Home Properties Inactive 10-Q2 May 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2014	Apr. 23, 2014
Document and Entity Information	'	'
Entity Registrant Name	'HOME PROPERTIES INC	'
Entity Central Index Key	'0000923118	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	57,131,393
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Real estate:	'	'
Land	$770,851	$786,868
Construction in progress	192,111	187,976
Buildings, improvements and equipment	4,588,065	4,645,921
Real estate, gross	5,551,027	5,620,765
Less: accumulated depreciation	-1,258,186	-1,243,243
Real estate, net	4,292,841	4,377,522
Cash and cash equivalents	8,403	9,853
Cash in escrows	26,006	23,738
Accounts receivable, net	15,118	14,937
Prepaid expenses	15,777	22,089
Deferred charges, net	11,021	11,945
Other assets	7,059	7,793
Total assets	4,376,225	4,467,877
LIABILITIES AND EQUITY	'	'
Mortgage notes payable	1,725,359	1,814,217
Unsecured notes payable	450,000	450,000
Unsecured line of credit	179,000	193,000
Accounts payable	28,193	27,540
Accrued interest payable	10,362	8,392
Accrued expenses and other liabilities	31,097	33,936
Security deposits	18,310	18,479
Total liabilities	2,442,321	2,545,564
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; 57,106,862 and 56,961,646 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	571	570
Excess stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding	'	'
Additional paid-in capital	2,016,474	2,007,300
Distributions in excess of accumulated earnings	-376,159	-380,168
Accumulated other comprehensive income	792	1,551
Total common stockholders' equity	1,641,678	1,629,253
Noncontrolling interest	292,226	293,060
Total equity	1,933,904	1,922,313
Total liabilities and equity	$4,376,225	$4,467,877

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
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	57,106,862	56,961,646
Common stock, shares outstanding	57,106,862	56,961,646
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 $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Rental income	$152,354	$147,293
Property other income	15,560	14,181
Other income	141	249
Total revenues	168,055	161,723
Expenses:	'	'
Operating and maintenance	66,459	60,057
General and administrative	9,258	9,083
Interest	25,327	29,995
Depreciation and amortization	44,378	41,412
Other expenses	8	17
Total expenses	145,430	140,564
Income from continuing operations	22,625	21,159
Discontinued operations:	'	'
Income from discontinued operations	40	808
Gain on disposition of property	31,306	40,359
Discontinued operations	31,346	41,167
Net income	53,971	62,326
Net income attributable to noncontrolling interest	-8,180	-10,446
Net income attributable to common stockholders	$45,791	$51,880
Basic earnings per share:	'	'
Income from continuing operations (in dollars per share)	$0.34	$0.34
Discontinued operations (in dollars per share)	$0.46	$0.67
Net income attributable to common stockholders (in dollars per share)	$0.80	$1.01
Diluted earnings per share:	'	'
Income from continuing operations (in dollars per share)	$0.33	$0.34
Discontinued operations (in dollars per share)	$0.46	$0.65
Net income attributable to common stockholders (in dollars per share)	$0.79	$0.99
Weighted average number of shares outstanding:	'	'
Basic (in shares)	57,106,853	51,618,734
Diluted (in shares)	57,620,655	52,325,410

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'
Net income	$53,971	$62,326
Other comprehensive income (loss):	'	'
Unrealized gain (loss) on interest rate swap agreements	-895	212
Other comprehensive income (loss)	-895	212
Comprehensive income	53,076	62,538
Net income attributable to noncontrolling interest	-8,180	-10,446
Other comprehensive (income) loss attributable to noncontrolling interest	136	-35
Comprehensive income attributable to common stockholders	$45,032	$52,057

