x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland (Essex Property Trust, Inc.) California (Essex Portfolio, L.P.) | 77-0369576 77-0369575 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of each class | Name of each exchange on which registered | |
Common Stock, $.0001 par value (Essex Property Trust, Inc.) | New York Stock Exchange | |
7.125% Series H Cumulative Redeemable Preferred Stock (Essex Property Trust, Inc.) | New York Stock Exchange |
Essex Property Trust, Inc. Yes x No o | Essex Portfolio, L.P. Yes o No x |
Essex Property Trust, Inc. Yes o No x | Essex Portfolio, L.P. Yes o No x |
Essex Property Trust, Inc. Yes x No o | Essex Portfolio, L.P. Yes x No o |
Essex Property Trust, Inc. Yes x No o | Essex Portfolio, L.P. Yes x No o |
Essex Property Trust, Inc. o | Essex Portfolio, L.P. o |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer x (Do not check if a smaller reporting company) | Smaller reporting company o |
Essex Property Trust, Inc. Yes o No x | Essex Portfolio, L.P. Yes o No x |
enhances investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; |
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and |
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
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Part II. | ||
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Part III. | ||
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Item 13. | ||
Item 14. | ||
Part IV. | ||
Item 15. | ||
Focus on markets in major metropolitan areas that have regional population in excess of one million; |
Constraints on new supply driven by: (i) low availability of developable land sites where competing housing could be economically built; (ii) political growth barriers, such as protected land, urban growth boundaries, and potential lengthy and expensive development permit processes; and (iii) natural limitations to development, such as mountains or waterways; |
Rental demand is enhanced by affordability of rents relative to costs of for-sale housing; and |
Housing demand that is based on job growth, proximity to jobs, high median incomes and the quality of life including related commuting factors. |
Essex Ownership | Purchase | |||||||||||||||||
Property Name | Location | Units | Percentage | Ownership | Date | Price | ||||||||||||
Fox Plaza Apartments | San Francisco, CA | 444 | 100 | % | EPLP | Q1 2013 | $ | 135.0 | ||||||||||
Bennett Lofts (formerly Q Lofts) (1) | San Francisco, CA | 34 | 100 | % | EPLP | Q1 2013 | 22.2 | |||||||||||
Annaliese | Seattle, WA | 56 | 100 | % | EPLP | Q1 2013 | 19.0 | |||||||||||
Gas Company Lofts | Los Angeles, CA | 251 | 50 | % | Wesco III | Q2 2013 | 71.0 | |||||||||||
Regency at Mountain View | Mountain View, CA | 142 | 50 | % | Wesco III | Q2 2013 | 42.5 | |||||||||||
Slater 116 | Kirkland, WA | 108 | 100 | % | EPLP | Q3 2013 | 29.6 | |||||||||||
Domain | San Diego, CA | 379 | 100 | % | EPLP | Q4 2013 | 121.0 | |||||||||||
Vox | Seattle, WA | 58 | 100 | % | EPLP | Q4 2013 | 22.2 | |||||||||||
Total 2013 | 1,472 | $ | 462.5 |
Essex Ownership | Purchase | |||||||||||||||
Property Name | Location | Units | Percentage | Ownership | Quarter in 2014 | Price | ||||||||||
The Avery | Los Angeles, CA | 121 | 100 | % | EPLP | Q1 2014 | $ | 35.0 | ||||||||
Piedmont | Bellevue, WA | 396 | 100 | % | EPLP | Q2 2014 | 76.8 | |||||||||
Collins on Pine | Seattle, WA | 76 | 100 | % | EPLP | Q2 2014 | 29.2 | |||||||||
Paragon | Fremont, CA | 301 | 100 | % | EPLP | Q3 2014 | 111.0 | |||||||||
Apex | Milpitas, CA | 366 | 100 | % | EPLP | Q3 2014 | 150.0 | |||||||||
Ellington at Bellevue | Bellevue, WA | 220 | 100 | % | EPLP | Q3 2014 | 58.7 | |||||||||
Palm Valley (1) | San Jose, CA | 1,098 | 50 | % | JV | Q4 2014 | 180.0 | |||||||||
Total 2014 | 2,578 | $ | 640.7 |
Essex | As of 12/31/13 ($ in millions) | ||||||||||||||||
Ownership | Incurred | Estimated | |||||||||||||||
Development Pipeline | Location | % | Units | Project Cost | Project Cost(1) | ||||||||||||
Development Projects - Consolidated | |||||||||||||||||
The Emme (formerly 64th & Christie) | Emeryville, CA | 100 | % | 190 | $ | 34.1 | $ | 61.6 | |||||||||
The Avery (2) | Los Angeles, CA | 100 | % | 121 | 2.5 | 37.6 | |||||||||||
Total - Consolidated Development Projects | 311 | 36.6 | 99.2 | ||||||||||||||
Development Projects - Joint Venture | |||||||||||||||||
Epic - Phase II | San Jose, CA | 55 | % | 289 | 87.1 | 97.3 | |||||||||||
Epic - Phase III | San Jose, CA | 55 | % | 200 | 28.0 | 96.3 | |||||||||||
Connolly Station | Dublin, CA | 55 | % | 309 | 88.6 | 94.5 | |||||||||||
The Huxley | West Hollywood, CA | 50 | % | 187 | 71.8 | 75.0 | |||||||||||
The Dylan | West Hollywood, CA | 50 | % | 184 | 64.6 | 75.4 | |||||||||||
Mosso I and Mosso II | San Francisco, CA | 55 | % | 463 | 191.2 | 250.0 | |||||||||||
Park 20 (formerly Elkhorn) | San Mateo, CA | 55 | % | 197 | 47.8 | 76.1 | |||||||||||
One South Market | San Jose, CA | 55 | % | 312 | 30.9 | 145.1 | |||||||||||
The Village | Walnut Creek, CA | 50 | % | 49 | 36.3 | 81.0 | |||||||||||
Total - Joint Venture Development Projects | 2,190 | 646.3 | 990.7 | ||||||||||||||
Predevelopment Projects - Consolidated | |||||||||||||||||
City Centre | Moorpark, CA | 100 | % | 200 | 11.6 | 11.6 | |||||||||||
Other Projects | various | 100 | % | - | 2.2 | 2.2 | |||||||||||
Total - Predevelopment Projects | 200 | 13.8 | 13.8 | ||||||||||||||
Grand Total - Development and Predevelopment Pipeline | 2,701 | $ | 696.7 | $ | 1,103.7 |
As of | ||||||||||||||||
12/31/2014 | ||||||||||||||||
Essex | Incurred | Estimated | ||||||||||||||
Development Pipeline | Location | Ownership% | Units | Project Cost | Project Cost(1) | |||||||||||
Development Projects - Consolidated | ||||||||||||||||
MB 360 | San Francisco, CA | 100 | % | 360 | $ | 226 | $ | 275 | ||||||||
Radius | Redwood City, CA | 100 | % | 264 | 163 | 172 | ||||||||||
Total - Consolidated Development Projects | 624 | 389 | 447 | |||||||||||||
Development Projects - Joint Venture | ||||||||||||||||
Epic - Phase III | San Jose, CA | 55 | % | 200 | 64 | 97 | ||||||||||
The Dylan | West Hollywood, CA | 50 | % | 184 | 78 | 78 | ||||||||||
Mosso II | San Francisco, CA | 55 | % | 282 | 143 | 150 | ||||||||||
Park 20 | San Mateo, CA | 55 | % | 197 | 74 | 77 | ||||||||||
One South Market | San Jose, CA | 55 | % | 312 | 120 | 145 | ||||||||||
The Village | Walnut Creek, CA | 50 | % | 49 | 60 | 89 | ||||||||||
Emme | Emeryville, CA | 55 | % | 190 | 62 | 62 | ||||||||||
Owens | Pleasanton, CA | 55 | % | 255 | 26 | 89 | ||||||||||
Hacienda | Pleasanton, CA | 55 | % | 251 | 16 | 86 | ||||||||||
Century Towers | San Jose, CA | 50 | % | 376 | 40 | 172 | ||||||||||
Total - Joint Venture Development Projects | 2,296 | 683 | 1,045 | |||||||||||||
Predevelopment Projects - Consolidated | ||||||||||||||||
Other Projects | various | 100 | % | — | 45 | 45 | ||||||||||
Total - Predevelopment Projects | — | 45 | 45 | |||||||||||||
Grand Total - Development and Predevelopment Pipeline | 2,920 | $ | 1,117 | $ | 1,537 |
(1) | Includes incurred costs and estimated costs to complete these development projects. For predevelopment projects, only incurred costs are included in estimated costs. |
located near employment centers; |
attractive communities that are well maintained; and |
proactive customer service. |
Rentable | Year | |||||||||||||
Communities (1) | Location | Units | Square Footage | Year Built | Acquired | Occupancy(2) | ||||||||
Southern California | ||||||||||||||
Alpine Village | Alpine, CA | 301 | 254,400 | 1971 | 2002 | 97% | ||||||||
Anavia | Anaheim, CA | 250 | 312,343 | 2009 | 2010 | 96% | ||||||||
Barkley, The (3)(4) | Anaheim, CA | 161 | 139,800 | 1984 | 2000 | 97% | ||||||||
Park Viridian | Anaheim, CA | 320 | 254,600 | 2008 | 2014 | 96% | ||||||||
Bonita Cedars | Bonita, CA | 120 | 120,800 | 1983 | 2002 | 97% | ||||||||
Camarillo Oaks | Camarillo, CA | 564 | 459,000 | 1985 | 1996 | 96% | ||||||||
Camino Ruiz Square | Camarillo, CA | 160 | 105,448 | 1990 | 2006 | 97% |
Rentable | ||||||||||||
Square | Year | Year | ||||||||||
Communities (1) | Location | Units | Footage | Built | Acquired | Occupancy(2) | ||||||
Southern California | ||||||||||||
Alpine Village | Alpine, CA | 301 | 254,400 | 1971 | 2002 | 97% | ||||||
Anavia | Anaheim, CA | 250 | 312,343 | 2009 | 2010 | 96% | ||||||
Barkley, The(3)(4) | Anaheim, CA | 161 | 139,800 | 1984 | 2000 | 97% | ||||||
Bonita Cedars | Bonita, CA | 120 | 120,800 | 1983 | 2002 | 97% | ||||||
Camarillo Oaks | Camarillo, CA | 564 | 459,000 | 1985 | 1996 | 96% | ||||||
Camino Ruiz Square | Camarillo, CA | 160 | 105,448 | 1990 | 2006 | 98% | ||||||
Mesa Village | Clairemont, CA | 133 | 43,600 | 1963 | 2002 | 97% | ||||||
Regency at Encino | Encino, CA | 75 | 78,487 | 1989 | 2009 | 97% | ||||||
Valley Park(4) | Fountain Valley, CA | 160 | 169,700 | 1969 | 2001 | 98% | ||||||
Capri at Sunny Hills(4) | Fullerton, CA | 100 | 128,100 | 1961 | 2001 | 94% | ||||||
Haver Hill(5) | Fullerton, CA | 264 | 224,130 | 1973 | 2012 | 94% | ||||||
Wilshire Promenade | Fullerton, CA | 149 | 128,000 | 1992 | 1997 | 96% | ||||||
Montejo(4) | Garden Grove, CA | 124 | 103,200 | 1974 | 2001 | 96% | ||||||
CBC Apartments | Goleta, CA | 148 | 91,538 | 1962 | 2006 | 95% | ||||||
The Sweeps | Goleta, CA | 91 | 88,370 | 1967 | 2006 | 95% | ||||||
416 on Broadway | Glendale, CA | 115 | 126,782 | 2009 | 2010 | 97% | ||||||
Hampton Court | Glendale, CA | 83 | 71,500 | 1974 | 1999 | 97% | ||||||
Hampton Place | Glendale, CA | 132 | 141,500 | 1970 | 1999 | 97% | ||||||
Devonshire | Hemet, CA | 276 | 207,200 | 1988 | 2002 | 91% | ||||||
Huntington Breakers | Huntington Beach, CA | 342 | 241,700 | 1984 | 1997 | 96% | ||||||
The Huntington | Huntington Beach, CA | 276 | 202,256 | 1975 | 2012 | 96% | ||||||
Axis 2300 | Irvine, CA | 115 | 170,714 | 2010 | 2010 | 96% | ||||||
Hillsborough Park | La Habra, CA | 235 | 215,500 | 1999 | 1999 | 97% | ||||||
Trabuco Villas | Lake Forest, CA | 132 | 131,000 | 1985 | 1997 | 97% | ||||||
Madrid Apartments(6) | Mission Viejo, CA | 230 | 228,099 | 2000 | 2012 | 96% | ||||||
Marbrisa | Long Beach, CA | 202 | 122,800 | 1987 | 2002 | 96% | ||||||
Pathways | Long Beach, CA | 296 | 197,700 | 1975(7) | 1991 | 95% | ||||||
Belmont Station | Los Angeles, CA | 275 | 225,000 | 2008 | 2008 | 96% | ||||||
Bellerive | Los Angeles, CA | 63 | 79,296 | 2011 | 2011 | 98% | ||||||
Bunker Hill | Los Angeles, CA | 456 | 346,600 | 1968 | 1998 | 95% | ||||||
Cochran Apartments | Los Angeles, CA | 58 | 51,400 | 1989 | 1998 | 97% | ||||||
Kings Road | Los Angeles, CA | 196 | 132,100 | 1979 | 1997 | 94% | ||||||
Gas Company Lofts(5) | Los Angeles, CA | 251 | 226,666 | 2004 | 2013 | 94% | ||||||
Marbella, The | Los Angeles, CA | 60 | 50,108 | 1991 | 2005 | 97% | ||||||
Pacific Electric Lofts(6) | Los Angeles, CA | 314 | 277,980 | 2006 | 2012 | 96% | ||||||
Park Catalina | Los Angeles, CA | 90 | 72,864 | 2002 | 2012 | 97% | ||||||
Park Place | Los Angeles, CA | 60 | 48,000 | 1988 | 1997 | 97% | ||||||
Santee Court | Los Angeles, CA | 165 | 132,040 | 2004 | 2010 | 95% | ||||||
Santee Village | Los Angeles, CA | 73 | 69,817 | 2011 | 2010 | 95% | ||||||
Windsor Court | Los Angeles, CA | 58 | 46,600 | 1988 | 1997 | 97% | ||||||
Marina City Club(8) | Marina Del Rey, CA | 101 | 127,200 | 1971 | 2004 | 96% | ||||||
Mirabella | Marina Del Rey, CA | 188 | 176,800 | 2000 | 2000 | 96% | ||||||
Mira Monte | Mira Mesa, CA | 355 | 262,600 | 1982 | 2002 | 96% | ||||||
Hillcrest Park | Newbury Park, CA | 608 | 521,900 | 1973 | 1998 | 97% | ||||||
Fairways(9) | Newport Beach, CA | 74 | 107,100 | 1972 | 1999 | 94% | ||||||
Muse | North Hollywood, CA | 152 | 135,292 | 2011 | 2011 | 97% | ||||||
Country Villas | Oceanside, CA | 180 | 179,700 | 1976 | 2002 | 96% | ||||||
Mission Hills | Oceanside, CA | 282 | 244,000 | 1984 | 2005 | 97% | ||||||
Mariners Place | Oxnard, CA | 105 | 77,200 | 1987 | 2000 | 98% | ||||||
Monterey Villas | Oxnard, CA | 122 | 122,100 | 1974 | 1997 | 98% | ||||||
Tierra Vista | Oxnard, CA | 404 | 387,100 | 2001 | 2001 | 96% | ||||||
Arbors Parc Rose(6) | Oxnard, CA | 373 | 503,196 | 2001 | 2011 | 95% | ||||||
Monterra del Mar | Pasadena, CA | 123 | 74,400 | 1972 | 1997 | 96% | ||||||
Monterra del Rey | Pasadena, CA | 84 | 73,100 | 1972 | 1999 | 96% | ||||||
Monterra del Sol | Pasadena, CA | 85 | 69,200 | 1972 | 1999 | 96% | ||||||
Villa Angelina(4) | Placentia, CA | 256 | 217,600 | 1970 | 2001 | 97% | ||||||
(continued) |
Rentable | Year | |||||||||||||
Communities (1) | Location | Units | Square Footage | Year Built | Acquired | Occupancy(2) | ||||||||
Enclave at Town Square (34) | Chino Hills, CA | 124 | 89,948 | 1987 | 2014 | 97% | ||||||||
The Heights I & II (34) | Chino Hills, CA | 332 | 324,370 | 2004 | 2014 | 96% | ||||||||
The Summit (5) | Chino Hills, CA | 125 | 98,420 | 1989 | 2014 | 96% | ||||||||
Pinnacle at Otay Ranch | Chula Vista, CA | 364 | 384,192 | 2001 | 2014 | 95% | ||||||||
Mesa Village | Clairemont, CA | 133 | 43,600 | 1963 | 2002 | 97% | ||||||||
Villa Siena | Costa Mesa, CA | 272 | 262,842 | 1974 | 2014 | 96% | ||||||||
Emerald Pointe | Diamond Bar, CA | 160 | 134,816 | 1989 | 2014 | 96% | ||||||||
Regency at Encino | Encino, CA | 75 | 78,487 | 1989 | 2009 | 96% | ||||||||
The Havens (34) | Fountain Valley, CA | 440 | 414,040 | 1969 | 2014 | 96% | ||||||||
Valley Park | Fountain Valley, CA | 160 | 169,700 | 1969 | 2001 | 98% | ||||||||
Capri at Sunny Hills (4) | Fullerton, CA | 100 | 128,100 | 1961 | 2001 | 97% | ||||||||
Haver Hill (5) | Fullerton, CA | 264 | 224,130 | 1973 | 2012 | 96% | ||||||||
Pinnacle at Fullerton | Fullerton, CA | 192 | 174,336 | 2004 | 2014 | 96% | ||||||||
Wilshire Promenade | Fullerton, CA | 149 | 128,000 | 1992 | 1997 | 96% | ||||||||
Montejo (4) | Garden Grove, CA | 124 | 103,200 | 1974 | 2001 | 97% | ||||||||
CBC Apartments | Goleta, CA | 148 | 91,538 | 1962 | 2006 | 97% | ||||||||
The Sweeps | Goleta, CA | 91 | 88,370 | 1967 | 2006 | 97% | ||||||||
416 on Broadway | Glendale, CA | 115 | 126,782 | 2009 | 2010 | 97% | ||||||||
Hampton Court | Glendale, CA | 83 | 71,500 | 1974 | 1999 | 95% | ||||||||
Hampton Place | Glendale, CA | 132 | 141,500 | 1970 | 1999 | 95% | ||||||||
Devonshire | Hemet, CA | 276 | 207,200 | 1988 | 2002 | 96% | ||||||||
Jefferson at Hollywood | Hollywood, CA | 270 | 238,119 | 2010 | 2014 | 94% | ||||||||
Huntington Breakers | Huntington Beach, CA | 342 | 241,700 | 1984 | 1997 | 94% | ||||||||
The Huntington | Huntington Beach, CA | 276 | 202,256 | 1975 | 2012 | 97% | ||||||||
Axis 2300 | Irvine, CA | 115 | 170,714 | 2010 | 2010 | 95% | ||||||||
Hillsborough Park | La Habra, CA | 235 | 215,500 | 1999 | 1999 | 97% | ||||||||
Village Green | La Habra, CA | 272 | 175,762 | 1971 | 2014 | 96% | ||||||||
The Palms at Laguna Niguel | Laguna Niguel, CA | 460 | 362,136 | 1988 | 2014 | 96% | ||||||||
Trabuco Villas | Lake Forest, CA | 132 | 131,000 | 1985 | 1997 | 98% | ||||||||
Madrid Apartments (6) | Mission Viejo, CA | 230 | 228,099 | 2000 | 2012 | 97% | ||||||||
Marbrisa | Long Beach, CA | 202 | 122,800 | 1987 | 2002 | 96% | ||||||||
Pathways | Long Beach, CA | 296 | 197,700 | 1975 (7) | 1991 | 96% | ||||||||
5600 Wilshire | Los Angeles, CA | 284 | 243,910 | 2008 | 2014 | 95% | ||||||||
Alessio | Los Angeles, CA | 624 | 552,716 | 2001 | 2014 | 95% | ||||||||
The Avery (4) | Los Angeles, CA | 121 | 129,393 | 2014 | 2014 | 73% | ||||||||
Belmont Station | Los Angeles, CA | 275 | 225,000 | 2008 | 2008 | 97% | ||||||||
Bellerive | Los Angeles, CA | 63 | 79,296 | 2011 | 2011 | 97% | ||||||||
Bunker Hill | Los Angeles, CA | 456 | 346,600 | 1968 | 1998 | 92% | ||||||||
Catalina Gardens | Los Angeles, CA | 128 | 117,585 | 1987 | 2014 | 97% | ||||||||
Cochran Apartments | Los Angeles, CA | 58 | 51,400 | 1989 | 1998 | 97% | ||||||||
Kings Road | Los Angeles, CA | 196 | 132,100 | 1979 | 1997 | 95% | ||||||||
Gas Company Lofts (5) | Los Angeles, CA | 251 | 226,666 | 2004 | 2013 | 96% | ||||||||
Marbella, The | Los Angeles, CA | 60 | 50,108 | 1991 | 2005 | 97% | ||||||||
Pacific Electric Lofts (6) | Los Angeles, CA | 314 | 277,980 | 2006 | 2012 | 94% |
Rentable | ||||||||||||
Square | Year | Year | ||||||||||
Communities (1) | Location | Units | Footage | Built | Acquired | Occupancy(2) | ||||||
Southern California (continued) | ||||||||||||
Fountain Park | Playa Vista, CA | 705 | 608,900 | 2002 | 2004 | 97% | ||||||
Highridge(4) | Rancho Palos Verdes, CA | 255 | 290,200 | 1972(10) | 1997 | 94% | ||||||
CentrePointe | San Diego, CA | 224 | 126,700 | 1974(11) | 1997 | 90% | ||||||
Summit Park | San Diego, CA | 300 | 229,400 | 1972 | 2002 | 97% | ||||||
Domain | San Diego, CA | 379 | 345,044 | 2013 | 2013 | 82% | ||||||
Vista Capri - North | San Diego, CA | 106 | 51,800 | 1975 | 2002 | 97% | ||||||
Essex Skyline at MacArthur Place (12) | Santa Ana, CA | 349 | 512,791 | 2008 | 2012 | 95% | ||||||
Fairhaven(4) | Santa Ana, CA | 164 | 135,700 | 1970 | 2001 | 97% | ||||||
Hope Ranch Collection | Santa Barbara, CA | 108 | 126,700 | 1965&73 | 2007 | 97% | ||||||
Hidden Valley(13) | Simi Valley, CA | 324 | 310,900 | 2004 | 2004 | 96% | ||||||
Meadowood | Simi Valley, CA | 320 | 264,500 | 1986 | 1996 | 97% | ||||||
Shadow Point | Spring Valley, CA | 172 | 131,200 | 1983 | 2002 | 95% | ||||||
Coldwater Canyon | Studio City, CA | 39 | 34,125 | 1979 | 2007 | 97% | ||||||
Allegro | Valley Village, CA | 97 | 127,812 | 2010 | 2010 | 98% | ||||||
Lofts at Pinehurst, The | Ventura, CA | 118 | 71,100 | 1971 | 1997 | 97% | ||||||
Pinehurst(14) | Ventura, CA | 28 | 21,200 | 1973 | 2004 | 97% | ||||||
Woodside Village | Ventura, CA | 145 | 136,500 | 1987 | 2004 | 97% | ||||||
Walnut Heights | Walnut, CA | 163 | 146,700 | 1964 | 2003 | 96% | ||||||
Reveal(6) | Woodland Hills, CA | 438 | 414,892 | 2010 | 2011 | 95% | ||||||
Avondale at Warner Center | Woodland Hills, CA | 446 | 331,000 | 1970(15) | 1997 | 97% | ||||||
15,725 | 13,957,790 | 96% | ||||||||||
Northern California | ||||||||||||
Belmont Terrace | Belmont, CA | 71 | 72,951 | 1974 | 2006 | 97% | ||||||
Davey Glen(16) | Belmont, CA | 69 | 65,974 | 1962 | 2006 | 96% | ||||||
Fourth and U | Berkeley, CA | 171 | 146,255 | 2010 | 2010 | 96% | ||||||
Commons, The | Campbell, CA | 264 | 153,168 | 1973 | 2010 | 98% | ||||||
Pointe at Cupertino, The | Cupertino, CA | 116 | 135,200 | 1963(17) | 1998 | 93% | ||||||
Stevenson Place | Fremont, CA | 200 | 146,200 | 1971 | 1983 | 96% | ||||||
Boulevard | Fremont, CA | 172 | 131,200 | 1978(18) | 1996 | 97% | ||||||
Briarwood(6) | Fremont, CA | 160 | 111,160 | 1975 | 2011 | 98% | ||||||
The Woods(6) | Fremont, CA | 160 | 105,280 | 1978 | 2011 | 98% | ||||||
City View | Hayward, CA | 572 | 462,400 | 1975(19) | 1998 | 97% | ||||||
Alderwood Park(16) | Newark, CA | 96 | 74,624 | 1987 | 2006 | 97% | ||||||
Bridgeport | Newark, CA | 184 | 139,000 | 1987(20) | 1987 | 96% | ||||||
Regency at Mountain View(5) | Mountain View, CA | 142 | 127,600 | 1970 | 2013 | 93% | ||||||
The Grand | Oakland, CA | 243 | 205,026 | 2009 | 2009 | 97% | ||||||
San Marcos | Richmond, CA | 432 | 407,600 | 2003 | 2003 | 97% | ||||||
Mt. Sutro | San Francisco, CA | 99 | 64,000 | 1973 | 2001 | 93% | ||||||
Park West | San Francisco, CA | 126 | 90,060 | 1958 | 2012 | 92% | ||||||
Fox Plaza | San Francisco, CA | 444 | 230,017 | 1968 | 2013 | 94% | ||||||
Bennett Lofts | San Francisco, CA | 147 | 184,607 | 2004 | 2012 | 81% | ||||||
Epic, Phase I(21) | San Jose, CA | 280 | 249,080 | 2013 | 2013 | 49% | ||||||
101 San Fernando | San Jose, CA | 323 | 296,078 | 2001 | 2010 | 96% | ||||||
Willow Lake | San Jose, CA | 508 | 471,744 | 1989 | 2012 | 95% | ||||||
Bella Villagio | San Jose, CA | 231 | 227,511 | 2004 | 2010 | 97% | ||||||
Carlyle, The | San Jose, CA | 132 | 129,200 | 2000 | 2000 | 98% | ||||||
Esplanade | San Jose, CA | 278 | 279,000 | 2002 | 2004 | 97% | ||||||
Waterford, The | San Jose, CA | 238 | 219,600 | 2000 | 2000 | 97% | ||||||
Hillsdale Garden | San Mateo, CA | 697 | 611,505 | 1948 | 2006 | 97% | ||||||
Bel Air | San Ramon, CA | 462 | 391,000 | 1988/2000 | 1997 | 95% | ||||||
Canyon Oaks | San Ramon, CA | 250 | 237,894 | 2005 | 2007 | 97% | ||||||
Foothill Gardens | San Ramon, CA | 132 | 155,100 | 1985 | 1997 | 95% | ||||||
Mill Creek at Windermere | San Ramon, CA | 400 | 381,060 | 2005 | 2007 | 97% | ||||||
Twin Creeks | San Ramon, CA | 44 | 51,700 | 1985 | 1997 | 95% | ||||||
1000 Kiely | Santa Clara, CA | 121 | 128,486 | 1971 | 2011 | 93% | ||||||
Le Parc Luxury Apartments | Santa Clara, CA | 140 | 113,200 | 1975 | 1994 | 97% | ||||||
Marina Cove(22) | Santa Clara, CA | 292 | 250,200 | 1974(23) | 1994 | 94% | ||||||
Riley Square(6) | Santa Clara, CA | 156 | 126,900 | 1972 | 2012 | 96% | ||||||
Chestnut Street | Santa Cruz, CA | 96 | 87,640 | 2002 | 2008 | 94% | ||||||
Harvest Park | Santa Rosa, CA | 104 | 116,628 | 2004 | 2007 | 96% | ||||||
Bristol Commons | Sunnyvale, CA | 188 | 142,600 | 1989 | 1997 | 97% | ||||||
(continued) |
Rentable | Year | |||||||||||||
Communities (1) | Location | Units | Square Footage | Year Built | Acquired | Occupancy(2) | ||||||||
Park Catalina | Los Angeles, CA | 90 | 72,864 | 2002 | 2012 | 96% | ||||||||
Park Place | Los Angeles, CA | 60 | 48,000 | 1988 | 1997 | 97% | ||||||||
Regency Palm Court (5) | Los Angeles, CA | 116 | 54,844 | 1987 | 2014 | 96% | ||||||||
Santee Court | Los Angeles, CA | 165 | 132,040 | 2004 | 2010 | 97% | ||||||||
Santee Village | Los Angeles, CA | 73 | 69,817 | 2011 | 2011 | 97% | ||||||||
Tiffany Court | Los Angeles, CA | 101 | 74,538 | 1987 | 2014 | 98% | ||||||||
Wilshire La Brea | Los Angeles, CA | 478 | 354,972 | 2014 | 2014 | 65% | ||||||||
Windsor Court (5) | Los Angeles, CA | 95 | 51,266 | 1987 | 2014 | 96% | ||||||||
Windsor Court | Los Angeles, CA | 58 | 46,600 | 1988 | 1997 | 97% | ||||||||
Aqua at Marina Del Rey | Marina Del Rey, CA | 500 | 479,312 | 2001 | 2014 | 95% | ||||||||
Marina City Club (8) | Marina Del Rey, CA | 101 | 127,200 | 1971 | 2004 | 97% | ||||||||
Mirabella | Marina Del Rey, CA | 188 | 176,800 | 2000 | 2000 | 97% | ||||||||
Mira Monte | Mira Mesa, CA | 355 | 262,600 | 1982 | 2002 | 96% | ||||||||
Hillcrest Park | Newbury Park, CA | 608 | 521,900 | 1973 | 1998 | 96% | ||||||||
Fairways (9) | Newport Beach, CA | 74 | 107,100 | 1972 | 1999 | 95% | ||||||||
Muse | North Hollywood, CA | 152 | 135,292 | 2011 | 2011 | 97% | ||||||||
Candlewood North | Northridge, CA | 189 | 166,910 | 1964 | 2014 | 97% | ||||||||
Canyon Creek (34) | Northridge, CA | 200 | 148,150 | 1986 | 2014 | 95% | ||||||||
Country Villas | Oceanside, CA | 180 | 179,700 | 1976 | 2002 | 96% | ||||||||
Mission Hills | Oceanside, CA | 282 | 244,000 | 1984 | 2005 | 97% | ||||||||
Renaissance at Uptown Orange | Orange, CA | 460 | 432,836 | 2007 | 2014 | 96% | ||||||||
Mariners Place | Oxnard, CA | 105 | 77,200 | 1987 | 2000 | 98% | ||||||||
Monterey Villas | Oxnard, CA | 122 | 122,100 | 1974 | 1997 | 96% | ||||||||
Tierra Vista | Oxnard, CA | 404 | 387,100 | 2001 | 2001 | 96% | ||||||||
Arbors Parc Rose (6) | Oxnard, CA | 373 | 503,196 | 2001 | 2011 | 95% | ||||||||
Monterra del Mar | Pasadena, CA | 123 | 74,400 | 1972 | 1997 | 92% | ||||||||
Monterra del Rey | Pasadena, CA | 84 | 73,100 | 1972 | 1999 | 92% | ||||||||
Monterra del Sol | Pasadena, CA | 85 | 69,200 | 1972 | 1999 | 92% | ||||||||
Stuart at Sierra Madre Villa | Pasadena, CA | 188 | 168,630 | 2007 | 2014 | 95% | ||||||||
Villa Angelina | Placentia, CA | 256 | 217,600 | 1970 | 2001 | 96% | ||||||||
Fountain Park | Playa Vista, CA | 705 | 608,900 | 2002 | 2004 | 97% | ||||||||
Highridge (4) | Rancho Palos Verdes, CA | 255 | 290,200 | 1972 (10) | 1997 | 95% | ||||||||
Cortesia at Rancho Santa Margarita | Rancho Santa Margarita, CA | 308 | 277,580 | 1999 | 2014 | 95% | ||||||||
Pinnacle at Talega | San Clemente, CA | 362 | 355,764 | 2002 | 2014 | 96% | ||||||||
Allure at Scripps Ranch | San Diego, CA | 194 | 207,052 | 2002 | 2014 | 97% | ||||||||
Bernardo Crest | San Diego, CA | 216 | 205,548 | 1988 | 2014 | 97% | ||||||||
Cambridge Park | San Diego, CA | 320 | 317,958 | 1998 | 2014 | 96% | ||||||||
Carmel Creek | San Diego, CA | 348 | 384,216 | 2000 | 2014 | 96% | ||||||||
Carmel Landing | San Diego, CA | 356 | 283,426 | 1989 | 2014 | 96% | ||||||||
Carmel Summit | San Diego, CA | 246 | 225,880 | 1989 | 2014 | 97% | ||||||||
CentrePointe | San Diego, CA | 224 | 126,700 | 1974 (11) | 1997 | 94% | ||||||||
Domain | San Diego, CA | 379 | 345,044 | 2013 | 2013 | 93% | ||||||||
Esplanade (34) | San Diego, CA | 616 | 479,600 | 1986 | 2014 | 96% | ||||||||
Montanosa | San Diego, CA | 472 | 414,968 | 1990 | 2014 | 96% |
Rentable | ||||||||||||
Square | Year | Year | ||||||||||
Communities (1) | Location | Units | Footage | Built | Acquired | Occupancy(2) | ||||||
Northern California (continued) | ||||||||||||
Brookside Oaks(4) | Sunnyvale, CA | 170 | 119,900 | 1973 | 2000 | 95% | ||||||
Magnolia Lane(24) | Sunnyvale, CA | 32 | 31,541 | 2001 | 2007 | 94% | ||||||
Magnolia Square(4) | Sunnyvale, CA | 156 | 110,824 | 1969 | 2007 | 94% | ||||||
Montclaire, The | Sunnyvale, CA | 390 | 294,100 | 1973(25) | 1988 | 97% | ||||||
Reed Square | Sunnyvale, CA | 100 | 95,440 | 1970 | 2012 | 97% | ||||||
Summerhill Park | Sunnyvale, CA | 100 | 78,500 | 1988 | 1988 | 98% | ||||||
Sunnyvale, CA | 216 | 161,800 | 1989 | 1989 | 97% | |||||||
Via | Sunnyvale, CA | 284 | 309,421 | 2011 | 2011 | 97% | ||||||
Vista Belvedere | Tiburon, CA | 76 | 78,300 | 1963 | 2004 | 93% | ||||||
Tuscana | Tracy, CA | 30 | 29,088 | 2007 | 2007 | 100% | ||||||
10,494 | 9,027,362 | 96% | ||||||||||
Seattle, Washington Metropolitan Area | ||||||||||||
Cedar Terrace | Bellevue, WA | 180 | 174,200 | 1984 | 2005 | 97% | ||||||
Courtyard off Main | Bellevue, WA | 109 | 108,388 | 2000 | 2010 | 96% | ||||||
Emerald Ridge | Bellevue, WA | 180 | 144,000 | 1987 | 1994 | 97% | ||||||
Foothill Commons | Bellevue, WA | 388 | 288,300 | 1978(26) | 1990 | 95% | ||||||
Palisades, The | Bellevue, WA | 192 | 159,700 | 1977 | 1990 | 97% | ||||||
Sammamish View | Bellevue, WA | 153 | 133,500 | 1986 | 1994 | 97% | ||||||
Woodland Commons | Bellevue, WA | 302 | 220,066 | 1978(27) | 1990 | 96% | ||||||
Canyon Pointe | Bothell, WA | 250 | 210,400 | 1990 | 2003 | 97% | ||||||
Inglenook Court | Bothell, WA | 224 | 183,600 | 1985 | 1994 | 96% | ||||||
Salmon Run at Perry Creek | Bothell, WA | 132 | 117,100 | 2000 | 2000 | 98% | ||||||
Stonehedge Village | Bothell, WA | 196 | 214,800 | 1986 | 1997 | 97% | ||||||
Highlands at Wynhaven | Issaquah, WA | 333 | 424,674 | 2000 | 2008 | 95% | ||||||
Park Hill at Issaquah | Issaquah, WA | 245 | 277,700 | 1999 | 1999 | 97% | ||||||
Wandering Creek | Kent, WA | 156 | 124,300 | 1986 | 1995 | 97% | ||||||
Ascent | Kirkland, WA | 90 | 75,840 | 1988 | 2012 | 95% | ||||||
Bridle Trails | Kirkland, WA | 108 | 99,700 | 1986(28) | 1997 | 96% | ||||||
Corbella at Juanita Bay | Kirkland, WA | 169 | 103,339 | 1978 | 2010 | 96% | ||||||
Evergreen Heights | Kirkland, WA | 200 | 188,300 | 1990 | 1997 | 96% | ||||||
Slater 116 | Kirkland, WA | 108 | 81,415 | 2013 | 2013 | 60% | ||||||
Montebello | Kirkland, WA | 248 | 272,734 | 1996 | 2012 | 97% | ||||||
Laurels at Mill Creek | Mill Creek, WA | 164 | 134,300 | 1981 | 1996 | 97% | ||||||
The Elliot at Mukilteo(4) | Mukilteo, WA | 301 | 245,900 | 1981 | 1997 | 94% | ||||||
Castle Creek | Newcastle, WA | 216 | 191,900 | 1997 | 1997 | 96% | ||||||
Delano/Bon Terra | Redmond, WA | 126 | 116,340 | 2011/2005 | 2011/2012 | 97% | ||||||
Elevation | Redmond, WA | 157 | 138,916 | 1986 | 2010 | 95% | ||||||
Vesta(6) | Redmond, WA | 440 | 381,675 | 1998 | 2011 | 94% | ||||||
Redmond Hill West(6) | Redmond, WA | 442 | 350,275 | 1985 | 2011 | 97% | ||||||
Brighton Ridge | Renton, WA | 264 | 201,300 | 1986 | 1996 | 97% | ||||||
Fairwood Pond | Renton, WA | 194 | 189,200 | 1997 | 2004 | 97% | ||||||
Forest View | Renton, WA | 192 | 182,500 | 1998 | 2003 | 97% | ||||||
The Bernard | Seattle, WA | 63 | 43,151 | 2008 | 2011 | 97% | ||||||
Annaliese | Seattle, WA | 56 | 48,216 | 2009 | 2013 | 94% | ||||||
Vox | Seattle, WA | 58 | 42,173 | 2013 | 2013 | 96% | ||||||
Expo(29) | Seattle, WA | 275 | 190,176 | 2012 | 2012 | 96% | ||||||
Cairns, The | Seattle, WA | 100 | 70,806 | 2006 | 2007 | 96% | ||||||
Domaine | Seattle, WA | 92 | 79,421 | 2009 | 2012 | 95% | ||||||
Fountain Court | Seattle, WA | 320 | 207,000 | 2000 | 2000 | 94% | ||||||
Joule (30) | Seattle, WA | 295 | 191,109 | 2010 | 2010 | 96% | ||||||
Wharfside Pointe | Seattle, WA | 142 | 119,200 | 1990 | 1994 | 93% | ||||||
7,860 | 6,725,614 | 96% | ||||||||||
Total/Weighted Average | 34,079 | 29,710,766 | 96% | |||||||||
Rentable | ||||||||||||
Square | Year | Year | ||||||||||
Other real estate assets(1) | Location | Tenants | Footage | Built | Acquired | Occupancy(2) | ||||||
925 / 935 East Meadow Drive(31) | Palo Alto, CA | 1 | 31,900 | 1988 / 1962 | 1997 / 2007 | 100% | ||||||
6230 Sunset Blvd(32) | Los Angeles, CA | 1 | 35,000 | 1938 | 2006 | 100% | ||||||
17461 Derian Ave(33) | Irvine, CA | 6 | 110,000 | 1983 | 2000 | 93% | ||||||
Santa Clara Retail | Santa Clara, CA | 3 | 139,000 | 1970 | 2011 | 100% | ||||||
11 | 315,900 | 99% |
Rentable | Year | |||||||||||||
Communities (1) | Location | Units | Square Footage | Year Built | Acquired | Occupancy(2) | ||||||||
Summit Park | San Diego, CA | 300 | 229,400 | 1972 | 2002 | 96% | ||||||||
Essex Skyline at MacArthur Place (12) | Santa Ana, CA | 349 | 512,791 | 2008 | 2012 | 96% | ||||||||
Fairhaven (4) | Santa Ana, CA | 164 | 135,700 | 1970 | 2001 | 97% | ||||||||
Parkside Court (34) | Santa Ana, CA | 210 | 152,400 | 1986 | 2014 | 96% | ||||||||
Hope Ranch Collection | Santa Barbara, CA | 108 | 126,700 | 1965&73 | 2007 | 98% | ||||||||
Bridgeport Coast (35) | Santa Clarita, CA | 188 | 168,198 | 2006 | 2014 | 95% | ||||||||
Hidden Valley (13) | Simi Valley, CA | 324 | 310,900 | 2004 | 2004 | 97% | ||||||||
Meadowood | Simi Valley, CA | 320 | 264,500 | 1986 | 1996 | 96% | ||||||||
Pinnacle at MacArthur Place | South Coast Metro, CA | 253 | 262,867 | 2002 | 2014 | 97% | ||||||||
Shadow Point | Spring Valley, CA | 172 | 131,200 | 1983 | 2002 | 96% | ||||||||
The Fairways at Westridge (35) | Valencia, CA | 234 | 223,330 | 2004 | 2014 | 96% | ||||||||
Vistas of West Hills (35) | Valencia, CA | 220 | 221,119 | 2009 | 2014 | 96% | ||||||||
Allegro | Valley Village, CA | 97 | 127,812 | 2010 | 2010 | 96% | ||||||||
Lofts at Pinehurst, The | Ventura, CA | 118 | 71,100 | 1971 | 1997 | 98% | ||||||||
Pinehurst (14) | Ventura, CA | 28 | 21,200 | 1973 | 2004 | 97% | ||||||||
Woodside Village | Ventura, CA | 145 | 136,500 | 1987 | 2004 | 97% | ||||||||
Walnut Heights | Walnut, CA | 163 | 146,700 | 1964 | 2003 | 97% | ||||||||
The Huxley (29) | West Hollywood, CA | 187 | 154,776 | 2014 | 2014 | 67% | ||||||||
Reveal (6) | Woodland Hills, CA | 438 | 414,892 | 2010 | 2011 | 95% | ||||||||
Avondale at Warner Center | Woodland Hills, CA | 446 | 331,000 | 1970 (15) | 1997 | 97% | ||||||||
27,125 | 24,095,190 | 95% | ||||||||||||
Northern California | ||||||||||||||
Belmont Terrace | Belmont, CA | 71 | 72,951 | 1974 | 2006 | 95% | ||||||||
Fourth & U | Berkeley, CA | 171 | 146,255 | 2010 | 2010 | 96% | ||||||||
The Commons | Campbell, CA | 264 | 153,168 | 1973 | 2010 | 96% | ||||||||
The Pointe at Cupertino (17) | Cupertino, CA | 116 | 135,200 | 1963 | 1998 | 94% | ||||||||
Connolly Station (36) | Dublin, CA | 309 | 286,348 | 2014 | 2014 | 93% | ||||||||
Avenue 64 | Emeryville, CA | 224 | 196,896 | 2007 | 2014 | 95% | ||||||||
Foster's Landing | Foster City, CA | 490 | 415,130 | 1987 | 2014 | 95% | ||||||||
Stevenson Place | Fremont, CA | 200 | 146,200 | 1971 | 1983 | 97% | ||||||||
Mission Peaks | Fremont, CA | 453 | 404,034 | 1995 | 2014 | 96% | ||||||||
Mission Peaks II | Fremont, CA | 336 | 294,720 | 1989 | 2014 | 96% | ||||||||
Paragon Apartments | Fremont, CA | 301 | 267,047 | 2013 | 2014 | 97% | ||||||||
Boulevard | Fremont, CA | 172 | 131,200 | 1978 (18) | 1996 | 97% | ||||||||
Briarwood (6) | Fremont, CA | 160 | 111,160 | 1978 | 2011 | 96% | ||||||||
The Woods (6) | Fremont, CA | 160 | 105,280 | 1978 | 2011 | 96% | ||||||||
City Centre (35) | Hayward, CA | 192 | 175,420 | 2000 | 2014 | 97% | ||||||||
City View | Hayward, CA | 572 | 462,400 | 1975 (19) | 1998 | 97% | ||||||||
Lafayette Highlands | Lafayette, CA | 150 | 151,790 | 1973 | 2014 | 96% | ||||||||
