Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 30, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | ESSEX PROPERTY TRUST, INC. | ||
Entity Central Index Key | 920,522 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 65,692,107 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 15,684,127,225 | ||
Essex Portfolio, L.P. [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | ESSEX PORTFOLIO LP | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Rental properties: | ||
Land and land improvements | $ 2,701,356 | $ 2,719,064 |
Buildings and improvements | 10,664,745 | 10,643,009 |
Total Rental Properties | 13,366,101 | 13,362,073 |
Less: accumulated depreciation | (3,209,548) | (2,769,297) |
Net Real Estate | 10,156,553 | 10,592,776 |
Real estate under development | 454,629 | 355,735 |
Co-investments | 1,300,140 | 1,155,984 |
Total Real Estate | 11,911,322 | 12,104,495 |
Cash and cash equivalents-unrestricted | 134,465 | 44,620 |
Cash and cash equivalents-restricted | 16,930 | 16,506 |
Marketable securities | 209,545 | 190,004 |
Notes and other receivables (includes related party receivables of $11.1 million and $41.2 million as of December 31, 2018 and December 31, 2017, respectively) | 71,895 | 100,926 |
Prepaid expenses and other assets | 39,439 | 39,155 |
Total assets | 12,383,596 | 12,495,706 |
LIABILITIES AND EQUITY | ||
Unsecured debt, net | 3,799,316 | 3,501,709 |
Mortgage notes payable, net | 1,806,626 | 2,008,417 |
Lines of credit | 0 | 179,000 |
Accounts payable and accrued liabilities | 127,086 | 127,501 |
Construction payable | 59,345 | 51,770 |
Dividends payable | 128,529 | 121,420 |
Distributions in excess of investments in co-investments | 0 | 36,726 |
Other liabilities | 33,375 | 33,132 |
Total liabilities | 5,954,277 | 6,059,675 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 35,475 | 39,206 |
Equity: | ||
Common stock; $0.0001 par value, 670,000,000 shares authorized; 65,890,322 and 66,054,399 shares issued and outstanding, respectively | 7 | 7 |
Additional paid-in capital | 7,093,079 | 7,129,571 |
Distributions in excess of accumulated earnings | (812,796) | (833,726) |
Limited Partners: | ||
Accumulated other comprehensive loss, net | (13,217) | (18,446) |
Total stockholders' equity | 6,267,073 | 6,277,406 |
Noncontrolling interest | 126,771 | 119,419 |
Total equity | 6,393,844 | 6,396,825 |
Total liabilities and equity/capital | 12,383,596 | 12,495,706 |
Essex Portfolio, L.P. [Member] | ||
Rental properties: | ||
Land and land improvements | 2,701,356 | 2,719,064 |
Buildings and improvements | 10,664,745 | 10,643,009 |
Total Rental Properties | 13,366,101 | 13,362,073 |
Less: accumulated depreciation | (3,209,548) | (2,769,297) |
Net Real Estate | 10,156,553 | 10,592,776 |
Real estate under development | 454,629 | 355,735 |
Co-investments | 1,300,140 | 1,155,984 |
Total Real Estate | 11,911,322 | 12,104,495 |
Cash and cash equivalents-unrestricted | 134,465 | 44,620 |
Cash and cash equivalents-restricted | 16,930 | 16,506 |
Marketable securities | 209,545 | 190,004 |
Notes and other receivables (includes related party receivables of $11.1 million and $41.2 million as of December 31, 2018 and December 31, 2017, respectively) | 71,895 | 100,926 |
Prepaid expenses and other assets | 39,439 | 39,155 |
Total assets | 12,383,596 | 12,495,706 |
LIABILITIES AND EQUITY | ||
Unsecured debt, net | 3,799,316 | 3,501,709 |
Mortgage notes payable, net | 1,806,626 | 2,008,417 |
Lines of credit | 0 | 179,000 |
Accounts payable and accrued liabilities | 127,086 | 127,501 |
Construction payable | 59,345 | 51,770 |
Dividends payable | 128,529 | 121,420 |
Distributions in excess of investments in co-investments | 0 | 36,726 |
Other liabilities | 33,375 | 33,132 |
Total liabilities | 5,954,277 | 6,059,675 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 35,475 | 39,206 |
Limited Partners: | ||
Common equity (2,305,389 and 2,268,114 units issued and outstanding, respectively) | 59,061 | 49,792 |
Accumulated other comprehensive loss, net | (9,738) | (15,229) |
Total partners' capital | 6,329,613 | 6,330,415 |
Noncontrolling interest | 64,231 | 66,410 |
Total capital | 6,393,844 | 6,396,825 |
Total liabilities and equity/capital | 12,383,596 | 12,495,706 |
Essex Portfolio, L.P. [Member] | General Partner [Member] | ||
General Partner: | ||
Common equity (65,890,322 and 66,054,399 units issued and outstanding, respectively) | 6,280,290 | 6,295,852 |
Essex Portfolio, L.P. [Member] | General Partner [Member] | Common Equity [Member] | ||
General Partner: | ||
Common equity (65,890,322 and 66,054,399 units issued and outstanding, respectively) | 6,280,290 | 6,295,852 |
Limited Partners: | ||
Total capital | $ 6,280,290 | $ 6,295,852 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Due from related parties | $ 11.1 | $ 41.2 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 670,000,000 | 670,000,000 |
Common stock, shares issued | 65,890,322 | 66,054,399 |
Common stock, shares outstanding | 65,890,322 | 66,054,399 |
Essex Portfolio, L.P. [Member] | ||
Due from related parties | $ 11.1 | $ 41.2 |
Essex Portfolio, L.P. [Member] | General Partner [Member] | ||
Common stock, shares issued | 65,890,322 | 66,054,399 |
Common stock, shares outstanding | 65,890,322 | 66,054,399 |
Essex Portfolio, L.P. [Member] | Limited Partner [Member] | ||
Common stock, shares issued | 2,305,389 | 2,268,114 |
Common stock, shares outstanding | 2,305,389 | 2,268,114 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Revenues | $ 1,400,053 | $ 1,363,899 | $ 1,294,001 |
Expenses: | |||
Property operating, excluding real estate taxes | 233,809 | 229,076 | 219,655 |
Real estate taxes | 151,525 | 146,310 | 139,162 |
Corporate-level property management expenses | 31,062 | 30,156 | 30,110 |
Depreciation and amortization | 479,884 | 468,881 | 441,682 |
General and administrative | 53,451 | 41,385 | 40,751 |
Expensed acquisition and investment related costs | 194 | 1,569 | 1,841 |
Total expenses | 949,925 | 917,377 | 873,201 |
Earnings from operations | 450,128 | 446,522 | 420,800 |
Interest expense | (220,492) | (222,894) | (219,654) |
Total return swap income | 8,707 | 10,098 | 11,716 |
Interest and other income | 23,010 | 24,604 | 27,305 |
Equity income from co-investments | 89,132 | 86,445 | 48,698 |
Loss on early retirement of debt | 0 | (1,796) | (606) |
Gain on sale of real estate and land | 61,861 | 26,423 | 154,561 |
Deferred tax expense on gain on sale of real estate and land | 0 | 0 | (4,410) |
Gain on remeasurement of co-investment | 1,253 | 88,641 | 0 |
Net income | 413,599 | 458,043 | 438,410 |
Net income attributable to noncontrolling interest | (23,446) | (24,984) | (23,431) |
Net income attributable to controlling interest | 390,153 | 433,059 | 414,979 |
Dividends to preferred stockholders | 0 | 0 | (1,314) |
Excess of redemption value of preferred stock over the carrying value | 0 | 0 | (2,541) |
Net income available to common stockholders | $ 390,153 | $ 433,059 | $ 411,124 |
Basic: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 5.91 | $ 6.58 | $ 6.28 |
Weighted average number of shares/units outstanding during the year (in shares) | 66,041,058 | 65,829,155 | 65,471,540 |
Diluted: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 5.90 | $ 6.57 | $ 6.27 |
Weighted average number of shares/units outstanding during the year (in shares) | 66,085,089 | 65,898,255 | 65,587,816 |
Essex Portfolio, L.P. [Member] | |||
Revenues: | |||
Revenues | $ 1,400,053 | $ 1,363,899 | $ 1,294,001 |
Expenses: | |||
Property operating, excluding real estate taxes | 233,809 | 229,076 | 219,655 |
Real estate taxes | 151,525 | 146,310 | 139,162 |
Corporate-level property management expenses | 31,062 | 30,156 | 30,110 |
Depreciation and amortization | 479,884 | 468,881 | 441,682 |
General and administrative | 53,451 | 41,385 | 40,751 |
Expensed acquisition and investment related costs | 194 | 1,569 | 1,841 |
Total expenses | 949,925 | 917,377 | 873,201 |
Earnings from operations | 450,128 | 446,522 | 420,800 |
Interest expense | (220,492) | (222,894) | (219,654) |
Total return swap income | 8,707 | 10,098 | 11,716 |
Interest and other income | 23,010 | 24,604 | 27,305 |
Equity income from co-investments | 89,132 | 86,445 | 48,698 |
Loss on early retirement of debt | 0 | (1,796) | (606) |
Gain on sale of real estate and land | 61,861 | 26,423 | 154,561 |
Deferred tax expense on gain on sale of real estate and land | 0 | 0 | (4,410) |
Gain on remeasurement of co-investment | 1,253 | 88,641 | 0 |
Net income | 413,599 | 458,043 | 438,410 |
Net income attributable to noncontrolling interest | (9,994) | (10,159) | (9,342) |
Net income attributable to controlling interest | 403,605 | 447,884 | 429,068 |
Dividends to preferred stockholders | 0 | 0 | (1,314) |
Excess of redemption value of preferred stock over the carrying value | 0 | 0 | (2,541) |
Net income available to common stockholders | $ 403,605 | $ 447,884 | $ 425,213 |
Basic: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 5.91 | $ 6.58 | $ 6.28 |
Weighted average number of shares/units outstanding during the year (in shares) | 68,315,999 | 68,081,730 | 67,695,640 |
Diluted: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 5.90 | $ 6.57 | $ 6.27 |
Weighted average number of shares/units outstanding during the year (in shares) | 68,360,030 | 68,150,830 | 67,811,916 |
Rental and other property [Member] | |||
Revenues: | |||
Revenues | $ 1,390,870 | $ 1,354,325 | $ 1,285,723 |
Rental and other property [Member] | Essex Portfolio, L.P. [Member] | |||
Revenues: | |||
Revenues | 1,390,870 | 1,354,325 | 1,285,723 |
Management and other fees from affiliates [Member] | |||
Revenues: | |||
Revenues | 9,183 | 9,574 | 8,278 |
Management and other fees from affiliates [Member] | Essex Portfolio, L.P. [Member] | |||
Revenues: | |||
Revenues | $ 9,183 | $ 9,574 | $ 8,278 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 413,599 | $ 458,043 | $ 438,410 |
Other comprehensive income (loss): | |||
Change in fair value of derivatives and amortization of swap settlements | 7,824 | 12,744 | 15,926 |
Changes in fair value of marketable debt securities, net | (118) | 3,284 | (828) |
Reversal of unrealized gains upon the sale of marketable debt securities | 13 | (1,909) | (4,848) |
Total other comprehensive income | 7,719 | 14,119 | 10,250 |
Comprehensive income | 421,318 | 472,162 | 448,660 |
Comprehensive income attributable to noncontrolling interest | (23,702) | (25,451) | (23,768) |
Comprehensive income attributable to controlling interest | 397,616 | 446,711 | 424,892 |
Essex Portfolio, L.P. [Member] | |||
Net income | 413,599 | 458,043 | 438,410 |
Other comprehensive income (loss): | |||
Change in fair value of derivatives and amortization of swap settlements | 7,824 | 12,744 | 15,926 |
Changes in fair value of marketable debt securities, net | (118) | 3,284 | (828) |
Reversal of unrealized gains upon the sale of marketable debt securities | 13 | (1,909) | (4,848) |
Total other comprehensive income | 7,719 | 14,119 | 10,250 |
Comprehensive income | 421,318 | 472,162 | 448,660 |
Comprehensive income attributable to noncontrolling interest | (9,994) | (10,159) | (9,342) |
Comprehensive income attributable to controlling interest | $ 411,324 | $ 462,003 | $ 439,318 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Series H Preferred Stock [Member] | Common Stock [Member] | Additional paid-in capital [Member] | Distributions in excess of accumulated earnings [Member] | Accumulated other comprehensive loss, net [Member] | Noncontrolling Interest [Member] |
Balances at Dec. 31, 2015 | $ 6,337,023 | $ 73,750 | $ 6 | $ 7,003,317 | $ (797,329) | $ (42,011) | $ 99,290 |
Balances (in shares) at Dec. 31, 2015 | 2,950 | 65,379 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 438,410 | 414,979 | 23,431 | ||||
Reversal of unrealized gains upon the sale of marketable securities | (4,848) | (4,689) | (159) | ||||
Change in fair value of derivatives and amortization of swap settlements | 15,926 | 15,403 | 523 | ||||
Change in fair value of marketable securities, net | (828) | (801) | (27) | ||||
Issuance of common stock under: | |||||||
Stock option and restricted stock plans, net | 18,949 | 18,949 | |||||
Stock option and restricted stock plans, net (in shares) | 140 | ||||||
Sale of common stock, net | (384) | (384) | |||||
Equity based compensation costs | 10,899 | 8,246 | 2,653 | ||||
Redemption of Series H preferred stock | (73,750) | $ (73,750) | 2,541 | (2,541) | |||
Redemption of Series H preferred stock (in shares) | (2,950) | ||||||
Retirement of common stock, net | (1,045) | (1,045) | |||||
Retirement of common stock, net (in shares) | (5) | ||||||
Changes in the redemption value of redeemable noncontrolling interest | 768 | 172 | 596 | ||||
Distributions to noncontrolling interest | (25,854) | (25,854) | |||||
Redemptions of noncontrolling interest | (2,511) | (2,117) | (394) | ||||
Redemptions of noncontrolling interest (in shares) | 14 | ||||||
Preferred stock dividends ($0.45 per share) | (1,314) | (1,314) | |||||
Common stock dividends ($6.40 per share) | (419,204) | (419,204) | |||||
Balances at Dec. 31, 2016 | 6,292,237 | $ 0 | $ 6 | 7,029,679 | (805,409) | (32,098) | 100,059 |
Balances (in shares) at Dec. 31, 2016 | 0 | 65,528 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 458,043 | 433,059 | 24,984 | ||||
Reversal of unrealized gains upon the sale of marketable securities | (1,909) | (1,846) | (63) | ||||
Change in fair value of derivatives and amortization of swap settlements | 12,744 | 12,322 | 422 | ||||
Change in fair value of marketable securities, net | 3,284 | 3,176 | 108 | ||||
Issuance of common stock under: | |||||||
Stock option and restricted stock plans, net | 26,635 | 26,635 | |||||
Stock option and restricted stock plans, net (in shares) | 179 | ||||||
Sale of common stock, net | 89,055 | $ 1 | 89,054 | ||||
Sale of common stock, net (in shares) | 345 | ||||||
Equity based compensation costs | 11,302 | 9,529 | 1,773 | ||||
Changes in the redemption value of redeemable noncontrolling interest | (65) | (136) | 71 | ||||
Changes in noncontrolling interest from acquisition | 22,506 | 22,506 | |||||
Distributions to noncontrolling interest | (27,051) | (27,051) | |||||
Redemptions of noncontrolling interest | (28,580) | (25,190) | (3,390) | ||||
Redemptions of noncontrolling interest (in shares) | 2 | ||||||
Common stock dividends ($6.40 per share) | (461,376) | (461,376) | |||||
Balances at Dec. 31, 2017 | 6,396,825 | $ 0 | $ 7 | 7,129,571 | (833,726) | (18,446) | 119,419 |
Balances (in shares) at Dec. 31, 2017 | 0 | 66,054 | |||||
Issuance of common stock under: | |||||||
Cumulative adjustment to retained earnings | (2,234) | ||||||
Cumulative adjustment to retained earnings | ASU 2016-01 [Member] | 2,234 | (2,234) | |||||
Cumulative adjustment to retained earnings | ASU 2017-05 [Member] | 123,708 | 119,651 | 4,057 | ||||
Net income | 413,599 | 390,153 | 23,446 | ||||
Reversal of unrealized gains upon the sale of marketable securities | 13 | 13 | 0 | ||||
Change in fair value of derivatives and amortization of swap settlements | 7,824 | 7,564 | 260 | ||||
Change in fair value of marketable securities, net | (118) | (114) | (4) | ||||
Stock option and restricted stock plans, net | 6,213 | 6,213 | |||||
Stock option and restricted stock plans, net (in shares) | 41 | ||||||
Sale of common stock, net | (919) | (919) | |||||
Equity based compensation costs | 12,851 | 11,651 | 1,200 | ||||
Retirement of common stock, net | (51,233) | (51,233) | |||||
Retirement of common stock, net (in shares) | (210) | ||||||
Changes in the redemption value of redeemable noncontrolling interest | (1,164) | (1,143) | (21) | ||||
Changes in noncontrolling interest from acquisition | 7,919 | 7,919 | |||||
Distributions to noncontrolling interest | (29,233) | (29,233) | |||||
Redemptions of noncontrolling interest | (1,333) | (1,061) | (272) | ||||
Redemptions of noncontrolling interest (in shares) | 5 | ||||||
Common stock dividends ($6.40 per share) | (491,108) | (491,108) | |||||
Balances at Dec. 31, 2018 | $ 6,393,844 | $ 0 | $ 7 | $ 7,093,079 | $ (812,796) | $ (13,217) | $ 126,771 |
Balances (in shares) at Dec. 31, 2018 | 0 | 65,890 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Preferred stock dividends (in dollars per share) | $ 0.45 | ||||||||||
Dividends declared (in dollars per share) | $ 1.86 | $ 1.86 | $ 1.86 | $ 1.86 | $ 1.75 | $ 1.75 | $ 1.75 | $ 1.75 | $ 7.44 | $ 7 | $ 6.40 |
Consolidated Statements of Capi
Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net income | $ 124,440 | $ 96,639 | $ 109,662 | $ 187,551 | $ 413,599 | $ 458,043 | $ 438,410 |
Reversal of unrealized gains upon the sale of marketable securities | 13 | (1,909) | (4,848) | ||||
Change in fair value of derivatives and amortization of swap settlements | 7,824 | 12,744 | 15,926 | ||||
Change in fair value of marketable securities, net | (118) | 3,284 | (828) | ||||