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, 2012	$1,588,267	$515	$1,709,919	($388,397)	($1,069)	$267,299
Balance (in shares) at Dec. 31, 2012	'	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	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Net income	53,971	'	'	45,791	'	8,180
Unrealized gain (loss) on interest rate swap agreements	-895	'	'	'	-759	-136
Issuance of common stock, net	3,181	1	3,180	'	'	'
Issuance of common stock, net (in shares)	'	81,952	'	'	'	'
Stock-based compensation	5,064	'	5,064	'	'	'
Stock-based compensation (in shares)	'	2,990	'	'	'	'
Repurchase of common stock	-484	'	-484	'	'	'
Repurchase of common stock (in shares)	'	-8,449	'	'	'	'
Conversion of UPREIT Units for common stock	0	'	1,957	'	'	-1,957
Conversion of UPREIT Units for common stock (in shares)	'	68,723	'	'	'	'
Adjustment of noncontrolling interest	0	'	-543	'	'	543
Dividends and distributions paid	-49,246	'	'	-41,782	'	-7,464
Balance at Mar. 31, 2014	$1,933,904	$571	$2,016,474	($376,159)	$792	$292,226
Balance (in shares) at Mar. 31, 2014	57,106,862	57,106,862	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income	$53,971	$62,326
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	45,619	44,098
Gain on disposition of property	-31,306	-40,359
Stock-based compensation	5,064	4,327
Changes in assets and liabilities:	'	'
Cash in escrows, net	-2,271	-2,932
Other assets	6,100	3,481
Accounts payable and accrued liabilities	1,305	4,713
Total adjustments	24,511	13,328
Net cash provided by operating activities	78,482	75,654
Cash flows from investing activities:	'	'
Purchase of land for development	'	-28,088
Capital improvements to properties including redevelopment	-24,059	-27,072
Additions to construction in progress	-12,321	-19,124
Additions to predevelopment	-509	-78
Proceeds from sale of properties, net	106,273	106,158
Proceeds from insurance for property losses	88	'
Withdrawals from (additions to) cash held in escrow, net	3	-4,615
Net cash provided by investing activities	69,475	27,181
Cash flows from financing activities:	'	'
Proceeds from sale of common stock, net	3,181	31,693
Repurchase of common stock	-484	-241
Scheduled payments of mortgage notes payable	-8,124	-9,082
Payoff mortgage notes payable	-80,734	-101,020
Proceeds from unsecured line of credit	112,000	170,500
Payments on unsecured line of credit	-126,000	-164,000
Withdrawals from cash held in escrow, net	'	-227
Dividends and distributions paid	-49,246	-43,460
Net cash used in financing activities	-149,407	-115,837
Net decrease in cash and cash equivalents	-1,450	-13,002
Cash and cash equivalents:	'	'
Beginning of year	9,853	21,092
End of period	8,403	8,090
Supplemental disclosure:	'	'
Interest capitalized	2,169	1,578
Supplemental disclosure of non-cash investing and financing activities:	'	'
Exchange of UPREIT Units for common shares	1,957	1,138
Transfers of construction in progress to buildings, improvements and equipment	7,878	96
Capital improvements to properties and construction in progress included in accounts payable	$4,961	$4,054

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Mar. 31, 2014
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 March 31, 2014, the Company owned and operated 119 apartment communities with 41,532 apartments.

	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 all periods presented, 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.

	Basis of Presentation

	The accompanying consolidated financial statements include the accounts of the Company and its ownership of 84.9% of the limited partnership units in the Operating Partnership (“UPREIT Units”) at March 31, 2014 (84.8% at December 31, 2013). The remaining 15.1% is included as noncontrolling interest in these consolidated financial statements at March 31, 2014 (15.2% at December 31, 2013). 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.

	The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain disclosures that would accompany annual financial statements prepared in accordance with GAAP are omitted. The year-end December 31, 2013 balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for the fair statement of the consolidated financial statements for the interim periods have been included. The results of operations for the interim periods are not necessarily indicative of results which ultimately may be achieved for the full year. These interim consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2013. Certain reclassifications have been made to the 2013 financial statements to conform to the 2014 presentation as a result of discontinued operations.

RECENTLY_ADOPTED_AND_RECENTLY_

RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	3 Months Ended
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	Mar. 31, 2014
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	'
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS	'
	2 RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS

	On April 10, 2014, the Financial Accounting Standards Board (“FASB”) issued ASC 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which raises the threshold for determining which disposals are required to be presented as discontinued operations and modifies related disclosure requirements. The standard is applied prospectively and is effective in 2015 with early adoption permitted. The Company is currently assessing the potential impact that the adoption of this guidance will have on its financial position and results of operations.

DEVELOPMENT

DEVELOPMENT	3 Months Ended
DEVELOPMENT	Mar. 31, 2014
DEVELOPMENT	'
DEVELOPMENT	'
	3 DEVELOPMENT

	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 March 31, 2014, there was one building with 36 units under renovation and forty buildings with 638 units completed and 522 of those units occupied. As of March 31, 2014, the Company has incurred costs of $23,200 for the renovation which is included in buildings, improvements and equipment. The entire project is expected to be completed in 2015.

	Development

	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 third quarter of 2014. The construction in progress for this development was $94,172 as of March 31, 2014.

	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 combination donut/podium style 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 third quarter of 2014. The construction in progress for this development was $48,419 as of March 31, 2014.

	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. The construction in progress for this development, consisting primarily of land value, was $34,627 as of March 31, 2014.