Sharon Green | Menlo Park, CA | 296 | 328,024 | 1970 | 2014 | 95% | ||||||||
Apex | Milpitas, CA | 366 | 350,961 | 2014 | 2014 | 96% | ||||||||
Regency at Mountain View (5) | Mountain View, CA | 142 | 127,600 | 1970 | 2013 | 95% | ||||||||
Bridgeport | Newark, CA | 184 | 139,000 | 1987 (20) | 1987 | 97% | ||||||||
The Landing Jack London Sq | Oakland, CA | 282 | 257,796 | 2001 | 2014 | 95% | ||||||||
The Grand | Oakland, CA | 243 | 205,026 | 2009 | 2009 | 97% |
Rentable | Year | |||||||||||||
Communities (1) | Location | Units | Square Footage | Year Built | Acquired | Occupancy(2) | ||||||||
San Marcos | Richmond, CA | 432 | 407,600 | 2003 | 2003 | 97% | ||||||||
Bennett Lofts | San Francisco, CA | 165 | 184,713 | 2004 | 2012 | 86% | ||||||||
Fox Plaza | San Francisco, CA | 443 | 230,017 | 1968 | 2013 | 95% | ||||||||
Mosso I | San Francisco, CA | 181 | 223,222 | 2014 | 2014 | 32% | ||||||||
Park West | San Francisco, CA | 126 | 90,060 | 1958 | 2012 | 94% | ||||||||
101 San Fernando | San Jose, CA | 323 | 296,078 | 2001 | 2010 | 97% | ||||||||
Bella Villagio | San Jose, CA | 231 | 227,511 | 2004 | 2010 | 97% | ||||||||
Epic - Phase I & II (21) | San Jose, CA | 569 | 472,236 | 2013 | 2013 | 86% | ||||||||
Esplanade | San Jose, CA | 278 | 279,000 | 2002 | 2004 | 96% | ||||||||
Fountains at River Oaks | San Jose, CA | 226 | 209,954 | 1990 | 2014 | 96% | ||||||||
Museum Park | San Jose, CA | 117 | 121,329 | 2002 | 2014 | 96% | ||||||||
Palm Valley (29) | San Jose, CA | 1,098 | 1,132,284 | 2008 | 2014 | 97% | ||||||||
The Carlyle | San Jose, CA | 132 | 129,200 | 2000 | 2000 | 97% | ||||||||
The Waterford | San Jose, CA | 238 | 219,600 | 2000 | 2000 | 97% | ||||||||
Willow Lake | San Jose, CA | 508 | 471,744 | 1989 | 2012 | 95% | ||||||||
Lakeshore Landing | San Mateo, CA | 308 | 223,972 | 1988 | 2014 | 95% | ||||||||
Hillsdale Garden | San Mateo, CA | 697 | 611,505 | 1948 | 2006 | 97% | ||||||||
Deer Valley | San Rafael, CA | 171 | 167,238 | 1996 | 2014 | 97% | ||||||||
Bel Air | San Ramon, CA | 462 | 391,000 | 1988 | 1995 | 96% | ||||||||
Canyon Oaks | San Ramon, CA | 250 | 237,894 | 2005 | 2007 | 97% | ||||||||
Crow Canyon | San Ramon, CA | 400 | 337,064 | 1992 | 2014 | 96% | ||||||||
Foothill/Twins Creeks | San Ramon, CA | 132 | 155,100 | 1985 | 1997 | 95% | ||||||||
Mill Creek at Windermere | San Ramon, CA | 400 | 381,060 | 2005 | 2007 | 97% | ||||||||
Twin Creeks/Foothill | San Ramon, CA | 44 | 51,700 | 1985 | 1997 | 95% | ||||||||
1000 Kiely | Santa Clara, CA | 121 | 128,486 | 1971 | 2011 | 96% | ||||||||
Le Parc | Santa Clara, CA | 140 | 113,200 | 1975 | 1994 | 96% | ||||||||
Marina Cove (22) | Santa Clara, CA | 292 | 250,200 | 1974 (23) | 1994 | 96% | ||||||||
Riley Square (6) | Santa Clara, CA | 156 | 126,900 | 1972 | 2012 | 95% | ||||||||
Villa Granada | Santa Clara, CA | 270 | 238,841 | 2010 | 2014 | 96% | ||||||||
Chestnut Street Apartments | Santa Cruz, CA | 96 | 87,640 | 2002 | 2008 | 98% | ||||||||
Harvest Park | Santa Rosa, CA | 104 | 116,628 | 2004 | 2007 | 96% | ||||||||
Bristol Commons | Sunnyvale, CA | 188 | 142,600 | 1989 | 1995 | 96% | ||||||||
Brookside Oaks (4) | Sunnyvale, CA | 170 | 119,900 | 1973 | 2000 | 95% | ||||||||
Lawrence Station | Sunnyvale, CA | 336 | 297,188 | 2012 | 2014 | 97% | ||||||||
Magnolia Lane (24) | Sunnyvale, CA | 32 | 31,541 | 2001 | 2007 | 95% | ||||||||
Magnolia Square (4) | Sunnyvale, CA | 156 | 110,824 | 1969 | 2007 | 95% | ||||||||
Montclaire | Sunnyvale, CA | 390 | 294,100 | 1973 (25) | 1988 | 97% | ||||||||
Reed Square | Sunnyvale, CA | 100 | 95,440 | 1970 | 2011 | 95% | ||||||||
Solstice | Sunnyvale, CA | 280 | 571,466 | 2014 | 2014 | 87% | ||||||||
Summerhill Park | Sunnyvale, CA | 100 | 78,500 | 1988 | 1988 | 94% | ||||||||
Via | Sunnyvale, CA | 284 | 309,421 | 2011 | 2011 | 96% | ||||||||
Windsor Ridge | Sunnyvale, CA | 216 | 161,800 | 1989 | 1989 | 97% | ||||||||
Vista Belvedere | Tiburon, CA | 76 | 78,300 | 1963 | 2004 | 95% | ||||||||
Tuscana | Tracy, CA | 30 | 29,088 | 2007 | 2007 | 99% | ||||||||
Verandas (35) | Union City, CA | 282 | 199,092 | 1989 | 2014 | 97% | ||||||||
17,604 | 15,895,842 | 95% | ||||||||||||
Seattle, Washington Metropolitan Area |
Rentable | Year | |||||||||||||
Communities (1) | Location | Units | Square Footage | Year Built | Acquired | Occupancy(2) | ||||||||
Belcarra | Bellevue, WA | 296 | 241,567 | 2009 | 2014 | 96% | ||||||||
BellCentre | Bellevue, WA | 248 | 181,288 | 2001 | 2014 | 96% | ||||||||
Cedar Terrace | Bellevue, WA | 180 | 174,200 | 1984 | 2005 | 97% | ||||||||
Courtyard off Main | Bellevue, WA | 109 | 108,388 | 2000 | 2010 | 96% | ||||||||
Ellington at Bellevue | Bellevue, WA | 220 | 165,794 | 1994 | 2014 | 95% | ||||||||
Emerald Ridge | Bellevue, WA | 180 | 144,000 | 1987 | 1994 | 96% | ||||||||
Foothill Commons | Bellevue, WA | 388 | 288,300 | 1978 (26) | 1990 | 95% | ||||||||
Palisades, The | Bellevue, WA | 192 | 159,700 | 1977 | 1990 | 97% | ||||||||
Park Highland | Bellevue, WA | 250 | 224,750 | 1993 | 2014 | 94% | ||||||||
Piedmont | Bellevue, WA | 396 | 348,969 | 1969 | 2014 | 94% | ||||||||
Sammamish View | Bellevue, WA | 153 | 133,500 | 1986 | 1994 | 97% | ||||||||
Woodland Commons | Bellevue, WA | 302 | 217,878 | 1978 (27) | 1990 | 95% | ||||||||
Bothell Ridge (34) | Bothell, WA | 214 | 167,370 | 1988 | 2014 | 96% | ||||||||
Canyon Pointe | Bothell, WA | 250 | 210,400 | 1990 | 2003 | 95% | ||||||||
Inglenook Court | Bothell, WA | 224 | 183,600 | 1985 | 1994 | 96% | ||||||||
Pinnacle Sonata | Bothell, WA | 268 | 343,095 | 2000 | 2014 | 96% | ||||||||
Salmon Run at Perry Creek | Bothell, WA | 132 | 117,100 | 2000 | 2000 | 98% | ||||||||
Stonehedge Village | Bothell, WA | 196 | 214,800 | 1986 | 1997 | 97% | ||||||||
Highlands at Wynhaven | Issaquah, WA | 333 | 424,674 | 2000 | 2008 | 95% | ||||||||
Park Hill at Issaquah | Issaquah, WA | 245 | 277,700 | 1999 | 1999 | 97% | ||||||||
Wandering Creek | Kent, WA | 156 | 124,300 | 1986 | 1995 | 97% | ||||||||
Ascent | Kirkland, WA | 90 | 75,840 | 1988 | 2012 | 96% | ||||||||
Bridle Trails | Kirkland, WA | 108 | 99,700 | 1986 (28) | 1997 | 97% | ||||||||
Corbella at Juanita Bay | Kirkland, WA | 169 | 103,339 | 1978 | 2010 | 96% | ||||||||
Evergreen Heights | Kirkland, WA | 200 | 188,300 | 1990 | 1997 | 95% | ||||||||
Slater 116 | Kirkland, WA | 108 | 81,415 | 2013 | 2013 | 93% | ||||||||
Montebello | Kirkland, WA | 248 | 272,734 | 1996 | 2012 | 95% | ||||||||
Aviara (16) | Mercer Island, WA | 166 | 147,033 | 2013 | 2014 | 94% | ||||||||
Laurels at Mill Creek | Mill Creek, WA | 164 | 134,300 | 1981 | 1996 | 97% | ||||||||
Parkwood at Mill Creek | Mill Creek, WA | 240 | 257,160 | 1989 | 2014 | 96% | ||||||||
The Elliot at Mukilteo (4) | Mukilteo, WA | 301 | 245,900 | 1981 | 1997 | 97% | ||||||||
Castle Creek | Newcastle, WA | 216 | 191,900 | 1995 | 1995 | 96% | ||||||||
Delano/Bon Terra | Redmond, WA | 126 | 116,340 | 2005 | 2011 | 98% | ||||||||
Elevation | Redmond, WA | 157 | 138,916 | 1986 | 2010 | 97% | ||||||||
Redmond Hill West (6) | Redmond, WA | 442 | 350,275 | 1985 | 2011 | 95% | ||||||||
Shadowbrook | Redmond, WA | 416 | 338,880 | 1986 | 2014 | 96% | ||||||||
The Trails of Redmond | Redmond, WA | 423 | 376,000 | 1985 | 2014 | 96% | ||||||||
Vesta (6) | Redmond, WA | 440 | 381,675 | 1998 | 2011 | 95% | ||||||||
Brighton Ridge | Renton, WA | 264 | 201,300 | 1986 | 1996 | 97% | ||||||||
Fairwood Pond | Renton, WA | 194 | 189,200 | 1997 | 2004 | 96% | ||||||||
Forest View | Renton, WA | 192 | 182,500 | 1998 | 2003 | 97% | ||||||||
Pinnacle on Lake Washington | Renton, WA | 180 | 190,908 | 2001 | 2014 | 96% | ||||||||
Annaliese | Seattle, WA | 56 | 48,216 | 2009 | 2013 | 95% | ||||||||
The Audrey at Belltown | Seattle, WA | 137 | 94,119 | 1992 | 2014 | 96% | ||||||||
Ballinger Commons (34) | Seattle, WA | 485 | 407,253 | 1989 | 2014 | 96% | ||||||||
The Bernard | Seattle, WA | 63 | 43,151 | 2008 | 2011 | 96% | ||||||||
Cairns, The | Seattle, WA | 100 | 70,806 | 2006 | 2007 | 96% |
Rentable | Year | |||||||||||||
Communities (1) | Location | Units | Square Footage | Year Built | Acquired | Occupancy(2) | ||||||||
Citywalk (34) | Seattle, WA | 102 | 92,010 | 1988 | 2014 | 96% | ||||||||
Collins on Pine | Seattle, WA | 76 | 53,474 | 2013 | 2014 | 98% | ||||||||
Domaine | Seattle, WA | 92 | 79,421 | 2009 | 2012 | 96% | ||||||||
Expo (29) | Seattle, WA | 275 | 190,176 | 2012 | 2012 | 95% | ||||||||
Fountain Court | Seattle, WA | 320 | 207,000 | 2000 | 2000 | 95% | ||||||||
Joule (30) | Seattle, WA | 295 | 191,109 | 2010 | 2010 | 96% | ||||||||
Taylor 28 | Seattle, WA | 197 | 155,630 | 2008 | 2014 | 97% | ||||||||
Vox | Seattle, WA | 58 | 42,173 | 2013 | 2013 | 95% | ||||||||
Wharfside Pointe | Seattle, WA | 142 | 119,200 | 1990 | 1994 | 93% | ||||||||
12,174 | 10,508,726 | 96% | ||||||||||||
Pinnacle South Mountain (36) | Phoenix, AZ | 552 | 569,876 | 1988 | 2014 | 94% | ||||||||
Total/Weighted Average | 57,455 | 51,069,634 | 95% |
Square | Year | Year | |||||||||||
Other real estate assets (1) | Location | Tenants | Footage | Built | Acquired | Occupancy (2) | |||||||
925 / 935 East Meadow Drive (31) | Palo Alto, CA | 1 | 39,600 | 1988 / 1962 | 1997 / 2007 | 100% | |||||||
6230 Sunset Blvd (32) | Los Angeles, CA | 1 | 34,000 | 1938 | 2006 | 100% | |||||||
17461 Derian Ave (33) | Irvine, CA | 8 | 107,720 | 1983 | 2000 | 98% | |||||||
Santa Clara Retail | Santa Clara, CA | 3 | 138,915 | 1970 | 2011 | 100% | |||||||
13 | 320,235 | 99% |
(1) | Unless otherwise specified, the Company has a 100% ownership interest in each community. |
(2) | For communities, occupancy rates are based on financial occupancy for the year ended December 31, |
(3) | The community is subject to a ground lease, which, unless extended, will expire in 2082. |
(4) | The Company holds a 1% special limited partner interest in the partnerships which own these apartment communities. These investments were made under arrangements whereby EMC became the 1% sole general partner and the other limited partners were granted the right to require the applicable partnership to redeem their interest for cash. Subject to certain conditions, the Company may, however, elect to deliver an equivalent number of shares of the Company’s common stock in satisfaction of the applicable partnership’s cash redemption obligation. |
(5) | This community is owned by Wesco III. The Company has a 50% interest in Wesco III which is accounted for using the equity method of accounting. |
(6) | This community is owned by Wesco I. The Company has a 50% interest in Wesco I which is accounted for using the equity method of accounting. |
(7) | The Company completed a $10.8 million redevelopment in 2009. |
(8) | This community is subject to a ground lease, which, unless extended, will expire in 2067. |
(9) | This community is subject to a ground lease, which, unless extended, will expire in 2027. |
(10) | The Company completed a $16.6 million redevelopment in 2010. |
(11) | The Company is in the |
(12) | The Company has a 97% interest and an executive vice president of the Company has a 3% interest in this community. |
(13) | The Company has a 75% member interest. |
(14) | The community is subject to a ground lease, which, unless extended, will expire in 2028. |
(15) | The Company completed a $12.0 million redevelopment in 2008. |
(16) | This community is |
(17) | The Company is in the process of performing a $10.0 million redevelopment. |
(18) | The Company completed an $8.9 million redevelopment in 2008. |
(19) | The Company completed a $9.4 million redevelopment in 2009. |
(20) | The Company completed a $4.6 million redevelopment in 2009. |
(21) | The Company has 55% ownership in this community. The community is being developed in three phases with |
(22) | A portion of this community on which 84 units are presently located is subject to a ground lease, which, unless extended, will expire in 2028. |
(23) | The Company is in the process of performing a $14.1 million redevelopment. |
(24) | The community is subject to a ground lease, which, unless extended, will expire in 2070. |
(25) | The Company completed a $12.5 million redevelopment in 2009. |
(26) | The Company completed a $36.3 million redevelopment in 2012, which included the construction of 28 in-fill units in 2009. |
(27) | The Company completed the construction of 66 additional apartment homes in 2012 and is in the process of performing a redevelopment for a total cost of $15.4 million. |
(28) | The Company completed a $5.1 million redevelopment and completed construction of 16 units of the community’s 108 units in 2006. |
(29) | The Company has 50% ownership in |
(30) | The Company has 99% ownership in this community. |
(31) | The Company occupies 100% of this property. |
(32) | The property is leased through July |
(33) | The Company occupies |
(34) | This community is owned by BEXAEW. The Company has a 50% interest in BEXAEW which is accounted for using the equity method of accounting. |
(35) | This community is owned by Wesco IV. The Company has a 50% interest in Wesco IV which is accounted for using the equity method of accounting. |
(36) | The Company has a 55% ownership in this community. |
Quarter Ended | High | Low | Close | |||||||||
December 31, 2013 | $ | 165.44 | $ | 137.53 | $ | 143.51 | ||||||
September 30, 2013 | $ | 172.16 | $ | 139.64 | $ | 147.70 | ||||||
June 30, 2013 | $ | 171.11 | $ | 147.56 | $ | 158.92 | ||||||
March 31, 2013 | $ | 156.36 | $ | 147.06 | $ | 150.58 | ||||||
December 31, 2012 | $ | 150.71 | $ | 136.38 | $ | 146.65 | ||||||
September 30, 2012 | $ | 160.64 | $ | 147.38 | $ | 148.24 | ||||||
June 30, 2012 | $ | 161.53 | $ | 146.05 | $ | 153.92 | ||||||
March 31, 2012 | $ | 151.54 | $ | 136.43 | $ | 151.51 |
Quarter Ended | High | Low | Close | |||||||||
December 31, 2014 | $ | 211.91 | $ | 206.35 | $ | 206.60 | ||||||
September 30, 2014 | $ | 180.65 | $ | 178.27 | $ | 178.75 | ||||||
June 30, 2014 | $ | 185.66 | $ | 183.36 | $ | 184.91 | ||||||
March 31, 2014 | $ | 171.70 | $ | 166.95 | $ | 170.05 | ||||||
December 31, 2013 | $ | 165.44 | $ | 137.53 | $ | 143.51 | ||||||
September 30, 2013 | $ | 172.16 | $ | 139.64 | $ | 147.70 | ||||||
June 30, 2013 | $ | 171.11 | $ | 147.56 | $ | 158.92 | ||||||
March 31, 2013 | $ | 156.36 | $ | 147.06 | $ | 150.58 |
2013 | 2012 | 2011 | ||||||||||
Common Stock | ||||||||||||
Ordinary income | 77.34 | % | 70.58 | % | 63.68 | % | ||||||
Capital gain | 17.64 | % | 8.75 | % | 11.16 | % | ||||||
Unrecaptured section 1250 capital gain | 5.02 | % | 7.97 | % | 0.74 | % | ||||||
Return of capital | 0.00 | % | 12.70 | % | 24.42 | % | ||||||
100.00 | % | 100.00 | % | 100.00 | % | |||||||
2013 | 2012 | 2011 | ||||||||||
Series F, G, and H Preferred stock | ||||||||||||
Ordinary income | 77.34 | % | 80.85 | % | 100.00 | % | ||||||
Capital gains | 17.64 | % | 10.02 | % | 0.00 | % | ||||||
Unrecaptured section 1250 capital gain | 5.02 | % | 9.13 | % | 0.00 | % | ||||||
100.00 | % | 100.00 | % | 100.00 | % |
2014 | 2013 | 2012 | |||||||
Common Stock | |||||||||
Ordinary income | 70.03 | % | 77.34 | % | 70.58 | % | |||
Capital gain | 21.95 | % | 17.64 | % | 8.75 | % | |||
Unrecaptured section 1250 capital gain | 8.02 | % | 5.02 | % | 7.97 | % | |||
Return of capital | — | % | — | % | 12.70 | % | |||
100.00 | % | 100.00 | % | 100.00 | % | ||||
2014 | 2013 | 2012 | |||||||
Series F, G, and H Preferred stock | |||||||||
Ordinary income | 70.03 | % | 77.34 | % | 80.85 | % | |||
Capital gains | 21.95 | % | 17.64 | % | 10.02 | % | |||
Unrecaptured section 1250 capital gain | 8.02 | % | 5.02 | % | 9.13 | % | |||
100.00 | % | 100.00 | % | 100.00 | % |
Year Ended | Annual Dividend/Distribution | Quarter Ended | 2013 | 2012 | 2011 | ||||||||||||
1995 | $ | 1.69 | March 31, | $ | 1.21 | $ | 1.10 | $ | 1.04 | ||||||||
1996 | $ | 1.72 | June 30, | $ | 1.21 | $ | 1.10 | $ | 1.04 | ||||||||
1997 | $ | 1.77 | September 30, | $ | 1.21 | $ | 1.10 | $ | 1.04 | ||||||||
1998 | $ | 1.95 | December 31, | $ | 1.21 | $ | 1.10 | $ | 1.04 | ||||||||
1999 | $ | 2.15 | |||||||||||||||
2000 | $ | 2.38 | Annual Dividend/Distribution | $ | 4.84 | $ | 4.40 | $ | 4.16 | ||||||||
2001 | $ | 2.80 | |||||||||||||||
2002 | $ | 3.08 | |||||||||||||||
2003 | $ | 3.12 | |||||||||||||||
2004 | $ | 3.16 | |||||||||||||||
2005 | $ | 3.24 | |||||||||||||||
2006 | $ | 3.36 | |||||||||||||||
2007 | $ | 3.72 | |||||||||||||||
2008 | $ | 4.08 | |||||||||||||||
2009 | $ | 4.12 | |||||||||||||||
2010 | $ | 4.13 |
Year Ended | Annual Dividend/Distribution | Quarter Ended | 2014 | 2013 | 2012 | |||||||
1995 | $ | 1.69 | March 31, | $1.21 | $1.21 | $1.10 | ||||||
1996 | $ | 1.72 | June 30, | $1.30 | $1.21 | $1.10 | ||||||
1997 | $ | 1.77 | September 30, | $1.30 | $1.21 | $1.10 | ||||||
1998 | $ | 1.95 | December 31, | $1.30 | $1.21 | $1.10 | ||||||
1999 | $ | 2.15 | ||||||||||
2000 | $ | 2.38 | Annual Dividend/Distribution | $5.11 | $4.84 | $4.40 | ||||||
2001 | $ | 2.80 | ||||||||||
2002 | $ | 3.08 | ||||||||||
2003 | $ | 3.12 | ||||||||||
2004 | $ | 3.16 | ||||||||||
2005 | $ | 3.24 | ||||||||||
2006 | $ | 3.36 | ||||||||||
2007 | $ | 3.72 | ||||||||||
2008 | $ | 4.08 | ||||||||||
2009 | $ | 4.12 | ||||||||||
2010 | $ | 4.13 | ||||||||||
2011 | $ | 4.16 |
Period Ending | |||||||||||||||||||||||||
Index | 12/31/08 | 12/31/09 | 12/31/10 | 12/31/11 | 12/31/12 | 12/31/13 | |||||||||||||||||||
Essex Property Trust, Inc. | 100.00 | 115.60 | 164.28 | 208.73 | 224.40 | 226.77 | |||||||||||||||||||
NAREIT All Equity REIT Index | 100.00 | 127.99 | 163.76 | 177.32 | 212.26 | 218.32 | |||||||||||||||||||
S&P 500 | 100.00 | 126.46 | 145.51 | 148.59 | 172.37 | 228.19 |
Period Ending | ||||||||||||||||||
Index | 12/31/2009 | 12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | ||||||||||||
Essex Property Trust, Inc. | 100.00 | 142.12 | 180.57 | 194.12 | 196.17 | 290.34 | ||||||||||||
NAREIT All Equity REIT Index | 100.00 | 127.95 | 138.55 | 165.84 | 170.58 | 218.38 | ||||||||||||
S&P 500 | 100.00 | 115.06 | 117.49 | 136.30 | 180.44 | 205.14 |
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
($ in thousands, except per share amounts) | ||||||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Rental and other property | $ | 602,003 | $ | 526,696 | $ | 460,660 | $ | 400,841 | $ | 396,498 | ||||||||||
Management and other fees from affiliates | 11,700 | 11,489 | 6,780 | 4,551 | 4,325 | |||||||||||||||
Income before discontinued operations | $ | 140,882 | $ | 127,653 | $ | 46,958 | $ | 47,424 | $ | 41,244 | ||||||||||
Income from discontinued operations | 31,173 | 11,937 | 10,558 | 3,358 | 12,495 | |||||||||||||||
Net income | 172,055 | 139,590 | 57,516 | 50,782 | 53,739 | |||||||||||||||
Net income available to common stockholders | $ | 150,811 | $ | 119,812 | $ | 40,368 | $ | 33,764 | $ | 82,200 | ||||||||||
Per share data: | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Income before discontinued operations available to common stockholders | $ | 3.26 | $ | 3.10 | $ | 0.94 | $ | 1.03 | $ | 2.59 | ||||||||||
Net income available to common stockholders | $ | 4.05 | $ | 3.42 | $ | 1.24 | $ | 1.14 | $ | 3.01 | ||||||||||
Weighted average common stock outstanding | 37,249 | 35,032 | 32,542 | 29,667 | 27,270 | |||||||||||||||
Diluted: | ||||||||||||||||||||
Income before discontinued operations available to common stockholders | $ | 3.25 | $ | 3.09 | $ | 0.94 | $ | 1.03 | $ | 2.51 | ||||||||||
Net income available to common stockholders | $ | 4.04 | $ | 3.41 | $ | 1.24 | $ | 1.14 | $ | 2.91 | ||||||||||
Weighted average common stock outstanding | 37,335 | 35,125 | 32,629 | 29,734 | 29,747 | |||||||||||||||
Cash dividend per common share | $ | 4.84 | $ | 4.40 | $ | 4.16 | $ | 4.13 | $ | 4.12 | ||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
($ in thousands, except per share amounts) | ||||||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Rental and other property | $ | 959,958 | $ | 602,003 | $ | 526,696 | $ | 460,660 | $ | 400,841 | ||||||||||
Management and other fees from affiliates(1) | 9,347 | 7,263 | 8,457 | 5,428 | 3,836 | |||||||||||||||
Income before discontinued operations | $ | 134,438 | $ | 140,882 | $ | 127,653 | $ | 46,958 | $ | 47,424 | ||||||||||
Income from discontinued operations | — | 31,173 | 11,937 | 10,558 | 3,358 | |||||||||||||||
Net income | 134,438 | 172,055 | 139,590 | 57,516 | 50,782 | |||||||||||||||
Net income available to common stockholders | $ | 116,859 | $ | 150,811 | $ | 119,812 | $ | 40,368 | $ | 33,764 | ||||||||||
Per share data: | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Income before discontinued operations available to common stockholders | $ | 2.07 | $ | 3.26 | $ | 3.10 | $ | 0.94 | $ | 1.03 | ||||||||||
Net income available to common stockholders | $ | 2.07 | $ | 4.05 | $ | 3.42 | $ | 1.24 | $ | 1.14 | ||||||||||
Weighted average common stock outstanding | 56,547 | 37,249 | 35,032 | 32,542 | 29,667 | |||||||||||||||
Diluted: | ||||||||||||||||||||
Income before discontinued operations available to common stockholders | $ | 2.06 | $ | 3.25 | $ | 3.09 | $ | 0.94 | $ | 1.03 | ||||||||||
Net income available to common stockholders | $ | 2.06 | $ | 4.04 | $ | 3.41 | $ | 1.24 | $ | 1.14 | ||||||||||
Weighted average common stock outstanding | 56,697 | 37,335 | 35,125 | 32,629 | 29,734 | |||||||||||||||
Cash dividend per common share | $ | 5.11 | $ | 4.84 | $ | 4.40 | $ | 4.16 | $ | 4.13 |
As of December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
BALANCE SHEET DATA: | ||||||||||||||||||||
Investment in rental properties (before accumulated depreciation) | $ | 5,443,757 | $ | 5,033,672 | $ | 4,313,064 | $ | 3,964,561 | $ | 3,412,930 | ||||||||||
Net investment in rental properties | 4,188,871 | 3,952,155 | 3,393,038 | 3,189,008 | 2,663,466 | |||||||||||||||
Real estate under development | 50,430 | 66,851 | 44,280 | 217,531 | 274,965 | |||||||||||||||
Total assets | 5,186,839 | 4,847,223 | 4,036,964 | 3,732,887 | 3,254,637 | |||||||||||||||
Total secured indebtedness | 1,404,080 | 1,565,599 | 1,745,858 | 2,082,745 | 1,832,549 | |||||||||||||||
Total unsecured indebtedness | 1,629,444 | 1,253,084 | 615,000 | 176,000 | 14,893 | |||||||||||||||
Cumulative convertible preferred stock | 4,349 | 4,349 | 4,349 | 4,349 | 4,349 | |||||||||||||||
Cumulative redeemable preferred stock | 73,750 | 73,750 | 73,750 | 25,000 | 25,000 | |||||||||||||||
Stockholders' equity | 1,884,619 | 1,764,804 | 1,437,527 | 1,149,946 | 1,053,096 |
As of and for the years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
($ in thousands, except per share amounts) | ||||||||||||||||||||
OTHER DATA: | ||||||||||||||||||||
Funds from operations (FFO)(1): | ||||||||||||||||||||
Net income available to common stockholders | $ | 150,811 | $ | 119,812 | $ | 40,368 | $ | 33,764 | $ | 82,200 | ||||||||||
Adjustments: | ||||||||||||||||||||
Depreciation and amortization | 193,518 | 170,686 | 152,543 | 129,711 | 118,522 | |||||||||||||||
Gains not included in FFO, net of internal disposition costs | (67,975 | ) | (60,842 | ) | (7,543 | ) | - | (7,943 | ) | |||||||||||
Depreciation add back from unconsolidated co-invetsments and other, net | 23,377 | 21,194 | 14,804 | 7,893 | 7,607 | |||||||||||||||
Funds from operations | $ | 299,731 | $ | 250,850 | $ | 200,172 | $ | 171,368 | $ | 200,386 | ||||||||||
Non-core items: | ||||||||||||||||||||
Loss (gain) on early retirement of debt | 300 | 5,009 | 1,163 | - | (4,750 | ) | ||||||||||||||
Acquisition and merger costs | 5,445 | 2,255 | 1,231 | 1,250 | - | |||||||||||||||
Gain on sale of marketable securities and note prepayment | (2,519 | ) | (819 | ) | (4,956 | ) | (12,491 | ) | (1,014 | ) | ||||||||||
Co-investment promote income | - | (2,299 | ) | - | (500 | ) | - | |||||||||||||
CEO retirement and non-recurring payroll costs | - | - | - | 2,127 | 4,358 | |||||||||||||||
Redemption of preferred stock | - | - | 1,949 | - | (49,952 | ) | ||||||||||||||
Impairment of development projects | - | - | - | - | 12,428 | |||||||||||||||
Other items. net (2) | (2,861 | ) | - | (2,780 | ) | (959 | ) | 32 | ||||||||||||
Core funds from operations (Core FFO) | $ | 300,096 | $ | 254,996 | $ | 196,779 | $ | 160,795 | $ | 161,488 | ||||||||||
Weighted average number of shares outstanding, diluted (FFO)(3) | 39,501 | 37,378 | 34,861 | 32,028 | 29,747 | |||||||||||||||
Funds from operations per share - diluted | $ | 7.59 | $ | 6.71 | $ | 5.74 | $ | 5.35 | $ | 6.74 | ||||||||||
Core funds from operations per share - diluted | $ | 7.60 | $ | 6.82 | $ | 5.64 | $ | 5.02 | $ | 5.43 |
(1) | Reclassifications have been made in prior periods to conform to the current year’s presentation. |
As of December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
BALANCE SHEET DATA: | ||||||||||||||||||||
Investment in rental properties (before accumulated depreciation) | $ | 11,252,511 | $ | 5,443,757 | $ | 5,033,672 | $ | 4,313,064 | $ | 3,964,561 | ||||||||||
Net investment in rental properties | 9,687,705 | 4,188,871 | 3,952,155 | 3,393,038 | 3,189,008 | |||||||||||||||
Real estate under development | 434,371 | 50,430 | 66,851 | 44,280 | 217,531 | |||||||||||||||
Co-investments | 1,036,411 | 677,133 | 571,345 | 383,412 | 107,840 | |||||||||||||||
Total assets | 11,562,874 | 5,186,839 | 4,847,223 | 4,036,964 | 3,732,887 | |||||||||||||||
Total secured indebtedness | 2,245,944 | 1,404,080 | 1,565,599 | 1,745,858 | 2,082,745 | |||||||||||||||
Total unsecured indebtedness | 2,863,873 | 1,629,444 | 1,253,084 | 615,000 | 176,000 | |||||||||||||||
Redeemable noncontrolling interest | 23,256 | — | — | — | — | |||||||||||||||
Cumulative convertible preferred stock | — | 4,349 | 4,349 | 4,349 | 4,349 | |||||||||||||||
Cumulative redeemable preferred stock | 73,750 | 73,750 | 73,750 | 73,750 | 25,000 | |||||||||||||||
Stockholders' equity | 6,022,672 | 1,884,619 | 1,764,804 | 1,437,527 | 1,149,946 |
As of and for the years ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
($ in thousands, except per share amounts) | ||||||||||||||||||||
OTHER DATA: | ||||||||||||||||||||
Funds from operations (FFO)(1): | ||||||||||||||||||||
Net income available to common stockholders | $ | 116,859 | $ | 150,811 | $ | 119,812 | $ | 40,368 | $ | 33,764 | ||||||||||
Adjustments: | ||||||||||||||||||||
Depreciation and amortization | 360,592 | 193,518 | 170,686 | 152,543 | 129,711 | |||||||||||||||
Gains not included in FFO, net of internal disposition costs | (50,064 | ) | (67,975 | ) | (60,842 | ) | (7,543 | ) | — | |||||||||||
Depreciation add back from unconsolidated co-investments and other, net | 37,555 | 23,377 | 21,194 | 14,804 | 7,893 | |||||||||||||||
Funds from operations | $ | 464,942 | $ | 299,731 | $ | 250,850 | $ | 200,172 | $ | 171,368 | ||||||||||
Non-core items: | ||||||||||||||||||||
Loss on early retirement of debt | 268 | 300 | 5,009 | 1,163 | — | |||||||||||||||
Merger and acquisition costs | 55,408 | 5,445 | 2,255 | 1,231 | 1,250 | |||||||||||||||
Gain on sale of marketable securities and note prepayment | (886 | ) | (2,519 | ) | (819 | ) | (4,956 | ) | (12,491 | ) | ||||||||||
Co-investment promote income | (10,640 | ) | — | (2,299 | ) | — | (500 | ) | ||||||||||||
Income from early redemption of preferred equity investments | (5,250 | ) | (1,358 | ) | — | — | — | |||||||||||||
Other items, net (2) | (681 | ) | (1,503 | ) | — | (831 | ) | 1,168 | ||||||||||||
Core funds from operations (Core FFO) | $ | 503,161 | $ | 300,096 | $ | 254,996 | $ | 196,779 | $ | 160,795 | ||||||||||
Weighted average number of shares outstanding, diluted (FFO)(3) | 58,921 | 39,501 | 37,378 | 34,861 | 32,028 | |||||||||||||||
Funds from operations per share - diluted | $ | 7.89 | $ | 7.59 | $ | 6.71 | $ | 5.74 | $ | 5.35 | ||||||||||
Core funds from operations per share - diluted | $ | 8.54 | $ | 7.60 | $ | 6.82 | $ | 5.64 | $ | 5.02 |
(1) | FFO is a financial measure that is commonly used in the REIT industry. The Company presents funds from operations as a supplemental operating performance measure. FFO is not used by the Company, nor should it be considered to be, as an alternative to net earnings computed under GAAP as an indicator of the Company’s operating performance or as an alternative to cash from operating activities computed under GAAP as an indicator of the Company's ability to fund its cash needs. |
(a) | historical cost accounting for real estate assets in accordance with GAAP assumes, through depreciation charges, that the value of real estate assets diminishes predictably over time. NAREIT stated in its White Paper on Funds from Operations “since real estate asset values have historically risen or fallen with market conditions, many industry investors have considered presentations of operating results for real estate companies that use historical cost |
(b) | REITs were created as a legal form of organization in order to encourage public ownership of real estate as an asset class through investment in firms that were in the business of long-term ownership and management of real estate. The exclusion, in NAREIT’s definition of FFO, of gains from the sales and impairment losses of previously depreciated operating real estate assets allows investors and analysts to readily identify the operating results of the long-term assets that form the core of a REIT’s activity and assists in comparing those operating results between periods. |
(2) | Other items, net are non-recurring in nature and include items such as gains on non-operating assets and tax related |
(3) | Assumes conversion of all dilutive outstanding operating partnership interests in the Operating |
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
($ in thousands, except per unit amounts) | ||||||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Rental and other property | $ | 959,958 | $ | 602,003 | $ | 526,696 | $ | 460,660 | $ | 400,841 | ||||||||||
Management and other fees from affiliates(1) | 9,347 | 7,263 | 8,457 | 5,428 | 3,836 | |||||||||||||||
Income before discontinued operations | $ | 134,438 | $ | 140,882 | $ | 127,653 | $ | 46,958 | $ | 47,424 | ||||||||||
Income from discontinued operations | — | 31,173 | 11,937 | 10,558 | 3,358 | |||||||||||||||
Net income | 134,438 | 172,055 | 139,590 | 57,516 | 50,782 | |||||||||||||||
Net income available to common unitholders | $ | 121,726 | $ | 159,749 | $ | 127,771 | $ | 43,593 | $ | 42,842 | ||||||||||
Per unit data: | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Income before discontinued operations available to common unitholders | $ | 2.07 | $ | 3.27 | $ | 3.11 | $ | 0.95 | $ | 1.04 | ||||||||||
Net income available to common unitholders | $ | 2.07 | $ | 4.06 | $ | 3.43 | $ | 1.25 | $ | 1.14 | ||||||||||
Weighted average common units outstanding | 58,772 | 39,380 | 37,252 | 34,774 | 31,961 | |||||||||||||||
Diluted: | ||||||||||||||||||||
Income before discontinued operations available to common unitholders | $ | 2.07 | $ | 3.26 | $ | 3.10 | $ | 0.95 | $ | 1.03 | ||||||||||
Net income available to common unitholders | $ | 2.07 | $ | 4.05 | $ | 3.42 | $ | 1.25 | $ | 1.14 | ||||||||||
Weighted average common units outstanding | 58,921 | 39,467 | 37,344 | 34,861 | 32,028 | |||||||||||||||
Cash distributions per common unit | $ | 5.11 | $ | 4.84 | $ | 4.40 | $ | 4.16 | $ | 4.13 |
(1) | Reclassifications have been made in prior periods to conform to the current year’s presentation. |
As of December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
BALANCE SHEET DATA: | ||||||||||||||||||||
Investment in rental properties (before accumulated depreciation) | $ | 11,252,511 | $ | 5,443,757 | $ | 5,033,672 | $ | 4,313,064 | $ | 3,964,561 | ||||||||||
Net investment in rental properties | 9,687,705 | 4,188,871 | 3,952,155 | 3,393,038 | 3,189,008 | |||||||||||||||
Real estate under development | 434,371 | 50,430 | 66,851 | 44,280 | 217,531 | |||||||||||||||
Co-investments | 1,036,411 | 677,133 | 571,345 | 383,412 | 107,840 | |||||||||||||||
Total assets | 11,562,874 | 5,186,839 | 4,847,223 | 4,036,964 | 3,732,887 | |||||||||||||||
Total secured indebtedness | 2,245,944 | 1,404,080 | 1,565,599 | 1,745,858 | 2,082,745 | |||||||||||||||
Total unsecured indebtedness | 2,863,873 | 1,629,444 | 1,253,084 | 615,000 | 176,000 | |||||||||||||||
Redeemable noncontrolling interest | 23,256 | — | — | — | — | |||||||||||||||
