ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2015

ACQUISITIONS

Schedule of communities acquired

									Cost of
		Date	Year	Number		Cost of			Acquisition
Apartment Community	Region	Acquired	Constructed	of Units		Acquisition			Per Unit
Park Grove	Chicago	1/07/2015	1978/1984		710		$	92,000		$	130
Sutton Pointe	Northern New Jersey	2/19/2015	1963		241		31,000			129
					951		$	123,000

									Cost of
		Date	Year	Number		Cost of			Acquisition
Apartment Community	Region	Acquired	Constructed	of Units		Acquisition			Per Unit
The Preserve at Milltown	Philadelphia	6/19/2014	1975		376		$	45,000		$	120
Willowbrook	Philadelphia	7/30/2014	1972		248		30,500			123
The Lakes of Schaumburg	Chicago	11/12/2014	1987		428		66,000			154
					1,052		$	141,500

Summary of aggregate purchase price allocation

	2015			2014
Land	$	18,478		$	20,810
Buildings, improvements and equipment	104,084			120,027
Fair market value adjustment for loan and liabilities assumed	40			1,969
Below-market leases	(117		)	(161		)
In-place lease intangibles	334			471
Customer relationships	221			353
Net assets acquired	$	123,040		$	143,469

Pro Forma Financial Information

	Three Months Ended March 31,
	2015		2014
Pro forma total revenues	$	177,257	$	171,935
Pro forma net income attributable to common stockholders	57,810		46,487
Pro forma earnings per common share:
Basic	$	1.00	$	0.81
Diluted	0.99		0.81