	During the fourth quarter of 2013, the Company purchased a land parcel located in Linthicum, Maryland, a suburb of Baltimore. 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 $14,893 as of March 31, 2014.

UNSECURED_NOTES_PAYABLE

UNSECURED NOTES PAYABLE	3 Months Ended
UNSECURED NOTES PAYABLE	Mar. 31, 2014
UNSECURED NOTES PAYABLE	'
UNSECURED NOTES PAYABLE	'
	4 UNSECURED NOTES PAYABLE

	Unsecured Term Loan

	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 5. 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 7. As of March 31, 2014, 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.

	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.

UNSECURED_LINE_OF_CREDIT

UNSECURED LINE OF CREDIT	3 Months Ended
UNSECURED LINE OF CREDIT	Mar. 31, 2014
UNSECURED LINE OF CREDIT	'
UNSECURED LINE OF CREDIT	'
	5 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 $179,000 outstanding under the credit facility as of March 31, 2014. 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 March 31, 2014, 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 March 31, 2014, the Company had outstanding letters of credit of $5,237 and the amount available on the credit facility was $265,763.

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Mar. 31, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
	6 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 7, 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 $945 at March 31, 2014 and the asset valuation of $1,840 at December 31, 2013 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.

	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 March 31, 2014 and December 31, 2013, 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 $2,465,531 and $2,552,145, respectively, compared to its carrying amount of $2,354,359 and $2,457,217, respectively.

DERIVATIVE_AND_HEDGING_ACTIVIT

DERIVATIVE AND HEDGING ACTIVITIES

3 Months Ended

Mar. 31, 2014

DERIVATIVE AND HEDGING ACTIVITIES

7 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 4, 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 March 31, 2014, 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 March 31, 2014 and December 31, 2013:

Fair Value of Derivative Instruments

Asset Derivatives

Liability Derivatives

Balance

Fair Value at

Balance

Fair Value at

3/31/14

12/31/13

Sheet Location

3/31/14

12/31/13

Sheet Location

Interest Rate Swap

Other Assets

945

1,840

Other Liabilities

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 2014 and 2013, 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 three months ended March 31, 2014 and 2013, 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 $1,178 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 three months ended March 31, 2014 and 2013, respectively:

Three Months Ended

March 31,

2014

2013

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

-1,206

-60

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

-311

-272

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

Disclosure of Offsetting Derivatives

As of March 31, 2014 and December 31, 2013, the gross amount of derivative assets classified on the balance sheet in other assets was $945 and $1,840, respectively. As of March 31, 2014 and December 31, 2013, the gross amount of derivative liabilities classified on the balance sheet in accrued expenses and other liabilities was $0. 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 March 31, 2014, 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	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2014
STOCKHOLDERS' EQUITY	'
STOCKHOLDERS' EQUITY	'
	8 STOCKHOLDERS’ EQUITY

	At-The-Market Equity Offering Program

	On May 14, 2012, the Company initiated an At-The-Market (“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. From inception through March 31, 2014, the Company issued 2,430,233 shares of common stock at an average price of $62.81 per share, for aggregate gross proceeds of $152,636 and aggregate net proceeds of $149,401 after deducting commissions and other transaction costs of $3,235. As of March 31, 2014, 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 Program

	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.

	Dividends and Distributions

	On February 25, 2014, the Company paid a dividend in the amount of $0.73 per share of common stock to stockholders of record and a distribution of $0.73 per UPREIT Unit to unitholders of record as of the close of business on February 13, 2014.

	Stock-based Compensation

	The Company’s Board of Directors has approved a performance-based equity program for administering awards under the Company’s 2011 Stock Benefit Plan for the executive officers (the “2011 Executive Performance-Based Equity Program”). It is a subplan of the 2011 Stock Benefit Plan, approved by the stockholders at their 2011 Annual Meeting. On February 11, 2014, awards in connection with the 2011 Executive Performance-Based Equity Program, with an estimated fair value of $4,642, were granted to executive officers of the Company. Awards are in the form of restricted stock units with a service condition and three market conditions. The measurement period for these awards began on January 1, 2014 and will end on December 31, 2016. Expense attributed to the awards will be recognized based on the underlying vesting conditions of the awards, which substantially vest during the measurement period, taking into account retirement eligibility. During the three months ended March 31, 2014, the Company recognized stock-based compensation expense of $3,851 for the February 11, 2014 awards.