Cumulative convertible preferred interest | — | 4,349 | 4,349 | 4,349 | 4,349 | |||||||||||||||
Cumulative redeemable preferred interest | 71,209 | 71,209 | 71,209 | 71,209 | 104,412 | |||||||||||||||
Partners' capital | 6,073,433 | 1,932,108 | 1,811,427 | 1,486,914 | 1,284,515 |
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
($ in thousands, except per unit amounts) | ||||||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Rental and other property | $ | 602,003 | $ | 526,696 | $ | 460,660 | $ | 400,841 | $ | 396,498 | ||||||||||
Management and other fees from affiliates | 11,700 | 11,489 | 6,780 | 4,551 | 4,325 | |||||||||||||||
Income before discontinued operations | $ | 140,882 | $ | 127,653 | $ | 46,958 | $ | 47,424 | $ | 41,244 | ||||||||||
Income from discontinued operations | 31,173 | 11,937 | 10,558 | 3,358 | 12,495 | |||||||||||||||
Net income | 172,055 | 139,590 | 57,516 | 50,782 | 53,739 | |||||||||||||||
Net income available to common unitholders | $ | 159,749 | $ | 127,771 | $ | 43,593 | $ | 42,842 | $ | 92,724 | ||||||||||
Per unit data: | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Income before discontinued operations available to common unitholders | $ | 3.27 | $ | 3.11 | $ | 0.95 | $ | 1.04 | $ | 2.49 | ||||||||||
Net income available to common unitholders | $ | 4.06 | $ | 3.43 | $ | 1.25 | $ | 1.14 | $ | 2.91 | ||||||||||
Weighted average common units outstanding | 39,380 | 37,252 | 34,774 | 31,961 | 29,717 | |||||||||||||||
Diluted: | ||||||||||||||||||||
Income before discontinued operations available to common unitholders | $ | 3.26 | $ | 3.10 | $ | 0.95 | $ | 1.03 | $ | 2.49 | ||||||||||
Net income available to common unitholders | $ | 4.05 | $ | 3.42 | $ | 1.25 | $ | 1.14 | $ | 2.91 | ||||||||||
Weighted average common units outstanding | 39,467 | 37,344 | 34,861 | 32,028 | 29,747 | |||||||||||||||
Cash distributions per common unit | $ | 4.84 | $ | 4.40 | $ | 4.16 | $ | 4.13 | $ | 4.12 | ||||||||||
As of December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
BALANCE SHEET DATA: | ||||||||||||||||||||
Investment in rental properties (before accumulated depreciation) | $ | 5,443,757 | $ | 5,033,672 | $ | 4,313,064 | $ | 3,964,561 | $ | 3,412,930 | ||||||||||
Net investment in rental properties | 4,188,871 | 3,952,155 | 3,393,038 | 3,189,008 | 2,663,466 | |||||||||||||||
Real estate under development | 50,430 | 66,851 | 44,280 | 217,531 | 274,965 | |||||||||||||||
Total assets | 5,186,839 | 4,847,223 | 4,036,964 | 3,732,887 | 3,254,637 | |||||||||||||||
Total secured indebtedness | 1,404,080 | 1,565,599 | 1,745,858 | 2,082,745 | 1,832,549 | |||||||||||||||
Total unsecured indebtedness | 1,629,444 | 1,253,084 | 615,000 | 176,000 | 14,893 | |||||||||||||||
Cumulative convertible preferred interest | 4,349 | 4,349 | 4,349 | 4,349 | 4,349 | |||||||||||||||
Cumulative redeemable preferred interest | 71,209 | 71,209 | 71,209 | 104,412 | 104,412 | |||||||||||||||
Partners' capital | 1,932,108 | 1,811,427 | 1,486,914 | 1,284,515 | 1,200,208 |
As of | As of | ||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||
Apartment Units | % | Apartment Units | % | ||||||||
Southern California | 22,168 | 47 | % | 13,855 | 46 | % | |||||
Northern California | 14,789 | 31 | % | 9,431 | 32 | % | |||||
Seattle Metro | 10,216 | 21 | % | 6,703 | 22 | % | |||||
Other real estate assets(1) | 552 | 1 | % | — | — | % | |||||
Total | 47,725 | 100 | % | 29,989 | 100 | % |
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||
Apartment Units | % | Apartment Units | % | |||||||||||||
Southern California | 13,855 | 46 | % | 13,656 | 47 | % | ||||||||||
Northern California | 9,431 | 32 | % | 8,987 | 31 | % | ||||||||||
Seattle Metro | 6,703 | 22 | % | 6,598 | 22 | % | ||||||||||
Total | 29,989 | 100 | % | 29,241 | 100 | % |
Years ended December 31, | |||||
2014 | 2013 | ||||
Southern California | 96.3 | % | 96.1 | % | |
Northern California | 96.3 | % | 96.1 | % | |
Seattle Metro | 96.0 | % | 96.1 | % |
Number of | Years Ended December 31, | Dollar | Percentage | |||||||||||||||
Property Revenues ($ in thousands) | Properties | 2014 | 2013 | Change | Change | |||||||||||||
2014/2013 Same-Properties: | ||||||||||||||||||
Southern California | 58 | $ | 266,917 | $ | 253,007 | $ | 13,910 | 5.5 | % | |||||||||
Northern California | 35 | 218,014 | 198,832 | $ | 19,182 | 9.6 | % | |||||||||||
Seattle Metro | 29 | 114,962 | 106,982 | 7,980 | 7.5 | % | ||||||||||||
Total 2014/2013 Same-Property revenues | 122 | 599,893 | 558,821 | 41,072 | 7.3 | % | ||||||||||||
2014/2013 Non-Same Property Revenues (1) | 79,978 | 43,182 | 36,796 | 85.2 | % | |||||||||||||
2014 BRE Legacy Property Revenues (2) | 280,087 | — | 280,087 | |||||||||||||||
Total property revenues | $ | 959,958 | $ | 602,003 | $ | 357,955 | 59.5 | % |
Years ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Southern California | 96.1 | % | 96.1 | % | ||||
Northern California | 96.3 | % | 96.7 | % | ||||
Seattle Metro | 96.1 | % | 96.1 | % |
Years ended December 31, | |||||
2013 | 2012 | ||||
Southern California | 96.1 | % | 96.1 | % | |
Northern California | 96.3 | % | 96.7 | % | |
Seattle Metro | 96.1 | % | 96.1 | % |
Years Ended | ||||||||||||||||||||
Number of | December 31, | Dollar | Percentage | |||||||||||||||||
Properties | 2013 | 2012 | Change | Change | ||||||||||||||||
Property Revenues ($ in thousands) | ||||||||||||||||||||
2013/2012 Same-Properties: | ||||||||||||||||||||
Southern California | 58 | $ | 235,306 | $ | 225,435 | $ | 9,871 | 4.4 | % | |||||||||||
Northern California | 35 | 184,508 | 170,578 | 13,930 | 8.2 | |||||||||||||||
Seattle Metro | 29 | 93,139 | 86,483 | 6,656 | 7.7 | |||||||||||||||
Total 2013/2012 Same-Property revenues | 122 | 512,953 | 482,496 | 30,457 | 6.3 | |||||||||||||||
2013/2012 Non-Same Property Revenues (1) | 89,050 | 44,200 | 44,850 | 101.5 | ||||||||||||||||
Total property revenues | $ | 602,003 | $ | 526,696 | $ | 75,307 | 14.3 | % |
Number of | Years Ended December 31, | Dollar | Percentage | |||||||||||||||
Property Revenues ($ in thousands) | Properties | 2013 | 2012 | Change | Change | |||||||||||||
2013/2012 Same-Properties: | ||||||||||||||||||
Southern California | 58 | $ | 235,306 | $ | 225,435 | $ | 9,871 | 4.4 | % | |||||||||
Northern California | 35 | 184,508 | 170,578 | $ | 13,930 | 8.2 | % | |||||||||||
Seattle Metro | 29 | 93,139 | 86,483 | $ | 6,656 | 7.7 | % | |||||||||||
Total 2013/2012 Same-Property revenues | 122 | 512,953 | 482,496 | $ | 30,457 | 6.3 | % | |||||||||||
2013/2012 Non-Same Property Revenues (1) | 89,050 | 44,200 | $ | 44,850 | 101.5 | % | ||||||||||||
Total property revenues | $ | 602,003 | $ | 526,696 | $ | 75,307 | 14.3 | % |
Years ended | ||||||||
December 31, | ||||||||
2012 | 2011 | |||||||
Southern California | 96.1 | % | 96.3 | % | ||||
Northern California | 96.7 | % | 96.6 | % | ||||
Seattle Metro | 96.1 | % | 96.4 | % |
Years Ended | ||||||||||||||||||||
Number of | December 31, | Dollar | Percentage | |||||||||||||||||
Properties | 2012 | 2011 | Change | Change | ||||||||||||||||
Property Revenues ($ in thousands) | ||||||||||||||||||||
2012/2011 Same-Properties: | ||||||||||||||||||||
Southern California | 56 | $ | 224,779 | $ | 215,738 | $ | 9,041 | 4.2 | % | |||||||||||
Northern California | 33 | 159,993 | 146,008 | 13,985 | 9.6 | |||||||||||||||
Seattle Metro | 27 | 83,153 | 76,650 | 6,503 | 8.5 | |||||||||||||||
Total 2012/2011 Same-Property revenues | 116 | 467,925 | 438,396 | 29,529 | 6.7 | |||||||||||||||
2012/2011 Non-Same Property Revenues (1) | 58,771 | 22,264 | 36,507 | 164.0 | ||||||||||||||||
Total property revenues | $ | 526,696 | $ | 460,660 | $ | 66,036 | 14.3 | % |
For the year | ||||||||||||||||||||
ended | For the quarter ended | |||||||||||||||||||
12/31/13 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | ||||||||||||||||
Cash flow provided by (used in): | ||||||||||||||||||||
Operating activities | $ | 304,982 | $ | 79,900 | 74,496 | 64,894 | 85,692 | |||||||||||||
Investing activities | (453,696 | ) | (144,709 | ) | (27,306 | ) | (175,944 | ) | (105,737 | ) | ||||||||||
Financing activities | 148,599 | 73,791 | (57,898 | ) | 100,423 | 32,283 | ||||||||||||||
For the year | ||||||||||||||||||||
ended | For the quarter ended | |||||||||||||||||||
12/31/12 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | ||||||||||||||||
Cash flow provided by (used in): | ||||||||||||||||||||
Operating activities | $ | 267,499 | $ | 48,164 | $ | 89,943 | $ | 57,232 | $ | 72,160 | ||||||||||
Investing activities | (812,138 | ) | (294,072 | ) | (201,888 | ) | (272,127 | ) | (44,051 | ) | ||||||||||
Financing activities | 550,356 | 262,571 | 109,756 | 205,283 | (27,254 | ) |
For the year ended | ||||||||||||
12/31/2014 | 12/31/2013 | 12/31/2012 | ||||||||||
Cash flow provided by (used in): | ||||||||||||
Operating activities | $ | 492,983 | $ | 304,982 | $ | 267,499 | ||||||
Investing activities | $ | (1,147,156 | ) | $ | (453,696 | ) | $ | (812,138 | ) | |||
Financing activities | $ | 520,610 | $ | 148,599 | $ | 550,356 |
2015 and | 2017 and | |||||||||||||||||||
2014 | 2016 | 2018 | Thereafter | Total | ||||||||||||||||
Mortgage notes payable | $ | - | $ | 79,851 | $ | 453,887 | $ | 870,342 | $ | 1,404,080 | ||||||||||
Unsecured debt | - | 350,000 | 190,000 | 870,023 | 1,410,023 | |||||||||||||||
Lines of credit | - | 20,421 | 199,000 | - | 219,421 | |||||||||||||||
Interest on indebtedness (1) | 121,500 | 233,737 | 184,031 | 188,418 | 727,686 | |||||||||||||||
Development commitments (including co-investments) | 170,900 | 78,300 | - | - | 249,200 | |||||||||||||||
$ | 292,400 | $ | 762,309 | $ | 1,026,918 | $ | 1,928,783 | $ | 4,010,410 |
2015 | 2016 and 2017 | 2018 and 2019 | Thereafter | Total | ||||||||||||||||
Mortgage notes payable | $ | 94,580 | $ | 240,164 | $ | 885,881 | $ | 941,526 | $ | 2,162,151 | ||||||||||
Unsecured debt | — | 715,000 | 75,000 | 1,800,000 | 2,590,000 | |||||||||||||||
Lines of credit | — | 16,577 | — | 229,814 | 246,391 | |||||||||||||||
Interest on indebtedness (1) | 188,481 | 353,889 | 286,471 | 326,666 | 1,155,507 | |||||||||||||||
Development commitments (including co-investments) | 185,651 | 63,319 | 578 | — | 249,548 | |||||||||||||||
$ | 468,712 | $ | 1,388,949 | $ | 1,247,930 | $ | 3,298,006 | $ | 6,403,597 |
(1) | Interest on indebtedness for variable debt was calculated using interest rates as of December 31, |
2013 | 2012 | 2011 | ||||||||||
Earnings from operations | $ | 188,705 | $ | 167,025 | $ | 134,617 | ||||||
Adjustments: | ||||||||||||
General and administrative | 25,601 | 23,307 | 20,694 | |||||||||
Management and other fees from affiliates | (11,700 | ) | (11,489 | ) | (6,780 | ) | ||||||
Cost of management and other fees | 6,681 | 6,513 | 4,610 | |||||||||
Depreciation | 192,420 | 169,173 | 150,009 | |||||||||
Merger expenses | 4,284 | - | - | |||||||||
Net operating income | 405,991 | 354,529 | 303,150 | |||||||||
Less: Non Same-Property NOI | (55,424 | ) | (28,235 | ) | (13,457 | ) | ||||||
Same-Property NOI | $ | 350,567 | $ | 326,294 | $ | 289,693 |
2014 | 2013 | 2012 | |||||||||
Earnings from operations | $ | 201,514 | $ | 188,705 | $ | 167,025 | |||||
Adjustments: | |||||||||||
General and administrative | 40,878 | 26,684 | 24,573 | ||||||||
Management and other fees from affiliates | (9,347 | ) | (7,263 | ) | (8,457 | ) | |||||
Depreciation and amortization | 360,592 | 192,420 | 169,173 | ||||||||
Merger and integration expenses | 53,530 | 4,284 | — | ||||||||
Acquisition and disposition costs | 1,878 | 1,161 | 2,215 | ||||||||
Net operating income | 649,045 | 405,991 | 354,529 | ||||||||
Less: Non Same-Property NOI | (234,147 | ) | (26,073 | ) | (16,698 | ) | |||||
Same-Property NOI | $ | 414,898 | $ | 379,918 | $ | 337,831 |
Carrying and | Estimated Carrying Value | |||||||||||||||||||
Notional | Maturity | Estimate Fair | + 50 | - 50 | ||||||||||||||||
($ in thousands) | Amount | Date Range | Value | Basis Points | Basis Points | |||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Interest rate swaps | $ | 300,000 | 2016-2017 | $ | (2,682 | ) | $ | 1,989 | $ | (6,500 | ) | |||||||||
Interest rate caps | 156,904 | 2014-2018 | - | 48 | - | |||||||||||||||
Total cash flow hedges | $ | 456,904 | 2014-2018 | $ | (2,682 | ) | $ | 2,037 | $ | (6,500 | ) |
Carrying and | Estimated Carrying Value | |||||||||||||||||
Maturity | Estimate | + 50 | - 50 | |||||||||||||||
($ in thousands) | Notional Amount | Date Range | Fair Value | Basis Points | Basis Points | |||||||||||||
Cash flow hedges: | ||||||||||||||||||
Interest rate swaps | $ | 225,000 | 2016-2017 | $ | (1,767 | ) | $ | 148 | $ | (3,846 | ) | |||||||
Interest rate caps | 153,239 | 2015-2019 | — | 50 | — | |||||||||||||
Total cash flow hedges | $ | 378,239 | 2015-2019 | $ | (1,767 | ) | $ | 198 | $ | (3,846 | ) |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | Fair value | ||||||||||||||||||||||||||
Fixed rate debt | $ | - | $ | 67,461 | $ | 162,390 | $ | 222,731 | $ | 271,156 | $ | 1,572,764 | $ | 2,296,502 | $ | 2,329,482 | |||||||||||||||||
Average interest rate | - | 5.2 | % | 4.5 | % | 5.5 | % | 5.9 | % | 5.0 | % | ||||||||||||||||||||||
Variable rate debt | $ | 20,421 | $ | 199,000 | $ | 200,000 | $ | 150,000 | $ | - | $ | 167,601 | (1 | ) | $ | 737,022 | $ | 719,414 | |||||||||||||||
Average interest rate | 2.2 | % | 2.2 | % | 2.5 | % | 2.5 | % | - | 1.6 | % |
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | Fair value | |||||||||||||||||||||||||
Fixed rate debt | $ | 94,580 | $ | 191,481 | $ | 538,683 | $ | 320,080 | $ | 630,801 | $ | 2,562,324 | $ | 4,337,949 | $ | 4,531,964 | ||||||||||||||||
Average interest rate | 5.1 | % | 4.5 | % | 3.3 | % | 5.5 | % | 4.3 | % | 3.9 | % | ||||||||||||||||||||
Variable rate debt | $ | — | $ | 216,577 | $ | 25,000 | $ | — | $ | 239,814 | $ | 179,202 | (1 | ) | $ | 660,593 | $ | 656,345 | ||||||||||||||
Average interest rate | — | 2.2 | % | 2.2 | % | — | 1.7 | % | 1.9 | % |
(1) | $ |
(1) Consolidated Financial Statements of Essex Property Trust, Inc. | Page |
Report of Independent Registered Public Accounting Firm | |
Consolidated Balance Sheets: As of December 31, | |
Consolidated Statements of | |
Consolidated Statements of Comprehensive Income: Years ended December 31, 2014, 2013, | |
Consolidated Statements of Equity: Years ended December 31, 2014, 2013, | |
Consolidated Statements of Cash Flows: Years ended December 31, 2014, 2013, | |
Notes to Consolidated Financial Statements | |
(2) Consolidated Financial Statements of Essex Portfolio, L.P. | |
Report of Independent Registered Public Accounting Firm | |
Consolidated Balance Sheets: As of December 31, | |
Consolidated Statements of | |
Consolidated Statements of Comprehensive Income: Years ended December 31, 2014, 2013, | |
Consolidated Statements of Capital: Years ended December 31, 2014, 2013, | |
Consolidated Statements of Cash Flows: Years ended December 31, 2014, 2013, | |
Notes to Consolidated Financial Statements | |
(3) Financial Statement Schedule – Schedule III – Real Estate and Accumulated Depreciation as of December 31, | |
(4) See the Exhibit Index immediately following the signature page and certifications for a list of exhibits filed or incorporated by reference as part of this report. |
/S/ KPMG LLP | |
KPMG LLP |
/S/ KPMG LLP | |
KPMG LLP |
/S/ KPMG LLP | |
KPMG LLP |
2013 | 2012 | |||||||
ASSETS | ||||||||
Real estate: | ||||||||
Rental properties: | ||||||||
Land and land improvements | $ | 1,083,552 | $ | 1,003,171 | ||||
Buildings and improvements | 4,360,205 | 4,030,501 | ||||||
5,443,757 | 5,033,672 | |||||||
Less: accumulated depreciation | (1,254,886 | ) | (1,081,517 | ) | ||||
4,188,871 | 3,952,155 | |||||||
Real estate under development | 50,430 | 66,851 | ||||||
Co-investments | 677,133 | 571,345 | ||||||
4,916,434 | 4,590,351 | |||||||
Cash and cash equivalents-unrestricted | 18,491 | 18,606 | ||||||
Cash and cash equivalents-restricted | 35,275 | 23,520 | ||||||
Marketable securities | 90,084 | 92,713 | ||||||
Notes and other receivables | 68,255 | 66,163 | ||||||
Prepaid expenses and other assets | 33,781 | 35,003 | ||||||
Deferred charges, net | 24,519 | 20,867 | ||||||
Total assets | $ | 5,186,839 | $ | 4,847,223 | ||||
LIABILITIES AND EQUITY | ||||||||
Mortgage notes payable | $ | 1,404,080 | $ | 1,565,599 | ||||
Unsecured debt | 1,410,023 | 1,112,084 | ||||||
Lines of credit | 219,421 | 141,000 | ||||||
Accounts payable and accrued liabilities | 67,183 | 64,858 | ||||||
Construction payable | 8,047 | 5,392 | ||||||
Dividends payable | 50,627 | 45,052 | ||||||
Derivative liabilities | 2,682 | 6,606 | ||||||
Other liabilities | 22,189 | 22,167 | ||||||
Total liabilities | 3,184,252 | 2,962,758 | ||||||
Commitments and contingencies | ||||||||
Cumulative convertible 4.875% Series G preferred stock; $.0001 par value: 5,980,000 issued, and 178,249 outstanding | 4,349 | 4,349 | ||||||
Equity: | ||||||||
Common stock; $.0001 par value, 656,020,000 shares authorized;37,421,219 and 36,442,994 shares issued and outstanding | 4 | 3 | ||||||
Cumulative redeemable 7.125% Series H preferred stock at liquidation value | 73,750 | 73,750 | ||||||
Excess stock, $.0001 par value, 330,000,000 shares authorized and no shares issued or outstanding | - | - | ||||||
Additional paid-in capital | 2,345,763 | 2,204,778 | ||||||
Distributions in excess of accumulated earnings | (474,426 | ) | (444,466 | ) | ||||
Accumulated other comprehensive loss, net | (60,472 | ) | (69,261 | ) | ||||
Total stockholders' equity | 1,884,619 | 1,764,804 | ||||||
Noncontrolling interest | 113,619 | 115,312 | ||||||
Total equity | 1,998,238 | 1,880,116 | ||||||
Total liabilities and equity | $ | 5,186,839 | $ | 4,847,223 |
2014 | 2013 | ||||||
ASSETS | |||||||
Real estate: | |||||||
Rental properties: | |||||||
Land and land improvements | $ | 2,426,496 | $ | 1,083,552 | |||
Buildings and improvements | 8,826,015 | 4,360,205 | |||||
11,252,511 | 5,443,757 | ||||||
Less: accumulated depreciation | (1,564,806 | ) | (1,254,886 | ) | |||
9,687,705 | 4,188,871 | ||||||
Real estate under development | 434,371 | 50,430 | |||||
Co-investments | 1,036,411 | 677,133 | |||||
Real estate held for sale, net | 56,300 | — | |||||
11,214,787 | 4,916,434 | ||||||
Cash and cash equivalents-unrestricted | 25,281 | 18,491 | |||||
Cash and cash equivalents-restricted | 70,139 | 35,275 | |||||
Marketable securities and other investments | 117,240 | 90,084 | |||||
Notes and other receivables | 24,923 | 68,255 | |||||
Prepaid expenses and other assets | 33,318 | 29,268 | |||||
Acquired in-place lease value | 47,747 | 4,513 | |||||
Deferred charges, net | 29,439 | 24,519 | |||||
Total assets | $ | 11,562,874 | $ | 5,186,839 | |||
LIABILITIES AND EQUITY | |||||||
Mortgage notes payable | $ | 2,245,944 | $ | 1,404,080 | |||
Unsecured debt | 2,617,482 | 1,410,023 | |||||
Lines of credit | 246,391 | 219,421 | |||||
Accounts payable and accrued liabilities | 142,135 | 67,183 | |||||
Construction payable | 30,892 | 8,047 | |||||
Dividends payable | 88,221 | 50,627 | |||||
Other liabilities | 32,485 | 24,871 | |||||
Total liabilities | 5,403,550 | 3,184,252 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interest | 23,256 | — | |||||
Cumulative convertible 4.875% Series G preferred stock; $.0001 par value: 5,980,000 issued, and 0 and 178,249 outstanding | — | 4,349 | |||||
Equity: | |||||||
Common stock; $.0001 par value, 656,020,000 shares authorized; 63,682,646 and 37,421,219 shares issued and outstanding, respectively | 6 | 4 | |||||
Cumulative redeemable 7.125% Series H preferred stock at liquidation value | 73,750 | 73,750 | |||||
Excess stock; $.0001 par value, 330,000,000 shares authorized and no shares issued or outstanding | — | — | |||||
Additional paid-in capital | 6,651,165 | 2,345,763 | |||||
Distributions in excess of accumulated earnings | (650,797 | ) | (474,426 | ) | |||
Accumulated other comprehensive loss, net | (51,452 | ) | (60,472 | ) | |||
Total stockholders' equity | 6,022,672 | 1,884,619 | |||||
Noncontrolling interest | 113,396 | 113,619 | |||||
Total equity | 6,136,068 | 1,998,238 | |||||
Total liabilities and equity | $ | 11,562,874 | $ | 5,186,839 |
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
Rental and other property | $ | 602,003 | $ | 526,696 | $ | 460,660 | ||||||
Management and other fees from affiliates | 11,700 | 11,489 | 6,780 | |||||||||
613,703 | 538,185 | 467,440 | ||||||||||
Expenses: | ||||||||||||
Property operating, excluding real estate taxes | 138,736 | 123,813 | 113,733 | |||||||||
Real estate taxes | 57,276 | 48,354 | 43,777 | |||||||||
Depreciation | 192,420 | 169,173 | 150,009 | |||||||||
General and administrative | 25,601 | 23,307 | 20,694 | |||||||||
Cost of management and other fees | 6,681 | 6,513 | 4,610 | |||||||||
Merger expenses | 4,284 | - | - | |||||||||
424,998 | 371,160 | 332,823 | ||||||||||
Earnings from operations | 188,705 | 167,025 | 134,617 | |||||||||
Interest expense before amortization | (104,600 | ) | (100,244 | ) | (91,694 | ) | ||||||
Amortization expense | (11,924 | ) | (11,644 | ) | (11,474 | ) | ||||||
Interest and other income | 11,633 | 13,833 | 17,139 | |||||||||
Equity income (loss) from co-investments | 55,865 | 41,745 | (467 | ) | ||||||||
Loss on early retirement of debt, net | (300 | ) | (5,009 | ) | (1,163 | ) | ||||||
Gain on sale of land | 1,503 | - | - | |||||||||
Gain on remeasurement of co-investment | - | 21,947 | - | |||||||||
Income before discontinued operations | 140,882 | 127,653 | 46,958 | |||||||||
Income from discontinued operations | 31,173 | 11,937 | 10,558 | |||||||||
Net income | 172,055 | 139,590 | 57,516 | |||||||||
Net income attributable to noncontrolling interest | (15,772 | ) | (14,306 | ) | (10,446 | ) | ||||||
Net income attributable to controlling interest | 156,283 | 125,284 | 47,070 | |||||||||
Dividends to preferred stockholders | (5,472 | ) | (5,472 | ) | (4,753 | ) | ||||||
Excess of cash paid to redeem preferred stock and units over the carrying value | - | - | (1,949 | ) | ||||||||
Net income available to common stockholders | $ | 150,811 | $ | 119,812 | $ | 40,368 | ||||||
Per share data: | ||||||||||||
Basic: | ||||||||||||
Income before discontinued operations available to common stockholders | $ | 3.26 | $ | 3.10 | $ | 0.94 | ||||||
Income from discontinued operations available to common stockholders | 0.79 | 0.32 | 0.30 | |||||||||
Net income available to common stockholders | $ | 4.05 | $ | 3.42 | $ | 1.24 | ||||||
Weighted average number of shares outstanding during the year | 37,248,960 | 35,032,491 | 32,541,792 | |||||||||
Diluted: | ||||||||||||
Income before discontinued operations available to common stockholders | $ | 3.25 | $ | 3.09 | $ | 0.94 | ||||||
Income from discontinued operations available to common stockholders | 0.79 | 0.32 | 0.30 | |||||||||
Net income available to common stockholders | $ | 4.04 | $ | 3.41 | $ | 1.24 | ||||||
Weighted average number of shares outstanding during the year | 37,335,295 | 35,124,921 | 32,628,714 |
2014 | 2013 | 2012 | |||||||||
Revenues: | |||||||||||
Rental and other property | $ | 959,958 | $ | 602,003 | $ | 526,696 | |||||
Management and other fees from affiliates | 9,347 | 7,263 | 8,457 | ||||||||
969,305 | 609,266 | 535,153 | |||||||||
Expenses: | |||||||||||
Property operating, excluding real estate taxes | 203,040 | 138,736 | 123,813 | ||||||||
Real estate taxes | 107,873 | 57,276 | 48,354 | ||||||||
Depreciation and amortization | 360,592 | 192,420 | 169,173 | ||||||||
General and administrative | 40,878 | 26,684 | 24,573 | ||||||||
Merger and integration expenses | 53,530 | 4,284 | — | ||||||||
Acquisition and disposition costs | 1,878 | 1,161 | 2,215 | ||||||||
767,791 | 420,561 | 368,128 | |||||||||
Earnings from operations | 201,514 | 188,705 | 167,025 | ||||||||
Interest expense | (164,551 | ) | (116,524 | ) | (111,888 | ) | |||||
Interest and other income | 11,811 | 11,633 | 13,833 | ||||||||
Equity income from co-investments | 39,893 | 55,865 | 41,745 | ||||||||
Loss on early retirement of debt, net | (268 | ) | (300 | ) | (5,009 | ) | |||||
Gain on sale of real estate and land | 46,039 | 1,503 | — | ||||||||
Gain on remeasurement of co-investment | — | — | 21,947 | ||||||||
Income before discontinued operations | 134,438 | 140,882 | 127,653 | ||||||||
Income from discontinued operations | — | 31,173 | 11,937 | ||||||||
Net income | 134,438 | 172,055 | 139,590 | ||||||||
Net income attributable to noncontrolling interest | (12,288 | ) | (15,772 | ) | (14,306 | ) | |||||
Net income attributable to controlling interest | 122,150 | 156,283 | 125,284 | ||||||||
Dividends to preferred stockholders | (5,291 | ) | (5,472 | ) | (5,472 | ) | |||||
Net income available to common stockholders | $ | 116,859 | $ | 150,811 | $ | 119,812 | |||||
Per share data: | |||||||||||
Basic: | |||||||||||
Income before discontinued operations available to common stockholders | $ | 2.07 | $ | 3.26 | $ | 3.10 | |||||
Income from discontinued operations available to common stockholders | — | 0.79 | 0.32 | ||||||||
Net income available to common stockholders | $ | 2.07 | $ | 4.05 | $ | 3.42 | |||||
Weighted average number of shares outstanding during the year | 56,546,959 | 37,248,960 | 35,032,491 | ||||||||
Diluted: | |||||||||||
Income before discontinued operations available to common stockholders | $ | 2.06 | $ | 3.25 | $ | 3.09 | |||||
Income from discontinued operations available to common stockholders | — | 0.79 | 0.32 | ||||||||
Net income available to common stockholders | $ | 2.06 | $ | 4.04 | $ | 3.41 | |||||
Weighted average number of shares outstanding during the year | 56,696,525 | 37,335,295 | 35,124,921 |
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 172,055 | $ | 139,590 | $ | 57,516 | ||||||
Other comprehensive income (loss): | ||||||||||||
Changes in fair value of cash flow hedges and amortization of settlement swaps | 12,614 | 3,402 | 7,707 | |||||||||
Changes in fair value of marketable securities | (1,556 | ) | 1,411 | 1,330 | ||||||||
Reversal of unrealized gains upon the sale of marketable securities | (1,767 | ) | (1,082 | ) | (4,286 | ) | ||||||
Total other comprehensive income | 9,291 | 3,731 | 4,751 | |||||||||
Comprehensive income | 181,346 | 143,321 | 62,267 | |||||||||
Comprehensive income attributable to noncontrolling interest | (16,274 | ) | (14,527 | ) | (10,751 | ) | ||||||
Comprehensive income attributable to controlling interest | $ | 165,072 | $ | 128,794 | $ | 51,516 |
2014 | 2013 | 2012 | |||||||||
Net income | $ | 134,438 | $ | 172,055 | $ | 139,590 | |||||
Other comprehensive income (loss): | |||||||||||
Changes in fair value of cash flow hedges and reclassification to interest expense | 4,168 | 12,614 | 3,402 | ||||||||
Changes in fair value of marketable securities | 6,302 | (1,556 | ) | 1,411 | |||||||
Reversal of unrealized gains upon the sale of marketable securities | (886 | ) | (1,767 | ) | (1,082 | ) | |||||
Total other comprehensive income | 9,584 | 9,291 | 3,731 | ||||||||
Comprehensive income | 144,022 | 181,346 | 143,321 | ||||||||
Comprehensive income attributable to noncontrolling interest | (12,852 | ) | (16,274 | ) | (14,527 | ) | |||||
Comprehensive income attributable to controlling interest | $ | 131,170 | $ | 165,072 | $ | 128,794 |
Preferred stock | Common stock | Additional paid-in | Distributions in excess of accumulated | Accumulated other comprehensive(loss) income, | Noncontrolling | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | capital | earnings | net | Interest | Total | |||||||||||||||||||||||||
Balances at December 31, 2011 | 2,950 | $ | 73,750 | 33,888 | $ | 3 | $ | 1,844,611 | $ | (408,066 | ) | $ | (72,771 | ) | $ | 116,201 | $ | 1,553,728 | |||||||||||||||
Net income | — | — | — | — | — | 125,284 | — | 14,306 | 139,590 | ||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | — | — | — | — | — | — | (1,018 | ) | (64 | ) | (1,082 | ) | |||||||||||||||||||||
Changes in fair value of cash flow hedges and amortization of settlement swaps | — | — | — | — | — | — | 3,183 | 219 | 3,402 | ||||||||||||||||||||||||
Changes in fair value of marketable securities | — | — | — | — | — | — | 1,345 | 66 | 1,411 | ||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||
Stock option plans | — | — | 151 | — | 4,675 | — | — | — | 4,675 | ||||||||||||||||||||||||
Sale of common stock | — | — | 2,404 | — | 357,720 | — | — | — | 357,720 | ||||||||||||||||||||||||
Equity based compensation costs | — | — | — | — | (430 | ) | — | — | 2,231 | 1,801 | |||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | — | — | 4,232 | 4,232 | ||||||||||||||||||||||||
Redemptions of noncontrolling interest | — | — | — | — | (1,798 | ) | — | — | (5,188 | ) | (6,986 | ) | |||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (16,691 | ) | (16,691 | ) | ||||||||||||||||||||||
Common and preferred stock dividends declared | — | — | — | — | — | (161,684 | ) | — | — | (161,684 | ) | ||||||||||||||||||||||
Balances at December 31, 2012 | 2,950 | 73,750 | 36,443 | 3 | 2,204,778 | (444,466 | ) | (69,261 | ) | 115,312 | 1,880,116 | ||||||||||||||||||||||
Net income | — | — | — | — | — | 156,283 | — | 15,772 | 172,055 | ||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | — | — | — | — | — | — | (1,673 | ) | (94 | ) | (1,767 | ) | |||||||||||||||||||||
Changes in fair value of cash flow hedges and amortization of settlement swaps | — | — | — | — | — | — | 11,934 | 680 | 12,614 | ||||||||||||||||||||||||
Changes in fair value of marketable securities | — | — | — | — | — | — | (1,472 | ) | (84 | ) | (1,556 | ) | |||||||||||||||||||||
Issuance of common stock under: |
Preferred stock | Common stock | Additional paid-in | Distributions in excess of | Accumulated other | Noncontrolling | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | capital | earnings | net | Interest | Total | ||||||||||||||||||||||||||||
Balances at December 31, 2010 | 1,000 | $ | 25,000 | 31,325 | $ | 3 | $ | 1,515,468 | $ | (313,308 | ) | $ | (77,217 | ) | $ | 205,068 | $ | 1,355,014 | ||||||||||||||||||
Net income | - | - | - | - | - | 47,070 | - | 10,446 | 57,516 | |||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | - | - | - | - | - | - | (4,011 | ) | (275 | ) | (4,286 | ) | ||||||||||||||||||||||||
Changes in fair value of cash flow hedges and amortization of settlement swaps | - | - | - | - | - | - | 7,212 | 495 | 7,707 | |||||||||||||||||||||||||||
Changes in fair value of marketable securities | - | - | - | - | - | - | 1,245 | 85 | 1,330 | |||||||||||||||||||||||||||
Issuance of common stock under: | ||||||||||||||||||||||||||||||||||||
Stock option plans | - | - | 103 | - | 8,412 | - | - | - | 8,412 | |||||||||||||||||||||||||||
Sale of common stock | - | - | 2,460 | - | 323,931 | - | - | - | 323,931 | |||||||||||||||||||||||||||
Equity based compensation costs | - | - | - | - | (725 | ) | - | - | 1,598 | 873 | ||||||||||||||||||||||||||
Issuance of Series H Preferred | 2,950 | 73,750 | - | - | (2,541 | ) | - | - | - | 71,209 | ||||||||||||||||||||||||||
Redemptions of Series F Preferred | (1,000 | ) | (25,000 | ) | - | - | - | - | - | - | (25,000 | ) | ||||||||||||||||||||||||
Redemptions of Series B Preferred | - | - | - | - | 1,200 | - | - | (80,000 | ) | (78,800 | ) | |||||||||||||||||||||||||
Redemptions of noncontrolling interest | - | - | - | - | (1,134 | ) | - | - | (4,253 | ) | (5,387 | ) | ||||||||||||||||||||||||
Distributions to noncontrolling interest | - | - | - | - | - | - | - | (16,963 | ) | (16,963 | ) | |||||||||||||||||||||||||
Common and preferred stock dividends declared | - | - | - | - | - | (141,828 | ) | - | - | (141,828 | ) | |||||||||||||||||||||||||
Balances at December 31, 2011 | 2,950 | 73,750 | 33,888 | 3 | 1,844,611 | (408,066 | ) | (72,771 | ) | 116,201 | 1,553,728 | |||||||||||||||||||||||||
Net income | - | - | - | - | - | 125,284 | - | 14,306 | 139,590 | |||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | - | - | - | - | - | - | (1,018 | ) | (64 | ) | (1,082 | ) | ||||||||||||||||||||||||
Changes in fair value of cash flow hedges and amortization of settlement swaps | - | - | - | - | - | - | 3,183 | 219 | 3,402 | |||||||||||||||||||||||||||
Changes in fair value of marketable securities | - | - | - | - | - | - | 1,345 | 66 | 1,411 | |||||||||||||||||||||||||||
