6,410			1997
	Golf Club		31,483			4,177			23,138			18,555			41,693			45,870			17,070			28,800			2000
	Hackensack Gardens		-			2,426			11,323			7,328			18,651			21,077			5,580			15,497			2005
	Hawthorne Court		32,128			9,200			25,967			23,979			49,946			59,146			17,525			41,621			2002
	Heritage Square		-			2,058			5,371			3,171			8,542			10,600			3,052			7,548			2002
	Heritage Woods		13,922			1,602			12,420			4,521			16,941			18,543			4,003			14,540			2006
	Highland House		5,343			3,414			14,761			3,571			18,332			21,746			4,108			17,638			2006
	Hill Brook Place		-			2,277			9,966			10,832			20,798			23,075			8,186			14,889			1999
	Holiday Square		-			3,652			6,830			3,118			9,948			13,600			3,243			10,357			2002
	Home Properties of Bryn Mawr		-			3,314			19,493			18,229			37,722			41,036			14,510			26,526			2000
	Home Properties of Devon		58,303			6,612			38,923			37,728			76,651			83,263			30,791			52,472			2000



									Initial Cost			Costs			Total Cost									Total Cost,
									Buildings,			Capitalized			Buildings,									Net of			Year of
			Encum-						Improvements			Subsequent to			Improvements						Accumulated			Accumulated			Acquisition or
	Community		brances			Land (a)			& Equipment (a)			Acquisition			& Equipment			Total(d)			Depreciation(e)			Depreciation			Completion
	Howard Crossing		-			46,044			138,871			7,724			146,595			192,639			6,578			186,061			2012
	Hunters Glen		-			2,239			4,729			1,553			6,282			8,521			610			7,911			2011
	Jacob Ford Village		-			6,750			20,022			9,467			29,489			36,239			6,760			29,479			2007
	Lake Grove		-			7,614			14,509			20,619			35,128			42,742			16,751			25,991			1997
	Lakeview		8,698			695			5,142			4,954			10,096			10,791			4,443			6,348			1998
	Lakeview Townhomes		-			1,118			13,335			2,741			16,076			17,194			1,745			15,449			2010
	Liberty Commons		-			1,345			13,253			429			13,682			15,027			5,340			9,687			2006 (b)
	Liberty Place		-			2,033			13,125			3,246			16,371			18,404			3,729			14,675			2006
	Mid-Island Estates		18,521			4,288			7,835			8,045			15,880			20,168			7,710			12,458			1997
	Middlebrooke		-			2,888			14,369			3,851			18,220			21,108			2,265			18,843			2010
Middlesex Crossing		-			7,560			32,454			5			32,459			40,019			71			39,948			2013
Mill Towne Village		24,239			3,994			14,765			14,958			29,723			33,717			11,930			21,787			2001
Morningside Heights		-			6,553			32,699			38,432			71,131			77,684			32,341			45,343			1998
Mount Vernon Square		-			55,810			86,946			24,818			111,764			167,574			24,465			143,109			2006
New Orleans Park		22,545			3,044			14,442			15,750			30,192			33,236			13,314			19,922			1997
Newport Village		-			56,501			147,420			15,955			163,375			219,876			10,095			209,781			2011
Northwood		10,049			875			14,901			5,308			20,209			21,084			5,586			15,498			2004
Oak Manor		-			686			4,801			4,169			8,970			9,656			4,018			5,638			1998
Owings Run		40,122			5,788			35,160			11,524			46,684			52,472			18,023			34,449			1999
Park Shirlington		-			4,567			11,761			9,536			21,297			25,864			10,828			15,036			1998
Peppertree Farm		74,619			12,888			86,458			24,939			111,397			124,285			26,995			97,290			2005
Pleasant View Gardens		91,733			6,209			52,837			36,049			88,886			95,095			37,892			57,203			1998
Pleasure Bay		-			1,744			7,444			12,328			19,772			21,516			8,175			13,341			1998
Racquet Club East		36,116			2,086			25,244			19,181			44,425			46,511			17,231			29,280			1998
Racquet Club South		-			344			4,244			3,567			7,811			8,155			3,384			4,771			1999
Redbank Village		-			2,164			15,716			15,800			31,516			33,680			12,838			20,842			1998
Ridgeview at Wakefield Valley		17,447			2,372			17,882			5,457			23,339			25,711			6,600			19,111			2005
Ridley Brook		12,616			2,026			8,467			7,653			16,120			18,146			6,437			11,709			1999
Royal Gardens		47,000			5,758			16,670			20,609			37,279			43,037			17,522			25,515			1997
Saddle Brooke		-			7,609			44,040			10,112			54,152			61,761			8,686			53,075			2008
Sayville Commons		37,118			8,192			56,945			3,688			60,633			68,825			13,340			55,485			2005
Selford Townhomes		8,525			1,281			4,765			3,802			8,567			9,848			3,642			6,206			1999
Seminary Hill		-			3,095			11,538			10,946			22,484			25,579			10,029			15,550			1999
Seminary Towers		53,515			5,772			22,216			25,328			47,544			53,316			19,748			33,568			1999
Sherry Lake		24,331			2,593			17,237			13,468			30,705			33,298			13,240			20,058			1998
Somerset Park		-			7,253			12,937			374			13,311			20,564			847			19,717			2011
Southern Meadows		39,018			9,383			35,272			12,474			47,746			57,129			16,989			40,140			2001
Stone Ends		24,012			5,766			30,022			7,492			37,514			43,280			11,040			32,240			2003
Stone Hill		-			4,080			11,381			6			11,387			15,467			53			15,414			2013
Tamarron		14,109			1,412			9,370			4,970			14,340			15,752			5,415			10,337			1999
The Apts at Cambridge Court		-			7,378			82,641			3,584			86,225			93,603			5,806			87,797			2011
The Apts at Cobblestone Square		-			12,127			36,482			326			36,808			48,935			2,129			46,806			2012 (b)
The Apts at Wellington Trace		22,401			3,227			27,723			1,670			29,393			32,620			7,658			24,962			2004
The Brooke at Peachtree Village		11,771			1,043			15,574			5,123			20,697			21,740			5,062			16,678			2005
The Colony		-			8,027			36,146			17,730			53,876			61,903			21,482			40,421			1999
The Commons at Haynes Farm		-			7,550			32,771			4,948			37,719			45,269			2,930			42,339			2011

						Initial Cost			Costs			Total Cost								Total Cost,
						Buildings,			Capitalized			Buildings,								Net of			Year of
		Encum-				Improvements			Subsequent to			Improvements					Accumulated			Accumulated			Acquisition or
Community		brances		Land (a)		& Equipment (a)			Acquisition			& Equipment			Total(d)		Depreciation(e)			Depreciation			Completion
The Courts at Dulles		-		15,413		76,946			2,680			79,626			95,039		4,624			90,415			2011
The Courts at Fair Oaks		47,150		12,377		61,107			3,507			64,614			76,991		5,978			71,013			2010
The Coves at Chesapeake		-		8,915		57,974			11,770			69,744			78,659		14,868			63,791			2006
The Gates of Deer Grove		-		1,247		18,973			1,261			20,234			21,481		1,190			20,291			2011
The Greens at Columbia		8,970		5,040		20,886			3,044			23,930			28,970		2,482			26,488			2010
The Hamptons		47,844		6,052		53,088			16,900			69,988			76,040		20,093			55,947			2004
The Heights at Marlborough		-		6,253		44,268			10,756			55,024			61,277		11,267			50,010			2006
The Landings		25,055		2,621		18,348			15,009			33,357			35,978		14,829			21,149			1996
The Manor - (MD)		44,245		8,957		30,216			13,697			43,913			52,870		16,168			36,702			2001
The Manor - (VA)		13,242		1,441		6,570			7,662			14,232			15,673		6,291			9,382			1999
The Manor East		6,877		5,330		11,407			2,909			14,316			19,646		750			18,896			2012
The Meadows at Marlborough		20,344		6,598		28,736			7,370			36,106			42,704		7,503			35,201			2006
The New Colonies		-		1,831		22,895			15,002			37,897			39,728		17,832			21,896			1998
The Sycamores		20,335		4,761		17,020			4,336			21,356			26,117		6,730			19,387			2002
The Townhomes of Beverly		-		5,820		30,465			6,470			36,935			42,755		7,500			35,255			2007
The Village at Marshfield		-		3,247		29,512			8,580			38,092			41,339		10,116			31,223			2004
Top Field		15,888		1,635		16,684			5,138			21,822			23,457		4,839			18,618			2006
Trexler Park		36,731		2,604		14,970			10,470			25,440			28,044		10,025			18,019			2000
Trexler Park West		-		2,684		23,064			643			23,707			26,391		9,048			17,343			2008 (b)
Village at Potomac Falls		-		7,380		30,960			2,700			33,660			41,040		3,332			37,708			2010
Village Square		39,285		2,781		15,206			12,386			27,592			30,373		10,921			19,452			1999
Vinings at Hampton Village		-		1,849		12,805			4,857			17,662			19,511		5,293			14,218			2004
Waterview		-		1,531		23,030			4,837			27,867			29,398		2,231			27,167			2011
Wayne Village		-		2,026		14,639			10,938			25,577			27,603		11,057			16,546			1998
West Springfield		-		2,634		33,611			6,429			40,040			42,674		11,862			30,812			2002
Westbrooke		-		1,103		5,229			1,987			7,216			8,319		987			7,332			2010
Westchester West		33,148		6,978		41,513			5,753			47,266			54,244		7,145			47,099			2008
Westwood Village		44,548		7,530		25,386			14,186			39,572			47,102		13,884			33,218			2002
Westwoods		-		1,260		2,694			744			3,438			4,698		746			3,952			2007
William Henry		27,383		4,853		24,116			19,194			43,310			48,163		16,277			31,886			2000
Windsor Realty		-		436		3,637			2,814			6,451			6,887		2,953			3,934			1998
Woodleaf		-		2,984		18,748			3,675			22,423			25,407		6,590			18,817			2004
Woodmont Village		9,555		2,943		6,321			3,685			10,006			12,949		3,506			9,443			2002
Woodway at Trinity Centre		-		17,136		78,253			2,660			80,913			98,049		3,611			94,438			2012
Yorkshire Village		-		1,227		2,276			1,636			3,912			5,139		1,409			3,730			2002
Other Assets (c)		-		618		-			225,641			225,641			226,259		25,703			200,556			Various
		$1,814,217		$786,868		$	3,396,462		$	1,437,435		$	4,833,897		$5,620,765		$	1,243,243		$	4,377,522


(a) For 2008 and prior periods, authoritative guidance required the exchange of noncontrolling interests (UPREIT Units) for shares to be recorded under the purchase method with the difference between the fair value and book value of an exchanged UPREIT Unit allocated to real estate. These costs are included as part of the initial cost of Land and Buildings, Improvements & Equipment.
(b) Property was constructed by the Company and completed in the year indicated.
(c) Includes construction in progress of $187,976, assets of one development community placed into service of $4,363 and corporate office assets of $33,920.
(d) The aggregate cost for Federal Income Tax purposes was approximately $5,111,978.
(e) Depreciation and amortization of the Company’s investments in real estate assets reflected in the consolidated statements of operations are calculated over estimated useful lives of 3 to 40 years.

SCHEDULE III

HOME PROPERTIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION
31-Dec-13
(Dollars in thousands)

The changes in total real estate assets are as follows:

		2013			2012			2011

Balance, beginning of year		$ 5,455,226			$5,042,324			$ 4,377,730
New property acquisitions		98,199			297,650			511,308
Additions		204,717			226,348			160,109
Disposals and retirements		(137,377	)		(111,096	)		(6,823	)
Balance, end of year		$5,620,765			$5,455,226			$ 5,042,324

The changes in accumulated depreciation are as follows:
		2013			2012			2011

Balance, beginning of year		$ 1,108,840			$ 983,759			$ 841,801
Depreciation		173,872			166,339			143,093
Disposals and retirements		(39,469	)		(41,258	)		(1,135	)
Balance, end of year		$ 1,243,243			$ 1,108,840			$ 983,759

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2013

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Real Estate

Real estate is recorded at cost. Costs related to the development, construction and improvement of properties are capitalized. Recurring capital replacements typically include carpeting and tile, appliances, HVAC equipment, new roofs, site improvements and various exterior building improvements. Non-recurring upgrades include, among other items, community centers, new windows, kitchens and bathrooms. Costs incurred on a lease turnover due to normal wear and tear by the resident are expensed on the turn. Ordinary repairs and maintenance that do not extend the life of the asset are expensed as incurred. When retired or otherwise disposed of, the related asset cost and accumulated depreciation are cleared from the respective accounts and the net difference, less any amount realized from disposition, is reflected in income.

The Company capitalizes the payroll and associated costs of employees directly responsible for the supervision and construction of development properties, major capital and rehabilitation projects. Interest costs for development properties, major capital projects and properties under rehabilitation are capitalized during the construction period. These costs are reflected on the balance sheet as an increase to depreciable property. Payroll and associated costs capitalized were $4,263, $3,895 and $3,028 for the years ended December 31, 2013, 2012 and 2011, respectively.

