2017 Q4 Form 10-K Financial Statement

#000090634518000007 Filed on February 16, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017
Revenue $229.8M $228.2M $900.9M
YoY Change 5.84% 3.61% 2.79%
Cost Of Revenue $87.70M $95.50M $328.7M
YoY Change 8.81% 9.9% -3.4%
Gross Profit $142.1M $132.7M $572.2M
YoY Change 4.1% -0.52% 6.73%
Gross Profit Margin 61.83% 58.16% 63.51%
Selling, General & Admin $13.00M $12.30M $50.60M
YoY Change 3.17% 13.89% 6.75%
% of Gross Profit 9.15% 9.27% 8.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $68.20M $67.00M $264.0M
YoY Change 8.77% 6.52% 5.53%
% of Gross Profit 47.99% 50.49% 46.14%
Operating Expenses $78.80M $77.10M $306.5M
YoY Change 6.92% 7.08% 5.4%
Operating Profit $63.30M $55.60M $265.7M
YoY Change 0.8% -9.45% 8.3%
Interest Expense -$17.20M $21.21M $86.75M
YoY Change -15.27% -8.09% -6.87%
% of Operating Profit -27.17% 38.15% 32.66%
Other Income/Expense, Net
YoY Change
Pretax Income $89.30M $35.99M $202.1M
YoY Change 110.12% -88.16% -55.78%
Income Tax $200.0K $500.0K $1.200M
% Of Pretax Income 0.22% 1.39% 0.59%
Net Earnings $87.99M $34.38M $196.4M
YoY Change 115.17% -88.18% -76.04%
Net Earnings / Revenue 38.28% 15.07% 21.8%
Basic Earnings Per Share $0.92 $0.38 $2.14
Diluted Earnings Per Share $0.91 $0.38 $2.13
COMMON SHARES
Basic Shares Outstanding 92.68M shares 91.01M shares 91.50M shares
Diluted Shares Outstanding 92.03M shares 92.52M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $368.5M $350.3M $368.5M
YoY Change 55.22% 11.67% 55.22%
Cash & Equivalents $368.5M $350.3M $368.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $24.00M $23.60M $24.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $392.5M $373.9M $392.5M
YoY Change 50.15% 10.72% 50.15%
LONG-TERM ASSETS
Property, Plant & Equipment $5.549B $5.568B $5.549B
YoY Change 1.15% 1.82% 1.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $27.20M $28.40M $27.20M
YoY Change -79.13% -78.15% -79.13%
Other Assets $14.50M $9.200M $14.50M
YoY Change 59.34% 5.75% 59.34%
Total Long-Term Assets $5.781B $5.795B $5.781B
YoY Change 0.25% 0.77% 0.25%
TOTAL ASSETS
Total Short-Term Assets $392.5M $373.9M $392.5M
Total Long-Term Assets $5.781B $5.795B $5.781B
Total Assets $6.174B $6.169B $6.174B
YoY Change 2.42% 1.32% 2.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.3M $127.6M $128.3M
YoY Change -6.89% -10.89% -6.89%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $252.6M $270.6M $252.6M
YoY Change -1.33% -7.36% -1.33%
LONG-TERM LIABILITIES
Long-Term Debt $2.205B $2.204B $2.205B
YoY Change -11.13% -11.14% -11.13%
Other Long-Term Liabilities $231.8M $227.5M $231.8M
YoY Change 18.27% 16.97% 18.27%
Total Long-Term Liabilities $2.436B $2.432B $2.436B
YoY Change -8.97% -9.09% -8.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $252.6M $270.6M $252.6M
Total Long-Term Liabilities $2.436B $2.432B $2.436B
Total Liabilities $2.612B $2.629B $2.768B
YoY Change -8.54% -9.18% -8.13%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $4.137B $4.134B
YoY Change 12.48% 12.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $364.1M $364.7M
YoY Change -2.48% -2.37%
Treasury Stock Shares 10.07M shares 10.09M shares
Shareholders Equity $3.405B $3.387B $3.405B
YoY Change
Total Liabilities & Shareholders Equity $6.174B $6.169B $6.174B
YoY Change 2.42% 1.32% 2.41%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017
OPERATING ACTIVITIES
Net Income $87.99M $34.38M $196.4M
YoY Change 115.17% -88.18% -76.04%
Depreciation, Depletion And Amortization $68.20M $67.00M $264.0M
YoY Change 8.77% 6.52% 5.53%
Cash From Operating Activities $100.8M $130.5M $434.7M
YoY Change 17.76% -3.62% -1.9%
INVESTING ACTIVITIES
Capital Expenditures -$79.30M -$71.80M -$299.1M
YoY Change -1.25% -31.09% -12.8%
Acquisitions
YoY Change
Other Investing Activities $69.50M $800.0K $2.187M
YoY Change 4864.29% -99.79% -169.19%
Cash From Investing Activities -$9.800M -$71.00M -$189.8M
YoY Change -87.59% -126.13% -127.48%
FINANCING ACTIVITIES
Cash Dividend Paid $280.8M
YoY Change -57.68%
Common Stock Issuance & Retirement, Net $445.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -72.70M 275.4M -$112.9M
YoY Change -12.62% -161.49% -87.51%
NET CHANGE
Cash From Operating Activities 100.8M 130.5M $434.7M
Cash From Investing Activities -9.800M -71.00M -$189.8M
Cash From Financing Activities -72.70M 275.4M -$112.9M
Net Change In Cash 18.30M 334.9M $132.0M
YoY Change -123.89% -920.83% -42.43%
FREE CASH FLOW
Cash From Operating Activities $100.8M $130.5M $434.7M
Capital Expenditures -$79.30M -$71.80M -$299.1M
Free Cash Flow $180.1M $202.3M $733.8M
YoY Change 8.56% -15.57% -6.65%

Facts In Submission

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EntityWellKnownSeasonedIssuer
Yes
CY2016Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
137813000 USD
CY2017Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
128313000 USD
CY2016Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
24028000 USD
CY2017Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
24038000 USD
CY2016Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
49041000 USD
CY2017Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
51383000 USD
CY2016Q4 us-gaap Accumulated Distributions In Excess Of Net Income
AccumulatedDistributionsInExcessOfNetIncome
289180000 USD
CY2017Q4 us-gaap Accumulated Distributions In Excess Of Net Income
AccumulatedDistributionsInExcessOfNetIncome
368703000 USD
CY2016Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-1863000 USD
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-57000 USD
CY2015 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P8M
CY2017 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P6M
CY2016Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
3678277000 USD
CY2017Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
4137161000 USD
CY2015 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
100000 USD
CY2015 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000 USD
CY2017 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1300000 USD
CY2015 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2600000 shares
CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2400000 shares
CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1500000 shares
CY2016Q4 us-gaap Area Of Land
AreaOfLand
4.6 acre
CY2017Q2 us-gaap Area Of Land
AreaOfLand
8.2 acre
CY2015 us-gaap Asset Management Costs
AssetManagementCosts
4742000 USD
CY2016 us-gaap Asset Management Costs
AssetManagementCosts
3848000 USD
CY2017 us-gaap Asset Management Costs
AssetManagementCosts
3903000 USD
CY2016Q4 us-gaap Assets
Assets
6028152000 USD
CY2017Q4 us-gaap Assets
Assets
6173748000 USD
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10617000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
237364000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
368492000 USD
CY2014Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
159816000 USD
CY2015Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16588000 USD
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
245826000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
377805000 USD
CY2015 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-143228000 USD
CY2016 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
229238000 USD
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
131979000 USD
CY2015 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-13775000 USD
CY2016 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-1890000 USD
CY2017 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
0 USD
CY2015 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
35938000 USD
CY2016 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
12594000 USD
CY2017 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
0 USD
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.80
CY2016 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
7.25
CY2017 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
3.00
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
175000000 shares
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
175000000 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
100694000 shares
CY2017Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
105489000 shares
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
92700000 shares
CY2015 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
249821000 USD
CY2016 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
819873000 USD
CY2017 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
198228000 USD
CY2015 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
258768000 USD
CY2016 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
838276000 USD
CY2017 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
202666000 USD
CY2015 us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
9480000 USD
CY2016 us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
0 USD