Issuance of common stock under: | |||||||
Sale of common stock by general partner, net | (919) | 89,055 | (384) | ||||
Retirement of common stock, net | (51,233) | (1,045) | |||||
Changes in the redemption value of redeemable noncontrolling interest | (1,164) | (65) | 768 | ||||
Changes in noncontrolling interest from acquisition | 7,919 | 22,506 | |||||
Distributions to noncontrolling interests | (29,233) | (27,051) | (25,854) | ||||
Redemptions | (1,333) | (28,580) | (2,511) | ||||
Preferred stock dividends ($0.45 per share) | (1,314) | ||||||
ASU 2017-05 [Member] | |||||||
Issuance of common stock under: | |||||||
Cumulative adjustment to retained earnings | 123,708 | 123,708 | |||||
Essex Portfolio, L.P. [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | 6,396,825 | 6,292,237 | 6,396,825 | 6,292,237 | 6,337,023 | ||
Net income | 124,440 | 96,639 | 109,662 | 187,551 | 413,599 | 458,043 | 438,410 |
Reversal of unrealized gains upon the sale of marketable securities | 13 | (1,909) | (4,848) | ||||
Change in fair value of derivatives and amortization of swap settlements | 7,824 | 12,744 | 15,926 | ||||
Change in fair value of marketable securities, net | (118) | 3,284 | (828) | ||||
Issuance of common stock under: | |||||||
General partner's stock based compensation, net | 6,213 | 26,635 | 18,949 | ||||
Sale of common stock by general partner, net | (919) | 89,055 | (384) | ||||
Equity based compensation costs | 12,851 | 11,302 | 10,899 | ||||
Redemption of Series H preferred units | (73,750) | ||||||
Retirement of common stock, net | (51,233) | (1,045) | |||||
Changes in the redemption value of redeemable noncontrolling interest | (1,164) | (65) | 768 | ||||
Changes in noncontrolling interest from acquisition | 22,506 | ||||||
Distributions to noncontrolling interests | (12,174) | (11,078) | (11,296) | ||||
Redemptions | (1,333) | (28,580) | (2,511) | ||||
Preferred stock dividends ($0.45 per share) | (1,314) | ||||||
Distributions declared | (508,167) | (477,349) | (433,762) | ||||
Balances | 6,393,844 | 6,396,825 | 6,393,844 | 6,396,825 | 6,292,237 | ||
Essex Portfolio, L.P. [Member] | ASU 2016-01 [Member] | |||||||
Issuance of common stock under: | |||||||
Cumulative adjustment to retained earnings | 0 | 0 | |||||
Essex Portfolio, L.P. [Member] | ASU 2017-05 [Member] | |||||||
Issuance of common stock under: | |||||||
Cumulative adjustment to retained earnings | 123,708 | 123,708 | |||||
Essex Portfolio, L.P. [Member] | Accumulated other comprehensive loss, net [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | (15,229) | (29,348) | (15,229) | (29,348) | (39,598) | ||
Reversal of unrealized gains upon the sale of marketable securities | 13 | (1,909) | (4,848) | ||||
Change in fair value of derivatives and amortization of swap settlements | 7,824 | 12,744 | 15,926 | ||||
Change in fair value of marketable securities, net | (118) | 3,284 | (828) | ||||
Issuance of common stock under: | |||||||
Balances | (9,738) | (15,229) | (9,738) | (15,229) | (29,348) | ||
Essex Portfolio, L.P. [Member] | Accumulated other comprehensive loss, net [Member] | ASU 2016-01 [Member] | |||||||
Issuance of common stock under: | |||||||
Cumulative adjustment to retained earnings | (2,228) | (2,228) | |||||
Essex Portfolio, L.P. [Member] | Noncontrolling Interest [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | 66,410 | 47,873 | 66,410 | 47,873 | 49,642 | ||
Net income | 9,994 | 10,159 | 9,342 | ||||
Issuance of common stock under: | |||||||
Changes in the redemption value of redeemable noncontrolling interest | 68 | (65) | 596 | ||||
Changes in noncontrolling interest from acquisition | 22,506 | ||||||
Distributions to noncontrolling interests | (12,174) | (11,078) | (11,296) | ||||
Redemptions | (67) | (2,985) | (411) | ||||
Balances | 64,231 | 66,410 | 64,231 | 66,410 | 47,873 | ||
Essex Portfolio, L.P. [Member] | General Partner [Member] | Common Equity [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | $ 6,295,852 | $ 6,224,276 | $ 6,295,852 | $ 6,224,276 | $ 6,208,535 | ||
Balances (in shares) | 66,054 | 65,528 | 66,054 | 65,528 | 65,379 | ||
Net income | $ 390,153 | $ 433,059 | $ 411,124 | ||||
Issuance of common stock under: | |||||||
General partner's stock based compensation, net | $ 6,213 | $ 26,635 | $ 18,949 | ||||
General partner's stock based compensation, net (in shares) | 41 | 179 | 140 | ||||
Sale of common stock by general partner, net | $ (919) | $ 89,055 | $ (384) | ||||
Sale of common stock by general partner, net (in shares) | 0 | 345 | |||||
Equity based compensation costs | $ 11,651 | $ 9,529 | 8,246 | ||||
Retirement of common stock, net | $ (51,233) | $ (1,045) | |||||
Retirement of common stock, net (in shares) | (210) | (5) | |||||
Changes in the redemption value of redeemable noncontrolling interest | $ (1,143) | (136) | $ 172 | ||||
Redemptions | $ (1,061) | $ (25,190) | $ (2,117) | ||||
Redemptions (in shares) | (5) | (2) | (14) | ||||
Distributions declared | $ (491,108) | $ (461,376) | $ (419,204) | ||||
Balances | $ 6,280,290 | $ 6,295,852 | $ 6,280,290 | $ 6,295,852 | $ 6,224,276 | ||
Balances (in shares) | 65,890 | 66,054 | 65,890 | 66,054 | 65,528 | ||
Essex Portfolio, L.P. [Member] | General Partner [Member] | Common Equity [Member] | ASU 2016-01 [Member] | |||||||
Issuance of common stock under: | |||||||
Cumulative adjustment to retained earnings | $ 2,234 | $ 2,234 | |||||
Essex Portfolio, L.P. [Member] | General Partner [Member] | Common Equity [Member] | ASU 2017-05 [Member] | |||||||
Issuance of common stock under: | |||||||
Cumulative adjustment to retained earnings | 119,651 | 119,651 | |||||
Essex Portfolio, L.P. [Member] | General Partner [Member] | Preferred Equity [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | $ 0 | $ 0 | $ 0 | 0 | $ 71,209 | ||
Net income | 3,855 | ||||||
Issuance of common stock under: | |||||||
Redemption of Series H preferred units | (73,750) | ||||||
Preferred stock dividends ($0.45 per share) | (1,314) | ||||||
Distributions declared | 0 | ||||||
Balances | $ 0 | 0 | 0 | 0 | 0 | ||
Essex Portfolio, L.P. [Member] | Limited Partner [Member] | Common Equity [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | $ 49,792 | $ 49,436 | $ 49,792 | $ 49,436 | $ 47,235 | ||
Balances (in shares) | 2,268 | 2,237 | 2,268 | 2,237 | 2,215 | ||
Net income | $ 13,452 | $ 14,825 | $ 14,089 | ||||
Issuance of common stock under: | |||||||
Equity based compensation costs | $ 1,200 | $ 1,773 | $ 2,653 | ||||
Equity based compensation costs (in shares) | 11 | 33 | 37 | ||||
Changes in the redemption value of redeemable noncontrolling interest | $ (89) | $ 136 | |||||
Changes in noncontrolling interest from acquisition | $ 7,919 | ||||||
Contributions from noncontrolling interest (in shares) | 31 | ||||||
Redemptions | $ (205) | $ (405) | $ 17 | ||||
Redemptions (in shares) | (5) | (2) | (15) | ||||
Distributions declared | $ (17,059) | $ (15,973) | $ (14,558) | ||||
Balances | $ 59,061 | $ 49,792 | $ 59,061 | $ 49,792 | $ 49,436 | ||
Balances (in shares) | 2,305 | 2,268 | 2,305 | 2,268 | 2,237 | ||
Essex Portfolio, L.P. [Member] | Limited Partner [Member] | Common Equity [Member] | ASU 2016-01 [Member] | |||||||
Issuance of common stock under: | |||||||
Cumulative adjustment to retained earnings | $ (6) | $ (6) | |||||
Essex Portfolio, L.P. [Member] | Limited Partner [Member] | Common Equity [Member] | ASU 2017-05 [Member] | |||||||
Issuance of common stock under: | |||||||
Cumulative adjustment to retained earnings | $ 4,057 | $ 4,057 |
Consolidated Statements of Ca_2
Consolidated Statements of Capital (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Preferred stock dividends (in dollars per share) | $ 0.45 | ||
Essex Portfolio, L.P. [Member] | |||
Preferred stock dividends (in dollars per share) | 0.45 | ||
Essex Portfolio, L.P. [Member] | Preferred Equity [Member] | |||
Preferred stock dividends (in dollars per share) | $ 7.44 | $ 7 | $ 6.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 413,599 | $ 458,043 | $ 438,410 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 479,884 | 468,881 | 441,682 |
Amortization of discount on marketable securities | (17,637) | (15,119) | (14,211) |
Amortization of (premium) discount and financing costs, net | (2,587) | (5,948) | (15,234) |
Gain on sale of marketable securities | (737) | (1,909) | (5,719) |
Unrealized gain on equity securities recognized through income | 5,159 | 0 | 0 |
Company's share of gain on the sales of co-investments | (10,569) | (44,837) | (13,046) |
Earnings from co-investments | (78,563) | (41,608) | (35,652) |
Operating distributions from co-investments | 99,593 | 76,764 | 60,472 |
Accrued interest from notes and other receivables | (5,436) | (4,030) | (302) |
Gain on the sale of real estate and land | (61,861) | (26,423) | (154,561) |
Equity-based compensation | 7,135 | 9,286 | 9,811 |
Loss on early retirement of debt, net | 0 | 1,796 | 606 |
Gain on remeasurement of co-investment | (1,253) | (88,641) | 0 |
Changes in operating assets and liabilities: | |||
Prepaid expenses, receivables and other assets | (1,203) | (3,004) | 2,730 |
Accounts payable and accrued liabilities | (145) | (13,474) | 2,302 |
Other liabilities | 1,175 | (170) | (496) |
Net cash provided by operating activities | 826,554 | 769,607 | 716,792 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures | (15,311) | (206,194) | (315,632) |
Redevelopment | (73,000) | (69,928) | (83,927) |
Development acquisitions of and additions to real estate under development | (182,772) | (137,733) | (75,367) |
Capital expenditures on rental properties | (81,684) | (72,812) | (64,769) |
Acquisition of membership interest in co-investments | 0 | 0 | 0 |
Investments in notes receivable | 0 | (106,461) | (24,070) |
Collections of notes and other receivables | 29,500 | 55,000 | 4,070 |
Proceeds from insurance for property losses | 1,408 | 648 | 5,543 |
Proceeds from dispositions of real estate | 347,587 | 132,039 | 239,289 |
Contributions to co-investments | (162,437) | (293,363) | (183,989) |
Changes in refundable deposits | (414) | 837 | (2,129) |
Purchases of marketable securities | (37,952) | (67,893) | (18,779) |
Sales and maturities of marketable securities | 31,521 | 35,481 | 30,458 |
Non-operating distributions from co-investments | 83,661 | 162,439 | 76,231 |
Net cash used in investing activities | (59,893) | (567,940) | (413,071) |
Cash flows from financing activities: | |||
Proceeds from unsecured debt and mortgage notes | 298,773 | 597,981 | 669,282 |
Payments on unsecured debt and mortgage notes | (230,398) | (561,160) | (532,020) |
Proceeds from lines of credit | 742,961 | 982,246 | 596,106 |
Repayments of lines of credit | (921,961) | (928,246) | (486,106) |
Repayment of cumulative redeemable preferred stock | 0 | 0 | (73,750) |
Retirement of common stock | (51,233) | 0 | (1,045) |
Additions to deferred charges | (4,250) | (4,108) | (7,926) |
Payments related to debt prepayment penalties | 0 | (1,630) | (215) |
Net proceeds from issuance of common stock | (919) | 89,055 | (384) |
Net proceeds from stock options exercised | 6,213 | 26,635 | 18,949 |
Payments related to tax withholding for share-based compensation | (869) | (316) | (386) |
Distributions to noncontrolling interest | (29,050) | (26,552) | (25,334) |
Redemption of noncontrolling interest | (1,333) | (28,580) | (2,511) |
Redemption of redeemable noncontrolling interest | (144) | (5,543) | 0 |
Common and preferred stock/units dividends paid and preferred interest distributions paid | (484,182) | (450,625) | (411,134) |
Net cash used in financing activities | (676,392) | (310,843) | (256,474) |
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 90,269 | (109,176) | 47,247 |
Unrestricted and restricted cash and cash equivalents at beginning of period | 61,126 | 170,302 | 123,055 |
Unrestricted and restricted cash and cash equivalents at end of period | 151,395 | 61,126 | 170,302 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 203,803 | 212,163 | 203,743 |
Interest capitalized | 18,708 | 13,860 | 12,486 |
Supplemental disclosure of noncash investing and financing activities: | |||
Issuance of Operating Partnership units for contributed properties | 7,919 | 0 | 0 |
Issuance of DownREIT limited partnership units in connection with acquisition of real estate | 0 | 22,506 | 0 |
Transfers between real estate under development to rental properties, net | 100,415 | 2,413 | 104,159 |
Transfer from real estate under development to co-investments | 853 | 5,075 | 9,919 |
Reclassifications to (from) redeemable noncontrolling interest to or from additional paid in capital and noncontrolling interest | 1,165 | 65 | (768) |
Redemption of redeemable noncontrolling interest via reduction of note receivable | 4,751 | 0 | 0 |
Debt assumed in connection with acquisition | 45,804 | 51,882 | 48,832 |
Debt deconsolidated in connection with BEX II transaction | 0 | 0 | 20,195 |
Repayment of mortgage note from new financing proceeds | 52,000 | 0 | 0 |
Essex Portfolio, L.P. [Member] | |||
Cash flows from operating activities: | |||
Net income | 413,599 | 458,043 | 438,410 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 479,884 | 468,881 | 441,682 |
Amortization of discount on marketable securities | (17,637) | (15,119) | (14,211) |
Amortization of (premium) discount and financing costs, net | (2,587) | (5,948) | (15,234) |
Gain on sale of marketable securities | (737) | (1,909) | (5,719) |
Unrealized gain on equity securities recognized through income | 5,159 | 0 | 0 |
Company's share of gain on the sales of co-investments | (10,569) | (44,837) | (13,046) |
Earnings from co-investments | (78,563) | (41,608) | (35,652) |
Operating distributions from co-investments | 99,593 | 76,764 | 60,472 |
Accrued interest from notes and other receivables | (5,436) | (4,030) | (302) |
Gain on the sale of real estate and land | (61,861) | (26,423) | (154,561) |
Equity-based compensation | 7,135 | 9,286 | 9,811 |
Loss on early retirement of debt, net | 0 | 1,796 | 606 |
Gain on remeasurement of co-investment | (1,253) | (88,641) | 0 |
Changes in operating assets and liabilities: | |||
Prepaid expenses, receivables and other assets | (1,203) | (3,004) | 2,730 |
Accounts payable and accrued liabilities | (145) | (13,474) | 2,302 |
Other liabilities | 1,175 | (170) | (496) |
Net cash provided by operating activities | 826,554 | 769,607 | 716,792 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures | (15,311) | (206,194) | (315,632) |
Redevelopment | (73,000) | (69,928) | (83,927) |
Development acquisitions of and additions to real estate under development | (182,772) | (137,733) | (75,367) |
Capital expenditures on rental properties | (81,684) | (72,812) | (64,769) |
Investments in notes receivable | 0 | (106,461) | (24,070) |
Collections of notes and other receivables | 29,500 | 55,000 | 4,070 |
Proceeds from insurance for property losses | 1,408 | 648 | 5,543 |
Proceeds from dispositions of real estate | 347,587 | 132,039 | 239,289 |
Contributions to co-investments | (162,437) | (293,363) | (183,989) |
Changes in refundable deposits | (414) | 837 | (2,129) |
Purchases of marketable securities | (37,952) | (67,893) | (18,779) |
Sales and maturities of marketable securities | 31,521 | 35,481 | 30,458 |
Non-operating distributions from co-investments | 83,661 | 162,439 | 76,231 |
Net cash used in investing activities | (59,893) | (567,940) | (413,071) |
Cash flows from financing activities: | |||
Proceeds from unsecured debt and mortgage notes | 298,773 | 597,981 | 669,282 |
Payments on unsecured debt and mortgage notes | (230,398) | (561,160) | (532,020) |
Proceeds from lines of credit | 742,961 | 982,246 | 596,106 |
Repayments of lines of credit | (921,961) | (928,246) | (486,106) |
Repayment of cumulative redeemable preferred stock | 0 | 0 | (73,750) |
Retirement of common stock | (51,233) | 0 | (1,045) |
Additions to deferred charges | (4,250) | (4,108) | (7,926) |
Payments related to debt prepayment penalties | 0 | (1,630) | (215) |
Net proceeds from issuance of common stock | (919) | 89,055 | (384) |
Net proceeds from stock options exercised | 6,213 | 26,635 | 18,949 |
Payments related to tax withholding for share-based compensation | (869) | (316) | (386) |
Distributions to noncontrolling interest | (8,518) | (7,752) | (6,960) |
Redemption of noncontrolling interest | (1,333) | (28,580) | (2,511) |
Redemption of redeemable noncontrolling interest | (144) | (5,543) | 0 |
Common and preferred stock/units dividends paid and preferred interest distributions paid | (504,714) | (469,425) | (429,508) |
Net cash used in financing activities | (676,392) | (310,843) | (256,474) |
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 90,269 | (109,176) | 47,247 |
Unrestricted and restricted cash and cash equivalents at beginning of period | 61,126 | 170,302 | 123,055 |