For development properties, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. Costs directly related to the development of properties are capitalized. The Company capitalizes interest, real estate taxes, insurance, and payroll including associated costs for those individuals directly responsible for and who spend all their time on development activities. Determination of when a development project commences and capitalization begins, and when a development project is substantially complete and capitalization must end involves a degree of judgment. We begin the capitalization of costs during the pre-construction period which we define as activities that are necessary to the development of the property. We consider a development property as substantially complete after major construction has ended and the property is available for occupancy. For properties that are built in phases, we end capitalization on the portion of a property that is considered substantially complete, and we capitalize only those costs associated with the portion under construction. These costs are reflected on the balance sheet as construction in progress.

The interest rate used for capitalization is the weighted average interest rate for all Company indebtedness, including amortization of debt issuance costs. In connection with development properties, major capital projects and rehabilitation projects, there was $7,281, $4,380 and $5,255 of interest capitalized for the years ended December 31, 2013, 2012 and 2011, respectively.

Management reviews its long-lived assets used in operations for impairment when, in accordance with the authoritative guidance for the accounting for the impairment or disposal of long-lived assets, there is an event or change in circumstances that indicates an impairment in value. An asset is considered impaired when the undiscounted future cash flows are not sufficient to recover the asset’s carrying value. If such impairment is present, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The Company records impairment losses and reduces the carrying amounts of assets held for sale when the carrying amounts exceed the estimated selling proceeds less the costs to sell.

The Company accounts for its acquisitions of investments in real estate in accordance with the authoritative guidance for business combinations, which requires the assets and liabilities acquired to be recognized using fair value. Typical assets and liabilities acquired include land, building, and personal property and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, value of in-place leases and value of resident relationships, based in each case on their fair values. Additionally, acquisition related costs are expensed in the periods in which the costs are incurred and the services are received. The Company considers acquisitions of operating real estate assets to be businesses as that term is defined in the authoritative guidance.

The Company determines the fair value of the tangible assets of an acquired property (which includes the land, building, and personal property) by valuing the property as if it were vacant. The as-if-vacant value is assigned to land, buildings, and personal property based on management’s determination of the relative fair values of these assets.

Above-market and below-market in-place lease values for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values are included in other assets and are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values are included in accrued expenses and other liabilities and are amortized as an increase to rental income over the initial term of the respective leases.

The fair value of in-place leases is based upon the Company’s evaluation of the specific characteristics of the leases. Factors considered in these analyses include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, management also includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods depending on the property acquired.

The fair value of resident relationships is based on management’s evaluation of the specific characteristics of the residential leases and the Company’s resident retention history.

The in-place leases and resident relationships are amortized and included in depreciation and amortization expense over a six month and a three year period, respectively.

Exchange of UPREIT Units for shares

Exchanges of UPREIT Units for shares of the Company’s common stock are recorded under the historical cost method with UPREIT Units acquired reflected at their book value (“exchange value”). The exchange value of UPREIT Units is allocated to common stock and additional paid in capital.

There were 168,417, 284,180 and 565,509 shares of UPREIT Units exchanged for common stock, during 2013, 2012 and 2011, respectively. The Company made adjustments within equity in the amount of $4,495, $6,899 and $11,399, during 2013, 2012 and 2011, respectively, to record the exchange value of the transactions.

Costs Incurred for Stock Issuances

Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid in capital.

Discontinued Operations

The Company reports its property dispositions as discontinued operations as prescribed by the authoritative guidance. Pursuant to the definition of a component of an entity in the authoritative guidance for discontinued operations, assuming no significant continuing involvement by the former owner after the sale, the sale of an apartment community is considered a discontinued operation. In addition, apartment communities classified as held for sale are also considered a discontinued operation. The Company generally considers assets to be held for sale when all significant contingencies surrounding the closing have been resolved, which often corresponds with the actual closing date. For purposes of the discontinued operations presentation, the Company includes interest expense and losses from early extinguishment of debt associated with specific mortgage indebtedness of the properties that are considered discontinued operations.

Depreciation

The Company is required to make subjective assessments as to the useful lives of its properties and improvements for purposes of determining the amount of depreciation to record on an annual basis. These assessments have a direct impact on the Company’s net income.

Assets are depreciated using a straight-line method over the following estimated useful lives:

Land improvements

3-20 years

Buildings and improvements

3-40 years

Furniture, fixtures and equipment

5-10 years

Computer software

5 years

Depreciation expense charged to operations was $172,064, $158,428 and $134,957 from continuing operations and $1,839, $7,951 and $8,315 from discontinued operations for the years ended December 31, 2013, 2012 and 2011, respectively.

Cash and Cash Equivalents

Cash and cash equivalents include all cash and highly liquid investments purchased with original maturities of three months or less. The Company estimates that the fair value of cash equivalents approximates the carrying value due to the relatively short maturity of these instruments. The majority of the Company’s cash and cash equivalents are held at major commercial banks which at times may exceed the Federal Deposit Insurance Corporation limit of $250. The Company has not experienced any losses to date on its invested cash.

Cash in Escrows

Cash in escrows consists of resident security deposits for residential properties, cash restricted under the terms of various loan agreements to be used for the payment of property taxes and insurance as well as required replacement reserves, and occasionally funds held in escrow from tax-free exchanges.

Accounts Receivable and Allowance for Doubtful Receivables

Accounts receivable are generally comprised of amounts receivable from residents and other miscellaneous receivables from non-affiliated entities. We evaluate the collectability of accounts receivable from residents and establish an allowance for accounts greater than 60 days past due for current residents and all receivables due from former residents, after the application of security deposits. The allowance for doubtful resident receivables was $2,499 and $2,778 as of December 31, 2013 and 2012, respectively.

Deferred Charges

Costs relating to the financing of properties are deferred and amortized over the life of the related financing agreement. Amortization is reflected as interest expense in the consolidated statements of operations, with remaining terms ranging from 2 month to 8 years. Unamortized financing costs are written off when the financing agreement is retired before the maturity date. Accumulated amortization was $9,908 and $11,050, as of December 31, 2013 and 2012, respectively.

Intangible Assets

Intangible assets of $14,304 and $14,300 at December 31, 2013 and 2012, respectively, included in other assets, consist solely of intangible assets recorded in connection with the authoritative guidance for the acquisition of real estate assets. These intangible assets are amortized on a straight-line basis over their estimated useful lives of 6 months to 3 years. Accumulated amortization of intangible assets was $13,292 and $12,797 as of December 31, 2013 and 2012, respectively. Amortization expense for the years ended December 31, 2013, 2012 and 2011 was $838, $2,618 and $1,547 from continuing operations, respectively. There was no amortization expense charged to discontinued operations for the years ended December 31, 2013, 2012 and 2011. The carrying value of intangible assets is periodically reviewed by the Company and impairments are recognized when the expected future operating cash flows derived from such intangible assets are less than their carrying value.

Insurance Reserves

The Company has self insured retentions and aggregates up to certain limits for general liability, workers’ compensation and property claims. The Company relies on third-party actuaries in the development of reserve requirements. Reserves are currently funded for the estimated cost of claims incurred, both reported and unreported.

Derivative Instruments and Hedging Activities

The Company follows authoritative guidance for disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has 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 changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered 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 in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

Revenue Recognition

The Company leases its residential apartment units under leases with terms generally one year or less. Rental income is recognized on a straight-line basis over the related lease term. As a result, deferred rents receivable are created when rental income is recognized during the concession period of certain negotiated leases and amortized over the remaining term of the lease. In accordance with the authoritative guidance for business combinations, the Company recognizes rental revenue of acquired in-place “above and below” market leases at their fair value over the weighted average remaining lease term. Property other income, which consists primarily of income from operation of laundry facilities, utility recovery, administrative fees, garage and carport rentals and miscellaneous charges to residents, is recognized when earned (when the services are provided, or when the resident incurs the charge).

Other Income

Other income for the years ended December 31, 2013, 2012 and 2011 is primarily comprised of other real estate service fees.

Other Expenses

Other expenses for the years ended December 31, 2013, 2012 and 2011 are the transaction costs from the apartment communities acquired during 2013, 2012 and 2011 that were expensed according to authoritative guidance for business combinations. These costs, which are primarily transfer taxes and title fees, represent 0.42%, 0.90% and 0.64% of the total purchase price of the apartment communities acquired during 2013, 2012 and 2011, respectively.

Gains on Real Estate Sales

Gain on Real Estate Sales

Gain on disposition of properties is recognized using the full accrual method in accordance with the authoritative guidance, provided that various criteria relating to the terms of sale and any subsequent involvement by the Company with the properties sold are met.

Advertising

Advertising expenses are charged to operations during the year in which they are incurred. Advertising expenses incurred and charged to operating and maintenance expenses in the consolidated statements of operations were $5,306, $5,199 and $4,550 from continuing operations, and $47, $256 and $306 from discontinued operations, for the years ended December 31, 2013, 2012 and 2011, respectively.

Federal Income Taxes

The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 1994. As a result, the Company generally is not subject to federal or state income taxation at the corporate level to the extent it distributes annually at least 90% of its REIT taxable income to its shareholders and satisfies certain other requirements. For the years ended December 31, 2013, 2012 and 2011, the Company distributed in excess of 100% of its taxable income; accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Stockholders of the Company are taxed on dividends and must report distributions from the Company as either ordinary income, capital gains, or as return of capital; as more fully described in Note 11.

The Company follows the authoritative guidance for accounting for uncertainty in income taxes which addresses the recognition and measurement of assets and liabilities associated with tax positions taken or expected to be taken in a tax return. The Company reviewed its potential uncertain tax positions and made no adjustments to its existing financial and tax accounting treatment for all periods presented. The authoritative guidance also requires a public enterprise to disclose the aggregate difference in the basis of its net assets for financial and tax reporting purposes. The tax basis of assets is less than the amounts reported in the accompanying consolidated financial statements by approximately $508,787 and $483,031 at December 31, 2013 and 2012, respectively.

The following table reconciles net income to taxable income for the years ended December 31, 2013, 2012 and 2011:

2013

2012

2011

Net income

191,579

163,622

47,664

Net income attributable to noncontrolling interest

(30,706

)

(28,320

)

(9,808

)

Net (income) loss of taxable REIT Subsidiary included in net income

(123

)

Net income from REIT operations

160,750

135,307

37,860

Book to tax differences:

Book depreciation and amortization

146,675

139,067

114,138

Tax depreciation and amortization

(153,975

)

(143,893

)

(117,822

)

Gains/losses from capital transactions

(9,026

)

(62,507

)

(22

)

Carrying value of mortgages

(884

)

(784

)

(575

)

Equity compensation

(2,905

)

(857

)

(3,928

)

Amortization of debt discount

1,409

Property acquisition costs

212

2,210

2,551

Other, net

958

(1,934

)

1,912

Adjusted taxable income subject to 90% REIT dividend requirement

141,805

66,609

35,523

The Company made actual distributions in excess of 100% of taxable income before capital gains. All adjustments to net income from REIT operations are net of amounts attributable to noncontrolling interest and the taxable REIT subsidiary, HPRS.

Included in total assets on the consolidated balance sheets are deferred tax assets of $13,107 and $13,168 as of December 31, 2013 and 2012, respectively. The deferred tax assets were a result of the net losses associated with the affordable property portfolio sales during 2004 and 2003. The deferred tax assets expire between 2020 and 2032. Management does not believe it is more likely than not that these deferred assets will be used, and accordingly has recorded a reserve against the deferred tax assets of $13,107 and $13,168 for the years ended December 31, 2013 and 2012, respectively. The deferred tax assets are associated with HPRS which performed certain residential and development activities of the Company. HPRS historically provided commercial management services and provided loan advances to affordable housing entities owned through general partnership interests. As these activities are no longer provided, Management does not currently believe there is a source for future material taxable earnings for HPRS that would give rise to value for the deferred tax assets.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Schedule of depreciation and estimated useful lives of assets	'

	Land improvements	3-20 years
	Buildings and improvements	3-40 years
	Furniture, fixtures and equipment	5-10 years
	Computer software	5 years
Schedule of reconciliation of net income to taxable income	'
			2013			2012			2011
	Net income		$	191,579		$	163,622		$	47,664
	Net income attributable to noncontrolling interest		(30,706		)	(28,320		)	(9,808		)
	Net (income) loss of taxable REIT Subsidiary included in net income		(123		)	5			4
	Net income from REIT operations		160,750			135,307			37,860
	Book to tax differences:
	Book depreciation and amortization		146,675			139,067			114,138
	Tax depreciation and amortization		(153,975		)	(143,893		)	(117,822		)
	Gains/losses from capital transactions		(9,026		)	(62,507		)	(22		)
	Carrying value of mortgages		(884		)	(784		)	(575		)
	Equity compensation		(2,905		)	(857		)	(3,928		)
	Amortization of debt discount		-			-			1,409
	Property acquisition costs		212			2,210			2,551
	Other, net		958			(1,934		)	1,912
	Adjusted taxable income subject to 90% REIT dividend requirement		$	141,805		$	66,609		$	35,523

ACQUISITIONS_AND_DEVELOPMENT_T

ACQUISITIONS AND DEVELOPMENT (Tables)	12 Months Ended
ACQUISITIONS AND DEVELOPMENT (Tables)	Dec. 31, 2013
ACQUISITIONS AND DEVELOPMENT	'
Schedule of communities acquired	'
												Cost of
				Date		Year	Number		Cost of				Acquisition
	Apartment Community	Region		Acquired		Constructed	of Units		Acquisition				Per Unit
	Stone Hill	Philadelphia		11/27/13		1971		205		$	15,500			$	76
	Middlesex Crossing	Boston		12/18/13		1969-1974		252		40,250				160
								457		$	55,750