CY2017 us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
0 USD
CY2015 us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
301000000 USD
CY2016 us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
311355000 USD
CY2017 us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
328742000 USD
CY2015 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1872000 USD
CY2016 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1617000 USD
CY2017 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1224000 USD
CY2016Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
15700000 USD
CY2017Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
12300000 USD
CY2017Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.043
CY2016Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
80600000 USD
CY2017Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
120300000 USD
CY2017Q4 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Undistributed Earnings Of Domestic Subsidiaries
DeferredTaxLiabilityNotRecognizedAmountOfUnrecognizedDeferredTaxLiabilityUndistributedEarningsOfDomesticSubsidiaries
0 USD
CY2015 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
2600000 USD
CY2016 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
2700000 USD
CY2017 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
2700000 USD
CY2015 us-gaap Depreciation And Amortization
DepreciationAndAmortization
240944000 USD
CY2016 us-gaap Depreciation And Amortization
DepreciationAndAmortization
250146000 USD
CY2017 us-gaap Depreciation And Amortization
DepreciationAndAmortization
263974000 USD
CY2015 us-gaap Depreciation And Amortization Discontinued Operations
DepreciationAndAmortizationDiscontinuedOperations
16138000 USD
CY2016 us-gaap Depreciation And Amortization Discontinued Operations
DepreciationAndAmortizationDiscontinuedOperations
4327000 USD
CY2015 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
240944000 USD
CY2016 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
250146000 USD
CY2017 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
263974000 USD
CY2017Q4 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
500000 USD
CY2016 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
0 USD
CY2017Q1 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
0 USD
CY2017 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
1174000 USD
CY2015 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
202105000 USD
CY2016 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
206780000 USD
CY2017 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
217817000 USD
CY2015 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
0 USD
CY2016 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
375237000 USD
CY2017 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
0 USD
CY2015 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
19750000 USD
CY2016 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
7605000 USD
CY2017 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
0 USD
CY2015 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0.22
CY2016 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
4.27
CY2017 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0.00
CY2015 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0.22
CY2016 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
4.26
CY2017 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0.00
CY2015 us-gaap Discontinued Operation Tax Effect Of Income Loss From Discontinued Operation During Phase Out Period
DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod
0 USD
CY2016 us-gaap Discontinued Operation Tax Effect Of Income Loss From Discontinued Operation During Phase Out Period
DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod
112000 USD
CY2015 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
20716000 USD
CY2016 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
6898000 USD
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.23
CY2016Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
9.08
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.43
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.38
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.92
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.14
CY2015 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.76
CY2015 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
57310000 USD
CY2016 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
19184000 USD
CY2015 us-gaap Dividends
Dividends
64275000 USD
CY2016 us-gaap Dividends
Dividends
69161000 USD
CY2017 us-gaap Dividends
Dividends
72943000 USD
CY2015 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
257059000 USD
CY2016 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
668470000 USD
CY2017 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
284631000 USD
CY2017Q4 us-gaap Earnest Money Deposits
EarnestMoneyDeposits
5200000 USD
CY2015 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.77
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.46
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.94
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.92
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.21
CY2016Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.45
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
9.05
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.91
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.13
CY2015 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3500000 USD
CY2016 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3800000 USD
CY2017 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3800000 USD
CY2015 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
200000 USD
CY2016 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
400000 USD
CY2017 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
300000 USD
CY2015 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
6387000 USD
CY2016 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
7057000 USD
CY2017 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
6851000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Assets
EquityMethodInvestmentSummarizedFinancialInformationAssets
726900000 USD
CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Assets
EquityMethodInvestmentSummarizedFinancialInformationAssets
715900000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Equity Or Capital
EquityMethodInvestmentSummarizedFinancialInformationEquityOrCapital
184000000 USD
CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Equity Or Capital
EquityMethodInvestmentSummarizedFinancialInformationEquityOrCapital
174500000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Liabilities
EquityMethodInvestmentSummarizedFinancialInformationLiabilities
518700000 USD
CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Liabilities
EquityMethodInvestmentSummarizedFinancialInformationLiabilities
514500000 USD
CY2015 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
12000000 USD
CY2016 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
14800000 USD
CY2017 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
13500000 USD
CY2015 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
114500000 USD
CY2016 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
119800000 USD
CY2017 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
121900000 USD
CY2015 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
104288000 USD
CY2016 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
295397000 USD
CY2017 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
43231000 USD
CY2015 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
104288000 USD
CY2016 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
295397000 USD
CY2017 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
43231000 USD
CY2016Q2 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
32235000 USD
CY2016Q3 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
262719000 USD
CY2015 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2016 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2017 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-323000 USD
CY2015 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
46233000 USD
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
47415000 USD
CY2017 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
50587000 USD
CY2017Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
0 USD
CY2015 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
229565000 USD
CY2016 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
436981000 USD
CY2017 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
196422000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
240384000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
457001000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
202084000 USD
CY2015 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