	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 (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 three months ended March 31, 2014 and 2013 is as follows:

		Three Months
		Three Months
		2014			2013
	Numerator:
	Income from continuing operations	$	22,625		$	21,159
	Less: Income from continuing operations attributable to noncontrolling interest	(3,429		)	(3,546		)

	Income from continuing operations attributable to common stockholders	$	19,196		$	17,613

	Discontinued operations	$	31,346		$	41,167
	Less: Discontinued operations attributable to noncontrolling interest	(4,751		)	(6,900		)

	Discontinued operations attributable to common stockholders	$	26,595		$	34,267

	Denominator:
	Basic weighted average number of common shares outstanding	57,106,853			51,618,734
	Effect of dilutive stock options	355,002			540,425
	Effect of restricted shares and restricted stock units	158,800			166,251

	Diluted weighted average number of common shares outstanding	57,620,655			52,325,410

	Earnings per common share:
	Basic earnings per share:
	Income from continuing operations	$	0.34		$	0.34
	Discontinued operations	0.46			0.67
	Net income attributable to common stockholders	$	0.8		$	1.01

	Diluted earnings per share:
	Income from continuing operations	$	0.33		$	0.34
	Discontinued operations	0.46			0.65

	Net income attributable to common stockholders	$	0.79		$	0.99

	Unexercised stock options to purchase 418,113 and 386,609 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 three months ended March 31, 2014 and 2013, respectively.

SEGMENT_REPORTING

SEGMENT REPORTING	3 Months Ended
SEGMENT REPORTING	Mar. 31, 2014
SEGMENT REPORTING	'
SEGMENT REPORTING	'
	9 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. 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, 2013. Non-core properties consist of apartment communities acquired, developed or redeveloped during 2013 and 2014, 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 to the Consolidated Financial Statements contained in the Company’s Form 10-K for the year ended December 31, 2013.

	The revenues and net operating income for each of the reportable segments are summarized as follows for the three months ended March 31, 2014 and 2013:

		Three Months
		2014			2013
	Revenues:
	Core properties	$ 162,678			$ 158,255
	Non-core properties	5,236			3,219
	Reconciling items	141			249
	Total revenues	$ 168,055			$ 161,723
	Net operating income:
	Core properties	$ 98,620			$ 99,421
	Non-core properties	2,835			1,996
	Reconciling items	141			249
	Net operating income, including reconciling items	101,596			101,666
	General and administrative expenses	(9,258	)		(9,083	)
	Interest expense	(25,327	)		(29,995	)
	Depreciation and amortization	(44,378	)		(41,412	)
	Other expenses	(8	)		(17	)
	Income from continuing operations	$ 22,625			$ 21,159

	The assets for each of the reportable segments are summarized as follows as of March 31, 2014 and December 31, 2013:

	Assets	2014		2013
	Apartment communities
	Core properties	$ 3,936,558		$ 3,958,260
	Non-core properties	356,283		419,262
	Reconciling items	83,384		90,355
	Total assets	$ 4,376,225		$ 4,467,877

DISPOSITION_OF_PROPERTY_AND_DI

DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2014
DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS	'
DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS	'
	10 DISPOSITION OF PROPERTY AND 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, 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 discontinued operations. 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.

	Included in discontinued operations for the three months ended March 31, 2014 are the operating results of one apartment community sold during the three months ended March 31, 2014 (the “2014 Disposed Community”). Included in discontinued operations for the three months ended March 31, 2013 are the operating results of four apartment communities sold in separate transactions during the year ended December 31, 2013 (“2013 Disposed Communities”) and the 2014 Disposed Community. 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.

	On February 26, 2014, the Company sold a property located in the Washington, D.C. region with a total of 864 units for $110,000. At closing, a $58,472 mortgage was repaid, prepayment penalties of $585 and closing costs of $3,326 were incurred for a net cash flow of $47,617. A gain on sale of $31,306 was recorded in the first quarter of 2014 related to this sale.

	The results of discontinued operations are summarized for the three months ended March 31, 2014 and 2013 as follows:

		Three Months
		2014		2013
	Revenues:
	Rental income	$	2,015	$	6,852
	Property other income	286		718
	Total revenues	2,301		7,570
	Expenses:
	Operating and maintenance	892		2,626
	Interest expense (1)	1,109		2,369
	Depreciation and amortization	260		1,767
	Total expenses	2,261		6,762
	Income (loss) from discontinued operations	40		808
	Gain on disposition of property	31,306		40,359
	Discontinued operations	$	31,346	$	41,167

	(1) Includes debt extinguishment costs and other one-time costs of $802 and $1,416 incurred as a result of repaying property specific debt triggered upon sale for the three months ended March 31, 2014 and 2013.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2014
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'
	11 COMMITMENTS AND CONTINGENCIES

	Letters of Credit

	As of March 31, 2014, 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 construction projects, workers’ compensation and health insurance policies.

