Home Properties 10-K 24 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Feb. 11, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	HOME PROPERTIES INC
Entity Central Index Key	923118
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$3,619,296,525
Entity Common Stock, Shares Outstanding		57,789,541
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real estate:
Land	$815,565	$786,868
Land held for sale	13,114
Construction in progress	118,595	187,976
Buildings, improvements and equipment	4,817,453	4,645,921
Real estate, gross	5,764,727	5,620,765
Less: accumulated depreciation	-1,371,227	-1,243,243
Real estate, net	4,393,500	4,377,522
Cash and cash equivalents	11,131	9,853
Cash in escrows	24,118	23,738
Accounts receivable, net	19,556	14,937
Prepaid expenses	23,484	22,089
Deferred charges, net	9,250	11,945
Other assets	7,496	7,793
Total assets	4,488,535	4,467,877
LIABILITIES AND EQUITY
Mortgage notes payable	1,637,175	1,814,217
Unsecured notes payable	550,000	450,000
Unsecured line of credit	269,000	193,000
Accounts payable	25,835	27,540
Accrued interest payable	7,732	8,392
Accrued expenses and other liabilities	38,732	33,936
Security deposits	18,631	18,479
Total liabilities	2,547,105	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; 160,000,000 and 80,000,000 shares authorized with 57,703,957 and 56,961,646 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively	577	570
Excess stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding
Additional paid-in capital	2,041,394	2,007,300
Distributions in excess of accumulated earnings	-387,004	-380,168
Accumulated other comprehensive income (loss)	-1,749	1,551
Total common stockholders' equity	1,653,218	1,629,253
Noncontrolling interest	288,212	293,060
Total equity	1,941,430	1,922,313
Total liabilities and equity	$4,488,535	$4,467,877

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 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	160,000,000	80,000,000
Common stock, shares issued	57,703,957	56,961,646
Common stock, shares outstanding	57,703,957	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 $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Rental income	$616,160	$587,052	$554,499
Property other income	55,391	51,571	48,910
Other income	364	1,179	311
Total revenues	671,915	639,802	603,720
Expenses:
Operating and maintenance	249,509	230,098	220,853
General and administrative	26,686	28,507	34,174
Interest	99,635	110,076	119,871
Depreciation and amortization	181,123	167,375	155,532
Other expenses	734	312	2,741
Impairment and other charges	5,382
Total expenses	563,069	536,368	533,171
Income from continuing operations	108,846	103,434	70,549
Discontinued operations:
Income (loss) from discontinued operations	-1,206	6,940	12,541
Gain on disposition of property	81,831	81,205	80,532
Discontinued operations	80,625	88,145	93,073
Net income	189,471	191,579	163,622
Net income attributable to noncontrolling interest	-28,533	-30,706	-28,320
Net income attributable to common stockholders	$160,938	$160,873	$135,302
Basic earnings per share data:
Income from continuing operations (in dollars per share)	$1.61	$1.60	$1.17
Discontinued operations (in dollars per share)	$1.20	$1.36	$1.55
Net income attributable to common stockholders (in dollars per share)	$2.81	$2.96	$2.72
Diluted earnings per share data:
Income from continuing operations (in dollars per share)	$1.60	$1.58	$1.16
Discontinued operations (in dollars per share)	$1.18	$1.35	$1.53
Net income attributable to common stockholders (in dollars per share)	$2.78	$2.93	$2.69
Weighted average number of shares outstanding:
Basic (in shares)	57,315,391	54,328,514	49,744,636
Diluted (in shares)	57,827,888	54,820,194	50,382,636

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$189,471	$191,579	$163,622
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swap agreements	-3,886	3,136	-1,296
Other comprehensive income (loss)	-3,886	3,136	-1,296
Comprehensive income	185,585	194,715	162,326
Net income attributable to noncontrolling interest	-28,533	-30,706	-28,320
Other comprehensive (income) loss attributable to noncontrolling interest	586	-516	227
Comprehensive income attributable to common stockholders	$157,638	$163,493	$134,233

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Common Stock	Common Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Other than Public Equity Offering Program	Public Equity Offering Program	Total
In Thousands, except Share data, unless otherwise specified	Other than Public Equity Offering Program	Public Equity Offering Program		Other than Public Equity Offering Program	Public Equity Offering Program
Balance at Dec. 31, 2011			$483			$1,545,563	($392,378)	$0	$255,976			$1,409,644
Balance (in shares) at Dec. 31, 2011			48,321,305
Increase (Decrease) in Stockholders' Equity
Net income							135,302		28,320			163,622
Unrealized gain (loss) on interest rate swap agreements								-1,069	-227			-1,296
Issuance of common stock, net	30			165,938						165,968
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			-1			-4,244						-4,245
Repurchase of common stock (in shares)			-68,284
Conversion of UPREIT Units for common stock			3			6,896			-6,899			0
Conversion of UPREIT Units for common stock (in shares)			284,180
Adjustment of noncontrolling interest						-18,157			18,157			0
Dividends and distributions declared							-131,321		-28,028			-159,349
Balance at Dec. 31, 2012			515			1,709,919	-388,397	-1,069	267,299			1,588,267
Balance (in shares) at Dec. 31, 2012			51,508,142
Increase (Decrease) in Stockholders' Equity
Net income							160,873		30,706			191,579
Unrealized gain (loss) on interest rate swap agreements								2,620	516			3,136
Issuance of common stock, net	9	44		47,477	267,589					47,486	267,633
Issuance of common stock, net (in shares)	902,934	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			2			4,493			-4,495			0
Conversion of UPREIT Units for common stock (in shares)			168,417
Adjustment of noncontrolling interest						-28,100			28,100			0
Dividends and distributions declared							-152,644		-29,066			-181,710
Balance at Dec. 31, 2013			570			2,007,300	-380,168	1,551	293,060			1,922,313
Balance (in shares) at Dec. 31, 2013			56,961,646									56,961,646
Increase (Decrease) in Stockholders' Equity
Net income							160,938		28,533			189,471
Unrealized gain (loss) on interest rate swap agreements								-3,300	-586			-3,886
Issuance of common stock, net	6			25,277						25,283
Issuance of common stock, net (in shares)	622,128
Stock-based compensation						9,386						9,386
Stock-based compensation (in shares)			5,318
Repurchase of common stock			-1			-3,563						-3,564
Repurchase of common stock (in shares)			-57,956
Conversion of UPREIT Units for common stock			2			4,885			-4,887			0
Conversion of UPREIT Units for common stock (in shares)			172,821
Adjustment of noncontrolling interest						-1,891			1,891			0
Dividends and distributions declared							-167,774		-29,799			-197,573
Balance at Dec. 31, 2014			$577			$2,041,394	($387,004)	($1,749)	$288,212			$1,941,430
Balance (in shares) at Dec. 31, 2014			57,703,957									57,703,957

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$189,471	$191,579	$163,622
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	186,227	177,885	172,558
Impairment and other charges	3,942
Gain on disposition of property	-81,831	-81,205	-80,532
Stock-based compensation	9,386	9,055	13,923
Changes in assets and liabilities:
Cash in escrows, net	-869	1,825	1,881
Other assets	-6,346	-5,101	-8,250
Accounts payable and accrued liabilities	1,896	1,042	4,378
Total adjustments	112,405	103,501	103,958
Net cash provided by operating activities	301,876	295,080	267,580
Cash flows from investing activities:
Deposits on real estate acquisitions	-4,450	-800
Purchase of properties, net of mortgage notes assumed	-109,934	-55,821	-289,759
Purchase of land for development		-41,889
Capital improvements to properties including redevelopment	-139,265	-144,304	-164,987
Additions to construction in progress	-48,461	-60,947	-61,806
Additions to predevelopment		-938	-535
Proceeds from sale of properties, net	210,807	187,993	149,783
Proceeds from insurance for property losses	587	1,145
Withdrawals from cash held in escrow, net	489	1,408	1,301
Net cash used in investing activities	-90,227	-114,153	-366,003
Cash flows from financing activities:
Repurchase of common stock	-3,564	-3,133	-4,245
Scheduled payments of mortgage notes payable	-30,670	-33,974	-35,873
Payoff mortgage notes payable	-179,852	-316,836	-67,324
Proceeds from unsecured notes payable	100,000	25,000	150,000
Payments of unsecured notes payable		-25,000	-100,000
Proceeds from unsecured line of credit	542,000	743,000	524,000
Payments of unsecured line of credit	-466,000	-712,500	-364,000
Payments of deferred loan costs	-528	-2,132	-410
Withdrawals from cash held in escrow, net			2,451
Dividends and distributions	-197,040	-181,710	-159,349
Net cash provided by (used in) financing activities	-210,371	-192,166	111,218
Net increase (decrease) in cash and cash equivalents	1,278	-11,239	12,795
Cash and cash equivalents:
Beginning of year	9,853	21,092	8,297
End of year	11,131	9,853	21,092
Other than Public Equity Offering Program
Cash flows from financing activities:
Proceeds from sale of common stock, net	25,283	47,486	165,968
Public Equity Offering Program
Cash flows from financing activities:
Proceeds from sale of common stock, net		$267,633

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2014
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	1ORGANIZATION AND BASIS OF PRESENTATION
	Organization
	Home Properties, Inc. (the “Company”) was formed in November 1993 as a Maryland corporation.  Home Properties is a self-administered and self-managed real estate investment trust (“REIT”) that owns, operates, acquires and repositions apartment communities in suburbs of major metropolitan areas, primarily along the East Coast 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 S&P’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, 2014, the Company owned and operated 121 apartment communities with 42,107 apartments.
	Basis of Presentation
	The accompanying consolidated financial statements include the accounts of the Company and its ownership of 85.2% of the limited partnership units in the Operating Partnership (“UPREIT Units”) at December 31, 2014 (84.8% at December 31, 2013).  The remaining 14.8% is included as noncontrolling interest in these consolidated financial statements at December 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.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	2SUMMARY 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 $4,321, $4,263 and $3,895 for the years ended December 31, 2014, 2013 and 2012, 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 $6,993, $7,281 and $4,380 of interest capitalized for the years ended December 31, 2014, 2013 and 2012, 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 172,821, 168,417 and 284,180 shares of UPREIT Units exchanged for common stock, during 2014, 2013 and 2012, respectively.  The Company made adjustments within equity in the amount of $4,887, $4,495 and $6,899, during 2014, 2013 and 2012, 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.
	On April 10, 2014, the Financial Accounting Standards Board issued a new standard which raises the threshold for determining which disposals are required to be presented as discontinued operations and modifies related disclosure requirements, is applied prospectively and is effective in 2015 with early adoption permitted.  The Company did not elect to early adopt this standard in 2014.  The standard is described more fully in Note 3.
	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 $180,013, $166,537 and $152,914 from continuing operations and $2,460, $7,366 and $13,465 from discontinued operations for the years ended December 31, 2014, 2013 and 2012, 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 $2,494 and $2,499 as of December 31, 2014 and 2013, 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 6 months to 7 years.  Unamortized financing costs are written off when the financing agreement is retired before the maturity date.  Accumulated amortization was $11,464 and $9,908, as of December 31, 2014 and 2013, respectively.
	Intangible Assets
	Intangible assets of $14,939 and $14,304 at December 31, 2014 and 2013, 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 $14,213 and $13,292 as of December 31, 2014 and 2013, respectively.  Amortization expense for the years ended December 31, 2014, 2013 and 2012 was $1,110, $838 and $2,618 from continuing operations, respectively.  There was no amortization expense charged to discontinued operations for the years ended December 31, 2014, 2013 and 2012.  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, 2014, 2013 and 2012 is primarily comprised of other real estate service fees.
	Other Expenses
	Other expenses for the years ended December 31, 2014, 2013 and 2012 are the transaction costs from the apartment communities acquired during 2014, 2013 and 2012 that were expensed according to authoritative guidance for business combinations.  These costs, which are primarily transfer taxes and title fees, represent 0.41%, 0.42% and 0.90% of the total purchase price of the apartment communities acquired during 2014, 2013 and 2012, 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 $5,541, $5,162 and $5,060 from continuing operations, and $94, $191 and $395 from discontinued operations, for the years ended December 31, 2014, 2013 and 2012, 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, 2014, 2013 and 2012, 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 9.
	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 $496,780 and $508,787 at December 31, 2014 and 2013, respectively.
	The following table reconciles net income to taxable income for the years ended December 31, 2014, 2013 and 2012:
			2014		2013		2012
	Net income		$	189,471	$	191,579	$	163,622
	Net income attributable to noncontrolling interest		-28,533		-30,706		-28,320
	Net (income) loss of taxable REIT Subsidiary included in net income		-112		-123		5
	Net income from REIT operations		160,826		160,750		135,307
Book to tax differences:
Book depreciation and amortization		155,829		146,675		139,067
Tax depreciation and amortization		-158,288		-153,975		-143,893
Gains/losses from capital transactions		-20,459		-9,026		-62,507
Carrying value of mortgages		-1,362		-884		-784
Equity compensation		-5,702		-2,905		-857
Property acquisition costs		619		212		2,210
Other, net		7,104		958		-1,934
Adjusted taxable income subject to 90% REIT dividend requirement		$	138,567	$	141,805	$	66,609
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 $13,052 and $13,107 as of December 31, 2014 and 2013, 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 $13,052 and $13,107 at December 31, 2014 and 2013, 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_ISSUED_ACCOUNTING_STA

RECENTLY ISSUED ACCOUNTING STANDARDS	12 Months Ended
	Dec. 31, 2014
RECENTLY ISSUED ACCOUNTING STANDARDS
RECENTLY ISSUED ACCOUNTING STANDARDS
	3RECENTLY 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 does not expect the adoption of this guidance to have a material effect on its financial position and results of operations.
	On May 28, 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”).  ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services.  In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach.  Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.  ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not 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.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2014
ACQUISITIONS
ACQUISITIONS
	4ACQUISITIONS
	Property Acquisitions
	During the years ended December 31, 2014 and 2013, 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
	The Preserve at Milltown	Philadelphia		6/19/2014		1975			376		$	45,000		$	120
	Willowbrook	Philadelphia		7/30/2014		1972			248		30,500			123
	The Lakes of Schaumburg	Chicago		11/12/14		1987			428		66,000			154
									1,052		$	141,500
	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
	All of the 2014 and 2013 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 $734 and $312 were incurred and are included in other expenses for the years ended December 31, 2014 and 2013, respectively.
	The Company accounts for its acquisitions of investments in real estate in accordance with the authoritative guidance for business combinations and recorded the purchase price to acquired tangible assets consisting of 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.
	The following table summarizes the Company’s aggregate purchase price allocation for the 2014 Acquisition Communities and the 2013 Acquisition Communities:
		2014			2013
	Land	$	20,810		$	11,640
	Buildings, improvements and equipment	120,027			43,799
	Fair market value adjustment for loan and liabilities assumed	1,969			-
	Below-market rents	(161		)	(36		)
	In-place lease intangibles	471			201
	Customer relationships	353			146
	Net assets acquired	$	143,469		$	55,750
	Included in the consolidated statements of income for the years ended December 31, 2014 and 2013, are total revenues of $11,803 and $351, respectively, and net income attributable to common shareholders of $3,341 and $79, respectively, since the respective date of acquisition through December 31, 2014 for the 2014 and 2013 acquired apartment communities.
	Pro Forma Information
	The following unaudited pro forma information was prepared as if the 2014 and 2013 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, 2013, 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, 2014 and 2013 consist principally of providing net operating activity and recording interest, depreciation and amortization from January 1, 2013 to the acquisition date as appropriate.  Acquisition related costs in the amount of $734 were excluded from the 2014 pro forma net income attributable to common stockholders.  An adjustment was made to include these costs in the 2013 pro forma net income attributable to common stockholders.
		2014			2013
		(Unaudited)			(Unaudited)
	Pro forma total revenues	$	681,656		$	660,201
	Pro forma net income attributable to common stockholders	162,935			163,430
	Pro forma earnings per common share:
	Basic	$	2.84		$	3.01
	Diluted	2.82			2.98

DEVELOPMENT

DEVELOPMENT	12 Months Ended
	Dec. 31, 2014
DEVELOPMENT
DEVELOPMENT
	5DEVELOPMENT
	Land Held for Sale
	During the second quarter of 2014, the Board of Directors of the Company approved a strategic decision to discontinue the Company’s new development business.  Development activities will be limited to the development of the two new apartment communities currently under construction:  Eleven55 Ripley in Silver Spring, MD and The Courts at Spring Mill Station in Conshohocken, PA.  No additional new apartment communities will be started.  Land parcels that will not be developed and are being marketed for sale have been reclassified as land held for sale.
	It is the Company’s policy to perform a quarterly review of its long-lived assets 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 carrying amounts exceed the estimated selling proceeds less the costs to sell.  Management has reviewed its land held for future development and recorded impairment losses to reduce the carrying amounts of the assets to the estimated selling proceeds less the costs to sell.  As of December 31, 2014, the Company has $13,114 recorded as land held for sale.  During the year ended December 31, 2014, the Company recognized impairment and other charges in the amount of $5,382 in connection with the decision to discontinue new development.
	Severance Costs
	The Company expects to incur severance charges in connection with the elimination of development positions in the amount of $1,800.  Severance costs include severance, a stay bonus and unamortized equity compensation.  Employees are required to fulfill specific service requirements in order to earn the severance compensation.  Severance expense is recorded ratably over the requisite service period during the third and fourth quarters of 2014 and the first quarter of 2015. During the year ended December 31, 2014, the Company recognized severance costs in the amount of $1,440 which is included in impairment and other charges.
	Redevelopment
	The Company has one project under redevelopment which is nearing completion.  Arbor Park, located in Alexandria, Virginia, has 851 garden apartments in fifty-two buildings built in 1967.  The project, which began in 2011, involves extensively renovating all of the units over several years on a building by building basis.  As of December 31, 2014, there were five buildings with 72 units under renovation and forty-seven buildings with 779 units completed and 657 of those units occupied.  As of December 31, 2014, the Company has incurred costs of $30,019 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.  As of December 31, 2014, 262 apartment units were occupied and $61,525 was placed into service and included in buildings, improvements and equipment.  Construction is expected to be completed in the first quarter of 2015.  The construction in progress for this development was $51,858 as of December 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.  Initial occupancy occurred in the fourth quarter of 2014.  As of December 31, 2014, 34 apartment units were occupied and $7,296 was placed into service and included in buildings, improvements and equipment. Construction is expected to be completed in the second quarter of 2015.  The construction in progress for this development was $66,737 as of December 31, 2014.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2014
DEBT
DEBT
	6DEBT
	Mortgage Notes Payable
	The Company’s mortgage notes payable are summarized as follows:
		2014		2013
	Fixed rate mortgage notes payable	$	1,613,465	$	1,731,177
	Variable rate mortgage notes payable	23,710		83,040
	Mortgage notes payable	$	1,637,175	$	1,814,217
	During the year ended December 31, 2014, the Company repaid $179,852 of mortgage loans of which $78,005 were paid off at or before maturity, $101,847 related to property sales and $30,670 were scheduled payments.  Two of the loans repaid had been accounted for at fair value on the date the mortgage loans were assumed by the Company in connection with the acquisition of those communities.  Upon retirement, an adjustment was recorded to reduce interest expense in the amount of $216 to write-off the difference between the carrying value and the contractual balance of the loans.  During the year ended December 31, 2014, the Company assumed one mortgage with a fair value of $33,696 in connection with a property acquisition.
	For 2014 and 2013, mortgage notes payable were collateralized by certain apartment communities as detailed in Schedule III.  The mortgage notes payable outstanding as of December 31, 2014 mature at various dates from 2015 through 2021, with a weighted average remaining term of approximately three and one-half years.  The weighted average interest rate of the Company’s fixed rate notes was 5.20% and 5.21% at December 31, 2014 and 2013, respectively.  The weighted average interest rate of the Company’s variable rate notes was 2.90% and 3.02% at December 31, 2014 and 2013, respectively.
	Principal payments on the mortgage notes payable for years subsequent to December 31, 2014 are as follows:
	2015	$
		245,870
	2016	308,062
	2017	200,995
	2018	173,717
	2019	257,647
	Thereafter	450,884
		$
		1,637,175
	Prepayment penalties of $5,169, $2,229 and $2,202 were incurred for the years ended December 31, 2014, 2013 and 2012, respectively, and are included in interest expense.  Included in the 2014, 2013 and 2012 prepayment penalties of $5,169, $2,229 and $2,202, respectively, are penalties of $5,001, $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 $297, $518 and $45 were written off for the years ended December 31, 2014, 2013 and 2012, respectively, and are included in interest expense.  For 2014, 2013 and 2012, deferred financing costs written off of $289, $169 and $42, respectively, were incurred in connection with the sale of properties and are included in discontinued operations.  For 2014, 2013 and 2012, deferred financing costs written off of $8, $349 and $3, respectively, were incurred in connection with the early repayment of mortgages and are included in interest expense from continuing operations.
	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.
	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 8.  As of December 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.
	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 below.
	On November 19, 2014, the Company entered into an unsecured loan agreement with M&T Bank with a May 18, 2015 maturity date.  The note has a maximum principal amount of $100,000, 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 November 19, 2014, the Company borrowed $100,000.  Proceeds from this term loan were utilized to pay down the line of credit.
	The unsecured term loans have covenants that align with the unsecured line of credit facility described below.  The Company was in compliance with these financial covenants for all periods presented.
	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
	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 $269,000 outstanding under the credit facility as of December 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 December 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 December 31, 2014, the Company had outstanding letters of credit of $3,840 and the amount available on the credit facility was $177,160.