	The Manor East	Suburban D.C.		5/11/12		1964		164		$	16,200			$	99
	Woodway at Trinity Centre	Suburban D.C.		5/17/12		1997		504		96,000				190
	Howard Crossing	Baltimore		6/28/12		1968-1975		1,350		186,000				138
								2,018		$	298,200
Pro Forma Financial Information	'
		2013			2012
		(Unaudited)			(Unaudited)
	Pro forma total revenues	$	669,418		$	645,463
	Pro forma net income attributable to common stockholders	162,371			140,479
	Pro forma earnings per common share:
	Basic	$	2.99		$	2.82
	Diluted	2.96			2.79

MORTGAGE_NOTES_PAYABLE_Tables

MORTGAGE NOTES PAYABLE (Tables)	12 Months Ended
MORTGAGE NOTES PAYABLE (Tables)	Dec. 31, 2013
MORTGAGE NOTES PAYABLE	'
Schedule of mortgage notes payable	'
		2013		2012
	Fixed rate mortgage notes payable	$1,731,177		$1,967,026
	Variable rate mortgage notes payable	83,040		198,001
	Mortgage notes payable	$1,814,217		$2,165,027
Schedule of principal payments on the mortgage notes payable	'

	2014	$	94,927
	2015	248,216
	2016	310,509
	2017	256,063
	2018	214,212
	Thereafter	690,290
		$	1,814,217

EXCHANGEABLE_SENIOR_NOTES_Tabl

EXCHANGEABLE SENIOR NOTES (Tables)	12 Months Ended
	Dec. 31, 2013
EXCHANGEABLE SENIOR NOTES	'
Schedule of additional information about the Senior Notes	'
		2011
	Coupon interest	$	4,835
	Issuance cost amortization	456
	Discount amortization	1,782
	Total interest expense	$	7,073

DERIVATIVE_AND_HEDGING_ACTIVIT1

DERIVATIVE AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2013

DERIVATIVE AND HEDGING ACTIVITIES

Schedule of outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk

Interest Rate

Notional

Fixed

Variable

Effective Date

Maturity Date

Derivative

Amount

Interest

Interest Rate

Rate

Interest rate swap

150,000

0.68%

One-month LIBOR

August 13, 2012

December 8, 2016

Interest rate swap

100,000

0.69%

One-month LIBOR

August 13, 2012

December 8, 2016

Interest rate swap

100,000

2.60%

One-month LIBOR

December 8, 2016

August 18, 2018

Interest rate swap

75,000

2.60%

One-month LIBOR

December 8, 2016

August 18, 2018

Interest rate swap

75,000

2.61%

One-month LIBOR

December 8, 2016

August 18, 2018

Schedule of balance sheet location and fair value of derivative financial instruments

Fair Value of Derivative Instruments

Asset Derivatives

Liability Derivatives

Balance

Fair Value at

Balance

Fair Value at

Sheet Location

12/31/13

12/31/12

Sheet Location

12/31/13

12/31/12

Interest Rate Swap

Other Assets

1,840

Other Liabilities

1,296

Schedule of location in financial statements of gain or loss recognized on interest rate derivatives designated as cash flow hedges

2013

2012

Amount of gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives (effective portion)

1,972

-1,722

Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion)

-1,164

-426

Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Dec. 31, 2013
STOCKHOLDERS' EQUITY	'
Issuance of common stock through the ATM equity offering program since inception through completion of the program on May 11, 2012	'

	Period		Number of Shares Sold				Gross				Net Proceeds			Average
	Period		Number of Shares Sold				Proceeds				Net Proceeds			Sales Price
	First quarter 2011			841,000				$ 47,524				$ 46,572			$ 56.51
	Second quarter 2011			1,485,707				90,102				88,299			60.65
	Third quarter 2011			877,400				56,542				55,273			64.44
	First quarter 2012			188,393				11,156				10,897			59.22
	Second quarter 2012			207,500				13,224				12,957			63.73
	Total			3,600,000				$ 218,548				$ 213,998			$ 60.71
Issuance of common stock through the ATM equity offering program since inception through December 31, 2013	'

	Period		Number of				Gross				Net Proceeds			Average
	Period		Shares Sold				Proceeds				Net Proceeds			Sales Price
	Second quarter 2012			698,599				$ 42,528				$ 41,617			$ 60.88
	Third quarter 2012			1,262,125				80,303				78,682			63.63
	Fourth quarter 2012			10,100				628				609			62.18
	First quarter 2013			407,296				25,855				25,282			63.48
	Second quarter 2013			52,113				3,322				3,228			63.75
	Total			2,430,233				$ 152,636				$ 149,418			$ 62.81
Schedule of taxable composition of dividend distributions	'
		Distribution Type
	Declaration		Record		Payable		Distributions				Ordinary		Qualified	Return of		Long-	Unrecaptured
	Dates		Dates		Dates		Per Share				Taxable		Dividend	Capital		Term	Sec. 1250
											Dividend					Capital	Gain
																Gain
	2/2/13		2/14/13		2/26/13			$0.70			63.07%		0.00%	0.00%		22.36%		14.56%
	4/30/13		5/14/13		5/24/13			$0.70			63.07%		0.00%	0.00%		22.36%		14.56%
	7/30/13		8/13/13		8/23/13			$0.70			63.07%		0.00%	0.00%		22.36%		14.56%
	10/30/13		11/12/13		11/22/13			$0.70			63.07%		0.00%	0.00%		22.36%		14.56%

					Totals			$2.80			63.07%		0.00%	0.00%		22.36%		14.56%



									Distribution Type
	Year				Distributions		Ordinary		Qualified		Return of		Long-	Unrecaptured
					Per Share		Taxable		Dividend		Capital		Term	Sec. 1250
							Dividend						Capital	Gain
													Gain
	2012				$2.64		75.98%		0.00%		21.79%		1.22%	1.02%
	2011				$2.48		62.85%		0.00%		37.15%		0.00%	0.00%
Reconciliation of basic and diluted earnings per share	'

			2013			2012			2011
	Numerator:
	Income from continuing operations		$	109,457		$	75,863		$	39,152
	Less: Income from continuing operations attributable to noncontrolling interest		-17,471			-13,277			-8,030
	Income from continuing operations attributable to common stockholders		$	91,986		$	62,586		$	31,122
	Discontinued operations		$	82,122		$	87,759		$	8,512
	Less: Discontinued operations attributable to noncontrolling interest		-13,235			-15,043			-1,778
	Discontinued operations attributable to common stockholders		$	68,887		$	72,716		$	6,734
	Denominator:
	Basic weighted average number of common shares outstanding		54,328,514			49,744,636			41,860,139
	Effect of dilutive stock options		459,303			566,732			595,708
	Effect of restricted shares and restricted stock units		32,377			71,268			89,235
	Diluted weighted average number of common shares outstanding		54,820,194			50,382,636			42,545,082
	Earnings per common share:
	Basic earnings per share:
	Income from continuing operations		$	1.69		$	1.26		$	0.74
	Discontinued operations		1.27			1.46			0.16
	Net income attributable to common stockholders		$	2.96		$	2.72		$	0.9
	Diluted earnings per share:
	Income from continuing operations		$	1.68		$	1.24		$	0.73
	Discontinued operations		1.25			1.45			0.16
	Net income attributable to common stockholders		$	2.93		$	2.69		$	0.89

STOCK_BENEFIT_PLANS_Tables

STOCK BENEFIT PLANS (Tables)	12 Months Ended
STOCK BENEFIT PLANS (Tables)	Dec. 31, 2013
Stock Benefit Plan	'
Schedule of stock option, restricted stock and restricted stock unit awards granted to employees and non-employee directors under all stock benefit plans	'

		Employee Awards								Non-Employee Director Awards
	Name of Plan	Stock		Restricted		Restricted		Total		Stock		Restricted	Total		Available
		Options		Stock		Stock		Granted		Options		Stock	Granted		for Future
		Granted		Granted		Units				Granted		Granted			Grant of
						Granted(a)									Awards
	Previous Plans	7,735,580		737,655		N/A		8,473,235		669,283		67,948	737,231		-
	2011 Plan	446,567		231,471		219,430		897,468		-		28,678	28,678		1,040,862

	(a) Represents service-based awards of 36,565 and market-based awards of 182,865 at the maximum achievable level.
Schedule of performance hurdles used in measurement of performance	'

		Three-Year Performance Goals

	Market Requirements	Threshold		Target		High

	Absolute TSR	7%		9%		11%

	All REIT TSR Index	Absolute TSR is within 350 basis points below the index return		Absolute TSR is within 100 basis points below or above the index return		Absolute TSR is greater than 250 basis points above the index return

	Apartment TSR Index	Absolute TSR is within 350 basis points below the index return		Absolute TSR is within 100 basis points below or above the index return		Absolute TSR is greater than 250 basis points above the index return
Stock options	'
Stock Benefit Plan	'
Schedule of weighted average assumptions used	'

	Assumption	2013		2012		2011
	Expected dividend yield	4.34%		4.22%		4.32%
	Expected volatility	26.25%		26.53%		25.98%
	Expected lives	6.0 Years		6.0 Years		6.0 Years
	Risk free interest rate	0.99%		1.03%		2.36%
Summary of stock option activity	'
		Number of			Weighted					Weighted			Aggregate
		Options			Average					Average			Intrinsic
					Exercise Price					Remaining			Value
					Per Option					Contractual
										Term in Years
	Options outstanding at December 31, 2012	2,556,341				$	48.40
	Granted	59,958				65.14
	Exercised	-326,532				44.39
	Cancelled	(245	)			55.9
	Options outstanding at December 31, 2013	2,289,522				$	49.41				4.7			$	9,639
	Options exercisable at December 31, 2013	1,734,063				$	47.80				3.9			$	10,092
Summary of unvested stock activity	'
		Number of					Weighted
		Options					Average
							Exercise Price
							Per Option
	Unvested stock options at December 31, 2012		835,071					$	51.2
	Granted		59,958					65.14
	Vested		(339,325		)			48.37
	Cancelled			(245	)			55.9
	Unvested stock options at December 31, 2013		555,459					$	54.43

Schedule of additional disclosure related to stock option activity	'
		2013			2012			2011
	Stock-based compensation costs recognized	$	1,360		$	3,052		$	2,813
	Fair value of options vested	2,029			2,717			2,562
	Cash received from the exercise of options	14,494			18,228			23,843
	Intrinsic value of options exercised	6,644			8,737			9,288
	Grant date fair value of options granted, per share	9.17			9.32			9.95

	Number of options granted	59,958			219,799			166,810

Restricted stock	'
Stock Benefit Plan	'
Summary of unvested stock activity	'
		Number of				Weighted
		Shares				Average
						Grant Date
						Fair Value
						Per Share
	Restricted stock outstanding and unvested at December 31, 2012		295,034				$	55.77
	Granted		43,168				65.14
	Vested and issued		(101,639	)			52.19
	Cancelled		(1,890	)			47.33
	Restricted stock outstanding and unvested at December 31, 2013		234,673				$	59.11
Summary of awards activity	'

		2013			2012			2011
	Stock-based compensation costs recognized	$	3,956		$	7,659		$	6,226
	Fair value of restricted shares vested	6,603			6,707			5,246
	Weighted average price of shares granted, per share	65.14			63.62			62.09

	Number of restricted shares granted to employees	35,493			108,065			87,913
	Number of restricted shares granted to Directors	7,675			11,539			9,464

Restricted Stock Units	'
Stock Benefit Plan	'
Summary of weighted average assumptions used for awarded grants	'

	Assumption	2013		2012
	Baseline share value	$60.20		$55.87
	Expected dividend yield	4.27%		4.45%
	Expected volatility	21.19%		31.24%
	Risk free interest rate	0.21%		0.22%
	Estimated fair value per share of the market-based awards	$49.17		$51.40
	Estimated fair value per share of the service-based awards	$61.83		$59.32
Summary of unvested restricted stock unit activity	'
		Number of			Weighted Average
		Awards			Grant Date Fair Value
					Per Share
	Restricted stock units unvested at December 31, 2012		105,008			$	53.39
	Granted (a)		104,687			52.34
	Vested		(5,831	)		59.34
	Restricted stock units unvested at December 31, 2013 (b)		203,864			$	52.61

	(a) Represents service-based awards of 17,446 and market-based awards of 87,241 at the maximum achievable level.
	(b) Represents service-based awards of 29,112 and market-based awards of 174,752 at the maximum achievable level.

