Effective December 31, 2012, the Compensation Committee of the registrant's Board of Directors and the full Board of Directors, in respect to the Chief Executive Officer, adopted the 2013 Long Term Incentive Program, or 2013 LTIP, for 67 employees including Eric H. Bolton, Jr., Chief Executive Officer, Albert M. Campbell, III, Executive Vice President and Chief Financial Officer, and Thomas L. Grimes, Jr., Executive Vice President and Chief Operating Officer whom are all named executive officers. The 2013 LTIP allows for the award of shares of restricted common stock based on a percentage of the participant's salary. The plan provides for the opportunity to earn shares of restricted common stock based on three performance criteria: absolute total shareholder return, relative total shareholder return and service-based shares. The relative performance metrics will compare the registrant's performance against the NAREIT Apartment REIT Index. Any earned shares of restricted common stock will be issued on January 24, 2014 and will vest 25% on January 23, 2015, 25% on January 22, 2016, 25% on January 24, 2017 and 25% on January 24, 2018. All vestings are dependent upon continued employment in good standing through the vest date. Earned and issued shares of restricted stock will earn dividends during their vesting period.

A copy of the 2013 LTIP is set forth on Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

(c) Exhibits

Exhibit Number   Description
4.1              Form of Restricted Stock Agreement
10.1             2013 Long Term Incentive Program