	Debt Covenants

	The unsecured notes payable and unsecured Credit Agreement require 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 ratios for all periods presented.

	Included in the Company’s consolidated balance sheet at March 31, 2014 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 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 (6% of the owned portfolio at March 31, 2014) 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 sale restrictions range from 6 months to 3.25 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 March 31, 2014, 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.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	12 SUBSEQUENT EVENTS

	On April 29, 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 March 31, 2014. The dividend and distribution are payable May 23, 2014, to stockholders and unitholders of record on May 12, 2014.

	On April 29, 2014, the stockholders of the Company approved an amendment to the Company’s Articles of Amendment and Restatement of the Articles of Incorporation, as amended, to increase the number of authorized shares of the Company’s Common Stock, par value $.01 per share, from 80,000,000 shares to 160,000,000 shares.

	On April 29, 2014, the stockholders of the Company approved an amendment to the Company’s 2011 Stock Benefit Plan (the “2011 Plan”) to increase the maximum number of shares of Common Stock which may be subject to awards issued under the 2011 Plan by 4,000,000 shares; and to provide that each full value award granted after April 29, 2014 will count as 5.45 shares available for issuance under the 2011 Plan. For additional information about the 2011 Plan, refer to Note 12 of the Company’s Form 10-K for the year ended December 31, 2013.

DERIVATIVE_AND_HEDGING_ACTIVIT1

DERIVATIVE AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2014

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

3/31/14

12/31/13

Sheet Location

3/31/14

12/31/13

Sheet Location

Interest Rate Swap

Other Assets

945

1,840

Other Liabilities

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

Three Months Ended

March 31,

2014

2013

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

-1,206

-60

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

-311

-272

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

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Mar. 31, 2014
STOCKHOLDERS' EQUITY	'
Reconciliation of basic and diluted earnings per share	'

		Three Months
		Three Months
		2014			2013
	Numerator:
	Income from continuing operations	$	22,625		$	21,159
	Less: Income from continuing operations attributable to noncontrolling interest	(3,429		)	(3,546		)

	Income from continuing operations attributable to common stockholders	$	19,196		$	17,613

	Discontinued operations	$	31,346		$	41,167
	Less: Discontinued operations attributable to noncontrolling interest	(4,751		)	(6,900		)

	Discontinued operations attributable to common stockholders	$	26,595		$	34,267

	Denominator:
	Basic weighted average number of common shares outstanding	57,106,853			51,618,734
	Effect of dilutive stock options	355,002			540,425
	Effect of restricted shares and restricted stock units	158,800			166,251

	Diluted weighted average number of common shares outstanding	57,620,655			52,325,410

	Earnings per common share:
	Basic earnings per share:
	Income from continuing operations	$	0.34		$	0.34
	Discontinued operations	0.46			0.67
	Net income attributable to common stockholders	$	0.8		$	1.01

	Diluted earnings per share:
	Income from continuing operations	$	0.33		$	0.34
	Discontinued operations	0.46			0.65

	Net income attributable to common stockholders	$	0.79		$	0.99

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	3 Months Ended
SEGMENT REPORTING (Tables)	Mar. 31, 2014
SEGMENT REPORTING	'
Schedule of revenues and net operating income for each of the reportable segments	'

		Three Months
		2014			2013
	Revenues:
	Core properties	$ 162,678			$ 158,255
	Non-core properties	5,236			3,219
	Reconciling items	141			249
	Total revenues	$ 168,055			$ 161,723
	Net operating income:
	Core properties	$ 98,620			$ 99,421
	Non-core properties	2,835			1,996
	Reconciling items	141			249
	Net operating income, including reconciling items	101,596			101,666
	General and administrative expenses	(9,258	)		(9,083	)
	Interest expense	(25,327	)		(29,995	)
	Depreciation and amortization	(44,378	)		(41,412	)
	Other expenses	(8	)		(17	)
	Income from continuing operations	$ 22,625			$ 21,159
Summary of assets for each of the reportable segments	'

	Assets	2014		2013
	Apartment communities
	Core properties	$ 3,936,558		$ 3,958,260
	Non-core properties	356,283		419,262
	Reconciling items	83,384		90,355
	Total assets	$ 4,376,225		$ 4,467,877

DISPOSITION_OF_PROPERTY_AND_DI1

DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2014
DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS	'
Results of discontinued operations	'

		Three Months
		2014		2013
	Revenues:
	Rental income	$	2,015	$	6,852
	Property other income	286		718
	Total revenues	2,301		7,570
	Expenses:
	Operating and maintenance	892		2,626
	Interest expense (1)	1,109		2,369
	Depreciation and amortization	260		1,767
	Total expenses	2,261		6,762
	Income (loss) from discontinued operations	40		808
	Gain on disposition of property	31,306		40,359
	Discontinued operations	$	31,346	$	41,167

	(1) Includes debt extinguishment costs and other one-time costs of $802 and $1,416 incurred as a result of repaying property specific debt triggered upon sale for the three months ended March 31, 2014 and 2013.