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	12 Months Ended
SEGMENT REPORTING (Tables)	Dec. 31, 2013
SEGMENT REPORTING	'
Schedule of revenues and net operating income for each of the reportable segments	'
		2013				2012				2011
	Revenues
	Apartments owned
	Core properties		$	613,603			$	594,684			$	544,433
	Non-core properties		48,817				31,994				-
	Reconciling items		1,180				311				154
	Total revenues		$	663,600			$	626,989			$	544,587
	Net operating income
	Apartments owned
	Core properties		$	392,066			$	377,002			$	333,126
	Non-core properties		31,844				20,386				-
	Reconciling items		1,180				311				154
	Net operating income, including reconciling items		425,090				397,699				333,280
	General and administrative expenses		(28,507		)		(34,174		)		(29,145		)
	Interest expense		(113,911		)		(123,874		)		(125,255		)
	Depreciation and amortization		(172,903		)		(161,047		)		(136,503		)
	Other expenses		(312		)		(2,741		)		(3,225		)
	Income from continuing operations		$	109,457			$	75,863			$	39,152
Summary of assets for each of the reportable segments	'

	Assets		2013				2012
	Apartments owned
	Core properties		$	3,687,242			$	3,721,879
	Non-core properties		690,280				624,507
	Reconciling items		90,355				105,106
	Total assets		$	4,467,877			$	4,451,492

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2013
COMMITMENTS AND CONTINGENCIES	'
Schedule of future minimum rental payments under non-cancelable operating leases in effect	'

	2014	$	1,884
	2015	1,888
	2016	1,651
	2017	294
	Thereafter	-
		$	5,717

DISPOSITION_OF_PROPERTY_AND_DI1

DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2013
DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS	'
Summary of community dispositions	'

	Apartment Community	Region		Date Sold		Number of				Sales Price			Gain on Sale
	Apartment Community	Region		Date Sold		Units				Sales Price			Gain on Sale

	South Bay Manor	Long Island		3/14/13			61				$	11,100		$	5,222
	Falkland Chase	Washington, D.C.		3/29/13			450				98,000			36,511
	Castle Club	Philadelphia		4/10/13			158				15,000			3,307
	Virginia Village	Washington, D.C.		10/15/13			344				68,000			36,201
							1,013				$	192,100		$	81,241

	Chesterfield Apartments	Philadelphia		9/13/12			247				$	25,155		$	12,209
	Woodholme Manor	Baltimore		9/20/12			177				16,000			7,449
	Curren Terrace	Philadelphia		10/11/12			318				29,793			15,872
	Falcon Crest	Baltimore		11/8/12			396				46,000			27,801
	Timbercroft	Baltimore		12/13/12			284				29,150			12,126
	Glen Brook	Philadelphia		12/21/12			174				13,500			5,075
							1,596				$	159,598		$	80,532
Operating results of discontinued operations	'

		2013			2012			2011
	Revenues:
	Rental income	$	7,095		$	30,324		$	32,043
	Property other income	768			3,230			3,342
	Total revenues	7,863			33,554			35,385
	Expenses:
	Operating and maintenance	2,483			11,951			13,230
	Interest expense, including prepayment penalties	2,625			6,425			5,328
	Depreciation and amortization	1,838			7,951			8,315
	Total expenses	6,946			26,327			26,873
	Income from discontinued operations	917			7,227			8,512
	Gain on disposition of property	81,205			80,532			-
	Discontinued operations	$	82,122		$	87,759		$	8,512

SUPPLEMENTAL_CASH_FLOW_DISCLOS1

SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2013
SUPPLEMENTAL CASH FLOW DISCLOSURES	'
Schedule of supplemental cash flow information including non-cash financing and investing activities	'
		2013		2012		2011
	Supplemental disclosures:
	Cash paid for interest, net of capitalized interest	$	115,079	$	127,249	$	126,267
	Interest capitalized	7,281		4,380		5,255
	Non-cash investing and financing activities:
	Note receivable converted to real estate	-		608		-
	Mortgage loan assumed associated with property acquisition	-		7,284		-
	Mortgage note discount written off	-		104		17
	Exchange of UPREIT Units for common shares	4,495		6,899		11,399
	Transfers of construction in progress to buildings, improvements and equipment	4,480		42,732		100,266
	Transfers of other assets to construction in progress	836		-		-
	Capital improvements to properties and construction in progress included in accounts payable	9,261		6,130		6,577

QUARTERLY_FINANCIAL_STATEMENT_1

QUARTERLY FINANCIAL STATEMENT INFORMATION (Tables)	12 Months Ended
QUARTERLY FINANCIAL STATEMENT INFORMATION (Tables)	Dec. 31, 2013
QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)	'
Schedule of Quarterly Financial Information	'

		2013
		First	Second	Third	Fourth
	Total revenue	$ 164,981	$ 165,599	$ 165,229	$ 167,791
	Net income attributable to common stockholders	51,880	27,036	25,038	56,919
	Basic earnings per share data:
	Net income attributable to common stockholders	1.01	0.52	0.44	1
	Diluted earnings per share data:
	Net income attributable to common stockholders	0.99	0.51	0.44	0.99

		2012
		First	Second	Third	Fourth
	Total revenue	$ 151,171	$ 153,277	$ 160,228	$ 162,313
	Net income attributable to common stockholders	15,388	13,727	36,413	69,774
	Basic earnings per share data:
	Net income attributable to common stockholders	0.32	0.28	0.72	1.36
	Diluted earnings per share data:
	Net income attributable to common stockholders	0.31	0.28	0.71	1.34

ORGANIZATION_AND_BASIS_OF_PRES1

ORGANIZATION AND BASIS OF PRESENTATION (Details)	0 Months Ended		12 Months Ended
	Aug. 04, 1994	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
	Aug. 04, 1994	item	Operating Partnership	Operating Partnership	Home Properties Trust
Initial public offering of common stock (in shares)	5,408,000	'	'	'	'
Number of communities, owned	'	120	'	'	'
Number of apartments, owned	'	42,170	'	'	'
Percentage of ownership in partnership	'	'	84.80%	83.20%	'
Noncontrolling interest in partnership (as a percent)	'	'	15.20%	16.80%	'
Interest owned in Operating Partnership (as a percent)	'	'	1.00%	'	'
Percentage of holdings as limited partner	'	'	'	'	100.00%

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate	'	'	'
Payroll and associated costs capitalized	$4,263	$3,895	$3,028
Interest capitalized costs	$7,281	$4,380	$5,255
In-place leases	'	'	'
Real Estate	'	'	'
Amortization period	'6 months	'	'
Resident Relationship	'	'	'
Real Estate	'	'	'
Amortization period	'3 years	'	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Exchange of UPREIT Units for shares	'	'	'
Number of shares of UPREIT Units	168,417	284,180	565,509
Equity adjustment for exchange of UPREIT units for shares transaction	$4,495	$6,899	$11,399
Cash and Cash Equivalents	'	'	'
Federal Deposit Insurance Corporation limit	250	'	'
Accounts Receivable and Allowance for Doubtful Receivables	'	'	'
Minimum period past due to establish allowance for accounts receivable	'60 days	'	'
Allowance for doubtful resident receivables	2,499	2,778	'
Deferred Charges	'	'	'
Minimum remaining term for amortization of deferred finance costs	'2 months	'	'
Maximum remaining term for amortization of deferred finance costs	'8 years	'	'
Accumulated amortization	9,908	11,050	'
Continuing operations	'	'	'
Depreciation	'	'	'
Depreciation expense charged to operations	172,064	158,428	134,957
Discontinued operations	'	'	'
Depreciation	'	'	'
Depreciation expense charged to operations	$1,839	$7,951	$8,315
Minimum	'	'	'
Depreciation	'	'	'
Estimated useful lives of assets	'3 years	'	'
Maximum	'	'	'
Depreciation	'	'	'
Estimated useful lives of assets	'40 years	'	'
Land improvements \| Minimum	'	'	'
Depreciation	'	'	'
Estimated useful lives of assets	'3 years	'	'
Land improvements \| Maximum	'	'	'
Depreciation	'	'	'
Estimated useful lives of assets	'20 years	'	'
Buildings and improvements \| Minimum	'	'	'
Depreciation	'	'	'
Estimated useful lives of assets	'3 years	'	'
Buildings and improvements \| Maximum	'	'	'
Depreciation	'	'	'
Estimated useful lives of assets	'40 years	'	'
Furniture, fixtures and equipment \| Minimum	'	'	'
Depreciation	'	'	'
Estimated useful lives of assets	'5 years	'	'
Furniture, fixtures and equipment \| Maximum	'	'	'
Depreciation	'	'	'
Estimated useful lives of assets	'10 years	'	'
Computer software	'	'	'
Depreciation	'	'	'
Estimated useful lives of assets	'5 years	'	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Intangible Assets	'	'	'
Intangible assets	$14,304	$14,300	'
Accumulated amortization of intangible assets	13,292	12,797	'
Continuing operations	'	'	'
Intangible Assets	'	'	'
Amortization expense charged to operations	838	2,618	1,547
Discontinued operations	'	'	'
Intangible Assets	'	'	'
Amortization expense charged to operations	$0	$0	$0
Minimum	'	'	'
Intangible Assets	'	'	'
Estimated useful lives of intangible assets	'6 months	'	'
Maximum	'	'	'
Intangible Assets	'	'	'
Estimated useful lives of intangible assets	'3 years	'	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Other Expenses	'	'	'
Other expenses as a percentage of total purchase price of apartment communities acquired	0.42%	0.90%	0.64%
Federal Income Taxes	'	'	'
Minimum percentage of annual distribution of REIT taxable income for federal or state income tax exemption	90.00%	'	'
Minimum percentage of REIT taxable income distributed	100.00%	100.00%	100.00%
Provision for federal income taxes	$0	'	'
Difference between tax basis of assets and reported amount	508,787	483,031	'
Net income	191,579	163,622	47,664
Net income attributable to noncontrolling interest	-30,706	-28,320	-9,808
Net (income) loss of taxable REIT Subsidiary included in net income	-123	5	4
Net income from REIT operations	160,750	135,307	37,860
Book to tax differences:	'	'	'
Book depreciation and amortization	146,675	139,067	114,138
Tax depreciation and amortization	-153,975	-143,893	-117,822
Gains/losses from capital transactions	-9,026	-62,507	-22
Carrying value of mortgages	-884	-784	-575
Equity compensation	-2,905	-857	-3,928
Amortization of debt discount	'	'	1,409
Property acquisition costs	212	2,210	2,551
Other, net	958	-1,934	1,912
Adjusted taxable income subject to 90% REIT dividend requirement	141,805	66,609	35,523
Minimum percentage by which the distributions exceed the taxable income before capital gains	100.00%	'	'
Deferred tax assets	13,107	13,168	'
Deferred tax asset reserve	13,107	13,168	'
Maximum	'	'	'
Revenue Recognition	'	'	'
Lease term	'1 year	'	'
Continuing operations	'	'	'
Advertising	'	'	'
Advertising expenses	5,306	5,199	4,550
Discontinued operations	'	'	'
Advertising	'	'	'
Advertising expenses	$47	$256	$306

ACQUISITIONS_AND_DEVELOPMENT_D

ACQUISITIONS AND DEVELOPMENT (Details) (USD $)	12 Months Ended			0 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Nov. 27, 2013	Dec. 18, 2013	11-May-12	17-May-12	Jun. 28, 2012
	item	item	Acquisition related costs	Stone Hill	Middlesex Crossing	The Manor East	Woodway at Trinity Centre	Howard Crossing
				item	item	item	item	item
Property Acquisitions	'	'	'	'	'	'	'	'
Community acquired, number of units	457	2,018	'	205	252	164	504	1,350
Purchase price of community units acquired	$55,750	$298,200	'	$15,500	$40,250	$16,200	$96,000	$186,000
Cost of Acquisition Per Unit (in dollars per unit)	'	'	'	76	160	99	190	138
Closing costs of unit community	312	2,741	312	'	'	'	'	'
Revenues from acquired apartment communities	29,637	15,578	'	'	'	'	'	'
Net income attributable to common shareholders from acquired apartment communities	9,810	4,056	'	'	'	'	'	'
Adjustments to the pro forma financial information	'	'	'	'	'	'	'	'
Pro forma total revenues	669,418	645,463	'	'	'	'	'	'
Pro forma net income attributable to common stockholders	$162,371	$140,479	'	'	'	'	'	'
Pro forma earnings per common share:	'	'	'	'	'	'	'	'
Basic (in dollars per share)	$2.99	$2.82	'	'	'	'	'	'
Diluted (in dollars per share)	$2.96	$2.79	'	'	'	'	'	'

ACQUISITIONS_AND_DEVELOPMENT_D1

ACQUISITIONS AND DEVELOPMENT (Details 2) (USD $)

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2011

Jun. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Arbor Park of Alexandria

Eleven55 Ripley

Eleven55 Ripley - 21 story building

Eleven55 Ripley - 5 story building

Courts at Spring Mill Station

Residential community on land purchased in Tysons Corner

The Apartments at Cobblestone Square

Multifamily units on land purchased in Linthicum

item

Expected

item

Expected

item

DEVELOPMENT

Number of projects in redevelopment

Number of garden apartments under redevelopment phase

851

Number of buildings under redevelopment phase

Number of buildings under renovation

Number of units under renovation

Number of buildings completed and occupied

Number of units completed

596

Number of units occupied

540

Construction in progress included in buildings, improvements, equipment or other assets

$21,862

Construction in progress for development, number of buildings

Construction in progress for development, number of stories in each building

Construction in progress for development, number of units

379

385

694

314

300

Total construction cost

97,171

42,504

33,659

232,000

48,609

14,642

Average cost per apartment unit (in dollars per unit)