Issuance of common stock under: | ||||||||||||||||||||||||||||||||||||
Stock option plans | - | - | 151 | - | 4,675 | - | - | - | 4,675 | |||||||||||||||||||||||||||
Sale of common stock | - | - | 2,404 | - | 357,720 | - | - | - | 357,720 | |||||||||||||||||||||||||||
Equity based compensation costs | - | - | - | - | (430 | ) | - | - | 2,231 | 1,801 | ||||||||||||||||||||||||||
Contributions from noncontrollong interest | - | - | - | - | - | - | - | 4,232 | 4,232 | |||||||||||||||||||||||||||
Redemptions of noncontrolling interest | - | - | - | - | (1,798 | ) | - | - | (5,188 | ) | (6,986 | ) | ||||||||||||||||||||||||
Distributions to noncontrolling interest | - | - | - | - | - | - | - | (16,691 | ) | (16,691 | ) | |||||||||||||||||||||||||
Common and preferred stock dividends declared | - | - | - | - | - | (161,684 | ) | - | - | (161,684 | ) | |||||||||||||||||||||||||
Balances at December 31, 2012 | 2,950 | 73,750 | 36,443 | 3 | 2,204,778 | (444,466 | ) | (69,261 | ) | 115,312 | 1,880,116 | |||||||||||||||||||||||||
Net income | - | - | - | - | - | 156,283 | - | 15,772 | 172,055 | |||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | - | - | - | - | - | - | (1,673 | ) | (94 | ) | (1,767 | ) | ||||||||||||||||||||||||
Changes in fair value of cash flow hedges and amortization of settlement swaps | - | - | - | - | - | - | 11,934 | 680 | 12,614 | |||||||||||||||||||||||||||
Changes in fair value of marketable securities | - | - | - | - | - | - | (1,472 | ) | (84 | ) | (1,556 | ) | ||||||||||||||||||||||||
Issuance of common stock under: | ||||||||||||||||||||||||||||||||||||
Stock option plans | - | - | 65 | - | 7,244 | - | - | - | 7,244 | |||||||||||||||||||||||||||
Sale of common stock | - | - | 913 | 1 | 138,365 | - | - | - | 138,366 | |||||||||||||||||||||||||||
Equity based compensation costs | - | - | - | - | (907 | ) | - | - | 2,515 | 1,608 | ||||||||||||||||||||||||||
Redemptions of noncontrolling interest | - | - | - | - | (3,717 | ) | - | - | (1,994 | ) | (5,711 | ) | ||||||||||||||||||||||||
Distributions to noncontrolling interest | - | - | - | - | - | - | - | (18,488 | ) | (18,488 | ) | |||||||||||||||||||||||||
Common and preferred stock dividends declared | - | - | - | - | - | (186,243 | ) | - | - | (186,243 | ) | |||||||||||||||||||||||||
Balances at December 31, 2013 | 2,950 | $ | 73,750 | 37,421 | $ | 4 | $ | 2,345,763 | $ | (474,426 | ) | $ | (60,472 | ) | $ | 113,619 | $ | 1,998,238 |
Stock option plans | — | $ | — | 65 | — | 7,244 | — | — | — | 7,244 | |||||||||||||||||||||||
Sale of common stock | — | — | 913 | 1 | 138,365 | — | — | — | 138,366 | ||||||||||||||||||||||||
Equity-based compensation costs | — | — | — | — | (907 | ) | — | — | 2,515 | 1,608 | |||||||||||||||||||||||
Redemptions of noncontrolling interest | — | — | — | — | (3,717 | ) | — | — | (1,994 | ) | (5,711 | ) | |||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (18,488 | ) | (18,488 | ) | ||||||||||||||||||||||
Common and preferred stock dividends declared | — | — | — | — | — | (186,243 | ) | — | — | (186,243 | ) | ||||||||||||||||||||||
Balances at December 31, 2013 | 2,950 | 73,750 | 37,421 | 4 | 2,345,763 | (474,426 | ) | (60,472 | ) | 113,619 | 1,998,238 | ||||||||||||||||||||||
Net income | — | — | — | — | — | 122,150 | — | 12,288 | 134,438 | ||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | — | — | — | — | — | — | (841 | ) | (45 | ) | (886 | ) | |||||||||||||||||||||
Changes in fair value derivatives and amortization of settlement swaps | — | — | — | — | — | — | 3,721 | 447 | 4,168 | ||||||||||||||||||||||||
Changes in fair value of marketable securities | — | — | — | — | — | — | 6,140 | 162 | 6,302 | ||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||
Stock consideration in the Merger, net | 23,067 | 2 | 3,774,085 | — | 3,774,087 | ||||||||||||||||||||||||||||
Stock option and restricted stock plans | — | — | 218 | — | 11,024 | — | — | — | 11,024 | ||||||||||||||||||||||||
Equity distribution agreements, net | — | — | 2,943 | — | 532,670 | — | — | — | 532,670 | ||||||||||||||||||||||||
Equity-based compensation costs | — | — | — | — | 5,719 | — | — | 6,153 | 11,872 | ||||||||||||||||||||||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | — | — | — | — | (19,823 | ) | — | — | (1,067 | ) | (20,890 | ) | |||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | — | — | 312 | — | — | — | 312 | ||||||||||||||||||||||||
Conversion of Series G preferred stock | — | — | 34 | — | 4,349 | — | — | — | 4,349 | ||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | — | — | 1,419,816 | 1,419,816 | ||||||||||||||||||||||||
Retirement of noncontrolling interest | — | — | — | — | — | — | — | (1,419,816 | ) | (1,419,816 | ) | ||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (17,069 | ) | (17,069 | ) |
Redemptions of noncontrolling interest | — | — | — | — | (2,934 | ) | — | — | (1,092 | ) | (4,026 | ) | |||||||||||||||||||||
Common and preferred stock dividends declared | — | — | — | — | — | (298,521 | ) | — | — | (298,521 | ) | ||||||||||||||||||||||
Balances at December 31, 2014 | 2,950 | $ | 73,750 | 63,683 | $ | 6 | $ | 6,651,165 | $ | (650,797 | ) | $ | (51,452 | ) | $ | 113,396 | $ | 6,136,068 |
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 172,055 | $ | 139,590 | $ | 57,516 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Gain on sale of marketable securities | (1,767 | ) | (819 | ) | (4,956 | ) | ||||||
Gain on remeasurement of co-investment | - | (21,947 | ) | - | ||||||||
Company's share of gain on the sales of co-investment | (41,252 | ) | (29,112 | ) | (919 | ) | ||||||
Gain on the sales of real estate | (30,725 | ) | (10,870 | ) | (8,562 | ) | ||||||
Loss on early retirement of debt | 300 | 5,009 | 1,163 | |||||||||
Co-investments | 5,023 | 1,626 | 7,929 | |||||||||
Amortization expense | 12,216 | 11,644 | 11,474 | |||||||||
Amortization of discount on notes receivables | (844 | ) | (1,832 | ) | (1,757 | ) | ||||||
Amortization of discount on marketable securities | (6,556 | ) | (5,127 | ) | (4,794 | ) | ||||||
Depreciation | 193,518 | 170,686 | 152,542 | |||||||||
Equity-based compensation | 4,508 | 4,141 | 2,927 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Prepaid expenses and other assets | (1,588 | ) | (9,488 | ) | (1,172 | ) | ||||||
Accounts payable and accrued liabilities | 72 | 12,360 | 3,620 | |||||||||
Other liabilities | 22 | 1,638 | 1,560 | |||||||||
Net cash provided by operating activities | 304,982 | 267,499 | 216,571 | |||||||||
Cash flows from investing activities: | ||||||||||||
Additions to real estate: | ||||||||||||
Acquisitions of real estate | (348,774 | ) | (393,771 | ) | (57,478 | ) | ||||||
Improvements to recent acquisitions | (21,240 | ) | (13,704 | ) | (16,446 | ) | ||||||
Redevelopment | (42,035 | ) | (39,027 | ) | (45,130 | ) | ||||||
Revenue generating capital expenditures | (5,254 | ) | (7,620 | ) | (7,616 | ) | ||||||
Lessor required capital expenditures | (8,641 | ) | (1,173 | ) | - | |||||||
Non-revenue generating capital expenditures | (27,038 | ) | (30,491 | ) | (26,090 | ) | ||||||
Acquisition of and additions to real estate under development | (17,757 | ) | (29,196 | ) | (79,194 | ) | ||||||
Acquisition of membership interest in co-investment | - | (85,000 | ) | - | ||||||||
Dispositions of real estate | 65,496 | 27,800 | 23,003 | |||||||||
Changes in restricted cash and refundable deposits | (9,149 | ) | (6,069 | ) | (1,376 | ) | ||||||
Purchases of marketable securities | (16,442 | ) | (73,735 | ) | (8,048 | ) | ||||||
Sales and maturities of marketable securities | 24,172 | 61,703 | 32,998 | |||||||||
Purchases of and advances under notes and other receivables | (56,750 | ) | (26,000 | ) | (12,325 | ) | ||||||
Collections of notes and other receivables | 53,438 | 14,525 | 884 | |||||||||
Contributions to co-investments | (162,578 | ) | (260,153 | ) | (246,106 | ) | ||||||
Non-operating distributions from co-investments | 118,856 | 49,773 | 17,141 | |||||||||
Net cash used in investing activities | (453,696 | ) | (812,138 | ) | (425,783 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Borrowings under debt agreements | 969,061 | 1,745,853 | 1,514,684 | |||||||||
Repayment of debt | (750,900 | ) | (1,371,317 | ) | (1,435,135 | ) | ||||||
Additions to deferred charges | (7,402 | ) | (6,707 | ) | (5,533 | ) | ||||||
Payments to settle derivative instruments | - | - | (2,395 | ) | ||||||||
Net proceeds from issuance of Preferred stock, Series H | - | - | 71,209 | |||||||||
Retirement of Series B preferred units and Series F Preferred stock | - | - | (103,800 | ) | ||||||||
Equity related issuance cost | (617 | ) | (309 | ) | (627 | ) | ||||||
Net proceeds from stock options exercised | 4,958 | 2,643 | 6,986 | |||||||||
Net proceeds from issuance of common stock | 138,366 | 357,720 | 323,931 | |||||||||
Contributions from noncontrolling interest | - | 2,400 | - | |||||||||
Distributions to noncontrolling interest | (18,488 | ) | (16,691 | ) | (16,963 | ) | ||||||
Redemption of noncontrolling interest | (5,711 | ) | (6,986 | ) | (5,387 | ) | ||||||
Common and preferred stock dividends paid | (180,668 | ) | (156,250 | ) | (138,622 | ) | ||||||
Net cash provided by financing activities | 148,599 | 550,356 | 208,348 | |||||||||
Net increase (decrease) in cash and cash equivalents | (115 | ) | 5,717 | (864 | ) | |||||||
Cash and cash equivalents at beginning of year | 18,606 | 12,889 | 13,753 | |||||||||
Cash and cash equivalents at end of year | $ | 18,491 | $ | 18,606 | $ | 12,889 |
2014 | 2013 | 2012 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 134,438 | $ | 172,055 | $ | 139,590 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 360,592 | 193,518 | 170,686 | ||||||||
Earnings from co-investments | (33,335 | ) | (14,613 | ) | (12,633 | ) | |||||
Company's share of gain on the sales of co-investments | (6,558 | ) | (41,252 | ) | (29,112 | ) | |||||
Operating distributions from co-investments | 49,486 | 19,636 | 14,259 | ||||||||
Gain on the sales of real estate and land | (46,039 | ) | (30,725 | ) | (10,870 | ) | |||||
Loss on early retirement of debt, net | 268 | 300 | 5,009 | ||||||||
Gain on sale of marketable securities | (886 | ) | (1,767 | ) | (819 | ) | |||||
Amortization of (premium) discount and financing costs, net | (14,672 | ) | 12,216 | 11,644 | |||||||
Amortization of discount on notes receivables | — | (844 | ) | (1,832 | ) | ||||||
Amortization of discount on marketable securities | (9,325 | ) | (6,556 | ) | (5,127 | ) | |||||
Non cash merger and integration expenses | 9,025 | — | — | ||||||||
Equity-based compensation | 8,740 | 4,508 | 4,141 | ||||||||
Gain on remeasurement of co-investment | — | — | (21,947 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses, in-place lease value, receivables and other assets | 15,828 | (1,588 | ) | (9,488 | ) | ||||||
Accounts payable and accrued liabilities | 24,233 | 72 | 12,360 | ||||||||
Other liabilities | 1,188 | 22 | 1,638 | ||||||||
Net cash provided by operating activities | 492,983 | 304,982 | 267,499 | ||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate: | |||||||||||
Acquisitions of real estate | (387,547 | ) | (348,774 | ) | (393,771 | ) | |||||
Redevelopment | (81,429 | ) | (47,289 | ) | (46,647 | ) | |||||
Acquisition of and additions to real estate under development | (152,766 | ) | (17,757 | ) | (29,196 | ) | |||||
Capital expenditures on rental properties | (78,864 | ) | (56,919 | ) | (45,368 | ) | |||||
Proceeds from insurance for property losses | 35,547 | — | — | ||||||||
BRE merger consideration paid | (555,826 | ) | — | — | |||||||
Acquisition of membership interest in co-investment | — | — | (85,000 | ) | |||||||
Dispositions of real estate | 141,189 | 65,496 | 27,800 | ||||||||
Dispositions of co-investments | 13,900 | — | — | ||||||||
Changes in restricted cash and refundable deposits | (36,582 | ) | (9,149 | ) | (6,069 | ) | |||||
Purchases of marketable securities | (20,516 | ) | (16,442 | ) | (73,735 | ) | |||||
Sales and maturities of marketable securities | 8,753 | 24,172 | 61,703 | ||||||||
Purchases of and advances under notes and other receivables | — | (56,750 | ) | (26,000 | ) | ||||||
Collections of notes and other receivables | 76,585 | 53,438 | 14,525 | ||||||||
Contributions to co-investments | (246,006 | ) | (162,578 | ) | (260,153 | ) | |||||
Non-operating distributions from co-investments | 136,406 | 118,856 | 49,773 | ||||||||
Net cash used in investing activities | (1,147,156 | ) | (453,696 | ) | (812,138 | ) | |||||
Cash flows from financing activities: |
2013 | 2012 | 2011 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid for interest, net of $16,486, $10,346, and $8,240 capitalized in 2013, 2012 and 2011, respectively | $ | 103,516 | $ | 95,597 | $ | 89,691 | ||||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||||||
Transfer from real estate under development to rental properties | $ | 68 | $ | 6,632 | $ | 165,214 | ||||||
Transfer from real estate under development to co-investments | $ | 27,906 | $ | - | $ | 54,472 | ||||||
Transfer from co-investments to rental properties | $ | - | $ | 148,053 | $ | - | ||||||
Mortgage notes assumed in connection with purchases | ||||||||||||
of real estate including the loan premiums recorded | $ | - | $ | 82,133 | $ | 20,927 | ||||||
Contribution of note receivable to co-investment | $ | - | $ | 12,325 | $ | - | ||||||
Change in accrual of dividends | $ | 5,575 | $ | 5,441 | $ | 3,206 | ||||||
Change in fair value of derivative liabilities | $ | 4,185 | $ | 4,461 | $ | 230 | ||||||
Change in fair value of marketable securities | $ | 3,222 | $ | 459 | $ | 2,836 | ||||||
Change in construction payable | $ | 2,655 | $ | 1,113 | $ | 2,518 |
Borrowings under debt agreements | 2,093,406 | 969,061 | 1,745,853 | ||||||||
Repayment of debt | (1,814,020 | ) | (750,900 | ) | (1,371,317 | ) | |||||
Additions to deferred charges | (17,402 | ) | (7,402 | ) | (6,707 | ) | |||||
Equity related issuance cost | (1,391 | ) | (617 | ) | (309 | ) | |||||
Net proceeds from stock options exercised | 11,039 | 4,958 | 2,643 | ||||||||
Net proceeds from issuance of common stock | 532,770 | 138,366 | 357,720 | ||||||||
Contributions from noncontrolling interest | — | — | 2,400 | ||||||||
Distributions to noncontrolling interest | (17,465 | ) | (18,488 | ) | (16,691 | ) | |||||
Redemption of noncontrolling interest | (5,753 | ) | (5,711 | ) | (6,986 | ) | |||||
Common and preferred stock dividends paid | (260,574 | ) | (180,668 | ) | (156,250 | ) | |||||
Net cash provided by financing activities | 520,610 | 148,599 | 550,356 | ||||||||
Cash acquired from the BRE merger | 140,353 | — | — | ||||||||
Net increase (decrease) in cash and cash equivalents | 6,790 | (115 | ) | 5,717 | |||||||
Cash and cash equivalents at beginning of year | 18,491 | 18,606 | 12,889 | ||||||||
Cash and cash equivalents at end of year | $ | 25,281 | $ | 18,491 | $ | 18,606 | |||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest, net of capitalized interest | $ | 130,691 | $ | 103,516 | $ | 95,597 | |||||
Interest capitalized | $ | 22,510 | $ | 16,486 | $ | 10,346 | |||||
Supplemental disclosure of noncash investing and financing activities (1): | |||||||||||
Issuance of Operating Partnership units for contributed properties | $ | 1,419,816 | $ | — | $ | — | |||||
Retirement of Operating Partnership units | $ | (1,419,816 | ) | $ | — | $ | — | ||||
Transfer from real estate under development to rental properties | $ | 10,203 | $ | 68 | $ | 6,632 | |||||
Transfer from real estate under development to co-investments | $ | 83,574 | $ | 27,906 | $ | — | |||||
Transfer from co-investments to rental properties | $ | — | $ | — | $ | 148,053 | |||||
Reclassification to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | $ | 18,766 | $ | — | $ | — | |||||
Mortgage notes (excluding BRE merger) assumed in connection with purchases of real estate including the loan premiums recorded | $ | 72,568 | $ | — | $ | 82,133 | |||||
Contribution of note receivable to co-investment | $ | — | $ | — | $ | 12,325 | |||||
Change in accrual of dividends | $ | 37,594 | $ | 5,575 | $ | 5,441 | |||||
Change in construction payable | $ | 22,845 | $ | 2,655 | $ | 1,113 | |||||
Common stock proceeds receivables | $ | 1,258 | $ | — | $ | — |
2013 | 2012 | |||||||
ASSETS | ||||||||
Real estate: | ||||||||
Rental properties: | ||||||||
Land and land improvements | $ | 1,083,552 | $ | 1,003,171 | ||||
Buildings and improvements | 4,360,205 | 4,030,501 | ||||||
5,443,757 | 5,033,672 | |||||||
Less accumulated depreciation | (1,254,886 | ) | (1,081,517 | ) | ||||
4,188,871 | 3,952,155 | |||||||
Real estate under development | 50,430 | 66,851 | ||||||
Co-investments | 677,133 | 571,345 | ||||||
4,916,434 | 4,590,351 | |||||||
Cash and cash equivalents-unrestricted | 18,491 | 18,606 | ||||||
Cash and cash equivalents-restricted | 35,275 | 23,520 | ||||||
Marketable securities | 90,084 | 92,713 | ||||||
Notes and other receivables | 68,255 | 66,163 | ||||||
Prepaid expenses and other assets | 33,781 | 35,003 | ||||||
Deferred charges, net | 24,519 | 20,867 | ||||||
Total assets | $ | 5,186,839 | $ | 4,847,223 | ||||
LIABILITIES AND CAPITAL | ||||||||
Mortgage notes payable | $ | 1,404,080 | $ | 1,565,599 | ||||
Unsecured debt | 1,410,023 | 1,112,084 | ||||||
Lines of credit | 219,421 | 141,000 | ||||||
Accounts payable and accrued liabilities | 67,183 | 64,858 | ||||||
Construction payable | 8,047 | 5,392 | ||||||
Distributions payable | 50,627 | 45,052 | ||||||
Derivative liabilities | 2,682 | 6,606 | ||||||
Other liabilities | 22,189 | 22,167 | ||||||
Total liabilities | 3,184,252 | 2,962,758 | ||||||
Commitments and contingencies | ||||||||
Cumulative convertible Series G preferred interest (liquidation value of $4,456) | 4,349 | 4,349 | ||||||
Capital: | ||||||||
General Partner: | ||||||||
Common equity (37,421,219 and 36,442,994 units issued and outstanding at December 31, 2013 and December 31, 2012, respectively) | 1,873,882 | 1,762,856 | ||||||
Preferred interest (liquidation value of $73,750) | 71,209 | 71,209 | ||||||
1,945,091 | 1,834,065 | |||||||
Limited Partners: | ||||||||
Common equity (2,149,802 and 2,122,381 units issued and outstanding for the year ended December 31, 2013 and 2012, respectively) | 45,957 | 45,593 | ||||||
Accumulated other comprehensive loss | (58,940 | ) | (68,231 | ) | ||||
Total partners' capital | 1,932,108 | 1,811,427 | ||||||
Noncontrolling interest | 66,130 | 68,689 | ||||||
Total capital | 1,998,238 | 1,880,116 | ||||||
Total liabilities and capital | $ | 5,186,839 | $ | 4,847,223 |
(1) | See note 2(r) for details of noncash investing and financing activities related to the BRE merger. |
2014 | 2013 | ||||||
ASSETS | |||||||
Real estate: | |||||||
Rental properties: | |||||||
Land and land improvements | $ | 2,426,496 | $ | 1,083,552 | |||
Buildings and improvements | 8,826,015 | 4,360,205 | |||||
11,252,511 | 5,443,757 | ||||||
Less: accumulated depreciation | (1,564,806 | ) | (1,254,886 | ) | |||
9,687,705 | 4,188,871 | ||||||
Real estate under development | 434,371 | 50,430 | |||||
Co-investments | 1,036,411 | 677,133 | |||||
Real estate held for sale, net | 56,300 | — | |||||
11,214,787 | 4,916,434 | ||||||
Cash and cash equivalents-unrestricted | 25,281 | 18,491 | |||||
Cash and cash equivalents-restricted | 70,139 | 35,275 | |||||
Marketable securities and other investments | 117,240 | 90,084 | |||||
Notes and other receivables | 24,923 | 68,255 | |||||
Prepaid expenses and other assets | 33,318 | 29,268 | |||||
Acquired in-place lease value | 47,747 | 4,513 | |||||
Deferred charges, net | 29,439 | 24,519 | |||||
Total assets | $ | 11,562,874 | $ | 5,186,839 | |||
LIABILITIES AND CAPITAL | |||||||
Mortgage notes payable | $ | 2,245,944 | $ | 1,404,080 | |||
Unsecured debt | 2,617,482 | 1,410,023 | |||||
Lines of credit | 246,391 | 219,421 | |||||
Accounts payable and accrued liabilities | 142,135 | 67,183 | |||||
Construction payable | 30,892 | 8,047 | |||||
Distributions payable | 88,221 | 50,627 | |||||
Other liabilities | 32,485 | 24,871 | |||||
Total liabilities | 5,403,550 | 3,184,252 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interest | 23,256 | — | |||||
Cumulative convertible Series G 4.875% preferred interest (liquidation value of $4,456 at December 31, 2013) | — | 4,349 | |||||
Capital: | |||||||
General Partner: | |||||||
Common equity (63,682,646 and 37,421,219 units issued and outstanding, respectively) | 6,002,915 | 1,873,882 | |||||
Series H 7.125% Preferred interest (liquidation value of $73,750) | 71,209 | 71,209 | |||||
6,074,124 | 1,945,091 | ||||||
Limited Partners: | |||||||
Common equity (2,201,810 and 2,149,802 units issued and outstanding, respectively) | 48,665 | 45,957 | |||||
Accumulated other comprehensive loss | (49,356 | ) | (58,940 | ) | |||
Total partners' capital | 6,073,433 | 1,932,108 | |||||
Noncontrolling interest | 62,635 | 66,130 | |||||
Total capital | 6,136,068 | 1,998,238 | |||||
Total liabilities and capital | $ | 11,562,874 | $ | 5,186,839 |
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
Rental and other property | $ | 602,003 | $ | 526,696 | $ | 460,660 | ||||||
Management and other fees from affiliates | 11,700 | 11,489 | 6,780 | |||||||||
613,703 | 538,185 | 467,440 | ||||||||||
Expenses: | ||||||||||||
Property operating, excluding real estate taxes | 138,736 | 123,813 | 113,733 | |||||||||
Real estate taxes | 57,276 | 48,354 | 43,777 | |||||||||
Depreciation | 192,420 | 169,173 | 150,009 | |||||||||
General and administrative | 25,601 | 23,307 | 20,694 | |||||||||
Cost of management and other fees | 6,681 | 6,513 | 4,610 | |||||||||
Merger Expenses | 4,284 | - | - | |||||||||
424,998 | 371,160 | 332,823 | ||||||||||
Earnings from operations | 188,705 | 167,025 | 134,617 | |||||||||
Interest expense before amortization | (104,600 | ) | (100,244 | ) | (91,694 | ) | ||||||
Amortization expense | (11,924 | ) | (11,644 | ) | (11,474 | ) | ||||||
Interest and other income | 11,633 | 13,833 | 17,139 | |||||||||
Equity income (loss) from co-investments | 55,865 | 41,745 | (467 | ) | ||||||||
Loss on early retirement of debt, net | (300 | ) | (5,009 | ) | (1,163 | ) | ||||||
Gain on sale of land | 1,503 | - | - | |||||||||
Gain on remeasurement of co-investment | - | 21,947 | - | |||||||||
Income before discontinued operations | 140,882 | 127,653 | 46,958 | |||||||||
Income from discontinued operations | 31,173 | 11,937 | 10,558 | |||||||||
Net income | 172,055 | 139,590 | 57,516 | |||||||||
Net income attributable to noncontrolling interest | (6,834 | ) | (6,347 | ) | (5,571 | ) | ||||||
Net income attributable to controlling interest | 165,221 | 133,243 | 51,945 | |||||||||
Preferred interest distributions - Series F, G, & H | (5,472 | ) | (5,472 | ) | (4,753 | ) | ||||||
Preferred interest distributions - limited partner | - | - | (1,650 | ) | ||||||||
Excess of the carrying amount of preferred interest redeemed over the cash paid to redeem preferred interest | - | - | (1,949 | ) | ||||||||
Net income available to common unitholders | $ | 159,749 | $ | 127,771 | $ | 43,593 | ||||||
Per unit data: | ||||||||||||
Basic: | ||||||||||||
Income before discontinued operations available to common unitholders | $ | 3.27 | $ | 3.11 | $ | 0.95 | ||||||
Income from discontinued operations | 0.79 | 0.32 | 0.30 | |||||||||
Net income available to common unitholders | $ | 4.06 | $ | 3.43 | $ | 1.25 | ||||||
Weighted average number of common units outstanding during the period | 39,380,385 | 37,251,537 | 34,773,599 | |||||||||
Diluted: | ||||||||||||
Income before discontinued operations available to common unitholders | $ | 3.26 | $ | 3.10 | $ | 0.95 | ||||||
Income from discontinued operations | 0.79 | 0.32 | 0.30 | |||||||||
Net income available to common unitholders | $ | 4.05 | $ | 3.42 | $ | 1.25 | ||||||
Weighted average number of common units outstanding during the period | 39,466,720 | 37,343,967 | 34,860,521 |
2014 | 2013 | 2012 | |||||||||
Revenues: | |||||||||||
Rental and other property | $ | 959,958 | $ | 602,003 | $ | 526,696 | |||||
Management and other fees from affiliates | 9,347 | 7,263 | 8,457 | ||||||||
969,305 | 609,266 | 535,153 | |||||||||
Expenses: | |||||||||||
Property operating, excluding real estate taxes | 203,040 | 138,736 | 123,813 | ||||||||
Real estate taxes | 107,873 | 57,276 | 48,354 | ||||||||
Depreciation and amortization | 360,592 | 192,420 | 169,173 | ||||||||
General and administrative | 40,878 | 26,684 | 24,573 | ||||||||
Merger and integration expenses | 53,530 | 4,284 | — | ||||||||
Acquisition and disposition costs | 1,878 | 1,161 | 2,215 | ||||||||
767,791 | 420,561 | 368,128 | |||||||||
Earnings from operations | 201,514 | 188,705 | 167,025 | ||||||||
Interest expense | (164,551 | ) | (116,524 | ) | (111,888 | ) | |||||
Interest and other income | 11,811 | 11,633 | 13,833 | ||||||||
Equity income from co-investments | 39,893 | 55,865 | 41,745 | ||||||||
Loss on early retirement of debt, net | (268 | ) | (300 | ) | (5,009 | ) | |||||
Gain on sale of real estate and land | 46,039 | 1,503 | — | ||||||||
Gain on remeasurement of co-investment | — | — | 21,947 | ||||||||
Income before discontinued operations | 134,438 | 140,882 | 127,653 | ||||||||
Income from discontinued operations | — | 31,173 | 11,937 | ||||||||
Net income | 134,438 | 172,055 | 139,590 | ||||||||
Net income attributable to noncontrolling interest | (7,421 | ) | (6,834 | ) | (6,347 | ) | |||||
Net income attributable to controlling interest | 127,017 | 165,221 | 133,243 | ||||||||
Preferred interest distributions - Series F, G, & H | (5,291 | ) | (5,472 | ) | (5,472 | ) | |||||
Net income available to common unitholders | $ | 121,726 | $ | 159,749 | $ | 127,771 | |||||
Per unit data: | |||||||||||
Basic: | |||||||||||
Income before discontinued operations available to common unitholders | $ | 2.07 | $ | 3.27 | $ | 3.11 | |||||
Income from discontinued operations | — | 0.79 | 0.32 | ||||||||
Net income available to common unitholders | $ | 2.07 | $ | 4.06 | $ | 3.43 | |||||
Weighted average number of common units outstanding during the year | 58,771,666 | 39,380,385 | 37,251,537 | ||||||||
Diluted: | |||||||||||
Income before discontinued operations available to common unitholders | $ | 2.07 | $ | 3.26 | $ | 3.10 | |||||
Income from discontinued operations | — | 0.79 | 0.32 | ||||||||
Net income available to common unitholders | $ | 2.07 | $ | 4.05 | $ | 3.42 | |||||
Weighted average number of common units outstanding during the year | 58,921,232 | 39,466,720 | 37,343,967 |
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 172,055 | $ | 139,590 | $ | 57,516 | ||||||
Other comprehensive income (loss): | ||||||||||||
Changes in fair value of cash flow hedges and amortization of settlement swaps | 12,614 | 3,402 | 7,707 | |||||||||
Changes in fair value of marketable securities | (1,556 | ) | 1,411 | 1,330 | ||||||||
Reversal of unrealized gains upon the sale of marketable securities | (1,767 | ) | (1,082 | ) | (4,286 | ) | ||||||
Total other comprehensive income | 9,291 | 3,731 | 4,751 | |||||||||
Comprehensive income | 181,346 | 143,321 | 62,267 | |||||||||
Comprehensive income attributable to noncontrolling interest | (6,834 | ) | (6,347 | ) | (5,571 | ) | ||||||
Comprehensive income attributable to controlling interest | $ | 174,512 | $ | 136,974 | $ | 56,696 |
2014 | 2013 | 2012 | |||||||||
Net income | $ | 134,438 | $ | 172,055 | $ | 139,590 | |||||
Other comprehensive income (loss): | |||||||||||
Changes in fair value of cash flow hedges and reclassification to interest expense | 4,168 | 12,614 | 3,402 | ||||||||
Changes in fair value of marketable securities | 6,302 | (1,556 | ) | 1,411 | |||||||
Reversal of unrealized gains upon the sale of marketable securities | (886 | ) | (1,767 | ) | (1,082 | ) | |||||
Total other comprehensive income | 9,584 | 9,291 | 3,731 | ||||||||
Comprehensive income | 144,022 | 181,346 | 143,321 | ||||||||
Comprehensive income attributable to noncontrolling interest | (7,421 | ) | (6,834 | ) | (6,347 | ) | |||||
Comprehensive income attributable to controlling interest | $ | 136,601 | $ | 174,512 | $ | 136,974 |
General Partner | Limited Partners | Accumulated | |||||||||||||||||||||||||||||||
Preferred | Preferred | other | |||||||||||||||||||||||||||||||
Common Equity | Equity | Common Equity | Equity | comprehensive | Noncontrolling | ||||||||||||||||||||||||||||
Units | Amount | Amount | Units | Amount | Amount | (loss) income | Interest | Total | |||||||||||||||||||||||||
Balances at December 31, 2011 | 33,888 | $ | 1,439,089 | $ | 71,209 | 2,229 | $ | 48,578 | $ | — | $ | (71,962 | ) | $ | 66,814 | $ | 1,553,728 | ||||||||||||||||
Net income | — | 119,812 | 5,472 | — | 7,959 | — | — | 6,347 | 139,590 | ||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | — | — | — | — | — | — | (1,082 | ) | — | (1,082 | ) | ||||||||||||||||||||||
Change in fair value of cash flow hedges and amortization of settlement of swaps | — | — | — | — | — | — | 3,402 | — | 3,402 | ||||||||||||||||||||||||
Changes in fair value of marketable securities | — | — | — | — | — | — | 1,411 | — | 1,411 | ||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||
Stock and unit based compensation plans | 151 | 4,675 | — | — | — | — | — | — | 4,675 | ||||||||||||||||||||||||
Sale of common stock by the general partner | 2,404 | 357,720 | — | — | — | — | — | — | 357,720 | ||||||||||||||||||||||||
Stock and unit based compensation costs | — | (430 | ) | — | (107 | ) | 2,231 | — | — | — | 1,801 | ||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | — | 4,232 | 4,232 | ||||||||||||||||||||||||
Redemptions | — | (1,798 | ) | — | — | (3,441 | ) | — | — | (1,747 | ) | (6,986 | ) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (6,957 | ) | (6,957 | ) | ||||||||||||||||||||||
Distributions declared | — | (156,212 | ) | (5,472 | ) | — | (9,734 | ) | — | — | — | (171,418 | ) | ||||||||||||||||||||
Balances at December 31, 2012 | 36,443 | 1,762,856 | 71,209 | 2,122 | 45,593 | — | (68,231 | ) | 68,689 | 1,880,116 | |||||||||||||||||||||||
Net income | — | 150,811 | 5,472 | — | 8,938 | — | — | 6,834 | 172,055 | ||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | — | — | — | — | — | — | (1,767 | ) | — | (1,767 | ) | ||||||||||||||||||||||
Change in fair value of cash flow hedges and amortization of settlement of swaps | — | — | — | — | — | — | 12,614 | — | 12,614 | ||||||||||||||||||||||||
Changes in fair value of marketable securities | — | — | — | — | — | — | (1,556 | ) | — | (1,556 | ) | ||||||||||||||||||||||
Issuance of common units under: |
General Partner | Limited Partners | Accumulated | ||||||||||||||||||||||||||||||||||
Preferred | Preferred | other | ||||||||||||||||||||||||||||||||||
Common Equity | Equity | Common Equity | Equity | comprehensive | Noncontrolling | |||||||||||||||||||||||||||||||
Units | Amount | Amount | Units | Amount | Amount | (loss) income | Interest | Total | ||||||||||||||||||||||||||||
Balances at December 31, 2010 | 31,325 | $ | 1,202,751 | $ | 24,412 | 2,201 | $ | 54,065 | $ | 80,000 | $ | (76,713 | ) | $ | 70,499 | $ | 1,355,014 | |||||||||||||||||||
Net income | - | 42,317 | 4,753 | - | 3,225 | 1,650 | - | 5,571 | 57,516 | |||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | - | - | - | - | - | - | (4,286 | ) | - | (4,286 | ) | |||||||||||||||||||||||||
Change in fair value of cash flow hedges and amortization of gain on settlement of swap | - | - | - | - | - | 7,707 | 7,707 | |||||||||||||||||||||||||||||
Changes in fair value of marketable securities | - | - | - | - | - | - | 1,330 | - | 1,330 | |||||||||||||||||||||||||||
Issuance of common units under: | ||||||||||||||||||||||||||||||||||||
Stock and unit based compensation plans | 103 | 8,412 | - | - | - | - | - | - | 8,412 | |||||||||||||||||||||||||||
Sale of common stock by the general partner | 2,460 | 323,931 | - | - | - | - | - | - | 323,931 | |||||||||||||||||||||||||||
Stock and unit based compensation costs | - | (725 | ) | - | 28 | 1,598 | - | - | - | 873 | ||||||||||||||||||||||||||
Issuance of Series H Preferred | - | - | 71,209 | - | - | - | - | - | 71,209 | |||||||||||||||||||||||||||