Unrestricted and restricted cash and cash equivalents at end of period | 151,395 | 61,126 | 170,302 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 203,803 | 212,163 | 203,743 |
Interest capitalized | 18,708 | 13,860 | 12,486 |
Supplemental disclosure of noncash investing and financing activities: | |||
Issuance of Operating Partnership units for contributed properties | 7,919 | 0 | 0 |
Issuance of DownREIT limited partnership units in connection with acquisition of real estate | 0 | 22,506 | 0 |
Transfers between real estate under development to rental properties, net | 100,415 | 2,413 | 104,159 |
Transfer from real estate under development to co-investments | 853 | 5,075 | 9,919 |
Reclassifications to (from) redeemable noncontrolling interest to or from additional paid in capital and noncontrolling interest | 1,165 | 65 | (768) |
Redemption of redeemable noncontrolling interest via reduction of note receivable | 4,751 | 0 | 0 |
Debt assumed in connection with acquisition | 45,804 | 51,882 | 48,832 |
Debt deconsolidated in connection with BEX II transaction | 0 | 0 | 20,195 |
Repayment of mortgage note from new financing proceeds | $ 52,000 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization The accompanying consolidated financial statements present the accounts of Essex Property Trust, Inc. ("Essex" or the "Company"), which include the accounts of the Company and Essex Portfolio, L.P. and its subsidiaries (the "Operating Partnership," which holds the operating assets of the Company). Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. Essex is the sole general partner in the Operating Partnership with a 96.6% general partner interest and the limited partners owned a 3.4% interest as of December 31, 2018 . The limited partners may convert their Operating Partnership units into an equivalent number of shares of Essex common stock. Total Operating Partnership limited partnership units outstanding were 2,305,389 and 2,268,114 as of December 31, 2018 and 2017 , respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $565.3 million and $547.5 million , as of December 31, 2018 and 2017 , respectively. The Company has reserved shares of common stock for such conversions. As of December 31, 2018 , the Company owned or had ownership interests in 245 operating apartment communities, aggregating 59,661 apartment homes, excluding the Company's ownership in preferred interest co-investments, loan investments, one operating commercial building, and six active developments. The Communities are located in Southern California (Los Angeles, Orange, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan areas. |
Summary of Critical and Signifi
Summary of Critical and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Critical and Significant Accounting Policies | Summary of Critical and Significant Accounting Policies (a) Principles of Consolidation and Basis of Presentation The accounts of the Company, its controlled subsidiaries and the variable interest entities ("VIEs") in which it is the primary beneficiary are consolidated in the accompanying financial statements and prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant inter-company accounts and transactions have been eliminated. Certain reclassifications have been made to conform to the current year’s presentation, including the reclassification of corporate-level property management expenses out of property operating, excluding real estate taxes to its own line item on the Company's consolidated statements of income and comprehensive income. $13.2 million has been reclassified out of other assets and into buildings and improvements on the Company's consolidated balance sheets as of December 31, 2017. Such reclassifications had no net effect on previously reported financial results. Noncontrolling interest includes the 3.4% limited partner interests in the Operating Partnership not held by the Company at both December 31, 2018 and 2017 . These percentages include the Operating Partnership’s vested long term incentive plan units (see Note 13). (b) Accounting Pronouncements Adopted in the Current Year In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 "Revenue from Contracts with Customers." The new standard provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. The new standard requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. The Company adopted ASU 2014-09 as of January 1, 2018, using the modified retrospective approach. See Note 4, Revenues, for further details. In January 2016, the FASB issued ASU No. 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities", which requires changes to the classification and measurement of investments in certain equity securities and to the presentation of certain fair value changes for financial liabilities measured at fair value. The Company adopted ASU No. 2016-01 as of January 1, 2018 using the modified retrospective method by applying a cumulative effect adjustment to retained earnings and partners' capital of $2.2 million, representing accumulated net unrealized gains of certain equity securities held by the Company. Furthermore, as a result of the adoption of this standard, the Company will recognize changes in the fair value of equity investments with readily determinable fair values through net income as opposed to comprehensive income. In August 2016, the FASB issued ASU No. 2016-15 "Classification of Certain Cash Receipts and Cash Payments", which requires entities to adhere to a uniform classification and presentation of certain cash receipts and cash payments in the statement of cash flows. The amendments in this update provide guidance on eight specific cash flow issues.The Company adopted ASU No. 2016-15 as of January 1, 2018 using the retrospective transition method. This amendment did not have a material impact on the Company's consolidated results of operations or financial position. In November 2016, the FASB issued ASU No. 2016-18 "Statement of Cash Flows", which requires entities to include restricted cash and restricted cash equivalents in the reconciliation of beginning-of-period to the end-of-period of cash and cash equivalents in the statement of cash flows. This new standard seeks to eliminate the current diversity in practice in how changes in restricted cash and restricted cash equivalents is presented in the statement of cash flows. The Company adopted ASU No. 2016-18 as of January 1, 2018 using the retrospective transition method. This amendment did not have a material impact on the Company's consolidated results of operations or financial position. In January 2017, the FASB issued ASU No. 2017-01 "Business Combinations: Clarifying the Definition of a Business", which provides a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Previously, U.S. GAAP did not specify the minimum inputs and processes required for an integrated set of assets and activities to meet the definition of a business, causing a broad interpretation of the definition of a business. The Company adopted ASU No. 2017-01 as of January 1, 2018 prospectively. The Company expects that substantially all of its acquisitions of communities will qualify as asset acquisitions and transaction costs related to these acquisitions will be capitalized upon adoption. In February 2017, the FASB issued ASU No. 2017-05 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets", which adds guidance for partial sales of nonfinancial assets, including partial sales of real estate. Historically, U.S. GAAP contained several different accounting models to evaluate whether the transfer of certain assets qualified for sale treatment. This new standard reduces the number of potential accounting models that might apply and clarifies which model does apply in various circumstances. Partial sales of nonfinancial assets are common in the real estate industry and include transactions in which the seller retains an equity interest in the entity that owns the assets or has an equity interest in the buyer. The Company adopted ASU No. 2017-05 concurrently with the adoption of ASU No. 2014-09 "Revenue from Contracts with Customers" as of January 1, 2018 using the modified retrospective method by applying a cumulative effect adjustment to retained earnings and partners' capital of $123.7 million representing the partial sale of its membership interest in BEX II, LLC ("BEX II") during the fourth quarter of 2016. (c) Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02 "Leases", which requires an entity that is a lessee to classify leases as either finance or operating and to recognize a lease liability and a right-of-use asset for all leases that have a duration of greater than 12 months. Leases of 12 months or less will be accounted for similar to existing guidance for operating leases today. For lessors, accounting for leases under the new standard will be substantially the same as existing guidance for sales-type leases, direct financing leases, and operating leases, but eliminates current real estate specific provisions and changes the treatment of initial direct costs. The Company expects that its residential and commercial leases, where it is the lessor, will continue to be accounted for as operating leases under the new standard. In July 2018, the FASB issued ASU No. 2018-11 "Leases (Topic 842): Targeted Improvements," which includes a practical expedient that allows lessors to not separate nonlease components from the associated lease component. This provides the Company with the option of not bifurcating certain common area maintenance recoveries as a non-lease component, if certain requirements are met. The Company expects to elect this practical expedient, which would result in minimum rents and expense recoveries being presented as a single rental revenue line item in the consolidated statement of income and comprehensive income. For leases where the Company is the lessee, which includes various corporate office and ground leases, the Company will be required to recognize a right of use asset and related lease liability on its consolidated balance sheets upon adoption. The Company expects that its corporate office leases, where it is the lessee, will continue to be accounted for as operating leases. The Company also expects to elect a package of practical expedients, under which the Company would not be required to reassess the classification of existing ground leases. The new standards will be effective for the Company beginning January 1, 2019 and early adoption is permitted, including adoption in an interim period. The new standard will be effective for the Company beginning January 1, 2019 and the Company estimates the adoption will result in the recognition of operating lease assets and operating lease liabilities not expected to exceed $85 million . In June 2016, the FASB issued ASU No. 2016-13 "Measurement of Credit Losses on Financial Instruments", which amends the current approach to estimate credit losses on certain financial assets, including trade and other receivables, available-for-sale securities, and other financial instruments. Generally, this amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Currently, U.S. GAAP requires entities to write down credit losses only when losses are probable and loss reversals are not permitted. The new standard will be effective for the Company beginning on January 1, 2020 and early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated results of operations and financial position. In August 2017, the FASB issued ASU No. 2017-12 "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities", which, among other things, requires entities to present the earnings effect of hedging instruments in the same income statement line item in which the earnings effect of the hedged item is reported. The new standard also adds new disclosure requirements. This new standard will be effective for the Company beginning January 1, 2019 and early adoption is permitted. The Company expects to apply the new standard on January 1, 2019 and does not expect that this amendment will have a material effect on its consolidated results of operations or financial position. In August 2018, the FASB issued ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," which eliminates certain disclosure requirements affecting all levels of measurements, and modifies and adds new disclosure requirements for Level 3 measurements. The new standard will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company expects to apply the new standard on January 1, 2020 and does not expect the adoption to have a material impact on the Company's consolidated results of operations or financial position. (d) Real Estate Rental Properties Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new tenant or if the development activities cease. The Company allocates the purchase price of real estate to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired. The value of acquired in-place leases are amortized to expense over the average remaining term of the leases acquired. The net carrying value of acquired in-place leases is $0.1 million and $0.4 million as of December 31, 2018 and 2017 , respectively, and are included in prepaid expenses and other assets on the Company's consolidated balance sheets. The Company performs the following evaluation for communities acquired: (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 buildings including personal property; (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. Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment or held for sale may not be fully recoverable, the carrying amount will be evaluated for impairment. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost and fair value less estimated costs to sell. As of both December 31, 2018 and 2017, no properties were classified as held for sale. No impairment charges were recorded for the years ended December 31, 2018 , 2017 or 2016. In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when all criteria under the accounting standard for the disposals of long-lived assets have been met. (e) Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects. Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of co-investments in the consolidated statement of income equal to the amount by which the fair value of the co-investment interest in the Company previously owned exceeds its carrying value. A majority of the co-investments, excluding the preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote income if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments. The Company reports investments in co-investments where accumulated distributions have exceeded the Company’s investment as distributions in excess of investments in co-investments in the accompanying consolidated balance sheets. As of December 31, 2017, the net investment of one of the Company’s co-investments was less than zero as a result of financing distributions in excess of the Company's investment in that co-investment. As a result of the Company's adoption of ASU No. 2017-05 on January 1, 2018, the carrying value of this co-investment was greater than zero as of December 31, 2018. (f) Revenues and Gains on Sale of Real Estate Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 6 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. Subsequent to the adoption of ASU 610-20 on January 1, 2018, the Company recognizes any gains on sales of real estate when we transfer control of a property and when it is probable that we will collect substantially all of the related consideration. (g) Cash, Cash Equivalents and Restricted Cash Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands): 2018 2017 2016 Cash and cash equivalents - unrestricted $ 134,465 $ 44,620 $ 64,921 Cash and cash equivalents - restricted 16,930 16,506 105,381 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 151,395 $ 61,126 $ 170,302 (h) Marketable Securities The Company reports its equity securities and available for sale debt securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds, Level 2 for the unsecured bonds and Level 3 for investments in mortgage backed securities, as defined by the FASB standard for fair value measurements as discussed later in Note 2). Any unrealized gain or loss in debt securities classified as available for sale is recorded as other comprehensive income. There were no other than temporary impairment charges for the years ended December 31, 2018 , 2017 , and 2016 . Unrealized gains and losses in equity securities, realized gains and losses in debt securities, interest income, and amortization of purchase discounts are included in interest and other income on the consolidated statements of income and comprehensive income. As of December 31, 2018 and 2017 , equity securities and available for sale debt securities consisted primarily of investment-grade unsecured bonds, common stock and stock funds, investments in mortgage backed securities, and investment funds that invest in U.S. treasury or agency securities. As of December 31, 2018 and 2017 , the Company classified its investments in mortgage backed securities, which mature in November 2019 and September 2020 , as held to maturity, and accordingly, these securities are stated at their amortized cost. The discount on the mortgage backed securities is being amortized to interest income based on an estimated yield and the maturity date of the securities. As of December 31, 2018 and 2017 marketable securities consist of the following ($ in thousands): December 31, 2018 Amortized Cost Gross Unrealized Loss Carrying Value Equity securities: Investment funds - debt securities $ 31,934 $ (568 ) $ 31,366 Investment funds - U.S. treasuries 8,983 (31 ) 8,952 Common stock and stock funds 39,731 (1,671 ) 38,060 Debt securities: Available for sale Investment-grade unsecured bonds 4,125 (145 ) 3,980 Held to maturity: Mortgage backed securities 127,187 — 127,187 Total - Marketable securities $ 211,960 $ (2,415 ) $ 209,545 December 31, 2017 Amortized Cost Gross Unrealized Gain (Loss) Carrying Value Equity securities: Investment funds - debt securities $ 27,914 $ (29 ) $ 27,885 Investment funds - U.S. treasuries 10,999 (55 ) 10,944 Common stock and stock funds 34,329 2,973 37,302 Debt securities: Available for sale Investment-grade unsecured bonds 4,365 (40 ) 4,325 Held to maturity: Mortgage backed securities 109,548 — 109,548 Total - Marketable securities $ 187,155 $ 2,849 $ 190,004 The Company uses the specific identification method to determine the cost basis of a debt security sold and to reclassify amounts from accumulated other comprehensive loss for such securities. For the years ended December 31, 2018 , 2017 and 2016 , the proceeds from sales and maturities of marketable securities totaled $31.5 million , $35.5 million and $30.5 million , respectively. For the years ended December 31, 2018 , 2017 and 2016 these sales resulted in gains of $0.7 million , $1.9 million , and $5.7 million , respectively. For the year ended December 31, 2018 , the portion of equity security unrealized loss that was recognized in income totaled $5.2 million , and was included in interest and other income on the Company's consolidated statements of income and comprehensive income. (i) Notes Receivable Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate. Interest is recognized over the life of the note as interest income. Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. As of December 31, 2018 and 2017 , no notes were impaired. (j) Capitalization Policy The Company capitalizes all direct and certain indirect costs, including interest, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various corporate and community onsite costs that clearly relate to projects under development. Those costs as well as capitalized development and redevelopment fees totaled $18.6 million , $18.8 million and $16.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, most of which relates to development projects. The Company capitalizes leasing costs associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized are immaterial for all periods presented. (k) Fair Value of Financial Instruments The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities except for unsecured bonds and mortgage backed securities. The Company uses Level 2 inputs for its investments in unsecured bonds, notes receivable, notes payable, and derivative assets/liabilities. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 9. The Company uses Level 3 inputs to estimate the fair value of its mortgage backed securities. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Management believes that the carrying amounts of the outstanding balances under its lines of credit, and notes and other receivables approximate fair value as of December 31, 2018 and 2017 , because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments. Management has estimated that the fair value of fixed rate debt with a carrying value of $5.0 billion and $4.9 billion at December 31, 2018 and 2017 , respectively, to be $5.0 billion at both December 31, 2018 and 2017. Management has estimated the fair value of the Company’s $619.6 million and $799.2 million of variable rate debt at December 31, 2018 and 2017 , respectively, to be $615.2 million and $793.9 million based on the terms of existing mortgage notes payable, unsecured debt, and variable rate demand notes compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities and dividends payable approximate fair value as of December 31, 2018 and 2017 due to the short-term maturity of these instruments. Marketable securities, except mortgage backed securities, and derivatives are carried at fair value as of December 31, 2018 and 2017 . At December 31, 2018 and 2017 , the Company’s investments in mortgage backed securities had a carrying value of $127.2 million and $109.5 million , respectively. The Company estimated the fair value of investment in mortgage backed securities at December 31, 2018 and 2017 to be approximately $129.5 million and $120.7 million , respectively. The Company determines the fair value of the mortgage backed securities based on unobservable inputs (Level 3 of the fair value hierarchy) considering the assumptions that market participants would make in valuing these securities. Assumptions such as estimated default rates and discount rates are used to determine expected, discounted cash flows to estimate the fair value. (l) Interest Rate Protection, Swap, and Forward Contracts The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate swaps and interest rate caps as part of its cash flow hedging strategy. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated for accounting purposes as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated for accounting purposes as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated for accounting purposes as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps are considered cash flow hedges. (m) Income Taxes Generally in any year in which Essex qualifies as a real estate investment trust ("REIT") under the Internal Revenue Code (the "IRC"), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2018 as Essex has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude Essex from paying federal income tax. In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. In general, the activities and tax related provisions, assets and liabilities are not material. In 2016, a taxable REIT subsidiary sold two properties that it had acquired in 2007, resulting in the Company's recognition of a deferred income tax expense of approximately $4.4 million . On December 22, 2017 the Tax Cuts and Jobs Act ("Tax Act") was signed into law, which reduced the federal income tax rate from 35% to 21% effective January 1, 2018. As a result of the Tax Act, the Company remeasured its net deferred tax liabilities at December 31, 2017, accordingly a net tax benefit of $1.5 million was recorded. As a partnership, the Operating Partnership is not subject to federal or state income taxes, except that in order to maintain Essex's compliance with REIT tax rules that are applicable to Essex, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership. The status of cash |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Investments, Net [Abstract] | |
Real Estate Investments | Real Estate Investments (a) Acquisitions of Real Estate For the year ended December 31, 2018, the Company purchased a partial interest in one community consisting of 166 apartment homes for $35.4 million . The table below summarizes acquisition activity for the year ended December 31, 2018 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2018 Purchase Price Marquis (1) San Jose, CA 166 100 % Q4 $ 35.4 Total 2018 166 $ 35.4 (1) In December 2018, the Company purchased the joint venture partner's 49.9% membership interest in the Marquis co-investment. As part of the acquisition, the Company paid $4.7 million in cash and issued Operating Partnership units valued at $7.9 million , based on an estimated property valuation of $71.0 million and an encumbrance of $45.8 million of mortgage debt. The consolidated fair value of the acquisition listed above was included on the Company's consolidated balance sheet as follows: $20.5 million was included in land and land improvements, $47.8 million was included in buildings and improvements, and $2.7 million was included in prepaid expenses and other assets and liabilities, within the Company's consolidated balance sheets. For the year ended December 31, 2017, the Company purchased two communities consisting of 1,328 apartment homes for $273.0 million . (b) Sales of Real Estate Investments For the year ended December 31, 2018, the Company sold two communities consisting of 669 apartment homes for $352.0 million resulting in gains totaling $61.9 million . The table below summarizes disposition activity of operating communities for the year ended December 31, 2018 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Ownership Quarter in 2018 Sales Price Gains Domain San Diego, CA 379 100 % EPLP Q2 $ 132.0 $ 22.3 8th & Hope Los Angeles, CA 290 100 % EPLP Q4 220.0 39.6 Total 2018 669 $ 352.0 $ 61.9 During 2017, the Company sold one community consisting of 270 apartment homes for $132.5 million resulting in a gain of $26.2 million , which is included in the line item gain on sale of real estate and land in the Company's consolidated statement of income. During 2016, the Company sold three communities, consisting of 323 apartment homes, for $80.8 million resulting in gains totaling $14.0 million , net of $4.4 million deferred tax on gain on sale of real estate. In January 2016, the Company sold its former headquarters office building, located in Palo Alto, CA, for gross proceeds of $18.0 million , resulting in a gain of $9.6 million , which is included in the line item gain on sale of real estate and land in the Company's consolidated statement of income. (c) Real Estate Assets Held for Sale, net As of December 31, 2018 and 2017, the Company had no assets classified as held for sale. (d) Co-investments The Company has joint ventures which are accounted for under the equity method. The co-investments’ accounting policies are similar to the Company’s accounting policies. The co-investments own, operate, and develop apartment communities. In March 2018, the BEXAEW joint venture operating agreement was amended, and the joint venture was extended. Under the amendment, the Company received a cash payment for co-investment promote income of $20.5 million , which is included in equity income from co-investments on the consolidated statements of income and comprehensive income. In October 2018, Wesco V acquired Meridian at Midtown, a 218 apartment home community located in San Jose, CA, for a total contract price of $104.0 million . In connection with this acquisition, Wesco V assumed $69.9 million of mortgage debt, with an effective interest rate of 4.50% and a maturity date of March 2026. The Company previously had a preferred equity investment in this apartment home community, which was fully redeemed in August 2015. In November 2018, BEXAEW sold Enclave at Town Square, a 124 apartment home community located in Chino Hills, CA, for $30.5 million , which resulted in a gain of $5.4 million for the Company, recorded in the consolidated statement of income as equity income from co-investments. BEXAEW used $16.1 million of the proceeds to repay the loan on the property. In November 2018, Wesco III sold The Summit, a 125 apartment home community located in Chino Hills, CA, for $34.8 million , which resulted in a gain of $5.2 million for the Company, recorded in the consolidated statement of income as equity income from co-investments. Wesco III used $15.6 million of the proceeds to repay the loan on the property. In December 2018, the Company purchased its joint venture partner's 49.9% interest in the Marquis co-investment, for a contract price of $35.4 million . Prior to the purchase, an approximately $45.8 million mortgage encumbered the property. Marquis has 166 apartment homes and is located in San Jose, CA. As a result of this acquisition, the Company realized a gain on remeasurement of co-investment of $1.3 million upon consolidation. The carrying values of the Company’s co-investments as of December 31, 2018 and 2017 are as follows ($ in thousands, except in parenthetical): Weighted Average Essex Ownership December 31, Percentage (1) 2018 2017 Ownership interest in: CPPIB 54 % $ 482,507 $ 500,287 Wesco I, Wesco III, Wesco IV, and Wesco V 52 % 194,890 214,408 BEXAEW, BEX II and BEX III (2) 50 % 121,780 13,827 Other 51 % 34,093 51,810 Total operating and other co-investments, net 833,270 780,332 Total pre-development and development co-investments 50 % 94,060 73,770 Total preferred interest co-investments (includes related party investments of $51.8 million and $15.7 million as of December 31, 2018 and December 31, 2017, respectively - FN 6 - Related Party Transactions for further discussion) 372,810 265,156 Total co-investments, net $ 1,300,140 $ 1,119,258 (1) Weighted average Essex ownership percentages are as of December 31, 2018. (2) As of December 31, 2017, the Company's investment in BEX II was classified as a liability of $36.7 million . The combined summarized financial information of co-investments is as follows ($ in thousands): December 31, 2018 2017 Combined balance sheets: (1) Rental properties and real estate under development $ 4,367,987 $ 3,722,778 Other assets 104,119 110,333 Total assets $ 4,472,106 $ 3,833,111 Debt $ 2,190,764 $ 1,705,051 Other liabilities 106,316 45,515 Equity 2,175,026 2,082,545 Total liabilities and equity $ 4,472,106 $ 3,833,111 Company's share of equity $ 1,300,140 $ 1,155,984 Years ended December 31, 2018 2017 2016 Combined statements of income: (1) Property revenues $ 332,164 $ 312,841 $ 289,011 Property operating expenses (107,584 ) (110,583 ) (99,637 ) Net operating income 224,580 202,258 189,374 Gain on sale of real estate 24,218 90,663 28,291 Interest expense (63,913 ) (62,844 ) (46,894 ) General and administrative (6,379 ) (9,091 ) (7,448 ) Depreciation and amortization (126,485 ) (118,048 ) (103,986 ) Net income $ 52,021 $ 102,938 $ 59,337 Company's share of net income (2) $ 89,132 $ 86,445 $ 48,698 (1) Includes preferred equity investments held by the Company. (2) Includes the Company's share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $2.0 million , $1.9 million , and $3.4 million for the years ended December 31, 2018, 2017, and 2016, respectively. Operating Co-investments As of December 31, 2018 and 2017, the Company, through several joint ventures, owned 10,613 and 10,810 apartment homes, respectively, in operating communities. The Company’s book value of these co-investments was $833.3 million and $780.3 million at December 31, 2018 and 2017, respectively. Pre-Development and Development Co-investments As of both December 31, 2018 and 2017, the Company, through several joint ventures, owned 814 apartment homes in pre-development and development communities. The Company’s book value of these co-investments was $94.1 million and $73.8 million at December 31, 2018 and 2017, respectively. In 2017, the Company entered into a joint venture to develop Ohlone, a multifamily community comprised of 269 apartment homes located in San Jose, CA. The Company has a 50% ownership interest in the development which has a projected total cost of $136.0 million . Construction began in the third quarter of 2017 and the community is expected to open in the fourth quarter of 2019. The Company has also committed to a $28.9 million preferred equity investment in the project, which accrues an annualized preferred return of 10.0% and matures in 2020. In 2015, the Company entered into a joint venture to develop 500 Folsom, a multifamily community comprised of 545 apartment homes located in San Francisco, CA. The Company has a 50% ownership interest in the development which has a projected total cost of $415.0 million . Construction began in the fourth quarter of 2015 and the property is projected to open in the third quarter of 2019. Preferred Equity Investments As of December 31, 2018 and 2017, the Company held preferred equity investment interests in several joint ventures which own real estate. The Company’s book value of these preferred equity investments was $372.8 million and $265.2 million at December 31, 2018 and 2017, respectively, and is included in the co-investments line in the accompanying consolidated balance sheets. During 2018, the Company made commitments to fund $45.1 million preferred equity investment in two preferred equity investments, in which the sponsors include a related party. See Note 6, Related Party Transactions, for additional details. The investments have initial returns ranging from 10.25% - 