$155

MORTGAGE_NOTES_PAYABLE_Details

MORTGAGE NOTES PAYABLE (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Principal payments on the mortgage notes payable	'	'	'
Total	$1,814,217	$2,165,027	'
Mortgage notes	'	'	'
Secured debt	'	'	'
Weighted average remaining term of notes	'4 years	'	'
Principal payments on the mortgage notes payable	'	'	'
2014	94,927	'	'
2015	248,216	'	'
2016	310,509	'	'
2017	256,063	'	'
2018	214,212	'	'
Thereafter	690,290	'	'
Total	1,814,217	2,165,027	'
Long-term debt, other disclosures	'	'	'
Prepayment penalties included in interest expense	2,229	2,202	13
Deferred financing costs written off	518	45	72
Mortgage notes \| Sale of property	'	'	'
Long-term debt, other disclosures	'	'	'
Prepayment penalties included in interest expense	1,613	2,115	'
Deferred financing costs written off	169	42	'
Mortgage notes \| Repayment of mortgages	'	'	'
Long-term debt, other disclosures	'	'	'
Deferred financing costs written off	349	3	72
Fixed rate mortgage notes payable	'	'	'
Secured debt	'	'	'
Weighted average interest rate (as a percent)	5.21%	5.30%	'
Principal payments on the mortgage notes payable	'	'	'
Total	1,731,177	1,967,026	'
Variable rate mortgage notes payable	'	'	'
Secured debt	'	'	'
Weighted average interest rate (as a percent)	3.02%	2.77%	'
Principal payments on the mortgage notes payable	'	'	'
Total	$83,040	$198,001	'

UNSECURED_NOTES_PAYABLE_Detail

UNSECURED NOTES PAYABLE (Details) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Jun. 28, 2012

Dec. 31, 2011

Dec. 31, 2013

Nov. 04, 2013

Jul. 19, 2012

Dec. 31, 2013

Jul. 19, 2012

Dec. 31, 2013

Nov. 04, 2013

Dec. 31, 2013

Jun. 28, 2013

Dec. 31, 2013

Dec. 31, 2011

Jun. 28, 2012

Jun. 27, 2012

Jun. 28, 2012

Dec. 31, 2012

Jun. 27, 2012

Jun. 28, 2012

Dec. 31, 2012

item

Howard Crossing

Unsecured Term Loan One

Unsecured Term Loan Two

Unsecured Senior Notes

Series A

Series B

Private placement note due June 2019

Unsecured Demand Note

item

0.685% Interest rate swap

2.604% interest rate swap

Minimum

Maximum

Minimum

Maximum

Howard Crossing

Minimum

Maximum

2.604% interest rate swap

item

Unsecured notes payable

Unsecured notes, maturity term

'5 years

'7 years

'10 years

'7 years

Unsecured notes

$250,000

$75,000

$150,000

$90,000

$60,000

$50,000

$100,000

Number of participating lenders

Variable rate basis

'one-month LIBOR

'LIBOR

Interest rate spread (as a percent)

1.00%

2.00%

1.00%

2.00%

1.00%

2.00%

Effective rate (as a percent)

1.69%

Number of interest rate swap agreements entered into

Interest rate (as a percent)

0.69%

2.60%

4.46%

5.00%

4.16%

Community acquired, number of units

457

2,018

1,350

Unsecured demand note amount outstanding

100,000

Repayment of unsecured notes payable

25,000

100,000

Amount borrowed

$25,000

EXCHANGEABLE_SENIOR_NOTES_Deta

EXCHANGEABLE SENIOR NOTES (Details) (USD $)	12 Months Ended			0 Months Ended		12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 21, 2011	Nov. 01, 2011	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2008	Oct. 31, 2006
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Senior Notes	Senior Notes	Senior Notes	Senior Notes	Senior Notes	Senior Notes	Senior Notes
EXCHANGEABLE SENIOR NOTES	'	'	'	'	'	'	'	'	'	'
Principal amount of notes issued	'	'	'	'	'	'	'	'	'	$200,000
Coupon rate (as a percent)	'	'	'	'	'	'	'	'	'	4.13%
Principal amount of notes repurchased	'	'	'	5,000	135,000	'	'	'	60,000	'
Remaining outstanding balance of notes	'	'	'	'	'	0	0	0	140,000	'
Initial exchange price (in dollars per share)	'	'	'	'	'	'	'	'	'	$73.34
Accrued interest on notes repurchased	'	'	'	29	2,784	'	'	'	'	'
Additional information about the Senior Notes	'	'	'	'	'	'	'	'	'	'
Coupon interest	113,911	123,874	125,255	'	'	4,835	'	'	'	'
Issuance cost amortization	'	'	'	'	'	456	'	'	'	'
Discount amortization	'	'	1,782	'	'	1,782	'	'	'	'
Total interest expense	'	'	'	'	'	$7,073	'	'	'	'
Other disclosures	'	'	'	'	'	'	'	'	'	'
Effective interest rate (as a percent)	'	'	'	'	'	5.75%	'	'	'	'
Conversion price per share, as adjusted (in dollars per share)	'	'	'	$72.87	$72.87	'	'	'	'	'

UNSECURED_LINE_OF_CREDIT_Detai

UNSECURED LINE OF CREDIT (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Aug. 19, 2013	Aug. 18, 2013
	item	Aug. 19, 2013	Aug. 18, 2013
Revolving Credit Facility Amended	'	'	'
Unsecured line of credit	'	'	'
Maximum borrowing capacity	$450,000	$450,000	$275,000
Line of credit, extension option	'1 year	'	'
Line of credit participation, number of additional commercial banks	9	'	'
Line of credit facility outstanding	193,000	'	'
Interest rate spread (as a percent)	1.00%	'	'
Line of credit facility effective rate (as a percent)	1.19%	'	'
Revolving Credit Facility Amended \| Minimum	'	'	'
Unsecured line of credit	'	'	'
Interest rate spread (as a percent)	1.00%	'	'
Revolving Credit Facility Amended \| Maximum	'	'	'
Unsecured line of credit	'	'	'
Interest rate spread (as a percent)	2.00%	'	'
Revolving Credit Facility Amended \| one-month LIBOR	'	'	'
Unsecured line of credit	'	'	'
Variable rate basis	'one-month LIBOR	'	'
One-month LIBOR rate (as a percent)	0.19%	'	'
Letters of credit	'	'	'
Unsecured line of credit	'	'	'
Maximum borrowing capacity	20,000	'	'
Letters of credit outstanding	5,237	'	'
Available amount on credit facility	$251,763	'	'

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Interest rate swaps	'	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'	'
Fair value of derivative assets	$1,840	'
Fair value of derivative liability	'	1,296
Level 2 \| Fair value	'	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'	'
Debt, consisting of mortgage notes, the unsecured term loan, unsecured senior notes and unsecured line of credit	2,552,145	2,968,865
Level 2 \| Carrying amount	'	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'	'
Debt, consisting of mortgage notes, the unsecured term loan, unsecured senior notes and unsecured line of credit	2,457,217	2,777,527
Level 2 \| Interest rate swaps	'	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'	'
Fair value of derivative assets	1,840	'
Fair value of derivative liability	'	$1,296

DERIVATIVE_AND_HEDGING_ACTIVIT2

DERIVATIVE AND HEDGING ACTIVITIES (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Nov. 04, 2013

Jul. 19, 2012

Dec. 31, 2013

Dec. 31, 2012

Jul. 19, 2012

Dec. 31, 2013

Nov. 04, 2013

Dec. 31, 2013

In Thousands, unless otherwise specified

Cash flow hedges

Unsecured Term Loan

Interest rate swap

0.6800% Interest rate swap

0.6925% Interest rate swap

2.6010% interest rate swap

2.6125% interest rate swap

2.604% interest rate swap

item

Minimum

Maximum

Unsecured Term Loan

Cash flow hedges

Unsecured Term Loan

item

Minimum

Maximum

Derivative and hedging activities

Unsecured term Loan

$250,000

Number of interest rate swap agreements entered into

Unsecured term Loan, maturity term

'5 years

Variable rate basis

'one-month LIBOR

Interest rate spread (as a percent)

1.00%

2.00%

1.00%

2.00%

Interest rate (as a percent)

0.69%

2.60%

Minimum aggregate principal amount of indebtedness in default upon which counterparties could declare the Company in default on its derivative obligations

20,000

Notional Amount

150,000

100,000

75,000

Fixed Interest Rate (as a percent)

0.68%

0.69%

2.60%

2.61%

Variable Interest Rate

'one-month LIBOR

Fair value of derivative assets

1,840

Fair value of derivative liability

1,296

Estimated amount reclassified from accumulated other comprehensive income to interest expense over the next twelve months

1,101

Amount of gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives (effective portion)

1,972

-1,722

Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion)

-1,164

-426

Fair value of derivatives in net liability position

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)

0 Months Ended

2 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

16 Months Ended

20 Months Ended

In Thousands, except Share data, unless otherwise specified

Jul. 12, 2013

Jul. 09, 2013

Sep. 23, 2011

Sep. 20, 2011

Jun. 30, 2012

11-May-12

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

11-May-12

Dec. 31, 2013

14-May-12

Sep. 17, 2010

STOCKHOLDERS' EQUITY

Common stock and UPREIT Units authorized for repurchase

2,291,160

Common stock and UPREIT units repurchased

Common stock, shares authorized

4,400,000

3,600,000

Shares issued for program

Number of Shares Sold

698,599

207,500

52,113

407,296

10,100

1,262,125

188,393

877,400

1,485,707

841,000

3,600,000

2,430,233

Gross Proceeds

$42,528

$13,224

$3,322

$25,855

$628

$80,303

$11,156

$56,542

$90,102

$47,524

$218,548

$152,636

Net Proceeds

41,617

12,957

3,228

25,282

609

78,682

10,897

55,273

88,299

46,572

213,998

149,418

Average Sales Price (in dollars per share)

$60.88

$63.73

$63.75

$63.48

$62.18

$63.63

$59.22

$64.44

$60.65

$56.51

$60.71

$62.81

Shares available under the ATM program

1,969,767

Stock-based Compensation

Common stock publicly offered (in shares)

4,427,500

6,000,000

Shares of common stock issued under public equity offering, price (in dollars per share)

$63

$58.50

Shares issued to underwriters included in prospectus supplement offering

577,500

Proceeds from issuance of common stock through public offering, net

$267,633

$336,760

$267,633

$336,760

Issuance of common stock through public offering, net (in shares)

4,427,500

6,000,000

STOCKHOLDERS_EQUITY_Details_2

STOCKHOLDERS' EQUITY (Details 2) (USD $)	0 Months Ended				12 Months Ended
In Thousands, except Share data, unless otherwise specified	Nov. 22, 2013	Aug. 23, 2013	24-May-13	Feb. 26, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
STOCKHOLDERS' EQUITY	'	'	'	'	'	'	'
Common stock, shares outstanding	'	'	'	'	56,961,646	51,508,142	'
UPREIT Units outstanding (in shares)	'	'	'	'	10,287,176	'	'
Share equivalents outstanding	'	'	'	'	67,248,822	'	'
Dividend distribution	'	'	'	'	'	'	'
Discount offered on DRIP	'	'	'	'	$0	'	'
Dividend distributions (in dollars per share)	$0.70	$0.70	$0.70	$0.70	$2.80	$2.64	$2.48
Distribution Type	'	'	'	'	'	'	'
Ordinary Taxable Dividend (as a percent)	63.07%	63.07%	63.07%	63.07%	63.07%	75.98%	62.85%
Qualified Dividend (as a percent)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return of Capital (as a percent)	0.00%	0.00%	0.00%	0.00%	0.00%	21.79%	37.15%
Long-Term Capital Gain (as a percent)	22.36%	22.36%	22.36%	22.36%	22.36%	1.22%	0.00%
Unrecaptured Sec. 1250 Gain (as a percent)	14.56%	14.56%	14.56%	14.56%	14.56%	1.02%	0.00%
Maximum	'	'	'	'	'	'	'
Dividend reinvestment	'	'	'	'	'	'	'
Maximum monthly investment in DRIP without prior Company approval	'	'	'	'	$10	'	'