Redemptions of Series F Preferred | - | (588 | ) | (24,412 | ) | - | - | - | - | - | (25,000 | ) | ||||||||||||||||||||||||
Redemptions of Series B Preferred | - | 1,200 | - | - | - | (80,000 | ) | - | - | (78,800 | ) | |||||||||||||||||||||||||
Redemptions | - | (1,134 | ) | - | - | (1,049 | ) | - | - | (3,204 | ) | (5,387 | ) | |||||||||||||||||||||||
Distribution to noncontrolling interests | - | - | - | - | - | - | - | (6,052 | ) | (6,052 | ) | |||||||||||||||||||||||||
Distributions declared | - | (137,075 | ) | (4,753 | ) | - | (9,261 | ) | (1,650 | ) | - | - | (152,739 | ) | ||||||||||||||||||||||
Balances at December 31, 2011 | 33,888 | 1,439,089 | 71,209 | 2,229 | 48,578 | - | (71,962 | ) | 66,814 | 1,553,728 | ||||||||||||||||||||||||||
Net income | - | 119,812 | 5,472 | - | 7,959 | - | - | 6,347 | 139,590 | |||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | - | - | - | - | - | - | (1,082 | ) | - | (1,082 | ) | |||||||||||||||||||||||||
Change in fair value of cash flow hedges and amortization of gain on settlement of swap | - | - | - | - | - | 3,402 | 3,402 | |||||||||||||||||||||||||||||
Changes in fair value of marketable securities | - | - | - | - | - | - | 1,411 | - | 1,411 | |||||||||||||||||||||||||||
Issuance of common units under: | ||||||||||||||||||||||||||||||||||||
Stock and unit based compensation plans | 151 | 4,675 | - | - | - | - | - | - | 4,675 | |||||||||||||||||||||||||||
Sale of common stock by the general partner | 2,404 | 357,720 | - | - | - | - | - | - | 357,720 | |||||||||||||||||||||||||||
Stock and unit based compensation costs | - | (430 | ) | - | (107 | ) | 2,231 | - | - | - | 1,801 | |||||||||||||||||||||||||
Capital contributions | - | - | - | - | - | - | - | 4,232 | 4,232 | |||||||||||||||||||||||||||
Redemptions | - | (1,798 | ) | - | - | (3,441 | ) | - | - | (1,747 | ) | (6,986 | ) | |||||||||||||||||||||||
Distribution to noncontrolling interests | - | - | - | - | - | - | - | (6,957 | ) | (6,957 | ) | |||||||||||||||||||||||||
Distributions declared | - | (156,212 | ) | (5,472 | ) | - | (9,734 | ) | - | - | - | (171,418 | ) | |||||||||||||||||||||||
Balances at December 31, 2012 | 36,443 | 1,762,856 | 71,209 | 2,122 | 45,593 | - | (68,231 | ) | 68,689 | 1,880,116 | ||||||||||||||||||||||||||
Net income | - | 150,811 | 5,472 | - | 8,938 | - | - | 6,834 | 172,055 | |||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | - | - | - | - | - | - | (1,767 | ) | - | (1,767 | ) | |||||||||||||||||||||||||
Change in fair value of cash flow hedges and amortization of settlement swaps | - | - | - | - | - | - | 12,614 | - | 12,614 | |||||||||||||||||||||||||||
Changes in fair value of marketable securities | - | - | - | - | - | - | (1,556 | ) | - | (1,556 | ) | |||||||||||||||||||||||||
Issuance of common units under: | ||||||||||||||||||||||||||||||||||||
Stock and unit based compensation plans | 65 | 7,244 | - | - | - | - | - | - | 7,244 | |||||||||||||||||||||||||||
Sale of common stock by the general partner | 913 | 138,366 | - | - | - | - | - | - | 138,366 | |||||||||||||||||||||||||||
Stock and unit based compensation costs | - | (907 | ) | - | 28 | 2,515 | - | - | - | 1,608 | ||||||||||||||||||||||||||
Redemptions | - | (3,717 | ) | - | - | (617 | ) | - | - | (1,377 | ) | (5,711 | ) | |||||||||||||||||||||||
Distributions to noncontrolling interests | - | - | - | - | - | - | - | (8,016 | ) | (8,016 | ) | |||||||||||||||||||||||||
Distributions declared | - | (180,771 | ) | (5,472 | ) | - | (10,472 | ) | - | - | - | (196,715 | ) | |||||||||||||||||||||||
Balances at December 31, 2013 | 37,421 | $ | 1,873,882 | $ | 71,209 | 2,150 | $ | 45,957 | $ | - | $ | (58,940 | ) | $ | 66,130 | $ | 1,998,238 |
Stock and unit based compensation plans | 65 | 7,244 | — | — | — | — | — | — | 7,244 | ||||||||||||||||||||||||
Sale of common stock by the general partner | 913 | 138,366 | — | — | — | — | — | — | 138,366 | ||||||||||||||||||||||||
Stock and unit based compensation costs | — | (907 | ) | — | 28 | 2,515 | — | — | — | 1,608 | |||||||||||||||||||||||
Redemptions | — | (3,717 | ) | — | — | (617 | ) | — | — | (1,377 | ) | (5,711 | ) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (8,016 | ) | (8,016 | ) | ||||||||||||||||||||||
Distributions declared | — | (180,771 | ) | (5,472 | ) | — | (10,472 | ) | — | — | — | (196,715 | ) | ||||||||||||||||||||
Balances at December 31, 2013 | 37,421 | 1,873,882 | 71,209 | 2,150 | 45,957 | — | (58,940 | ) | 66,130 | 1,998,238 | |||||||||||||||||||||||
Net income | — | 116,859 | 5,291 | — | 4,867 | — | — | 7,421 | 134,438 | ||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | — | — | — | — | — | — | (886 | ) | — | (886 | ) | ||||||||||||||||||||||
Changes in fair value of derivatives and amortization of settlement swaps | — | — | — | — | — | — | 4,168 | — | 4,168 | ||||||||||||||||||||||||
Changes in fair value of marketable securities | — | — | — | — | — | — | 6,302 | — | 6,302 | ||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||
Common stock issued as consideration by general partner in merger | 23,067 | 3,774,087 | — | — | — | — | — | — | 3,774,087 | ||||||||||||||||||||||||
General partner's stock based compensation | 218 | 11,024 | — | — | — | — | — | — | 11,024 | ||||||||||||||||||||||||
Sale of common stock by the general partner | 2,943 | 532,670 | — | — | — | — | — | — | 532,670 | ||||||||||||||||||||||||
Equity-based compensation costs | — | 5,719 | — | 62 | 6,153 | — | — | — | 11,872 | ||||||||||||||||||||||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | — | (19,823 | ) | — | (10 | ) | 4,017 | — | — | (5,084 | ) | (20,890 | ) | ||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | 312 | — | — | — | — | — | — | 312 | ||||||||||||||||||||||||
Conversion of Series G preferred stock | 34 | 4,349 | — | — | — | — | — | — | 4,349 | ||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | 8,561 | 1,419,816 | — | — | — | 1,419,816 | ||||||||||||||||||||||||
Retirement of noncontrolling interest | — | — | — | (8,561 | ) | (1,419,816 | ) | — | — | — | (1,419,816 | ) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (4,890 | ) | (4,890 | ) |
Redemptions | — | (3,374 | ) | — | — | (1,181 | ) | — | — | (942 | ) | (5,497 | ) | ||||||||||||||||||||
Distributions declared | — | (292,790 | ) | (5,291 | ) | — | (11,148 | ) | — | — | — | (309,229 | ) | ||||||||||||||||||||
Balances at December 31, 2014 | 63,683 | $ | 6,002,915 | $ | 71,209 | 2,202 | $ | 48,665 | $ | — | $ | (49,356 | ) | $ | 62,635 | $ | 6,136,068 |
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 172,055 | $ | 139,590 | $ | 57,516 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Gain on sale of marketable securities | (1,767 | ) | (819 | ) | (4,956 | ) | ||||||
Gain on remeasurement of co-investment | - | (21,947 | ) | - | ||||||||
Company's share of gain on the sales of co-investment | (41,252 | ) | (29,112 | ) | (919 | ) | ||||||
Gain on the sales of real estate | (30,725 | ) | (10,870 | ) | (8,562 | ) | ||||||
Loss on early retirement of debt | 300 | 5,009 | 1,163 | |||||||||
Co-investments | 5,023 | 1,626 | 7,929 | |||||||||
Amortization expense | 12,216 | 11,644 | 11,474 | |||||||||
Amortization of discount on notes receivables | (844 | ) | (1,832 | ) | (1,757 | ) | ||||||
Amortization of discount on marketable securities | (6,556 | ) | (5,127 | ) | (4,794 | ) | ||||||
Depreciation | 193,518 | 170,686 | 152,542 | |||||||||
Equity-based compensation | 4,508 | 4,141 | 2,927 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Prepaid expenses and other assets | (1,588 | ) | (9,488 | ) | (1,172 | ) | ||||||
Accounts payable and accrued liabilities | 72 | 12,360 | 3,620 | |||||||||
Other liabilities | 22 | 1,638 | 1,560 | |||||||||
Net cash provided by operating activities | 304,982 | 267,499 | 216,571 | |||||||||
Cash flows from investing activities: | ||||||||||||
Additions to real estate: | ||||||||||||
Acquisitions of real estate | (348,774 | ) | (393,771 | ) | (57,478 | ) | ||||||
Improvements to recent acquisitions | (21,240 | ) | (13,704 | ) | (16,446 | ) | ||||||
Redevelopment | (42,035 | ) | (39,027 | ) | �� | (45,130 | ) | |||||
Revenue generating capital expenditures | (5,254 | ) | (7,620 | ) | (7,616 | ) | ||||||
Lessor required capital expenditures | (8,641 | ) | (1,173 | ) | - | |||||||
Non-revenue generating capital expenditures | (27,038 | ) | (30,491 | ) | (26,090 | ) | ||||||
Acquisition of and additions to real estate under development | (17,757 | ) | (29,196 | ) | (79,194 | ) | ||||||
Acquisition of membership interest in co-investment | - | (85,000 | ) | - | ||||||||
Dispositions of real estate | 65,496 | 27,800 | 23,003 | |||||||||
Changes in restricted cash and refundable deposits | (9,149 | ) | (6,069 | ) | (1,376 | ) | ||||||
Purchases of marketable securities | (16,442 | ) | (73,735 | ) | (8,048 | ) | ||||||
Sales and maturities marketable securities | 24,172 | 61,703 | 32,998 | |||||||||
Purchases of and advances under notes and other receivables | (56,750 | ) | (26,000 | ) | (12,325 | ) | ||||||
Collections of notes and other receivables | 53,438 | 14,525 | 884 | |||||||||
Contributions to co-investments | (162,578 | ) | (260,153 | ) | (246,106 | ) | ||||||
Non-operating distributions from co-investments | 118,856 | 49,773 | 17,141 | |||||||||
Net cash used in investing activities | (453,696 | ) | (812,138 | ) | (425,783 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Borrowings under debt agreements | 969,061 | 1,745,853 | 1,514,684 | |||||||||
Repayment of debt | (750,900 | ) | (1,371,317 | ) | (1,435,135 | ) | ||||||
Additions to deferred charges | (7,402 | ) | (6,707 | ) | (5,533 | ) | ||||||
Payments to settle derivative instruments | - | - | (2,395 | ) | ||||||||
Net proceeds from issuance of Series H Preferred interests | - | - | 71,209 | |||||||||
Retirement of Series B preferred interests and Series F Preferred interests | - | - | (103,800 | ) | ||||||||
Equity related issuance cost | (617 | ) | (309 | ) | (627 | ) | ||||||
Net proceeds from stock options exercised | 4,958 | 2,643 | 6,986 | |||||||||
Net proceeds from issuance of common units | 138,366 | 357,720 | 323,931 | |||||||||
Contributions from noncontrolling interest | - | 2,400 | - | |||||||||
Distributions to noncontrolling interest | (8,016 | ) | (6,957 | ) | (6,052 | ) | ||||||
Redemption of limited partners units and noncontrolling interests | (5,711 | ) | (6,986 | ) | (5,387 | ) | ||||||
Common units and preferred units and preferred interests distributions paid | (191,140 | ) | (165,984 | ) | (149,533 | ) | ||||||
Net cash provided by financing activities | 148,599 | 550,356 | 208,348 | |||||||||
Net increase (decrease) in cash and cash equivalents | (115 | ) | 5,717 | (864 | ) | |||||||
Cash and cash equivalents at beginning of year | 18,606 | 12,889 | 13,753 | |||||||||
Cash and cash equivalents at end of year | $ | 18,491 | $ | 18,606 | $ | 12,889 |
2014 | 2013 | 2012 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 134,438 | $ | 172,055 | $ | 139,590 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 360,592 | 193,518 | 170,686 | ||||||||
Earnings from co-investments | (33,335 | ) | (14,613 | ) | (12,633 | ) | |||||
Operating Partnership's share of gain on the sales of co-investments | (6,558 | ) | (41,252 | ) | (29,112 | ) | |||||
Operating distributions from co-investments | 49,486 | 19,636 | 14,259 | ||||||||
Gain on the sales of real estate and land | (46,039 | ) | (30,725 | ) | (10,870 | ) | |||||
Loss on early retirement of debt, net | 268 | 300 | 5,009 | ||||||||
Gain on sale of marketable securities | (886 | ) | (1,767 | ) | (819 | ) | |||||
Amortization of (premium) discount and financing costs, net | (14,672 | ) | 12,216 | 11,644 | |||||||
Amortization of discount on notes receivables | — | (844 | ) | (1,832 | ) | ||||||
Amortization of discount on marketable securities | (9,325 | ) | (6,556 | ) | (5,127 | ) | |||||
Non cash merger and integration expenses | 9,025 | — | — | ||||||||
Equity-based compensation | 8,740 | 4,508 | 4,141 | ||||||||
Gain on remeasurement of co-investment | — | — | (21,947 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses, in-place lease value, receivables and other assets | 15,828 | (1,588 | ) | (9,488 | ) | ||||||
Accounts payable and accrued liabilities | 24,233 | 72 | 12,360 | ||||||||
Other liabilities | 1,188 | 22 | 1,638 | ||||||||
Net cash provided by operating activities | 492,983 | 304,982 | 267,499 | ||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate: | |||||||||||
Acquisitions of real estate | (387,547 | ) | (348,774 | ) | (393,771 | ) | |||||
Redevelopment | (81,429 | ) | (47,289 | ) | (46,647 | ) | |||||
Acquisition of and additions to real estate under development | (152,766 | ) | (17,757 | ) | (29,196 | ) | |||||
Capital expenditures on rental properties | (78,864 | ) | (56,919 | ) | (45,368 | ) | |||||
Proceeds from insurance for property losses | 35,547 | — | — | ||||||||
BRE merger consideration paid | (555,826 | ) | — | — | |||||||
Acquisition of membership interest in co-investment | — | — | (85,000 | ) | |||||||
Dispositions of real estate | 141,189 | 65,496 | 27,800 | ||||||||
Dispositions of co-investments | 13,900 | — | — | ||||||||
Changes in restricted cash and refundable deposits | (36,582 | ) | (9,149 | ) | (6,069 | ) | |||||
Purchases of marketable securities | (20,516 | ) | (16,442 | ) | (73,735 | ) | |||||
Sales and maturities of marketable securities | 8,753 | 24,172 | 61,703 | ||||||||
Purchases of and advances under notes and other receivables | — | (56,750 | ) | (26,000 | ) | ||||||
Collections of notes and other receivables | 76,585 | 53,438 | 14,525 | ||||||||
Contributions to co-investments | (246,006 | ) | (162,578 | ) | (260,153 | ) | |||||
Non-operating distributions from co-investments | 136,406 | 118,856 | 49,773 | ||||||||
Net cash used in investing activities | (1,147,156 | ) | (453,696 | ) | (812,138 | ) | |||||
Cash flows from financing activities: |
2013 | 2012 | 2011 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid for interest, net of $16,486, $10,346, and $8,240capitalized in 2013, 2012 and 2011, respectively | $ | 103,516 | $ | 95,597 | $ | 89,691 | ||||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||||||
Transfer from real estate under development to rental properties | $ | 68 | $ | 6,632 | $ | 165,214 | ||||||
Transfer from real estate under development to co-investments | $ | 27,906 | $ | - | $ | 54,472 | ||||||
Transfer from co-investments to rental properties | - | 148,053 | - | |||||||||
Mortgage notes assumed in connection with purchases of real estate including the loan premiums recorded | $ | - | $ | 82,133 | $ | 20,927 | ||||||
Contribution of note receivable to co-investment | - | 12,325 | - | |||||||||
Change in accrual of distributions | $ | 5,575 | $ | 5,441 | $ | 3,206 | ||||||
Change in fair value of derivative liabilities | $ | 4,185 | $ | 4,461 | $ | 230 | ||||||
Change in fair value of marketable securities | $ | 3,222 | $ | 459 | $ | 2,836 | ||||||
Change in construction payable | $ | 2,655 | $ | 1,113 | $ | 2,518 |
Borrowings under debt agreements | 2,093,406 | 969,061 | 1,745,853 | ||||||||
Repayment of debt | (1,814,020 | ) | (750,900 | ) | (1,371,317 | ) | |||||
Additions to deferred charges | (17,402 | ) | (7,402 | ) | (6,707 | ) | |||||
Equity related issuance cost | (1,391 | ) | (617 | ) | (309 | ) | |||||
Net proceeds from stock options exercised | 11,039 | 4,958 | 2,643 | ||||||||
Net proceeds from issuance of common units | 532,770 | 138,366 | 357,720 | ||||||||
Contributions from noncontrolling interest | — | — | 2,400 | ||||||||
Distributions to noncontrolling interest | (4,841 | ) | (8,016 | ) | (6,957 | ) | |||||
Redemption of limited partners units and noncontrolling interests | (802 | ) | (5,711 | ) | (6,986 | ) | |||||
Common units and preferred units and preferred interests distributions paid | (278,149 | ) | (191,140 | ) | (165,984 | ) | |||||
Net cash provided by financing activities | 520,610 | 148,599 | 550,356 | ||||||||
Cash acquired from the BRE merger | 140,353 | — | — | ||||||||
Net increase (decrease) in cash and cash equivalents | 6,790 | (115 | ) | 5,717 | |||||||
Cash and cash equivalents at beginning of year | 18,491 | 18,606 | 12,889 | ||||||||
Cash and cash equivalents at end of year | $ | 25,281 | $ | 18,491 | $ | 18,606 | |||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest, net of capitalized interest | $ | 130,691 | $ | 103,516 | $ | 95,597 | |||||
Interest capitalized | $ | 22,510 | $ | 16,486 | $ | 10,346 | |||||
Supplemental disclosure of noncash investing and financing activities (1): | |||||||||||
Issuance of Operating Partnership units for contributed properties | $ | 1,419,816 | $ | — | $ | — | |||||
Retirement of Operating Partnership units | $ | (1,419,816 | ) | $ | — | $ | — | ||||
Transfer from real estate under development to rental properties | $ | 10,203 | $ | 68 | $ | 6,632 | |||||
Transfer from real estate under development to co-investments | $ | 83,574 | $ | 27,906 | $ | — | |||||
Transfer from co-investments to rental properties | $ | — | $ | — | $ | 148,053 | |||||
Reclassification to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | $ | 18,766 | $ | — | $ | — | |||||
Mortgage notes (excluding BRE merger) assumed in connection with purchases of real estate including the loan premiums recorded | $ | 72,568 | $ | — | $ | 82,133 | |||||
Contribution of note receivable to co-investment | $ | — | $ | — | $ | 12,325 | |||||
Change in accrual of dividends | $ | 37,594 | $ | 5,575 | $ | 5,441 | |||||
Change in construction payable | $ | 22,845 | $ | 2,655 | $ | 1,113 | |||||
Common stock proceeds receivables | $ | 1,258 | $ | — | $ | — |
(1) | See note 2(r) for details of noncash investing and financing activities related to the BRE merger. |
Computer software and equipment | 3 - 5 years |
Interior unit improvements | 5 years |
Furniture, fixtures and equipment | 5 years |
Land improvements and certain exterior components of real property | 10 years |
Real estate structures | 30 years |
(1) | adjust the purchase price for any fair value adjustments resulting from such things as assumed debt or contingencies; |
(2) | estimate the value of the real estate “as if vacant” as of the acquisition date; |
(3) | allocate that value among land and |
(4) | compute the value of the difference between the “as if vacant” value and the adjusted purchase price, which will represent the total intangible assets; |
(5) | compute the value of the above and below market leases and determine the associated life of the above market/ below market leases; |
(6) | compute the value of the in-place leases and customer relationships, if any, and the associated lives of these assets. |
December 31, 2013 | ||||||||||||
Gross | ||||||||||||
Amortized | Unrealized | Carrying | ||||||||||
Cost | Gain (Loss) | Value | ||||||||||
Available for sale: | ||||||||||||
Investment-grade unsecured bonds | $ | 15,446 | $ | 509 | $ | 15,955 | ||||||
Investment funds - US treasuries | 3,675 | 3 | 3,678 | |||||||||
Common stock | 13,104 | (1,304 | ) | 11,800 | ||||||||
Held to maturity: | ||||||||||||
Mortgage backed securities | 58,651 | - | 58,651 | |||||||||
Total | $ | 90,876 | $ | (792 | ) | $ | 90,084 |
December 31, 2014 | |||||||||||
Amortized Cost | Gross Unrealized Gain | Carrying Value | |||||||||
Available for sale: | |||||||||||
Investment-grade unsecured bonds | $ | 9,435 | $ | 145 | $ | 9,580 | |||||
Investment funds - US treasuries | 3,769 | 3 | 3,772 | ||||||||
Common stock and stock funds | 25,755 | 5,137 | 30,892 | ||||||||
Held to maturity: | |||||||||||
Mortgage backed securities | 67,996 | — | 67,996 | ||||||||
Total - Marketable securities | 106,955 | 5,285 | 112,240 | ||||||||
Other investments (1) | 5,000 | — | 5,000 | ||||||||
Total - Marketable securities and other investments | $ | 111,955 | $ | 5,285 | $ | 117,240 |
December 31, 2012 | ||||||||||||
Gross | ||||||||||||
Amortized | Unrealized | Carrying | ||||||||||
Cost | Gain | Value | ||||||||||
Available for sale: | ||||||||||||
Investment-grade unsecured bonds | $ | 15,475 | $ | 826 | $ | 16,301 | ||||||
Investment funds - US treasuries | 3,788 | 1 | 3,789 | |||||||||
Common stock | 18,917 | 1,704 | 20,621 | |||||||||
Held to maturity: | ||||||||||||
Mortgage backed securities | 52,002 | - | 52,002 | |||||||||
Total | $ | 90,182 | $ | 2,531 | $ | 92,713 |
December 31, 2013 | |||||||||||
Amortized Cost | Gross Unrealized Gain (Loss) | Carrying Value | |||||||||
Available for sale: | |||||||||||
Investment-grade unsecured bonds | $ | 15,446 | $ | 509 | $ | 15,955 | |||||
Investment funds - US treasuries | 3,675 | 3 | 3,678 | ||||||||
Common stock | 13,104 | (1,304 | ) | 11,800 | |||||||
Held to maturity: | |||||||||||
Mortgage backed securities | 58,651 | — | 58,651 | ||||||||
Total - Marketable securities and other investments | $ | 90,876 | $ | (792 | ) | $ | 90,084 |
2013 | 2012 | 2011 | ||||||||||
Common Stock | ||||||||||||
Ordinary income | 77.34 | % | 70.58 | % | 63.68 | % | ||||||
Capital gain | 17.64 | % | 8.75 | % | 11.16 | % | ||||||
Unrecaptured section 1250 capital gain | 5.02 | % | 7.97 | % | 0.74 | % | ||||||
Return of capital | 0.00 | % | 12.70 | % | 24.42 | % | ||||||
100.00 | % | 100.00 | % | 100.00 | % | |||||||
2014 | 2013 | 2012 | ||||||
Common Stock | ||||||||
Ordinary income | 70.03 | % | 77.34 | % | 70.58 | % | ||
Capital gain | 21.95 | % | 17.64 | % | 8.75 | % | ||
Unrecaptured section 1250 capital gain | 8.02 | % | 5.02 | % | 7.97 | % | ||
Return of capital | — | % | — | % | 12.70 | % | ||
100.00 | % | 100.00 | % | 100.00 | % |
2013 | 2012 | 2011 | ||||||||||
Series F, G, and H Preferred stock | ||||||||||||
Ordinary income | 77.34 | % | 80.85 | % | 100.00 | % | ||||||
Capital gains | 17.64 | % | 10.02 | % | 0.00 | % | ||||||
Unrecaptured section 1250 capital gain | 5.02 | % | 9.13 | % | 0.00 | % | ||||||
100.00 | % | 100.00 | % | 100.00 | % |
2014 | 2013 | 2012 | ||||||
Series F, G, and H Preferred stock | ||||||||
Ordinary income | 70.03 | % | 77.34 | % | 80.85 | % | ||
Capital gains | 21.95 | % | 17.64 | % | 10.02 | % | ||
Unrecaptured section 1250 capital gain | 8.02 | % | 5.02 | % | 9.13 | % | ||
100.00 | % | 100.00 | % | 100.00 | % |
Change in fair | Unrealized | |||||||||||
gains/(losses) on | ||||||||||||
amortization | available for sale | |||||||||||
of derivatives | securities | Total | ||||||||||
Balance at December 31, 2012, net of noncontrolling interest | $ | (71,658 | ) | $ | 2,397 | $ | (69,261 | ) | ||||
Other comprehensive income (loss) before reclassification | 3,468 | (1,472 | ) | 1,996 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 8,466 | (1,673 | ) | 6,793 | ||||||||
Net other comprehensive income (loss) | 11,934 | (3,145 | ) | 8,789 | ||||||||
Balance at December 31, 2013, net of noncontrolling interest | $ | (59,724 | ) | $ | (748 | ) | $ | (60,472 | ) |
Change in fair value and amortization of derivatives | Unrealized gains/(losses) on available for sale securities | Total | |||||||||
Balance at December 31, 2013, net of noncontrolling interest | $ | (59,724 | ) | $ | (748 | ) | $ | (60,472 | ) | ||
Other comprehensive income before reclassification | 758 | 6,140 | 6,898 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 2,963 | (841 | ) | 2,122 | |||||||
Net other comprehensive income | 3,721 | 5,299 | 9,020 | ||||||||
Balance at December 31, 2014, net of noncontrolling interest | $ | (56,003 | ) | $ | 4,551 | $ | (51,452 | ) |
Change in fair value and amortization of derivatives | Unrealized gains/(losses) on available for sale securities | Total | |||||||||
Balance at December 31, 2013 | $ | (58,148 | ) | $ | (792 | ) | $ | (58,940 | ) | ||
Other comprehensive income before reclassification | 1,205 | 6,302 | 7,507 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 2,963 | (886 | ) | 2,077 | |||||||
Net other comprehensive income | 4,168 | 5,416 | 9,584 | ||||||||
Balance at December 31, 2014 | $ | (53,980 | ) | $ | 4,624 | $ | (49,356 | ) |
Change in fair | Unrealized | |||||||||||
value and | gains/(losses) on | |||||||||||
amortization | available for sale | |||||||||||
of derivatives | securities | Total | ||||||||||
Balance at December 31, 2012 | $ | (70,762 | ) | $ | 2,531 | $ | (68,231 | ) | ||||
Other comprehensive income (loss) before reclassification | 4,148 | (1,556 | ) | 2,592 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 8,466 | (1,767 | ) | 6,699 | ||||||||
Net other comprehensive income (loss) | 12,614 | (3,323 | ) | 9,291 | ||||||||
Balance at December 31, 2013 | $ | (58,148 | ) | $ | (792 | ) | $ | (58,940 | ) |
Cash assumed | $ | 140 | |
Rental properties and real estate under development | 5,618 | ||
Real estate held for sale, net | 108 | ||
Co-investments | 218 | ||
Acquired in-place lease value | 77 | ||
Other assets | 16 | ||
Mortgage notes payable and unsecured debt | (1,747 | ) | |
Other liabilities | (94 | ) | |
Redeemable noncontrolling interest | (5 | ) | |
$ | 4,331 | ||
Cash consideration for BRE merger | $ | 556 | |
Equity consideration for BRE merger | 3,775 | ||
Total consideration for BRE merger | $ | 4,331 |
Pro forma (unaudited) year ended December 31 (in thousands, except per share data) | |||||||
2014 | 2013 | ||||||
Total Revenue | $ | 1,055,460 | $ | 944,410 | |||
Net income available to common stockholders (1) (2) | $ | 263,440 | $ | 141,504 | |||
Earnings per share, diluted (1) | $ | 4.08 | $ | 2.26 |
Pro forma (unaudited) year ended December 31 (in thousands, except per unit data) | |||||||
2014 | 2013 | ||||||
Total Revenue | $ | 1,055,460 | $ | 944,410 | |||
Net income available to common unitholders (1) (2) | $ | 263,585 | $ | 141,175 | |||
Earnings per unit, diluted (1) | $ | 4.08 | $ | 2.26 |
2013 | 2012 | |||||||
Membership interest in Wesco I | $ | 142,025 | $ | 143,874 | ||||
Membership interest in Wesco III | 39,073 | 9,941 | ||||||
Partnership interest in Fund II | 4,166 | 53,601 | ||||||
Membership interest in a limited liability company that owns Expo | 12,041 | 18,752 | ||||||
Total operating co-investments | 197,305 | 226,168 | ||||||
Membership interests in limited liability companies with CPPIB that own and are developing Epic, Connolly Station, Mosso I & II, Park 20 (fka Elkhorn) and The Village | 301,538 | 186,362 | ||||||
Membership interests in limited liability companies that own and are developing The Huxley and The Dylan | 18,545 | 16,552 | ||||||
Membership interest in a limited liability company that owns and is developing One South Market | 17,115 | - | ||||||
Total development co-investments | 337,198 | 202,914 | ||||||
Membership interest in Wesco II that owns a preferred equity interest in Parkmerced with a preferred return of 10.1% | 94,711 | 91,843 | ||||||
Preferred interest in related party limited liability company that owns Sage at Cupertino with a preferred return of 9.5% | 15,775 | 14,438 | ||||||
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 9% | 13,824 | 13,175 | ||||||
Preferred interest in related party limited liability company that owns an apartment development in Redwood City with a preferred return of 12% | 9,455 | - | ||||||
Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 12% | 8,865 | - | ||||||
Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles with preferred returns of 9% and 10% repaid in 2013 | - | 22,807 | ||||||
Total preferred interest investments | 142,630 | 142,263 | ||||||
Total co-investments | $ | 677,133 | $ | 571,345 |
2014 | 2013 | ||||||
Membership interest/Partnership interest in: | |||||||
Wesco I and III | $ | 188,404 | $ | 181,098 | |||
Fund II | 696 | 4,166 | |||||
Expo | 7,352 | 12,041 | |||||
The Huxley | 11,471 | 11,224 | |||||
Connolly Station | 46,653 | 45,242 | |||||
Epic Phase I and II | 122,968 | 106,845 | |||||
Wesco IV | 86,289 | — | |||||
BEXAEW | 73,771 | — | |||||
Palm Valley | 70,186 | — | |||||
Total operating co-investments | 607,790 | 360,616 | |||||
Membership interest in: | |||||||
Limited liability companies with CPPIB that own and are developing Epic Phase III, Mosso I and II, Park 20, The Emme, The Owens and Hacienda | 268,016 | 149,451 | |||||
One South Market | 30,919 | 17,115 | |||||
The Dylan | 7,874 | 7,321 | |||||
Century Towers | 13,121 | — | |||||
Total development co-investments | 319,930 | 173,887 | |||||
Membership interest in Wesco II that owns a preferred equity interest in Park Merced with a preferred return of 10.1% | — | 94,711 | |||||
Preferred interest in related party limited liability company that owns Sage at Cupertino with a preferred return of 9.5% (matures in May 2016) | 16,571 | 15,775 | |||||
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 9% (matures in September 2020) | 13,824 | 13,824 | |||||
Preferred interest in related party limited liability company that owns an apartment development in Redwood City with a preferred return of 12% (matures in July 2016 with one one-year extension option) | 10,396 | 9,455 | |||||
Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 12% (matures in August 2016 with one one-year extension option) | 10,011 | 8,865 | |||||
Preferred interest in a limited liability company that owns 8th & Thomas with a preferred return of 10.0% (matures in June 2018 with one one-year extension option) | 13,145 | — | |||||
Preferred interest in a limited liability company that owns Newbury Park with a preferred return of 12.0% (matures in January 2019) | 13,150 | — | |||||
Preferred interest in a limited liability company that owns Century Towers (1) (matures in August 2019) | 12,357 | — | |||||
Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 9% (matures in January 2023) | 19,237 | — | |||||
Total preferred interest investments | 108,691 | 142,630 | |||||
Total co-investments | $ | 1,036,411 | $ | 677,133 |
December 31, | ||||||||
2013 | 2012 | |||||||
Balance sheets: | ||||||||
Rental properties and real estate under development | $ | 1,953,328 | $ | 1,745,147 | ||||
Other assets | 61,578 | 168,061 | ||||||
Total assets | $ | 2,014,906 | $ | 1,913,208 | ||||
Debt | $ | 667,641 | $ | 820,895 | ||||
Other liabilities | 125,479 | 91,922 | ||||||
Equity | 1,221,786 | 1,000,391 | ||||||
Total liabilities and partners' equity | $ | 2,014,906 | $ | 1,913,208 | ||||
Company's share of equity | $ | 677,133 | $ | 571,345 |
December 31, | |||||||
2014 | 2013 | ||||||
Balance sheets: | |||||||
Rental properties and real estate under development | $ | 3,426,574 | $ | 1,953,328 | |||
Other assets | 107,902 | 61,578 | |||||
Total assets | $ | 3,534,476 | $ | 2,014,906 | |||
Debt (1) | $ | 1,677,089 | $ | 690,132 | |||
Other liabilities | 91,579 | 125,479 | |||||
Equity | 1,765,808 | 1,199,295 | |||||
Total liabilities and partners' equity | $ | 3,534,476 | $ | 2,014,906 | |||
Company's share of equity | $ | 1,036,411 | $ | 677,133 |
Years ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statements of operations: | ||||||||||||
Property revenues | $ | 100,402 | $ | 130,128 | $ | 106,386 | ||||||
Property operating expenses | (37,518 | ) | (55,990 | ) | (43,066 | ) | ||||||
Net operating income | 62,884 | 74,138 | 63,320 | |||||||||
Gain on sale of real estate | 146,758 | 106,016 | - | |||||||||
Interest expense | (24,155 | ) | (34,959 | ) | (27,843 | ) | ||||||
General and administrative | (5,344 | ) | (3,697 | ) | (1,748 | ) | ||||||
Depreciation and amortization | (36,831 | ) | (47,917 | ) | (44,412 | ) | ||||||
Net income (loss) | $ | 143,312 | $ | 93,581 | $ | (10,683 | ) | |||||
Company's share of net income (loss) | $ | 55,865 | $ | 41,745 | $ | (467 | ) |
Years ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Statements of operations: | |||||||||||
Property revenues | $ | 188,548 | $ | 100,402 | $ | 130,128 | |||||
Property operating expenses | (71,419 | ) | (37,518 | ) | (55,990 | ) | |||||
Net operating income | 117,129 | 62,884 | 74,138 | ||||||||
Gain on sale of real estate | 23,333 | 146,758 | 106,016 | ||||||||
Interest expense | (39,990 | ) | (24,155 | ) | (34,959 | ) | |||||
General and administrative | (6,321 | ) | (5,344 | ) | (3,697 | ) | |||||
Equity income from co-investments (2) | 26,798 | 18,703 | 18,051 | ||||||||
Depreciation and amortization | (74,657 | ) | (36,831 | ) | (47,917 | ) | |||||