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS AND REAL ESTATE ASSETS	12 Months Ended
	Dec. 31, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS.
FAIR VALUE OF FINANCIAL INSTRUMENTS AND REAL ESTATE ASSETS	7FAIR VALUE OF FINANCIAL INSTRUMENTS AND REAL ESTATE ASSETS
	Financial Instruments Carried at Fair Value
	The fair value of interest rate swaps, which are more fully described in Note 8, 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 $294 and forward interest rate swap liability valuation of $2,339 at December 31, 2014 and the asset valuation of $1,840 at December 31, 2013 as level 2 classifications within the fair value hierarchy.
	Real Estate Assets Carried at Fair Value
	The Company has real estate assets that are required to be recorded at fair value on a nonrecurring basis when certain circumstances occur.  During the year ended December 31, 2014, in connection with the decision to discontinue new property development, the Company recorded impairment and other charges of $3,942 on land parcels previously held for future development.  These impairment charges are reported in impairment and other charges in the consolidated statements of operations.  The land impairment charges reflect the excess of the carrying amounts over the estimated selling proceeds less the costs to sell the land parcels using sales contract price.  The Company has determined that the significant inputs used in this model are unobservable in active markets, therefore considers the land held for sale valuation as a level 3 classification 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 loans, 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, 2014 and December 31, 2013, the fair value of the Company’s total debt, consisting of the mortgage notes, the unsecured term loans, unsecured senior notes and unsecured line of credit, amounted to a liability of $2,552,416 and $2,552,145, respectively, compared to its carrying amount of $2,456,175 and $2,457,217, respectively.

DERIVATIVE_AND_HEDGING_ACTIVIT

DERIVATIVE AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2014

DERIVATIVE AND HEDGING ACTIVITIES

DERIVATIVE AND HEDGING ACTIVITIES

8DERIVATIVE 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, 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 December 31, 2014 and December 31, 2013:

Fair Value of Derivative Instruments

Asset Derivatives

Liability Derivatives

Balance

Fair Value at

Balance

Fair Value at

Sheet Location

12/31/14

12/31/13

Sheet Location

12/31/14

12/31/13

Interest Rate Swap

Other Assets

$

294

$

1,840

Other Liabilities

$

2,339

$

-

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 years ended December 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 $819 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, 2014 and 2013, respectively:

2014

2013

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

$

-5,147

$

1,972

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

$

-1,261

$

-1,164

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, 2014 and December 31, 2013, the gross amount of derivative assets classified on the balance sheet in other assets was $294 and $1,840, respectively.  As of December 31, 2014 and December 31, 2013, the gross amount of derivative liabilities classified on the balance sheet in accrued expenses and other liabilities was $2,339 and $0, 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, 2014, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $2,356 at December 31, 2014.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2014
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY
	9STOCKHOLDERS’ 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, 2014 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 2014, 2013 or 2012 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				Gross					Net Proceeds					Average
		Shares Sold				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, 2014:
	Period	Number of				Gross					Net Proceeds					Average
		Shares Sold				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 or during 2014.  As of December 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 Programs
	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 and Direct Stock Purchase Plan
	The Company has a Dividend Reinvestment and Direct Stock Purchase 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 $2.92 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, 2014, 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
	2/1/14	2/13/14		2/25/14			$0.73			70.51%		0.00%		0.00%		0.00%			29.49%
	5/1/14	5/12/14		5/23/14			$0.73			70.51%		0.00%		0.00%		0.00%			29.49%
	7/30/14	8/13/14		8/27/14			$0.73			70.51%		0.00%		0.00%		0.00%			29.49%
	10/28/14	11/10/14		11/21/14			$0.73			70.51%		0.00%		0.00%		0.00%			29.49%
				Totals			$2.92			70.51%		0.00%		0.00%		0.00%			29.49%
	The taxable composition of cash distributions for each common share for 2013 and 2012 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
	2013			$		63.07%		0.00%		0.00%		22.36%		14.56%
				2.80
	2012			$		75.98%		0.00%		21.79%		1.22%		1.02%
				2.64
	Total Shares and Units Outstanding
	At December 31, 2014, 57,703,957 common shares, and 10,114,355 UPREIT Units were outstanding for a total of 67,818,312 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, 2014, 2013 and 2012, is as follows:
		2014						2013						2012
	Numerator:
	Income from continuing operations	$		108,846				$		103,434				$		70,549
	Less: Income from continuing operations attributable to noncontrolling interest	(16,395				)		(16,503				)		(12,343				)
	Income from continuing operations attributable to common stockholders	$		92,451				$		86,931				$		58,206
	Discontinued operations	$		80,625				$		88,145				$		93,073
	Less: Discontinued operations attributable to noncontrolling interest	(12,138				)		(14,203				)		(15,977				)
Discontinued operations attributable to common stockholders	$		68,487				$		73,942				$		77,096
Denominator:
Basic weighted average number of common shares outstanding	57,315,391						54,328,514						49,744,636
Effect of dilutive stock options	375,367						459,303						566,732
Effect of restricted shares and restricted stock units	137,130						32,377						71,268
Diluted weighted average number of common shares outstanding	57,827,888						54,820,194						50,382,636
Earnings per common share:
Basic earnings per share:
Income from continuing operations		$		1.61				$		1.6				$		1.17
Discontinued operations		1.2						1.36						1.55
Net income attributable to common stockholders		$		2.81				$		2.96				$		2.72
Diluted earnings per share:
Income from continuing operations		$		1.6				$		1.58				$		1.16
Discontinued operations		1.18						1.35						1.53
Net income attributable to common stockholders		$		2.78				$		2.93				$		2.69
Unexercised stock options to purchase 337,207, 411,779 and 334,659 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, 2014, 2013 and 2012, respectively.

STOCK_BENEFIT_PLANS

STOCK BENEFIT PLANS	12 Months Ended
	Dec. 31, 2014
STOCK BENEFIT PLANS
STOCK BENEFIT PLANS	10STOCK 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 included 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 523,284 as of December 31, 2014.  The grant of any full value awards (awards other than stock options or stock appreciation rights) was 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.  On April 29, 2014, the stockholders of the Company approved an amendment to 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.  The grant of a stock option or stock appreciation right, which was not affected by the amendment, 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.  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, 2014, awards of 11,053 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 “Executive Performance-Based Equity Program”).  The Executive Performance-Based Equity Program 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	273,807	369,168	1,089,542		-	39,920	39,920	4,118,696
		(a)		Represents service-based awards of 55,279 and market-based awards of 313,889 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 and 2012 vest 20% for each year of service until 100% vested on the fifth anniversary and expire after ten years from the grant date.  There were no options granted during 2014.  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 42,336, 35,493 and 108,065 restricted stock awards granted to employees during 2014, 2013 and 2012 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 and 2012:
	Assumption		2013		2012
	Expected dividend yield		4.34%		4.22%
	Expected volatility		26.25%		26.53%
	Expected lives		6.0 Years		6.0 Years
	Risk free interest rate		0.99%		1.03%
	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, 2014 is as follows:
			Number of					Weighted			Weighted		Aggregate
			Options					Average			Average		Intrinsic
								Exercise			Remaining		Value
								Price			Contractual
								Per Option			Term in Years
	Options outstanding at December 31, 2013			2,289,522					$	49.41
	Granted			-					-
	Exercised			(510,001	)				43.59
	Cancelled			(18,401	)				57.59
	Options outstanding at December 31, 2014			1,761,120					$	51.01		4.3		$	25,695
	Options exercisable at December 31, 2014			1,473,051					$	49.22		3.8		$	24,129
	A summary of unvested stock option activity for the year ended December 31, 2014 is as follows:
			Number of				Weighted
			Options				Average
							Exercise Price
							Per Option
	Unvested stock options at December 31, 2013			555,459				$ 54.43
	Granted			-				-
	Vested			(265,929	)			48.18
	Cancelled			(1,461	)			64.5
	Unvested stock options at December 31, 2014			288,069				$ 60.14
	As of December 31, 2014, there was $442 of total unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted average period of 1.71 years.
	A summary of stock option activity for the years ended December 31, 2014 and 2013 and 2012 is as follows:
			2014			2013			2012
	Stock-based compensation costs recognized		$	681		$	1,360		$	3,052
	Fair value of options vested		1,655			2,029			2,717
	Cash received from the exercise of options		22,233			14,494			18,228
	Intrinsic value of options exercised		10,351			6,644			8,737
	Grant date fair value of options granted, per share		-			9.17			9.32
	Number of options granted		-			59,958			219,799
	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, 2014 is as follows:
			Number of				Weighted
			Shares				Average
							Grant Date
							Fair Value
			Per Share
Restricted stock outstanding and unvested at December 31, 2013			234,673				$ 59.11
Granted			53,578				62.24
Vested and issued			(94,917	)			55.77
Cancelled			(1,133	)			63.74
Restricted stock outstanding and unvested at December 31, 2014			192,201				$ 61.61
As of December 31, 2014, there was $3,230 of total unrecognized compensation cost related to unvested restricted stock that is expected to be recognized over a weighted-average period of 2.41 years.
A summary of restricted stock activity for the years ended December 31, 2014, 2013 and 2012 is as follows:
		2014			2013			2012
Stock-based compensation costs recognized		$	3,239		$	3,956		$	7,659
Fair value of restricted shares vested		5,925			6,603			6,707
Weighted average price of shares granted, per share		62.24			65.14			63.62
Number of restricted shares granted to employees		42,336			35,493			108,065
Number of restricted shares granted to Directors		11,242			7,675			11,539
Restricted Stock Units
The Company has granted awards under a multiyear performance-based equity plan referred to as the Executive Performance-Based Equity Program.  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 (“Absolute TSR”), 25% relative NAREIT All Equity REIT Index (“All REIT TSR Index”), and 25% relative NAREIT Apartment Index (“Apartment TSR Index”).  The remaining twenty-five percent is service-based and vests over three years.
On February 11, 2014, January 2, 2013 and February 14, 2012, awards in connection with the Executive Performance-Based Equity Program, with an estimated fair value of $4,642, $3,653 and $4,084, respectively, were granted to executive officers of the Company.  The measurement period for the awards granted in 2014 began on January 1, 2014 and will end on December 31, 2016.  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 ended on December 31, 2014.
At the end of the three-year measurement periods described above, 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.  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 Executive Performance-Based Equity Program.  Actual results achieved that fall between the Threshold and High hurdles will result in a prorated number of awards granted.
The absolute and relative metrics for the awards granted in 2012 and 2013 are as follows:
		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
The absolute and relative metrics for the awards granted in 2014 are as follows:
		Three-Year Performance Goals
Market Requirements		Threshold		Target		High
Absolute TSR		7%		9%		11%
All REIT TSR Index		Absolute TSR is better than -350 basis points from the index return		Absolute TSR is 50 basis points above the index return		Absolute TSR is at least 500 basis points above the index return
Apartment TSR Index		Absolute TSR is better than -350 basis points from the index return		Absolute TSR is 50 basis points above the index return		Absolute TSR is at least 500 basis points above the index return
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 Executive Performance-Based Equity Program 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, 2014, 2013 and 2012:
Assumption		2014		2013		2012
Baseline share value		$		$		$
		53.84		60.20		55.87
Expected dividend yield		4.97%		4.27%		4.45%
Expected volatility		17.86%		21.19%		31.24%
Risk free interest rate		0.27%		0.21%		0.22%
Estimated fair value per share of the market-based awards		$		$		$
		63.11		49.17		51.40
Estimated fair value per share of the service-based awards		$		$		$
		58.70		61.83		59.32
A summary of unvested restricted stock unit activity for the year ended December 31, 2014 is as follows:
		Number of					Weighted Average
		Awards					Grant Date Fair Value
							Per Share
Restricted stock units unvested at December 31, 2013 (a)			203,864					$	52.61
Granted (b)			149,738					62.01
Vested			(11,646	)				60.58
Restricted stock units unvested at December 31, 2014 (c)			341,956					$	55.76
	(a)		Represents service-based awards of 29,112 and market-based awards of 174,752 at the maximum achievable level.
	(b)		Represents service-based awards of 18,714 and market-based awards of 131,024 at the maximum achievable level.
	(c)		Represents service-based awards of 36,180 and market-based awards of 305,776 at the maximum achievable level.
During the years ended December 31, 2014, 2013 and 2012, the Company recognized stock-based compensation expense of $4,844, $3,746 and $3,240, respectively, for the Executive Performance-Based Equity Program.  As of December 31, 2014, there was $549 of total unrecognized compensation cost related to unvested restricted stock units that is expected to be recognized over a weighted-average period of 1.97 years.

EMPLOYEE_BENEFIT_PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2014
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	11EMPLOYEE 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 $1,016, $1,141 and $1,005 from continuing operations, and $12, $31 and $61 from discontinued operations, for the years ended December 31, 2014, 2013 and 2012, 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 $3,974, $5,567 and $7,034 for the years ended December 31, 2014, 2013 and 2012, 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 DRIP price on those dates.  Payments out of deferred accounts are made by issuance of common stock.  The total amounts deferred were $1,718 and $1,504 at December 31, 2014 and 2013, respectively.  The matching expense under this plan was $7, $8 and $10 for the years ended December 31, 2014, 2013 and 2012, 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 $1,056 and $807 at December 31, 2014 and 2013, respectively.

SEGMENT_REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2014
SEGMENT REPORTING
SEGMENT REPORTING	12SEGMENT 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, 2014, 2013 or 2012.  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.
	The revenues and net operating income for each of the reportable segments are summarized as follows for the years ended December 31, 2014, 2013 and 2012:
		2014					2013				2012
	Revenues
	Apartments owned
	Core properties		$	642,676				$	624,269			$	603,409
	Non-core properties		28,875					14,354				-
	Reconciling items		364					1,179				311
	Total revenues		$	671,915				$	639,802			$	603,720
	Net operating income
	Apartments owned
	Core properties		$	405,147				$	399,246			$	382,556
	Non-core properties		16,895					9,279				-
	Reconciling items		364					1,179				311
	Net operating income, including reconciling items		422,406					409,704				382,867
	General and administrative expenses		(26,686		)			(28,507		)		(34,174		)
	Interest expense		(99,635		)			(110,076		)		(119,871		)
	Depreciation and amortization		(181,123		)			(167,375		)		(155,532		)
	Other expenses		(734		)			(312		)		(2,741		)
	Impairment and other charges		(5,382		)			-				-
	Income from continuing operations		$	108,846				$	103,434			$	70,549
	The assets for each of the reportable segments are summarized as follows as of December 31, 2014 and 2013:
	Assets		2014			2013
	Apartments owned
	Core properties		$			$
			3,857,527			3,902,741
	Non-core properties		535,973			474,781
	Reconciling items		95,035			90,355
	Total assets		$			$
			4,488,535			4,467,877

TRANSACTIONS_WITH_AFFILIATES

TRANSACTIONS WITH AFFILIATES	12 Months Ended
	Dec. 31, 2014
TRANSACTIONS WITH AFFILIATES
TRANSACTIONS WITH AFFILIATES	13TRANSACTIONS 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 $1,432, $1,404 and $1,377 for each of the years ended December 31, 2014, 2013 and 2012, respectively.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14COMMITMENTS AND CONTINGENCIES
	Lease Commitments
	The Company has entered into operating leases for office space and office equipment with remaining terms of 1 to 3 years.  Future minimum rental payments under non-cancelable operating leases in effect as of December 31, 2014 were as follows:
	2015	$	1,925
	2016	1,685
	2017	321
	2018	-
	Thereafter	-
		$	3,931
	The Company incurred $2,624, $2,588 and $2,574 of rent expense under operating leases in 2014, 2013 and 2012, respectively.
	Letters of Credit
	As of December 31, 2014, the Company had issued $3,840 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 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, 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.  Also included in the Company’s consolidated balance sheet at December 31, 2014 are assets of its subsidiary Home Properties Schaumburg, LLC, owner of The Lakes of Schaumburg, Cook County, IL, 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 (3% of the owned portfolio at December 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 on the sale restrictions range from 1 year to 2.5 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, 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.

DISPOSITION_OF_PROPERTY_AND_DI

DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2014
DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS
DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS
	15DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS
	Included in discontinued operations for the three years ended December 31, 2014 are the operating results of thirteen apartment community dispositions (three sold in 2014, 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 the 2014, 2013 and 2012 community dispositions is as follows:
	Apartment Community	Region		Date Sold		Number of				Sales Price				Gain on Sale
						Units
	Cider Mill	Washington, D.C.		2/26/14			864				$	110,000			$	31,305
	Woodleaf	Washington, D.C.		12/19/14			228				33,500				14,297
	The Manor - MD	Washington, D.C.		12/29/14			435				73,300				36,229
							1,527				$	216,800			$	81,831
	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, 2014, 2013 and 2012:
		2014			2013			2012
	Revenues:
	Rental income	$	12,015		$	29,038		$	51,794
	Property other income	1,186			2,624			5,028
	Total revenues	13,201			31,662			56,822
	Expenses:
	Operating and maintenance	4,393			10,895			20,388
	Interest expense, including prepayment penalties	7,553			6,461			10,428
	Depreciation and amortization	2,461			7,366			13,465
	Total expenses	14,407			24,722			44,281
	Income (loss) from discontinued operations	(1,206		)	6,940			12,541
	Gain on disposition of property	81,831			81,205			80,532
	Discontinued operations	$	80,625		$	88,145		$	93,073

SUPPLEMENTAL_CASH_FLOW_DISCLOS

SUPPLEMENTAL CASH FLOW DISCLOSURES	12 Months Ended
	Dec. 31, 2014
SUPPLEMENTAL CASH FLOW DISCLOSURES
SUPPLEMENTAL CASH FLOW DISCLOSURES
	16SUPPLEMENTAL CASH FLOW DISCLOSURES
	Supplemental cash flow information including non-cash financing and investing activities for the years ended December 31, 2014, 2013 and 2012 are as follows:
		2014			2013		2012
	Supplemental disclosures:
	Cash paid for interest, net of capitalized interest	$	104,878		$	115,079	$	127,249
	Interest capitalized	6,993			7,281		4,380
	Non-cash investing and financing activities:
	Note receivable converted to real estate	-			-		608
	Mortgage loan assumed associated with property acquisition	33,696			-		7,284
	Mortgage note (premium) or discount written off	(216		)	-		104
	Exchange of UPREIT Units for common shares	4,887			4,495		6,899
	Transfers of construction in progress to buildings, improvements and equipment	99,986			4,480		42,732
	Transfers of other assets to construction in progress	-			836		-
	Transfers of construction in progress to land held for sale	15,300			-		-
	Capital improvements to properties and construction in progress included in accounts payable	6,908			9,261		6,130
	Dividends payable included in accounts payable	533			-		-

QUARTERLY_FINANCIAL_STATEMENT_

QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2014
QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)
QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)
	17QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)
	Quarterly financial information for the years ended December 31, 2014 and 2013 are as follows:
		2014
		First		Second		Third		Fourth
	Total revenue	$	165,298	$	165,583	$	168,543	$	172,491
	Net income attributable to common stockholders	45,791		22,469		26,244		66,434
	Basic earnings per share data:
	Net income attributable to common stockholders	0.80		0.39		0.46		1.16
	Diluted earnings per share data:
	Net income attributable to common stockholders	0.79		0.39		0.45		1.14
		2013
		First		Second		Third		Fourth
	Total revenue	$	158,999	$	159,639	$	159,369	$	161,795
	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		1.00
	Diluted earnings per share data:
	Net income attributable to common stockholders	0.99		0.51		0.44		0.99
	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, 2014 and 2013 have been reclassified to reflect discontinued operations in accordance with authoritative guidance.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2014
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	18SUBSEQUENT EVENTS
	On January 7, 2015, the Company acquired two adjacent apartment communities with a combined 710 units located in Mt. Prospect, Illinois for a total purchase price of $92,000, paid in cash.  The accounting for this transaction has not been completed, therefore the disclosures required by authoritative guidance have not been made.  The Company intends to operate the property as one community.
	On January 26, 2015, the Company sold an apartment community, with a total of 672 units, for $49,318.  The community was located in Steger, Illinois.  A gain on sale of approximately $27,000 will be recorded in the first quarter of 2015 related to this sale.
	On January 31, 2015, the Board of Directors declared a dividend of $0.76 per share on the Company’s common stock and approved a distribution of $0.76 per UPREIT Unit for the quarter ended December 31, 2014.  The dividend and distribution is payable February 27, 2015, to stockholders and unitholders of record on February 17, 2015.