ORGANIZATION_AND_BASIS_OF_PRES1

ORGANIZATION AND BASIS OF PRESENTATION (Details) (USD $)	0 Months Ended	3 Months Ended			12 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Aug. 04, 1994	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
	Aug. 04, 1994	item	Mar. 31, 2013	Operating Partnership	Operating Partnership	Home Properties Trust
Initial public offering of common stock (in shares)	5,408,000	'	'	'	'	'
Number of communities, owned	'	119	'	'	'	'
Number of apartments, owned	'	41,532	'	'	'	'
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%	'	'	'
Provision for federal income taxes	'	$0	$0	'	'	'
Percentage of ownership in partnership	'	'	'	84.90%	84.80%	'
Noncontrolling interest in partnership (as a percent)	'	'	'	15.10%	15.20%	'
Interest owned in Operating Partnership (as a percent)	'	'	'	1.00%	'	'
Percentage of holdings as limited partner	'	'	'	'	'	100.00%

DEVELOPMENT_Details

DEVELOPMENT (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2011	Mar. 31, 2014	Jun. 30, 2012	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
	Arbor Park of Alexandria	Eleven55 Ripley	Eleven55 Ripley	Eleven55 Ripley - 21 story building	Eleven55 Ripley - 5 story building	Courts at Spring Mill Station	Courts at Spring Mill Station	Residential community on land purchased in Tysons Corner	Residential community on land purchased in Tysons Corner	Multifamily units on land purchased in Linthicum	Multifamily units on land purchased in Linthicum
	item		item	item	item		item		Expected		Expected
									item		item
DEVELOPMENT	'	'	'	'	'	'	'	'	'	'	'
Number of projects in redevelopment	1	'	'	'	'	'	'	'	'	'	'
Number of garden apartments under redevelopment phase	851	'	'	'	'	'	'	'	'	'	'
Number of buildings under redevelopment phase	52	'	'	'	'	'	'	'	'	'	'
Number of buildings under renovation	1	'	'	'	'	'	'	'	'	'	'
Number of units under renovation	36	'	'	'	'	'	'	'	'	'	'
Number of buildings completed and occupied	40	'	'	'	'	'	'	'	'	'	'
Number of units completed	638	'	'	'	'	'	'	'	'	'	'
Number of units occupied	522	'	'	'	'	'	'	'	'	'	'
Construction in progress included in buildings, improvements, equipment or other assets	$23,200	'	'	'	'	'	'	'	'	'	'
Construction in progress for development, number of buildings	'	'	2	'	'	'	2	'	'	'	'
Construction in progress for development, number of stories in each building	'	'	'	21	5	'	'	'	'	'	'
Construction in progress for development, number of units	'	'	379	'	'	'	385	'	694	'	300
Total construction cost	'	$94,172	'	'	'	$48,419	'	$34,627	'	$14,893	'

UNSECURED_NOTES_PAYABLE_Detail

UNSECURED NOTES PAYABLE (Details) (USD $)

Jun. 28, 2012

Dec. 31, 2011

Mar. 31, 2014

Nov. 04, 2013

Jul. 19, 2012

Mar. 31, 2014

Jul. 19, 2012

Mar. 31, 2014

Nov. 04, 2013

Mar. 31, 2014

Dec. 31, 2011

Jun. 28, 2012

Jun. 27, 2012

In Thousands, unless otherwise specified

Howard Crossing

Unsecured Term Loan One

Unsecured Senior Notes

Series A

Series B

Private placement note due June 2019

item

0.685% Interest rate swap

2.604% interest rate swap

Minimum

Maximum

item

2.604% interest rate swap

Unsecured notes payable

Unsecured notes, maturity term

'5 years

'7 years

'10 years

'7 years

Unsecured notes

$250,000

$150,000

$90,000

$60,000

$50,000

Number of series in private placement

Number of participating lenders

Variable rate basis

'one-month LIBOR

Interest rate spread (as a percent)

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

1,350

UNSECURED_LINE_OF_CREDIT_Detai

UNSECURED LINE OF CREDIT (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	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	179,000	'	'
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	$265,763	'	'