Net income | $ | 46,292 | $ | 162,015 | $ | 111,632 | |||||
Company's share of net income (3) | $ | 39,893 | $ | 55,865 | $ | 41,745 |
(1) | Includes preferred equity investments held by the Company. |
(2) | Represents income from Wesco II's preferred equity investment in Park Merced. |
(3) | Includes the Company's share of equity income from co-investments, income from preferred equity investments, gain on sale of co-investments, co-investment promote income, and income from early redemption of preferred equity investments. |
2013 | 2012 | |||||||
Note receivable, secured, bearing interest at 4.0%, due December 2014 (1) | $ | 3,212 | $ | 3,212 | ||||
Notes and other receivables from affiliates (2) | 60,968 | 28,896 | ||||||
Other receivables | 4,075 | 3,785 | ||||||
Note receivable, secured, bearing interest at 8.0%, paid in full May 2013 | - | 971 | ||||||
Note receivable, secured, bearing interest at 8.8%, paid in full March 2013 | - | 10,800 | ||||||
Note receivable, secured, effective interest at 9.6%, paid in full March 2013 | - | 18,499 | ||||||
$ | 68,255 | $ | 66,163 |
2014 | 2013 | ||||||
Note receivable, secured, bearing interest at 6.0%, due December 2016 | $ | 3,212 | $ | 3,212 | |||
Notes and other receivables from affiliates (1) | 8,105 | 60,968 | |||||
Other receivables (2) | 13,606 | 4,075 | |||||
$ | 24,923 | $ | 68,255 |
(1) | The |
(2) | Represents receivables for utilities, rents, and other receivables. |
2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 4,454 | $ | 5,848 | $ | 9,133 | ||||||
Property operating expenses | (1,406 | ) | (2,181 | ) | (3,584 | ) | ||||||
Depreciation and amortization | (1,098 | ) | (1,513 | ) | (2,534 | ) | ||||||
Expenses | (2,504 | ) | (3,694 | ) | (6,118 | ) | ||||||
Operating income from real estate sold | 1,950 | 2,154 | 3,015 | |||||||||
Gain on sale of real estate | 29,223 | 10,870 | 8,382 | |||||||||
Internal disposition costs | - | (1,087 | ) | (839 | ) | |||||||
Income from discontinued operations | $ | 31,173 | $ | 11,937 | $ | 10,558 |
2013 | 2012 | ||||||
Revenues | $ | 4,454 | $ | 5,848 | |||
Property operating expenses | (1,406 | ) | (2,181 | ) | |||
Depreciation and amortization | (1,098 | ) | (1,513 | ) | |||
Expenses | (2,504 | ) | (3,694 | ) | |||
Operating income from real estate sold | 1,950 | 2,154 | |||||
Gain on sale of real estate | 29,223 | 10,870 | |||||
Internal disposition costs | — | (1,087 | ) | ||||
Income from discontinued operations | $ | 31,173 | $ | 11,937 |
2013 | 2012 | |||||||
Fixed rate mortgage notes payable | $ | 1,236,479 | $ | 1,363,731 | ||||
Variable rate mortgage notes payable(1) | 167,601 | 201,868 | ||||||
$ | 1,404,080 | $ | 1,565,599 | |||||
Number of properties securing mortgage notes | 49 | 55 | ||||||
Remaining terms | 1-26 years | 1-27 years | ||||||
Weighted average interest rate | 5.6 | % | 5.4 | % |
2014 | 2013 | ||||||
Fixed rate mortgage notes payable | $ | 2,056,742 | $ | 1,236,479 | |||
Variable rate mortgage notes payable (1) | 189,202 | 167,601 | |||||
Total mortgage notes payable (2) | $ | 2,245,944 | $ | 1,404,080 | |||
Number of properties securing mortgage notes | 67 | 49 | |||||
Remaining terms | 1-26 years | 1-26 years | |||||
Weighted average interest rate | 4.6 | % | 5.6 | % |
2014 | $ | - | ||
2015 | 67,461 | |||
2016 | 12,390 | |||
2017 | 182,731 | |||
2018 | 271,156 | |||
Thereafter | 870,342 | |||
$ | 1,404,080 |
2015 | $ | 94,580 | |
2016 | 41,481 | ||
2017 | 198,683 | ||
2018 | 320,080 | ||
2019 | 565,801 | ||
Thereafter | 941,526 | ||
$ | 2,162,151 |
(1) | Variable rate mortgage notes payable consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.8% at December 2014 and 1.6% at December |
(2) | Includes total unamortized premium of $83.8 million and $11.5 million as of December 31, 2014 and December 31, 2013, respectively. |
2014 | 2013 | Weighted Average Maturity In Years | |||||||
Bonds private placement - fixed rate | $ | 465,000 | $ | 465,000 | 4.2 | ||||
Term loan - variable rate | 225,000 | 350,000 | 1.9 | ||||||
Bonds public offering - fixed rate | 1,927,482 | 595,023 | 7.1 | ||||||
Unsecured debt (1) | 2,617,482 | 1,410,023 | |||||||
Lines of credit | 246,391 | 219,421 | |||||||
Total unsecured debt | $ | 2,863,873 | $ | 1,629,444 | |||||
Weighted average interest rate on fixed rate unsecured bonds | 3.6 | % | 4.0 | % | |||||
Weighted average interest rate on variable rate term loan | 2.4 | % | 2.5 | % | |||||
Weighted average interest rate on lines of credit | 1.8 | % | 2.2 | % |
Weighted Average | ||||||||||||
Maturity | ||||||||||||
2013 | 2012 | In Years | ||||||||||
Bonds private placement - fixed rate | $ | 465,000 | $ | 465,000 | 5.2 | |||||||
Term loan - variable rate | 350,000 | 350,000 | 3.2 | |||||||||
Bonds public offering - fixed rate | 595,023 | 297,084 | 9.0 | |||||||||
Unsecured debt | 1,410,023 | 1,112,084 | ||||||||||
Lines of credit | 219,421 | 141,000 | 4.3 | |||||||||
Total unsecured debt | $ | 1,629,444 | $ | 1,253,084 | ||||||||
Weighted average interest rate on fixed rate unsecured bonds | 4.0 | % | 4.2 | % | ||||||||
Weighted average interest rate on variable rate term loan | 2.5 | % | 2.7 | % | ||||||||
Weighted average interest rate on line of credit | 2.2 | % | 2.3 | % |
Coupon | |||||||||||||
Maturity | 2013 | 2012 | Rate | ||||||||||
Senior unsecured private placement notes | March 2016 | $ | 150,000 | $ | 150,000 | 4.36 | % | ||||||
Senior unsecured private placement notes | September 2017 | 40,000 | 40,000 | 4.50 | % | ||||||||
Senior unsecured private placement notes | December 2019 | 75,000 | 75,000 | 4.92 | % | ||||||||
Senior unsecured private placement notes | April 2021 | 100,000 | 100,000 | 4.27 | % | ||||||||
Senior unsecured private placement notes | June 2021 | 50,000 | 50,000 | 4.30 | % | ||||||||
Senior unsecured private placement notes | August 2021 | 50,000 | 50,000 | 4.37 | % | ||||||||
$ | 465,000 | $ | 465,000 |
Maturity | 2014 | 2013 | Coupon Rate | |||||||||
Senior unsecured private placement notes | March 2016 | $ | 150,000 | $ | 150,000 | 4.36 | % | |||||
Senior unsecured private placement notes | September 2017 | 40,000 | 40,000 | 4.50 | % | |||||||
Senior unsecured private placement notes | December 2019 | 75,000 | 75,000 | 4.92 | % | |||||||
Senior unsecured private placement notes | April 2021 | 100,000 | 100,000 | 4.27 | % | |||||||
Senior unsecured private placement notes | June 2021 | 50,000 | 50,000 | 4.30 | % | |||||||
Senior unsecured private placement notes | August 2021 | 50,000 | 50,000 | 4.37 | % | |||||||
$ | 465,000 | $ | 465,000 |
Maturity | 2014 | 2013 | Coupon Rate | |||||||
Senior notes | March 2017 | 300,000 | — | 5.500 | % | |||||
Senior notes | March 2021 | 300,000 | — | 5.200 | % | |||||
Senior notes | August 2022 | 300,000 | 300,000 | 3.625 | % | |||||
Senior notes | January 2023 | 300,000 | — | 3.375 | % | |||||
Senior notes | May 2023 | 300,000 | 300,000 | 3.250 | % | |||||
Senior notes | May 2024 | 400,000 | — | 3.875 | % | |||||
1,900,000 | 600,000 |
2015 | $ | — | |
2016 | 350,000 | ||
2017 | 365,000 | ||
2018 | — | ||
2019 | 75,000 | ||
Thereafter | 1,800,000 | ||
$ | 2,590,000 |
Future | ||||
Minimum | ||||
Rent | ||||
2014 | $ | 8,624 | ||
2015 | 7,104 | |||
2016 | 4,908 | |||
2017 | 4,158 | |||
2018 | 3,613 | |||
Thereafter | 15,271 | |||
$ | 43,678 |
Future | |||
Minimum | |||
Rent | |||
2015 | $ | 12,348 | |
2016 | 9,898 | ||
2017 | 9,003 | ||
2018 | 8,123 | ||
2019 | 7,350 | ||
Thereafter | 28,647 | ||
$ | 75,369 |
Shares | Shares | Liquidation | ||||||||||||
Description | Issue Date | Authorized | Outstanding | Preference | ||||||||||
4.875% Series G | July 2006 | 5,980,000 | 178,249 | $ | 4,456 | |||||||||
7.125% Series H | April 2011 | 8,000,000 | 2,950,000 | $ | 73,750 |
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Income | Weighted- average Common Shares | Per Common Share Amount | Income | Weighted- average Common Shares | Per Common Share Amount | Income | Weighted- average Common Shares | Per Common Share Amount | ||||||||||||||||||||||||
Basic: | ||||||||||||||||||||||||||||||||
Income from continuing operations available to common stockholders | $ | 116,859 | 56,546,959 | $ | 2.07 | $ | 121,324 | 37,248,960 | $ | 3.26 | $ | 108,532 | 35,032,491 | $ | 3.10 | |||||||||||||||||
Income from discontinued operations available to common stockholders | — | 56,546,959 | — | 29,487 | 37,248,960 | 0.79 | 11,280 | 35,032,491 | 0.32 | |||||||||||||||||||||||
$ | 116,859 | $ | 2.07 | $ | 150,811 | $ | 4.05 | $ | 119,812 | $ | 3.42 | |||||||||||||||||||||
Effect of Dilutive Securities (1) | — | 149,566 | — | 86,335 | — | 92,430 | ||||||||||||||||||||||||||
Diluted: | ||||||||||||||||||||||||||||||||
Income from continuing operations available to common stockholders (1) | $ | 116,859 | 56,696,525 | $ | 2.06 | $ | 121,324 | 37,335,295 | $ | 3.25 | $ | 108,532 | 35,124,921 | $ | 3.09 | |||||||||||||||||
Income from discontinued operations available to common stockholders | — | 56,696,525 | — | 29,487 | 37,335,295 | 0.79 | 11,280 | 35,124,921 | 0.32 | |||||||||||||||||||||||
$ | 116,859 | $ | 2.06 | $ | 150,811 | $ | 4.04 | $ | 119,812 | $ | 3.41 |
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Weighted- | Per | Weighted- | Per | Weighted- | Per | |||||||||||||||||||||||||||||||
average | Common | average | Common | average | Common | |||||||||||||||||||||||||||||||
Common | Share | Common | Share | Common | Share | |||||||||||||||||||||||||||||||
Income | Shares | Amount | Income | Shares | Amount | Income | Shares | Amount | ||||||||||||||||||||||||||||
Basic: | ||||||||||||||||||||||||||||||||||||
Income from continuing operations available to common stockholders | $ | 121,324 | 37,248,960 | $ | 3.26 | $ | 108,532 | 35,032,491 | $ | 3.10 | $ | 30,570 | 32,541,792 | $ | 0.94 | |||||||||||||||||||||
Income from discontinued operations available to common stockholders | 29,487 | 37,248,960 | 0.79 | 11,280 | 35,032,491 | 0.32 | 9,798 | 32,541,792 | 0.30 | |||||||||||||||||||||||||||
$ | 150,811 | $ | 4.05 | $ | 119,812 | $ | 3.42 | $ | 40,368 | $ | 1.24 | |||||||||||||||||||||||||
Effect of Dilutive Securities (1) | - | 86,335 | - | 92,430 | - | 86,922 | ||||||||||||||||||||||||||||||
Diluted: | ||||||||||||||||||||||||||||||||||||
Income from continuing operations available to common stockholders (1) | $ | 121,324 | 37,335,295 | $ | 3.25 | $ | 108,532 | 35,124,921 | $ | 3.09 | $ | 30,570 | 32,628,714 | $ | 0.94 | |||||||||||||||||||||
Income from discontinued operations available to common stockholders | 29,487 | 37,335,295 | 0.79 | 11,280 | 35,124,921 | 0.32 | 9,798 | 32,628,714 | 0.30 | |||||||||||||||||||||||||||
$ | 150,811 | $ | 4.04 | $ | 119,812 | $ | 3.41 | $ | 40,368 | $ | 1.24 | |||||||||||||||||||||||||
(1) | Weighted average convertible limited partnership units of 2,224,707, 2,131,425, |
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Weighted- | Per | Weighted- | Per | Weighted- | Per | |||||||||||||||||||||||||||||||
average | Common | average | Common | average | Common | |||||||||||||||||||||||||||||||
Common | Unit | Common | Unit | Common | Unit | |||||||||||||||||||||||||||||||
Income | Units | Amount | Income | Units | Amount | Income | Units | Amount | ||||||||||||||||||||||||||||
Basic: | ||||||||||||||||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 128,576 | 39,380,385 | $ | 3.27 | $ | 115,834 | 37,251,537 | $ | 3.11 | $ | 33,035 | 34,773,599 | $ | 0.95 | |||||||||||||||||||||
Income from discontinued operations | 31,173 | 39,380,385 | 0.79 | 11,937 | 37,251,537 | 0.32 | 10,558 | 34,773,599 | 0.30 | |||||||||||||||||||||||||||
Income available to common unitholders | $ | 159,749 | $ | 4.06 | $ | 127,771 | $ | 3.43 | $ | 43,593 | $ | 1.25 | ||||||||||||||||||||||||
Effect of Dilutive Securities (1) | - | 86,335 | - | 92,430 | - | 67,319 | ||||||||||||||||||||||||||||||
Diluted: | ||||||||||||||||||||||||||||||||||||
Income from continuing operations available to common unitholders (1) | $ | 128,576 | 39,466,720 | $ | 3.26 | $ | 115,834 | 37,343,967 | $ | 3.10 | $ | 33,035 | 34,860,521 | $ | 0.95 | |||||||||||||||||||||
Income from discontinued operations | 31,173 | 39,466,720 | 0.79 | 11,937 | 37,343,967 | 0.32 | 10,558 | 34,860,521 | 0.30 | |||||||||||||||||||||||||||
Income available to common unitholders | $ | 159,749 | $ | 4.05 | $ | 127,771 | $ | 3.42 | $ | 43,593 | $ | 1.25 |
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Income | Weighted- average Common Units | Per Common Unit Amount | Income | Weighted- average Common Units | Per Common Unit Amount | Income | Weighted- average Common Units | Per Common Unit Amount | ||||||||||||||||||||||||
Basic: | ||||||||||||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 121,726 | 58,771,666 | $ | 2.07 | $ | 128,576 | 39,380,385 | $ | 3.27 | $ | 115,834 | 37,251,537 | $ | 3.11 | |||||||||||||||||
Income from discontinued operations | — | 58,771,666 | — | 31,173 | 39,380,385 | 0.79 | 11,937 | 37,251,537 | 0.32 | |||||||||||||||||||||||
Income available to common unitholders | $ | 121,726 | $ | 2.07 | $ | 159,749 | $ | 4.06 | $ | 127,771 | $ | 3.43 | ||||||||||||||||||||
Effect of Dilutive Securities (1) | — | 149,566 | — | 86,335 | — | 92,430 | ||||||||||||||||||||||||||
Diluted: | ||||||||||||||||||||||||||||||||
Income from continuing operations available to common unitholders (1) | $ | 121,726 | 58,921,232 | $ | 2.07 | $ | 128,576 | 39,466,720 | $ | 3.26 | $ | 115,834 | 37,343,967 | $ | 3.10 | |||||||||||||||||
Income from discontinued operations | — | 58,921,232 | — | 31,173 | 39,466,720 | 0.79 | 11,937 | 37,343,967 | 0.32 | |||||||||||||||||||||||
Income available to common unitholders | $ | 121,726 | $ | 2.07 | $ | 159,749 | $ | 4.05 | $ | 127,771 | $ | 3.42 |
(1) | The Operating Partnership has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities. |
2013 | 2012 | 2011 | ||||||||||
Stock price | $ | 153.54 | $ | 143.95 | $ | 131.87 | ||||||
Risk-free interest rates | 2.68 | % | 1.16 | % | 2.23 | % | ||||||
Expected lives | 10 years | 5 - 10 years | 10 years | |||||||||
Volatility | 18.03 | % | 20.05 | % | 19.63 | % | ||||||
Dividend yield | 3.15 | % | 3.26 | % | 3.29 | % |
2014 | 2013 | 2012 | |||||||||
Stock price | $ | 176.65 | $ | 153.54 | $ | 143.95 | |||||
Risk-free interest rates | 2.37 | % | 2.68 | % | 1.16 | % | |||||
Expected lives | 8 years | 8 years | 5 - 8 years | ||||||||
Volatility | 18.00 | % | 18.03 | % | 20.05 | % | |||||
Dividend yield | 2.90 | % | 3.15 | % | 3.26 | % |
2013 | 2012 | 2011 | ||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | ||||||||||||||||||||||
average | average | average | ||||||||||||||||||||||
exercise | exercise | exercise | ||||||||||||||||||||||
Shares | price | Shares | price | Shares | price | |||||||||||||||||||
Outstanding at beginning of year | 623,434 | $ | 125.96 | 415,020 | $ | 109.71 | 300,642 | $ | 88.11 | |||||||||||||||
Granted | 150,325 | 153.54 | 263,113 | 143.95 | 197,500 | 131.87 | ||||||||||||||||||
Exercised | (52,970 | ) | 102.43 | (41,603 | ) | 77.21 | (83,122 | ) | 84.24 | |||||||||||||||
Forfeited and canceled | (25,301 | ) | 135.25 | (13,096 | ) | 128.36 | - | - | ||||||||||||||||
Outstanding at end of year | 695,488 | 133.37 | 623,434 | 125.96 | 415,020 | 109.71 | ||||||||||||||||||
Options exercisable at year end | 300,632 | 119.09 | 250,620 | 107.12 | 219,820 | 92.31 |
2014 | 2013 | 2012 | ||||||||||||||||||
Shares | Weighted- average exercise price | Shares | Weighted- average exercise price | Shares | Weighted- average exercise price | |||||||||||||||
Outstanding at beginning of year | 695,488 | $ | 133.37 | 623,434 | $ | 125.96 | 415,020 | $ | 109.71 | |||||||||||
Granted | 42,518 | 176.65 | 150,325 | 153.54 | 263,113 | 143.95 | ||||||||||||||
Granted - BRE options converted | 133,766 | 121.03 | — | — | — | — | ||||||||||||||
Exercised | (185,387 | ) | 113.72 | (52,970 | ) | 102.43 | (41,603 | ) | 77.21 | |||||||||||
Forfeited and canceled | (21,600 | ) | 144.29 | (25,301 | ) | 135.25 | (13,096 | ) | 128.36 | |||||||||||
Outstanding at end of year | 664,785 | 138.78 | 695,488 | 133.37 | 623,434 | 125.96 | ||||||||||||||
Options exercisable at year end | 395,986 | 133.99 | 300,632 | 119.09 | 250,620 | 107.12 |
Options outstanding | Options exercisable | |||||||||||||||
Number outstanding as of | Weighted- average remaining | Weighted- average | Number exercisable as of | Weighted- average | ||||||||||||
Range of | December 31, | contractual | exercise | December 31, | exercise | |||||||||||
exercise prices | 2014 | life (years) | price | 2014 | price | |||||||||||
$66.05 - $101.01 | 39,590 | 2.8 | $ | 79.64 | 39,590 | $ | 79.64 | |||||||||
$103.82 - $161.98 | 561,626 | 6.1 | 139.05 | 303,670 | 134.22 | |||||||||||
$164.76 - $179.48 | 63,569 | 8.2 | 173.22 | 52,726 | 173.49 | |||||||||||
664,785 | 6.1 | 138.78 | 395,986 | 133.99 |
Options outstanding | Options exercisable | ||||||||||||||||||||
Number | Weighted- | Number | |||||||||||||||||||
outstanding | average | Weighted- | exercisable | Weighted- | |||||||||||||||||
as of | remaining | average | as of | average | |||||||||||||||||
Range of | December 31, | contractual | exercise | December 31, | exercise | ||||||||||||||||
exercise prices | 2013 | life (years) | price | 2013 | price | ||||||||||||||||
$62.34 - $101.01 | 74,261 | 2.7 | $ | 79.18 | 72,261 | $ | 79.02 | ||||||||||||||
105.64 - 161.98 | 604,902 | 7.2 | 139.18 | 228,371 | 131.77 | ||||||||||||||||
164.76 - 164.76 | 16,325 | 9.4 | 164.76 | - | - | ||||||||||||||||
695,488 | 6.8 | 133.37 | 300,632 | 119.09 |
2013 | 2012 | 2011 | ||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | ||||||||||||||||||||||
average | average | average | ||||||||||||||||||||||
grant | grant | grant | ||||||||||||||||||||||
Shares | price | Shares | price | Shares | price | |||||||||||||||||||
Unvested at beginning of year | 24,922 | $ | 104.52 | 35,219 | $ | 98.57 | 44,877 | $ | 102.46 | �� | ||||||||||||||
Granted | 1,556 | 158.75 | 1,614 | 149.68 | 1,540 | 134.44 | ||||||||||||||||||
Vested | (7,211 | ) | 109.86 | (8,641 | ) | 106.69 | (9,532 | ) | 104.91 | |||||||||||||||
Forfeited and canceled | (3,091 | ) | 100.84 | (3,270 | ) | 102.00 | (1,666 | ) | 94.35 | |||||||||||||||
Unvested at end of year | 16,176 | 108.06 | 24,922 | 104.52 | 35,219 | 98.57 |
2014 | 2013 | 2012 | ||||||||||||||||||
Shares | Weighted- average grant price | Shares | Weighted- average grant price | Shares | Weighted- average grant price | |||||||||||||||
Unvested at beginning of year | 16,176 | $ | 108.06 | 24,922 | $ | 104.52 | 35,219 | $ | 98.57 | |||||||||||
Granted | 22,014 | 194.03 | 1,556 | 158.75 | 1,614 | 149.68 | ||||||||||||||
Granted - BRE restricted stock converted | 119,411 | 173.82 | — | — | — | — | ||||||||||||||
Vested | (126,931 | ) | 171.56 | (7,211 | ) | 109.86 | (8,641 | ) | 106.69 | |||||||||||
Forfeited and canceled | (4,850 | ) | 135.10 | (3,091 | ) | 100.84 | (3,270 | ) | 102.00 | |||||||||||
Unvested at end of year | 25,820 | 168.22 | 16,176 | 108.06 | 24,922 | 104.52 |
Long Term Incentive Plan - Z Units and 2014 LTIP Units | ||||||||||||||||||||||||
Aggregate | Weighted- | |||||||||||||||||||||||
Intrinsic | Weighted- | average | ||||||||||||||||||||||
Total | Total | Value | Total | average | Remaining | |||||||||||||||||||
Vested | Unvested | of Unvested | Outstanding | Grant-date | Contractual | |||||||||||||||||||
Units | Units | Units | Units | Fair Value | Life (years) | |||||||||||||||||||
Balance, December 2010 | 326,280 | 171,902 | $ | 19,463 | 498,182 | $ | 54.15 | 11.2 | ||||||||||||||||
Granted | - | 46,500 | 46,500 | |||||||||||||||||||||
Vested | 44,520 | (44,520 | ) | - | ||||||||||||||||||||
Converted | (191,718 | ) | - | (191,718 | ) | |||||||||||||||||||
Cancelled | - | (3,863 | ) | (3,863 | ) | |||||||||||||||||||
Balance, December 2011 | 179,082 | 170,019 | 23,719 | 349,101 | 58.17 | 12.3 | ||||||||||||||||||
Granted | - | - | - | |||||||||||||||||||||
Vested | 28,163 | (28,163 | ) | - | ||||||||||||||||||||
Converted | (16,541 | ) | - | (16,541 | ) | |||||||||||||||||||
Cancelled | - | (1,813 | ) | (1,813 | ) | |||||||||||||||||||
Balance, December 2012 | 190,704 | 140,043 | 20,800 | 330,747 | 58.44 | 11.3 | ||||||||||||||||||
Granted | - | 50,500 | 50,500 | |||||||||||||||||||||
Vested | 35,919 | (35,919 | ) | - | ||||||||||||||||||||
Converted | (108,433 | ) | - | (108,433 | ) | |||||||||||||||||||
Cancelled | - | (5,243 | ) | (5,243 | ) | |||||||||||||||||||
Balance, December 2013 | 118,190 | 149,381 | $ | 21,438 | 267,571 | $ | 63.53 | 9.3 |
Long Term Incentive Plan - LTIP Units | ||||||||||||||
Total Vested Units | Total Unvested Units | Total Outstanding Units | Weighted- average Grant-date Fair Value | Weighted- average Remaining Contractual Life (years) | ||||||||||
Balance, December 31, 2011 | 179,082 | 170,019 | 349,101 | $ | 58.17 | 12.3 | ||||||||
Granted | — | — | — | |||||||||||
Vested | 28,163 | (28,163 | ) | — | ||||||||||
Converted | (16,541 | ) | — | (16,541 | ) | |||||||||
Cancelled | — | (1,813 | ) | (1,813 | ) | |||||||||
Balance, December 31, 2012 | 190,704 | 140,043 | 330,747 | 58.44 | 11.3 | |||||||||
Granted | — | 50,500 | 50,500 | |||||||||||
Vested | 35,919 | (35,919 | ) | — | ||||||||||
Converted | (108,433 | ) | — | (108,433 | ) | |||||||||
Cancelled | — | (5,243 | ) | (5,243 | ) | |||||||||
Balance, December 31, 2013 | 118,190 | 149,381 | 267,571 | 63.53 | 9.3 | |||||||||
Granted | 24,000 | 44,750 | 68,750 | |||||||||||
Vested | 41,729 | (41,729 | ) | — | ||||||||||
Converted | (2,000 | ) | — | (2,000 | ) | |||||||||
Cancelled | — | (1,335 | ) | (1,335 | ) | |||||||||
Balance, December 31, 2014 | 181,919 | 151,067 | 332,986 | $ | 71.14 | 10.5 |
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
Southern California | $ | 265,226 | $ | 246,534 | $ | 220,416 | ||||||
Northern California | 214,402 | 175,325 | 149,457 | |||||||||
Seattle Metro | 107,553 | 92,489 | 79,832 | |||||||||
Other real estate assets | 14,822 | 12,348 | 10,955 | |||||||||
Total property revenues | $ | 602,003 | $ | 526,696 | $ | 460,660 | ||||||
Net operating income: | ||||||||||||
Southern California | $ | 176,675 | $ | 164,092 | $ | 145,353 | ||||||
Northern California | 148,204 | 120,540 | 99,047 | |||||||||
Seattle Metro | 71,407 | 60,853 | 51,477 | |||||||||
Other real estate assets | 9,705 | 9,044 | 7,273 | |||||||||
Total net operating income | 405,991 | 354,529 | 303,150 | |||||||||
Depreciation | (192,420 | ) | (169,173 | ) | (150,009 | ) | ||||||
Interest expense before amortization | (104,600 | ) | (100,244 | ) | (91,694 | ) | ||||||
Amortization expense | (11,924 | ) | (11,644 | ) | (11,474 | ) | ||||||
Management and other fees from affiliates | 11,700 | 11,489 | 6,780 | |||||||||
General and administrative | (25,601 | ) | (23,307 | ) | (20,694 | ) | ||||||
Cost of management and other fees | (6,681 | ) | (6,513 | ) | (4,610 | ) | ||||||
Merger expenses | (4,284 | ) | - | - | ||||||||
Interest and other income | 11,633 | 13,833 | 17,139 | |||||||||
Loss on early retirement of debt | (300 | ) | (5,009 | ) | (1,163 | ) | ||||||
Gain on sale of land | 1,503 | - | - | |||||||||
Equity income (loss) income from co-investments | 55,865 | 41,745 | (467 | ) | ||||||||
Gain on remeasurement of co-investment | - | 21,947 | - | |||||||||
Income before discontinued operations | $ | 140,882 | $ | 127,653 | $ | 46,958 |
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenues: | |||||||||||
Southern California | $ | 422,899 | $ | 263,064 | $ | 248,150 | |||||
Northern California | 338,006 | 212,167 | 173,264 | ||||||||
Seattle Metro | 168,053 | 107,553 | 92,489 | ||||||||
Other real estate assets | 31,000 | 19,219 | 12,793 | ||||||||
Total property revenues | $ | 959,958 | $ | 602,003 | $ | 526,696 | |||||
Net operating income: | |||||||||||
Southern California | $ | 279,178 | $ | 175,557 | $ | 164,841 | |||||
Northern California | 236,927 | 146,699 | 119,154 | ||||||||
Seattle Metro | 112,384 | 71,407 | 60,853 | ||||||||
Other real estate assets | 20,556 | 12,328 | 9,681 | ||||||||
Total net operating income | 649,045 | 405,991 | 354,529 | ||||||||
Depreciation and amortization | (360,592 | ) | (192,420 | ) | (169,173 | ) | |||||
Interest expense | (164,551 | ) | (116,524 | ) | (111,888 | ) | |||||
Management and other fees from affiliates | 9,347 | 7,263 | 8,457 | ||||||||
General and administrative | (40,878 | ) | (26,684 | ) | (24,573 | ) | |||||
Merger and integration expenses | (53,530 | ) | (4,284 | ) | — | ||||||
Acquisition and disposition costs | (1,878 | ) | (1,161 | ) | (2,215 | ) | |||||
Interest and other income | 11,811 | 11,633 | 13,833 | ||||||||
Loss on early retirement of debt, net | (268 | ) | (300 | ) | (5,009 | ) | |||||
Gain on sale of real estate and land | 46,039 | 1,503 | — | ||||||||
Equity income from co-investments | 39,893 | 55,865 | 41,745 | ||||||||
Gain on remeasurement of co-investment | — | — | 21,947 | ||||||||
Income before discontinued operations | $ | 134,438 | $ | 140,882 | $ | 127,653 |
As of December 31, | ||||||||
Assets: | 2013 | 2012 | ||||||
Southern California | $ | 1,746,434 | $ | 1,675,265 | ||||
Northern California | 1,614,159 | 1,489,095 | ||||||
Seattle Metro | 741,533 | 699,465 | ||||||
Other real estate assets | 86,745 | 88,330 | ||||||
Net reportable operating segments - real estate assets | 4,188,871 | 3,952,155 | ||||||
Real estate under development | 50,430 | 66,851 | ||||||
Co-investments | 677,133 | 571,345 | ||||||
Cash and cash equivalents, including restricted cash | 53,766 | 42,126 | ||||||
Marketable securities | 90,084 | 92,713 | ||||||
Notes and other receivables | 68,255 | 66,163 | ||||||
Other non-segment assets | 58,300 | 55,870 | ||||||
Total assets | $ | 5,186,839 | $ | 4,847,223 |
As of December 31, | |||||||
Assets: | 2014 | 2013 | |||||
Southern California | $ | 4,249,107 | $ | 1,732,791 | |||
Northern California | 3,641,720 | 1,605,303 | |||||
Seattle Metro | 1,647,058 | 741,533 | |||||
Other real estate assets | 149,820 | 109,244 | |||||
Net reportable operating segments - real estate assets | 9,687,705 | 4,188,871 | |||||
Real estate under development | 434,371 | 50,430 | |||||
Co-investments | 1,036,411 | 677,133 | |||||
Real estate held for sale, net | 56,300 | — | |||||
Cash and cash equivalents, including restricted cash | 95,420 | 53,766 | |||||
Marketable securities and other investments | 117,240 | 90,084 | |||||
Notes and other receivables | 24,923 | 68,255 | |||||
Other non-segment assets | 110,504 | 58,300 | |||||
Total assets | $ | 11,562,874 | $ | 5,186,839 |
Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
December 31 | September 30 | June 30 | March 31 | |||||||||||||
2013: | ||||||||||||||||
Total property revenues | $ | 155,986 | $ | 152,177 | $ | 148,783 | $ | 145,057 | ||||||||
Income before discontinued operations | $ | 20,020 | $ | 62,718 | $ | 28,983 | $ | 29,161 | ||||||||
Net income | $ | 36,903 | $ | 75,875 | $ | 29,575 | $ | 29,702 | ||||||||
Net income available to common stockholders | $ | 31,874 | $ | 68,788 | $ | 24,946 | $ | 25,203 | ||||||||
Per share data: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.85 | $ | 1.84 | $ | 0.67 | $ | 0.68 | ||||||||
Diluted | $ | 0.85 | $ | 1.84 | $ | 0.67 | $ | 0.68 | ||||||||
Market price: | ||||||||||||||||
High | $ | 165.44 | $ | 172.16 | $ | 171.11 | $ | 156.36 | ||||||||
Low | $ | 137.53 | $ | 139.64 | $ | 147.56 | $ | 147.06 | ||||||||
Close | $ | 143.51 | $ | 147.70 | $ | 158.92 | $ | 150.58 | ||||||||
Dividends declared | $ | 1.21 | $ | 1.21 | $ | 1.21 | $ | 1.21 | ||||||||
2012: | ||||||||||||||||
Total property revenues | $ | 140,294 | $ | 133,760 | $ | 128,465 | $ | 124,177 | ||||||||
Income before discontinued operations | $ | 49,158 | $ | 19,731 | $ | 42,050 | $ | 16,714 | ||||||||
Net income | $ | 49,640 | $ | 20,221 | $ | 42,490 | $ | 27,239 | ||||||||
Net income available to common stockholders | $ | 43,793 | $ | 16,219 | $ | 37,078 | $ | 22,722 | ||||||||
Per share data: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 1.22 | $ | 0.46 | $ | 1.07 | $ | 0.67 | ||||||||
Diluted | $ | 1.22 | $ | 0.45 | $ | 1.07 | $ | 0.67 | ||||||||
Market price: | ||||||||||||||||
High | $ | 150.71 | $ | 160.64 | $ | 161.53 | $ | 151.54 | ||||||||
Low | $ | 136.38 | $ | 147.38 | $ | 146.05 | $ | 136.43 | ||||||||
Close | $ | 146.65 | $ | 148.24 | $ | 153.92 | $ | 151.51 | ||||||||
Dividends declared | $ | 1.10 | $ | 1.10 | $ | 1.10 | $ | 1.10 |
Quarter ended December 31 | Quarter ended September 30 | Quarter ended June 30 | Quarter ended March 31 | ||||||||||||
2014 (1): | |||||||||||||||
Total property revenues | $ | 276,209 | $ | 268,118 | $ | 256,614 | $ | 159,017 | |||||||
Income before discontinued operations | $ | 44,805 | $ | 58,582 | $ | 4,645 | $ | 26,406 | |||||||
Net income | $ | 44,805 | $ | 58,582 | $ | 4,645 | $ | 26,406 | |||||||
Net income available to common stockholders | $ | 40,175 | $ | 53,565 | $ | 1,207 | $ | 21,912 | |||||||
Per share data: | |||||||||||||||
Net income: | |||||||||||||||
Basic (2) | $ | 0.63 | $ | 0.85 | $ | 0.02 | $ | 0.58 | |||||||
Diluted (2) | $ | 0.63 | $ | 0.85 | $ | 0.02 | $ | 0.58 | |||||||
Market price: | |||||||||||||||
High | $ | 211.91 | $ | 180.65 | $ | 185.66 | $ | 171.70 | |||||||
Low | $ | 206.35 | $ | 178.27 | $ | 183.36 | $ | 166.95 | |||||||
Close | $ | 206.60 | $ | 178.75 | $ | 184.91 | $ | 170.05 | |||||||
Dividends declared | $ | 1.30 | $ | 1.30 | $ | 1.30 | $ | 1.21 | |||||||
2013: | |||||||||||||||
Total property revenues | $ | 155,986 | $ | 152,177 | $ | 148,783 | $ | 145,057 | |||||||
Income before discontinued operations | $ | 20,020 | $ | 62,718 | $ | 28,983 | $ | 29,161 | |||||||
Net income | $ | 36,903 | $ | 75,875 | $ | 29,575 | $ | 29,702 | |||||||
Net income available to common stockholders | $ | 31,874 | $ | 68,788 | $ | 24,946 | $ | 25,203 | |||||||
Per share data: | |||||||||||||||
Net income: | |||||||||||||||
Basic (2) | $ | 0.85 | $ | 1.84 | $ | 0.67 | $ | 0.68 | |||||||
Diluted (2) | $ | 0.85 | $ | 1.84 | $ | 0.67 | $ | 0.68 | |||||||
Market price: | |||||||||||||||
High | $ | 165.44 | $ | 172.16 | $ | 171.11 | $ | 156.36 | |||||||
Low | $ | 137.53 | $ | 139.64 | $ | 147.56 | $ | 147.06 | |||||||
Close | $ | 143.51 | $ | 147.70 | $ | 158.92 | $ | 150.58 | |||||||
Dividends declared | $ | 1.21 | $ | 1.21 | $ | 1.21 | $ | 1.21 |
(1) | Includes BRE results of operations after the merger date, April 1, 2014. |
(2) | Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. |
Quarter ended December 31 | Quarter ended September 30 | Quarter ended June 30 | Quarter ended March 31 | ||||||||||||
2014 (1): | |||||||||||||||
Total property revenues | $ | 276,209 | $ | 268,118 | $ | 256,614 | $ | 159,017 | |||||||
Income before discontinued operations | $ | 44,805 | $ | 58,582 | $ | 4,645 | $ | 26,406 | |||||||
Net income | $ | 44,805 | $ | 58,582 | $ | 4,645 | $ | 26,406 | |||||||
Net income available to common unitholders | $ | 41,599 | $ | 55,382 | $ | 1,416 | $ | 23,329 | |||||||
Per unit data: | |||||||||||||||
Net income: | |||||||||||||||
Basic (2) | $ | 0.63 | $ | 0.85 | $ | 0.02 | $ | 0.58 | |||||||
Diluted (2) | $ | 0.63 | $ | 0.85 | $ | 0.02 | $ | 0.58 | |||||||
Distributions declared | $ | 1.30 | $ | 1.30 | $ | 1.30 | $ | 1.21 | |||||||
2013: | |||||||||||||||
Total property revenues | $ | 155,986 | $ | 152,177 | $ | 148,783 | $ | 145,057 | |||||||
Income before discontinued operations | $ | 20,020 | $ | 62,718 | $ | 28,983 | $ | 29,161 | |||||||
Net income | $ | 36,903 | $ | 75,875 | $ | 29,575 | $ | 29,702 | |||||||
Net income available to common unitholders | $ | 33,776 | $ | 72,777 | $ | 26,493 | $ | 26,703 | |||||||
Per unit data: | |||||||||||||||
Net income: | |||||||||||||||
Basic (2) | $ | 0.87 | $ | 1.84 | $ | 0.67 | $ | 0.68 | |||||||
Diluted (2) | $ | 0.86 | $ | 1.84 | $ | 0.67 | $ | 0.68 | |||||||
Distributions declared | $ | 1.21 | $ | 1.21 | $ | 1.21 | $ | 1.21 |
Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
December 31 | September 30 | June 30 | March 31 | |||||||||||||
2013: | ||||||||||||||||
Total property revenues | $ | 155,986 | $ | 152,177 | $ | 148,783 | $ | 145,057 | ||||||||
Income before discontinued operations | $ | 20,020 | $ | 62,718 | $ | 28,983 | $ | 29,161 | ||||||||
Net income | $ | 36,903 | $ | 75,875 | $ | 29,575 | $ | 29,702 | ||||||||