SCHEDULE_II_VALUATION_AND_QUAL

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2014
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
	SCHEDULE II
	VALUATION AND QUALIFYING ACCOUNTS
	FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012
	(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
	2014	$	2,499	$	5,769	$	-5,774	$	2,494
	2013	2,778		6,028		-6,307		2,499
	2012	2,869		5,886		-5,977		2,778
	Deferred Tax Asset Valuation Allowance
	2014	$	13,107	$	-	$	-55	$	13,052
	2013	13,168		-		-61		13,107
	2012	13,185		-		-17		13,168

SCHEDULE_III_REAL_ESTATE_AND_A

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2014
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
	SCHEDULE III
	REAL ESTATE AND ACCUMULATED DEPRECIATION
	31-Dec-14
	(Dollars in thousands)
								Initial Cost			Costs		Total Cost							Total Cost,
								Buildings,			Capitalized		Buildings,							Net of		Year of
								Improvements			Subsequent to		Improvements					Accumulated		Accumulated		Acquisition or
	Community	Encumbrances			Land (a)			& Equipment (a)			Acquisition		& Equipment			Total(d)		Depreciation(e)		Depreciation		Completion
	1200 East West	$	-		$	13,068		$	69,908		$	2,796	$	72,704		$	85,772	$	10,403	$	75,369	2010 (b)
	Annapolis Roads	22,599			14,400			18,035			9,100		27,135			41,535		4,524		37,011		2010
	Arbor Park of Alexandria	90,853			9,447			63,198			65,768		128,966			138,413		46,787		91,626		2000
	Barrington Gardens	-			923			6,954			6,977		13,931			14,854		5,054		9,800		2005
	Bayview/Colonial	-			1,671			9,180			6,582		15,762			17,433		6,824		10,609		2000
	Blackhawk	-			3,051			15,426			10,546		25,972			29,023		10,847		18,176		2000
	Bonnie Ridge	45,601			5,241			46,916			40,003		86,919			92,160		41,459		50,701		1999
	Braddock Lee	-			3,962			10,330			9,679		20,009			23,971		10,198		13,773		1998
	Cambridge Village	-			2,514			3,708			3,015		6,723			9,237		2,782		6,455		2002
	Canterbury	-			5,179			23,737			19,958		43,695			48,874		18,201		30,673		1999
	Charleston Place	71,567			22,764			84,648			15,373		100,021			122,785		13,383		109,402		2010
	Chatham Hill	41,720			2,134			48,584			18,106		66,690			68,824		20,834		47,990		2004
	Cinnamon Run	51,130			7,962			61,627			11,022		72,649			80,611		19,060		61,551		2005
	Country Village	17,184			2,349			12,269			13,763		26,032			28,381		12,629		15,752		1998
	Courts at Huntington Station	-			33,409			88,522			534		89,056			122,465		12,018		110,447		2011 (b)
	Courtyards Village	-			3,405			10,349			6,833		17,182			20,587		6,672		13,915		2001
	Crescent Club	-			2,338			28,792			8,746		37,538			39,876		5,070		34,806		2010
	Cypress Place	9,614			2,349			8,340			7,448		15,788			18,137		6,516		11,621		2000
	Devonshire Hills	70,563			27,988			72,440			29,391		101,831			129,819		36,344		93,475		2001
	Dunfield Townhomes	-			1,683			30,302			9,336		39,638			41,321		8,893		32,428		2007
	East Hill Gardens	-			255			1,802			1,699		3,501			3,756		1,704		2,052		1998
	East Meadow	13,853			2,339			11,666			5,351		17,017			19,356		6,511		12,845		2000
	Elmwood Terrace	25,219			6,203			16,242			15,684		31,926			38,129		13,383		24,746		2000
	Fox Hall	47,000			9,959			51,875			21,375		73,250			83,209		17,890		65,319		2007
	Gardencrest	-			25,181			66,500			30,533		97,033			122,214		36,371		85,843		2002
	Gateway Village	-			1,391			7,316			5,195		12,511			13,902		5,128		8,774		1999
	Glen Manor	7,476			1,088			5,004			5,272		10,276			11,364		4,655		6,709		1997
	Golf Club	30,951			4,177			23,138			20,010		43,148			47,325		18,832		28,493		2000
	Hackensack Gardens	-			2,426			11,323			7,865		19,188			21,614		6,461		15,153		2005
	Hawthorne Court	-			9,200			25,967			25,320		51,287			60,487		19,520		40,967		2002
	Heritage Square	-			2,058			5,372			3,256		8,628			10,686		3,377		7,309		2002
	Heritage Woods	13,701			1,602			12,420			4,991		17,411			19,013		4,699		14,314		2006
	Highland House	-			3,414			14,761			4,080		18,841			22,255		4,866		17,389		2006
	Hill Brook Place	-			2,277			9,966			11,748		21,714			23,991		9,209		14,782		1999
	Holiday Square	-			3,652			6,830			3,480		10,310			13,962		3,665		10,297		2002
	Home Properties of Bryn Mawr	-			3,314			19,492			18,864		38,356			41,670		16,195		25,475		2000
	Home Properties of Devon	57,323			6,612			38,923			39,691		78,614			85,226		34,377		50,849		2000
	Howard Crossing	-			46,044			138,871			13,138		152,009			198,053		11,527		186,526		2012
						Initial Cost		Costs		Total Cost					Total Cost,
						Buildings,		Capitalized		Buildings,					Net of		Year of
						Improvements		Subsequent to		Improvements			Accumulated		Accumulated		Acquisition or
	Community	Encumbrances		Land (a)		& Equipment (a)		Acquisition		& Equipment		Total(d)	Depreciation(e)		Depreciation		Completion
	Hunters Glen	-		2,239		4,729		1,833		6,562		8,801	942		7,859		2011
	Jacob Ford Village	-		6,750		20,022		11,400		31,422		38,172	8,057		30,115		2007
	Lake Grove	-		7,614		14,509		23,214		37,723		45,337	18,370		26,967		1997
	Lakeview	8,547		695		5,143		5,152		10,295		10,990	4,852		6,138		1998
	Lakeview Townhomes	-		1,118		13,335		3,081		16,416		17,534	2,449		15,085		2010
	Liberty Commons	-		1,345		13,253		468		13,721		15,066	5,963		9,103		2006 (b)
	Liberty Place	-		2,033		13,125		3,518		16,643		18,676	4,347		14,329		2006
	Mid-Island Estates	18,173		4,288		7,836		8,514		16,350		20,638	8,326		12,312		1997
	Middlebrooke	-		2,888		14,369		4,343		18,712		21,600	3,067		18,533		2010
	Middlesex Crossing	-		7,560		32,454		1,837		34,291		41,851	1,010		40,841		2013
	Mill Towne Village	24,239		3,942		14,765		15,917		30,682		34,624	13,168		21,456		2001
	Morningside Heights	-		6,553		32,699		41,016		73,715		80,268	35,462		44,806		1998
	Mount Vernon Square	-		55,810		86,946		29,513		116,459		172,269	29,247		143,022		2006
New Orleans Park	22,127		3,044		14,442		17,329		31,771		34,815	14,647		20,168		1997
Newport Village	-		56,501		147,420		25,078		172,498		228,999	15,916		213,083		2011
Northwood	9,870		875		14,901		5,909		20,810		21,685	6,327		15,358		2004
Oak Manor	-		686		4,801		4,361		9,162		9,848	4,384		5,464		1998
Owings Run	39,382		5,788		35,160		13,362		48,522		54,310	19,873		34,437		1999
Park Shirlington	-		4,567		11,761		11,039		22,800		27,367	11,671		15,696		1998
Peppertree Farm	73,036		12,888		86,459		27,307		113,766		126,654	31,333		95,321		2005
Pleasant View Gardens	90,014		6,209		52,837		38,264		91,101		97,310	41,511		55,799		1998
Pleasure Bay	-		1,744		7,445		13,003		20,448		22,192	9,112		13,080		1998
Racquet Club East	35,469		2,086		25,244		20,904		46,148		48,234	19,182		29,052		1998
Racquet Club South	-		344		4,243		4,126		8,369		8,713	3,732		4,981		1999
Redbank Village	-		2,164		15,716		17,498		33,214		35,378	14,204		21,174		1998
Ridgeview at Wakefield Valley	17,126		2,372		17,882		5,936		23,818		26,190	7,540		18,650		2005
Ridley Brook	12,411		2,026		8,467		8,329		16,796		18,822	7,225		11,597		1999
Royal Gardens	47,000		5,758		16,670		22,170		38,840		44,598	19,115		25,483		1997
Saddle Brooke	-		7,609		44,040		11,524		55,564		63,173	10,808		52,365		2008
Sayville Commons	36,143		8,192		56,945		4,459		61,404		69,596	15,176		54,420		2005
Selford Townhomes	8,375		1,281		4,766		4,026		8,792		10,073	4,022		6,051		1999
Seminary Hill	-		3,095		11,538		13,645		25,183		28,278	11,017		17,261		1999
Seminary Towers	53,515		5,772		22,216		26,633		48,849		54,621	21,894		32,727		1999
Sherry Lake	23,709		2,593		17,236		14,513		31,749		34,342	14,529		19,813		1998
Somerset Park	-		7,253		12,937		637		13,574		20,827	1,276		19,551		2011
Southern Meadows	38,339		9,383		35,272		13,434		48,706		58,089	18,790		39,299		2001
Stone Ends	23,590		5,766		30,022		8,081		38,103		43,869	12,430		31,439		2003
Stone Hill	-		4,080		11,381		2,555		13,936		18,016	514		17,502		2013
Tamarron	13,861		1,412		9,370		5,344		14,714		16,126	6,067		10,059		1999
The Apts at Cambridge Court	-		7,378		82,641		4,915		87,556		94,934	8,535		86,399		2011
The Apts at Cobblestone Square	-		12,127		36,482		391		36,873		49,000	3,439		45,561		2012 (b)
The Apts at Wellington Trace	-		3,227		27,722		2,136		29,858		33,085	8,557		24,528		2004
The Brooke at Peachtree Village	11,553		1,043		15,574		5,621		21,195		22,238	5,883		16,355		2005
The Colony	-		8,027		36,146		19,838		55,984		64,011	23,517		40,494		1999
The Commons at Haynes Farm	-		7,550		32,771		5,963		38,734		46,284	4,383		41,901		2011
The Courts at Dulles	-		15,413		76,946		3,489		80,435		95,848	6,938		88,910		2011
							Initial Cost			Costs		Total Cost							Total Cost,
							Buildings,			Capitalized		Buildings,							Net of		Year of
							Improvements			Subsequent to		Improvements					Accumulated		Accumulated		Acquisition or
Community	Encumbrances			Land (a)			& Equipment (a)			Acquisition		& Equipment			Total(d)		Depreciation(e)		Depreciation		Completion
The Courts at Fair Oaks	46,090			12,377			61,107			4,817		65,924			78,301		8,041		70,260		2010
The Coves at Chesapeake	-			8,915			57,974			12,850		70,824			79,739		17,368		62,371		2006
The Gates of Deer Grove	-			1,247			18,973			1,744		20,717			21,964		1,855		20,109		2011
The Greens at Columbia	-			5,040			20,886			3,653		24,539			29,579		3,390		26,189		2010
The Hamptons	46,717			6,052			53,087			18,210		71,297			77,349		22,922		54,427		2004
The Heights at Marlborough	-			6,253			44,268			11,838		56,106			62,359		13,396		48,963		2006
The Lakes of Schaumburg	33,625			10,700			56,878			24		56,902			67,602		250		67,352		2014
The Landings	24,618			2,621			18,348			16,032		34,380			37,001		16,216		20,785		1996
The Manor - (VA)	13,009			1,441			6,570			8,468		15,038			16,479		6,986		9,493		1999
The Manor East	6,610			5,330			11,407			3,940		15,347			20,677		1,425		19,252		2012
The Meadows at Marlborough	20,028			6,598			28,736			8,366		37,102			43,700		8,935		34,765		2006
The New Colonies	-			1,831			22,895			15,547		38,442			40,273		19,206		21,067		1998
The Preserve at Milltown	-			6,110			38,706			761		39,467			45,577		623		44,954		2014
The Sycamores	19,959			4,761			17,019			4,986		22,005			26,766		7,501		19,265		2002
The Townhomes of Beverly	-			5,820			30,465			7,006		37,471			43,291		8,830		34,461		2007
The Village at Marshfield	-			3,247			29,512			9,628		39,140			42,387		11,554		30,833		2004
Top Field	15,610			1,635			16,684			5,513		22,197			23,832		5,672		18,160		2006
Trexler Park	36,015			2,604			14,970			11,095		26,065			28,669		11,115		17,554		2000
Trexler Park West	-			2,684			23,064			780		23,844			26,528		10,342		16,186		2008 (b)
Village at Potomac Falls	-			7,380			30,960			3,353		34,313			41,693		4,529		37,164		2010
Village Square	39,285			2,781			15,205			13,356		28,561			31,342		12,156		19,186		1999
Vinings at Hampton Village	-			1,849			12,805			5,175		17,980			19,829		6,038		13,791		2004
Waterview	-			1,531			23,030			5,836		28,866			30,397		3,379		27,018		2011
Wayne Village	-			2,026			14,639			11,503		26,142			28,168		12,040		16,128		1998
West Springfield	-			2,634			33,610			7,107		40,717			43,351		13,220		30,131		2002
Westbrooke	-			1,103			5,229			2,175		7,404			8,507		1,346		7,161		2010
Westchester West	32,763			6,978			41,513			6,765		48,278			55,256		8,735		46,521		2008
Westwood Village	43,722			7,530			25,386			15,499		40,885			48,415		15,422		32,993		2002
Westwoods	-			1,260			2,694			792		3,486			4,746		889		3,857		2007
William Henry	26,904			4,853			24,116			20,321		44,437			49,290		18,107		31,183		2000
Willowbrook	-			4,000			26,412			346		26,758			30,758		359		30,399		2014
Windsor Realty	-			436			3,637			2,957		6,594			7,030		3,201		3,829		1998
Woodmont Village	9,387			2,943			6,321			3,925		10,246			13,189		3,913		9,276		2002
Woodway at Trinity Centre	-			17,136			78,253			4,128		82,381			99,517		5,997		93,520		2012
Yorkshire Village	-			1,227			2,275			1,704		3,979			5,206		1,573		3,633		2002
Other Assets (c)	-			49,629			187,416			35,274		222,690			272,319		29,021		243,298		Various
	$	1,637,175		$	828,679		$	3,586,421		$	1,349,627	$	4,936,048		$	5,764,727	$	1,371,227	$	4,393,500
(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 land of $36,515, land held for sale of $13,114, assets of two development communities placed into service of $68,821, construction in progress of $118,595 and corporate office assets of $35,274.
(d)The aggregate cost for Federal Income Tax purposes was approximately $5,267,947.
(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
REAL ESTATE AND ACCUMULATED DEPRECIATION
31-Dec-14
(Dollars in thousands)
The changes in total real estate assets are as follows:
		2014			2013			2012
Balance, beginning of year		$			$			$
		5,620,765			5,455,226			5,042,324
New property acquisitions		142,806			98,199			297,650
Additions		184,465			204,717			226,348
Disposals and retirements		(183,309	)		(137,377	)		(111,096	)
Balance, end of year		$			$			$
		5,764,727			5,620,765			5,455,226
The changes in accumulated depreciation are as follows:
		2014			2013			2012
Balance, beginning of year		$			$			$
		1,243,243			1,108,840			983,759
Depreciation		182,455			173,872			166,339
Disposals and retirements		(54,471	)		(39,469	)		(41,258	)
Balance, end of year		$			$			$
		1,371,227			1,243,243			1,108,840

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Real Estate
	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 $4,321, $4,263 and $3,895 for the years ended December 31, 2014, 2013 and 2012, 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 $6,993, $7,281 and $4,380 of interest capitalized for the years ended December 31, 2014, 2013 and 2012, 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
	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 172,821, 168,417 and 284,180 shares of UPREIT Units exchanged for common stock, during 2014, 2013 and 2012, respectively.  The Company made adjustments within equity in the amount of $4,887, $4,495 and $6,899, during 2014, 2013 and 2012, respectively, to record the exchange value of the transactions.
Costs Incurred for Stock Issuances	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	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.
	On April 10, 2014, the Financial Accounting Standards Board issued a new standard which raises the threshold for determining which disposals are required to be presented as discontinued operations and modifies related disclosure requirements, is applied prospectively and is effective in 2015 with early adoption permitted.  The Company did not elect to early adopt this standard in 2014.  The standard is described more fully in Note 3.
Depreciation	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 $180,013, $166,537 and $152,914 from continuing operations and $2,460, $7,366 and $13,465 from discontinued operations for the years ended December 31, 2014, 2013 and 2012, respectively.
Cash and Cash Equivalents	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
	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 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 $2,494 and $2,499 as of December 31, 2014 and 2013, respectively.
Deferred Charges	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 6 months to 7 years.  Unamortized financing costs are written off when the financing agreement is retired before the maturity date.  Accumulated amortization was $11,464 and $9,908, as of December 31, 2014 and 2013, respectively.
Intangible Assets	Intangible Assets
	Intangible assets of $14,939 and $14,304 at December 31, 2014 and 2013, 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 $14,213 and $13,292 as of December 31, 2014 and 2013, respectively.  Amortization expense for the years ended December 31, 2014, 2013 and 2012 was $1,110, $838 and $2,618 from continuing operations, respectively.  There was no amortization expense charged to discontinued operations for the years ended December 31, 2014, 2013 and 2012.  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	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	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	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
	Other income for the years ended December 31, 2014, 2013 and 2012 is primarily comprised of other real estate service fees.
Other Expenses	Other Expenses
	Other expenses for the years ended December 31, 2014, 2013 and 2012 are the transaction costs from the apartment communities acquired during 2014, 2013 and 2012 that were expensed according to authoritative guidance for business combinations.  These costs, which are primarily transfer taxes and title fees, represent 0.41%, 0.42% and 0.90% of the total purchase price of the apartment communities acquired during 2014, 2013 and 2012, 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
	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 $5,541, $5,162 and $5,060 from continuing operations, and $94, $191 and $395 from discontinued operations, for the years ended December 31, 2014, 2013 and 2012, respectively.
Federal Income Taxes	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, 2014, 2013 and 2012, 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 9.
	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 $496,780 and $508,787 at December 31, 2014 and 2013, respectively.
	The following table reconciles net income to taxable income for the years ended December 31, 2014, 2013 and 2012:
			2014		2013		2012
	Net income		$	189,471	$	191,579	$	163,622
	Net income attributable to noncontrolling interest		-28,533		-30,706		-28,320
	Net (income) loss of taxable REIT Subsidiary included in net income		-112		-123		5
	Net income from REIT operations		160,826		160,750		135,307
	Book to tax differences:
	Book depreciation and amortization		155,829		146,675		139,067
	Tax depreciation and amortization		-158,288		-153,975		-143,893
	Gains/losses from capital transactions		-20,459		-9,026		-62,507
	Carrying value of mortgages		-1,362		-884		-784
	Equity compensation		-5,702		-2,905		-857
	Property acquisition costs		619		212		2,210
	Other, net		7,104		958		-1,934
	Adjusted taxable income subject to 90% REIT dividend requirement		$	138,567	$	141,805	$	66,609
	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 $13,052 and $13,107 as of December 31, 2014 and 2013, 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 $13,052 and $13,107 at December 31, 2014 and 2013, 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	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
	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of 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
			2014		2013		2012
	Net income		$	189,471	$	191,579	$	163,622
	Net income attributable to noncontrolling interest		-28,533		-30,706		-28,320
	Net (income) loss of taxable REIT Subsidiary included in net income		-112		-123		5
	Net income from REIT operations		160,826		160,750		135,307
	Book to tax differences:
	Book depreciation and amortization		155,829		146,675		139,067
	Tax depreciation and amortization		-158,288		-153,975		-143,893
	Gains/losses from capital transactions		-20,459		-9,026		-62,507
	Carrying value of mortgages		-1,362		-884		-784
	Equity compensation		-5,702		-2,905		-857
	Property acquisition costs		619		212		2,210
	Other, net		7,104		958		-1,934
	Adjusted taxable income subject to 90% REIT dividend requirement		$	138,567	$	141,805	$	66,609