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Interest rate swaps	'	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'	'
Fair value of derivative assets	$945	$1,840
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	2,465,531	2,552,145
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	2,354,359	2,457,217
Level 2 \| Interest rate swaps	'	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'	'
Fair value of derivative assets	$945	$1,840

DERIVATIVE_AND_HEDGING_ACTIVIT2

DERIVATIVE AND HEDGING ACTIVITIES (Details) (USD $)

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2011

Mar. 31, 2014

Nov. 04, 2013

Jul. 19, 2012

Mar. 31, 2014

Dec. 31, 2013

Jul. 19, 2012

Mar. 31, 2014

Nov. 04, 2013

Mar. 31, 2014

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

945

1,840

Fair value of derivative liability

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

1,178

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

-1,206

-60

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

-311

-272

Fair value of derivatives in net liability position

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)	0 Months Ended			23 Months Ended		0 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 25, 2014	Jul. 12, 2013	Jul. 09, 2013	Mar. 31, 2014	14-May-12	Feb. 11, 2014	Mar. 31, 2014
						2011 Executive Performance-Based Equity Program	2011 Executive Performance-Based Equity Program
						Executive officer	Executive officer
STOCKHOLDERS' EQUITY	'	'	'	'	'	'	'
Common stock, shares authorized	'	'	'	'	4,400,000	'	'
Shares issued	'	'	'	2,430,233	'	'	'
Average price (in dollars per share)	'	'	'	$62.81	'	'	'
Aggregate gross proceeds	'	'	'	$152,636	'	'	'
Aggregate net proceeds	'	'	'	149,401	'	'	'
Commissions and other transaction costs	'	'	'	3,235	'	'	'
Shares available under the ATM program	'	'	'	1,969,767	'	'	'
Common stock publicly offered (in shares)	'	'	4,427,500	'	'	'	'
Shares of common stock issued under public equity offering, price (in dollars per share)	'	'	$63	'	'	'	'
Shares issued to underwriters included in prospectus supplement offering	'	'	577,500	'	'	'	'
Proceeds from issuance of common stock through public offering, net	'	'	267,633	'	'	'	'
Issuance of common stock through public offering, net (in shares)	'	4,427,500	'	'	'	'	'
Dividend paid per share (in dollars per share)	$0.73	'	'	'	'	'	'
Distribution paid per UPREIT unit to unitholders (in dollars per unit)	$0.73	'	'	'	'	'	'
Stock-based Compensation	'	'	'	'	'	'	'
Fair value of estimated share based awards	'	'	'	'	'	4,642	'
Total stock-based compensation cost recognized in earnings	'	'	'	'	'	'	$3,851

STOCKHOLDERS_EQUITY_Details_2

STOCKHOLDERS' EQUITY (Details 2) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
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	$22,625	$21,159
Less: Income from continuing operations attributable to noncontrolling interest	-3,429	-3,546
Income from continuing operations attributable to common stockholders	19,196	17,613
Discontinued operations	31,346	41,167
Less: Discontinued operations attributable to noncontrolling interest	-4,751	-6,900
Discontinued operations attributable to common stockholders	$26,595	$34,267
Basic weighted average number of common shares outstanding	57,106,853	51,618,734
Diluted weighted average number of common shares outstanding	57,620,655	52,325,410
Basic earnings per share:	'	'
Income from continuing operations (in dollars per share)	$0.34	$0.34
Discontinued operations (in dollars per share)	$0.46	$0.67
Net income attributable to common stockholders (in dollars per share)	$0.80	$1.01
Diluted earnings per share:	'	'
Income from continuing operations (in dollars per share)	$0.33	$0.34
Discontinued operations (in dollars per share)	$0.46	$0.65
Net income attributable to common stockholders (in dollars per share)	$0.79	$0.99
Stock options	'	'
Reconciliation of basic and diluted earnings per share	'	'
Effect of stock awards (in shares)	355,002	540,425
Diluted earnings per share:	'	'
Shares not included in computations of diluted EPS	418,113	386,609
Restricted shares and restricted stock units	'	'
Reconciliation of basic and diluted earnings per share	'	'
Effect of stock awards (in shares)	158,800	166,251

