Organization, Basis of Presentation, and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Accounting Policies [Abstract]

Schedule of reconciliation of income from book basis to tax basis

The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2015, 2014 and 2013 (dollars in thousands):

	2015 Estimate			2014 Actual			2013 Actual
Net income attributable to common stockholders	$	742,038		$	683,567		$	353,141
GAAP gain on sale of communities (in excess of) less than tax gain	(43,873		)	22,127			29,388
Depreciation/amortization timing differences on real estate	(3,105		)	(10,735		)	180,293
Deductible acquisition costs	—			—			(26,427		)
Amortization of debt/mark to market interest	(64,676		)	(38,202		)	(31,965		)
Tax compensation expense less than (in excess of) GAAP	(5,696		)	(5,252		)	12,886
Casualty (gain) loss and impairment loss, net	(10,542		)	—			—
Other adjustments	(38,553		)	14,323			1,018
Taxable net income	$	575,593		$	665,828		$	518,334

Schedule of tax components of the entity's common dividends declared

The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2015, 2014 and 2013 (unaudited):

	2015		2014		2013
Ordinary income	83	%	62	%	42	%
20% capital gain	12	%	29	%	40	%
Unrecaptured §1250 gain	5	%	9	%	18	%

Schedule of earnings per common share

The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):

	For the year ended
	12/31/15			12/31/14			12/31/13
Basic and diluted shares outstanding
Weighted average common shares—basic	133,565,711			130,586,718			126,855,754
Weighted average DownREIT units outstanding	7,500			7,500			7,500
Effect of dilutive securities	1,019,966			643,284			402,649
Weighted average common shares—diluted	134,593,177			131,237,502			127,265,903
Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$	742,038		$	683,567		$	353,141
Net income allocated to unvested restricted shares	(1,774		)	(1,523		)	(563		)
Net income attributable to common stockholders, adjusted	$	740,264		$	682,044		$	352,578
Weighted average common shares—basic	133,565,711			130,586,718			126,855,754
Earnings per common share—basic	$	5.54		$	5.22		$	2.78
Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$	742,038		$	683,567		$	353,141
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	38			35			32
Adjusted net income attributable to common stockholders	$	742,076		$	683,602		$	353,173
Weighted average common shares—diluted	134,593,177			131,237,502			127,265,903
Earnings per common share—diluted	$	5.51		$	5.21		$	2.78
Dividends per common share	$	5.00		$	4.64		$	4.28

Schedule of new accounting pronouncements and changes in accounting principles

The following table presents the impact of the change in accounting principle to the condensed Consolidated Balance Sheet as of December 31, 2014:

	12/31/14		Impact of change in accounting principle			12/31/14
	(as previously reported)					(as adjusted and currently reported)
ASSETS
Total real estate, net	$	14,935,740	$	—		$	14,935,740
Cash and cash equivalents	509,460		—			509,460
Cash in escrow	95,625		—			95,625
Resident security deposits	29,617		—			29,617
Investments in unconsolidated real estate entities	298,315		—			298,315
Deferred development costs	67,029		—			67,029
Prepaid expenses and other assets	240,937		(36,145		)	204,792
Total assets	$	16,176,723	$	(36,145	)	$	16,140,578
LIABILITIES AND EQUITY
Unsecured notes, net	$	2,993,265	$	(17,732	)	$	2,975,533
Variable rate unsecured credit facility	—		—			—
Mortgage notes payable, net	3,532,587		(18,413		)	3,514,174
Other liabilities	591,701		—			591,701
Total liabilities	7,117,553		(36,145		)	7,081,408
Redeemable noncontrolling interests	12,765		—			12,765
Total equity	9,046,405		—			9,046,405
Total liabilities and equity	$	16,176,723	$	(36,145	)	$	16,140,578