ACQUISITIONS_Tables

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2014
ACQUISITIONS
Schedule of communities acquired
	During the years ended December 31, 2014 and 2013, 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
	The Preserve at Milltown	Philadelphia		6/19/2014		1975			376		$	45,000		$	120
	Willowbrook	Philadelphia		7/30/2014		1972			248		30,500			123
	The Lakes of Schaumburg	Chicago		11/12/14		1987			428		66,000			154
									1,052		$	141,500
	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
Summary of aggregate purchase price allocation
		2014			2013
	Land	$	20,810		$	11,640
	Buildings, improvements and equipment	120,027			43,799
	Fair market value adjustment for loan and liabilities assumed	1,969			-
	Below-market rents	(161		)	(36		)
	In-place lease intangibles	471			201
	Customer relationships	353			146
	Net assets acquired	$	143,469		$	55,750
Pro Forma Financial Information
		2014			2013
		(Unaudited)			(Unaudited)
	Pro forma total revenues	$	681,656		$	660,201
	Pro forma net income attributable to common stockholders	162,935			163,430
	Pro forma earnings per common share:
	Basic	$	2.84		$	3.01
	Diluted	2.82			2.98

DEBT_Tables

DEBT (Tables)	12 Months Ended
	Dec. 31, 2014
DEBT
Schedule of mortgage notes payable		2014		2013
	Fixed rate mortgage notes payable	$	1,613,465	$	1,731,177
	Variable rate mortgage notes payable	23,710		83,040
	Mortgage notes payable	$	1,637,175	$	1,814,217
Schedule of principal payments on the mortgage notes payable
	Principal payments on the mortgage notes payable for years subsequent to December 31, 2014 are as follows:
	2015	$
		245,870
	2016	308,062
	2017	200,995
	2018	173,717
	2019	257,647
	Thereafter	450,884
		$
		1,637,175

DERIVATIVE_AND_HEDGING_ACTIVIT1

DERIVATIVE AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2014

DERIVATIVE AND HEDGING ACTIVITIES

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

As of December 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

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

12/31/14

12/31/13

Sheet Location

12/31/14

12/31/13

Interest Rate Swap

Other Assets

$

294

$

1,840

Other Liabilities

$

2,339

$

-

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

2014

2013

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

$

-5,147

$

1,972

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

$

-1,261

$

-1,164

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
	Dec. 31, 2014
STOCKHOLDERS' EQUITY
Issuance of common stock through the ATM equity offering program since inception through completion of the program on May 11, 2012	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				Gross					Net Proceeds					Average
		Shares Sold				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, 2014	The following summarizes issuances of common stock from this program since inception through December 31, 2014:
	Period	Number of				Gross					Net Proceeds					Average
		Shares Sold				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	Pursuant to Internal Revenue Code Section 857(b)(3)(C), for the year ended December 31, 2014, 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
	2/1/14	2/13/14		2/25/14			$0.73			70.51%		0.00%		0.00%		0.00%			29.49%
	5/1/14	5/12/14		5/23/14			$0.73			70.51%		0.00%		0.00%		0.00%			29.49%
	7/30/14	8/13/14		8/27/14			$0.73			70.51%		0.00%		0.00%		0.00%			29.49%
	10/28/14	11/10/14		11/21/14			$0.73			70.51%		0.00%		0.00%		0.00%			29.49%
				Totals			$2.92			70.51%		0.00%		0.00%		0.00%			29.49%
	The taxable composition of cash distributions for each common share for 2013 and 2012 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
	2013			$		63.07%		0.00%		0.00%		22.36%		14.56%
				2.80
	2012			$		75.98%		0.00%		21.79%		1.22%		1.02%
				2.64
Reconciliation of basic and diluted earnings per share
		2014						2013						2012
	Numerator:
	Income from continuing operations	$		108,846				$		103,434				$		70,549
	Less: Income from continuing operations attributable to noncontrolling interest	(16,395				)		(16,503				)		(12,343				)
	Income from continuing operations attributable to common stockholders	$		92,451				$		86,931				$		58,206
	Discontinued operations	$		80,625				$		88,145				$		93,073
	Less: Discontinued operations attributable to noncontrolling interest	(12,138				)		(14,203				)		(15,977				)
	Discontinued operations attributable to common stockholders	$		68,487				$		73,942				$		77,096
	Denominator:
	Basic weighted average number of common shares outstanding	57,315,391						54,328,514						49,744,636
	Effect of dilutive stock options	375,367						459,303						566,732
	Effect of restricted shares and restricted stock units	137,130						32,377						71,268
	Diluted weighted average number of common shares outstanding	57,827,888						54,820,194						50,382,636
	Earnings per common share:
	Basic earnings per share:
	Income from continuing operations		$		1.61				$		1.6				$		1.17
	Discontinued operations		1.2						1.36						1.55
	Net income attributable to common stockholders		$		2.81				$		2.96				$		2.72
	Diluted earnings per share:
	Income from continuing operations		$		1.6				$		1.58				$		1.16
	Discontinued operations		1.18						1.35						1.53
	Net income attributable to common stockholders		$		2.78				$		2.93				$		2.69

STOCK_BENEFIT_PLANS_Tables

STOCK BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2014
Stock Benefit Plans
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	273,807	369,168	1,089,542		-	39,920	39,920	4,118,696
		(a)		Represents service-based awards of 55,279 and market-based awards of 313,889 at the maximum achievable level.
Stock Options
Stock Benefit Plans
Schedule of weighted average assumptions used
	Assumption		2013		2012
	Expected dividend yield		4.34%		4.22%
	Expected volatility		26.25%		26.53%
	Expected lives		6.0 Years		6.0 Years
	Risk free interest rate		0.99%		1.03%
Summary of stock option activity
			Number of					Weighted			Weighted		Aggregate
			Options					Average			Average		Intrinsic
								Exercise			Remaining		Value
								Price			Contractual
								Per Option			Term in Years
	Options outstanding at December 31, 2013			2,289,522					$	49.41
	Granted			-					-
	Exercised			(510,001	)				43.59
	Cancelled			(18,401	)				57.59
	Options outstanding at December 31, 2014			1,761,120					$	51.01		4.3		$	25,695
	Options exercisable at December 31, 2014			1,473,051					$	49.22		3.8		$	24,129
Summary of unvested stock activity
			Number of				Weighted
			Options				Average
							Exercise Price
							Per Option
	Unvested stock options at December 31, 2013			555,459				$ 54.43
	Granted			-				-
	Vested			(265,929	)			48.18
	Cancelled			(1,461	)			64.5
	Unvested stock options at December 31, 2014			288,069				$ 60.14
Schedule of additional disclosure related to stock option activity			2014			2013			2012
	Stock-based compensation costs recognized		$	681		$	1,360		$	3,052
	Fair value of options vested		1,655			2,029			2,717
	Cash received from the exercise of options		22,233			14,494			18,228
	Intrinsic value of options exercised		10,351			6,644			8,737
	Grant date fair value of options granted, per share		-			9.17			9.32
	Number of options granted		-			59,958			219,799
Restricted Stock
Stock Benefit Plans
Summary of unvested stock activity			Number of				Weighted
			Shares				Average
							Grant Date
							Fair Value
							Per Share
	Restricted stock outstanding and unvested at December 31, 2013			234,673				$ 59.11
	Granted			53,578				62.24
	Vested and issued			(94,917	)			55.77
	Cancelled			(1,133	)			63.74
	Restricted stock outstanding and unvested at December 31, 2014			192,201				$ 61.61
Summary of awards activity			2014			2013			2012
	Stock-based compensation costs recognized		$	3,239		$	3,956		$	7,659
	Fair value of restricted shares vested		5,925			6,603			6,707
	Weighted average price of shares granted, per share		62.24			65.14			63.62
	Number of restricted shares granted to employees		42,336			35,493			108,065
	Number of restricted shares granted to Directors		11,242			7,675			11,539
Restricted Stock Units
Stock Benefit Plans
Schedule of performance hurdles used in measurement of performance
	The absolute and relative metrics for the awards granted in 2012 and 2013 are as follows:
			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
	The absolute and relative metrics for the awards granted in 2014 are as follows:
			Three-Year Performance Goals
	Market Requirements		Threshold		Target		High
	Absolute TSR		7%		9%		11%
	All REIT TSR Index		Absolute TSR is better than -350 basis points from the index return		Absolute TSR is 50 basis points above the index return		Absolute TSR is at least 500 basis points above the index return
	Apartment TSR Index		Absolute TSR is better than -350 basis points from the index return		Absolute TSR is 50 basis points above the index return		Absolute TSR is at least 500 basis points above the index return
Summary of weighted average assumptions used for awarded grants	Assumption		2014		2013		2012
	Baseline share value		$		$		$
			53.84		60.20		55.87
	Expected dividend yield		4.97%		4.27%		4.45%
	Expected volatility		17.86%		21.19%		31.24%
	Risk free interest rate		0.27%		0.21%		0.22%
	Estimated fair value per share of the market-based awards		$		$		$
			63.11		49.17		51.40
	Estimated fair value per share of the service-based awards		$		$		$
			58.70		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, 2013 (a)			203,864					$	52.61
	Granted (b)			149,738					62.01
	Vested			(11,646	)				60.58
	Restricted stock units unvested at December 31, 2014 (c)			341,956					$	55.76
		(a)		Represents service-based awards of 29,112 and market-based awards of 174,752 at the maximum achievable level.
		(b)		Represents service-based awards of 18,714 and market-based awards of 131,024 at the maximum achievable level.
		(c)		Represents service-based awards of 36,180 and market-based awards of 305,776 at the maximum achievable level.

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2014
SEGMENT REPORTING
Schedule of revenues and net operating income for each of the reportable segments		2014					2013				2012
	Revenues
	Apartments owned
	Core properties		$	642,676				$	624,269			$	603,409
	Non-core properties		28,875					14,354				-
	Reconciling items		364					1,179				311
	Total revenues		$	671,915				$	639,802			$	603,720
	Net operating income
	Apartments owned
	Core properties		$	405,147				$	399,246			$	382,556
	Non-core properties		16,895					9,279				-
	Reconciling items		364					1,179				311
	Net operating income, including reconciling items		422,406					409,704				382,867
	General and administrative expenses		(26,686		)			(28,507		)		(34,174		)
	Interest expense		(99,635		)			(110,076		)		(119,871		)
	Depreciation and amortization		(181,123		)			(167,375		)		(155,532		)
	Other expenses		(734		)			(312		)		(2,741		)
	Impairment and other charges		(5,382		)			-				-
	Income from continuing operations		$	108,846				$	103,434			$	70,549
Summary of assets for each of the reportable segments	Assets		2014			2013
	Apartments owned
	Core properties		$			$
			3,857,527			3,902,741
	Non-core properties		535,973			474,781
	Reconciling items		95,035			90,355
	Total assets		$			$
			4,488,535			4,467,877

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES
Schedule of future minimum rental payments under non-cancelable operating leases in effect	Future minimum rental payments under non-cancelable operating leases in effect as of December 31, 2014 were as follows:
	2015	$	1,925
	2016	1,685
	2017	321
	2018	-
	Thereafter	-
		$	3,931

DISPOSITION_OF_PROPERTY_AND_DI1

DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2014
DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS
Summary of community dispositions	Apartment Community	Region		Date Sold		Number of				Sales Price				Gain on Sale
						Units
	Cider Mill	Washington, D.C.		2/26/14			864				$	110,000			$	31,305
	Woodleaf	Washington, D.C.		12/19/14			228				33,500				14,297
	The Manor - MD	Washington, D.C.		12/29/14			435				73,300				36,229
							1,527				$	216,800			$	81,831
	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		2014			2013			2012
	Revenues:
	Rental income	$	12,015		$	29,038		$	51,794
	Property other income	1,186			2,624			5,028
	Total revenues	13,201			31,662			56,822
	Expenses:
	Operating and maintenance	4,393			10,895			20,388
	Interest expense, including prepayment penalties	7,553			6,461			10,428
	Depreciation and amortization	2,461			7,366			13,465
	Total expenses	14,407			24,722			44,281
	Income (loss) from discontinued operations	(1,206		)	6,940			12,541
	Gain on disposition of property	81,831			81,205			80,532
	Discontinued operations	$	80,625		$	88,145		$	93,073

SUPPLEMENTAL_CASH_FLOW_DISCLOS1

SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2014
SUPPLEMENTAL CASH FLOW DISCLOSURES
Schedule of supplemental cash flow information including non-cash financing and investing activities		2014			2013		2012
	Supplemental disclosures:
	Cash paid for interest, net of capitalized interest	$	104,878		$	115,079	$	127,249
	Interest capitalized	6,993			7,281		4,380
	Non-cash investing and financing activities:
	Note receivable converted to real estate	-			-		608
	Mortgage loan assumed associated with property acquisition	33,696			-		7,284
	Mortgage note (premium) or discount written off	(216		)	-		104
	Exchange of UPREIT Units for common shares	4,887			4,495		6,899
	Transfers of construction in progress to buildings, improvements and equipment	99,986			4,480		42,732
	Transfers of other assets to construction in progress	-			836		-
	Transfers of construction in progress to land held for sale	15,300			-		-
	Capital improvements to properties and construction in progress included in accounts payable	6,908			9,261		6,130
	Dividends payable included in accounts payable	533			-		-

QUARTERLY_FINANCIAL_STATEMENT_1

QUARTERLY FINANCIAL STATEMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2014
QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)
Schedule of Quarterly Financial Information		2014
		First		Second		Third		Fourth
	Total revenue	$	165,298	$	165,583	$	168,543	$	172,491
	Net income attributable to common stockholders	45,791		22,469		26,244		66,434
	Basic earnings per share data:
	Net income attributable to common stockholders	0.80		0.39		0.46		1.16
	Diluted earnings per share data:
	Net income attributable to common stockholders	0.79		0.39		0.45		1.14
		2013
		First		Second		Third		Fourth
	Total revenue	$	158,999	$	159,639	$	159,369	$	161,795
	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		1.00
	Diluted earnings per share data:
	Net income attributable to common stockholders	0.99		0.51		0.44		0.99

ORGANIZATION_AND_BASIS_OF_PRES1

ORGANIZATION AND BASIS OF PRESENTATION (Details)	0 Months Ended	12 Months Ended
	Aug. 04, 1994	Dec. 31, 2014	Dec. 31, 2013
Number of communities, owned		121
Number of apartments, owned		42,107
IPO
Shares issued	5,408,000
Operating Partnership
Percentage of ownership in partnership		85.20%	84.80%
Noncontrolling interest in partnership (as a percent)		14.80%	15.20%
Interest owned in Operating Partnership (as a percent)		1.00%
Home Properties Trust
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, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate
Payroll and associated costs capitalized	$4,321	$4,263	$3,895
Interest capitalized costs	$6,993	$7,281	$4,380
In-place lease intangibles
Real Estate
Amortization period	6 months
Customer relationships
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, 2014	Dec. 31, 2013	Dec. 31, 2012
Exchange of UPREIT Units for shares
Number of shares of UPREIT Units	172,821	168,417	284,180
Equity adjustment for exchange of UPREIT units for shares transaction	$4,887	$4,495	$6,899
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	2,494	2,499
Deferred Charges
Minimum remaining term for amortization of deferred finance costs	6 months
Maximum remaining term for amortization of deferred finance costs	7 years
Accumulated amortization	11,464	9,908
Continuing operations
Depreciation
Depreciation expense charged to operations	180,013	166,537	152,914
Discontinued operations
Depreciation
Depreciation expense charged to operations	$2,460	$7,366	$13,465
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
Building and improvements | Minimum
Depreciation
Estimated useful lives of assets	3 years
Building 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, 2014	Dec. 31, 2013	Dec. 31, 2012
Intangible Assets
Intangible assets	$14,939	$14,304
Accumulated amortization of intangible assets	14,213	13,292
Continuing operations
Intangible Assets
Amortization expense charged to operations	1,110	838	2,618
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, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Expenses
Other expenses as a percentage of total purchase price of apartment communities acquired	0.41%	0.42%	0.90%
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	$0	$0
Difference between tax basis of assets and reported amount	496,780	508,787
Net income	189,471	191,579	163,622
Net income attributable to noncontrolling interest	-28,533	-30,706	-28,320
Net (income) loss of taxable REIT Subsidiary included in net income	-112	-123	5
Net income from REIT operations	160,826	160,750	135,307
Book to tax differences:
Book depreciation and amortization	155,829	146,675	139,067
Tax depreciation and amortization	-158,288	-153,975	-143,893
Gains/losses from capital transactions	-20,459	-9,026	-62,507
Carrying value of mortgages	-1,362	-884	-784
Equity compensation	-5,702	-2,905	-857
Property acquisition costs	619	212	2,210
Other, net	7,104	958	-1,934
Adjusted taxable income subject to 90% REIT dividend requirement	138,567	141,805	66,609
Minimum percentage by which the distributions exceed the taxable income before capital gains	100.00%
Deferred tax assets	13,052	13,107
Deferred tax asset reserve	13,052	13,107
Maximum
Revenue Recognition
Lease term	1 year
Continuing operations
Advertising
Advertising expenses	5,541	5,162	5,060
Discontinued operations
Advertising
Advertising expenses	$94	$191	$395

ACQUISITIONS_Details

ACQUISITIONS (Details) (USD $)	12 Months Ended		0 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Jun. 19, 2014	Jul. 30, 2014	Nov. 12, 2014	Nov. 27, 2013	Dec. 18, 2013	Jun. 28, 2012
								item
Property Acquisitions
Community acquired, number of units								1,350
Closing costs of unit community	$734	$312
Aggregate purchase price allocation
Revenues from acquired apartment communities	11,803	351
Net income attributable to common shareholders from acquired apartment communities	3,341	79
Pro forma financial information
Pro forma total revenues	681,656	660,201
Pro forma net income attributable to common stockholders	162,935	163,430
Pro forma earnings per common share:
Basic (in dollars per share)	$2.84	$3.01
Diluted (in dollars per share)	$2.82	$2.98
Acquisition-related costs
Pro forma financial information
Pro forma net income attributable to common stockholders	734	-734
2014 Acquisition Communities
Property Acquisitions
Community acquired, number of units	1,052
Purchase price of community units acquired	141,500
Aggregate purchase price allocation
Land	20,810
Buildings, improvements and equipment	120,027
Fair market value adjustment for loan and liabilities assumed	1,969
Net assets acquired	143,469
2014 Acquisition Communities | Below-market rents
Aggregate purchase price allocation
Finite-lived intangibles	-161
2014 Acquisition Communities | In-place lease intangibles
Aggregate purchase price allocation
Finite-lived intangibles	471
2014 Acquisition Communities | Customer relationships
Aggregate purchase price allocation
Finite-lived intangibles	353
The Preserve at Milltown
Property Acquisitions
Community acquired, number of units			376
Purchase price of community units acquired			45,000
Cost of Acquisition Per Unit (in dollars per unit)			120
Willowbrook
Property Acquisitions
Community acquired, number of units				248
Purchase price of community units acquired				30,500
Cost of Acquisition Per Unit (in dollars per unit)				123
The Lakes of Schaumburg
Property Acquisitions
Community acquired, number of units					428
Purchase price of community units acquired					66,000
Cost of Acquisition Per Unit (in dollars per unit)					154
2013 Acquisition Communities
Property Acquisitions
Community acquired, number of units		457
Purchase price of community units acquired		55,750
Aggregate purchase price allocation
Land	11,640
Buildings, improvements and equipment	43,799
Net assets acquired	55,750
2013 Acquisition Communities | Below-market rents
Aggregate purchase price allocation
Finite-lived intangibles	-36
2013 Acquisition Communities | In-place lease intangibles
Aggregate purchase price allocation
Finite-lived intangibles	201
2013 Acquisition Communities | Customer relationships
Aggregate purchase price allocation
Finite-lived intangibles	146
Stone Hill
Property Acquisitions
Community acquired, number of units						205
Purchase price of community units acquired						15,500
Cost of Acquisition Per Unit (in dollars per unit)						76
Middlesex Crossing
Property Acquisitions
Community acquired, number of units							252
Purchase price of community units acquired							40,250
Cost of Acquisition Per Unit (in dollars per unit)							$160