SEGMENT_REPORTING_Details

SEGMENT REPORTING (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues and net operating income for each of the reportable segments	'	'
Total revenues	$168,055	$161,723
Net operating income, including reconciling items	101,596	101,666
General and administrative expenses	-9,258	-9,083
Interest expense	-25,327	-29,995
Depreciation and amortization	-44,378	-41,412
Other expenses	-8	-17
Income from continuing operations	22,625	21,159
Operating segment \| Core properties	'	'
Revenues and net operating income for each of the reportable segments	'	'
Threshold period of time owned	'1 year	'
Total revenues	162,678	158,255
Net operating income, including reconciling items	98,620	99,421
Operating segment \| Non-core properties	'	'
Revenues and net operating income for each of the reportable segments	'	'
Total revenues	5,236	3,219
Net operating income, including reconciling items	2,835	1,996
Reconciling items	'	'
Revenues and net operating income for each of the reportable segments	'	'
Total revenues	141	249
Net operating income, including reconciling items	$141	$249

SEGMENT_REPORTING_Details_2

SEGMENT REPORTING (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Assets for each of the reportable segments	'	'
Total assets	$4,376,225	$4,467,877
Operating segment \| Core properties	'	'
Assets for each of the reportable segments	'	'
Total assets	3,936,558	3,958,260
Operating segment \| Non-core properties	'	'
Assets for each of the reportable segments	'	'
Total assets	356,283	419,262
Reconciling items	'	'
Assets for each of the reportable segments	'	'
Total assets	$83,384	$90,355

DISPOSITION_OF_PROPERTY_AND_DI2

DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended				12 Months Ended	0 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Feb. 26, 2014	Mar. 31, 2014
			Discontinued operations	Discontinued operations	Discontinued operations	Washington, D.C. region property	Washington, D.C. region property
			item		item	item
Operating results of discontinued operations	'	'	'	'	'	'	'
Number of apartment communities sold	'	'	1	'	4	'	'
Number of Units	'	'	'	'	'	864	'
Sales Price	'	'	'	'	'	$110,000	'
Repayment of mortgage loan	'	'	'	'	'	58,472	'
Prepayment penalties	'	'	'	'	'	585	'
Mortgage closing costs	'	'	'	'	'	3,326	'
Net cash flow from sale of property	'	'	'	'	'	47,617	'
Gain on Sale	31,306	40,359	'	'	'	'	31,306
Revenues:	'	'	'	'	'	'	'
Rental income	2,015	6,852	'	'	'	'	'
Property other income	286	718	'	'	'	'	'
Total revenues	2,301	7,570	'	'	'	'	'
Expenses:	'	'	'	'	'	'	'
Operating and maintenance	892	2,626	'	'	'	'	'
Interest expense	1,109	2,369	'	'	'	'	'
Depreciation and amortization	260	1,767	'	'	'	'	'
Total expenses	2,261	6,762	'	'	'	'	'
Income (loss) from discontinued operations	40	808	'	'	'	'	'
Discontinued operations	31,346	41,167	'	'	'	'	'
Debt extinguishment costs and other one-time costs incurred	'	'	$802	$1,416	'	'	'

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	3 Months Ended				3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Oct. 13, 2010	Oct. 12, 2010	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Aug. 19, 2013	Aug. 18, 2013
	Mar. 31, 2014	Guarantees related to low income housing tax credits	Guarantees related to low income housing tax credits	Guarantees related to low income housing tax credits	Minimum	Maximum	Letters of credit	Unsecured Credit Agreement	Unsecured Credit Agreement	Unsecured Credit Agreement
Letters of Credit	'	'	'	'	'	'	'	'	'	'
Letters of credit outstanding	'	'	'	'	'	'	$5,237	'	'	'
Unsecured credit agreement	'	'	'	'	'	'	20,000	450,000	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	6.00%	'	'	'	'	'	'	'	'	'
Term of sale restriction related to contributed properties	'	'	'	'	'7 years	'10 years	'	'	'	'
Remaining term sale restrictions	'	'	'	'	'6 months	'3 years 3 months	'	'	'	'
Low Income Housing Tax Credits	'	'	'	'	'	'	'	'	'	'
Tax credit guarantee	'	'	'	3,000	'	'	'	'	'	'
Secondary tax credit guarantee	'	'	3,000	'	'	'	'	'	'	'
Liability related to tax credit guarantee	'	$0	'	'	'	'	'	'	'	'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Apr. 29, 2014	Apr. 29, 2014	Apr. 29, 2014
			Subsequent event	Subsequent event	Subsequent event
				2011 Plan	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
Common stock, par value (in dollars per share)	$0.01	$0.01	$0.01	'	'
Common stock shares authorized prior to amendment	'	'	80,000,000	'	'
Common stock, shares authorized	80,000,000	80,000,000	160,000,000	'	'
Additional shares subject to awards issued	'	'	'	4,000,000	'
Ratio of shares available for issuance for each full value award granted	'	'	'	5.45	'