12.0% , with maturities ranging from May 2023 to April 2024. As of December 31, 2018, the Company had funded $39.6 million of the $45.1 million commitment. The remaining committed amount will be funded if and when requested by the sponsors. During 2017, the Company made commitments to fund $153.8 million in eight preferred equity investments. These investments have initial accrued preferred returns ranging from 9.5% - 11.3% , with maturities ranging from March 2020 to August 2024. As of December 31, 2018, the Company had funded $151.8 million of the $153.8 million commitment. In January 2018, the Company received cash of $2.4 million for the full redemption of a preferred equity investment in a co-investment that holds property in Seattle, WA. In June 2018, the Company received cash of $26.5 million for the full redemption of a preferred equity investment in an entity that holds property in Seattle, WA. The Company recognized a gain of $1.6 million as a result of this early redemption, which is included in equity income from co-investments in the consolidated statements of income and comprehensive income. In October 2018, the Company received cash of $5.0 million for the full redemption of a related party preferred equity investment in a co-investment that holds property in Los Angeles, CA. (e) Real Estate under Development The Company defines development projects as new communities that are being constructed, or are newly constructed and are in a phase of lease-up and have not yet reached stabilized operations. As of December 31, 2018 , the Company's development pipeline was comprised of four consolidated projects under development, two unconsolidated joint venture projects under development and various predevelopment projects, aggregating 1,861 apartment homes, with total incurred costs of $0.8 billion . |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues On January 1, 2018, the Company adopted ASU No. 2014-09, "Revenue from Contracts with Customers" using a modified retrospective transition method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods after January 1, 2018 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported in accordance with the old revenue recognition standard. Based on a full analysis of applicable contracts, the Company determined that the new standard did not have an impact to reported revenues from prior or current periods. Revenue Recognition Revenue from Leasing The Company generates revenues primarily from leasing apartment homes to tenants. Such leasing revenues are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 6 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Revenue from Contracts with Customers Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. Disaggregated Revenue The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): 2018 2017 2016 Rental $ 1,296,435 $ 1,263,476 $ 1,201,995 Other property leasing revenue 94,435 90,849 83,728 Management and other fees from affiliates 9,183 9,574 8,278 Total revenues $ 1,400,053 $ 1,363,899 $ 1,294,001 The following table presents the Company’s rental and other property-leasing revenues disaggregated by geographic operating segment ($ in thousands): 2018 2017 2016 Southern California $ 592,281 $ 574,552 $ 540,000 Northern California 522,561 505,313 453,140 Seattle Metro 236,525 229,871 217,259 Other real estate assets (1) 39,503 44,589 75,324 Total rental and other property leasing revenues $ 1,390,870 $ 1,354,325 $ 1,285,723 (1) Other real estate assets consists of revenue generated from retail space, commercial properties, held for sale properties, and disposition properties. Executive management does not evaluate such operating performance geographically. The following table presents the Company’s rental and other property-leasing revenues disaggregated by current property category status ($ in thousands): 2018 2017 2016 Same-property (1) $ 1,279,640 $ 1,244,743 $ 1,185,685 Acquisitions (2) 42,481 39,289 — Development (3) 2,713 — — Redevelopment 20,345 19,641 18,737 Non-residential/other, net (4) 45,691 50,652 81,301 Total rental and other property leasing revenues $ 1,390,870 $ 1,354,325 $ 1,285,723 (1) Stabilized properties consolidated by the Company for the years ended December 31, 2018 , 2017 and 2016. (2) Acquisitions includes properties acquired which did not have comparable stabilized results as of January 1, 2017. (3) Development includes properties developed which did not have stabilized results as of January 1, 2017. (4) Non-residential/other, net consists of revenue generated from retail space, commercial properties, held for sale properties, disposition properties and student housing. Deferred Revenues and Remaining Performance Obligations When cash payments are received or due in advance of the Company’s performance of contracts with customers, deferred revenue is recorded. The total deferred revenue balance related to such contracts was $6.2 million and $9.3 million as of December 31, 2018 and December 31, 2017 , respectively, and was included in accounts payable and accrued liabilities within the accompanying consolidated balance sheets. The amount of revenue recognized for the year ended December 31, 2018 that was included in the December 31, 2017 deferred revenue balance was $3.1 million , which was included in interest and other income within the consolidated statements of income and comprehensive income. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in the new revenue recognition accounting standard. As of December 31, 2018 , the Company had $6.2 million of remaining performance obligations. The Company expects to recognize approximately 37% of these remaining performance obligations in 2019, an additional 24% through 2021, and the remaining balance thereafter. Practical Expedients The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or when variable consideration is allocated entirely to a wholly unsatisfied performance obligation. |
Notes and Other Receivables
Notes and Other Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Notes and Other Receivables [Abstract] | |
Notes and Other Receivables | Notes and Other Receivables Notes and loan investment receivables, secured by real estate, and other receivables consist of the following as of December 31, 2018 and 2017 ($ in thousands): 2018 2017 Notes receivable, secured, bearing interest at 10.00%, due May 2021 15,226 13,762 Note receivable, secured, bearing interest at 10.75%, due September 2020 32,650 29,318 Related party note receivable, secured, bearing interest at 9.50%, due October 2019 (1) 6,618 6,656 Related party note receivable, secured, bearing interest at 3.50%, due March 2018 (1) — 29,500 Notes and other receivables from affiliates (2) 4,457 5,061 Other receivables 12,944 16,629 Total notes and receivables $ 71,895 $ 100,926 (1) See Note 6, Related Party Transactions, for additional details. (2) These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2018 and 2017, respectively. See Note 6, Related Party Transactions, for additional details. In November 2018, the Company made a commitment to fund a $12.5 million mezzanine loan in a multifamily community located in Vista, CA, with a 9.9% interest rate and an initial maturity date of November 2021, with options to extend for up to two years. As of December 31, 2018, the Company had not funded any of this commitment. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has adopted written related party transaction guidelines that are intended to cover transactions in which the Company (including entities it controls) is a party and in which any "related person" has a direct or indirect interest. A "related person" means any person who is or was (since the beginning of the last fiscal year) a Company director, director nominee, or executive officer, any beneficial owner of more than 5% of the Company’s outstanding common stock, and any immediate family member of any of the foregoing persons. A related person may be considered to have an indirect interest in a transaction if he or she (i) is an owner, director, officer or employee of or otherwise associated with another company that is engaging in a transaction with the Company, or (ii) otherwise, through one or more entities or arrangements, has an indirect financial interest in or personal benefit from the transaction. The related person transaction review and approval process is intended to determine, among any other relevant issues, the dollar amount involved in the transaction; the nature and value of any related person’s direct or indirect interest (if any) in the transaction; and whether or not (i) a related person’s interest is material, (ii) the transaction is fair, reasonable, and serves the best interest of the Company and its shareholders, and (iii) whether the transaction or relationship should be entered into, continued or ended. The Company’s Chairman and founder, Mr. George Marcus, is the Chairman of the Marcus & Millichap Company ("MMC"), which is a parent company of a diversified group of real estate service, investment, and development firms. Mr. Marcus is also the Co-Chairman of Marcus & Millichap, Inc. ("MMI"), and Mr. Marcus owns a controlling interest in MMI. MMI is a national brokerage firm listed on the NYSE that underwent its initial public offering in 2013. For the year ended December 31, 2016, the Company paid brokerage commissions totaling $1.1 million to affiliates of MMC related to real estate transactions. There were no brokerage commissions paid by the Company to MMI or its affiliates during 2018 and 2017. The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates total $13.9 million , $12.6 million , and $12.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of $4.8 million , $3.0 million , and $4.2 million against general and administrative expenses for the years ended December 31, 2018 , 2017 and 2016 , respectively. As described in Note 5, Notes and Other Receivables, the Company has provided short-term loans to affiliates. As of December 31, 2018 and 2017 , $4.5 million and $5.1 million , respectively, of short-term loans remained outstanding due from joint venture affiliates and are classified within notes and other receivables in the accompanying consolidated balance sheets. In November 2016, the Company provided a $6.6 million mezzanine loan to a limited liability company in which MMC holds a significant ownership interest through subsidiaries. The mezzanine loan had an outstanding balance of $6.6 million and $6.7 million , as of December 31, 2018 and 2017, respectively, and is classified within notes and other receivables in the accompanying consolidated balance sheets. In October 2018, the Company funded a $18.6 million preferred equity investment in an entity whose sponsor is an affiliate of MMC. The entity wholly owns a 268 apartment home community development located in Burlingame, CA. This investment will accrue interest based on an initial 12.00% preferred return. The investment is scheduled to mature in April 2024. In May 2018, the Company made a commitment to fund a $26.5 million preferred equity investment in an entity whose sponsors include an affiliate of MMC. The entity wholly owns a 400 apartment home community located in Ventura, CA. This investment will accrue interest based on a 10.25% preferred return. The investment is scheduled to mature in May 2023. As of December 31, 2018, the Company had funded $21.0 million of the commitment. The remaining committed amount will be funded if and when requested by the sponsors. In November 2017, the Company provided a $29.5 million related party bridge loan to a property acquired by BEX III. The note receivable accrued interest at 3.5% and was paid off in January 2018. The bridge loan was classified within notes and other receivables in the accompanying consolidated balance sheets and had no amount outstanding as of December 31, 2018. In August 2017, the Company provided a $55.0 million related party bridge loan to a property acquired by Wesco V. The note receivable accrued interest at 3.5% and was paid off in November 2017. In March 2017, the Company converted its existing $15.3 million preferred equity investment in Sage at Cupertino, a 230 apartment home community located in San Jose, CA, into a 40.5% common equity ownership interest in the property. The Company issued DownREIT limited partnership units to the other members, including an MMC affiliate, based on an estimated property valuation of $90.0 million . At the time of the conversion, the property was encumbered by $52.0 million of mortgage debt. As a result of this transaction, the Company consolidates the property, based on a consolidation analysis performed by the Company. In 2015, the Company made preferred equity investments totaling $20.0 million in three entities affiliated with MMC that own apartment communities in California. The Company earns a 9.5% preferred return on each such investment. One $5.0 million investment, which was scheduled to mature in 2022, was fully redeemed in 2017. Another $5.0 million investment, which was scheduled to mature in 2022, was fully redeemed in 2018. The remaining investment is scheduled to mature in 2022. |
Unsecured Debt
Unsecured Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Unsecured Debt | Unsecured Debt Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities up to the maximum amounts and for the full term of the facilities. Unsecured debt consists of the following as of December 31, 2018 and 2017 ($ in thousands): 2018 2017 Weighted Average Maturity In Years Unsecured bonds private placement - fixed rate $ 274,624 $ 274,427 2.1 Term loan - variable rate 348,813 348,545 3.1 Bonds public offering - fixed rate 3,175,879 2,878,737 7.7 Unsecured debt, net (1) 3,799,316 3,501,709 Lines of credit (2) — 179,000 Total unsecured debt $ 3,799,316 $ 3,680,709 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.9 % 3.7 % Weighted average interest rate on variable rate term loan 3.0 % 2.5 % Weighted average interest rate on lines of credit 3.2 % 2.3 % (1) Includes unamortized discount, net of premiums, of $7.1 million and $5.2 million and unamortized debt issuance costs of $18.5 million and $18.1 million as of December 31, 2018 and 2017 , respectively. (2) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion , excludes unamortized debt issuance costs of $3.9 million and $3.2 million as of December 31, 2018 and 2017, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets. As of both December 31, 2018 and 2017 , the Company had $275.0 million of private placement unsecured bonds outstanding at an average effective interest rate of 4.5% for both periods. The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2018 and 2017 ($ in thousands): Maturity 2018 2017 Coupon Rate 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 % $ 275,000 $ 275,000 As of both December 31, 2018 and 2017 , the Company had unsecured term loans outstanding of $350.0 million at an average interest rate of 3.0% and 2.5% , respectively. These loans are included in the line "Term loan - variable rate" in the table above, and as of December 31, 2018 and 2017 , the carrying value, net of debt issuance costs, was $348.8 million and $348.5 million , respectively, and the term loan matures in February 2022. The Company had entered into five interest rate swap contracts, for a term of five years with a notional amount totaling $175.0 million , which will effectively convert the interest rate on $175.0 million of the term loan to a fixed rate of 2.3% . These interest rate swaps are accounted for as cash flow hedges. In March 2018, the Company issued $300.0 million of senior unsecured notes due on March 15, 2048 with a coupon rate of 4.500% per annum and are payable on March 15 and September 15 of each year, beginning on September 15, 2018 (the "2048 Notes"). The 2048 Notes were offered to investors at a price of 99.591% of par value. The 2048 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2018 , the carrying value of the 2048 Notes, net of discount and debt issuance costs was $295.4 million . In April 2017, the Company issued $350.0 million of senior unsecured notes due on May 1, 2027 with a coupon rate of 3.625% per annum and are payable on May 1 and November 1 of each year, beginning on November 1, 2017 (the "2027 Notes"). The 2027 Notes were offered to investors at a price of 99.423% of par value. The 2027 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2018 and 2017, the carrying value of the 2027 Notes, net of discount and debt issuance costs was $345.8 million and $345.2 million , respectively. In April 2016, the Company issued $450.0 million of senior unsecured notes due on April 15, 2026 with a coupon rate of 3.375% per annum and are payable on April 15 th and October 15 th of each year, beginning October 15, 2016 (the "2026 Notes"). The 2026 Notes were offered to investors at a price of 