STOCKHOLDERS_EQUITY_Details_3

STOCKHOLDERS' EQUITY (Details 3) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of basic and diluted earnings per share	'	'	'	'	'	'	'	'	'	'	'
Effect of exchange of an UPREIT Unit on diluted EPS (in dollars per share)	'	'	'	'	'	'	'	'	$0	'	'
Income from continuing operations	'	'	'	'	'	'	'	'	$109,457	$75,863	$39,152
Less: Income from continuing operations attributable to noncontrolling interest	'	'	'	'	'	'	'	'	-17,471	-13,277	-8,030
Income from continuing operations attributable to common stockholders	'	'	'	'	'	'	'	'	91,986	62,586	31,122
Discontinued operations	'	'	'	'	'	'	'	'	82,122	87,759	8,512
Less: Discontinued operations attributable to noncontrolling interest	'	'	'	'	'	'	'	'	-13,235	-15,043	-1,778
Discontinued operations attributable to common stockholders	'	'	'	'	'	'	'	'	$68,887	$72,716	$6,734
Basic weighted average number of common shares outstanding	'	'	'	'	'	'	'	'	54,328,514	49,744,636	41,860,139
Diluted weighted average number of common shares outstanding	'	'	'	'	'	'	'	'	54,820,194	50,382,636	42,545,082
Basic earnings per share:	'	'	'	'	'	'	'	'	'	'	'
Income from continuing operations (in dollars per share)	'	'	'	'	'	'	'	'	$1.69	$1.26	$0.74
Discontinued operations (in dollars per share)	'	'	'	'	'	'	'	'	$1.27	$1.46	$0.16
Net income attributable to common stockholders (in dollars per share)	$1	$0.44	$0.52	$1.01	$1.36	$0.72	$0.28	$0.32	$2.96	$2.72	$0.90
Diluted earnings per share:	'	'	'	'	'	'	'	'	'	'	'
Income from continuing operations (in dollars per share)	'	'	'	'	'	'	'	'	$1.68	$1.24	$0.73
Discontinued operations (in dollars per share)	'	'	'	'	'	'	'	'	$1.25	$1.45	$0.16
Net income attributable to common stockholders (in dollars per share)	$0.99	$0.44	$0.51	$0.99	$1.34	$0.71	$0.28	$0.31	$2.93	$2.69	$0.89
Stock options	'	'	'	'	'	'	'	'	'	'	'
Reconciliation of basic and diluted earnings per share	'	'	'	'	'	'	'	'	'	'	'
Effect of stock awards (in shares)	'	'	'	'	'	'	'	'	459,303	566,732	595,708
Diluted earnings per share:	'	'	'	'	'	'	'	'	'	'	'
Shares not included in computations of diluted EPS	'	'	'	'	'	'	'	'	411,779	334,659	172,810
Restricted shares and restricted stock units	'	'	'	'	'	'	'	'	'	'	'
Reconciliation of basic and diluted earnings per share	'	'	'	'	'	'	'	'	'	'	'
Effect of stock awards (in shares)	'	'	'	'	'	'	'	'	32,377	71,268	89,235

STOCK_BENEFIT_PLANS_Details

STOCK BENEFIT PLANS (Details)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2010

Dec. 31, 2009

Dec. 31, 2013

Dec. 31, 2010

Dec. 31, 2009

3-May-11

Dec. 31, 2013

Stock options

Restricted stock

2011 Plan

2008 Plan

Previous Plans

Employees

Non-employee director

Employees

Non-employee director

Stock option or stock appreciation right

Full value awards

Stock options

Restricted stock

Restricted Stock Units

Restricted Stock Units with service condition

Restricted Stock Units with market condition

Stock options

Restricted stock

Employees

Non-employee director

Stock appreciation rights

Stock options

Restricted stock

Employees

Non-employee director

Employees

Non-employee director

Employees

Non-employee director

Employees

Non-employee director

Description of Stock Benefit Plans

Number of shares of common stock authorized for issuance

3,000,000

2,450,000

Number of shares available for grant

1,040,862

523,232

Number of shares deemed as an award for each share-based award granted

4.28

Number of shares forfeited or cancelled returned to plan and available for future grants

3,936

Awards granted (in shares)

Number of shares reduced from shares available for awards for every one share granted

Number of shares reduced from shares available for awards for each share awarded up to a specified limit

Specified limit for grant of awards for which one share reduced from shares available for awards for every one share awarded (in shares)

250,000

Number of shares reduced from shares available for awards for each share awarded beyond specified limit

3.5

Maximum number of awards to be issued to each individual under the plan (in shares)

6,000

2,000

Stock options, restricted stock and restricted stock unit awards granted

Stock Options Granted (in shares)

59,958

219,799

166,810

446,567

7,735,580

669,283

Restricted Stock Granted (in shares)

43,168

35,493

108,065

87,913

7,675

11,539

9,464

231,471

28,678

219,430

36,565

182,865

737,655

67,948

Total Granted (in shares)

897,468

28,678

8,473,235

737,231

Awards vested each year (as a percent)

25.00%

20.00%

Awards vested till fifth anniversary of grant date (as a percent)

100.00%

Award expiration term

'10 years

Maximum exercise price as percentage of closing price of share of common stock

100.00%

Vesting period

'4 years

STOCK_BENEFIT_PLANS_Details_2

STOCK BENEFIT PLANS (Details 2) (Stock options, USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Weighted average assumptions	'	'	'
Expected dividend yield (as a percent)	4.34%	4.22%	4.32%
Expected volatility (as a percent)	26.25%	26.53%	25.98%
Expected lives	'6 years	'6 years	'6 years
Risk free interest rate (as a percent)	0.99%	1.03%	2.36%
Number of Options	'	'	'
Options outstanding at the beginning of the period (in shares)	2,556,341	'	'
Granted (in shares)	59,958	219,799	166,810
Exercised (in shares)	-326,532	'	'
Cancelled (in shares)	-245	'	'
Options outstanding at the end of the period (in shares)	2,289,522	2,556,341	'
Options exercisable at the end of the period (in shares)	1,734,063	'	'
Weighted Average Exercise Price Per Option	'	'	'
Options outstanding at the beginning of the period (in dollars per share)	$48.40	'	'
Granted (in dollars per share)	$65.14	'	'
Exercised (in dollars per share)	$44.39	'	'
Cancelled (in dollars per share)	$55.90	'	'
Options outstanding at the end of the period (in dollars per share)	$49.41	$48.40	'
Options exercisable at the end of the period (in dollars per share)	$47.80	'	'
Weighted Average Remaining Contractual Term in Years	'	'	'
Options outstanding at the end of the period	'4 years 8 months 12 days	'	'
Options exercisable at the end of the period	'3 years 10 months 24 days	'	'
Aggregate Intrinsic Value	'	'	'
Options outstanding at the end of the period (in dollars)	$9,639	'	'
Options exercisable at the end of the period (in dollars)	10,092	'	'
Number of Options	'	'	'
Unvested stock options at the beginning of the period (in shares)	835,071	'	'
Granted (in shares)	59,958	219,799	166,810
Vested (in shares)	-339,325	'	'
Cancelled (in shares)	-245	'	'
Unvested stock options at the end of the period (in shares)	555,459	835,071	'
Weighted Average Exercise Price Per Option	'	'	'
Unvested stock options at the beginning of the period (in dollars per share)	$51.20	'	'
Granted (in dollars per share)	$65.14	'	'
Vested (in dollars per share)	$48.37	'	'
Cancelled (in dollars per share)	$55.90	'	'
Unvested stock options at the end of the period (in dollars per share)	$54.43	$51.20	'
Total unrecognized compensation cost related to unvested awards (in dollars)	946	'	'
Weighted average period for recognition of unrecognized compensation cost	'1 year 10 months 17 days	'	'
Summary of stock option activity	'	'	'
Stock-based compensation costs recognized	1,360	3,052	2,813
Fair value of options vested (in dollars)	2,029	2,717	2,562
Cash received from the exercise of options (in dollars)	14,494	18,228	23,843
Intrinsic value of options exercised (in dollars)	$6,644	$8,737	$9,288
Grant date fair value of options granted, per share (in dollars per share)	$9.17	$9.32	$9.95
Number of options granted (in shares)	59,958	219,799	166,810
Weighted average	'	'	'
Weighted average assumptions	'	'	'
Expected lives	'10 years	'	'

STOCK_BENEFIT_PLANS_Details_3

STOCK BENEFIT PLANS (Details 3) (Restricted stock, USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Number of Shares	'	'	'
Restricted stock outstanding and unvested at the beginning of the period (in shares)	295,034	'	'
Granted (in shares)	43,168	'	'
Vested and issued (in shares)	-101,639	'	'
Cancelled (in shares)	-1,890	'	'
Restricted stock outstanding and unvested at the end of the period (in shares)	234,673	295,034	'
Weighted Average Grant Date Fair Value Per Share	'	'	'
Restricted stock outstanding and unvested at the beginning of the period (in dollars per share)	$55.77	'	'
Granted (in dollars per share)	$65.14	$63.62	$62.09
Vested and issued (in dollars per share)	$52.19	'	'
Cancelled (in dollars per share)	$47.33	'	'
Restricted stock outstanding and unvested at the end of the period (in dollars per share)	$59.11	$55.77	'
Total unrecognized compensation cost related to unvested awards (in dollars)	$3,809	'	'
Weighted average period for recognition of unrecognized compensation cost	'2 years 3 months 7 days	'	'
Summary of restricted stock activity	'	'	'
Stock-based compensation costs recognized	3,956	7,659	6,226
Fair value of restricted shares vested (in dollars)	$6,603	$6,707	$5,246
Weighted average price of shares granted, per share (in dollars per share)	$65.14	$63.62	$62.09
Number of restricted shares granted (in shares)	43,168	'	'
Employees	'	'	'
Number of Shares	'	'	'
Granted (in shares)	35,493	108,065	87,913
Summary of restricted stock activity	'	'	'
Number of restricted shares granted (in shares)	35,493	108,065	87,913
Director	'	'	'
Number of Shares	'	'	'
Granted (in shares)	7,675	11,539	9,464
Summary of restricted stock activity	'	'	'
Number of restricted shares granted (in shares)	7,675	11,539	9,464

STOCK_BENEFIT_PLANS_Details_4

STOCK BENEFIT PLANS (Details 4) (2012 Performance Plan, USD $)	0 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 02, 2013	Feb. 14, 2012	Dec. 31, 2013	Dec. 31, 2012
	Jan. 02, 2013	Feb. 14, 2012	item	Dec. 31, 2012
Restricted Stock Units	'	'	'	'
Weighted average assumptions	'	'	'	'
Estimated fair value per share (in dollars per share)	'	'	$52.34	'
Number of Awards	'	'	'	'
Restricted stock outstanding and unvested at the beginning of the period (in shares)	105,008	'	105,008	'
Granted (in shares)	'	'	104,687	'
Vested (in shares)	'	'	-5,831	'
Restricted stock outstanding and unvested at the end of the period (in shares)	'	'	203,864	'
Weighted Average Grant Date Fair Value Per Share	'	'	'	'
Restricted stock outstanding and unvested at the beginning of the period (in dollars per share)	$53.39	'	$53.39	'
Granted (in dollars per share)	'	'	$52.34	'
Vested (in dollars per share)	'	'	$59.34	'
Restricted stock outstanding and unvested at the end of the period (in dollars per share)	'	'	$52.61	'
Restricted Stock Units \| Executive officer	'	'	'	'
Stock Benefit Plan	'	'	'	'
Value of performance-based awards (as a percent)	'	'	75.00%	'
Number of TSR market measures	'	'	3	'
Estimated fair value of awards granted	$3,653	$4,084	'	'
Measurement period	'	'	'3 years	'
Performance hurdles	'	'	'	'
Weighted average period for recognition of compensation expense	'	'	'1 year 4 months 17 days	'
Weighted average assumptions	'	'	'	'
Baseline share value (in dollars per share)	'	'	$60.20	$55.87
Expected dividend yield (as a percent)	'	'	4.27%	4.45%
Expected volatility (as a percent)	'	'	21.19%	31.24%
Risk free rate (as a percent)	'	'	0.21%	0.22%
Weighted Average Grant Date Fair Value Per Share	'	'	'	'
Stock-based compensation costs recognized	'	'	3,746	3,240
Total unrecognized compensation cost related to unvested awards (in dollars)	'	'	$751	'
Restricted Stock Units \| Executive officer \| Absolute TSR	'	'	'	'
Stock Benefit Plan	'	'	'	'
Value of performance-based awards subject to performance measures (as a percent)	'	'	50.00%	'
Restricted Stock Units \| Executive officer \| Absolute TSR \| Threshold	'	'	'	'
Performance hurdles	'	'	'	'
Absolute TSR (as a percent)	'	'	7.00%	'
Restricted Stock Units \| Executive officer \| Absolute TSR \| Target	'	'	'	'
Performance hurdles	'	'	'	'
Absolute TSR (as a percent)	'	'	9.00%	'
Restricted Stock Units \| Executive officer \| Absolute TSR \| High	'	'	'	'
Performance hurdles	'	'	'	'
Absolute TSR (as a percent)	'	'	11.00%	'
Restricted Stock Units \| Executive officer \| All REIT TSR Index	'	'	'	'
Stock Benefit Plan	'	'	'	'
Value of performance-based awards subject to performance measures (as a percent)	'	'	25.00%	'
Restricted Stock Units \| Executive officer \| All REIT TSR Index \| Threshold	'	'	'	'
Performance hurdles	'	'	'	'
Absolute TSR below the index return (as a percent)	'	'	3.50%	'
Restricted Stock Units \| Executive officer \| All REIT TSR Index \| Target	'	'	'	'
Performance hurdles	'	'	'	'
Absolute TSR below or above the index return (as a percent)	'	'	1.00%	'
Restricted Stock Units \| Executive officer \| All REIT TSR Index \| High	'	'	'	'
Performance hurdles	'	'	'	'
Absolute TSR above the index return (as a percent)	'	'	2.50%	'
Restricted Stock Units \| Executive officer \| Apartment TSR Index	'	'	'	'
Stock Benefit Plan	'	'	'	'
Value of performance-based awards subject to performance measures (as a percent)	'	'	25.00%	'
Restricted Stock Units \| Executive officer \| Apartment TSR Index \| Threshold	'	'	'	'
Performance hurdles	'	'	'	'
Absolute TSR below the index return (as a percent)	'	'	3.50%	'
Restricted Stock Units \| Executive officer \| Apartment TSR Index \| Target	'	'	'	'
Performance hurdles	'	'	'	'
Absolute TSR below or above the index return (as a percent)	'	'	1.00%	'
Restricted Stock Units \| Executive officer \| Apartment TSR Index \| High	'	'	'	'
Performance hurdles	'	'	'	'
Absolute TSR above the index return (as a percent)	'	'	2.50%	'
Restricted Stock Units with service condition \| Executive officer	'	'	'	'
Stock Benefit Plan	'	'	'	'
Value of service-based awards (as a percent)	'	'	25.00%	'
Vesting period	'	'	'3 years	'
Performance hurdles	'	'	'	'
Percentage of compensation expense recognized	'	'	100.00%	'
Weighted average assumptions	'	'	'	'
Estimated fair value per share (in dollars per share)	'	'	$61.83	$59.32
Number of Awards	'	'	'	'
Granted (in shares)	'	'	17,446	'
Restricted stock outstanding and unvested at the end of the period (in shares)	'	'	29,112	'
Weighted Average Grant Date Fair Value Per Share	'	'	'	'
Granted (in dollars per share)	'	'	$61.83	$59.32
Restricted Stock Units with market condition \| Executive officer	'	'	'	'
Weighted average assumptions	'	'	'	'
Estimated fair value per share (in dollars per share)	'	'	$49.17	$51.40
Number of Awards	'	'	'	'
Granted (in shares)	'	'	87,241	'
Restricted stock outstanding and unvested at the end of the period (in shares)	'	'	174,752	'
Weighted Average Grant Date Fair Value Per Share	'	'	'	'
Granted (in dollars per share)	'	'	$49.17	$51.40
Restricted Stock Units with market condition, tranche one \| Executive officer	'	'	'	'
Performance hurdles	'	'	'	'
Percentage of compensation expense recognized	'	'	50.00%	'
Restricted Stock Units with market condition, tranche two \| Executive officer	'	'	'	'
Stock Benefit Plan	'	'	'	'
Vesting period	'	'	'1 year	'
Performance hurdles	'	'	'	'
Weighted average period for recognition of compensation expense	'	'	'4 years	'
Percentage of compensation expense recognized	'	'	50.00%	'