DEVELOPMENT_Details

DEVELOPMENT (Details) (USD $)	12 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2011	Jun. 30, 2012	Dec. 31, 2013
	item	item	item
Development
Number of projects to which development of new apartment communities is limited	2
Number of new apartment communities for development	0
Land held for sale	$13,114
Impairment and other charges	5,382
Severance charges	1,440
Construction in progress	118,595			187,976
Expected
Development
Severance charges	1,800
Arbor Park of Alexandria
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	5
Number of units under renovation	72
Number of buildings completed and occupied	47
Number of units completed	779
Number of units occupied	657
Construction in progress included in buildings, improvements, equipment or other assets	30,019
Ripley Street
Development
Construction in progress for development, number of buildings		2
Construction in progress for development, number of units		379
Construction in progress	51,858
Construction in progress for development, number of units occupied	262
Construction costs transferred to buildings, improvements, equipment, or other assets	61,525
Ripley Street 21 Story Building
Development
Construction in progress for development, number of stories in each building		21
Ripley Street 5 Story Building
Development
Construction in progress for development, number of stories in each building		5
Courts at Spring Mill Station
Development
Construction in progress for development, number of buildings			2
Construction in progress for development, number of units			385
Construction in progress	66,737
Construction in progress for development, number of units occupied	34
Construction costs transferred to buildings, improvements, equipment, or other assets	$7,296

DEBT_Details

DEBT (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Notes payable
Mortgage notes payable	$1,637,175	$1,814,217
Payoff mortgage notes payable	179,852	316,836	67,324
Scheduled payments of mortgage notes payable	30,670	33,974	35,873
Fair value of mortgage loan assumed	33,696		7,284
Principal payments on the mortgage notes payable
Total	1,637,175	1,814,217
Mortgage notes
Notes payable
Mortgage notes payable	1,637,175	1,814,217
Payoff mortgage notes payable	179,852
Number of loans repaid which were accounted for at fair value at time assumed	2
Adjustment to write-off the difference between carrying value and contractual balance of the loans	216
Number of loans assumed	1
Fair value of mortgage loan assumed	33,696
Weighted average remaining term of notes	3 years 6 months
Principal payments on the mortgage notes payable
2015	245,870
2016	308,062
2017	200,995
2018	173,717
2019	257,647
Thereafter	450,884
Total	1,637,175	1,814,217
Long-term debt, other disclosures
Prepayment penalties included in interest expense	5,169	2,229	2,202
Deferred financing costs written off	297	518	45
Mortgage notes | Debt instrument repaid at or before maturity
Notes payable
Payoff mortgage notes payable	78,005
Long-term debt, other disclosures
Deferred financing costs written off	8	349	3
Mortgage notes | Debt instrument repaid at scheduled maturity
Notes payable
Scheduled payments of mortgage notes payable	30,670
Mortgage notes | Sale of property
Notes payable
Payoff mortgage notes payable	101,847
Long-term debt, other disclosures
Prepayment penalties included in interest expense	5,001	1,613	2,115
Deferred financing costs written off	289	169	42
Fixed rate mortgage notes payable
Notes payable
Mortgage notes payable	1,613,465	1,731,177
Weighted average interest rate (as a percent)	5.20%	5.21%
Principal payments on the mortgage notes payable
Total	1,613,465	1,731,177
Variable rate mortgage notes payable
Notes payable
Mortgage notes payable	23,710	83,040
Weighted average interest rate (as a percent)	2.90%	3.02%
Principal payments on the mortgage notes payable
Total	$23,710	$83,040

DEBT_Details_2

DEBT (Details 2) (USD $)	1 Months Ended	12 Months Ended	0 Months Ended			1 Months Ended	0 Months Ended
	Dec. 31, 2011	Dec. 31, 2014	Jun. 28, 2013	Jun. 28, 2013	Nov. 19, 2014	Dec. 31, 2014	Jun. 27, 2012	Jun. 28, 2012	Jul. 19, 2012	Nov. 04, 2013
	item							item	item	item
Notes payable
Community acquired, number of units								1,350
Unsecured Term Loan
Notes payable
Unsecured notes, maturity term	5 years
Unsecured notes	$250,000,000
Number of participating lenders	10
Variable rate basis	LIBOR	one-month LIBOR
Interest rate spread (as a percent)		1.00%
Unsecured Term Loan | Interest Rate Swap 0.685 Percent
Notes payable
Effective rate (as a percent)		1.69%				1.69%
Number of interest rate swap agreements entered into									2
Interest rate (as a percent)		0.69%				0.69%			0.69%
Unsecured Term Loan | Interest Rate Swaps 2.604 Percent
Notes payable
Number of interest rate swap agreements entered into										3
Interest rate (as a percent)										2.60%
Unsecured Term Loan | Minimum
Notes payable
Interest rate spread (as a percent)	1.00%	1.00%
Unsecured Term Loan | Maximum
Notes payable
Interest rate spread (as a percent)	2.00%	2.00%
Unsecured Term Loan Two
Notes payable
Unsecured notes			75,000,000	75,000,000
Variable rate basis			LIBOR
Amount borrowed				25,000,000
Unsecured Term Loan Two | Minimum
Notes payable
Interest rate spread (as a percent)			1.00%
Unsecured Term Loan Two | Maximum
Notes payable
Interest rate spread (as a percent)			2.00%
Unsecured Term Loan Three
Notes payable
Unsecured notes					100,000,000
Variable rate basis						LIBOR
Amount borrowed					100,000,000
Unsecured Term Loan Three | Minimum
Notes payable
Interest rate spread (as a percent)						1.00%
Unsecured Term Loan Three | Maximum
Notes payable
Interest rate spread (as a percent)						2.00%
Unsecured Senior Notes
Notes payable
Number of series in private placement	2
Unsecured notes	150,000,000
Unsecured Senior Notes Series A
Notes payable
Unsecured notes, maturity term	7 years
Unsecured notes	90,000,000
Interest rate (as a percent)	4.46%
Unsecured Senior Notes Series B
Notes payable
Unsecured notes, maturity term	10 years
Unsecured notes	60,000,000
Interest rate (as a percent)	5.00%
Private Placement Note Due June 2019
Notes payable
Unsecured notes, maturity term							7 years
Unsecured notes							$50,000,000
Interest rate (as a percent)							4.16%

DEBT_Details_3

DEBT (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Aug. 19, 2013	Aug. 18, 2013
	item
Unsecured line of credit
Unsecured line of credit	$269,000	$193,000
Revolving Credit Facility
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
Unsecured line of credit	269,000
Interest rate spread (as a percent)	1.00%
Line of credit facility effective rate (as a percent)	1.19%
Revolving Credit Facility | Minimum
Unsecured line of credit
Interest rate spread (as a percent)	1.00%
Revolving Credit Facility | Maximum
Unsecured line of credit
Interest rate spread (as a percent)	2.00%
Revolving Credit Facility | 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	3,840
Available amount on credit facility	$177,160

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS AND REAL ESTATE ASSETS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
FAIR VALUE OF FINANCIAL INSTRUMENTS
Impairment charge of the land held for sale	$3,942
Interest rate swaps
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value of derivative assets	294	1,840
Fair value of derivative liability	2,339	0
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	2,552,416	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	2,456,175	2,457,217
Level 2 | Interest rate swaps
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value of derivative assets	294	1,840
Fair value of derivative liability	$2,339

DERIVATIVE_AND_HEDGING_ACTIVIT2

DERIVATIVE AND HEDGING ACTIVITIES (Details) (USD $)	12 Months Ended		1 Months Ended	0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2011	Jul. 19, 2012	Nov. 04, 2013
					item
Derivative and hedging activities
Minimum aggregate principal amount of indebtedness in default upon which counterparties could declare the Company in default on its derivative obligations	$20,000,000
Aggregate termination value for settlement obligations	2,356,000
Cash flow hedges
Derivative and hedging activities
Amount of gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives (effective portion)	-5,147,000	1,972,000
Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion)	-1,261,000	-1,164,000
Unsecured Term Loan
Derivative and hedging activities
Unsecured term Loan			250,000,000
Unsecured term Loan, maturity term			5 years
Variable rate basis	one-month LIBOR		LIBOR
Interest rate spread (as a percent)	1.00%
Unsecured Term Loan | one-month LIBOR
Derivative and hedging activities
Variable rate basis	one-month LIBOR
Unsecured Term Loan | Minimum
Derivative and hedging activities
Interest rate spread (as a percent)	1.00%		1.00%
Unsecured Term Loan | Maximum
Derivative and hedging activities
Interest rate spread (as a percent)	2.00%		2.00%
Interest rate swaps
Derivative and hedging activities
Fair value of derivative assets	294,000	1,840,000
Fair value of derivative liability	2,339,000	0
Estimated amount reclassified from accumulated other comprehensive income to interest expense over the next twelve months	819,000
Interest rate swaps | Unsecured Term Loan
Derivative and hedging activities
Unsecured term Loan				250,000,000
Unsecured term Loan, maturity term				5 years
Interest rate swaps | Unsecured Term Loan | one-month LIBOR
Derivative and hedging activities
Variable rate basis				one-month LIBOR
Interest Rate Swaps 0.685 Percent | Unsecured Term Loan
Derivative and hedging activities
Number of interest rate swap agreements entered into				2
Interest rate (as a percent)				0.69%
Interest Rate Swap 0.6800 Percent | Cash flow hedges
Derivative and hedging activities
Notional Amount	150,000,000
Fixed Interest Rate (as a percent)	0.68%
Interest Rate Swap 0.6925 Percent | Cash flow hedges
Derivative and hedging activities
Notional Amount	100,000,000
Fixed Interest Rate (as a percent)	0.69%
Interest Rate Swaps 2.604 Percent | Unsecured Term Loan
Derivative and hedging activities
Number of interest rate swap agreements entered into					3
Interest rate (as a percent)					2.60%
Interest Rate Swap 2.6010 Percent One | Cash flow hedges
Derivative and hedging activities
Notional Amount	100,000,000
Fixed Interest Rate (as a percent)	2.60%
Interest Rate Swap 2.6010 Percent Two | Cash flow hedges
Derivative and hedging activities
Notional Amount	75,000,000
Fixed Interest Rate (as a percent)	2.60%
Interest Rate Swap 2.6125 Percent | Cash flow hedges
Derivative and hedging activities
Notional Amount	$75,000,000
Fixed Interest Rate (as a percent)	2.61%

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)	12 Months Ended			1 Months Ended	3 Months Ended												12 Months Ended	20 Months Ended	32 Months Ended	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	11-May-12	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, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	11-May-12	Dec. 31, 2014	Jul. 12, 2013	Jul. 09, 2013	10-May-12	14-May-12	Sep. 17, 2010
Common Stock
Common stock and UPREIT Units authorized for repurchase	2,291,160																		2,291,160
Common stock and UPREIT units repurchased	0	0	0
At-The-Market Equity Offering Program
Common Stock
Common stock, shares authorized																							4,400,000	3,600,000
Number of Shares Sold	0			207,500	0	0	52,113	407,296	10,100	1,262,125	698,599	188,393	0	877,400	1,485,707	841,000	0	3,600,000	2,430,233
Gross Proceeds				$13,224			$3,322	$25,855	$628	$80,303	$42,528	$11,156		$56,542	$90,102	$47,524		$218,548	$152,636
Net Proceeds				12,957			3,228	25,282	609	78,682	41,617	10,897		55,273	88,299	46,572		213,998	149,418
Shares available under the ATM program	1,969,767																		1,969,767
Public Equity Offering Program
Common Stock
Number of Shares Sold																				4,427,500
Net Proceeds		267,633
Proceeds from issuance of common stock		267,633																			$267,633
Common stock publicly offered (in shares)																					4,427,500
Shares issued to underwriters included in prospectus supplement offering																					577,500
Shares of common stock issued under public equity offering, price (in dollars per share)																					$63
Weighted Average | At-The-Market Equity Offering Program
Common Stock
Average Sales Price (in dollars per share)							$63.75	$63.48	$62.18	$63.63	$60.88	$59.22		$64.44	$60.65	$56.51		$60.71	$62.81			$63.73

STOCKHOLDERS_EQUITY_Details_2

STOCKHOLDERS' EQUITY (Details 2) (USD $)	0 Months Ended				12 Months Ended
In Thousands, except Share data, unless otherwise specified	Nov. 21, 2014	Aug. 27, 2014	23-May-14	Feb. 25, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
STOCKHOLDERS' EQUITY
Common stock, shares outstanding					57,703,957	56,961,646
UPREIT Units outstanding (in shares)					10,114,355
Share equivalents outstanding					67,818,312
Dividend distribution
Discount offered on DRIP					$0
Dividend distributions (in dollars per share)	$0.73	$0.73	$0.73	$0.73	$2.92	$2.80	$2.64
Distribution Type
Ordinary Taxable Dividend (as a percent)	70.51%	70.51%	70.51%	70.51%	70.51%	63.07%	75.98%
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%	0.00%	21.79%
Long-Term Capital Gain (as a percent)	0.00%	0.00%	0.00%	0.00%	0.00%	22.36%	1.22%
Unrecaptured Sec. 1250 Gain (as a percent)	29.49%	29.49%	29.49%	29.49%	29.49%	14.56%	1.02%
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, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
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									$108,846	$103,434	$70,549
Less: Income from continuing operations attributable to noncontrolling interest									-16,395	-16,503	-12,343
Income from continuing operations attributable to common stockholders									92,451	86,931	58,206
Discontinued operations									80,625	88,145	93,073
Less: Discontinued operations attributable to noncontrolling interest									-12,138	-14,203	-15,977
Discontinued operations attributable to common stockholders									$68,487	$73,942	$77,096
Basic weighted average number of common shares outstanding									57,315,391	54,328,514	49,744,636
Diluted weighted average number of common shares outstanding									57,827,888	54,820,194	50,382,636
Basic earnings per share data:
Income from continuing operations (in dollars per share)									$1.61	$1.60	$1.17
Discontinued operations (in dollars per share)									$1.20	$1.36	$1.55
Net income attributable to common stockholders (in dollars per share)	$1.16	$0.46	$0.39	$0.80	$1	$0.44	$0.52	$1.01	$2.81	$2.96	$2.72
Diluted earnings per share data:
Income from continuing operations (in dollars per share)									$1.60	$1.58	$1.16
Discontinued operations (in dollars per share)									$1.18	$1.35	$1.53
Net income attributable to common stockholders (in dollars per share)	$1.14	$0.45	$0.39	$0.79	$0.99	$0.44	$0.51	$0.99	$2.78	$2.93	$2.69
Stock Options
Reconciliation of basic and diluted earnings per share
Effect of stock awards (in shares)									375,367	459,303	566,732
Diluted earnings per share data:
Shares not included in computations of diluted EPS									337,207	411,779	334,659
Restricted Stock and Restricted Stock Units
Reconciliation of basic and diluted earnings per share
Effect of stock awards (in shares)									137,130	32,377	71,268

STOCK_BENEFIT_PLANS_Details

STOCK BENEFIT PLANS (Details)	12 Months Ended			0 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Apr. 29, 2014	3-May-11	Dec. 31, 2010	Dec. 31, 2009
Stock Options
Stock options, restricted stock and restricted stock unit awards granted
Stock Options Granted (in shares)	59,958	219,799
Restricted Stock
Stock options, restricted stock and restricted stock unit awards granted
Restricted Stock Granted (in shares)			53,578
Restricted Stock | Employees
Stock options, restricted stock and restricted stock unit awards granted
Restricted Stock Granted (in shares)	35,493	108,065	42,336
Awards vested each year (as a percent)	25.00%	25.00%	25.00%
Vesting period			4 years
Restricted Stock | Non-Employee Director
Stock options, restricted stock and restricted stock unit awards granted
Restricted Stock Granted (in shares)	7,675	11,539	11,242
Awards vested on fifth anniversary of grant date (as a percent)			100.00%
2011 Plan
Stock Benefit Plans
Number of shares of common stock authorized for issuance					3,000,000
Number of shares available for grant			4,118,696
Additional shares subject to awards issued				4,000,000
Share Based Compensation Arrangement by Share Based Payment Award Ratio of Shares Available for Issuance			5.45
Number of shares forfeited or cancelled returned to plan and available for future grants			11,053
2011 Plan | Employees
Stock options, restricted stock and restricted stock unit awards granted
Total Granted (in shares)			1,089,542
2011 Plan | Non-Employee Director
Stock options, restricted stock and restricted stock unit awards granted
Total Granted (in shares)			39,920
2011 Plan | Stock Option and Stock Appreciation Right
Stock Benefit Plans
Number of shares deemed as an award for each share-based award granted			1
2011 Plan | Full Value Award
Stock Benefit Plans
Number of shares deemed as an award for each share-based award granted			4.28
2011 Plan | Stock Options
Stock options, restricted stock and restricted stock unit awards granted
Stock Options Granted (in shares)			0
Awards vested each year (as a percent)	20.00%	20.00%
Awards vested on fifth anniversary of grant date (as a percent)	100.00%	100.00%
Award expiration term	10 years	10 years
Minimum exercise price as percentage of closing price of share of common stock			100.00%
2011 Plan | Stock Options | Employees
Stock options, restricted stock and restricted stock unit awards granted
Stock Options Granted (in shares)			446,567
2011 Plan | Restricted Stock | Employees
Stock options, restricted stock and restricted stock unit awards granted
Restricted Stock Granted (in shares)			273,807
2011 Plan | Restricted Stock | Non-Employee Director
Stock options, restricted stock and restricted stock unit awards granted
Restricted Stock Granted (in shares)			39,920
2011 Plan | Restricted Stock Units | Employees
Stock options, restricted stock and restricted stock unit awards granted
Restricted Stock Granted (in shares)			369,168
2011 Plan | Restricted Stock Units with Service Conditions | Employees
Stock options, restricted stock and restricted stock unit awards granted
Restricted Stock Granted (in shares)			55,279
2011 Plan | Restricted Stock Units with Market Conditions | Employees
Stock options, restricted stock and restricted stock unit awards granted
Restricted Stock Granted (in shares)			313,889
2008 Plan
Stock Benefit Plans
Number of shares of common stock authorized for issuance			2,450,000
Number of shares available for grant			523,284
2008 Plan | Stock Options
Stock Benefit Plans
Number of shares reduced from shares available for awards for every one share granted			1
2008 Plan | Stock Options | Non-Employee Director
Stock Benefit Plans
Maximum number of awards to be issued to each individual under the plan (in shares)						6,000	6,000
2008 Plan | Restricted Stock
Stock Benefit Plans
Number of shares reduced from shares available for awards for each share awarded up to a specified limit			1
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
2008 Plan | Restricted Stock | Non-Employee Director
Stock Benefit Plans
Maximum number of awards to be issued to each individual under the plan (in shares)						2,000	2,000
Previous Plans
Stock Benefit Plans
Number of shares available for grant					0
Previous Plans | Employees
Stock options, restricted stock and restricted stock unit awards granted
Total Granted (in shares)			8,473,235
Previous Plans | Non-Employee Director
Stock options, restricted stock and restricted stock unit awards granted
Total Granted (in shares)			737,231
Previous Plans | Stock Appreciation Rights
Stock Benefit Plans
Awards granted (in shares)			0
Previous Plans | Stock Options | Employees
Stock options, restricted stock and restricted stock unit awards granted
Stock Options Granted (in shares)			7,735,580
Previous Plans | Stock Options | Non-Employee Director
Stock options, restricted stock and restricted stock unit awards granted
Stock Options Granted (in shares)			669,283
Previous Plans | Restricted Stock | Employees
Stock options, restricted stock and restricted stock unit awards granted
Restricted Stock Granted (in shares)			737,655
Previous Plans | Restricted Stock | Non-Employee Director
Stock options, restricted stock and restricted stock unit awards granted
Restricted Stock Granted (in shares)			67,948