238512000 USD
CY2016 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
455384000 USD
CY2017 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
200860000 USD
CY2015 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.55
CY2016 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
4.81
CY2017 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.14
CY2015 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.54
CY2016 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
4.79
CY2017 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.13
CY2015 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
19750000 USD
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
382842000 USD
CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2015 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
6168000 USD
CY2016 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
7125000 USD
CY2017 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
6822000 USD
CY2015 us-gaap Income Taxes Paid
IncomeTaxesPaid
1889000 USD
CY2016 us-gaap Income Taxes Paid
IncomeTaxesPaid
2424000 USD
CY2017 us-gaap Income Taxes Paid
IncomeTaxesPaid
1705000 USD
CY2015 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-15478000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2309000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2300000 USD
CY2015 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
5761000 USD
CY2016 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-281000 USD
CY2017 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
4846000 USD
CY2015 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1687000 USD
CY2016 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3551000 USD
CY2017 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
6724000 USD
CY2015 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2245000 USD
CY2016 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-2361000 USD
CY2017 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-995000 USD
CY2015 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
6386000 USD
CY2016 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
5526000 USD
CY2017 us-gaap Increase Decrease In Property And Other Taxes Payable
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CY2017Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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0 shares
CY2017 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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805000 shares
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2202000 USD
CY2017 us-gaap Interest And Other Income
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3011000 USD
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19300000 USD
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18200000 USD
CY2017 us-gaap Interest Costs Capitalized
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15200000 USD
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CY2017 us-gaap Interest Expense
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CY2016 us-gaap Interest Paid Net
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CY2017 us-gaap Interest Paid Net
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CY2017Q4 us-gaap Interest Rate Derivative Assets At Fair Value
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2200000 USD
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0 USD
CY2017Q4 us-gaap Interest Rate Derivative Liabilities At Fair Value
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500000 USD
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30254000 USD
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27237000 USD
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Land
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3400000 USD
CY2016 us-gaap Lease And Rental Expense
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4100000 USD
CY2017 us-gaap Lease And Rental Expense
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4000000 USD
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CY2017Q4 us-gaap Liabilities
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2611804000 USD
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6028152000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
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0 USD
CY2017Q4 us-gaap Liabilities Fair Value Disclosure Nonrecurring
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0 USD
CY2017Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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586600000 USD
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790700000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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173700000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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349300000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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249100000 USD
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CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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643000000 USD
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6999000 USD
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6864000 USD
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9500000 USD
CY2016 us-gaap Minority Interest Decrease From Redemptions
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0 USD
CY2017 us-gaap Mortgage Loan On Real Estate Final Maturity Date
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2030-10-01
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3395000 USD
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13161000 USD
CY2016Q4 us-gaap Mortgage Loans On Real Estate Carrying Amount Of Mortgages
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17200000 USD
CY2016Q4 us-gaap Mortgage Loans On Real Estate Carrying Amount Of Mortgages
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17224000 USD
CY2017Q4 us-gaap Mortgage Loans On Real Estate Carrying Amount Of Mortgages
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18790000 USD
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0 USD
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CY2017 us-gaap Mortgage Loans On Real Estate Collections Of Principal
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0 USD
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18790000 USD
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0.040
CY2017 us-gaap Mortgage Loans On Real Estate Interest Rate
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0.040
CY2015 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
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9766000 USD
CY2016 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
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7458000 USD
CY2017 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
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1566000 USD
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
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CY2016 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017 us-gaap Net Cash Provided By Used In Financing Activities
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CY2016 us-gaap Net Cash Provided By Used In Investing Activities
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CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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69320000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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423238000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
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443063000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
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434656000 USD
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387300000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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430469000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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434656000 USD
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249315000 USD
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41730000 USD
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6700000 USD
CY2015 us-gaap Operating Leases Income Statement Minimum Lease Revenue
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721816000 USD
CY2016 us-gaap Operating Leases Income Statement Minimum Lease Revenue
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CY2017 us-gaap Operating Leases Income Statement Minimum Lease Revenue
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142010000 USD
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506000 USD
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34861000 USD