EMPLOYEE_BENEFIT_PLANS_Details

EMPLOYEE BENEFIT PLANS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
401(k) Savings Plan	'	'	'
Maximum percentage of gross pay eligible for a matching contribution up to 75%	4.00%	'	'
Maximum percentage of the employee's contribution matched by the employer	75.00%	'	'
Maximum employer matching contribution per employee as a percentage of employee's gross pay	3.00%	'	'
Matching expense from continuing operations under 401(k) Savings Plan	$1,164	$1,031	$1,006
Matching expense from discontinued operations under 401(k) Savings Plan	8	35	37
Incentive Bonus Plans	'	'	'
Incentive or deferred bonus plans and deferred compensation plan	'	'	'
Number of sponsored incentive bonus plans	2	'	'
Expense under the plans	5,567	7,034	7,874
Incentive Bonus Plans \| Maximum	'	'	'
Incentive or deferred bonus plans and deferred compensation plan	'	'	'
Percentage of annual incentive bonus, which can be deferred	100.00%	'	'
Deferred Bonus Plan	'	'	'
Incentive or deferred bonus plans and deferred compensation plan	'	'	'
Expense under the plans	8	10	15
Period for which annual bonus can be deferred over one time period	'3 years	'	'
Period for which annual bonus can be deferred over a second time period	'5 years	'	'
Period for which annual bonus can be deferred over a third time period	'10 years	'	'
Percentage of the employee's contribution matched by employer	10.00%	'	'
Vesting period	'3 years	'	'
Total amounts deferred	1,504	1,390	'
Deferred Compensation Plan	'	'	'
Incentive or deferred bonus plans and deferred compensation plan	'	'	'
Expense under the plans	$807	$405	'
Percentage of the employee's contribution matched by employer	0.00%	'	'
Percentage of employee's contribution vested in the plan	100.00%	'	'
Deferred Compensation Plan \| Minimum	'	'	'
Incentive or deferred bonus plans and deferred compensation plan	'	'	'
Payout period time for payments after retirement	'2 years	'	'
Deferred Compensation Plan \| Maximum	'	'	'
Incentive or deferred bonus plans and deferred compensation plan	'	'	'
Percentage of annual base pay, which can be deferred	50.00%	'	'
Payout period time for payments after retirement	'10 years	'	'

SEGMENT_REPORTING_Details

SEGMENT REPORTING (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues and net operating income for each of the reportable segments	'	'	'	'	'	'	'	'	'	'	'
Total revenues	$167,791	$165,229	$165,599	$164,981	$162,313	$160,228	$153,277	$151,171	$663,600	$626,989	$544,587
Net operating income, including reconciling items	'	'	'	'	'	'	'	'	425,090	397,699	333,280
General and administrative expenses	'	'	'	'	'	'	'	'	-28,507	-34,174	-29,145
Interest expense	'	'	'	'	'	'	'	'	-113,911	-123,874	-125,255
Depreciation and amortization	'	'	'	'	'	'	'	'	-172,903	-161,047	-136,503
Other expenses	'	'	'	'	'	'	'	'	-312	-2,741	-3,225
Income from continuing operations	'	'	'	'	'	'	'	'	109,457	75,863	39,152
Operating segment \| Core properties	'	'	'	'	'	'	'	'	'	'	'
Revenues and net operating income for each of the reportable segments	'	'	'	'	'	'	'	'	'	'	'
Threshold period of time owned	'	'	'	'	'	'	'	'	'1 year	'	'
Total revenues	'	'	'	'	'	'	'	'	613,603	594,684	544,433
Net operating income, including reconciling items	'	'	'	'	'	'	'	'	392,066	377,002	333,126
Operating segment \| Non-core properties	'	'	'	'	'	'	'	'	'	'	'
Revenues and net operating income for each of the reportable segments	'	'	'	'	'	'	'	'	'	'	'
Total revenues	'	'	'	'	'	'	'	'	48,817	31,994	'
Net operating income, including reconciling items	'	'	'	'	'	'	'	'	31,844	20,386	'
Reconciling items	'	'	'	'	'	'	'	'	'	'	'
Revenues and net operating income for each of the reportable segments	'	'	'	'	'	'	'	'	'	'	'
Total revenues	'	'	'	'	'	'	'	'	1,180	311	154
Net operating income, including reconciling items	'	'	'	'	'	'	'	'	$1,180	$311	$154

SEGMENT_REPORTING_Details_2

SEGMENT REPORTING (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Assets for each of the reportable segments	'	'
Total assets	$4,467,877	$4,451,492
Operating segment \| Core properties	'	'
Assets for each of the reportable segments	'	'
Total assets	3,687,242	3,721,879
Operating segment \| Non-core properties	'	'
Assets for each of the reportable segments	'	'
Total assets	690,280	624,507
Reconciling items	'	'
Assets for each of the reportable segments	'	'
Total assets	$90,355	$105,106

TRANSACTIONS_WITH_AFFILIATES_D

TRANSACTIONS WITH AFFILIATES (Details) (USD $)	1 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2009	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	item	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Transactions with Affiliates	'	'	'	'
Rental expense	'	$2,588	$2,574	$2,567
Affiliated entities	'	'	'	'
Transactions with Affiliates	'	'	'	'
Number of renewal options	2	'	'	'
Term of each renewal option	'5 years	'	'	'
Rental expense	'	$1,404	$1,377	$1,350

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Oct. 13, 2010

Oct. 12, 2010

Dec. 31, 2013

Aug. 19, 2013

Aug. 18, 2013

Guarantees related to low income housing tax credits

Minimum

Maximum

Letters of credit

Unsecured Credit Agreement

Lease Commitments

Remaining term of operating leases for office space and office equipment

'1 year

'4 years

Operating Leases, Future Minimum Payments Due

2014

$1,884

2015

1,888

2016

1,651

2017

294

Total

5,717

Rent expense incurred

2,588

2,574

2,567

Letters of Credit

Letters of credit outstanding

5,237

Unsecured credit agreement

20,000

450,000

275,000

Tax Protection Obligations

Period for nonrecourse debt associated with contributed properties acquired

'7 years

'10 years

Percentage of apartment communities of owned portfolio restricted to be sold by the entity

7.00%

Term of sale restriction related to contributed properties

'7 years

'10 years

Remaining term on sale restrictions

'2 months

'3 years 6 months

Low Income Housing Tax Credits

Tax credit guarantee

3,000

Secondary tax credit guarantee

3,000

Liability related to tax credit guarantee

DISPOSITION_OF_PROPERTY_AND_DI2

DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS (Details) (USD $)

12 Months Ended

24 Months Ended

0 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Mar. 14, 2013

Mar. 29, 2013

Apr. 10, 2013

Oct. 15, 2013

Sep. 13, 2012

Sep. 20, 2012

Oct. 11, 2012

Nov. 08, 2012

Dec. 13, 2012

Dec. 21, 2012

Discontinued operations

South Bay Manor

Falkland Chase

Castle Club

Virginia Village

Chesterfield Apartments

Woodholme Manor

Curren Terrace

Falcon Crest

Timbercroft

Glen Brook

item

Operating results of discontinued operations

Number of apartment communities sold

Number of Units

1,013

1,596

450

158

344

247

177

318

396

284

174

Sales Price

$192,100

$159,598

$11,100

$98,000

$15,000

$68,000

$25,155

$16,000

$29,793

$46,000

$29,150

$13,500

Gain on Sale

81,205

80,532

81,241

80,532

5,222

36,511

3,307

36,201

12,209

7,449

15,872

27,801

12,126

5,075

Revenues:

Rental income

7,095

30,324

32,043

Property other income

768

3,230

3,342

Total revenues

7,863

33,554

35,385

Expenses:

Operating and maintenance

2,483

11,951

13,230

Interest expense, including prepayment penalties

2,625

6,425

5,328

Depreciation and amortization

1,838

7,951

8,315

Total expenses

6,946

26,327

26,873

Income from discontinued operations

917

7,227

8,512

Discontinued operations

$82,122

$87,759

$8,512

SUPPLEMENTAL_CASH_FLOW_DISCLOS2

SUPPLEMENTAL CASH FLOW DISCLOSURES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Supplemental disclosures:	'	'	'
Cash paid for interest, net of capitalized interest	$115,079	$127,249	$126,267
Interest capitalized	7,281	4,380	5,255
Non-cash investing and financing activities:	'	'	'
Note receivable converted to real estate	'	608	'
Mortgage loan assumed associated with property acquisition	'	7,284	'
Mortgage note discount written off	'	104	17
Exchange of UPREIT Units for common shares	4,495	6,899	11,399
Transfers of construction in progress to buildings, improvements and equipment	4,480	42,732	100,266
Transfers of other assets to construction in progress	836	'	'
Capital improvements to properties and construction in progress included in accounts payable	$9,261	$6,130	$6,577

QUARTERLY_FINANCIAL_STATEMENT_2

QUARTERLY FINANCIAL STATEMENT INFORMATION (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)	'	'	'	'	'	'	'	'	'	'	'
Total revenue	$167,791	$165,229	$165,599	$164,981	$162,313	$160,228	$153,277	$151,171	$663,600	$626,989	$544,587
Net income attributable to common stockholders	$56,919	$25,038	$27,036	$51,880	$69,774	$36,413	$13,727	$15,388	$160,873	$135,302	$37,856
Basic earnings per share data:	'	'	'	'	'	'	'	'	'	'	'
Net income attributable to common stockholders (in dollars per share)	$1	$0.44	$0.52	$1.01	$1.36	$0.72	$0.28	$0.32	$2.96	$2.72	$0.90
Diluted earnings per share data:	'	'	'	'	'	'	'	'	'	'	'
Net income attributable to common stockholders (in dollars per share)	$0.99	$0.44	$0.51	$0.99	$1.34	$0.71	$0.28	$0.31	$2.93	$2.69	$0.89

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (Subsequent event, Dividend, USD $)	0 Months Ended
	Feb. 01, 2014
Subsequent event \| Dividend	'
Subsequent events	'
Common stock dividend declared per share (in dollars per share)	$0.73
Approved dividend distribution on the UPREIT Units (in dollars per unit)	$0.73

SCHEDULE_II_VALUATION_AND_QUAL1

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Allowance for Doubtful Receivables	'	'	'
Valuation And Qualifying Accounts	'	'	'
Balance at Beginning of Year	$2,778	$2,869	$3,134
Charged to Costs and Expenses	6,028	5,886	6,593
Adjustments/Amounts Written Off	-6,307	-5,977	-6,858
Balance at End of Year	2,499	2,778	2,869
Deferred Tax Asset Valuation Allowance	'	'	'
Valuation And Qualifying Accounts	'	'	'
Balance at Beginning of Year	13,168	13,185	12,750
Adjustments/Amounts Written Off	-61	-17	435
Balance at End of Year	$13,107	$13,168	$13,185

