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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Schedule of summary of consolidated Hedging Derivatives, excluding derivatives executed to hedge debt on communities classified as held for sale
The following table summarizes the consolidated derivative positions at March 31, 2016 (dollars in thousands):
 
Non-designated
Hedges
Interest Rate Caps
 
Cash Flow
Hedges
Interest Rate Caps
 
Cash Flow
Hedges
Interest Rate Swaps
 
 
 
 
 
 
Notional balance
$
724,700

 
$
36,525

 
$
1,050,000

Weighted average interest rate (1)
1.9
%
 
2.7
%
 
N/A

Weighted average swapped/capped interest rate
5.8
%
 
5.9
%
 
2.3
%
Earliest maturity date
Jul 2016

 
Apr 2019

 
May 2016

Latest maturity date
Feb 2021

 
Apr 2019

 
Nov 2017

____________________________________

(1)
For interest rate caps, represents the weighted average interest rate on the hedged debt.
Schedule of summary of classification between the three levels of the fair value hierarchy of the Company's financial instruments measured at fair value on a recurring basis
The following tables summarize the classification between the three levels of the fair value hierarchy of the Company’s financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands):
 
 
 
 
Quoted Prices
in Active
Markets for
 
Significant
Other
Observable
 
Significant
Unobservable
 
 
 
 
Identical Assets
 
Inputs
 
Inputs
Description
 
Total Fair Value
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
 
3/31/2016
 
 
 
 
 
 
 
 
 
Non-Designated Hedges
 
 
 
 
 
 
 
 
Interest Rate Caps
 
$
64

 
$
—

 
$
64

 
$
—

Cash Flow Hedges
 
 
 
 
 
 
 
 
Interest Rate Caps
 
1

 
—

 
1

 
—

Interest Rate Swaps
 
(42,384
)
 
—

 
(42,384
)
 
—

Puts
 
(8,265
)
 
—

 
—

 
(8,265
)
DownREIT units
 
(1,427
)
 
(1,427
)
 
—

 
—

Indebtedness
 
 
 
 
 
 
 
 
Unsecured notes
 
(3,717,986
)
 
(3,717,986
)
 
—

 
—

Mortgage notes payable and unsecured term loan
 
(2,757,911
)
 
—

 
(2,757,911
)
 
—

Total
 
$
(6,527,908
)
 
$
(3,719,413
)
 
$
(2,800,230
)
 
$
(8,265
)
 
 
12/31/2015
Non-Designated Hedges
 
 
 
 
 
 
 
 
Interest Rate Caps
 
$
26

 
$
—

 
$
26

 
$
—

Cash Flow Hedges
 
 
 
 
 
 
 
 
Interest Rate Caps
 
5

 
—

 
5

 
—

Interest Rate Swaps
 
5,422

 
—

 
5,422

 
—

Puts
 
(8,181
)
 
—

 
—

 
(8,181
)
DownREIT units
 
(1,381
)
 
(1,381
)
 
—

 
—

Indebtedness
 
 
 
 
 
 
 
 
Unsecured notes
 
(3,668,417
)
 
(3,668,417
)
 
—

 
—

Mortgage notes payable and unsecured term loan
 
(2,700,341
)
 
—

 
(2,700,341
)
 
—

Total
 
$
(6,372,867
)
 
$
(3,669,798
)
 
$
(2,694,888
)
 
$
(8,181
)