Net income available to common unitholders | $ | 33,776 | $ | 72,777 | $ | 26,493 | $ | 26,703 | ||||||||
Per unit data: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.87 | $ | 1.84 | $ | 0.67 | $ | 0.68 | ||||||||
Diluted | $ | 0.86 | $ | 1.84 | $ | 0.67 | $ | 0.68 | ||||||||
Distributions declared | $ | 1.21 | $ | 1.21 | $ | 1.21 | $ | 1.21 | ||||||||
2012: | ||||||||||||||||
Total property revenues | $ | 140,294 | $ | 133,760 | $ | 128,465 | $ | 124,177 | ||||||||
Income before discontinued operations | $ | 49,158 | $ | 19,731 | $ | 42,050 | $ | 16,714 | ||||||||
Net income | $ | 49,640 | $ | 20,221 | $ | 42,490 | $ | 27,239 | ||||||||
Net income available to common unitholders | $ | 46,581 | $ | 17,296 | $ | 39,580 | $ | 24,314 | ||||||||
Per unit data: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 1.23 | $ | 0.46 | $ | 1.08 | $ | 0.67 | ||||||||
Diluted | $ | 1.23 | $ | 0.45 | $ | 1.07 | $ | 0.67 | ||||||||
Distributions declared | $ | 1.10 | $ | 1.10 | $ | 1.10 | $ | 1.10 |
(1) | Includes BRE results of operations after the merger date, April 1, 2014. |
(2) | Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. |
Costs | ||||||||||||||||||||||||||||||||||||
Initial cost | capitalized subsequent | Gross amount carried at close of period | ||||||||||||||||||||||||||||||||||
Buildings and | to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total(1) | depreciation | construction | acquired | (years) | |||||||||||||||||||||||
Encumbered communities | ||||||||||||||||||||||||||||||||||||
The Elliot at Mukilteo | 301 | Mukilteo, WA | 10,750 | 2,498 | 10,595 | 13,805 | 2,824 | 24,075 | 26,898 | (11,185 | ) | 1981 | 01/97 | 3-30 | ||||||||||||||||||||||
Avondale at Warner Center | 446 | Woodland Hills, CA | 46,077 | 10,536 | 24,522 | 15,162 | 10,601 | 39,619 | 50,220 | (21,737 | ) | 1970 | 01/97 | 3-30 | ||||||||||||||||||||||
Bridgeport | 184 | Newark, CA | 21,374 | 1,608 | 7,582 | 6,595 | 1,525 | 14,260 | 15,785 | (10,670 | ) | 1987 | 07/87 | 3-30 | ||||||||||||||||||||||
Barkley, The(2) | 161 | Anaheim, CA | 16,534 | - | 8,520 | 4,817 | 2,353 | 10,984 | 13,337 | (5,006 | ) | 1984 | 04/00 | 3-30 | ||||||||||||||||||||||
Bel Air | 462 | San Ramon, CA | 54,858 | 12,105 | 18,252 | 25,571 | 12,682 | 43,246 | 55,928 | (21,280 | ) | 1988 | 01/97 | 3-30 | ||||||||||||||||||||||
Belmont Station | 275 | Los Angeles, CA | 30,045 | 8,100 | 66,666 | 3,262 | 8,267 | 69,760 | 78,027 | (16,096 | ) | 2008 | 12/08 | 3-30 | ||||||||||||||||||||||
Bella Villagio | 231 | San Jose, CA | 36,992 | 17,247 | 40,343 | 1,735 | 17,247 | 42,079 | 59,325 | (4,849 | ) | 2004 | 09/10 | 3-30 | ||||||||||||||||||||||
Brookside Oaks | 170 | Sunnyvale, CA | 19,652 | 7,301 | 16,310 | 20,824 | 10,328 | 34,107 | 44,435 | (12,736 | ) | 1973 | 06/00 | 3-30 | ||||||||||||||||||||||
Camino Ruiz Square | 160 | Camarillo, CA | 21,110 | 6,871 | 26,119 | 940 | 6,931 | 26,999 | 33,930 | (6,507 | ) | 1990 | 12/06 | 3-30 | ||||||||||||||||||||||
Canyon Oaks | 250 | San Ramon, CA | 28,559 | 19,088 | 44,473 | 1,512 | 19,088 | 45,985 | 65,073 | (10,550 | ) | 2005 | 05/07 | 3-30 | ||||||||||||||||||||||
Carlyle, The | 132 | San Jose, CA | 18,274 | 3,954 | 15,277 | 9,956 | 5,801 | 23,387 | 29,187 | (10,159 | ) | 2000 | 04/00 | 3-30 | ||||||||||||||||||||||
City View | 572 | Hayward, CA | 62,008 | 9,883 | 37,670 | 21,261 | 10,350 | 58,464 | 68,814 | (32,305 | ) | 1975 | 03/98 | 3-30 | ||||||||||||||||||||||
Coldwater Canyon | 39 | Studio City, CA | 5,446 | 1,674 | 6,640 | 1,289 | 1,676 | 7,928 | 9,603 | (2,308 | ) | 1979 | 05/07 | 3-30 | ||||||||||||||||||||||
Courtyard off Main | 109 | Bellevue, WA | 16,016 | 7,465 | 21,405 | 2,718 | 7,465 | 24,123 | 31,588 | (2,752 | ) | 2000 | 10/10 | 3-30 | ||||||||||||||||||||||
Domaine | 92 | Seattle, WA | 16,336 | 9,059 | 27,177 | 375 | 9,059 | 27,552 | 36,611 | (1,191 | ) | 2009 | 09/12 | 3-30 | ||||||||||||||||||||||
Elevation | 157 | Redmond, WA | 11,579 | 4,758 | 14,285 | 5,498 | 4,757 | 19,784 | 24,541 | (3,054 | ) | 1986 | 06/10 | 3-30 | ||||||||||||||||||||||
Esplanade | 278 | San Jose, CA | 43,965 | 18,170 | 40,086 | 6,786 | 18,429 | 46,613 | 65,042 | (15,128 | ) | 2002 | 11/04 | 3-30 | ||||||||||||||||||||||
Fairhaven | 164 | Santa Ana, CA | 16,954 | 2,626 | 10,485 | 5,561 | 2,957 | 15,715 | 18,672 | (5,989 | ) | 1970 | 11/01 | 3-30 | ||||||||||||||||||||||
Fairwood Pond | 194 | Renton, WA | 13,024 | 5,296 | 15,564 | 2,111 | 5,297 | 17,674 | 22,971 | (5,979 | ) | 1997 | 10/04 | 3-30 | ||||||||||||||||||||||
Fountain Park | 705 | Playa Vista, CA | 83,179 | 25,073 | 94,980 | 23,673 | 25,203 | 118,523 | 143,726 | (41,416 | ) | 2002 | 02/04 | 3-30 | ||||||||||||||||||||||
Harvest Park | 104 | Santa Rosa, CA | 10,473 | 6,700 | 15,479 | 984 | 6,690 | 16,473 | 23,163 | (4,043 | ) | 2004 | 03/07 | 3-30 | ||||||||||||||||||||||
Hampton Place /Hampton Court | 215 | Glendale, CA | 20,967 | 6,695 | 16,753 | 5,574 | 6,733 | 22,289 | 29,022 | (10,899 | ) | 1970 | 06/99 | 3-30 | ||||||||||||||||||||||
Hidden Valley | 324 | Simi Valley, CA | 30,027 | 14,174 | 34,065 | 1,535 | 9,674 | 40,101 | 49,774 | (12,830 | ) | 2004 | 12/04 | 3-30 | ||||||||||||||||||||||
Highridge | 255 | Rancho Palos Verdes, CA | 44,807 | 5,419 | 18,347 | 26,326 | 6,073 | 44,019 | 50,092 | (19,916 | ) | 1972 | 05/97 | 3-30 | ||||||||||||||||||||||
Highlands at Wynhaven | 333 | Issaquah, WA | 32,793 | 16,271 | 48,932 | 5,541 | 16,271 | 54,473 | 70,744 | (10,576 | ) | 2000 | 08/08 | 3-30 | ||||||||||||||||||||||
Hillcrest Park | 608 | Newbury Park, CA | 68,339 | 15,318 | 40,601 | 15,868 | 15,755 | 56,031 | 71,787 | (27,474 | ) | 1973 | 03/98 | 3-30 | ||||||||||||||||||||||
Hillsborough Park | 235 | La Habra, CA | 37,218 | 6,291 | 15,455 | 1,625 | 6,272 | 17,099 | 23,371 | (8,182 | ) | 1999 | 09/99 | 3-30 | ||||||||||||||||||||||
Huntington Breakers | 342 | Huntington Beach, CA | 38,108 | 9,306 | 22,720 | 7,218 | 9,315 | 29,929 | 39,244 | (15,046 | ) | 1984 | 10/97 | 3-30 | ||||||||||||||||||||||
Inglenook Court | 224 | Bothell, WA | 8,300 | 3,467 | 7,881 | 5,766 | 3,474 | 13,640 | 17,114 | (8,870 | ) | 1985 | 10/94 | 3-30 | ||||||||||||||||||||||
Magnolia Square/Magnolia Lane(3) | 188 | Sunnyvale, CA | 18,017 | 8,190 | 24,736 | 12,716 | 8,191 | 37,451 | 45,642 | (8,282 | ) | 1969 | 09/07 | 3-30 | ||||||||||||||||||||||
Mirabella | 188 | Marina Del Rey, CA | 45,470 | 6,180 | 26,673 | 13,583 | 6,270 | 40,165 | 46,436 | (16,059 | ) | 2000 | 05/00 | 3-30 | ||||||||||||||||||||||
Mill Creek at Windermere | 400 | San Ramon, CA | 49,212 | 29,551 | 69,032 | 1,975 | 29,551 | 71,008 | 100,558 | (15,298 | ) | 2005 | 09/07 | 3-30 | ||||||||||||||||||||||
Montclaire, The | 390 | Sunnyvale, CA | 46,580 | 4,842 | 19,776 | 20,091 | 4,997 | 39,712 | 44,709 | (29,766 | ) | 1973 | 12/88 | 3-30 | ||||||||||||||||||||||
Montebello | 248 | Kirkland, WA | 29,300 | 13,857 | 41,575 | 2,707 | 13,858 | 44,281 | 58,139 | (2,351 | ) | 1996 | 07/12 | 3-30 | ||||||||||||||||||||||
Montejo | 124 | Garden Grove, CA | 13,064 | 1,925 | 7,685 | 2,420 | 2,194 | 9,835 | 12,030 | (4,167 | ) | 1974 | 11/01 | 3-30 | ||||||||||||||||||||||
Park Hill at Issaquah | 245 | Issaquah, WA | 28,966 | 7,284 | 21,937 | 2,317 | 7,284 | 24,254 | 31,538 | (7,853 | ) | 1999 | 02/99 | 3-30 | ||||||||||||||||||||||
Palisades, The | 192 | Bellevue, WA | 20,935 | 1,560 | 6,242 | 10,733 | 1,565 | 16,971 | 18,535 | (11,333 | ) | 1977 | 05/90 | 3-30 | ||||||||||||||||||||||
Pathways | 296 | Long Beach, CA | 37,651 | 4,083 | 16,757 | 18,730 | 6,239 | 33,332 | 39,570 | (22,575 | ) | 1975 | 02/91 | 3-30 | ||||||||||||||||||||||
Stevenson Place | 200 | Fremont, CA | 21,724 | 996 | 5,582 | 7,076 | 1,001 | 12,653 | 13,654 | (9,216 | ) | 1971 | 04/83 | 3-30 | ||||||||||||||||||||||
Stonehedge Village | 196 | Bothell, WA | 12,390 | 3,167 | 12,603 | 4,726 | 3,201 | 17,296 | 20,496 | (9,341 | ) | 1986 | 10/97 | 3-30 | ||||||||||||||||||||||
Summerhill Park | 100 | Sunnyvale, CA | 13,554 | 2,654 | 4,918 | 1,287 | 2,656 | 6,202 | 8,859 | (4,814 | ) | 1988 | 09/88 | 3-30 | ||||||||||||||||||||||
The Bernard | 63 | Seattle, WA | 9,776 | 3,699 | 11,345 | 95 | 3,689 | 11,451 | 15,139 | (887 | ) | 2008 | 09/11 | 3-30 | ||||||||||||||||||||||
The Huntington | 276 | Huntington Beach, CA | 33,121 | 10,374 | 41,495 | 2,026 | 10,374 | 43,522 | 53,895 | (2,301 | ) | 1975 | 06/12 | 3-30 | ||||||||||||||||||||||
Tierra Vista | 404 | Oxnard, CA | 56,359 | 13,652 | 53,336 | 3,497 | 13,661 | 56,824 | 70,485 | (18,565 | ) | 2001 | 01/01 | 3-30 | ||||||||||||||||||||||
Valley Park | 160 | Fountain Valley, CA | 22,180 | 3,361 | 13,420 | 3,319 | 3,761 | 16,339 | 20,100 | (6,817 | ) | 1969 | 11/01 | 3-30 | ||||||||||||||||||||||
(Continued) |
Costs | ||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | |||||||||
Encumbered communities | ||||||||||||||||||||||
The Elliot at Mukilteo | 301 | Mukilteo, WA | 10,750 | 2,498 | 10,595 | 14,371 | 2,824 | 24,640 | 27,464 | (12,928 | ) | 1981 | Jan-97 | 3-30 | ||||||||
Avondale at Warner Center | 446 | Woodland Hills, CA | 45,349 | 10,536 | 24,522 | 15,722 | 10,601 | 40,179 | 50,780 | (23,899 | ) | 1970 | Jan-97 | 3-30 | ||||||||
Bridgeport | 184 | Newark, CA | 21,003 | 1,608 | 7,582 | 7,465 | 1,525 | 15,130 | 16,655 | (11,592 | ) | 1987 | Jul-87 | 3-30 | ||||||||
Barkley, The (2) | 161 | Anaheim, CA | 16,269 | — | 8,520 | 5,195 | 2,353 | 11,362 | 13,715 | (5,536 | ) | 1984 | Apr-00 | 3-30 | ||||||||
Bel Air | 462 | San Ramon, CA | 53,835 | 12,105 | 18,252 | 28,826 | 12,682 | 46,501 | 59,183 | (23,898 | ) | 1988 | Jan-97 | 3-30 | ||||||||
Belmont Station | 275 | Los Angeles, CA | 30,045 | 8,100 | 66,666 | 3,968 | 8,267 | 70,467 | 78,734 | (18,446 | ) | 2008 | Dec-08 | 3-30 | ||||||||
Bella Villagio | 231 | San Jose, CA | 35,870 | 17,247 | 40,343 | 1,983 | 17,247 | 42,326 | 59,573 | (6,432 | ) | 2004 | Sep-10 | 3-30 | ||||||||
Brookside Oaks | 170 | Sunnyvale, CA | 19,312 | 7,301 | 16,310 | 22,116 | 10,328 | 35,399 | 45,727 | (14,425 | ) | 1973 | Jun-00 | 3-30 | ||||||||
Camino Ruiz Square | 160 | Camarillo, CA | 21,110 | 6,871 | 26,119 | 1,317 | 6,931 | 27,376 | 34,307 | (7,498 | ) | 1990 | Dec-06 | 3-30 | ||||||||
Canyon Oaks | 250 | San Ramon, CA | 28,101 | 19,088 | 44,473 | 2,244 | 19,088 | 46,717 | 65,805 | (12,259 | ) | 2005 | May-07 | 3-30 | ||||||||
Carlyle, The | 132 | San Jose, CA | 22,419 | 3,954 | 15,277 | 10,147 | 5,801 | 23,577 | 29,378 | (11,057 | ) | 2000 | Apr-00 | 3-30 | ||||||||
City View | 572 | Hayward, CA | 74,903 | 9,883 | 37,670 | 21,926 | 10,350 | 59,129 | 69,479 | (35,386 | ) | 1975 | Mar-98 | 3-30 | ||||||||
Courtyard off Main | 109 | Bellevue, WA | 15,757 | 7,465 | 21,405 | 2,766 | 7,465 | 24,171 | 31,636 | (3,701 | ) | 2000 | Oct-10 | 3-30 | ||||||||
Domaine | 92 | Seattle, WA | 15,793 | 9,059 | 27,177 | 473 | 9,059 | 27,650 | 36,709 | (2,151 | ) | 2009 | Sep-12 | 3-30 | ||||||||
Elevation | 157 | Redmond, WA | 11,308 | 4,758 | 14,285 | 5,667 | 4,757 | 19,953 | 24,710 | (4,178 | ) | 1986 | Jun-10 | 3-30 | ||||||||
Esplanade | 278 | San Jose, CA | 42,950 | 18,170 | 40,086 | 8,307 | 18,429 | 48,134 | 66,563 | (17,173 | ) | 2002 | Apr-11 | 3-30 | ||||||||
Fairhaven | 164 | Santa Ana, CA | 20,721 | 2,626 | 10,485 | 5,761 | 2,957 | 15,915 | 18,872 | (6,850 | ) | 1970 | Nov-01 | 3-30 | ||||||||
Fairwood Pond | 194 | Renton, WA | 12,725 | 5,296 | 15,564 | 2,232 | 5,297 | 17,795 | 23,092 | (6,688 | ) | 1997 | Oct-04 | 3-30 | ||||||||
Fountain Park | 705 | Playa Vista, CA | 83,179 | 25,073 | 94,980 | 25,540 | 25,203 | 120,390 | 145,593 | (48,601 | ) | 2002 | Feb-04 | 3-30 | ||||||||
Harvest Park | 104 | Santa Rosa, CA | 10,241 | 6,700 | 15,479 | 1,099 | 6,690 | 16,588 | 23,278 | (4,693 | ) | 2004 | Mar-07 | 3-30 | ||||||||
Hampton Place /Hampton Court | 215 | Glendale, CA | 20,616 | 6,695 | 16,753 | 8,310 | 6,733 | 25,025 | 31,758 | (11,951 | ) | 1970 | Jun-99 | 3-30 | ||||||||
Hidden Valley | 324 | Simi Valley, CA | 30,053 | 14,174 | 34,065 | 2,063 | 9,674 | 40,628 | 50,302 | (14,322 | ) | 2004 | Dec-04 | 3-30 | ||||||||
Highridge | 255 | Rancho Palos Verdes, CA | 44,807 | 5,419 | 18,347 | 28,623 | 6,073 | 46,316 | 52,389 | (23,162 | ) | 1972 | May-97 | 3-30 | ||||||||
Highlands at Wynhaven | 333 | Issaquah, WA | 32,212 | 16,271 | 48,932 | 6,609 | 16,271 | 55,541 | 71,812 | (12,981 | ) | 2000 | Aug-08 | 3-30 | ||||||||
Hillcrest Park | 608 | Newbury Park, CA | 67,064 | 15,318 | 40,601 | 16,690 | 15,755 | 56,854 | 72,609 | (29,850 | ) | 1973 | Mar-98 | 3-30 | ||||||||
Huntington Breakers | 342 | Huntington Beach, CA | 37,446 | 9,306 | 22,720 | 13,803 | 9,315 | 36,514 | 45,829 | (16,859 | ) | 1984 | Oct-97 | 3-30 | ||||||||
Inglenook Court | 224 | Bothell, WA | 8,300 | 3,467 | 7,881 | 6,418 | 3,474 | 14,292 | 17,766 | (9,683 | ) | 1985 | Oct-94 | 3-30 | ||||||||
Magnolia Square/Magnolia Lane (3) | 188 | Sunnyvale, CA | 17,701 | 8,190 | 24,736 | 14,056 | 8,191 | 38,791 | 46,982 | (10,633 | ) | 1969 | Sep-07 | 3-30 | ||||||||
Mirabella | 188 | Marina Del Rey, CA | 44,556 | 6,180 | 26,673 | 13,877 | 6,270 | 40,460 | 46,730 | (17,813 | ) | 2000 | May-00 | 3-30 | ||||||||
Mill Creek at Windermere | 400 | San Ramon, CA | 48,348 | 29,551 | 69,032 | 2,974 | 29,551 | 72,006 | 101,557 | (17,916 | ) | 2005 | Sep-07 | 3-30 |
Initial cost | Costs capitalized | Gross amount carried at close of period | |||||||||||||||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | ||||||||||||||||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total(1) | depreciation | construction | acquired | (years) | ||||||||||||||||||||||
Encumbered communities (continued) | |||||||||||||||||||||||||||||||||||
Villa Angelina | 256 | Placentia, CA | 27,040 | 4,498 | 17,962 | 5,714 | 4,962 | 23,213 | 28,174 | (8,818 | ) | 1970 | 11/01 | 3-30 | |||||||||||||||||||||
Wandering Creek | 156 | Kent, WA | 5,300 | 1,285 | 4,980 | 3,569 | 1,296 | 8,538 | 9,834 | (5,395 | ) | 1986 | 11/95 | 3-30 | |||||||||||||||||||||
Waterford, The | 238 | San Jose, CA | 31,705 | 11,808 | 24,500 | 12,570 | 15,165 | 33,713 | 48,878 | (15,024 | ) | 2000 | 06/00 | 3-30 | |||||||||||||||||||||
Wilshire Promenade | 149 | Fullerton, CA | 17,975 | 3,118 | 7,385 | 7,245 | 3,797 | 13,951 | 17,748 | (6,745 | ) | 1992 | 01/97 | 3-30 | |||||||||||||||||||||
1,404,080 | 393,037 | 1,199,123 | 380,286 | 406,809 | 1,565,636 | 1,972,445 | (564,341 | ) | |||||||||||||||||||||||||||
Unencumbered communities | |||||||||||||||||||||||||||||||||||
Allegro | 97 | Valley Village, CA | 5,869 | 23,977 | 1,144 | 5,869 | 25,121 | 30,990 | (3,944 | ) | 2010 | 10/10 | 3-30 | ||||||||||||||||||||||
Alpine Village | 301 | Alpine, CA | 4,967 | 19,728 | 4,511 | 4,982 | 24,224 | 29,206 | (9,201 | ) | 1971 | 12/02 | 3-30 | ||||||||||||||||||||||
Anavia | 250 | Anaheim, CA | 15,925 | 63,712 | 5,633 | 15,925 | 69,345 | 85,270 | (7,077 | ) | 2009 | 12/10 | 3-30 | ||||||||||||||||||||||
Annaliese | 56 | Seattle, WA | 4,727 | 14,229 | 67 | 4,726 | 14,297 | 19,023 | (459 | ) | 2009 | 01/13 | 3-30 | ||||||||||||||||||||||
Ascent | 90 | Kirkland, WA | 3,924 | 11,862 | 1,344 | 3,924 | 13,206 | 17,130 | (582 | ) | 1988 | 10/12 | 3-30 | ||||||||||||||||||||||
Axis 2300 | 115 | Irvine, CA | 5,405 | 33,585 | 780 | 5,405 | 34,365 | 39,770 | (5,348 | ) | 2010 | 08/10 | 3-30 | ||||||||||||||||||||||
Bellerive | 63 | Los Angeles, CA | 5,401 | 21,803 | 568 | 5,401 | 22,370 | 27,772 | (2,378 | ) | 2011 | 08/11 | 3-30 | ||||||||||||||||||||||
Belmont Terrace | 71 | Belmont, CA | 4,446 | 10,290 | 2,454 | 4,473 | 12,717 | 17,190 | (4,187 | ) | 1974 | 10/06 | 3-30 | ||||||||||||||||||||||
Bennett Lofts | 147 | San Francisco, CA | 21,771 | 50,800 | 23,304 | 28,371 | 67,503 | 95,875 | (2,456 | ) | 2004 | 12/12 | 3-30 | ||||||||||||||||||||||
Bonita Cedars | 120 | Bonita, CA | 2,496 | 9,913 | 1,773 | 2,503 | 11,678 | 14,182 | (4,608 | ) | 1983 | 12/02 | 3-30 | ||||||||||||||||||||||
Boulevard | 172 | Fremont, CA | 3,520 | 8,182 | 10,606 | 3,580 | 18,729 | 22,308 | (11,311 | ) | 1978 | 01/96 | 3-30 | ||||||||||||||||||||||
Bridle Trails | 108 | Kirkland, WA | 1,500 | 5,930 | 5,388 | 1,531 | 11,287 | 12,818 | (5,860 | ) | 1986 | 10/97 | 3-30 | ||||||||||||||||||||||
Brighton Ridge | 264 | Renton, WA | 2,623 | 10,800 | 3,086 | 2,656 | 13,852 | 16,509 | (8,080 | ) | 1986 | 12/96 | 3-30 | ||||||||||||||||||||||
Bristol Commons | 188 | Sunnyvale, CA | 5,278 | 11,853 | 3,361 | 5,293 | 15,199 | 20,492 | (8,004 | ) | 1989 | 01/97 | 3-30 | ||||||||||||||||||||||
416 on Broadway | 115 | Glendale, CA | 8,557 | 34,235 | 992 | 8,557 | 35,226 | 43,784 | (3,750 | ) | 2009 | 12/10 | 3-30 | ||||||||||||||||||||||
Bunker Hill | 456 | Los Angeles, CA | 11,498 | 27,871 | 9,067 | 11,639 | 36,798 | 48,436 | (17,548 | ) | 1968 | 03/98 | 3-30 | ||||||||||||||||||||||
Cairns, The | 100 | Seattle, WA | 6,937 | 20,679 | 443 | 6,939 | 21,121 | 28,059 | (4,694 | ) | 2006 | 06/07 | 3-30 | ||||||||||||||||||||||
Camarillo Oaks | 564 | Camarillo, CA | 10,953 | 25,254 | 3,361 | 11,075 | 28,493 | 39,568 | (16,613 | ) | 1985 | 07/96 | 3-30 | ||||||||||||||||||||||
Canyon Pointe | 250 | Bothell, WA | 4,692 | 18,288 | 3,856 | 4,693 | 22,143 | 26,836 | (8,091 | ) | 1990 | 10/03 | 3-30 | ||||||||||||||||||||||
Capri at Sunny Hills | 100 | Fullerton, CA | 3,337 | 13,320 | 6,848 | 4,048 | 19,457 | 23,505 | (7,745 | ) | 1961 | 09/01 | 3-30 | ||||||||||||||||||||||
Castle Creek | 216 | Newcastle, WA | 4,149 | 16,028 | 2,240 | 4,833 | 17,584 | 22,417 | (10,037 | ) | 1997 | 12/97 | 3-30 | ||||||||||||||||||||||
CBC Apartments | 148 | Goleta, CA | 6,283 | 24,000 | 2,645 | 6,288 | 26,641 | 32,928 | (7,948 | ) | 1962 | 01/06 | 3-30 | ||||||||||||||||||||||
CentrePointe | 224 | San Diego, CA | 3,405 | 7,743 | 17,571 | 3,442 | 25,277 | 28,719 | (7,522 | ) | 1974 | 06/97 | 3-30 | ||||||||||||||||||||||
Cedar Terrace | 180 | Bellevue, WA | 5,543 | 16,442 | 4,065 | 5,652 | 20,397 | 26,050 | (6,996 | ) | 1984 | 01/05 | 3-30 | ||||||||||||||||||||||
Chestnut Street | 96 | Santa Cruz, CA | 6,582 | 15,689 | 1,029 | 6,582 | 16,718 | 23,300 | (3,249 | ) | 2002 | 07/08 | 3-30 | ||||||||||||||||||||||
Commons, The | 264 | Campbell, CA | 12,555 | 29,307 | 3,839 | 12,556 | 33,145 | 45,701 | (4,451 | ) | 1973 | 07/10 | 3-30 | ||||||||||||||||||||||
Corbella at Juanita Bay | 169 | Kirkland, WA | 5,801 | 17,415 | 1,081 | 5,801 | 18,496 | 24,297 | (2,070 | ) | 1978 | 11/10 | 3-30 | ||||||||||||||||||||||
Country Villas | 180 | Oceanside, CA | 4,174 | 16,583 | 2,650 | 4,187 | 19,220 | 23,407 | (7,669 | ) | 1976 | 12/02 | 3-30 | ||||||||||||||||||||||
Delano/Bon Terra | 126 | Redmond, WA | 7,470 | 22,511 | 834 | 7,470 | 23,345 | 30,815 | (1,585 | ) | 2005/2011 | 12/11 | 3-30 | ||||||||||||||||||||||
Devonshire | 276 | Hemet, CA | 3,470 | 13,786 | 2,400 | 3,482 | 16,174 | 19,656 | (6,481 | ) | 1988 | 12/02 | 3-30 | ||||||||||||||||||||||
Domain | 379 | San Diego, CA | 23,848 | 95,394 | 17 | 23,848 | 95,411 | 119,259 | (398 | ) | 2013 | 11/13 | 3-30 | ||||||||||||||||||||||
Emerald Ridge | 180 | Bellevue, WA | 3,449 | 7,801 | 2,992 | 3,449 | 10,793 | 14,242 | (7,244 | ) | 1987 | 11/94 | 3-30 | ||||||||||||||||||||||
Essex Skyline at MacArthur Place | 349 | Santa Ana, CA | 21,537 | 146,099 | 1,216 | 21,537 | 147,314 | 168,852 | (8,472 | ) | 2008 | 04/12 | 3-30 | ||||||||||||||||||||||
Evergreen Heights | 200 | Kirkland, WA | 3,566 | 13,395 | 3,654 | 3,649 | 16,966 | 20,615 | (9,184 | ) | 1990 | 06/97 | 3-30 | ||||||||||||||||||||||
Fairways(4) | 74 | Newport Beach, CA | - | 7,850 | 5,290 | 9 | 13,131 | 13,140 | (5,354 | ) | 1972 | 06/99 | 3-30 | ||||||||||||||||||||||
Foothill Commons | 388 | Bellevue, WA | 2,435 | 9,821 | 33,746 | 2,440 | 43,562 | 46,002 | (22,333 | ) | 1978 | 03/90 | 3-30 | ||||||||||||||||||||||
Foothill Gardens/Twin Creeks | 176 | San Ramon, CA | 5,875 | 13,992 | 5,273 | 5,964 | 19,176 | 25,140 | (10,015 | ) | 1985 | 02/97 | 3-30 | ||||||||||||||||||||||
Forest View | 192 | Renton, WA | 3,731 | 14,530 | 1,361 | 3,731 | 15,891 | 19,622 | (5,742 | ) | 1998 | 10/03 | 3-30 | ||||||||||||||||||||||
Fountain Court | 320 | Seattle, WA | 6,702 | 27,306 | 7,607 | 6,985 | 34,631 | 41,615 | (15,071 | ) | 2000 | 03/00 | 3-30 | ||||||||||||||||||||||
Fourth & U | 171 | Berkeley, CA | 8,879 | 52,351 | 2,227 | 8,879 | 54,577 | 63,457 | (7,644 | ) | 2010 | 04/10 | 3-30 | ||||||||||||||||||||||
Fox Plaza | 444 | San Francisco, CA | 39,731 | 92,706 | 2,627 | 39,731 | 95,333 | 135,064 | (2,771 | ) | 1968 | 02/13 | 3-30 | ||||||||||||||||||||||
Hillsdale Garden | 697 | San Mateo, CA | 22,000 | 94,681 | 18,717 | 22,244 | 113,154 | 135,398 | (28,418 | ) | 1948 | 09/06 | 3-30 | ||||||||||||||||||||||
Hope Ranch Collection | 108 | Santa Barbara, CA | 4,078 | 16,877 | 2,394 | 4,208 | 19,141 | 23,349 | (4,108 | ) | 1965 | 03/07 | 3-30 | ||||||||||||||||||||||
(Continued) |
Initial cost | Costs capitalized | Gross amount carried at close of period | |||||||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | ||||||||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total(1) | depreciation | construction | acquired | (years) | ||||||||||||||
Unencumbered communities (continued) | |||||||||||||||||||||||||||
Joule | 295 | Seattle, WA | 14,558 | 69,417 | 3,142 | 14,558 | 72,559 | 87,117 | (10,435) | 2010 | 03/10 | 3-30 | |||||||||||||||
1000 Kiely | 121 | Santa Clara, CA | 9,359 | 21,845 | 5,118 | 9,359 | 26,963 | 36,322 | (2,745) | 1971 | 03/11 | 3-30 | |||||||||||||||
Kings Road | 196 | Los Angeles, CA | 4,023 | 9,527 | 8,817 | 4,031 | 18,336 | 22,367 | (8,792) | 1979 | 06/97 | 3-30 | |||||||||||||||
Laurels at Mill Creek | 164 | Mill Creek, WA | 1,559 | 6,430 | 5,107 | 1,595 | 11,501 | 13,096 | (6,330) | 1981 | 12/96 | 3-30 | |||||||||||||||
Le Parc Luxury Apartments | 140 | Santa Clara, CA | 3,090 | 7,421 | 10,794 | 3,092 | 18,212 | 21,305 | (10,219) | 1975 | 02/94 | 3-30 | |||||||||||||||
Lofts at Pinehurst, The | 118 | Ventura, CA | 1,570 | 3,912 | 4,346 | 1,618 | 8,210 | 9,828 | (3,824) | 1971 | 06/97 | 3-30 | |||||||||||||||
Marbrisa | 202 | Long Beach, CA | 4,700 | 18,605 | 4,116 | 4,760 | 22,662 | 27,421 | (8,395) | 1987 | 09/02 | 3-30 | |||||||||||||||
Marina City Club(5) | 101 | Marina Del Rey, CA | - | 28,167 | 17,390 | - | 45,557 | 45,557 | (12,066) | 1971 | 01/04 | 3-30 | |||||||||||||||
Marina Cove(6) | 292 | Santa Clara, CA | 5,320 | 16,431 | 9,971 | �� 5,324 | 26,398 | 31,722 | (15,114) | 1974 | 06/94 | 3-30 | |||||||||||||||
Mariners Place | 105 | Oxnard, CA | 1,555 | 6,103 | 1,813 | 1,562 | 7,909 | 9,471 | (3,847) | 1987 | 05/00 | 3-30 | |||||||||||||||
Meadowood | 320 | Simi Valley, CA | 7,852 | 18,592 | 6,239 | 7,898 | 24,785 | 32,683 | (13,426) | 1986 | 11/96 | 3-30 | |||||||||||||||
Mesa Village | 133 | Clairemont, CA | 1,888 | 7,498 | 1,099 | 1,894 | 8,592 | 10,485 | (3,253) | 1963 | 12/02 | 3-30 | |||||||||||||||
Mira Monte | 355 | Mira Mesa, CA | 7,165 | 28,459 | 8,392 | 7,186 | 36,830 | 44,016 | (15,701) | 1982 | 12/02 | 3-30 | |||||||||||||||
Miracle Mile/Marbella | 236 | Los Angeles, CA | 7,791 | 23,075 | 12,201 | 7,886 | 35,181 | 43,067 | (17,228) | 1988 | 08/97 | 3-30 | |||||||||||||||
Mission Hills | 282 | Oceanside, CA | 10,099 | 38,778 | 4,009 | 10,167 | 42,719 | 52,886 | (13,413) | 1984 | 07/05 | 3-30 | |||||||||||||||
Monterra del Mar/Rey/Sol | 292 | Pasadena, CA | 2,202 | 4,794 | 28,416 | 8,385 | 27,027 | 35,412 | (13,253) | 1972 | 04/99 | 3-30 | |||||||||||||||
Monterey Villas | 122 | Oxnard, CA | 2,349 | 5,579 | 5,478 | 2,424 | 10,982 | 13,406 | (5,199) | 1974 | 07/97 | 3-30 | |||||||||||||||
Mt. Sutro | 99 | San Francisco, CA | 2,334 | 8,507 | 3,450 | 2,809 | 11,482 | 14,291 | (5,435) | 1973 | 06/01 | 3-30 | |||||||||||||||
Muse | 152 | North Hollywood, CA | 7,822 | 33,436 | 1,550 | 7,823 | 34,985 | 42,808 | (4,888) | 2011 | 02/11 | 3-30 | |||||||||||||||
Park Catalina | 90 | Los Angeles, CA | 4,710 | 18,839 | 876 | 4,710 | 19,716 | 24,425 | (1,051) | 2002 | 06/12 | 3-30 | |||||||||||||||
Park West | 126 | San Francisco, CA | 9,424 | 21,988 | 1,895 | 9,424 | 23,883 | 33,307 | (1,060) | 1958 | 09/12 | 3-30 | |||||||||||||||
Pinehurst(7) | 28 | Ventura, CA | 355 | 1,356 | 453 | 6 | 2,159 | 2,164 | (836) | 1973 | 12/04 | 3-30 | |||||||||||||||
Pointe at Cupertino, The | 116 | Cupertino, CA | 4,505 | 17,605 | 10,179 | 4,505 | 27,784 | 32,289 | (8,131) | 1963 | 08/98 | 3-30 | |||||||||||||||
Reed Square | 100 | Sunnyvale, CA | 6,873 | 16,037 | 6,377 | 6,873 | 22,414 | 29,287 | (1,490) | 1970 | 01/12 | 3-30 | |||||||||||||||
Regency at Encino | 75 | Encino, CA | 3,184 | 12,737 | 1,754 | 3,184 | 14,490 | 17,675 | (2,407) | 1989 | 12/09 | 3-30 | |||||||||||||||
Salmon Run at Perry Creek | 132 | Bothell, WA | 3,717 | 11,483 | 1,263 | 3,801 | 12,662 | 16,463 | (5,544) | 2000 | 10/00 | 3-30 | |||||||||||||||
101 San Fernando | 323 | San Jose, CA | 4,173 | 58,961 | 5,425 | 4,173 | 64,386 | 68,559 | (7,966) | 2001 | 07/10 | 3-30 | |||||||||||||||
Sammamish View | 153 | Bellevue, WA | 3,324 | 7,501 | 5,868 | 3,331 | 13,361 | 16,693 | (8,810) | 1986 | 11/94 | 3-30 | |||||||||||||||
San Marcos | 432 | Richmond, CA | 15,563 | 36,204 | 26,551 | 22,866 | 55,452 | 78,318 | (19,483) | 2003 | 11/03 | 3-30 | |||||||||||||||
Santee Court/Santee Village | 238 | Los Angeles, CA | 9,581 | 40,317 | 2,967 | 9,582 | 43,283 | 52,865 | (4,811) | 2004 | 10/10 | 3-30 | |||||||||||||||
Shadow Point | 172 | Spring Valley, CA | 2,812 | 11,170 | 1,833 | 2,820 | 12,995 | 15,815 | (5,146) | 1983 | 12/02 | 3-30 | |||||||||||||||
Slater 116 | 108 | Kirkland, WA | 7,379 | 22,138 | 158 | 7,379 | 22,296 | 29,675 | (220) | 2013 | 09/13 | 3-30 | |||||||||||||||
Summit Park | 300 | San Diego, CA | 5,959 | 23,670 | 3,840 | 5,977 | 27,492 | 33,469 | (10,845) | 1972 | 12/02 | 3-30 | |||||||||||||||
The Grand | 243 | Oakland, CA | 4,531 | 89,208 | 4,199 | 4,531 | 93,407 | 97,938 | (17,784) | 2009 | Jan-09 | 3-30 | |||||||||||||||
The Sweeps | 91 | Goleta, CA | 5,558 | 21,320 | 1,947 | 5,618 | 23,206 | 28,825 | (7,273) | 1967 | 01/06 | 3-30 | |||||||||||||||
Trabucco Villas | 132 | Lake Forest, CA | 3,638 | 8,640 | 2,177 | 3,890 | 10,565 | 14,455 | (5,485) | 1985 | 10/97 | 3-30 | |||||||||||||||
Tuscana | 30 | Tracy, CA | 2,828 | 6,599 | 162 | 2,870 | 6,719 | 9,589 | (1,484) | 2007 | 02/07 | 3-30 | |||||||||||||||
Via | 284 | Sunnyvale, CA | 22,000 | 82,270 | 317 | 22,016 | 82,571 | 104,587 | (8,246) | 2011 | 07/11 | 3-30 | |||||||||||||||
Vista Belvedere | 76 | Tiburon, CA | 5,573 | 11,901 | 5,224 | 5,573 | 17,125 | 22,698 | (5,945) | 1963 | 08/04 | 3-30 | |||||||||||||||
Vista Capri - North | 106 | San Diego, CA | 1,663 | 6,609 | 901 | 1,668 | 7,505 | 9,173 | (2,825) | 1975 | 12/02 | 3-30 | |||||||||||||||
Vox | 58 | Seattle, WA | 5,545 | 16,635 | 22 | 5,545 | 16,657 | 22,202 | (116) | 2013 | 10/13 | 3-30 | |||||||||||||||
Walnut Heights | 163 | Walnut, CA | 4,858 | 19,168 | 2,592 | 4,887 | 21,731 | 26,618 | (7,648) | 1964 | 10/03 | 3-30 | |||||||||||||||
Wharfside Pointe | 142 | Seattle, WA | 2,245 | 7,020 | 7,537 | 2,258 | 14,545 | 16,802 | (7,773) | 1990 | 06/94 | 3-30 | |||||||||||||||
Willow Lake | 508 | San Jose, CA | 43,194 | 101,030 | 3,887 | 43,194 | 104,917 | 148,111 | (4,365) | 1989 | 10/12 | 3-30 | |||||||||||||||
Windsor Ridge | 216 | Sunnyvale, CA | 4,017 | 10,315 | 8,365 | 4,021 | 18,676 | 22,697 | (12,239) | 1989 | 03/89 | 3-30 | |||||||||||||||
Woodland Commons | 302 | Bellevue, WA | 2,040 | 8,727 | 18,174 | 2,044 | 26,897 | 28,941 | (11,363) | 1978 | 03/90 | 3-30 | |||||||||||||||
Woodside Village | 145 | Ventura, CA | 5,331 | 21,036 | 3,242 | 5,341 | 24,268 | 29,609 | (7,663) | 1987 | 12/04 | 3-30 | |||||||||||||||
29,989 | 1,404,080 | 1,021,942 | 3,474,800 | 863,981 | 1,059,824 | 4,300,898 | 5,360,723 | (1,232,604) | |||||||||||||||||||
(Continued) |
Costs | ||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | |||||||||
Montclaire, The | 390 | Sunnyvale, CA | 45,833 | 4,842 | 19,776 | 20,330 | 4,997 | 39,951 | 44,948 | (31,729 | ) | 1973 | Dec-88 | 3-30 | ||||||||
Montebello | 248 | Kirkland, WA | 28,423 | 13,857 | 41,575 | 3,500 | 13,858 | 45,074 | 58,932 | (4,057 | ) | 1996 | Jul-12 | 3-30 | ||||||||
Montejo | 124 | Garden Grove, CA | 15,728 | 1,925 | 7,685 | 2,509 | 2,194 | 9,925 | 12,119 | (4,566 | ) | 1974 | Nov-01 | 3-30 | ||||||||
Park Hill at Issaquah | 245 | Issaquah, WA | 28,426 | 7,284 | 21,937 | 3,733 | 7,284 | 25,670 | 32,954 | (9,049 | ) | 1999 | Feb-99 | 3-30 | ||||||||
Palisades, The | 192 | Bellevue, WA | 20,573 | 1,560 | 6,242 | 11,006 | 1,565 | 17,243 | 18,808 | (12,559 | ) | 1977 | May-90 | 3-30 | ||||||||
Pathways | 296 | Long Beach, CA | 37,046 | 4,083 | 16,757 | 18,993 | 6,239 | 33,594 | 39,833 | (24,284 | ) | 1975 | Feb-91 | 3-30 | ||||||||
Stevenson Place | 200 | Fremont, CA | 21,394 | 996 | 5,582 | 7,314 | 1,001 | 12,891 | 13,892 | (9,713 | ) | 1971 | Apr-83 | 3-30 | ||||||||
Stonehedge Village | 196 | Bothell, WA | 12,109 | 3,167 | 12,603 | 5,064 | 3,201 | 17,633 | 20,834 | (10,210 | ) | 1986 | Oct-97 | 3-30 | ||||||||
Summerhill Park | 100 | Sunnyvale, CA | 13,326 | 2,654 | 4,918 | 2,326 | 2,656 | 7,242 | 9,898 | (5,133 | ) | 1988 | Sep-88 | 3-30 | ||||||||
The Bernard | 63 | Seattle, WA | 9,479 | 3,699 | 11,345 | 171 | 3,689 | 11,526 | 15,215 | (1,291 | ) | 2008 | Sep-11 | 3-30 | ||||||||
The Huntington | 276 | Huntington Beach, CA | 32,096 | 10,374 | 41,495 | 2,594 | 10,374 | 44,089 | 54,463 | (3,980 | ) | 1975 | Jun-12 | 3-30 | ||||||||
Tierra Vista | 404 | Oxnard, CA | 55,212 | 13,652 | 53,336 | 3,863 | 13,661 | 57,190 | 70,851 | (20,787 | ) | 2001 | Jan-01 | 3-30 | ||||||||
Valley Park | 160 | Fountain Valley, CA | 26,479 | 3,361 | 13,420 | 3,516 | 3,761 | 16,536 | 20,297 | (7,460 | ) | 1969 | Nov-01 | 3-30 | ||||||||
Villa Angelina | 256 | Placentia, CA | 32,674 | 4,498 | 17,962 | 5,988 | 4,962 | 23,486 | 28,448 | (9,902 | ) | 1970 | Nov-01 | 3-30 | ||||||||
Wandering Creek | 156 | Kent, WA | 5,300 | 1,285 | 4,980 | 3,695 | 1,296 | 8,664 | 9,960 | (5,853 | ) | 1986 | Nov-95 | 3-30 | ||||||||
Waterford, The | 238 | San Jose, CA | 31,275 | 11,808 | 24,500 | 12,916 | 15,165 | 34,059 | 49,224 | (16,320 | ) | 2000 | Jun-00 | 3-30 | ||||||||
Wilshire Promenade | 149 | Fullerton, CA | 17,657 | 3,118 | 7,385 | 7,493 | 3,797 | 14,199 | 17,996 | (7,518 | ) | 1992 | Jan-97 | 3-30 | ||||||||
Ellington at Bellevue | 220 | Bellevue, WA | 23,279 | 15,066 | 45,249 | 98 | 15,066 | 45,347 | 60,413 | (556 | ) | 1994 | Jul-14 | 3-30 | ||||||||
Piedmont | 396 | Bellevue, WA | 48,180 | 19,848 | 59,606 | 1,557 | 19,848 | 61,163 | 81,011 | (1,288 | ) | 1969 | May-14 | 3-30 | ||||||||
The Avery | 121 | Los Angeles, CA | 10,000 | 6,964 | 29,922 | — | 6,964 | 29,922 | 36,886 | (787 | ) | 2014 | Mar-14 | 3-30 | ||||||||
BRE acquired properties | 2,899 | Southern California | 424,041 | 163,608 | 659,448 | 3,344 | 163,608 | 662,792 | 826,400 | (18,178 | ) | 1987 - 2008 | Apr-14 | 3-30 | ||||||||
BRE acquired properties | 1,074 | Northern California | 219,244 | 170,747 | 363,720 | 1,383 | 170,747 | 365,103 | 535,850 | (10,149 | ) | 1970 - 2010 | Apr-14 | 3-30 | ||||||||
BRE acquired properties | 1,111 | Seattle Metro | 145,427 | 64,301 | 265,474 | 1,703 | 64,301 | 267,177 | 331,478 | (7,304 | ) | 1992 - 2009 | Apr-14 | 3-30 | ||||||||
2,245,944 | 825,606 | 2,600,447 | 423,644 | 839,395 | 3,010,302 | 3,849,697 | (665,234 | ) | ||||||||||||||
Unencumbered Communities | ||||||||||||||||||||||
Apex | 366 | Milpitas, CA | 44,240 | 103,251 | 89 | 44,240 | 103,340 | 147,580 | (1,249 | ) | 2014 | Aug-14 | 3-30 | |||||||||
Collins on Pine | 76 | Seattle, WA | 7,276 | 22,226 | 7 | 7,276 | 22,233 | 29,509 | (464 | ) | 2013 | May-14 | 3-30 | |||||||||
Paragon | 301 | Fremont, CA | 32,230 | 77,320 | 40 | 32,230 | 77,360 | 109,590 | (1,183 | ) | 2013 | Jul-14 | 3-30 | |||||||||
Allegro | 97 | Valley Village, CA | 5,869 | 23,977 | 1,385 | 5,869 | 25,362 | 31,231 | (5,293 | ) | 2010 | Oct-10 | 3-30 | |||||||||
Alpine Village | 301 | Alpine, CA | 4,967 | 19,728 | 5,362 | 4,982 | 25,075 | 30,057 | (10,302 | ) | 1971 | Dec-02 | 3-30 | |||||||||
Anavia | 250 | Anaheim, CA | 15,925 | 63,712 | 5,968 | 15,925 | 69,680 | 85,605 | (9,491 | ) | 2009 | Dec-10 | 3-30 |
Costs | |||||||||||||||||||||||||||||||||||||||||||||
Rentable | Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||||||||||||||||||||||||
Square | Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||||||||||||||||||||||||
Property | Footage | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total(1) | depreciation | construction | acquired | (years) | ||||||||||||||||||||||||||||||||