99.386% of par value. The 2026 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2018 and 2017 , the carrying value of the 2026 Notes, net of discount and debt issuance costs was $445.0 million and $444.4 million , respectively. In March 2015, the Company issued $500.0 million of senior unsecured notes due on April 1, 2025 with a coupon rate of 3.5% per annum and are payable on April 1 st and October 1 st of each year, beginning October 1, 2015 (the "2025 Notes"). The 2025 Notes were offered to investors at a price of 99.747% of par value. The 2025 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2018 and 2017 , the carrying value of the 2025 Notes, net of discount and debt issuance costs was $496.5 million and $495.9 million , respectively. In April 2014, the Company assumed $900.0 million aggregate principal amount of BRE Property Inc.’s 5.500% senior notes due 2017; 5.200% senior notes due 2021; and 3.375% senior notes due 2023 (together the "BRE Notes"). These notes are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2018 and 2017 , the carrying value of the BRE Notes, plus unamortized premium was $601.3 million and $603.2 million , respectively. In March 2017, the Company paid off $300.0 million of 5.500% senior notes, at maturity. In April 2014, the Company issued $400.0 million of senior unsecured notes due on May 1, 2024 with a coupon rate of 3.875% per annum and are payable on May 1 st and November 1 st of each year, beginning November 1, 2014 (the "2024 Notes"). The 2024 Notes were offered to investors at a price of 99.234% of par value. The 2024 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2018 and 2017 , the carrying value of the 2024 Notes, net of discount and debt issuance costs was $396.5 million and $395.8 million , respectively. In April 2013, the Company issued $300.0 million of senior unsecured notes due on May 1, 2023 with a coupon rate of 3.25% per annum and are payable on May 1 st and November 1 st of each year, beginning November 1, 2013 (the "2023 Notes"). The 2023 Notes were offered to investors at a price of 99.152% of par value. The 2023 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2018 and 2017 , the carrying value of the 2023 Notes, net of discount and debt issuance costs was $297.6 million and $297.0 million , respectively. During the third quarter of 2012, the Company issued $300.0 million of senior unsecured notes due August 2022 with a coupon rate of 3.625% per annum and are payable on February 15th and August 15th of each year, beginning February 15, 2013 (the "2022 Notes"). The 2022 Notes were offered to investors at a price of 98.99% of par value. The 2022 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2018 and 2017 , the carrying value of the 2022 Notes, net of unamortized discount and debt issuance costs was $297.8 million and $297.2 million , respectively. The following is a summary of the Company’s senior unsecured notes as of December 31, 2018 and 2017 ($ in thousands): Maturity 2018 2017 Coupon Senior notes March 2021 $ 300,000 $ 300,000 5.200 % Senior notes August 2022 300,000 300,000 3.625 % Senior notes January 2023 300,000 300,000 3.375 % Senior notes May 2023 300,000 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 500,000 3.500 % Senior notes April 2026 450,000 450,000 3.375 % Senior notes May 2027 350,000 350,000 3.625 % Senior notes March 2048 300,000 — 4.500 % $ 3,200,000 $ 2,900,000 The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2018 are as follows ($ in thousands): 2019 $ 75,000 2020 — 2021 500,000 2022 650,000 2023 600,000 Thereafter 2,000,000 $ 3,825,000 As of December 31, 2018 , the Company had two unsecured lines of credit aggregating $ 1.24 billion , including a $1.2 billion unsecured line of credit and a $35.0 million working capital unsecured line of credit. As of December 31, 2018 , there was no amount outstanding on the $1.2 billion unsecured line of credit. As of December 31, 2017, there was $179.0 million outstanding on this line. The interest rate is based on a tiered rate structure tied to the Company's credit ratings and was LIBOR plus 0.875% as of December 31, 2018 . In January 2019, this line of credit was amended such that the scheduled maturity date of this facility was extended to December 2022, with one 18 -month extension, exercisable at the Company's option. The interest rate on the amended line is based on a tiered rate structure tied to the Company's credit ratings and is currently at LIBOR plus 0.825% . As of both December 31, 2018 and 2017, there was no amount outstanding on the Company's $35.0 million working capital unsecured line of credit. The interest rate on the line is based on a tiered rate structure tied to the Company's credit ratings and was LIBOR plus 0.875% as of December 31, 2018 . The Company’s unsecured lines of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities, and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization. The Company was in compliance with the debt covenants as of December 31, 2018 and 2017 . In February 2019, the Company issued $350.0 million of senior unsecured notes due on March 1, 2029 with a coupon rate of 4.000% per annum (the "2029 Notes"). See Note 17, Subsequent Events, for further details. |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2018 | |
Notes Payable [Abstract] | |
Mortgage Notes Payable | Mortgage Notes Payable Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2018 and 2017 ($ in thousands): 2018 2017 Fixed rate mortgage notes payable $ 1,538,488 $ 1,739,856 Variable rate mortgage notes payable (1) 268,138 268,561 Total mortgage notes payable (2) $ 1,806,626 $ 2,008,417 Number of properties securing mortgage notes 50 56 Remaining terms 1-28 years 1-29 years Weighted average interest rate 4.3 % 4.2 % The aggregate scheduled principal payments of mortgage notes payable at December 31, 2018 are as follows ($ in thousands): 2019 $ 515,658 2020 693,723 2021 43,604 2022 41,178 2023 852 Thereafter 500,880 $ 1,795,895 (1) Variable rate mortgage notes payable, including $256.0 million in bonds that have been converted to variable rate through total return swap contracts, 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 2.5% at December 2018 and 2.0% at December 2017) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Principal balances are due in full at various maturity dates from May 2025 through December 2046. Of these bonds, $9.9 million are subject to various interest rate cap agreements that limit the maximum interest rate to such bonds. (2) Includes total unamortized premium, net of discounts, of $ 14.9 million and $ 33.2 million and reduced by unamortized debt issuance costs of $4.2 million and $5.4 million as of December 31, 2018 and 2017 , respectively. For the Company’s mortgage notes payable as of December 31, 2018 , monthly interest expense and principal amortization, excluding balloon payments, totaled approximately $7.6 million and $2.3 million , respectively. Second deeds of trust accounted for none of the mortgage notes payable balance as of both December 31, 2018 and 2017. Repayment of debt before the scheduled maturity date could result in prepayment penalties. The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the principal being prepaid multiplied by the difference between the interest rate of the mortgage note and the stated yield rate on a U.S. treasury security which generally has an equivalent remaining term as the mortgage note. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage certain interest rate risks. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps and total return swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In November 2016, the Company replaced its $225.0 million term loan with a $350.0 million five -year term loan with a delayed draw feature. The term loan carries a variable interest rate of LIBOR plus 95 basis points. In 2016, the Company entered into four forward starting interest rate swaps (settlement payments commenced in March 2017) and in 2017, the Company entered into one forward starting interest rate swap (settlement payments commenced in March 2017) all related to the $350.0 million term loan. These five swaps, with a total notional amount of $175.0 million bear an average fixed interest rate of 2.3% and are scheduled to mature in February 2022. These derivatives qualify for hedge accounting. As of December 31, 2018 and 2017, the Company had interest rate caps, which were not accounted for as hedges, with an aggregate notional amount of $9.9 million and $20.7 million , respectively, which effectively limits the Company’s exposure to interest rate risk by providing a ceiling on the variable interest rate for a portion of the Company’s tax exempt variable rate debt. As of December 31, 2018 and 2017 , the aggregate carrying value of the interest rate swap contracts was an asset of $5.8 million and $5.4 million , respectively, and is included in prepaid expenses and other assets on the consolidated balance sheets, and a liability of zero as of both December 31, 2018 and 2017. The aggregate carrying value of the interest rate caps was zero on the balance sheet as of December 31, 2018 and 2017 . Hedge ineffectiveness related to cash flow hedges, which is included in interest expense was a loss of $0.1 million , and income of $0.1 million , and $0.3 million for the years ended December 31, 2018 , 2017, and 2016 respectively. The Company has four total return swap contracts, with an aggregate notional amount of $256.0 million , that effectively convert $256.0 million of mortgage notes payable to a floating interest rate based on SIFMA plus a spread. The total return swaps provide fair market value protection on the mortgage notes payable to our counterparties during the initial period of the total return swap until the Company's option to call the mortgage notes at par can be exercised. The Company can currently call all four of the total return swaps with $256.0 million of the outstanding debt at par. These derivatives do not qualify for hedge accounting and had a carrying and fair value of zero at both December 31, 2018 and 2017, respectively. These total return swaps are scheduled to mature between September 2021 and November 2022. The realized gains of $8.7 million , $10.1 million , and $11.7 million as of December 31, 2018, 2017, and 2016, respectively, were reported in current year income as total return swap income. |
Lease Agreements
Lease Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Lease Agreements | Lease Agreements As of December 31, 2018 , the Company is a lessor for one commercial building and the commercial portions of 38 mixed use communities. The tenants’ lease terms expire at various times through 2031. The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands): Future Minimum Rent 2019 $ 16,386 2020 15,842 2021 14,412 2022 13,324 2023 12,181 Thereafter 33,034 $ 105,179 |
Equity Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity Transactions | Equity Transactions Preferred Securities Offerings In April 2016, the Company redeemed all of the issued and outstanding 2,950,000 shares of the Company's 7.125% Series H Cumulative Redeemable Preferred Stock ("Series H") for $25.00 per share for $73.8 million in cash. In connection with the Series H redemption, the Operating Partnership redeemed the Series H 7.125% Preferred Interest. The notice of redemption was given in March 2016, which resulted in the Company and the Operating Partnership each recording $2.5 million in excess of redemption value over carrying value charge to 2016 net income attributable to common stockholders and net income related to unitholders, respectively. Common Stock Offerings In September 2018, the Company entered into a new equity distribution agreement pursuant to which the Company may offer and sell shares of its common stock having an aggregate gross sales price of up to $900.0 million (the "2018 ATM Program"). In connection with the 2018 ATM Program, the Company may also enter into related forward sale agreements whereby, at the Company’s discretion, it may sell shares of its common stock under the 2018 ATM Program under forward sale agreements. The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares of its common stock at the time the agreement is executed, but defer receiving the proceeds from the sale of shares until a later date. The Company anticipates using the net proceeds, which are contributed to the Operating Partnership, to acquire, develop, or redevelop properties, which primarily will be apartment communities, to make other investments and for working capital or general corporate purposes, which may include the repayment of indebtedness. Upon entering into the 2018 ATM Program, the Company simultaneously terminated its existing equity distribution agreements, which were entered into in March 2016 in connection with its prior at-the-market equity offering program (the "2016 ATM Program"). During the year ended December 31, 2018, the Company did not sell any shares of its common stock through the 2018 ATM Program or through the 2016 ATM Program. Since commencement of the 2018 ATM Program, as of December 31, 2018, the Company has not sold any shares of its common stock and there are no outstanding forward sale agreements, and $900.0 million of shares remains available to be sold under this program. During 2017, the Company issued 345,444 shares of common stock, through the 2016 ATM program at an average price of $260.38 per share for total proceeds of $89.1 million , net of fees and commissions. For the year ended December 31, 2016, the Company did not issue any shares of common stock pursuant to the 2016 ATM Program. Operating Partnership Units and Long Term Incentive Plan ("LTIP") Units As of December 31, 2018 and 2017 , the Operating Partnership had outstanding 2,171,309 and 2,054,814 operating partnership units and 134,080 and 213,300 vested LTIP units, respectively. The Operating Partnership’s general partner, Essex, owned 96.6% and 96.7% of the partnership interests in the Operating Partnership as of December 31, 2018 and 2017 , respectively, and Essex is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, Essex effectively controls the ability to issue common stock of Essex upon a limited partner’s notice of redemption. Essex has generally acquired Operating Partnership limited partnership units ("OP Units") upon a limited partner’s notice of redemption in exchange for shares of its common stock. The redemption provisions of OP Units owned by limited partners that permit Essex to settle in either cash or common stock at the option of Essex were further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that, with few exceptions, these OP Units meet the requirements to qualify for presentation as permanent equity. LTIP units represent an interest in the Operating Partnership for services rendered or to be rendered by the LTIP unit holder in its capacity as a partner, or in anticipation of becoming a partner, in the Operating Partnership. Upon the occurrence of specified events, LTIP units may over time achieve full parity with common units of the Operating Partnership for all purposes. Upon achieving full parity, LTIP units will be exchanged for an equal number of the OP Units. The collective redemption value of OP Units and LTIP units owned by the limited partners, not including Essex, was approximately $565.3 million and $547.5 million based on the closing price of Essex's common stock as of December 31, 2018 and 2017, respectively. |
Net Income Per Common Share and
Net Income Per Common Share and Net Income Per Common Unit | 12 Months Ended |
Dec. 31, 2018 | |
Net Income Per Common Share and Net Income Per Unit [Abstract] | |