CY2017Q2 us-gaap Net Income Loss
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39188000 USD
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18403000 USD
CY2017 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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4438000 USD
CY2015 us-gaap Net Income Loss Available To Common Stockholders Basic
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247263000 USD
CY2016 us-gaap Net Income Loss Available To Common Stockholders Basic
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813519000 USD
CY2017 us-gaap Net Income Loss Available To Common Stockholders Basic
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195762000 USD
CY2015 us-gaap Net Income Loss Available To Common Stockholders Diluted
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247263000 USD
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813519000 USD
CY2017 us-gaap Net Income Loss Available To Common Stockholders Diluted
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196936000 USD
CY2017 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Description
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21.9
CY2015 us-gaap Noncontrolling Interest Increase From Business Combination
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9500000 USD
CY2016 us-gaap Noncontrolling Interest Increase From Business Combination
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0 USD
CY2017 us-gaap Noncontrolling Interest Increase From Business Combination
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0 USD
CY2016Q4 us-gaap Notes Payable
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CY2017Q4 us-gaap Notes Payable
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2204600000 USD
CY2017Q2 us-gaap Number Of Units In Real Estate Property
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250
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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2900000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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2600000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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2800000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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2800000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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2800000 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
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50000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax
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1806000 USD
CY2015 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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-357000 USD
CY2016 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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80000 USD
CY2017 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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20000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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0 USD
CY2016 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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0 USD
CY2017 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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1690000 USD
CY2015 us-gaap Payments Of Dividends
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253129000 USD
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118959000 USD
CY2017Q4 us-gaap Other Liabilities
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CY2017 us-gaap Other Noncash Income Expense
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CY2015 us-gaap Other Operating Activities Cash Flow Statement
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CY2016 us-gaap Other Operating Activities Cash Flow Statement
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281000 USD
CY2017 us-gaap Other Operating Activities Cash Flow Statement
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CY2015 us-gaap Other Real Estate Revenue
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113802000 USD
CY2016 us-gaap Other Real Estate Revenue
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125850000 USD
CY2017 us-gaap Other Real Estate Revenue
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130356000 USD
CY2015 us-gaap Owned Property Management Costs
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23055000 USD
CY2016 us-gaap Owned Property Management Costs
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25125000 USD
CY2017 us-gaap Owned Property Management Costs
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25773000 USD
CY2015 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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2052000 USD
CY2016 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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6304000 USD
CY2017 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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660000 USD
CY2015 us-gaap Payments For Proceeds From Other Investing Activities
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12705000 USD
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3482000 USD
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CY2017 us-gaap Payments Of Dividends
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280761000 USD
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20000000 USD
CY2016 us-gaap Payments To Acquire Land
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19900000 USD
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0 USD
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0 USD
CY2017 us-gaap Payments To Acquire Real Estate
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58267000 USD
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0 USD
CY2016 us-gaap Payments To Acquire Short Term Investments
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100000000 USD
CY2017 us-gaap Payments To Acquire Short Term Investments
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0 USD
CY2015 us-gaap Payments To Develop Real Estate Assets
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411799000 USD
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342952000 USD
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299086000 USD
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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10000000 shares
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0 shares
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500000 USD
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0 USD
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0 USD
CY2017 us-gaap Proceeds From Issuance Of Common Stock
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445038000 USD
CY2015 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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18336000 USD
CY2016 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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19006000 USD
CY2017 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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18061000 USD
CY2015 us-gaap Proceeds From Lines Of Credit
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1466000000 USD
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1305000000 USD
CY2017 us-gaap Proceeds From Lines Of Credit
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465000000 USD
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6203000 USD
CY2017 us-gaap Proceeds From Payments For Other Financing Activities
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1799000 USD
CY2015 us-gaap Proceeds From Sale Of Property Held For Sale
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0 USD
CY2016 us-gaap Proceeds From Sale Of Property Held For Sale
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622982000 USD
CY2017 us-gaap Proceeds From Sale Of Property Held For Sale
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0 USD
CY2015 us-gaap Proceeds From Short Term Debt Maturing In Three Months Or Less
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0 USD
CY2016 us-gaap Proceeds From Short Term Debt Maturing In Three Months Or Less
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0 USD
CY2017 us-gaap Proceeds From Short Term Debt Maturing In Three Months Or Less
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100000000 USD
CY2015 us-gaap Profit Loss
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258262000 USD
CY2016 us-gaap Profit Loss
ProfitLoss
838226000 USD
CY2017 us-gaap Profit Loss
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200860000 USD
