Fair Value (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value

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 Hedging Derivatives at September 30, 2013, excluding derivatives executed to hedge debt on communities classified as held for sale (dollars in thousands):

	Non-
	designated			Cash Flow
	Hedges			Hedges
	Interest			Interest
	Rate Caps			Rate Caps
Notional balance	$	612,089		$	134,315
Weighted average interest rate (1)	2.6		%	2.5		%
Weighted average capped interest rate	5.9		%	4.9		%
Earliest maturity date	Mar-14			Apr-15
Latest maturity date	Aug-18			Jun-15

(1)This represents the weighted average interest rate on the 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 table summarizes 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			Significant
				in Active			Other			Significant
				Markets for			Observable			Unobservable
	Total Fair Value			Identical Assets			Inputs			Inputs
Description	9/30/2013			(Level 1)			(Level 2)			(Level 3)
Interest Rate Caps	$	118		$	—		$	118		$	—
Puts	(16,866		)	—			—			(16,866		)
DownREIT units	(953		)	(953		)	—			—
Indebtedness	(6,018,766		)	(2,317,364		)	(3,701,402		)	—
Total	$	(6,036,467	)	$	(2,318,317	)	$	(3,701,284	)	$	(16,866	)