Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate assets
Land	$ 279,570	$ 261,777
Buildings and improvements	1,435,902	1,346,870
Furniture and fixtures	42,367	41,609
Construction in progress	47,886	73,581
Gross real estate	1,805,725	1,723,837
Less: Accumulated depreciation	(398,659)	(397,210)
Net real estate owned	1,407,066	1,326,627
Investment in unconsolidated entities	59,396	54,800
Total net real estate	1,466,462	1,381,427
Cash and cash equivalents	7,411	4,692
Restricted cash	36,186	46,361
Accounts receivable, net
Rents	1,142	1,093
Other	3,855	2,977
Other assets, net	30,805	29,147
Total assets	1,545,861	1,465,697
LIABILITIES AND EQUITY
Mortgage notes payable	288,355	272,613
Unsecured notes	250,000	250,000
Unsecured revolving credit facility	136,000	76,500
Unsecured term loan	150,000	150,000
Total debt	824,355	749,113
Accounts payable and other liabilities	41,745	47,070
Dividends payable	1,027	12,886
Resident security deposits	3,921	3,860
Accrued interest	5,254	5,192
Total liabilities	876,302	818,121
Equity
Common shares, without par value; $.10 stated value; 91,000,000 authorized; 58,021,078 issued and 58,020,888 outstanding at June 30, 2015 and 57,708,675 issued and 57,649,609 outstanding at December 31, 2014, respectively	5,802	5,771
Paid-in capital	760,274	758,079
Accumulated distributions in excess of accumulated net income	(96,644)	(114,551)
Accumulated other comprehensive loss	(218)	(1,093)
Less: Treasury shares, at cost, 190 and 56,066 shares at June 30, 2015 and December 31, 2014, respectively	(5)	(980)
Total shareholders' equity attributable to AERC	669,209	647,226
Noncontrolling interest	350	350
Total equity	669,559	647,576
Total liabilities and equity	$ 1,545,861	$ 1,465,697