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1557004000 USD
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1780694000 USD
CY2016Q4 us-gaap Real Estate Accumulated Depreciation
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1890656000 USD
CY2017Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2118839000 USD
CY2015 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
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10265000 USD
CY2016 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
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133441000 USD
CY2017 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
27741000 USD
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Amount Of Encumbrances
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865970000 USD
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6666394000 USD
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1001349000 USD
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823548000 USD
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
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5842846000 USD
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
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1001349000 USD
CY2015 us-gaap Real Estate Cost Of Real Estate Sold
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24705000 USD
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355246000 USD
CY2017 us-gaap Real Estate Cost Of Real Estate Sold
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62023000 USD
CY2017Q4 us-gaap Real Estate Federal Income Tax Basis
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6700000000 USD
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6998233000 USD
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7376690000 USD
CY2017Q4 us-gaap Real Estate Gross At Carrying Value
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7667743000 USD
CY2015 us-gaap Real Estate Improvements
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66640000 USD
CY2016 us-gaap Real Estate Improvements
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65892000 USD
CY2017 us-gaap Real Estate Improvements
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71889000 USD
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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1890656000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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2118839000 USD
CY2015 us-gaap Real Estate Other Acquisitions
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0 USD
CY2016 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
0 USD
CY2017 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
56985000 USD
CY2015 us-gaap Real Estate Revenue Net
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835618000 USD
CY2016Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
217595000 USD
CY2016Q2 us-gaap Real Estate Revenue Net
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221478000 USD
CY2016Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
220235000 USD
CY2016Q4 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
217139000 USD
CY2016 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
876447000 USD
CY2017Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
219521000 USD
CY2017Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
223370000 USD
CY2017Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
228178000 USD
CY2017Q4 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
229827000 USD
CY2017 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
900896000 USD
CY2015 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
98895000 USD
CY2016 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
104575000 USD
CY2017 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
110925000 USD
CY2015 us-gaap Repayments Of Lines Of Credit
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1222000000 USD
CY2016 us-gaap Repayments Of Lines Of Credit
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1549000000 USD
CY2017 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
465000000 USD
CY2015 us-gaap Repayments Of Notes Payable
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253043000 USD
CY2016 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
3077000 USD
CY2017 us-gaap Repayments Of Notes Payable
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CY2017 cpt Basis Of Presentation Summary Of Significant Accounting Policies And Recent Accounting Pronouncements
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Principles of Consolidation</font><font style="font-family:inherit;font-size:10pt;">. Our consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (&#8220;VIEs&#8221;), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation primarily using a voting interest model. In determining if we have a controlling financial interest, we consider factors such as ownership interests, authority to make decisions, kick-out rights and participating rights. At </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, two of our consolidated operating partnerships are VIEs, of which we held between </font><font style="font-family:inherit;font-size:10pt;">92%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">94%</font><font style="font-family:inherit;font-size:10pt;"> of the outstanding common limited partnership units and the sole </font><font style="font-family:inherit;font-size:10pt;">1%</font><font style="font-family:inherit;font-size:10pt;"> general partnership interest of each consolidated operating partnership. As we are considered the primary beneficiary, we continue to consolidate these operating partnerships. </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Acquisitions of Real Estate</font><font style="font-family:inherit;font-size:10pt;">. Upon acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Upon our adoption of Accounting Standard Update 2017-01 ("ASU 2017-01") on January 1, 2017, as discussed below in Recent Accounting Pronouncements, we believe most future transaction costs relating to acquisition of operating assets will be capitalized. Prior to our adoption of ASU 2017-01 transaction costs associated with the acquisition of operating assets were expensed as incurred. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition. The net carrying value of below market leases is included in other liabilities in our consolidated balance sheets and the net carrying value of in-place leases is included in other assets, net in our consolidated balance sheets. </font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, we recognized amortization expense related to in-place leases of approximately </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;">. During the year ended December 31,2015, we recognized revenues related to below market leases of approximately </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> and amortization expense related to in-place leases of approximately </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;">. We did not recognize any revenue or amortization expense related to below market or in-place leases for the year ended December 31, 2016.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The weighted average amortization period of in-place leases was approximately </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">. The weighted average amortization period of below market leases and in-place leases were approximately </font><font style="font-family:inherit;font-size:10pt;">eight</font><font style="font-family:inherit;font-size:10pt;"> months for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Asset Impairment</font><font style="font-family:inherit;font-size:10pt;">. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant&#8217;s perspective. When impairment exists, the long-lived asset is adjusted to its fair value. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the years ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, or </font><font style="font-family:inherit;font-size:10pt;color:#000000;">2015</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The value of our properties under development depends on market conditions, including estimates of the project start date as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect on our consolidated financial position and results of operations.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Cash and Cash Equivalents</font><font style="font-family:inherit;font-size:10pt;">. All cash and investments in money market accounts and other highly liquid securities with a maturity of three months or less at the date of purchase are considered to be cash and cash equivalents. We maintain the majority of our cash and cash equivalents at major financial institutions in the United States and deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we regularly monitor the financial stability of these financial institutions and believe we are not currently exposed to any significant default risk with respect to these deposits.