Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Real estate assets
Land	$ 298,441	$ 241,159
Building and improvements	1,370,560	1,223,042
Furniture and fixtures	39,725	36,997
Construction in progress	42,793	10,449
Gross real estate	1,751,519	1,511,647
Less: accumulated depreciation	(386,841)	(371,730)
Net real estate owned	1,364,678	1,139,917
Investment in unconsolidated entities	9,321	0
Total net real estate	1,373,999	1,139,917
Cash and cash equivalents	4,586	4,740
Restricted cash	3,465	4,429
Accounts receivable, net
Rents	1,230	1,395
Other	1,258	553
Other assets, net	37,959	21,443
Total assets	1,422,497	1,172,477
Liabilities and Equity
Mortgage notes payable	279,474	376,278
Unsecured notes	250,000	0
Unsecured revolving credit facility	133,500	190,500
Unsecured debt	150,000	150,000
Total debt	812,974	716,778
Accounts payable and other liabilities	42,882	32,865
Dividends payable	12,178	10,149
Resident security deposits	4,112	3,846
Accrued interest	5,551	2,363
Total liabilities	877,697	766,001
Noncontrolling redeemable interest	0	1,734
Equity
Common shares, without par value, $.10 stated value; 91,000,000 authorized; 57,595,479 issued and 57,476,192 outstanding at December 31, 2013 and 49,526,639 issued and outstanding at December 31, 2012, respectively	5,760	4,953
Paid-in capital	754,582	634,587
Accumulated distributions in excess of accumulated net income	(213,275)	(233,208)
Accumulated other comprehensive loss	(702)	(2,934)
Less: Treasury shares, at cost, 119,287 and 0 shares at December 31, 2013 and December 31, 2012, respectively	(1,915)	0
Total shareholders' equity attributable to AERC	544,450	403,398
Noncontrolling interest	350	1,344
Total equity	544,800	404,742
Total liabilities and equity	$ 1,422,497	$ 1,172,477