SCHEDULE_III_REAL_ESTATE_AND_A1

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
In Thousands, unless otherwise specified					Minimum	Maximum	1200 East West	Annapolis Roads	Arbor Park of Alexandria	Barrington Gardens	Bayview/Colonial	Blackhawk	Bonnie Ridge	Braddock Lee	Cambridge Village	Canterbury	Charleston Place	Chatham Hill	Cider Mill	Cinnamon Run	Country Village	Courts at Huntington Station	Courtyards Village	Crescent Club	Cypress Place	Devonshire Hills	Dunfield Townhomes	East Hill Gardens	East Meadow	Elmwood Terrace	Fox Hall	Gardencrest	Gateway Village	Glen Manor	Golf Club	Hackensack Gardens	Hawthorne Court	Heritage Square	Heritage Woods	Highland House	Hill Brook Place	Holiday Square	Home Properties of Bryn Mawr	Home Properties of Devon	Howard Crossing	Hunters Glen	Jacob Ford Village	Lake Grove	Lakeview	Lakeview Townhomes	Liberty Commons	Liberty Place	Mid-Island Estates	Middlebrooke	Middlesex Crossing	Mill Towne Village	Morningside Heights	Mount Vernon Square	New Orleans Park	Newport Village	Northwood	Oak Manor	Owings Run	Park Shirlington	Peppertree Farm	Pleasant View Gardens	Pleasure Bay	Racquet Club East	Racquet Club South	Redbank Village	Ridgeview at Wakefield Valley	Ridley Brook	Royal Gardens	Saddle Brooke	Sayville Commons	Selford Townhomes	Seminary Hill	Seminary Towers	Sherry Lake	Somerset Park	Southern Meadows	Stone Ends	Stone Hill	Tamarron	The Apts at Cambridge Court	The Apts at Cobblestone Square	The Apts at Wellington Trace	The Brooke at Peachtree Village	The Colony	The Commons at Haynes Farm	The Courts at Dulles	The Courts at Fair Oaks	The Coves at Chesapeake	The Gates of Deer Grove	The Greens at Columbia	The Hamptons	The Heights at Marlborough	The Landings	The Manor - (MD)	The Manor - (VA)	The Manor East	The Meadows at Marlborough	The New Colonies	The Sycamores	The Townhomes of Beverly	The Village at Marshfield	Top Field	Trexler Park	Trexler Park West	Village at Potomac Falls	Village Square	Vinings at Hampton Village	Waterview	Wayne Village	West Springfield	Westbrooke	Westchester West	Westwood Village	Westwoods	William Henry	Windsor Realty	Woodleaf	Woodmont Village	Woodway at Trinity Centre	Yorkshire Village	Other Assets (c)
																																																																																																																														item
REAL ESTATE AND ACCUMULATED DEPRECIATION	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Encumbrances	$1,814,217	'	'	'	'	'	'	$22,982	$92,638	'	'	'	$47,857	'	'	'	$72,620	$42,462	$58,709	$52,236	$17,590	'	'	'	$9,776	$72,197	$10,519	'	$14,101	$25,647	$47,000	'	'	$7,599	$31,483	'	$32,128	'	$13,922	$5,343	'	'	'	$58,303	'	'	'	'	$8,698	'	'	'	$18,521	'	'	$24,239	'	'	$22,545	'	$10,049	'	$40,122	'	$74,619	$91,733	'	$36,116	'	'	$17,447	$12,616	$47,000	'	$37,118	$8,525	'	$53,515	$24,331	'	$39,018	$24,012	'	$14,109	'	'	$22,401	$11,771	'	'	'	$47,150	'	'	$8,970	$47,844	'	$25,055	$44,245	$13,242	$6,877	$20,344	'	$20,335	'	'	$15,888	$36,731	'	'	$39,285	'	'	'	'	'	$33,148	$44,548	'	$27,383	'	'	$9,555	'	'	'
Land	786,868	'	'	'	'	'	13,068	14,400	9,447	923	1,671	3,051	5,241	3,962	2,514	5,179	22,764	2,134	16,016	7,962	2,349	33,409	3,405	2,338	2,349	27,989	1,683	255	2,339	6,203	9,959	25,181	1,391	1,088	4,177	2,426	9,200	2,058	1,602	3,414	2,277	3,652	3,314	6,612	46,044	2,239	6,750	7,614	695	1,118	1,345	2,033	4,288	2,888	7,560	3,994	6,553	55,810	3,044	56,501	875	686	5,788	4,567	12,888	6,209	1,744	2,086	344	2,164	2,372	2,026	5,758	7,609	8,192	1,281	3,095	5,772	2,593	7,253	9,383	5,766	4,080	1,412	7,378	12,127	3,227	1,043	8,027	7,550	15,413	12,377	8,915	1,247	5,040	6,052	6,253	2,621	8,957	1,441	5,330	6,598	1,831	4,761	5,820	3,247	1,635	2,604	2,684	7,380	2,781	1,849	1,531	2,026	2,634	1,103	6,978	7,530	1,260	4,853	436	2,984	2,943	17,136	1,227	618
Initial Cost Buildings, Improvements & Equipment	3,396,462	'	'	'	'	'	69,908	18,035	63,198	6,954	9,180	15,426	46,916	10,330	3,708	23,737	84,648	48,584	70,488	61,627	12,269	88,522	10,349	28,792	8,340	72,440	30,302	1,801	11,666	16,241	51,874	66,500	7,316	5,005	23,138	11,323	25,967	5,371	12,420	14,761	9,966	6,830	19,493	38,923	138,871	4,729	20,022	14,509	5,142	13,335	13,253	13,125	7,835	14,369	32,454	14,765	32,699	86,946	14,442	147,420	14,901	4,801	35,160	11,761	86,458	52,837	7,444	25,244	4,244	15,716	17,882	8,467	16,670	44,040	56,945	4,765	11,538	22,216	17,237	12,937	35,272	30,022	11,381	9,370	82,641	36,482	27,723	15,574	36,146	32,771	76,946	61,107	57,974	18,973	20,886	53,088	44,268	18,348	30,216	6,570	11,407	28,736	22,895	17,020	30,465	29,512	16,684	14,970	23,064	30,960	15,206	12,805	23,030	14,639	33,611	5,229	41,513	25,386	2,694	24,116	3,637	18,748	6,321	78,253	2,276	'
Costs Capitalized Subsequent to Acquisition	1,437,435	'	'	'	'	'	2,355	8,105	55,794	6,666	6,115	9,556	38,151	9,209	2,768	17,937	12,311	16,717	17,843	10,189	12,834	296	6,067	7,536	6,401	27,573	8,328	1,611	4,841	14,378	18,802	29,087	4,378	4,521	18,555	7,328	23,979	3,171	4,521	3,571	10,832	3,118	18,229	37,728	7,724	1,553	9,467	20,619	4,954	2,741	429	3,246	8,045	3,851	5	14,958	38,432	24,818	15,750	15,955	5,308	4,169	11,524	9,536	24,939	36,049	12,328	19,181	3,567	15,800	5,457	7,653	20,609	10,112	3,688	3,802	10,946	25,328	13,468	374	12,474	7,492	6	4,970	3,584	326	1,670	5,123	17,730	4,948	2,680	3,507	11,770	1,261	3,044	16,900	10,756	15,009	13,697	7,662	2,909	7,370	15,002	4,336	6,470	8,580	5,138	10,470	643	2,700	12,386	4,857	4,837	10,938	6,429	1,987	5,753	14,186	744	19,194	2,814	3,675	3,685	2,660	1,636	225,641
Total Cost Buildings, Improvements & Equipment	4,833,897	'	'	'	'	'	72,263	26,140	118,992	13,620	15,295	24,982	85,067	19,539	6,476	41,674	96,959	65,301	88,331	71,816	25,103	88,818	16,416	36,328	14,741	100,013	38,630	3,412	16,507	30,619	70,676	95,587	11,694	9,526	41,693	18,651	49,946	8,542	16,941	18,332	20,798	9,948	37,722	76,651	146,595	6,282	29,489	35,128	10,096	16,076	13,682	16,371	15,880	18,220	32,459	29,723	71,131	111,764	30,192	163,375	20,209	8,970	46,684	21,297	111,397	88,886	19,772	44,425	7,811	31,516	23,339	16,120	37,279	54,152	60,633	8,567	22,484	47,544	30,705	13,311	47,746	37,514	11,387	14,340	86,225	36,808	29,393	20,697	53,876	37,719	79,626	64,614	69,744	20,234	23,930	69,988	55,024	33,357	43,913	14,232	14,316	36,106	37,897	21,356	36,935	38,092	21,822	25,440	23,707	33,660	27,592	17,662	27,867	25,577	40,040	7,216	47,266	39,572	3,438	43,310	6,451	22,423	10,006	80,913	3,912	225,641
Total	5,620,765	5,455,226	5,042,324	4,377,730	'	'	85,331	40,540	128,439	14,543	16,966	28,033	90,308	23,501	8,990	46,853	119,723	67,435	104,347	79,778	27,452	122,227	19,821	38,666	17,090	128,002	40,313	3,667	18,846	36,822	80,635	120,768	13,085	10,614	45,870	21,077	59,146	10,600	18,543	21,746	23,075	13,600	41,036	83,263	192,639	8,521	36,239	42,742	10,791	17,194	15,027	18,404	20,168	21,108	40,019	33,717	77,684	167,574	33,236	219,876	21,084	9,656	52,472	25,864	124,285	95,095	21,516	46,511	8,155	33,680	25,711	18,146	43,037	61,761	68,825	9,848	25,579	53,316	33,298	20,564	57,129	43,280	15,467	15,752	93,603	48,935	32,620	21,740	61,903	45,269	95,039	76,991	78,659	21,481	28,970	76,040	61,277	35,978	52,870	15,673	19,646	42,704	39,728	26,117	42,755	41,339	23,457	28,044	26,391	41,040	30,373	19,511	29,398	27,603	42,674	8,319	54,244	47,102	4,698	48,163	6,887	25,407	12,949	98,049	5,139	226,259
Accumulated Depreciation	1,243,243	1,108,840	983,759	841,801	'	'	7,975	3,178	40,270	4,360	6,231	9,833	38,157	9,369	2,509	16,235	9,592	18,420	29,164	16,597	11,548	8,848	5,983	3,588	5,897	32,678	7,366	1,571	5,836	12,040	14,898	32,824	4,592	4,204	17,070	5,580	17,525	3,052	4,003	4,108	8,186	3,243	14,510	30,791	6,578	610	6,760	16,751	4,443	1,745	5,340	3,729	7,710	2,265	71	11,930	32,341	24,465	13,314	10,095	5,586	4,018	18,023	10,828	26,995	37,892	8,175	17,231	3,384	12,838	6,600	6,437	17,522	8,686	13,340	3,642	10,029	19,748	13,240	847	16,989	11,040	53	5,415	5,806	2,129	7,658	5,062	21,482	2,930	4,624	5,978	14,868	1,190	2,482	20,093	11,267	14,829	16,168	6,291	750	7,503	17,832	6,730	7,500	10,116	4,839	10,025	9,048	3,332	10,921	5,293	2,231	11,057	11,862	987	7,145	13,884	746	16,277	2,953	6,590	3,506	3,611	1,409	25,703
Total Cost, Net of Accumulated Depreciation	4,377,522	'	'	'	'	'	77,356	37,362	88,169	10,183	10,735	18,200	52,151	14,132	6,481	30,618	110,131	49,015	75,183	63,181	15,904	113,379	13,838	35,078	11,193	95,324	32,947	2,096	13,010	24,782	65,737	87,944	8,493	6,410	28,800	15,497	41,621	7,548	14,540	17,638	14,889	10,357	26,526	52,472	186,061	7,911	29,479	25,991	6,348	15,449	9,687	14,675	12,458	18,843	39,948	21,787	45,343	143,109	19,922	209,781	15,498	5,638	34,449	15,036	97,290	57,203	13,341	29,280	4,771	20,842	19,111	11,709	25,515	53,075	55,485	6,206	15,550	33,568	20,058	19,717	40,140	32,240	15,414	10,337	87,797	46,806	24,962	16,678	40,421	42,339	90,415	71,013	63,791	20,291	26,488	55,947	50,010	21,149	36,702	9,382	18,896	35,201	21,896	19,387	35,255	31,223	18,618	18,019	17,343	37,708	19,452	14,218	27,167	16,546	30,812	7,332	47,099	33,218	3,952	31,886	3,934	18,817	9,443	94,438	3,730	200,556
Real estate, other disclosures	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Construction in progress	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	187,976
Number of development communities placed into service	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	1
Assets of development community placed into service	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	4,363
Corporate office assets	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	33,920
Aggregate cost for federal income tax purposes	$5,111,978	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Estimated useful lives of assets	'	'	'	'	'3 years	'40 years	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'

SCHEDULE_III_REAL_ESTATE_AND_A2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Changes in total real estate assets	'	'	'
Balance, beginning of year	$5,455,226	$5,042,324	$4,377,730
New property acquisitions	98,199	297,650	511,308
Additions	204,717	226,348	160,109
Disposals and retirements	-137,377	-111,096	-6,823
Balance, end of year	5,620,765	5,455,226	5,042,324
Changes in accumulated depreciation	'	'	'
Balance, beginning of year	1,108,840	983,759	841,801
Depreciation	173,872	166,339	143,093
Disposals and retirements	-39,469	-41,258	-1,135
Balance, end of year	$1,243,243	$1,108,840	$983,759