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, 2014	Dec. 31, 2013	Dec. 31, 2012
Weighted average assumptions
Expected dividend yield (as a percent)		4.34%	4.22%
Expected volatility (as a percent)		26.25%	26.53%
Expected lives		6 years	6 years
Risk free interest rate (as a percent)		0.99%	1.03%
Number of Options
Options outstanding at the beginning of the period (in shares)	2,289,522
Granted (in shares)		59,958	219,799
Exercised (in shares)	-510,001
Cancelled (in shares)	-18,401
Options outstanding at the end of the period (in shares)	1,761,120	2,289,522
Options exercisable at the end of the period (in shares)	1,473,051
Weighted Average Exercise Price Per Option
Options outstanding at the beginning of the period (in dollars per share)	$49.41
Exercised (in dollars per share)	$43.59
Cancelled (in dollars per share)	$57.59
Options outstanding at the end of the period (in dollars per share)	$51.01	$49.41
Options exercisable at the end of the period (in dollars per share)	$49.22
Weighted Average Remaining Contractual Term in Years
Options outstanding at the end of the period	4 years 3 months 18 days
Options exercisable at the end of the period	3 years 9 months 18 days
Aggregate Intrinsic Value
Options outstanding at the end of the period (in dollars)	$25,695
Options exercisable at the end of the period (in dollars)	24,129
Number of Options
Unvested stock options at the beginning of the period (in shares)	555,459
Granted (in shares)		59,958	219,799
Vested (in shares)	-265,929
Cancelled (in shares)	-1,461
Unvested stock options at the end of the period (in shares)	288,069	555,459
Weighted Average Exercise Price Per Option
Unvested stock options at the beginning of the period (in dollars per share)	$54.43
Vested (in dollars per share)	$48.18
Cancelled (in dollars per share)	$64.50
Unvested stock options at the end of the period (in dollars per share)	$60.14	$54.43
Total unrecognized compensation cost related to unvested awards (in dollars)	442
Weighted average period for recognition of unrecognized compensation cost	1 year 8 months 16 days
Summary of stock option activity
Stock-based compensation costs recognized	681	1,360	3,052
Fair value of options vested (in dollars)	1,655	2,029	2,717
Cash received from the exercise of options (in dollars)	22,233	14,494	18,228
Intrinsic value of options exercised (in dollars)	$10,351	$6,644	$8,737
Grant date fair value of options granted, per share (in dollars per share)		$9.17	$9.32
Number of options granted (in shares)		59,958	219,799
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, 2014	Dec. 31, 2013	Dec. 31, 2012
Number of Shares
Restricted stock outstanding and unvested at the beginning of the period (in shares)	234,673
Granted (in shares)	53,578
Vested and issued (in shares)	-94,917
Cancelled (in shares)	-1,133
Restricted stock outstanding and unvested at the end of the period (in shares)	192,201	234,673
Weighted Average Grant Date Fair Value Per Share
Restricted stock outstanding and unvested at the beginning of the period (in dollars per share)	$59.11
Granted (in dollars per share)	$62.24	$65.14	$63.62
Vested and issued (in dollars per share)	$55.77
Cancelled (in dollars per share)	$63.74
Restricted stock outstanding and unvested at the end of the period (in dollars per share)	$61.61	$59.11
Total unrecognized compensation cost related to unvested awards (in dollars)	$3,230
Weighted average period for recognition of unrecognized compensation cost	2 years 4 months 28 days
Summary of restricted stock activity
Stock-based compensation costs recognized	3,239	3,956	7,659
Fair value of restricted shares vested (in dollars)	$5,925	$6,603	$6,707
Weighted average price of shares granted, per share (in dollars per share)	$62.24	$65.14	$63.62
Number of restricted shares granted (in shares)	53,578
Employees
Number of Shares
Granted (in shares)	42,336	35,493	108,065
Summary of restricted stock activity
Number of restricted shares granted (in shares)	42,336	35,493	108,065
Non-Employee Director
Number of Shares
Granted (in shares)	11,242	7,675	11,539
Summary of restricted stock activity
Number of restricted shares granted (in shares)	11,242	7,675	11,539

STOCK_BENEFIT_PLANS_Details_4

STOCK BENEFIT PLANS (Details 4) (2011 Executive Performance-Based Equity Program, USD $)	12 Months Ended			0 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Feb. 11, 2014	Jan. 02, 2013	Feb. 14, 2012
	item
Restricted Stock Units
Stock Benefit Plans
Value of performance-based awards (as a percent)	75.00%
Number of TSR market measures	3
Value of service-based awards (as a percent)	25.00%
Vesting period	3 years
Measurement period	3 years
Performance hurdles
Weighted average period for recognition of compensation expense	1 year 11 months 19 days
Weighted average assumptions
Baseline share value (in dollars per share)	$53.84	$60.20	$55.87
Expected dividend yield (as a percent)	4.97%	4.27%	4.45%
Expected volatility (as a percent)	17.86%	21.19%	31.24%
Risk free rate (as a percent)	0.27%	0.21%	0.22%
Estimated fair value per share (in dollars per share)	$62.01
Number of Awards
Restricted stock outstanding and unvested at the beginning of the period (in shares)	203,864
Granted (in shares)	149,738
Vested (in shares)	-11,646
Restricted stock outstanding and unvested at the end of the period (in shares)	341,956	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)	$52.61
Granted (in dollars per share)	$62.01
Vested (in dollars per share)	$60.58
Restricted stock outstanding and unvested at the end of the period (in dollars per share)	$55.76	$52.61
Stock-based compensation costs recognized	$4,844	$3,746	$3,240
Total unrecognized compensation cost related to unvested awards (in dollars)	549
Restricted Stock Units | Absolute TSR
Stock Benefit Plans
Value of performance-based awards subject to performance measures (as a percent)	50.00%
Restricted Stock Units | Absolute TSR | Threshold Performance
Performance hurdles
Absolute TSR (as a percent)	7.00%	7.00%	7.00%
Restricted Stock Units | Absolute TSR | Target Performance
Performance hurdles
Absolute TSR (as a percent)	9.00%	9.00%	9.00%
Restricted Stock Units | Absolute TSR | High Performance
Performance hurdles
Absolute TSR (as a percent)	11.00%	11.00%	11.00%
Restricted Stock Units | All REIT TSR Index
Stock Benefit Plans
Value of performance-based awards subject to performance measures (as a percent)	25.00%
Restricted Stock Units | All REIT TSR Index | Threshold Performance
Performance hurdles
Absolute TSR below the index return (as a percent)		3.50%	3.50%
Absolute TSR better than the index return (as a percent)	-3.50%
Restricted Stock Units | All REIT TSR Index | Target Performance
Performance hurdles
Absolute TSR below or above the index return (as a percent)		1.00%	1.00%
Absolute TSR above the index return (as a percent)	0.50%
Restricted Stock Units | All REIT TSR Index | High Performance
Performance hurdles
Absolute TSR above the index return (as a percent)		2.50%	2.50%
Absolute TSR at or above the index return (as a percent)	5.00%
Restricted Stock Units | Apartment TSR Index
Stock Benefit Plans
Value of performance-based awards subject to performance measures (as a percent)	25.00%
Restricted Stock Units | Apartment TSR Index | Threshold Performance
Performance hurdles
Absolute TSR below the index return (as a percent)		3.50%	3.50%
Absolute TSR better than the index return (as a percent)	-3.50%
Restricted Stock Units | Apartment TSR Index | Target Performance
Performance hurdles
Absolute TSR below or above the index return (as a percent)		1.00%	1.00%
Absolute TSR above the index return (as a percent)	0.50%
Restricted Stock Units | Apartment TSR Index | High Performance
Performance hurdles
Absolute TSR above the index return (as a percent)		2.50%	2.50%
Absolute TSR at or above the index return (as a percent)	5.00%
Restricted Stock Units | Executive Officer
Stock Benefit Plans
Estimated fair value of awards granted				$4,642	$3,653	$4,084
Restricted Stock Units with Service Conditions
Stock Benefit Plans
Measurement period	3 years
Performance hurdles
Percentage of compensation expense recognized	100.00%
Weighted average assumptions
Estimated fair value per share (in dollars per share)	$58.70	$61.83	$59.32
Number of Awards
Restricted stock outstanding and unvested at the beginning of the period (in shares)	29,112
Granted (in shares)	18,714
Restricted stock outstanding and unvested at the end of the period (in shares)	36,180	29,112
Weighted Average Grant Date Fair Value Per Share
Granted (in dollars per share)	$58.70	$61.83	$59.32
Restricted Stock Units with Market Conditions
Weighted average assumptions
Estimated fair value per share (in dollars per share)	$63.11	$49.17	$51.40
Number of Awards
Restricted stock outstanding and unvested at the beginning of the period (in shares)	174,752
Granted (in shares)	131,024
Restricted stock outstanding and unvested at the end of the period (in shares)	305,776	174,752
Weighted Average Grant Date Fair Value Per Share
Granted (in dollars per share)	$63.11	$49.17	$51.40
Restricted Stock Units with Market Conditions Tranche One
Performance hurdles
Percentage of compensation expense recognized	50.00%
Restricted Stock Units with Market Conditions Tranche Two
Stock Benefit Plans
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, 2014	Dec. 31, 2013	Dec. 31, 2012
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	$1,016	$1,141	$1,005
Matching expense from discontinued operations under 401(k) Savings Plan	12	31	61
Incentive Bonus Plans
Incentive or deferred bonus plans and deferred compensation plan
Number of sponsored incentive bonus plans	2
Expense under the plans	3,974	5,567	7,034
Deferred Bonus Plan
Incentive or deferred bonus plans and deferred compensation plan
Expense under the plans	7	8	10
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	1,718	1,504
Deferred Bonus Plan | Maximum
Incentive or deferred bonus plans and deferred compensation plan
Percentage of annual incentive bonus, which can be deferred	100.00%
Deferred Compensation Plan
Incentive or deferred bonus plans and deferred compensation plan
Expense under the plans	$1,056	$807
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, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues and net operating income for each of the reportable segments
Total revenues	$172,491	$168,543	$165,583	$165,298	$161,795	$159,369	$159,639	$158,999	$671,915	$639,802	$603,720
Net operating income, including reconciling items									422,406	409,704	382,867
General and administrative expenses									-26,686	-28,507	-34,174
Interest expense									-99,635	-110,076	-119,871
Depreciation and amortization									-181,123	-167,375	-155,532
Other expenses									-734	-312	-2,741
Impairment and other charges									-5,382
Income from continuing operations									108,846	103,434	70,549
Operating Segments | Core Properties
Revenues and net operating income for each of the reportable segments
Threshold period of time owned									1 year
Total revenues									642,676	624,269	603,409
Net operating income, including reconciling items									405,147	399,246	382,556
Operating Segments | Non-core Properties
Revenues and net operating income for each of the reportable segments
Total revenues									28,875	14,354
Net operating income, including reconciling items									16,895	9,279
Reconciling Items
Revenues and net operating income for each of the reportable segments
Total revenues									364	1,179	311
Net operating income, including reconciling items									$364	$1,179	$311

SEGMENT_REPORTING_Details_2

SEGMENT REPORTING (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets for each of the reportable segments
Total assets	$4,488,535	$4,467,877
Operating Segments | Core Properties
Assets for each of the reportable segments
Total assets	3,857,527	3,902,741
Operating Segments | Non-core Properties
Assets for each of the reportable segments
Total assets	535,973	474,781
Reconciling Items
Assets for each of the reportable segments
Total assets	$95,035	$90,355

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, 2014	Dec. 31, 2013	Dec. 31, 2012
	item
Transactions with Affiliates
Rental expense		$2,624	$2,588	$2,574
Affiliated Entity
Transactions with Affiliates
Number of renewal options	2
Term of each renewal option	5 years
Rental expense		$1,432	$1,404	$1,377

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 13, 2010	Oct. 12, 2010	Aug. 19, 2013	Aug. 18, 2013
Operating Leases, Future Minimum Payments Due
2015	$1,925
2016	1,685
2017	321
Total	3,931
Rent expense incurred	2,624	2,588	2,574
Tax Protection Obligations
Percentage of apartment communities of owned portfolio restricted to be sold by the entity	3.00%
Guarantees related to low income housing tax credits]
Low Income Housing Tax Credits
Tax credit guarantee					3,000
Secondary tax credit guarantee				3,000
Liability related to tax credit guarantee	0
Minimum
Lease Commitments
Remaining term of operating leases for office space and office equipment	1 year
Tax Protection Obligations
Period for nonrecourse debt associated with contributed properties acquired	7 years
Term of sale restriction related to contributed properties	7 years
Remaining term on sale restrictions	1 year
Maximum
Lease Commitments
Remaining term of operating leases for office space and office equipment	3 years
Tax Protection Obligations
Period for nonrecourse debt associated with contributed properties acquired	10 years
Term of sale restriction related to contributed properties	10 years
Remaining term on sale restrictions	2 years 6 months
Letters of credit
Letters of Credit
Letters of credit outstanding	3,840
Unsecured credit agreement	20,000
Revolving Credit Facility
Letters of Credit
Unsecured credit agreement	$450,000					$450,000	$275,000

DISPOSITION_OF_PROPERTY_AND_DI2

DISPOSITION OF PROPERTY AND DISCONTINUED OPERATIONS (Details) (USD $)	12 Months Ended			36 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Feb. 26, 2014	Dec. 19, 2014	Dec. 29, 2014	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
				item	item	item	item	item	item	item	item	item	item	item	item	item	item
Operating results of discontinued operations
Gain on Sale	$81,831	$81,205	$80,532
Revenues:
Rental income	12,015	29,038	51,794
Property other income	1,186	2,624	5,028
Total revenues	13,201	31,662	56,822
Expenses:
Operating and maintenance	4,393	10,895	20,388
Interest expense, including prepayment penalties	7,553	6,461	10,428
Depreciation and amortization	2,461	7,366	13,465
Total expenses	14,407	24,722	44,281
Income (loss) from discontinued operations	-1,206	6,940	12,541
Discontinued operations	80,625	88,145	93,073
Discontinued operations
Operating results of discontinued operations
Number of apartment communities sold	3	4	6	13
Number of Units	1,527	1,013	1,596
Sales Price	216,800	192,100	159,598
Gain on Sale	81,831	81,241	80,532
Cider Mill
Operating results of discontinued operations
Number of Units					864
Sales Price					110,000
Gain on Sale					31,305
Woodleaf
Operating results of discontinued operations
Number of Units						228
Sales Price						33,500
Gain on Sale						14,297
The Manor - MD
Operating results of discontinued operations
Number of Units							435
Sales Price							73,300
Gain on Sale							36,229
South Bay Manor
Operating results of discontinued operations
Number of Units								61
Sales Price								11,100
Gain on Sale								5,222
Falkland Chase
Operating results of discontinued operations
Number of Units									450
Sales Price									98,000
Gain on Sale									36,511
Castle Club
Operating results of discontinued operations
Number of Units										158
Sales Price										15,000
Gain on Sale										3,307
Virginia Village
Operating results of discontinued operations
Number of Units											344
Sales Price											68,000
Gain on Sale											36,201
Chesterfield Apartments
Operating results of discontinued operations
Number of Units												247
Sales Price												25,155
Gain on Sale												12,209
Woodholme Manor
Operating results of discontinued operations
Number of Units													177
Sales Price													16,000
Gain on Sale													7,449
Curren Terrace
Operating results of discontinued operations
Number of Units														318
Sales Price														29,793
Gain on Sale														15,872
Falcon Crest
Operating results of discontinued operations
Number of Units															396
Sales Price															46,000
Gain on Sale															27,801
Timbercroft
Operating results of discontinued operations
Number of Units																284
Sales Price																29,150
Gain on Sale																12,126
Glen Brook
Operating results of discontinued operations
Number of Units																	174
Sales Price																	13,500
Gain on Sale																	$5,075

SUPPLEMENTAL_CASH_FLOW_DISCLOS2

SUPPLEMENTAL CASH FLOW DISCLOSURES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Supplemental disclosure:
Cash paid for interest, net of capitalized interest	$104,878	$115,079	$127,249
Interest Paid, Capitalized	6,993	7,281	4,380
Non-cash investing and financing activities:
Note receivable converted to real estate			608
Mortgage loan assumed associated with property acquisition	33,696		7,284
Mortgage note (premium) or discount written off	-216		104
Exchange of UPREIT Units for common shares	4,887	4,495	6,899
Transfers of construction in progress to buildings, improvements and equipment	99,986	4,480	42,732
Transfers of other assets to construction in progress		836
Transfers of construction in progress to land held for sale	15,300
Capital improvements to properties and construction in progress included in accounts payable	6,908	9,261	6,130
Dividends payable included in accounts payable	$533

QUARTERLY_FINANCIAL_STATEMENT_2

QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED) (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
QUARTERLY FINANCIAL STATEMENT INFORMATION (UNAUDITED)
Total revenue	$172,491	$168,543	$165,583	$165,298	$161,795	$159,369	$159,639	$158,999	$671,915	$639,802	$603,720
Net income attributable to common stockholders	$66,434	$26,244	$22,469	$45,791	$56,919	$25,038	$27,036	$51,880	$160,938	$160,873	$135,302
Basic earnings per share data:
Net income attributable to common stockholders (in dollars per share)	$1.16	$0.46	$0.39	$0.80	$1	$0.44	$0.52	$1.01	$2.81	$2.96	$2.72
Diluted earnings per share data:
Net income attributable to common stockholders (in dollars per share)	$1.14	$0.45	$0.39	$0.79	$0.99	$0.44	$0.51	$0.99	$2.78	$2.93	$2.69

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	12 Months Ended			0 Months Ended	3 Months Ended	0 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 26, 2015	Mar. 31, 2015	Jan. 31, 2015	Jan. 07, 2015	Jan. 07, 2015	Jun. 28, 2012
				item			item	item	item
Subsequent events
Number of units acquired									1,350
Gain on Sale	$81,831	$81,205	$80,532
Subsequent Event | Steger, Illinois Property
Subsequent events
Number of Communities in Real Estate Property Sold				672
Sales Price				49,318
Gain on Sale					27,000
Subsequent Event | Dividend
Subsequent events
Common stock dividend declared per share (in dollars per share)						$0.76
Approved dividend distribution on the UPREIT Units (in dollars per unit)						$0.76
Subsequent Event | Mount Prospect, Illinois Property
Subsequent events
Number of adjacent apartment communities acquired								2
Number of units acquired							710	710
Purchase price of community units acquired								$92,000
Number of communities that adjacent properties acquired to be operated as							1

SCHEDULE_II_VALUATION_AND_QUAL1

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Allowance for Doubtful Receivables
Valuation And Qualifying Accounts
Balance at Beginning of Year	$2,499	$2,778	$2,869
Charged to Costs and Expenses	5,769	6,028	5,886
Adjustments/Amounts Written Off	-5,774	-6,307	-5,977
Balance at End of Year	2,494	2,499	2,778
Deferred Tax Asset Valuation Allowance
Valuation And Qualifying Accounts
Balance at Beginning of Year	13,107	13,168	13,185
Adjustments/Amounts Written Off	-55	-61	-17
Balance at End of Year	$13,052	$13,107	$13,168

