Quarterly report pursuant to Section 13 or 15(d)

Recent Transactions (Acquisitions) (Narrative) (Details)

v3.4.0.3
Recent Transactions (Acquisitions) (Narrative) (Details)
$ in Thousands
 3 Months Ended
Apr. 22, 2016
USD ($)
ft²
Apr. 01, 2016
USD ($)
Jan. 19, 2016
USD ($)
Jan. 05, 2016
USD ($)
item
Mar. 31, 2016
USD ($)
item
Mar. 31, 2015
USD ($)
Real Estate Properties [Line Items]            
Purchase price of property         $ 34,603 $ 19,658
Realized gains on sale         58,600 $ 144
Gain on change of control of interests         10,156  
Mortgage loan carrying amount         $ 1,823,311  
Minimum [Member]            
Real Estate Properties [Line Items]            
Percentage of interest in venture         7.50%  
Maximum [Member]            
Real Estate Properties [Line Items]            
Percentage of interest in venture         85.00%  
Portside Apartment Holdings, L.L.C. [Member]            
Real Estate Properties [Line Items]            
Percentage of interest in venture         50.00%  
Purchase price of property   $ 38,100        
Portside Apartment Holdings, L.L.C. [Member] | Subsequent Event [Member]            
Real Estate Properties [Line Items]            
Percentage of interest in venture   85.00%        
Purchase price of property   $ 38,100        
Portside Master Company, L.L.C. [Member]            
Real Estate Properties [Line Items]            
Percentage of interest in venture [1],[2],[3]         38.25%  
Number of units | item [2],[3]         175  
Mortgage loan carrying amount   $ 42,500     $ 42,500 [2],[3]  
Spread over LIBOR [4]         2.50%  
Mortgage loan, maturity date [2],[3]         Dec. 04, 2017  
Portside Master Company, L.L.C. [Member] | Subsequent Event [Member]            
Real Estate Properties [Line Items]            
Percentage of interest in venture   85.00%        
PruRose Riverwalk G, L.L.C. [Member]            
Real Estate Properties [Line Items]            
Percentage of interest in venture [1],[3],[5]         25.00%  
Number of units | item [3],[5]         316  
Purchase price of property   $ 11,300        
Mortgage loan carrying amount [3],[5]         $ 79,392  
Interest rate [3],[5]         6.00%  
Percentage of additional interest acquired         25.00%  
Mortgage loan, maturity date [3],[5]         Jul. 15, 2021  
PruRose Riverwalk G, L.L.C. [Member] | Subsequent Event [Member]            
Real Estate Properties [Line Items]            
Percentage of interest in venture   50.00%        
Percentage of additional interest acquired   50.00%        
Hoboken, New Jersey [Member] | Subsequent Event [Member]            
Real Estate Properties [Line Items]            
Area of property (in square feet) | ft² 566,000          
Purchase price of property $ 235,000          
Multi-Family Properties [Member]            
Real Estate Properties [Line Items]            
Number of units | item         5,644  
Overlook Ridge Apartments Investors, L.L.C. [Member]            
Real Estate Properties [Line Items]            
Percentage of interest in venture       50.00%    
Number of units | item       371    
Purchase price of property       $ 39,800    
Loans assumed     $ 72,500 $ 52,700    
Spread over LIBOR     3.625%      
Mortgage loan, maturity date         Feb. 01, 2023  
[1] Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.
[2] On April 1, 2016, the Company acquired the equity interests of its joint venture partner in Portside Apartment Holdings, L.L.C and PruRose Riverwalk G, L.L.C. for $38.1 million and $11.3 million, respectively, which increased its ownership to 85 percent in Portside Apartment Holdings, LLC and 50 percent in PruRose Riverwalk G, L.L.C. (See Note 3: Recent Transactions - Acquisitions).
[3] The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term.
[4] The construction loan has a maximum borrowing amount of $42,500 and provides, subject to certain conditions, two two-year extension options with a fee of 12.5 basis points for the first two-year extension and 25 basis points for the second two-year extension.
[5] Property debt balance consists of: (i) a loan, collateralized by the Metropolitan at 40 Park, with a balance of $38,218, bears interest at 3.25 percent, matures in September 2020; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,421, bears interest at 3.63 percent, matures in August 2018; and (iii) a loan, collateralized by the Lofts at 40 Park, with a balance of $1,117, bears interest at LIBOR plus 250 basis points and matures in September 2016. The Shops at 40 Park mortgage loan also provides for additional borrowing proceeds of $1 million based on certain preferred thresholds being achieved.