Net Income Per Common Share and Net Income Per Common Unit | Net Income Per Common Share and Net Income Per Common Unit Essex Property Trust, Inc. Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): 2018 2017 2016 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: Net income available to common stockholders 390,153 66,041,058 $ 5.91 433,059 65,829,155 $ 6.58 411,124 65,471,540 $ 6.28 Effect of Dilutive Securities Stock options — 44,031 — 69,100 — 116,276 Diluted: Net income available to common stockholders 390,153 66,085,089 $ 5.90 433,059 65,898,255 $ 6.57 411,124 65,587,816 $ 6.27 The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,274,941 , 2,252,575 , and 2,224,100 , which include vested Series Z-1 Incentive Units, 2014 Long-Term Incentive Plan Units, and 2015 Long-Term Incentive Plan Units, for the years ended December 31, 2018 , 2017 and 2016 , respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $13.5 million , $14.8 million , and $14.1 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Additionally, the table excludes all DownREIT limited partnership units for which the Operating Partnership has the ability and intention to redeem the units for cash and does not consider them to be common stock equivalents. Stock options of 160,039 , 154,793 , and 252,334 , for the years ended December 31, 2018 , 2017 , and 2016 , respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the years ended and, therefore, were anti-dilutive. All shares of cumulative convertible Series H preferred interest have been excluded from diluted earnings per share for the years ended December 31, 2016 , as the effect was anti-dilutive. Essex Portfolio, L.P. Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts): 2018 2017 2016 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: Net income available to common unitholders $ 403,605 68,315,999 $ 5.91 $ 447,884 68,081,730 $ 6.58 $ 425,213 67,695,640 $ 6.28 Effect of Dilutive Securities Stock options — 44,031 — 69,100 — 116,276 Diluted: Net income available to common unitholders $ 403,605 68,360,030 $ 5.90 $ 447,884 68,150,830 $ 6.57 $ 425,213 67,811,916 $ 6.27 Stock options of 160,039 , 154,793 , and 252,334 , for the years ended December 31, 2018 , 2017 , and 2016 , respectively, were excluded from the calculation of diluted earnings per unit because the assumed proceeds per unit of these options plus the average unearned compensation were greater than the average market price of the common unit for the years ended and, therefore, were anti-dilutive. Additionally, the table excludes all DownREIT limited partnership units for which the Operating Partnership has the ability and intention to redeem the units for cash and does not consider them to be common stock equivalents. The cumulative convertible Series H preferred interest have been excluded from diluted earnings per unit for the years ended December 31, 2016 , as the effect was anti-dilutive. |
Equity Based Compensation Plans
Equity Based Compensation Plans | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Equity Based Compensation Plans | Equity Based Compensation Plans Stock Options and Restricted Stock In May 2018, stockholders approved the Company’s 2018 Stock Award and Incentive Compensation Plan ("2018 Plan"). The 2018 Plan serves as the successor to the Company’s 2013 Stock Incentive Plan (the "2013 Plan"). The Company’s 2018 Plan provides incentives to attract and retain officers, directors and key employees. The 2018 Plan provides for the grant of stock-based awards to employees, directors and consultants of the Company and its affiliates. The aggregate number of shares of the Company’s common stock available for issuance pursuant to awards granted under the 2018 Plan is 2,000,000 shares, plus the number of shares authorized for grants and available for issuance under the 2013 Plan as of the effective date of the 2018 Plan and the number of shares subject to outstanding awards under the 2013 Plan that are forfeited or otherwise not issued under such awards. No further awards will be granted under the 2013 Plan and the shares that remained available for future issuance under the 2013 Plan as of the effective date of the 2018 Plan will be available for issuance under the 2018 Plan. In connection with the adoption of the 2018 Plan, the Board delegated to the Compensation Committee of the Board the authority to administer the 2018 Plan. Equity-based compensation costs for options and restricted stock under the fair value method totaled $12.1 million , $9.8 million , and $8.5 million for years ended December 31, 2018 , 2017 and 2016 respectively. For each of the years ended December 31, 2018, 2017 and 2016 equity-based compensation costs included $3.5 million related to restricted stock for bonuses awarded based on asset dispositions, which is recorded as a cost of real estate and land sold, respectively. Stock-based compensation for options and restricted stock related to recipients who are direct and incremental to projects under development were capitalized and totaled $2.0 million , $1.5 million , and $0.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The intrinsic value of the options exercised totaled $3.1 million , $16.7 million , and $11.9 million , for the years ended December 31, 2018 , 2017 , and 2016 respectively. The intrinsic value of the options exercisable totaled $12.5 million and $11.3 million as of December 31, 2018 and 2017, respectively. Total unrecognized compensation cost related to unvested stock options totaled $6.0 million as of December 31, 2018 and the unrecognized compensation cost is expected to be recognized over a period of 2.1 years. The average fair value of stock options granted for the years ended December 31, 2018 , 2017 and 2016 was $26.13 , $22.41 and $21.65 , respectively. Certain stock options granted in 2018 , 2017 , and 2016 included a $100 cap, $125 cap, or no cap on the appreciation of the market price over the exercise price. The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants: 2018 2017 2016 Stock price $ 262.09 $ 240.56 $ 219.60 Risk-free interest rates 2.76 % 2.30 % 2.08 % Expected lives 6 years 6 years 6 years Volatility 24.89 % 24.10 % 26.47 % Dividend yield 2.81 % 2.90 % 2.89 % A summary of the status of the Company’s stock option plans as of December 31, 2018 , 2017 , and 2016 and changes during the years ended on those dates is presented below: 2018 2017 2016 Shares Weighted- average exercise price Shares Weighted- average exercise price Shares Weighted- average exercise price Outstanding at beginning of year 536,208 $ 211.41 557,648 $ 181.50 525,094 $ 154.98 Granted 119,361 262.09 164,677 240.56 207,429 219.60 Exercised (39,175 ) 159.05 (176,489 ) 146.86 (138,054 ) 138.79 Forfeited and canceled (3,440 ) 221.80 (9,628 ) 160.40 (36,821 ) 178.18 Outstanding at end of year 612,954 224.57 536,208 211.41 557,648 181.50 Options exercisable at year end 322,837 206.63 223,796 191.09 290,340 160.90 The following table summarizes information about restricted stock outstanding as of December 31, 2018 , 2017 and 2016 and changes during the years ended: 2018 2017 2016 Shares Weighted- average grant price Shares Weighted- average grant price Shares Weighted- average grant price Unvested at beginning of year 90,823 $ 163.49 58,349 $ 149.11 54,676 $ 147.10 Granted 51,945 194.70 62,706 177.28 49,183 150.13 Vested (48,212 ) 150.76 (29,675 ) 170.17 (38,427 ) 147.12 Forfeited and canceled (3,498 ) 158.71 (557 ) 119.37 (7,083 ) 141.76 Unvested at end of year 91,058 180.99 90,823 163.49 58,349 149.11 The unrecognized compensation cost related to unvested restricted stock totaled $11.4 million as of December 31, 2018 and is expected to be recognized over a period of 2.7 years. Long Term Incentive Plans – LTIP Units On December 9, 2014, the Operating Partnership issued 44,750 LTIP units under the 2015 Long-Term Incentive Plan Award agreements to executives of the Company. The 2015 Long-Term Incentive Plan Units (the "2015 LTIP Units") are subject to forfeiture based on performance-based and service based conditions. An additional 24,000 LTIP units were granted subject only to performance-based criteria and were fully vested on the date granted. The 2015 LTIP Units, that are subject to vesting, will vest at 20% per year on each of the first five anniversaries of the initial grant date. The 2015 LTIP Units performance conditions measurement ended on December 9, 2015 and 95.75% of the units awarded were earned by the recipients. 2015 LTIP Units not earned based on the performance-based criteria were automatically forfeited by the recipients. The 2015 LTIP Units, once earned and vested, are convertible one -for-one into OP Units which, in turn, are convertible into common stock of the Company subject to a ten -year liquidity restriction. In December 2013, the Operating Partnership issued 50,500 LTIP units under the 2014 Long-Term Incentive Plan Award agreements to executives of the Company. The 2014 Long-Term Incentive Plan Units (the "2014 LTIP Units") were subject to forfeiture based on performance-based conditions and are currently subject to service based vesting. The 2014 LTIP Units vest 25% per year on each of the first four anniversaries of the initial grant date. In December 2014, the Company achieved the performance criteria and all of the 2014 LTIP Units awarded were earned by the recipients, subject to satisfaction of service based vesting conditions. The 2014 LTIP Units are convertible one -for-one into OP Units which, in turn, are convertible into common stock of the Company subject to a ten year liquidity restriction. The estimated fair value of the 2015 LTIP Units and 2014 LTIP Units were determined on the grant date using Monte Carlo simulations under a risk-neutral premise and considered Essex’s stock price on the date of grant, the unpaid dividends on unvested units and the discount factor for 10 years of illiquidity. Prior to 2013, the Company issued Series Z Incentive Units and Series Z-1 Incentive Units (collectively referred to as "Z Units") of limited partnership interest in the Operating Partnership. Vesting in the Z Units is based on performance criteria established in the plan. The criteria can be revised by the Compensation Committee of the Board of Directors if the Committee deems that the plan's criterion is unachievable for any given year. The sale of Z Units is contractually prohibited. Z Units are convertible into Operating Partnership units which are exchangeable for shares of the Company’s common stock that have marketability restrictions. The estimated fair value of Z Units were determined on the grant date and considered the Company's stock price on the date of grant, the dividends that are not paid on unvested units and a marketability discount for the 8 to 15 years of illiquidity. Compensation expense is calculated by multiplying estimated vesting increases for the period by the estimated fair value as of the grant date. During 2011 and 2010, the Operating Partnership issued 154,500 Series Z-1 Incentive Units (the "Z-1 Units") of limited partner interest to executives of the Company. The Z-1 Units are convertible one-for-one into common units of the Operating Partnership (which, in turn, are convertible into common stock of the Company) upon the earlier to occur of 100 percent vesting of the units or the year 2026. The conversion ratchet (accounted for as vesting) of the Z-1 Units into common units, is to increase consistent with the Company’s annual FFO growth, but is not to be less than zero or greater than 14 percent . Z-1 Unit holders are entitled to receive distributions, on vested units, that are now equal to dividends distributed to common stockholders. Equity-based compensation costs for LTIP and Z Units under the fair value method totaled approximately $0.8 million , $1.5 million and $2.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Equity-based compensation costs related to LTIP Units attributable to recipients who are direct and incremental to these projects was capitalized to real estate under development and totaled approximately $0.2 million , $0.5 million , and $0.6 million , for the years ended December 31, 2018 , 2017 , and 2016 , respectively. The intrinsic value of the vested and unvested LTIP Units totaled $58.0 million as of December 31, 2018 . Total unrecognized compensation cost related to the unvested LTIP Units under the LTIP Units plans totaled $0.9 million as of December 31, 2018 . On a weighted average basis, the unamortized cost for the 2015 LTIP Units and the Z Units is expected to be recognized over the next 1.0 years to 6.5 years, depending on certain performance targets. The following table summarizes information about the LTIP Units outstanding as of December 31, 2018 : 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, 2015 144,185 106,157 250,342 $ 75.41 9.5 Granted — — — Vested 36,842 (36,842 ) — Converted — — — Cancelled — (9,288 ) (9,288 ) Balance, December 31, 2016 181,027 60,027 241,054 $ 75.11 8.5 Granted — — — Vested 32,961 (32,961 ) — Converted (688 ) — (688 ) Cancelled — (3,854 ) (3,854 ) Balance, December 31, 2017 213,300 23,212 236,512 $ 75.03 7.5 Granted — — — Vested 12,051 (12,051 ) — Converted (91,270 ) — (91,270 ) Cancelled — — — Balance, December 31, 2018 134,081 11,161 145,242 $ 75.03 6.5 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. The Company's chief operating decision makers are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company's reportable operating segments. NOI represents total property revenue less direct property operating expenses. The executive management team evaluates the Company's operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro. Excluded from segment revenues and NOI are management and other fees from affiliates and interest and other income. Non-segment revenues and NOI included in the following schedule also consist of revenue generated from commercial properties and properties that have been sold. Other non-segment assets include items such as real estate under development, co-investments, real estate held for sale, net, cash and cash equivalents, marketable securities, notes and other receivables and prepaid expenses and other assets. The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2018 , 2017 , and 2016 ($ in thousands): Years Ended December 31, 2018 2017 2016 Revenues: Southern California $ 592,281 $ 574,552 $ 540,000 Northern California 522,561 505,313 453,140 Seattle Metro 236,525 229,871 217,259 Other real estate assets 39,503 44,589 75,324 Total property revenues $ 1,390,870 $ 1,354,325 $ 1,285,723 Net operating income: Southern California $ 421,613 $ 408,070 $ 381,212 Northern California 386,401 371,795 333,757 Seattle Metro 165,397 162,253 154,147 Other real estate assets 32,125 36,821 57,790 Total net operating income 1,005,536 978,939 926,906 Management and other fees from affiliates 9,183 9,574 8,278 Corporate-level property management expenses (31,062 ) (30,156 ) (30,110 ) Depreciation and amortization (479,884 ) (468,881 ) (441,682 ) General and administrative (53,451 ) (41,385 ) (40,751 ) Expensed acquisition and investment related costs (194 ) (1,569 ) (1,841 ) Interest expense (220,492 ) (222,894 ) (219,654 ) Total return swap income 8,707 10,098 11,716 Interest and other income 23,010 24,604 27,305 Equity income from co-investments 89,132 86,445 48,698 Loss on early retirement of debt — (1,796 ) (606 ) Gain on sale of real estate and land 61,861 26,423 154,561 Deferred tax expense on gain on sale of real estate and land — — (4,410 ) Gain on remeasurement of co-investment 1,253 88,641 — Net income $ 413,599 $ 458,043 $ 438,410 Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2018 and 2017 ($ in thousands): As of December 31, 2018 2017 Assets: Southern California $ 4,350,377 $ 4,504,930 Northern California 4,270,238 4,220,551 Seattle Metro 1,472,916 1,522,452 Other real estate assets 63,022 344,843 Net reportable operating segments - real estate assets 10,156,553 10,592,776 Real estate under development 454,629 355,735 Co-investments 1,300,140 1,155,984 Cash and cash equivalents, including restricted cash 151,395 61,126 Marketable securities 209,545 190,004 Notes and other receivables 71,895 100,926 Prepaid expenses and other assets 39,439 39,155 Total assets $ 12,383,596 $ 12,495,706 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2018 | |
Defined Contribution Plan [Abstract] | |