</font></div><div style="line-height:120%;padding-top:10px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Short-term Investments</font><font style="font-family:inherit;font-size:10pt;">.&#160;Our short-term investments consisted of certificates of deposit which have original maturities of more than three months but less than one year.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Cost Capitalization</font><font style="font-family:inherit;font-size:10pt;">. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are completed, the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately </font><font style="font-family:inherit;font-size:10pt;">$15.2 million</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$18.2 million</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">$19.3 million</font><font style="font-family:inherit;font-size:10pt;"> for the years ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, respectively. Capitalized real estate taxes were approximately </font><font style="font-family:inherit;font-size:10pt;">$2.4 million</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$4.5 million</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">$3.6 million</font><font style="font-family:inherit;font-size:10pt;"> for the years ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Where possible, we stage our construction to allow leasing and occupancy during the construction period, which we believe minimizes the duration of the lease-up period following completion of construction. Our accounting policy related to properties in the development and leasing phase is to expense all operating expenses associated with completed apartment homes. We capitalize renovation and improvement costs we believe extend the economic lives of depreciable property. Capital expenditures subsequent to initial construction are capitalized and depreciated over their estimated useful lives.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We also incur expenditures related to renovation and construction of office space we lease and we capitalize these leasehold improvements as furniture, fixtures, equipment and other. We depreciate these costs using the straight-line method over the shorter of the lease term or the useful life of the improvement. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:80%;" rowspan="1" colspan="1"></td><td style="width:20%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Estimated</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Useful&#160; Life</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Buildings and improvements</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5-35 years</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Furniture, fixtures, equipment and other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3-20 years</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intangible assets/liabilities (in-place leases and below market leases)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">underlying&#160;lease&#160;term</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivative Financial Instruments.</font><font style="font-family:inherit;font-size:10pt;"> Derivative financial instruments are recorded in the consolidated balance sheets at fair value and we do not apply master netting for financial reporting purposes. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows or other types of forecasted transactions are cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes attributable to the earnings effect of the hedged transactions. We may enter into derivative contracts which are intended to economically hedge certain of our risks, for which hedge accounting does not apply or we elect not to apply hedge accounting.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Discontinued Operations</font><font style="font-family:inherit;font-size:10pt;">. A property is classified as a discontinued operation when the disposal represents a strategic shift, such as disposal of a major line of business, a major geographical area or a major equity investment. The results of operations for properties sold during the period or classified as held for sale at the end of the period, and meeting the above criteria of discontinued operations, are classified as discontinued operations for all periods presented. The property-specific components of earnings classified as discontinued operations include separately identifiable property-specific revenues, expenses, depreciation, and interest expense, if any. The gain or loss resulting from the eventual disposal of the held for sale properties meeting the criteria of discontinued operations is also classified within discontinued operations. Real estate assets held for sale are measured at the lower of carrying amount or fair value less costs to sell and are presented separately in the accompanying consolidated balance sheets. Subsequent to classification of a property as held for sale, no further depreciation is recorded. Consolidated operating properties sold or classified as held for sale, which do not meet the above criteria of discontinued operations are not included in discontinued operations and the related gains and losses are included in continuing operations. Properties sold by our unconsolidated entities which do not meet the above criteria of discontinued operations are not included in discontinued operations and related gains or losses are reported as a component of equity in income of joint ventures.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gains on sale of real estate are recognized using the full accrual or partial sale methods, as applicable, in accordance with accounting principles generally accepted in the United States of America ("GAAP"), provided various criteria relating to the terms of sale and any subsequent involvement with the real estate sold are satisfied.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> See Note 7, "Acquisitions, Dispositions, and Discontinued Operations," for discussion of discontinued operations for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">. There were no discontinued operations for the years ended 2017 or 2015.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value</font><font style="font-family:inherit;font-size:10pt;">. For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:36px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1: Quoted prices for identical instruments in active markets.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:36px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:36px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3: Significant inputs to the valuation model are unobservable.</font></div></td></tr></table><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recurring Fair Value Measurements.</font><font style="font-family:inherit;font-size:10pt;"> The following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis: </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Deferred Compensation Plan Investments.</font><font style="font-family:inherit;font-size:10pt;"> The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded in other assets in our consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivative Financial Instruments.</font><font style="font-family:inherit;font-size:10pt;"> The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps and caps are estimated using the market-standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk, including our own nonperformance risk and the respective counterparty&#8217;s nonperformance risk. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Although we have determined the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Non-recurring Fair Value Measurements.</font><font style="font-family:inherit;font-size:10pt;"> Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value if they are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." Non-recurring fair value disclosures are not provided for impairments on assets disposed during the period because they are no longer owned by us.&#160;The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instrument Fair Value Disclosures.</font><font style="font-family:inherit;font-size:10pt;"> As of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, the carrying values of cash and cash equivalents, short-term investments, accounts receivable, accounts payable, accrued expenses and distributions payable represent fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. The carrying value of our notes receivable, which are included in other assets, net in our consolidated balance sheets, approximates their fair value. The estimated fair values are based on certain factors, such as market interest rates, terms of the note and credit worthiness of the borrower. These financial instruments utilize Level 3 inputs. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Recognition</font><font style="font-family:inherit;font-size:10pt;">. Our rental and other property revenue is recorded when due from residents and is recognized monthly as it is earned. Other property revenue consists primarily of utility rebillings and administrative, application, and other transactional fees charged to our residents. Our apartment homes are rented to residents on lease terms generally ranging from six to </font><font style="font-family:inherit;font-size:10pt;">eighteen</font><font style="font-family:inherit;font-size:10pt;"> months, with monthly payments due in advance. All other sources of income, including interest and fee and asset management income, are recognized as earned. Operations of multifamily properties acquired are recorded from the date of acquisition in accordance with the acquisition method of accounting. In management&#8217;s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk.</font></div><div style="line-height:120%;padding-top:10px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications. </font><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to amounts in prior period financial statements to conform to the current period presentation. We reclassified certain insignificant amounts in the consolidated statements of cash flows for the&#160;years ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">&#160;and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">. These reclassifications had no impact on our consolidated cash flows from operating, investing or financing activities. </font></div><div style="line-height:120%;padding-top:10px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Insurance</font><font style="font-family:inherit;font-size:10pt;">. Our primary lines of insurance coverage are property, general liability, health, and workers&#8217; compensation. We believe our insurance coverage adequately insures our properties against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils and adequately insures us against other risks. Losses are accrued based upon our estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on our experience.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Other Assets, Net</font><font style="font-family:inherit;font-size:10pt;">. Other assets in our consolidated financial statements include investments under deferred compensation plans, deferred financing costs, non-real estate leasehold improvements and equipment, notes receivable, prepaid expenses, the value of in-place leases net of related accumulated amortization, and other miscellaneous receivables. Investments under deferred compensation plans are classified as trading securities and are adjusted to fair market value at period end. For a further discussion of our investments under deferred compensation plans, see Note 11, &#8220;Share-based Compensation and Benefit Plans.&#8221; Deferred financing costs are related to our unsecured credit facility and unsecured short-term borrowing facility, and are amortized no longer than the terms of the related facilities on the straight-line method, which approximates the effective interest method. Corporate leasehold improvements and equipment are depreciated using the straight-line method over the shorter of the expected useful lives or the lease terms which generally range from three to ten years.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our notes receivable relate to real estate secured loans to unaffiliated third parties. At </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, we had one outstanding note receivable balance of approximately </font><font style="font-family:inherit;font-size:10pt;">$18.8 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$17.2 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. The weighted average interest rates were approximately </font><font style="font-family:inherit;font-size:10pt;">4.0%</font><font style="font-family:inherit;font-size:10pt;"> for each of the years ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> related to such note. At </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, construction was complete on this project and we were not committed to fund any additional amounts under the note. Interest is recognized over the life of the note and is included in interest and other income in our consolidated statements of income and comprehensive income. We consider a note receivable to be impaired if it is probable we will not collect all contractually due principal and interest. We do not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest which is not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. There were no impairments as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reportable Segments</font><font style="font-family:inherit;font-size:10pt;">. We operate in a single reportable segment which includes the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Each of our operating properties is considered a separate operating segment as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on geography, size or type. Our multifamily apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. Further, all material operations are within the United States and no multifamily apartment community comprises more than 10% of consolidated revenues. As a result, our operating properties are aggregated into a single reportable segment. Our multifamily communities generate rental revenue and other income through the leasing of apartment homes, which comprised approximately </font><font style="font-family:inherit;font-size:10pt;">99%</font><font style="font-family:inherit;font-size:10pt;"> of our total property revenues and total non-property income, excluding income on deferred compensation plans, for each of the years ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restricted Cash</font><font style="font-family:inherit;font-size:10pt;">. Restricted cash consists of escrow deposits held by lenders for property taxes, insurance and replacement reserves, cash required to be segregated for the repayment of residents&#8217; security deposits, and escrowed amounts related to our development and acquisition activities. Substantially all restricted cash is invested in demand and short-term instruments.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Share-based Compensation</font><font style="font-family:inherit;font-size:10pt;">. Compensation expense associated with share-based awards is recognized in our consolidated statements of income and comprehensive income using the grant-date fair values. Compensation cost for all share-based awards, including options, requires measurement at estimated fair value on the grant date and recognition of compensation expense over the requisite service period for awards expected to vest. The fair value of stock option grants is estimated using the Black-Scholes valuation model. Valuation models require the input of assumptions, including judgments to estimate the expected stock price volatility, expected life, and forfeiture rate. The compensation cost for share-based awards is based on the market value of the shares on the date of grant.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">. In the application of GAAP, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, results of operations during the reporting periods, and related disclosures. Our more significant estimates include estimates supporting our impairment analysis related to the carrying values of our real estate assets. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. Future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recent Accounting Pronouncements. </font><font style="font-family:inherit;font-size:10pt;">In January 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-01, "Clarifying the Definition of a Business (Topic 805)." ASU 2017-01 clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017, early adoption was permitted, and we adopted ASU 2017-01 as of January 1, 2017. We believe most of our future acquisitions of operating properties will qualify as asset acquisitions and most future transaction costs associated with these acquisitions will be capitalized.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." ASU 2017-05 clarifies the definition of an in-substance nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This update is effective for interim and annual periods beginning after December 15, 2017 using a full retrospective or modified retrospective method and is required to be adopted in conjunction with ASU 2014-09, "Revenue from Contracts with Customers" discussed below. We adopted ASU 2017-05 as of January 1, 2018, along with our adoption of ASU 2014-09, using the modified retrospective method and it did not have a material impact on our consolidated financial statements. We believe most of our future contributions of nonfinancial assets to our joint ventures, if any, will result in the recognition of a full gain or loss as if we sold 100% of the nonfinancial asset and we will also measure our retained interest at fair value. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09 which prescribes a single, common revenue standard to replace most existing revenue recognition guidance in GAAP, including most industry-specific requirements. The standard outlines a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. Several ASUs have been issued since the issuance of ASU 2014-09 which modify certain sections of the new revenue recognition standard, and are intended to promote a more consistent interpretation and application of the principles outlined in the standard. We adopted ASU 2014-09, and all related amendments, effective January 1, 2018 using the modified retrospective with cumulative-effect transition method which requires us to recognize the cumulative effect of initially applying the new revenue standard as an adjustment, if any, to the opening balance of retained earnings. We have identified our revenue streams and finalized our evaluation of the impact on our consolidated financial statements and internal accounting processes. Upon adoption, we will present certain revenue streams, which are currently included as a component of our other property revenues, as rental revenues due to the nature and timing of revenue recognition for these revenue streams. The new presentation will be applied prospectively upon adoption as this adjustment will not have an impact upon total property revenues or the opening balance of retained earnings and the adoption of ASU 2014-09 and its related amendments will not have a material impact on our consolidated financial statements as the majority of our revenue is derived from real estate lease contracts. Had ASU 2014-09 been effective as of January 1, 2017, we would have reclassified approximately </font><font style="font-family:inherit;font-size:10pt;">$21.9 million</font><font style="font-family:inherit;font-size:10pt;"> from other property revenue to rental revenue for the year end December 31, 2017.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 supersedes the current accounting for leases and while retaining two distinct types of leases, finance and operating, (i) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting (ii) eliminates most real estate specific lease provisions, and (iii) aligns many of the underlying lessor model principles with those in the new revenue standard. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. We are required to adopt ASU 2016-02 using the modified retrospective approach which requires us to record leases existing as of or are entered into after the beginning of the earliest comparative period presented in the financial statements under the new lease standard. We anticipate adopting ASU 2016-02 as of January 1, 2019. Based on our assessments, most of our operating lease commitments will be subject to the new guidance and recognized as operating lease liabilities and right-of-use assets upon adoption and believe our adoption of the new leasing standard will have an immaterial increase in the assets and liabilities on our consolidated balance sheets, with no material impact to our consolidated statements of income and comprehensive income. However, the ultimate impact will depend on our lease portfolio as of the adoption date. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, accrual of compensation cost, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016, and we adopted ASU 2016-09 as of January 1, 2017. Upon adoption we elected to recognize forfeitures of share-based payment awards as they occur, rather than estimating forfeitures at the time awards are granted. Historically, our estimated forfeitures approximated actual forfeitures and the impact of the change in policy upon our adoption of ASU 2016-09 did not have a material impact on our consolidated financial statements. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)." ASU 2016-15 clarifies how eight specific cash receipts and cash payments are to be presented and classified on the statement of cash flows, including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration made after a business combination, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of predominance principle. ASU 2016-15 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. Each amendment in this standard must be applied retrospectively. We adopted ASU 2016-15 as of January 1, 2018 using the retrospective method by applying the cumulative earnings approach to classify distributions received from our equity method investees and it did not have a material effect on our consolidated statements of cash flows upon adoption. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." ASU 2017-12 amends the hedge accounting model to provide better insight to risk management activities in the financial statements, reduces the complexity in cash flow hedges of interest rate risk, eliminates the requirement to separately measure and report hedge ineffectiveness, requires the entire change in the fair value of a hedging instrument included in the assessment of the hedge effectiveness to be recorded in other comprehensive income, with amounts reclassified to earnings to be presented in the same line item used to present the earnings effect of the hedged item when the hedged item affects earnings and allows the initial prospective quantitative assessment of hedge effectiveness to be performed at any time after hedge designation, but no later than the first quarterly effectiveness testing date. ASU 2017-12 is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. The amendments in this standard must be applied using the modified retrospective approach for cash flow and net investment hedge relationships existing on the date of adoption. We adopted ASU 2017-12 in the third quarter of 2017, and this adoption had no impact upon adoption as we had no hedging activities in the prior periods presented.</font></div></div>
CY2017 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1. Description of Business</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business.</font><font style="font-family:inherit;font-size:10pt;"> Formed on May&#160;25, 1993, Camden Property Trust, a Texas real estate investment trust (&#8220;REIT&#8221;), is primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as &#8220;communities,&#8221; &#8220;multifamily communities,&#8221; &#8220;properties,&#8221; or &#8220;multifamily properties&#8221; in the following discussion. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, we owned interests in, operated, or were developing </font><font style="font-family:inherit;font-size:10pt;">162</font><font style="font-family:inherit;font-size:10pt;"> multifamily properties comprised of </font><font style="font-family:inherit;font-size:10pt;">55,143</font><font style="font-family:inherit;font-size:10pt;"> apartment homes across the United States. Of the </font><font style="font-family:inherit;font-size:10pt;">162</font><font style="font-family:inherit;font-size:10pt;"> properties, </font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;"> properties were under construction, and will consist of a total of </font><font style="font-family:inherit;font-size:10pt;">2,110</font><font style="font-family:inherit;font-size:10pt;"> apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.</font></div></div>
CY2017 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications. </font><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to amounts in prior period financial statements to conform to the current period presentation. We reclassified certain insignificant amounts in the consolidated statements of cash flows for the&#160;years ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">&#160;and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">. These reclassifications had no impact on our consolidated cash flows from operating, investing or financing activities. </font></div></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">. In the application of GAAP, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, results of operations during the reporting periods, and related disclosures. Our more significant estimates include estimates supporting our impairment analysis related to the carrying values of our real estate assets. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. Future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment.</font></div></div>

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