Other real estate assets | |||||||||||||||||||||||||||||||||||||||||||||
Hollywood | 35,000 | Los Angeles, CA | 10,200 | 13,800 | 2,441 | 10,200 | 16,241 | 26,441 | (4,747 | ) | 1938 | 07/06 | 3-30 | ||||||||||||||||||||||||||||||||
Santa Clara Retail | 139,000 | Santa Clara, CA | 6,472 | 11,704 | 3,616 | 6,472 | 15,320 | 21,792 | (2,687 | ) | 1970 | 09/11 | 3-30 | ||||||||||||||||||||||||||||||||
925/935 East Meadow Drive | 31,900 | Palo Alto, CA | 1,401 | 3,172 | 8,006 | 3,147 | 9,433 | 12,579 | (4,561 | ) | 1988 | 11/97 | 3-30 | ||||||||||||||||||||||||||||||||
17461 Derian Ave | 110,000 | Irvine, CA | 3,079 | 12,315 | 6,829 | 3,909 | 18,314 | 22,223 | (10,286 | ) | 1983 | 07/00 | 3-30 | ||||||||||||||||||||||||||||||||
Consolidated Development Pipeline | 10,658 | - | 39,772 | 50,430 | - | 50,430 | - | ||||||||||||||||||||||||||||||||||||||
Total apartment communities and other real estate assets | $ 1,404,080 | $ | 1,053,752 | $ | 3,515,791 | $ | 924,645 | $ | 1,133,982 | $ | 4,360,205 | $ | 5,494,188 | $ | (1,254,886 | ) |
Costs | ||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | |||||||||
Annaliese | 56 | Seattle, WA | 4,727 | 14,229 | 153 | 4,726 | 14,383 | 19,109 | (949 | ) | 2009 | Jan-13 | 3-30 | |||||||||
Ascent | 90 | Kirkland, WA | 3,924 | 11,862 | 1,538 | 3,924 | 13,400 | 17,324 | (1,143 | ) | 1988 | Oct-12 | 3-30 | |||||||||
Axis 2300 | 115 | Irvine, CA | 5,405 | 33,585 | 965 | 5,405 | 34,550 | 39,955 | (7,071 | ) | 2010 | Aug-10 | 3-30 | |||||||||
Bellerive | 63 | Los Angeles, CA | 5,401 | 21,803 | 629 | 5,401 | 22,432 | 27,833 | (3,412 | ) | 2011 | Aug-11 | 3-30 | |||||||||
Belmont Terrace | 71 | Belmont, CA | 4,446 | 10,290 | 3,100 | 4,473 | 13,363 | 17,836 | (4,706 | ) | 1974 | Oct-06 | 3-30 | |||||||||
Bennett Lofts | 165 | San Francisco, CA | 21,771 | 50,800 | 24,463 | 28,371 | 68,663 | 97,034 | (4,919 | ) | 2004 | Dec-12 | 3-30 | |||||||||
Bonita Cedars | 120 | Bonita, CA | 2,496 | 9,913 | 1,985 | 2,503 | 11,891 | 14,394 | (5,084 | ) | 1983 | Dec-02 | 3-30 | |||||||||
Boulevard | 172 | Fremont, CA | 3,520 | 8,182 | 10,690 | 3,580 | 18,812 | 22,392 | (12,518 | ) | 1978 | Jan-96 | 3-30 | |||||||||
Bridle Trails | 108 | Kirkland, WA | 1,500 | 5,930 | 5,474 | 1,531 | 11,373 | 12,904 | (6,483 | ) | 1986 | Oct-97 | 3-30 | |||||||||
Brighton Ridge | 264 | Renton, WA | 2,623 | 10,800 | 4,070 | 2,656 | 14,837 | 17,493 | (8,809 | ) | 1986 | Dec-96 | 3-30 | |||||||||
Bristol Commons | 188 | Sunnyvale, CA | 5,278 | 11,853 | 4,993 | 5,293 | 16,831 | 22,124 | (8,832 | ) | 1989 | Jan-97 | 3-30 | |||||||||
416 on Broadway | 115 | Glendale, CA | 8,557 | 34,235 | 1,543 | 8,557 | 35,778 | 44,335 | (5,115 | ) | 2009 | Dec-10 | 3-30 | |||||||||
Bunker Hill | 456 | Los Angeles, CA | 11,498 | 27,871 | 21,173 | 11,639 | 48,903 | 60,542 | (19,993 | ) | 1968 | Mar-98 | 3-30 | |||||||||
Cairns, The | 100 | Seattle, WA | 6,937 | 20,679 | 967 | 6,939 | 21,644 | 28,583 | (5,498 | ) | 2006 | Jun-07 | 3-30 | |||||||||
Camarillo Oaks | 564 | Camarillo, CA | 10,953 | 25,254 | 3,984 | 11,075 | 29,116 | 40,191 | (17,860 | ) | 1985 | Jul-96 | �� 3-30 | |||||||||
Canyon Pointe | 250 | Bothell, WA | 4,692 | 18,288 | 5,099 | 4,693 | 23,386 | 28,079 | (9,143 | ) | 1990 | Oct-03 | 3-30 | |||||||||
Capri at Sunny Hills | 100 | Fullerton, CA | 3,337 | 13,320 | 8,060 | 4,048 | 20,669 | 24,717 | (9,439 | ) | 1961 | Sep-01 | 3-30 | |||||||||
Castle Creek | 216 | Newcastle, WA | 4,149 | 16,028 | 2,412 | 4,833 | 17,756 | 22,589 | (10,781 | ) | 1997 | Dec-97 | 3-30 | |||||||||
CBC Apartments & The Sweeps | 239 | Goleta, CA | 11,841 | 45,320 | 4,882 | 11,906 | 50,137 | 62,043 | (17,174 | ) | 1962 | Jan-06 | 3-30 | |||||||||
CentrePointe | 224 | San Diego, CA | 3,405 | 7,743 | 18,330 | 3,442 | 26,036 | 29,478 | (9,454 | ) | 1974 | Jun-97 | 3-30 | |||||||||
Cedar Terrace | 180 | Bellevue, WA | 5,543 | 16,442 | 4,297 | 5,652 | 20,630 | 26,282 | (7,810 | ) | 1984 | Jan-05 | 3-30 | |||||||||
Chestnut Street | 96 | Santa Cruz, CA | 6,582 | 15,689 | 1,083 | 6,582 | 16,772 | 23,354 | (3,894 | ) | 2002 | Jul-08 | 3-30 | |||||||||
Commons, The | 264 | Campbell, CA | 12,555 | 29,307 | 4,484 | 12,556 | 33,790 | 46,346 | (5,920 | ) | 1973 | Jul-10 | 3-30 | |||||||||
Corbella at Juanita Bay | 169 | Kirkland, WA | 5,801 | 17,415 | 2,008 | 5,801 | 19,423 | 25,224 | (2,819 | ) | 1978 | Nov-10 | 3-30 | |||||||||
Country Villas | 180 | Oceanside, CA | 4,174 | 16,583 | 2,954 | 4,187 | 19,524 | 23,711 | (8,457 | ) | 1976 | Dec-02 | 3-30 | |||||||||
Delano/Bon Terra | 126 | Redmond, WA | 7,470 | 22,511 | 911 | 7,470 | 23,422 | 30,892 | (2,419 | ) | 2005 | Dec-11 | 3-30 | |||||||||
Devonshire | 276 | Hemet, CA | 3,470 | 13,786 | 2,748 | 3,482 | 16,522 | 20,004 | (7,166 | ) | 1988 | Dec-02 | 3-30 | |||||||||
Domain | 379 | San Diego, CA | 23,848 | 95,394 | 390 | 23,848 | 95,784 | 119,632 | (3,616 | ) | 2013 | Nov-13 | 3-30 | |||||||||
Emerald Ridge | 180 | Bellevue, WA | 3,449 | 7,801 | 3,220 | 3,449 | 11,021 | 14,470 | (7,768 | ) | 1987 | Nov-94 | 3-30 | |||||||||
Essex Skyline at MacArthur Place | 349 | Santa Ana, CA | 21,537 | 146,099 | 1,846 | 21,537 | 147,945 | 169,482 | (13,566 | ) | 2008 | Apr-12 | 3-30 | |||||||||
Evergreen Heights | 200 | Kirkland, WA | 3,566 | 13,395 | 4,426 | 3,649 | 17,738 | 21,387 | (10,019 | ) | 1990 | Jun-97 | 3-30 |
Costs | ||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | |||||||||
Fairways (4) | 74 | Newport Beach, CA | — | 7,850 | 6,107 | 9 | 13,948 | 13,957 | (6,203 | ) | 1972 | Jun-99 | 3-30 | |||||||||
Foothill Commons | 388 | Bellevue, WA | 2,435 | 9,821 | 35,126 | 2,440 | 44,942 | 47,382 | (26,268 | ) | 1978 | Mar-90 | 3-30 | |||||||||
Foothill Gardens/Twin Creeks | 176 | San Ramon, CA | 5,875 | 13,992 | 6,870 | 5,964 | 20,773 | 26,737 | (11,064 | ) | 1985 | Feb-97 | 3-30 | |||||||||
Forest View | 192 | Renton, WA | 3,731 | 14,530 | 1,530 | 3,731 | 16,060 | 19,791 | (6,358 | ) | 1998 | Oct-03 | 3-30 | |||||||||
Fountain Court | 320 | Seattle, WA | 6,702 | 27,306 | 9,252 | 6,585 | 36,675 | 43,260 | (16,960 | ) | 2000 | Mar-00 | 3-30 | |||||||||
Fourth & U | 171 | Berkeley, CA | 8,879 | 52,351 | 2,336 | 8,879 | 54,687 | 63,566 | (9,859 | ) | 2010 | Apr-10 | 3-30 | |||||||||
Fox Plaza | 443 | San Francisco, CA | 39,731 | 92,706 | 5,046 | 39,731 | 97,752 | 137,483 | (6,255 | ) | 1968 | Feb-13 | 3-30 | |||||||||
Hillsborough Park | 235 | La Habra, CA | 6,291 | 15,455 | 1,785 | 6,272 | 17,259 | 23,531 | (8,882 | ) | 1999 | Sep-99 | 3-30 | |||||||||
Hillsdale Garden | 697 | San Mateo, CA | 22,000 | 94,681 | 19,608 | 22,000 | 114,289 | 136,289 | (33,598 | ) | 1948 | Sep-06 | 3-30 | |||||||||
Hope Ranch Collection | 108 | Santa Barbara, CA | 4,078 | 16,877 | 2,461 | 4,208 | 19,208 | 23,416 | (4,854 | ) | 1965 | Mar-07 | 3-30 | |||||||||
Joule | 295 | Seattle, WA | 14,558 | 69,417 | 3,366 | 14,558 | 72,783 | 87,341 | (13,492 | ) | 2010 | Mar-10 | 3-30 | |||||||||
1000 Kiely | 121 | Santa Clara, CA | 9,359 | 21,845 | 5,773 | 9,359 | 27,618 | 36,977 | (4,107 | ) | 1971 | Mar-11 | 3-30 | |||||||||
Kings Road | 196 | Los Angeles, CA | 4,023 | 9,527 | 9,926 | 4,031 | 19,445 | 23,476 | (9,944 | ) | 1979 | Jun-97 | 3-30 | |||||||||
Laurels at Mill Creek | 164 | Mill Creek, WA | 1,559 | 6,430 | 5,237 | 1,595 | 11,631 | 13,226 | (7,021 | ) | 1981 | Dec-96 | 3-30 | |||||||||
Le Parc Luxury Apartments | 140 | Santa Clara, CA | 3,090 | 7,421 | 10,906 | 3,092 | 18,325 | 21,417 | (11,312 | ) | 1975 | Feb-94 | 3-30 | |||||||||
Lofts at Pinehurst, The | 118 | Ventura, CA | 1,570 | 3,912 | 4,463 | 1,618 | 8,327 | 9,945 | (4,195 | ) | 1971 | Jun-97 | 3-30 | |||||||||
Marbrisa | 202 | Long Beach, CA | 4,700 | 18,605 | 5,099 | 4,760 | 23,644 | 28,404 | (9,508 | ) | 1987 | Sep-02 | 3-30 | |||||||||
Marina City Club (5) | 101 | Marina Del Rey, CA | — | 28,167 | 22,885 | — | 51,052 | 51,052 | (14,347 | ) | 1971 | Jan-04 | 3-30 | |||||||||
Marina Cove (6) | 292 | Santa Clara, CA | 5,320 | 16,431 | 11,125 | 5,324 | 27,552 | 32,876 | (16,710 | ) | 1974 | Jun-94 | 3-30 | |||||||||
Mariners Place | 105 | Oxnard, CA | 1,555 | 6,103 | 2,079 | 1,562 | 8,175 | 9,737 | (4,213 | ) | 1987 | May-00 | 3-30 | |||||||||
Meadowood | 320 | Simi Valley, CA | 7,852 | 18,592 | 6,654 | 7,898 | 25,200 | 33,098 | (14,710 | ) | 1986 | Nov-96 | 3-30 | |||||||||
Mesa Village | 133 | Clairemont, CA | 1,888 | 7,498 | 1,177 | 1,894 | 8,669 | 10,563 | (3,613 | ) | 1963 | Dec-02 | 3-30 | |||||||||
Mira Monte | 355 | Mira Mesa, CA | 7,165 | 28,459 | 8,766 | 7,186 | 37,204 | 44,390 | (17,380 | ) | 1982 | Dec-02 | 3-30 | |||||||||
Miracle Mile/Marbella | 236 | Los Angeles, CA | 7,791 | 23,075 | 13,028 | 7,886 | 36,008 | 43,894 | (19,131 | ) | 1988 | Aug-97 | 3-30 | |||||||||
Mission Hills | 282 | Oceanside, CA | 10,099 | 38,778 | 4,446 | 10,167 | 43,156 | 53,323 | (15,073 | ) | 1984 | Jul-05 | 3-30 | |||||||||
Monterra del Mar/Rey/Sol | 292 | Pasadena, CA | 2,202 | 4,794 | 37,612 | 8,385 | 36,223 | 44,608 | (14,718 | ) | 1972 | Apr-99 | 3-30 | |||||||||
Monterey Villas | 122 | Oxnard, CA | 2,349 | 5,579 | 5,669 | 2,424 | 11,173 | 13,597 | (5,739 | ) | 1974 | Jul-97 | 3-30 | |||||||||
Muse | 152 | North Hollywood, CA | 7,822 | 33,436 | 1,748 | 7,823 | 35,183 | 43,006 | (6,717 | ) | 2011 | Feb-11 | 3-30 | |||||||||
Park Catalina | 90 | Los Angeles, CA | 4,710 | 18,839 | 1,781 | 4,710 | 20,620 | 25,330 | (1,823 | ) | 2002 | Jun-12 | 3-30 | |||||||||
Park West | 126 | San Francisco, CA | 9,424 | 21,988 | 4,701 | 9,424 | 26,689 | 36,113 | (2,120 | ) | 1958 | Sep-12 | 3-30 | |||||||||
Pinehurst (7) | 28 | Ventura, CA | 355 | 1,356 | 481 | 6 | 2,186 | 2,192 | (943 | ) | 1973 | Dec-04 | 3-30 | |||||||||
Pointe at Cupertino, The | 116 | Cupertino, CA | 4,505 | 17,605 | 11,290 | 4,505 | 28,895 | 33,400 | (10,003 | ) | 1963 | Aug-98 | 3-30 |
Costs | ||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | |||||||||
Reed Square | 100 | Sunnyvale, CA | 6,873 | 16,037 | 7,708 | 6,873 | 23,745 | 30,618 | (2,853 | ) | 1970 | Jan-12 | 3-30 | |||||||||
Regency at Encino | 75 | Encino, CA | 3,184 | 12,737 | 2,202 | 3,184 | 14,939 | 18,123 | (3,151 | ) | 1989 | Dec-09 | 3-30 | |||||||||
Salmon Run at Perry Creek | 132 | Bothell, WA | 3,717 | 11,483 | 1,430 | 3,801 | 12,829 | 16,630 | (6,057 | ) | 2000 | Oct-00 | 3-30 | |||||||||
101 San Fernando | 323 | San Jose, CA | 4,173 | 58,961 | 6,876 | 4,173 | 65,837 | 70,010 | (10,762 | ) | 2001 | Jul-10 | 3-30 | |||||||||
Sammamish View | 153 | Bellevue, WA | 3,324 | 7,501 | 6,035 | 3,331 | 13,529 | 16,860 | (9,553 | ) | 1986 | Nov-94 | 3-30 | |||||||||
San Marcos | 432 | Richmond, CA | 15,563 | 36,204 | 26,908 | 22,866 | 55,809 | 78,675 | (21,628 | ) | 2003 | Nov-03 | 3-30 | |||||||||
Santee Court/Santee Village | 238 | Los Angeles, CA | 9,581 | 40,317 | 2,726 | 9,582 | 43,042 | 52,624 | (6,655 | ) | 2004 | Oct-10 | 3-30 | |||||||||
Shadow Point | 172 | Spring Valley, CA | 2,812 | 11,170 | 1,950 | 2,820 | 13,112 | 15,932 | (5,659 | ) | 1983 | Dec-02 | 3-30 | |||||||||
Slater 116 | 108 | Kirkland, WA | 7,379 | 22,138 | 322 | 7,379 | 22,460 | 29,839 | (994 | ) | 2013 | Sep-13 | 3-30 | |||||||||
Summit Park | 300 | San Diego, CA | 5,959 | 23,670 | 4,392 | 5,977 | 28,044 | 34,021 | (11,974 | ) | 1972 | Dec-02 | 3-30 | |||||||||
The Grand | 243 | Oakland, CA | 4,531 | 89,208 | 4,426 | 4,531 | 93,634 | 98,165 | (21,286 | ) | 2009 | Jan-09 | 3-30 | |||||||||
Trabucco Villas | 132 | Lake Forest, CA | 3,638 | 8,640 | 2,451 | 3,890 | 10,839 | 14,729 | (6,013 | ) | 1985 | Oct-97 | 3-30 | |||||||||
Tuscana | 30 | Tracy, CA | 2,828 | 6,599 | 165 | 2,870 | 6,722 | 9,592 | (1,708 | ) | 2007 | Feb-07 | 3-30 | |||||||||
Via | 284 | Sunnyvale, CA | 22,000 | 82,270 | 540 | 22,016 | 82,794 | 104,810 | (11,895 | ) | 2011 | Jul-11 | 3-30 | |||||||||
Vista Belvedere | 76 | Tiburon, CA | 5,573 | 11,901 | 5,861 | 5,573 | 17,762 | 23,335 | (6,804 | ) | 1963 | Aug-04 | 3-30 | |||||||||
Vox | 58 | Seattle, WA | 5,545 | 16,635 | 67 | 5,545 | 16,702 | 22,247 | (674 | ) | 2013 | Oct-13 | 3-30 | |||||||||
Walnut Heights | 163 | Walnut, CA | 4,858 | 19,168 | 3,645 | 4,887 | 22,784 | 27,671 | (8,553 | ) | 1964 | Oct-03 | 3-30 | |||||||||
Wharfside Pointe | 142 | Seattle, WA | 2,245 | 7,020 | 9,697 | 2,258 | 16,704 | 18,962 | (8,780 | ) | 1990 | Jun-94 | 3-30 | |||||||||
Willow Lake | 508 | San Jose, CA | 43,194 | 101,030 | 5,312 | 43,194 | 106,342 | 149,536 | (8,351 | ) | 1989 | Oct-12 | 3-30 | |||||||||
Windsor Ridge | 216 | Sunnyvale, CA | 4,017 | 10,315 | 14,104 | 4,021 | 24,415 | 28,436 | (13,679 | ) | 1989 | Mar-89 | 3-30 | |||||||||
Woodland Commons | 302 | Bellevue, WA | 2,040 | 8,727 | 19,311 | 2,044 | 28,034 | 30,078 | (12,937 | ) | 1978 | Mar-90 | 3-30 | |||||||||
Woodside Village | 145 | Ventura, CA | 5,331 | 21,036 | 3,384 | 5,341 | 24,410 | 29,751 | (8,669 | ) | 1987 | Dec-04 | 3-30 | |||||||||
BRE acquired properties | 5,438 | Southern California | 368,894 | 1,394,794 | 12,180 | 368,894 | 1,406,974 | 1,775,868 | (39,591 | ) | 1964 - 2014 | Apr-14 | 5-30 | |||||||||
BRE acquired properties | 3,265 | Northern California | 375,703 | 944,881 | 8,147 | 375,703 | 953,028 | 1,328,731 | (27,762 | ) | 1992 - 2014 | Apr-14 | 5-30 | |||||||||
BRE acquired properties | 1,710 | Seattle Metro | 80,464 | 373,710 | 1,958 | 80,464 | 375,668 | 456,132 | (10,461 | ) | 1989 - 2013 | Apr-14 | 5-30 | |||||||||
46,739 | — | 1,540,006 | 5,192,199 | 585,858 | 1,562,973 | 5,755,090 | 7,318,063 | (873,388 | ) | |||||||||||||
Costs | ||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||
Square | Buildings and | subsequent | Land and | Buildings and | Accumulated | Date of | Date | Lives | ||||||||||||||
Property | Footage | Location | Encumbrance | Land | improvements | to acquisition | improvements | improvements | Total(1) | depreciation | construction | acquired | (years) | |||||||||
Other real estate assets | ||||||||||||||||||||||
Hollywood | 34,000 | Los Angeles, CA | 10,200 | 13,800 | 2,402 | 10,200 | 16,202 | 26,402 | (5,262 | ) | 1938 | Jul-06 | 3-30 | |||||||||
Santa Clara Retail | 138,915 | Santa Clara, CA | 6,472 | 11,704 | 4,586 | 6,472 | 16,290 | 22,762 | (3,665 | ) | 1970 | Sep-11 | 3-30 | |||||||||
925/935 East Meadow Drive | 39,600 | Palo Alto, CA | 1,401 | 3,172 | 8,758 | 3,547 | 9,784 | 13,331 | (3,481 | ) | 1988 | Nov-97 | 3-30 | |||||||||
17461 Derian Ave | 107,720 | Irvine, CA | 3,079 | 12,315 | 6,862 | 3,909 | 18,347 | 22,256 | (11,322 | ) | 1983 | Jul-00 | 3-30 | |||||||||
— | 21,152 | 40,991 | 22,608 | 24,128 | 60,623 | 84,751 | (23,730 | ) | ||||||||||||||
ESS Consolidated real estate under development | 17,948 | — | 416,423 | 59,598 | 374,773 | 434,371 | (2,454 | ) | ||||||||||||||
Total | 2,245,944 | 2,404,712 | 7,833,637 | 1,448,533 | 2,486,094 | 9,200,788 | 11,686,882 | (1,564,806 | ) |
(2) The land is leased pursuant to a ground lease expiring 2082. |
(3) The land is leased pursuant to a ground lease expiring 2070. |
(4) The land is leased pursuant to a ground lease expiring 2027. |
(5) The land is leased pursuant to a ground lease expiring 2067. |
(6) A portion of land is leased pursuant to a ground lease expiring in 2028. |
(7) The land is leased pursuant to a ground lease expiring in 2028. |
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Rental properties: | Accumulated depreciation: | ||||||||||||||||||||||||
Balance at beginning of year | $ | 5,033,672 | $ | 4,313,064 | $ | 3,964,561 | Balance at beginning of year | $ | 1,081,517 | $ | 920,026 | $ | 775,553 | ||||||||||||
Improvements | 92,016 | 97,947 | 219,692 | Depreciation expense - Acquisitions | 6,203 | 3,744 | 1,279 | ||||||||||||||||||
Acquisition of real estate | 344,476 | 619,743 | 103,300 | Depreciation expense - Discontinued operations | 12,290 | 2,108 | 315 | ||||||||||||||||||
Development of real estate | 14,111 | 25,545 | 44,280 | Depreciation expense - Rental properties | 168,092 | 161,492 | 148,337 | ||||||||||||||||||
Disposition of real estate | (40,518 | ) | (22,627 | ) | (18,769 | ) | Dispositions | (13,216 | ) | (5,853 | ) | (5,458 | ) | ||||||||||||
Balance at the end of year | $ | 5,443,757 | $ | 5,033,672 | $ | 4,313,064 | Balance at the end of year | $ | 1,254,886 | $ | 1,081,517 | $ | 920,026 |
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Rental properties: | Accumulated depreciation: | ||||||||||||||||||||||
Balance at beginning of year | $ | 5,443,757 | $ | 5,033,672 | $ | 4,313,064 | Balance at beginning of year | $ | 1,254,886 | $ | 1,081,517 | $ | 920,026 | ||||||||||
Improvements | 135,812 | 92,016 | 97,947 | Depreciation expense - Acquisitions | 121,426 | 6,203 | 3,744 | ||||||||||||||||
Acquisition of real estate (1) | 5,685,884 | 344,476 | 619,743 | Depreciation expense - Discontinued operations | — | 12,290 | 2,108 | ||||||||||||||||
Development of real estate | 19,751 | 14,111 | 25,545 | Depreciation expense - Rental properties | 199,495 | 168,092 | 161,492 | ||||||||||||||||
Disposition of real estate | (32,693 | ) | (40,518 | ) | (22,627 | ) | Dispositions | (11,001 | ) | (13,216 | ) | (5,853 | ) | ||||||||||
Balance at the end of year | $ | 11,252,511 | $ | 5,443,757 | $ | 5,033,672 | Balance at the end of year | $ | 1,564,806 | $ | 1,254,886 | $ | 1,081,517 |
ESSEX PROPERTY TRUST, INC. | |
By: /S/ MICHAEL T. DANCE | |
Michael T. Dance | |
Executive Vice President, Chief Financial Officer (Authorized Officer, Principal Financial | |
By: /S/ JOHN FARIAS | |
John Farias | |
Group Vice President, Chief Accounting Officer | |
ESSEX PORTFOLIO, L.P. By: Essex Property Trust, Inc., its general partner | |
By: /S/ MICHAEL T. DANCE | |
Michael T. Dance | |
Executive Vice President, Chief Financial Officer (Authorized Officer, Principal Financial | |
By: /S/ JOHN FARIAS | |
John Farias | |
Group Vice President, Chief Accounting |
Signature | Title | Date |
/S/ MICHAEL J. SCHALL Michael J. Schall | Chief Executive Officer and President, and Director (Principal Executive Officer) | |
/S/ KEITH R. GUERICKE Keith R. Guericke | Director, and Vice Chairman of the Board | |
/S/ GEORGE M. MARCUS George M. Marcus | Director and Chairman of the Board | |
/S/ DAVID W. BRADY David W. Brady | Director | |
/S/ IRVING F. LYONS, III Irving F. Lyons, III | Director | March 2, 2015 |
/S/ GARY P. MARTIN Gary P. Martin | Director | |
/S/ ISSIE N. RABINOVITCH Issie N. Rabinovitch | Director | |
/S/ THOMAS E. RANDLETT Thomas E. Randlett | Director | |
/S/ THOMAS E. ROBINSON Thomas E. Robinson | Director | March 2, 2015 |
/S/ BYRON A. Byron A. Scordelis | Director | |
/S/ JANICE L. Janice L. Sears | Director | |
/S/ THOMAS P. SULLIVAN Thomas P. Sullivan | Director | March 2, 2015 |
/S/ CLAUDE J. ZINNGRABE Claude J. Zinngrabe | Director |
Exhibit No. | Document |
2.1 | Agreement and Plan of Merger, dated as of December 19, 2013, by and among Essex Property Trust, Inc., BRE Properties, Inc. and Bronco Acquisition Sub, Inc., a Delaware corporation, attached as Exhibit 2.1 to the Company's Form 8-K, filed on December 20, 2013, and incorporated herein by reference. |
3.1 | Articles of Amendment and Restatement of Essex Property Trust, Inc., attached as Exhibit 3.1 to the Company's Current Report on Form 8-K, filed May 17, 2013, and incorporated herein by reference. |
3.2 | Third Amended and Restated Bylaws of Essex Property Trust, Inc., dated as of May 14, 2013, attached as Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed May 17, 2013, and incorporated herein by reference. |
Certificate of Limited Partnership of Essex Portfolio, L.P. and amendments | |
Form of 7.125% Series H Cumulative Redeemable Preferred Stock Certificate, attached as Exhibit 4.1 to the Company's Current Report on Form 8-K, filed April 13, 2011, and incorporated herein by reference. | |
Indenture, dated August 15, 2012, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 3.625% Senior Notes due 2022 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed August 15, 2012, and incorporated herein by reference. | |
Indenture, dated April 15, 2013, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 3.25% Senior Notes due 2023 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed April 15, 2013, and incorporated herein by reference. | |
Form of Common Stock Certificate of Essex Property Trust, Inc., filed as Exhibit 4.5 to the Company’s Form S-4 Registration Statement, filed January 29, 2014, and incorporated herein by reference. | |
Indenture governing 5.500% Senior Notes due 2017, dated April 4, 2014, by and among Essex Portfolio, L.P., Essex Property Trust, Inc. | |
4.6 | Indenture governing 5.200% Senior Notes due 2021, dated April 4, 2014, by and among Essex Portfolio, L.P., Essex Property Trust, Inc. and U.S. Bank National Association, as trustee, including the form of 5.200% Senior Notes due 2021, attached as Exhibit 4.2 to Essex Property Trust, Inc.’s Current Report on Form 8-K, filed April 10, 2014, and incorporated herein by reference. |
4.7 | Indenture governing 3.375% Senior Notes due 2023, dated April 4, 2014, by and among Essex Portfolio, L.P., Essex Property Trust, Inc. and U.S. Bank National Association, as trustee, including the form of 3.375% Senior Notes due 2023, attached as Exhibit 4.3 to Essex Property Trust, Inc.’s Current Report on Form 8-K, filed April 10, 2014, and incorporated herein by reference. |
4.8 | Registration Rights Agreement related to the 5.500% Senior Notes due 2017, dated April 4, 2014, between Essex Portfolio, L.P. and Citigroup Global Markets Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities, LLC, attached as Exhibit 4.7 to Essex Property Trust, Inc.’s Current Report on Form 8-K, filed April 10, 2014, and incorporated herein by reference. |
4.9 | Registration Rights Agreement related to the 5.200% Senior Notes due 2021, dated April 4, 2014, between Essex Portfolio, L.P. and Citigroup Global Markets Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities, LLC, attached as Exhibit 4.8 to Essex Property Trust, Inc.’s Current Report on Form 8-K, filed April 10, 2014, and incorporated herein by reference. |
4.10 | Registration Rights Agreement related to the 3.375% Senior Notes due 2023, dated April 4, 2014, between Essex Portfolio, L.P. and Citigroup Global Markets Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities, LLC, attached as Exhibit 4.9 to Essex Property Trust, Inc.’s Current Report on Form 8-K, filed April 10, 2014, and incorporated herein by reference. |
4.11 | Indenture, dated April 15, 2014, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 3.875% Senior Notes due 2024 and the guarantee thereof, attached as Exhibit 4.1 to Essex Property Trust, Inc.’s Current Report on Form 8-K, filed April 16, 2014, and incorporated herein by reference. |
4.12 | Registration Rights Agreement, dated April 15, 2014, among Essex Portfolio, L.P., Essex Property Trust, Inc., and Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC as representatives of the several initial purchasers, attached as Exhibit 10.1 to |
Agreement between Essex Property Trust, Inc. and George M. Marcus, dated March 27, 2003 attached as Exhibit 10.32 to the Company's Form 10-K for the year ended December 31, 2002, and incorporated herein by reference. | |
Essex Property Trust, Inc. 2004 Stock Incentive Plan, attached as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2004, and incorporated herein by reference.* | |
2005 Deferred Compensation Plan (as amended and restated) of Essex Portfolio, L.P., dated as of December 2, 2008, attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed December 8, 2008, and incorporated herein by reference.* | |
Form of Indemnification Agreement between Essex Property Trust, Inc. and its directors and officers, attached as Exhibit 99.1 to the Company's Current Report on Form 8-K, filed February 25, 2011, and incorporated herein by reference.* | |
Note Purchase Agreement, dated as of March 31, 2011, among Essex Portfolio, L.P., Essex Property Trust, Inc. and the purchasers of the notes party thereto (including the form of the 4.36% Senior Guaranteed Notes, due March 31, 2016), attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed April 1, 2011, and incorporated herein by reference.† |
10.6 | Note Purchase Agreement, dated as of June 30, 2011, among Essex Portfolio, L.P., Essex Property Trust, Inc. and the purchasers of the notes party thereto (including the forms of the 4.50% Senior Guaranteed Notes, Series A, due September 30, 2017, and the 4.92% Senior Guaranteed Notes, Series B, due December 30, 2019) , attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed July 5, 2011, and incorporated herein by reference.† |
Amended and Restated 2004 Non-Employee Director Equity Award Program, dated May 1, 2011, attached as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, and incorporated herein by reference.* | |
Amended and Restated Revolving Credit Agreement, dated as of September 16, 2011, by and among Essex Portfolio, L.P., PNC Bank, National Association, as Administrative Agent, Swing Line Lender and L/C Issuer, and other lenders as specified therein, attached as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, and incorporated herein by reference. | |
Note Purchase Agreement, dated as of March 14, 2012, among Essex Portfolio, L.P., the Company and the purchasers of the notes party thereto (including the forms of the 4.27% Senior Guaranteed Notes, Series C, due April 30, 2021, the 4.30% Senior Guaranteed Notes, Series D, due June 29, 2021, and the 4.37% Senior Guaranteed Notes, Series E, due August 30, 2021), attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on March 20, 2012, and incorporated herein by reference. † | |
First Amendment to Amended and Restated Revolving Credit Agreement, dated May 31, 2012, by and among Essex Portfolio, L.P., PNC Bank, National Association, as Administrative Agent and L/C Issuer and the other lenders party thereto, attached as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, and incorporated herein by reference. | |
Modification Agreement, dated July 30, 2012, attached as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, and incorporated herein by | |
Amendment to Agreement, dated as of September 11, 2012, between the Company and George Marcus, attached as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, and incorporated herein by reference. | |
Essex Property Trust, Inc. Executive Severance Plan (as Amended and Restated effective March 12, 2013), attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed March 18, 2013, and incorporated herein by reference.* | |
Second Amendment to Amended and Restated Revolving Credit Agreement, dated August 30, 2012, by and among Essex Portfolio, L.P., PNC Bank, National Association, as Administrative Agent and L/C Issuer and the other lenders party thereto, attached as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, and incorporated herein by reference. | |
Third Amendment to Amended and Restated Revolving Credit Agreement, dated January 22, 2013, by and among Essex Portfolio, L.P., PNC Bank, National Association, as Administrative Agent and L/C Issuer and the other lenders party thereto, attached as Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, and incorporated herein by reference. |
10.16 | Essex Property Trust, Inc. 2013 Stock Award and Incentive Compensation Plan, attached as Appendix B to the Company's Definitive Proxy Statement on Schedule 14A for the Annual Meeting of Stockholders held May 14, 2013, filed April 1, 2013, and incorporated herein by reference.* |
10.17 | Essex Property Trust, Inc. 2013 Employee Stock Purchase Plan, attached as Appendix C to the Company's Definitive Proxy Statement on Schedule 14A for the Annual Meeting of Stockholders held May 14, 2013, filed April 1, 2013, and incorporated herein by reference.* |
Forms of equity award agreements for officers under the 2013 Stock Award and Incentive Compensation Plan, attached as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, and incorporated herein by reference.* | |
Company’s Non-Employee Director Equity Award Program and forms of equity award agreements thereunder, attached as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, and incorporated herein by reference.* | |
Third Amended and Restated Agreement of Limited Partnership of Essex Portfolio, L.P., dated as of December 10, 2013, attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed December 12, 2013, and incorporated herein by reference.* | |
Fourth Amendment to Amended and Restated Revolving Credit Agreement, dated as of January 29, 2014, by and among Essex Portfolio, L.P., PNC Bank, National Association, as Administrative Agent and L/C Issuer and the other lenders party thereto, attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed January 31, 2014, and incorporated herein by reference. | |
Third Modification Agreement, dated as of January 29, 2014 by and among Essex Portfolio, L.P., U.S. Bank National Association, as Administrative Agent and Lender and the other lenders party thereto, attached as Exhibit 10.2 to the Company's Current Report on Form 8-K, filed January 31, 2014, and incorporated herein by reference. | |
BRE Properties, Inc. 1999 Stock Incentive Plan (assumed by Essex Property Trust, Inc.), attached as Exhibit 99.1 to Essex Property Trust, Inc.'s Registration Statement on Form S-8, filed April 1, 2014, and incorporated herein by reference.* | |
10.24 | BRE Properties, Inc. Fifth Amended and Restated Non-Employee Stock Option and Restricted Stock Plan (assumed by Essex Property Trust, Inc.), attached as Exhibit 99.2 to Essex Property Trust, Inc.'s Registration Statement on Form S-8, filed April 1, 2014, and incorporated herein by reference.* |
10.25 | Form of Equity Distribution Agreement between Essex Property Trust, Inc. and various entities, dated August 28, 2014, attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed September 2, 2014, and incorporated herein by reference. |
10.26 | Form of Amended & Restated Equity Distribution Agreement between Essex Property Trust, Inc. and various entities, dated August 28, 2014, attached as Exhibit 10.2 to the Company's Current Report on Form 8-K, filed September 2, 2014, and incorporated herein by reference. |
10.27 | Fifth Amendment to Amended and Restated Revolving Credit Agreement, dated as of January 22, 2015, by and among Essex Portfolio, L.P., PNC Bank, National Association, as Administrative Agent and L/C Issuer and other lenders party thereto. |
10.28 | Forms of Essex Property Trust, Inc., Essex Portfolio L.P., Long-Term Incentive Plan Award Agreements.* |
12.1 | Schedule of Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends. |
14.1 | Code of Business Conduct and Ethics, attached as Exhibit 14.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, and incorporated herein by reference. |
List of Subsidiaries of Essex Property Trust, Inc and Essex Portfolio, L.P. | |
Consent of KPMG LLP, Independent Registered Public Accounting Firm. | |
Consent of KPMG LLP, Independent Registered Public Accounting Firm. | |
24.1 | Power of Attorney (see signature page) |
Certification of Michael J. Schall, Principal Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Certification of Michael T. Dance, Principal Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.3 | Certification of Michael J. Schall, Principal Executive Officer of General Partner, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
Certification of Michael T. Dance, Principal Financial Officer of General Partner, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Certification of Michael J. Schall, Principal Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Certification of Michael T. Dance, Principal Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Certification of Michael J. Schall, Principal Executive Officer of General Partner, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.4 | Certification of Michael T. Dance, Principal Financial Officer of General Partner, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
* Management contract or compensatory plan or arrangement. | † The schedules and certain exhibits to this agreement, as set forth in the agreement, have not been filed herewith. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the Securities and Exchange Commission upon request. |