SCHEDULE_III_REAL_ESTATE_AND_A1

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	1,637,175
Land	828,679
Initial Cost Buildings, Improvements & Equipment	3,586,421
Costs Capitalized Subsequent to Acquisition	1,349,627
Total Cost Buildings, Improvements & Equipment	4,936,048
Total	5,764,727	5,620,765	5,455,226	5,042,324
Accumulated Depreciation	1,371,227	1,243,243	1,108,840	983,759
Total Cost, Net of Accumulated Depreciation	4,393,500
Real estate, other disclosures
Land	815,565	786,868
Aggregate cost for federal income tax purposes	5,267,947
Minimum
Real estate, other disclosures
Estimated useful lives of assets	3 years
Maximum
Real estate, other disclosures
Estimated useful lives of assets	40 years
1200 East West
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	13,068
Initial Cost Buildings, Improvements & Equipment	69,908
Costs Capitalized Subsequent to Acquisition	2,796
Total Cost Buildings, Improvements & Equipment	72,704
Total	85,772
Accumulated Depreciation	10,403
Total Cost, Net of Accumulated Depreciation	75,369
Annapolis Roads
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	22,599
Land	14,400
Initial Cost Buildings, Improvements & Equipment	18,035
Costs Capitalized Subsequent to Acquisition	9,100
Total Cost Buildings, Improvements & Equipment	27,135
Total	41,535
Accumulated Depreciation	4,524
Total Cost, Net of Accumulated Depreciation	37,011
Arbor Park of Alexandria
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	90,853
Land	9,447
Initial Cost Buildings, Improvements & Equipment	63,198
Costs Capitalized Subsequent to Acquisition	65,768
Total Cost Buildings, Improvements & Equipment	128,966
Total	138,413
Accumulated Depreciation	46,787
Total Cost, Net of Accumulated Depreciation	91,626
Barrington Gardens
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	923
Initial Cost Buildings, Improvements & Equipment	6,954
Costs Capitalized Subsequent to Acquisition	6,977
Total Cost Buildings, Improvements & Equipment	13,931
Total	14,854
Accumulated Depreciation	5,054
Total Cost, Net of Accumulated Depreciation	9,800
Bayview/Colonial
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,671
Initial Cost Buildings, Improvements & Equipment	9,180
Costs Capitalized Subsequent to Acquisition	6,582
Total Cost Buildings, Improvements & Equipment	15,762
Total	17,433
Accumulated Depreciation	6,824
Total Cost, Net of Accumulated Depreciation	10,609
Blackhawk
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	3,051
Initial Cost Buildings, Improvements & Equipment	15,426
Costs Capitalized Subsequent to Acquisition	10,546
Total Cost Buildings, Improvements & Equipment	25,972
Total	29,023
Accumulated Depreciation	10,847
Total Cost, Net of Accumulated Depreciation	18,176
Bonnie Ridge
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	45,601
Land	5,241
Initial Cost Buildings, Improvements & Equipment	46,916
Costs Capitalized Subsequent to Acquisition	40,003
Total Cost Buildings, Improvements & Equipment	86,919
Total	92,160
Accumulated Depreciation	41,459
Total Cost, Net of Accumulated Depreciation	50,701
Braddock Lee
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	3,962
Initial Cost Buildings, Improvements & Equipment	10,330
Costs Capitalized Subsequent to Acquisition	9,679
Total Cost Buildings, Improvements & Equipment	20,009
Total	23,971
Accumulated Depreciation	10,198
Total Cost, Net of Accumulated Depreciation	13,773
Cambridge Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	2,514
Initial Cost Buildings, Improvements & Equipment	3,708
Costs Capitalized Subsequent to Acquisition	3,015
Total Cost Buildings, Improvements & Equipment	6,723
Total	9,237
Accumulated Depreciation	2,782
Total Cost, Net of Accumulated Depreciation	6,455
Canterbury
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	5,179
Initial Cost Buildings, Improvements & Equipment	23,737
Costs Capitalized Subsequent to Acquisition	19,958
Total Cost Buildings, Improvements & Equipment	43,695
Total	48,874
Accumulated Depreciation	18,201
Total Cost, Net of Accumulated Depreciation	30,673
Charleston Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	71,567
Land	22,764
Initial Cost Buildings, Improvements & Equipment	84,648
Costs Capitalized Subsequent to Acquisition	15,373
Total Cost Buildings, Improvements & Equipment	100,021
Total	122,785
Accumulated Depreciation	13,383
Total Cost, Net of Accumulated Depreciation	109,402
Chatham Hill
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	41,720
Land	2,134
Initial Cost Buildings, Improvements & Equipment	48,584
Costs Capitalized Subsequent to Acquisition	18,106
Total Cost Buildings, Improvements & Equipment	66,690
Total	68,824
Accumulated Depreciation	20,834
Total Cost, Net of Accumulated Depreciation	47,990
Cinnamon Run
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	51,130
Land	7,962
Initial Cost Buildings, Improvements & Equipment	61,627
Costs Capitalized Subsequent to Acquisition	11,022
Total Cost Buildings, Improvements & Equipment	72,649
Total	80,611
Accumulated Depreciation	19,060
Total Cost, Net of Accumulated Depreciation	61,551
Country Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	17,184
Land	2,349
Initial Cost Buildings, Improvements & Equipment	12,269
Costs Capitalized Subsequent to Acquisition	13,763
Total Cost Buildings, Improvements & Equipment	26,032
Total	28,381
Accumulated Depreciation	12,629
Total Cost, Net of Accumulated Depreciation	15,752
Courts at Huntington Station
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	33,409
Initial Cost Buildings, Improvements & Equipment	88,522
Costs Capitalized Subsequent to Acquisition	534
Total Cost Buildings, Improvements & Equipment	89,056
Total	122,465
Accumulated Depreciation	12,018
Total Cost, Net of Accumulated Depreciation	110,447
Courtyards Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	3,405
Initial Cost Buildings, Improvements & Equipment	10,349
Costs Capitalized Subsequent to Acquisition	6,833
Total Cost Buildings, Improvements & Equipment	17,182
Total	20,587
Accumulated Depreciation	6,672
Total Cost, Net of Accumulated Depreciation	13,915
Crescent Club
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	2,338
Initial Cost Buildings, Improvements & Equipment	28,792
Costs Capitalized Subsequent to Acquisition	8,746
Total Cost Buildings, Improvements & Equipment	37,538
Total	39,876
Accumulated Depreciation	5,070
Total Cost, Net of Accumulated Depreciation	34,806
Cypress Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	9,614
Land	2,349
Initial Cost Buildings, Improvements & Equipment	8,340
Costs Capitalized Subsequent to Acquisition	7,448
Total Cost Buildings, Improvements & Equipment	15,788
Total	18,137
Accumulated Depreciation	6,516
Total Cost, Net of Accumulated Depreciation	11,621
Devonshire Hills
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	70,563
Land	27,988
Initial Cost Buildings, Improvements & Equipment	72,440
Costs Capitalized Subsequent to Acquisition	29,391
Total Cost Buildings, Improvements & Equipment	101,831
Total	129,819
Accumulated Depreciation	36,344
Total Cost, Net of Accumulated Depreciation	93,475
Dunfield Townhomes
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,683
Initial Cost Buildings, Improvements & Equipment	30,302
Costs Capitalized Subsequent to Acquisition	9,336
Total Cost Buildings, Improvements & Equipment	39,638
Total	41,321
Accumulated Depreciation	8,893
Total Cost, Net of Accumulated Depreciation	32,428
East Hill Gardens
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	255
Initial Cost Buildings, Improvements & Equipment	1,802
Costs Capitalized Subsequent to Acquisition	1,699
Total Cost Buildings, Improvements & Equipment	3,501
Total	3,756
Accumulated Depreciation	1,704
Total Cost, Net of Accumulated Depreciation	2,052
East Meadow
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	13,853
Land	2,339
Initial Cost Buildings, Improvements & Equipment	11,666
Costs Capitalized Subsequent to Acquisition	5,351
Total Cost Buildings, Improvements & Equipment	17,017
Total	19,356
Accumulated Depreciation	6,511
Total Cost, Net of Accumulated Depreciation	12,845
Elmwood Terrace
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	25,219
Land	6,203
Initial Cost Buildings, Improvements & Equipment	16,242
Costs Capitalized Subsequent to Acquisition	15,684
Total Cost Buildings, Improvements & Equipment	31,926
Total	38,129
Accumulated Depreciation	13,383
Total Cost, Net of Accumulated Depreciation	24,746
Fox Hall
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	47,000
Land	9,959
Initial Cost Buildings, Improvements & Equipment	51,875
Costs Capitalized Subsequent to Acquisition	21,375
Total Cost Buildings, Improvements & Equipment	73,250
Total	83,209
Accumulated Depreciation	17,890
Total Cost, Net of Accumulated Depreciation	65,319
Gardencrest
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	25,181
Initial Cost Buildings, Improvements & Equipment	66,500
Costs Capitalized Subsequent to Acquisition	30,533
Total Cost Buildings, Improvements & Equipment	97,033
Total	122,214
Accumulated Depreciation	36,371
Total Cost, Net of Accumulated Depreciation	85,843
Gateway Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,391
Initial Cost Buildings, Improvements & Equipment	7,316
Costs Capitalized Subsequent to Acquisition	5,195
Total Cost Buildings, Improvements & Equipment	12,511
Total	13,902
Accumulated Depreciation	5,128
Total Cost, Net of Accumulated Depreciation	8,774
Glen Manor
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	7,476
Land	1,088
Initial Cost Buildings, Improvements & Equipment	5,004
Costs Capitalized Subsequent to Acquisition	5,272
Total Cost Buildings, Improvements & Equipment	10,276
Total	11,364
Accumulated Depreciation	4,655
Total Cost, Net of Accumulated Depreciation	6,709
Golf Club
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	30,951
Land	4,177
Initial Cost Buildings, Improvements & Equipment	23,138
Costs Capitalized Subsequent to Acquisition	20,010
Total Cost Buildings, Improvements & Equipment	43,148
Total	47,325
Accumulated Depreciation	18,832
Total Cost, Net of Accumulated Depreciation	28,493
Hackensack Gardens
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	2,426
Initial Cost Buildings, Improvements & Equipment	11,323
Costs Capitalized Subsequent to Acquisition	7,865
Total Cost Buildings, Improvements & Equipment	19,188
Total	21,614
Accumulated Depreciation	6,461
Total Cost, Net of Accumulated Depreciation	15,153
Hawthorne Court
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	9,200
Initial Cost Buildings, Improvements & Equipment	25,967
Costs Capitalized Subsequent to Acquisition	25,320
Total Cost Buildings, Improvements & Equipment	51,287
Total	60,487
Accumulated Depreciation	19,520
Total Cost, Net of Accumulated Depreciation	40,967
Heritage Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	2,058
Initial Cost Buildings, Improvements & Equipment	5,372
Costs Capitalized Subsequent to Acquisition	3,256
Total Cost Buildings, Improvements & Equipment	8,628
Total	10,686
Accumulated Depreciation	3,377
Total Cost, Net of Accumulated Depreciation	7,309
Heritage Woods
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	13,701
Land	1,602
Initial Cost Buildings, Improvements & Equipment	12,420
Costs Capitalized Subsequent to Acquisition	4,991
Total Cost Buildings, Improvements & Equipment	17,411
Total	19,013
Accumulated Depreciation	4,699
Total Cost, Net of Accumulated Depreciation	14,314
Highland House
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	3,414
Initial Cost Buildings, Improvements & Equipment	14,761
Costs Capitalized Subsequent to Acquisition	4,080
Total Cost Buildings, Improvements & Equipment	18,841
Total	22,255
Accumulated Depreciation	4,866
Total Cost, Net of Accumulated Depreciation	17,389
Hill Brook Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	2,277
Initial Cost Buildings, Improvements & Equipment	9,966
Costs Capitalized Subsequent to Acquisition	11,748
Total Cost Buildings, Improvements & Equipment	21,714
Total	23,991
Accumulated Depreciation	9,209
Total Cost, Net of Accumulated Depreciation	14,782
Holiday Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	3,652
Initial Cost Buildings, Improvements & Equipment	6,830
Costs Capitalized Subsequent to Acquisition	3,480
Total Cost Buildings, Improvements & Equipment	10,310
Total	13,962
Accumulated Depreciation	3,665
Total Cost, Net of Accumulated Depreciation	10,297
Home Properties of Bryn Mawr
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	3,314
Initial Cost Buildings, Improvements & Equipment	19,492
Costs Capitalized Subsequent to Acquisition	18,864
Total Cost Buildings, Improvements & Equipment	38,356
Total	41,670
Accumulated Depreciation	16,195
Total Cost, Net of Accumulated Depreciation	25,475
Home Properties of Devon
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	57,323
Land	6,612
Initial Cost Buildings, Improvements & Equipment	38,923
Costs Capitalized Subsequent to Acquisition	39,691
Total Cost Buildings, Improvements & Equipment	78,614
Total	85,226
Accumulated Depreciation	34,377
Total Cost, Net of Accumulated Depreciation	50,849
Howard Crossing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	46,044
Initial Cost Buildings, Improvements & Equipment	138,871
Costs Capitalized Subsequent to Acquisition	13,138
Total Cost Buildings, Improvements & Equipment	152,009
Total	198,053
Accumulated Depreciation	11,527
Total Cost, Net of Accumulated Depreciation	186,526
Hunters Glen
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	2,239
Initial Cost Buildings, Improvements & Equipment	4,729
Costs Capitalized Subsequent to Acquisition	1,833
Total Cost Buildings, Improvements & Equipment	6,562
Total	8,801
Accumulated Depreciation	942
Total Cost, Net of Accumulated Depreciation	7,859
Jacob Ford Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	6,750
Initial Cost Buildings, Improvements & Equipment	20,022
Costs Capitalized Subsequent to Acquisition	11,400
Total Cost Buildings, Improvements & Equipment	31,422
Total	38,172
Accumulated Depreciation	8,057
Total Cost, Net of Accumulated Depreciation	30,115
Lake Grove
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	7,614
Initial Cost Buildings, Improvements & Equipment	14,509
Costs Capitalized Subsequent to Acquisition	23,214
Total Cost Buildings, Improvements & Equipment	37,723
Total	45,337
Accumulated Depreciation	18,370
Total Cost, Net of Accumulated Depreciation	26,967
Lakeview
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	8,547
Land	695
Initial Cost Buildings, Improvements & Equipment	5,143
Costs Capitalized Subsequent to Acquisition	5,152
Total Cost Buildings, Improvements & Equipment	10,295
Total	10,990
Accumulated Depreciation	4,852
Total Cost, Net of Accumulated Depreciation	6,138
Lakeview Townhomes
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,118
Initial Cost Buildings, Improvements & Equipment	13,335
Costs Capitalized Subsequent to Acquisition	3,081
Total Cost Buildings, Improvements & Equipment	16,416
Total	17,534
Accumulated Depreciation	2,449
Total Cost, Net of Accumulated Depreciation	15,085
Liberty Commons
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,345
Initial Cost Buildings, Improvements & Equipment	13,253
Costs Capitalized Subsequent to Acquisition	468
Total Cost Buildings, Improvements & Equipment	13,721
Total	15,066
Accumulated Depreciation	5,963
Total Cost, Net of Accumulated Depreciation	9,103
Liberty Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	2,033
Initial Cost Buildings, Improvements & Equipment	13,125
Costs Capitalized Subsequent to Acquisition	3,518
Total Cost Buildings, Improvements & Equipment	16,643
Total	18,676
Accumulated Depreciation	4,347
Total Cost, Net of Accumulated Depreciation	14,329
Mid-Island Estates
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	18,173
Land	4,288
Initial Cost Buildings, Improvements & Equipment	7,836
Costs Capitalized Subsequent to Acquisition	8,514
Total Cost Buildings, Improvements & Equipment	16,350
Total	20,638
Accumulated Depreciation	8,326
Total Cost, Net of Accumulated Depreciation	12,312
Middlebrooke
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	2,888
Initial Cost Buildings, Improvements & Equipment	14,369
Costs Capitalized Subsequent to Acquisition	4,343
Total Cost Buildings, Improvements & Equipment	18,712
Total	21,600
Accumulated Depreciation	3,067
Total Cost, Net of Accumulated Depreciation	18,533
Middlesex Crossing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	7,560
Initial Cost Buildings, Improvements & Equipment	32,454
Costs Capitalized Subsequent to Acquisition	1,837
Total Cost Buildings, Improvements & Equipment	34,291
Total	41,851
Accumulated Depreciation	1,010
Total Cost, Net of Accumulated Depreciation	40,841
Mill Towne Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	24,239
Land	3,942
Initial Cost Buildings, Improvements & Equipment	14,765
Costs Capitalized Subsequent to Acquisition	15,917
Total Cost Buildings, Improvements & Equipment	30,682
Total	34,624
Accumulated Depreciation	13,168
Total Cost, Net of Accumulated Depreciation	21,456
Morningside Heights
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	6,553
Initial Cost Buildings, Improvements & Equipment	32,699
Costs Capitalized Subsequent to Acquisition	41,016
Total Cost Buildings, Improvements & Equipment	73,715
Total	80,268
Accumulated Depreciation	35,462
Total Cost, Net of Accumulated Depreciation	44,806
Mount Vernon Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	55,810
Initial Cost Buildings, Improvements & Equipment	86,946
Costs Capitalized Subsequent to Acquisition	29,513
Total Cost Buildings, Improvements & Equipment	116,459
Total	172,269
Accumulated Depreciation	29,247
Total Cost, Net of Accumulated Depreciation	143,022
New Orleans Park
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	22,127
Land	3,044
Initial Cost Buildings, Improvements & Equipment	14,442
Costs Capitalized Subsequent to Acquisition	17,329
Total Cost Buildings, Improvements & Equipment	31,771
Total	34,815
Accumulated Depreciation	14,647
Total Cost, Net of Accumulated Depreciation	20,168
Newport Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	56,501
Initial Cost Buildings, Improvements & Equipment	147,420
Costs Capitalized Subsequent to Acquisition	25,078
Total Cost Buildings, Improvements & Equipment	172,498
Total	228,999
Accumulated Depreciation	15,916
Total Cost, Net of Accumulated Depreciation	213,083
Northwood
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	9,870
Land	875
Initial Cost Buildings, Improvements & Equipment	14,901
Costs Capitalized Subsequent to Acquisition	5,909
Total Cost Buildings, Improvements & Equipment	20,810
Total	21,685
Accumulated Depreciation	6,327
Total Cost, Net of Accumulated Depreciation	15,358
Oak Manor
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	686
Initial Cost Buildings, Improvements & Equipment	4,801
Costs Capitalized Subsequent to Acquisition	4,361
Total Cost Buildings, Improvements & Equipment	9,162
Total	9,848
Accumulated Depreciation	4,384
Total Cost, Net of Accumulated Depreciation	5,464
Owings Run
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	39,382
Land	5,788
Initial Cost Buildings, Improvements & Equipment	35,160
Costs Capitalized Subsequent to Acquisition	13,362
Total Cost Buildings, Improvements & Equipment	48,522
Total	54,310
Accumulated Depreciation	19,873
Total Cost, Net of Accumulated Depreciation	34,437
Park Shirlington
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	4,567
Initial Cost Buildings, Improvements & Equipment	11,761
Costs Capitalized Subsequent to Acquisition	11,039
Total Cost Buildings, Improvements & Equipment	22,800
Total	27,367
Accumulated Depreciation	11,671
Total Cost, Net of Accumulated Depreciation	15,696
Peppertree Farm
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	73,036
Land	12,888
Initial Cost Buildings, Improvements & Equipment	86,459
Costs Capitalized Subsequent to Acquisition	27,307
Total Cost Buildings, Improvements & Equipment	113,766
Total	126,654
Accumulated Depreciation	31,333
Total Cost, Net of Accumulated Depreciation	95,321
Pleasant View Gardens
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	90,014
Land	6,209
Initial Cost Buildings, Improvements & Equipment	52,837
Costs Capitalized Subsequent to Acquisition	38,264
Total Cost Buildings, Improvements & Equipment	91,101
Total	97,310
Accumulated Depreciation	41,511
Total Cost, Net of Accumulated Depreciation	55,799
Pleasure Bay
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,744
Initial Cost Buildings, Improvements & Equipment	7,445
Costs Capitalized Subsequent to Acquisition	13,003
Total Cost Buildings, Improvements & Equipment	20,448
Total	22,192
Accumulated Depreciation	9,112
Total Cost, Net of Accumulated Depreciation	13,080
Racquet Club East
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	35,469
Land	2,086
Initial Cost Buildings, Improvements & Equipment	25,244
Costs Capitalized Subsequent to Acquisition	20,904
Total Cost Buildings, Improvements & Equipment	46,148
Total	48,234
Accumulated Depreciation	19,182
Total Cost, Net of Accumulated Depreciation	29,052
Racquet Club South
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	344
Initial Cost Buildings, Improvements & Equipment	4,243
Costs Capitalized Subsequent to Acquisition	4,126
Total Cost Buildings, Improvements & Equipment	8,369
Total	8,713
Accumulated Depreciation	3,732
Total Cost, Net of Accumulated Depreciation	4,981
Redbank Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	2,164
Initial Cost Buildings, Improvements & Equipment	15,716
Costs Capitalized Subsequent to Acquisition	17,498
Total Cost Buildings, Improvements & Equipment	33,214
Total	35,378
Accumulated Depreciation	14,204
Total Cost, Net of Accumulated Depreciation	21,174
Ridgeview at Wakefield Valley
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	17,126
Land	2,372
Initial Cost Buildings, Improvements & Equipment	17,882
Costs Capitalized Subsequent to Acquisition	5,936
Total Cost Buildings, Improvements & Equipment	23,818
Total	26,190
Accumulated Depreciation	7,540
Total Cost, Net of Accumulated Depreciation	18,650
Ridley Brook
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	12,411
Land	2,026
Initial Cost Buildings, Improvements & Equipment	8,467
Costs Capitalized Subsequent to Acquisition	8,329
Total Cost Buildings, Improvements & Equipment	16,796
Total	18,822
Accumulated Depreciation	7,225
Total Cost, Net of Accumulated Depreciation	11,597
Royal Gardens
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	47,000
Land	5,758
Initial Cost Buildings, Improvements & Equipment	16,670
Costs Capitalized Subsequent to Acquisition	22,170
Total Cost Buildings, Improvements & Equipment	38,840
Total	44,598
Accumulated Depreciation	19,115
Total Cost, Net of Accumulated Depreciation	25,483
Saddle Brooke
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	7,609
Initial Cost Buildings, Improvements & Equipment	44,040
Costs Capitalized Subsequent to Acquisition	11,524
Total Cost Buildings, Improvements & Equipment	55,564
Total	63,173
Accumulated Depreciation	10,808
Total Cost, Net of Accumulated Depreciation	52,365
Sayville Commons
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	36,143
Land	8,192
Initial Cost Buildings, Improvements & Equipment	56,945
Costs Capitalized Subsequent to Acquisition	4,459
Total Cost Buildings, Improvements & Equipment	61,404
Total	69,596
Accumulated Depreciation	15,176
Total Cost, Net of Accumulated Depreciation	54,420
Selford Townhomes
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	8,375
Land	1,281
Initial Cost Buildings, Improvements & Equipment	4,766
Costs Capitalized Subsequent to Acquisition	4,026
Total Cost Buildings, Improvements & Equipment	8,792
Total	10,073
Accumulated Depreciation	4,022
Total Cost, Net of Accumulated Depreciation	6,051
Seminary Hill
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	3,095
Initial Cost Buildings, Improvements & Equipment	11,538
Costs Capitalized Subsequent to Acquisition	13,645
Total Cost Buildings, Improvements & Equipment	25,183
Total	28,278
Accumulated Depreciation	11,017
Total Cost, Net of Accumulated Depreciation	17,261
Seminary Towers
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	53,515
Land	5,772
Initial Cost Buildings, Improvements & Equipment	22,216
Costs Capitalized Subsequent to Acquisition	26,633
Total Cost Buildings, Improvements & Equipment	48,849
Total	54,621
Accumulated Depreciation	21,894
Total Cost, Net of Accumulated Depreciation	32,727
Sherry Lake
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	23,709
Land	2,593
Initial Cost Buildings, Improvements & Equipment	17,236
Costs Capitalized Subsequent to Acquisition	14,513
Total Cost Buildings, Improvements & Equipment	31,749
Total	34,342
Accumulated Depreciation	14,529
Total Cost, Net of Accumulated Depreciation	19,813
Somerset Park
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	7,253
Initial Cost Buildings, Improvements & Equipment	12,937
Costs Capitalized Subsequent to Acquisition	637
Total Cost Buildings, Improvements & Equipment	13,574
Total	20,827
Accumulated Depreciation	1,276
Total Cost, Net of Accumulated Depreciation	19,551
Southern Meadows
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	38,339
Land	9,383
Initial Cost Buildings, Improvements & Equipment	35,272
Costs Capitalized Subsequent to Acquisition	13,434
Total Cost Buildings, Improvements & Equipment	48,706
Total	58,089
Accumulated Depreciation	18,790
Total Cost, Net of Accumulated Depreciation	39,299
Stone Ends
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	23,590
Land	5,766
Initial Cost Buildings, Improvements & Equipment	30,022
Costs Capitalized Subsequent to Acquisition	8,081
Total Cost Buildings, Improvements & Equipment	38,103
Total	43,869
Accumulated Depreciation	12,430
Total Cost, Net of Accumulated Depreciation	31,439
Stone Hill
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	4,080
Initial Cost Buildings, Improvements & Equipment	11,381
Costs Capitalized Subsequent to Acquisition	2,555
Total Cost Buildings, Improvements & Equipment	13,936
Total	18,016
Accumulated Depreciation	514
Total Cost, Net of Accumulated Depreciation	17,502
Tamarron
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	13,861
Land	1,412
Initial Cost Buildings, Improvements & Equipment	9,370
Costs Capitalized Subsequent to Acquisition	5,344
Total Cost Buildings, Improvements & Equipment	14,714
Total	16,126
Accumulated Depreciation	6,067
Total Cost, Net of Accumulated Depreciation	10,059
The Apts at Cambridge Court
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	7,378
Initial Cost Buildings, Improvements & Equipment	82,641
Costs Capitalized Subsequent to Acquisition	4,915
Total Cost Buildings, Improvements & Equipment	87,556
Total	94,934
Accumulated Depreciation	8,535
Total Cost, Net of Accumulated Depreciation	86,399
The Apts at Cobblestone Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	12,127
Initial Cost Buildings, Improvements & Equipment	36,482
Costs Capitalized Subsequent to Acquisition	391
Total Cost Buildings, Improvements & Equipment	36,873
Total	49,000
Accumulated Depreciation	3,439
Total Cost, Net of Accumulated Depreciation	45,561
The Apts at Wellington Trace
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	3,227
Initial Cost Buildings, Improvements & Equipment	27,722
Costs Capitalized Subsequent to Acquisition	2,136
Total Cost Buildings, Improvements & Equipment	29,858
Total	33,085
Accumulated Depreciation	8,557
Total Cost, Net of Accumulated Depreciation	24,528
The Brooke at Peachtree Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	11,553
Land	1,043
Initial Cost Buildings, Improvements & Equipment	15,574
Costs Capitalized Subsequent to Acquisition	5,621
Total Cost Buildings, Improvements & Equipment	21,195
Total	22,238
Accumulated Depreciation	5,883
Total Cost, Net of Accumulated Depreciation	16,355
The Colony
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	8,027
Initial Cost Buildings, Improvements & Equipment	36,146
Costs Capitalized Subsequent to Acquisition	19,838
Total Cost Buildings, Improvements & Equipment	55,984
Total	64,011
Accumulated Depreciation	23,517
Total Cost, Net of Accumulated Depreciation	40,494
The Commons at Haynes Farm
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	7,550
Initial Cost Buildings, Improvements & Equipment	32,771
Costs Capitalized Subsequent to Acquisition	5,963
Total Cost Buildings, Improvements & Equipment	38,734
Total	46,284
Accumulated Depreciation	4,383
Total Cost, Net of Accumulated Depreciation	41,901
The Courts at Dulles
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	15,413
Initial Cost Buildings, Improvements & Equipment	76,946
Costs Capitalized Subsequent to Acquisition	3,489
Total Cost Buildings, Improvements & Equipment	80,435
Total	95,848
Accumulated Depreciation	6,938
Total Cost, Net of Accumulated Depreciation	88,910
The Courts at Fair Oaks
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	46,090
Land	12,377
Initial Cost Buildings, Improvements & Equipment	61,107
Costs Capitalized Subsequent to Acquisition	4,817
Total Cost Buildings, Improvements & Equipment	65,924
Total	78,301
Accumulated Depreciation	8,041
Total Cost, Net of Accumulated Depreciation	70,260
The Coves at Chesapeake
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	8,915
Initial Cost Buildings, Improvements & Equipment	57,974
Costs Capitalized Subsequent to Acquisition	12,850
Total Cost Buildings, Improvements & Equipment	70,824
Total	79,739
Accumulated Depreciation	17,368
Total Cost, Net of Accumulated Depreciation	62,371
The Gates of Deer Grove
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,247
Initial Cost Buildings, Improvements & Equipment	18,973
Costs Capitalized Subsequent to Acquisition	1,744
Total Cost Buildings, Improvements & Equipment	20,717
Total	21,964
Accumulated Depreciation	1,855
Total Cost, Net of Accumulated Depreciation	20,109
The Greens at Columbia
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	5,040
Initial Cost Buildings, Improvements & Equipment	20,886
Costs Capitalized Subsequent to Acquisition	3,653
Total Cost Buildings, Improvements & Equipment	24,539
Total	29,579
Accumulated Depreciation	3,390
Total Cost, Net of Accumulated Depreciation	26,189
The Hamptons
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	46,717
Land	6,052
Initial Cost Buildings, Improvements & Equipment	53,087
Costs Capitalized Subsequent to Acquisition	18,210
Total Cost Buildings, Improvements & Equipment	71,297
Total	77,349
Accumulated Depreciation	22,922
Total Cost, Net of Accumulated Depreciation	54,427
The Heights at Marlborough
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	6,253
Initial Cost Buildings, Improvements & Equipment	44,268
Costs Capitalized Subsequent to Acquisition	11,838
Total Cost Buildings, Improvements & Equipment	56,106
Total	62,359
Accumulated Depreciation	13,396
Total Cost, Net of Accumulated Depreciation	48,963
The Lakes of Schaumburg
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	33,625
Land	10,700
Initial Cost Buildings, Improvements & Equipment	56,878
Costs Capitalized Subsequent to Acquisition	24
Total Cost Buildings, Improvements & Equipment	56,902
Total	67,602
Accumulated Depreciation	250
Total Cost, Net of Accumulated Depreciation	67,352
The Landings
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	24,618
Land	2,621
Initial Cost Buildings, Improvements & Equipment	18,348
Costs Capitalized Subsequent to Acquisition	16,032
Total Cost Buildings, Improvements & Equipment	34,380
Total	37,001
Accumulated Depreciation	16,216
Total Cost, Net of Accumulated Depreciation	20,785
The Manor - VA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	13,009
Land	1,441
Initial Cost Buildings, Improvements & Equipment	6,570
Costs Capitalized Subsequent to Acquisition	8,468
Total Cost Buildings, Improvements & Equipment	15,038
Total	16,479
Accumulated Depreciation	6,986
Total Cost, Net of Accumulated Depreciation	9,493
The Manor East
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	6,610
Land	5,330
Initial Cost Buildings, Improvements & Equipment	11,407
Costs Capitalized Subsequent to Acquisition	3,940
Total Cost Buildings, Improvements & Equipment	15,347
Total	20,677
Accumulated Depreciation	1,425
Total Cost, Net of Accumulated Depreciation	19,252
The Meadows at Marlborough
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	20,028
Land	6,598
Initial Cost Buildings, Improvements & Equipment	28,736
Costs Capitalized Subsequent to Acquisition	8,366
Total Cost Buildings, Improvements & Equipment	37,102
Total	43,700
Accumulated Depreciation	8,935
Total Cost, Net of Accumulated Depreciation	34,765
The New Colonies
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,831
Initial Cost Buildings, Improvements & Equipment	22,895
Costs Capitalized Subsequent to Acquisition	15,547
Total Cost Buildings, Improvements & Equipment	38,442
Total	40,273
Accumulated Depreciation	19,206
Total Cost, Net of Accumulated Depreciation	21,067
The Preserve at Milltown
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	6,110
Initial Cost Buildings, Improvements & Equipment	38,706
Costs Capitalized Subsequent to Acquisition	761
Total Cost Buildings, Improvements & Equipment	39,467
Total	45,577
Accumulated Depreciation	623
Total Cost, Net of Accumulated Depreciation	44,954
The Sycamores
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	19,959
Land	4,761
Initial Cost Buildings, Improvements & Equipment	17,019
Costs Capitalized Subsequent to Acquisition	4,986
Total Cost Buildings, Improvements & Equipment	22,005
Total	26,766
Accumulated Depreciation	7,501
Total Cost, Net of Accumulated Depreciation	19,265
The Townhomes of Beverly
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	5,820
Initial Cost Buildings, Improvements & Equipment	30,465
Costs Capitalized Subsequent to Acquisition	7,006
Total Cost Buildings, Improvements & Equipment	37,471
Total	43,291
Accumulated Depreciation	8,830
Total Cost, Net of Accumulated Depreciation	34,461
The Village at Marshfield
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	3,247
Initial Cost Buildings, Improvements & Equipment	29,512
Costs Capitalized Subsequent to Acquisition	9,628
Total Cost Buildings, Improvements & Equipment	39,140
Total	42,387
Accumulated Depreciation	11,554
Total Cost, Net of Accumulated Depreciation	30,833
Top Field
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	15,610
Land	1,635
Initial Cost Buildings, Improvements & Equipment	16,684
Costs Capitalized Subsequent to Acquisition	5,513
Total Cost Buildings, Improvements & Equipment	22,197
Total	23,832
Accumulated Depreciation	5,672
Total Cost, Net of Accumulated Depreciation	18,160
Trexler Park
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	36,015
Land	2,604
Initial Cost Buildings, Improvements & Equipment	14,970
Costs Capitalized Subsequent to Acquisition	11,095
Total Cost Buildings, Improvements & Equipment	26,065
Total	28,669
Accumulated Depreciation	11,115
Total Cost, Net of Accumulated Depreciation	17,554
Trexler Park West
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	2,684
Initial Cost Buildings, Improvements & Equipment	23,064
Costs Capitalized Subsequent to Acquisition	780
Total Cost Buildings, Improvements & Equipment	23,844
Total	26,528
Accumulated Depreciation	10,342
Total Cost, Net of Accumulated Depreciation	16,186
Village at Potomac Falls
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	7,380
Initial Cost Buildings, Improvements & Equipment	30,960
Costs Capitalized Subsequent to Acquisition	3,353
Total Cost Buildings, Improvements & Equipment	34,313
Total	41,693
Accumulated Depreciation	4,529
Total Cost, Net of Accumulated Depreciation	37,164
Village Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	39,285
Land	2,781
Initial Cost Buildings, Improvements & Equipment	15,205
Costs Capitalized Subsequent to Acquisition	13,356
Total Cost Buildings, Improvements & Equipment	28,561
Total	31,342
Accumulated Depreciation	12,156
Total Cost, Net of Accumulated Depreciation	19,186
Vinings at Hampton Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,849
Initial Cost Buildings, Improvements & Equipment	12,805
Costs Capitalized Subsequent to Acquisition	5,175
Total Cost Buildings, Improvements & Equipment	17,980
Total	19,829
Accumulated Depreciation	6,038
Total Cost, Net of Accumulated Depreciation	13,791
Waterview
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,531
Initial Cost Buildings, Improvements & Equipment	23,030
Costs Capitalized Subsequent to Acquisition	5,836
Total Cost Buildings, Improvements & Equipment	28,866
Total	30,397
Accumulated Depreciation	3,379
Total Cost, Net of Accumulated Depreciation	27,018
Wayne Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	2,026
Initial Cost Buildings, Improvements & Equipment	14,639
Costs Capitalized Subsequent to Acquisition	11,503
Total Cost Buildings, Improvements & Equipment	26,142
Total	28,168
Accumulated Depreciation	12,040
Total Cost, Net of Accumulated Depreciation	16,128
West Springfield
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	2,634
Initial Cost Buildings, Improvements & Equipment	33,610
Costs Capitalized Subsequent to Acquisition	7,107
Total Cost Buildings, Improvements & Equipment	40,717
Total	43,351
Accumulated Depreciation	13,220
Total Cost, Net of Accumulated Depreciation	30,131
Westbrooke
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,103
Initial Cost Buildings, Improvements & Equipment	5,229
Costs Capitalized Subsequent to Acquisition	2,175
Total Cost Buildings, Improvements & Equipment	7,404
Total	8,507
Accumulated Depreciation	1,346
Total Cost, Net of Accumulated Depreciation	7,161
Westchester West
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	32,763
Land	6,978
Initial Cost Buildings, Improvements & Equipment	41,513
Costs Capitalized Subsequent to Acquisition	6,765
Total Cost Buildings, Improvements & Equipment	48,278
Total	55,256
Accumulated Depreciation	8,735
Total Cost, Net of Accumulated Depreciation	46,521
Westwood Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	43,722
Land	7,530
Initial Cost Buildings, Improvements & Equipment	25,386
Costs Capitalized Subsequent to Acquisition	15,499
Total Cost Buildings, Improvements & Equipment	40,885
Total	48,415
Accumulated Depreciation	15,422
Total Cost, Net of Accumulated Depreciation	32,993
Westwoods
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,260
Initial Cost Buildings, Improvements & Equipment	2,694
Costs Capitalized Subsequent to Acquisition	792
Total Cost Buildings, Improvements & Equipment	3,486
Total	4,746
Accumulated Depreciation	889
Total Cost, Net of Accumulated Depreciation	3,857
William Henry
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	26,904
Land	4,853
Initial Cost Buildings, Improvements & Equipment	24,116
Costs Capitalized Subsequent to Acquisition	20,321
Total Cost Buildings, Improvements & Equipment	44,437
Total	49,290
Accumulated Depreciation	18,107
Total Cost, Net of Accumulated Depreciation	31,183
Willowbrook
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	4,000
Initial Cost Buildings, Improvements & Equipment	26,412
Costs Capitalized Subsequent to Acquisition	346
Total Cost Buildings, Improvements & Equipment	26,758
Total	30,758
Accumulated Depreciation	359
Total Cost, Net of Accumulated Depreciation	30,399
Windsor Realty
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	436
Initial Cost Buildings, Improvements & Equipment	3,637
Costs Capitalized Subsequent to Acquisition	2,957
Total Cost Buildings, Improvements & Equipment	6,594
Total	7,030
Accumulated Depreciation	3,201
Total Cost, Net of Accumulated Depreciation	3,829
Woodmont Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	9,387
Land	2,943
Initial Cost Buildings, Improvements & Equipment	6,321
Costs Capitalized Subsequent to Acquisition	3,925
Total Cost Buildings, Improvements & Equipment	10,246
Total	13,189
Accumulated Depreciation	3,913
Total Cost, Net of Accumulated Depreciation	9,276
Woodway at Trinity Centre
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	17,136
Initial Cost Buildings, Improvements & Equipment	78,253
Costs Capitalized Subsequent to Acquisition	4,128
Total Cost Buildings, Improvements & Equipment	82,381
Total	99,517
Accumulated Depreciation	5,997
Total Cost, Net of Accumulated Depreciation	93,520
Yorkshire Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	1,227
Initial Cost Buildings, Improvements & Equipment	2,275
Costs Capitalized Subsequent to Acquisition	1,704
Total Cost Buildings, Improvements & Equipment	3,979
Total	5,206
Accumulated Depreciation	1,573
Total Cost, Net of Accumulated Depreciation	3,633
Other Assets
REAL ESTATE AND ACCUMULATED DEPRECIATION
Land	49,629
Initial Cost Buildings, Improvements & Equipment	187,416
Costs Capitalized Subsequent to Acquisition	35,274
Total Cost Buildings, Improvements & Equipment	222,690
Total	272,319
Accumulated Depreciation	29,021
Total Cost, Net of Accumulated Depreciation	243,298
Real estate, other disclosures
Land	36,515
Land held for sale	13,114
Construction in progress	118,595
Number of development communities placed into service	2
Assets of development community placed into service	68,821
Corporate office assets	35,274

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, 2014	Dec. 31, 2013	Dec. 31, 2012
Changes in total real estate assets
Balance, beginning of year	$5,620,765	$5,455,226	$5,042,324
New property acquisitions	142,806	98,199	297,650
Additions	184,465	204,717	226,348
Disposals and retirements	-183,309	-137,377	-111,096
Balance, end of year	5,764,727	5,620,765	5,455,226
Changes in accumulated depreciation
Balance, beginning of year	1,243,243	1,108,840	983,759
Depreciation	182,455	173,872	166,339
Disposals and retirements	-54,471	-39,469	-41,258
Balance, end of year	$1,371,227	$1,243,243	$1,108,840