401(k) Plan | 401(k) Plan The Company has a 401(k) benefit plan (the "Plan") for all eligible employees. Employee contributions are limited by the maximum allowed under Section 401(k) of the Internal Revenue Code. The Company matches 50% of the employee contributions up to a specified maximum. Company contributions to the Plan were approximately $2.1 million , $1.8 million , and $1.8 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of December 31, 2018 , the Company had eight ground leases that expire between 2027 and 2083. Ground lease payments are typically the greater of a stated minimum or a percentage of gross rents generated by these apartment communities, some of which may be subject to future adjustments, which are not contemplated in the disclosed minimum lease commitments. The total minimum lease commitments, under ground leases and operating leases, for each of the years ending December 31 is summarized as follows ($ in thousands): Total Minimum Lease Commitments 2019 $ 6,811 2020 6,855 2021 6,877 2022 6,888 2023 6,860 Thereafter 153,258 $ 187,549 To the extent that an environmental matter arises or is identified in the future that has other than a remote risk of having a material impact on the financial statements, the Company will disclose the estimated range of possible outcomes associated with it and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, the impairment will be recognized. The Company has no way of determining the magnitude of any potential liability to which it may be subject arising out of unknown environmental conditions with respect to the communities currently or formerly owned by the Company. No assurance can be given that: existing environmental assessments conducted with respect to any of these communities have revealed all environmental conditions or potential liabilities associated with such conditions; any prior owner or operator of a property did not create any material environmental condition not known to the Company; or a material unknown environmental condition does not otherwise exist as to any one or more of the communities. The Company has limited insurance coverage for some of the types of environmental conditions and associated liabilities described above. The Company has entered into transactions that may require the Company to pay the tax liabilities of the partners in the Operating Partnership or in the DownREIT entities. These transactions are within the Company’s control. Although the Company plans to hold the contributed assets or defer recognition of gain on their sale pursuant to like-kind exchange rules under Section 1031 of the Internal Revenue Code, the Company can provide no assurance that it will be able to do so and if such tax liabilities were incurred they may have a material impact on the Company’s financial position. There continue to be lawsuits against owners and managers of certain of the Company's apartment communities alleging personal injury and property damage caused by the presence of mold in the residential units and common areas of those communities. Some of these lawsuits have resulted in substantial monetary judgments or settlements. The Company has been sued for mold related matters and has settled some, but not all, of such suits. Insurance carriers have reacted to the increase in mold related liability awards by excluding mold related claims from standard general liability policies and pricing mold endorsements at prohibitively high rates. The Company has, however, purchased pollution liability insurance which includes coverage for some mold claims. The Company has also adopted policies intended to promptly address and resolve reports of mold and to minimize any impact mold might have on tenants of its properties. The Company believes its mold policies and proactive response to address reported mold exposures reduces its risk of loss from mold claims. While no assurances can be given that the Company has identified and responded to all mold occurrences, the Company promptly addresses and responds to all known mold reports. Liabilities resulting from such mold related matters are not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As of December 31, 2018 , potential liabilities for mold and other environmental liabilities are not quantifiable and an estimate of possible loss cannot be made. The Company carries comprehensive liability, fire, extended coverage and rental loss insurance for each of the communities. There are, however, certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes, for which the Company has limited insurance coverage. Substantially all of the communities are located in areas that are subject to earthquake activity. The Company has established a wholly-owned insurance subsidiary, Pacific Western Insurance LLC ("PWI"). Through PWI, the Company is self-insured for earthquake related losses. Additionally, since January 2008, PWI has provided property and casualty insurance coverage for the first $5.0 million of the Company’s property level insurance claims per incident. As of December 31, 2018 , PWI has cash and marketable securities of approximately $86.6 million . These assets are consolidated in the Company’s financial statements. Beginning in 2013, the Company has obtained limited third party seismic insurance on selected assets in the Company's co-investments. The Company is subject to various other legal and/or regulatory proceedings arising in the course of its business operations. We believe that, with respect to such matters that we are currently a party to, the ultimate disposition of any such matter will not result in a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In January 2019, the Company repaid $290.0 million in secured mortgage notes payable with a coupon rate of 5.57% and a stated maturity date of May 2019. In February 2019, the Company issued $350.0 million of the 2029 Notes, with a coupon rate of 4.000% , which are payable on March 1 and September 1 of each year, beginning on September 1, 2019. The 2029 Notes were offered to investors at a price of 99.188% of par value. The 2029 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex Property Trust, Inc. The Company used the net proceeds of this offering to repay indebtedness under its unsecured lines of credit and for other general corporate purposes. In February 2019, the Company funded a $24.5 million related party preferred equity investment with an initial accrued preferred return of 11.0% and an initial maturity date of February 2024. Subsequent to year end through February 15, 2019, the Company repurchased 234,061 shares of common stock totaling $57.0 million , including commissions, at an average price of $243.48 per share. As of December 31, 2018, the Company had $197.7 million of purchase authority remaining under the stock repurchase program. On February 19, 2019, Essex’s Board of Directors approved the replenishment of the stock repurchase plan such that, as of such date, the Company had $250.0 million of purchase authority remaining under the replenished plan. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) Essex Property Trust, Inc. The following is a summary of quarterly results of operations for 2018 and 2017 ( $ in thousands, except per share and dividend amounts ): Quarter ended December 31 Quarter ended September 30 Quarter ended June 30 Quarter ended March 31 2018: Total property revenues $ 350,787 $ 348,610 $ 346,526 $ 344,947 Net income $ 124,440 $ 86,110 $ 106,410 $ 96,639 Net income available to common stockholders $ 117,820 $ 80,975 $ 100,440 $ 90,918 Per share data: Net income: Basic (1) $ 1.78 $ 1.23 $ 1.52 $ 1.38 Diluted (1) $ 1.78 $ 1.22 $ 1.52 $ 1.38 Dividends declared $ 1.86 $ 1.86 $ 1.86 $ 1.86 2017: Total property revenues $ 342,417 $ 341,974 $ 336,766 $ 333,168 Net income $ 109,662 $ 85,035 $ 75,795 $ 187,551 Net income available to common stockholders $ 103,613 $ 79,723 $ 70,759 $ 178,964 Per share data: Net income: Basic (1) $ 1.57 $ 1.21 $ 1.08 $ 2.73 Diluted (1) $ 1.57 $ 1.21 $ 1.08 $ 2.72 Dividends declared $ 1.75 $ 1.75 $ 1.75 $ 1.75 (1) 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. Essex Portfolio, L.P. The following is a summary of quarterly results of operations for 2018 and 2017 ( $ in thousands, except per unit and distribution amounts ): Quarter ended December 31 Quarter ended September 30 Quarter ended June 30 Quarter ended March 31 2018: Total property revenues $ 350,787 $ 348,610 $ 346,526 $ 344,947 Net income $ 124,440 $ 86,110 $ 106,410 $ 96,639 Net income available to common unitholders $ 121,891 $ 83,764 $ 103,900 $ 94,050 Per unit data: Net income: Basic (1) $ 1.78 $ 1.23 $ 1.52 $ 1.38 Diluted (1) $ 1.78 $ 1.23 $ 1.52 $ 1.38 Distributions declared $ 1.86 $ 1.86 $ 1.86 $ 1.86 2017: Total property revenues $ 342,417 $ 341,974 $ 336,766 $ 333,168 Net income $ 109,662 $ 85,035 $ 75,795 $ 187,551 Net income available to common unitholders $ 107,149 $ 82,444 $ 73,181 $ 185,110 Per unit data: Net income: Basic (1) $ 1.57 $ 1.21 $ 1.08 $ 2.73 Diluted (1) $ 1.57 $ 1.21 $ 1.08 $ 2.72 Distributions declared $ 1.75 $ 1.75 $ 1.75 $ 1.75 (1) 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. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Encumbered communities Avondale at Warner Center 446 Woodland Hills, CA $ 41,945 $ 10,536 $ 24,522 $ 22,604 $ 10,601 $ 47,061 $ 57,662 $ (32,368 ) 1970 Jan-99 3-30 Bel Air 462 San Ramon, CA 49,185 12,105 18,252 37,550 12,682 55,225 67,907 (37,019 ) 1988 Jan-95 3-30 Belcarra 296 Bellevue, WA 48,602 21,725 92,091 1,985 21,725 94,076 115,801 (16,327 ) 2009 Apr-14 5-30 BellCentre 248 Bellevue, WA 36,617 16,197 67,207 3,843 16,197 71,050 87,247 (13,018 ) 2001 Apr-14 5-30 Belmont Station 275 Los Angeles, CA 29,678 8,100 66,666 6,379 8,267 72,878 81,145 (28,705 ) 2009 Mar-09 3-30 Brookside Oaks 170 Sunnyvale, CA 17,746 7,301 16,310 26,653 10,328 39,936 50,264 (22,529 ) 1973 Jun-00 3-30 Carmel Creek 348 San Diego, CA 58,875 26,842 107,368 6,069 26,842 113,437 140,279 (21,010 ) 2000 Apr-14 5-30 City View 572 Hayward, CA 62,544 9,883 37,670 29,252 10,350 66,455 76,805 (47,198 ) 1975 Mar-98 3-30 Courtyard off Main 110 Bellevue, WA 14,542 7,465 21,405 3,999 7,465 25,404 32,869 (7,768 ) 2000 Oct-10 3-30 Domaine 92 Seattle, WA 13,446 9,059 27,177 1,173 9,059 28,350 37,409 (6,238 ) 2009 Sep-12 3-30 Elevation 158 Redmond, WA 10,103 4,758 14,285 6,968 4,757 21,254 26,011 (8,650 ) 1986 Jun-10 3-30 Fairhaven Apartments 164 Santa Ana, CA 18,078 2,626 10,485 8,847 2,957 19,001 21,958 (10,794 ) 1970 Nov-01 3-30 Form 15 242 San Diego, CA 44,922 24,510 72,221 5,236 25,540 76,427 101,967 (7,633 ) 2014 Mar-16 3-30 Foster's Landing 490 Foster City, CA 90,117 61,714 144,000 9,004 61,714 153,004 214,718 (28,842 ) 1987 Apr-14 5-30 Fountains at River Oaks 226 San Jose, CA 29,974 26,046 60,773 4,234 26,046 65,007 91,053 (11,960 ) 1990 Apr-14 3-30 Fountain Park 705 Playa Vista, CA 82,571 25,073 94,980 33,057 25,203 127,907 153,110 (70,823 ) 2002 Feb-04 3-30 Hidden Valley 324 Simi Valley, CA 29,360 14,174 34,065 6,184 9,674 44,749 54,423 (21,000 ) 2004 Dec-04 3-30 Highlands at Wynhaven 333 Issaquah, WA 29,540 16,271 48,932 13,850 16,271 62,782 79,053 (24,572 ) 2000 Aug-08 3-30 Highridge 255 Rancho Palos Verdes, CA 69,273 5,419 18,347 31,535 6,073 49,228 55,301 (36,693 ) 1972 May-97 3-30 Hillcrest Park 608 Newbury Park, CA 61,279 15,318 40,601 20,434 15,755 60,598 76,353 (39,954 ) 1973 Mar-98 3-30 Huntington Breakers 342 Huntington Beach, CA 34,397 9,306 22,720 20,818 9,315 43,529 52,844 (29,374 ) 1984 Oct-97 3-30 Inglenook Court 224 Bothell, WA 8,238 3,467 7,881 7,771 3,474 15,645 19,119 (12,667 ) 1985 Oct-94 3-30 1000 Kiely 121 Santa Clara, CA 34,040 9,359 21,845 7,956 9,359 29,801 39,160 (10,654 ) 1971 Mar-11 3-30 Magnolia Square/Magnolia (2) 188 Sunnyvale, CA 52,237 8,190 24,736 17,531 8,191 42,266 50,457 (20,951 ) 1963 Sep-07 3-30 Marquis 166 San Jose, CA 43,467 20,495 47,823 117 20,495 47,940 68,435 (151 ) 2015 Dec-18 3-30 Montanosa 472 San Diego, CA 60,473 26,697 106,787 5,447 26,697 112,234 138,931 (20,206 ) 1990 Apr-14 5-30 Montebello 248 Kirkland, WA 24,639 13,857 41,575 4,955 13,858 46,529 60,387 (11,718 ) 1996 Jul-12 3-30 Montejo Apartments 124 Garden Grove, CA 12,873 1,925 7,685 3,972 2,194 11,388 13,582 (6,436 ) 1974 Nov-01 3-30 Park Highland 250 Bellevue, WA 25,127 9,391 38,224 12,255 9,391 50,479 59,870 (10,986 ) 1993 Apr-14 5-30 Pinnacle at Fullerton 192 Fullerton, CA 25,320 11,019 45,932 3,377 11,019 49,309 60,328 (9,000 ) 2004 Apr-14 5-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Pinnacle on Lake Washington 180 Renton, WA 17,499 7,760 31,041 2,893 7,760 33,934 41,694 (5,993 ) 2001 Apr-14 5-30 Pinnacle at MacArthur Place 253 Santa Ana, CA 36,478 15,810 66,401 4,703 15,810 71,104 86,914 (12,752 ) 2002 Apr-14 5-30 Pinnacle at Otay Ranch I & II 364 Chula Vista, CA 37,272 17,023 68,093 3,691 17,023 71,784 88,807 (13,000 ) 2001 Apr-14 5-30 Pinnacle at Talega 362 San Clemente, CA 41,647 19,292 77,168 2,771 19,292 79,939 99,231 (14,268 ) 2002 Apr-14 5-30 Sage at Cupertino 230 San Jose, CA 51,690 35,719 53,449 3,467 35,719 56,916 92,635 (3,689 ) 1971 Mar-17 3-30 Stevenson Place 200 Fremont, CA 19,840 996 5,582 12,827 1,001 18,404 19,405 (13,221 ) 1975 Apr-00 3-30 Summerhill Park 100 Sunnyvale, CA 12,269 2,654 4,918 11,132 2,656 16,048 18,704 (10,309 ) 1988 Sep-88 3-30 The Audrey at Belltown 137 Seattle, WA 19,767 9,228 36,911 958 9,228 37,869 47,097 (6,618 ) 1992 Apr-14 5-30 The Barkley (3) 161 Anaheim, CA 14,843 — 8,520 7,001 2,353 13,168 15,521 (8,354 ) 1984 Apr-00 3-30 The Dylan 184 West Hollywood, CA 59,163 19,984 82,286 834 19,990 83,114 103,104 (12,396 ) 2015 Mar-15 3-30 The Huntington 276 Huntington Beach, CA 27,707 10,374 41,495 5,028 10,374 46,523 56,897 (11,692 ) 1975 Jun-12 3-30 The Huxley 187 West Hollywood, CA 53,874 19,362 75,641 1,321 19,371 76,953 96,324 (11,748 ) 2014 Mar-15 3-30 The Landing at Jack London Square 282 Oakland, CA 49,421 33,554 78,292 5,908 33,554 84,200 117,754 (16,132 ) 2001 Apr-14 5-30 The Palms at Laguna Niguel 460 Laguna Niguel, CA 52,887 23,584 94,334 8,094 23,584 102,428 126,012 (18,599 ) 1988 Apr-14 5-30 The Waterford 238 San Jose, CA 29,252 11,808 24,500 15,956 15,165 37,099 52,264 (21,980 ) 2000 Jun-00 3-30 Valley Park 160 Fountain Valley, CA 20,875 3,361 13,420 5,949 3,761 18,969 22,730 (10,761 ) 1969 Nov-01 3-30 Villa Angelina 256 Placentia, CA 27,184 4,498 17,962 7,398 4,962 24,896 29,858 (14,497 ) 1970 Nov-01 3-30 Villa Granada 270 Santa Clara, CA 54,307 38,299 89,365 1,732 38,299 91,097 129,396 (16,216 ) 2010 Apr-14 5-30 Wandering Creek 156 Kent, WA 5,254 1,285 4,980 4,833 1,296 9,802 11,098 (7,521 ) 1986 Nov-95 3-30 Wilshire Promenade 149 Fullerton, CA 16,189 3,118 7,385 9,124 3,797 15,830 19,627 (10,725 ) 1992 Jan-97 3-30 13,456 $ 1,806,626 $ 716,537 $ 2,264,308 $ 478,675 $ 726,494 $ 2,733,026 $ 3,459,520 $ (865,715 ) Unencumbered Communities Alessio 624 Los Angeles, CA — 32,136 128,543 9,979 32,136 138,522 170,658 (25,383 ) 2001 Apr-14 5-30 Allegro 97 Valley Village, CA — 5,869 23,977 2,304 5,869 26,281 32,150 (9,394 ) 2010 Oct-10 3-30 Allure at Scripps Ranch 194 San Diego, CA — 11,923 47,690 1,394 11,923 49,084 61,007 (8,699 ) 2002 Apr-14 5-30 Alpine Village 301 Alpine, CA — 4,967 19,728 8,602 4,982 28,315 33,297 (15,526 ) 1971 Dec-02 3-30 Anavia 250 Anaheim, CA — 15,925 63,712 7,985 15,925 71,697 87,622 (19,857 ) 2009 Dec-10 3-30 Annaliese 56 Seattle, WA — 4,727 14,229 613 4,726 14,843 19,569 (3,047 ) 2009 Jan-13 3-30 Apex 366 Milpitas, CA — 44,240 103,251 3,321 44,240 106,572 150,812 (15,479 ) 2014 Aug-14 3-30 Aqua Marina Del Rey 500 Marina Del Rey, CA — 58,442 175,326 13,232 58,442 188,558 247,000 (35,960 ) 2001 Apr-14 5-30 Ascent 90 Kirkland, WA — 3,924 11,862 2,014 3,924 13,876 17,800 (3,547 ) 1988 Oct-12 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Ashton Sherman Village 264 Los Angeles, CA — 23,550 93,811 489 23,550 94,300 117,850 (6,777 ) 2014 Dec-16 3-30 Avant 440 Los Angeles, CA — 32,379 137,940 1,949 32,379 139,889 172,268 (16,452 ) 2014 Jun-15 3-30 Avenue 64 224 Emeryville, CA — 27,235 64,403 14,377 27,235 78,780 106,015 (13,015 ) 2007 Apr-14 5-30 Aviara (4) 166 Mercer Island, WA — — 49,813 1,063 — 50,876 50,876 (9,998 ) 2013 Apr-14 5-30 Axis 2300 115 Irvine, CA — 5,405 33,585 1,674 5,405 35,259 40,664 (12,341 ) 2010 Aug-10 3-30 Bella Villagio 231 San Jose, CA — 17,247 40,343 3,540 17,247 43,883 61,130 (13,122 ) 2004 Sep-10 3-30 Bellerive 63 Los Angeles, CA — 5,401 21,803 1,189 5,401 22,992 28,393 (6,962 ) 2011 Aug-11 3-30 Belmont Terrace 71 Belmont, CA — 4,446 10,290 6,946 4,473 17,209 21,682 (8,257 ) 1974 Oct-06 3-30 Bennett Lofts 165 San Francisco, CA — 21,771 50,800 29,672 28,371 73,872 102,243 (16,319 ) 2004 Dec-12 3-30 Bernardo Crest 216 San Diego, CA — 10,802 43,209 3,665 10,802 46,874 57,676 (8,539 ) 1988 Apr-14 5-30 Bonita Cedars 120 Bonita, CA — 2,496 9,913 5,160 2,503 15,066 17,569 (7,598 ) 1983 Dec-02 3-30 Boulevard 172 Fremont, CA — 3,520 8,182 13,860 3,580 21,982 25,562 (17,002 ) 1978 Jan-96 3-30 Bridle Trails 108 Kirkland, WA — 1,500 5,930 6,154 1,531 12,053 13,584 (8,499 ) 1986 Oct-97 3-30 Brighton Ridge 264 Renton, WA — 2,623 10,800 5,486 2,656 16,253 18,909 (11,818 ) 1986 Dec-96 3-30 Bristol Commons 188 Sunnyvale, CA — 5,278 11,853 9,272 5,293 21,110 26,403 (14,211 ) 1989 Jan-95 3-30 416 on Broadway 115 Glendale, CA — 8,557 34,235 2,973 8,557 37,208 45,765 (10,982 ) 2009 Dec-10 3-30 Bunker Hill 456 Los Angeles, CA — 11,498 27,871 83,972 11,639 111,702 123,341 (54,527 ) 1968 Mar-98 3-30 Camarillo Oaks 564 Camarillo, CA — 10,953 25,254 7,791 11,075 32,923 43,998 (23,428 ) 1985 Jul-96 3-30 Cambridge Park 320 San Diego, CA — 18,185 72,739 2,974 18,185 75,713 93,898 (13,776 ) 1998 Apr-14 5-30 Camino Ruiz Square 159 Camarillo, CA — 6,871 26,119 1,965 6,931 28,024 34,955 (11,628 ) 1990 Dec-06 3-30 Canyon Oaks 250 San Ramon, CA — 19,088 44,473 4,232 19,088 48,705 67,793 (19,542 ) 2005 May-07 3-30 Canyon Pointe 250 Bothell, WA — 4,692 18,288 8,142 4,693 26,429 31,122 (14,475 ) 1990 Oct-03 3-30 Capri at Sunny Hills 102 Fullerton, CA — 3,337 13,320 9,319 4,048 21,928 25,976 (13,479 ) 1961 Sep-01 3-30 Carmel Landing 356 San Diego, CA — 16,725 66,901 7,589 16,725 74,490 91,215 (13,639 ) 1989 Apr-14 5-30 Carmel Summit 246 San Diego, CA — 14,968 59,871 3,514 14,968 63,385 78,353 (11,342 ) 1989 Apr-14 5-30 Castle Creek 216 Newcastle, WA — 4,149 16,028 4,500 4,833 19,844 24,677 (13,953 ) 1998 Dec-98 3-30 Catalina Gardens 128 Los Angeles, CA — 6,714 26,856 1,485 6,714 28,341 35,055 (5,018 ) 1987 Apr-14 5-30 CBC Apartments & The Sweeps 239 Goleta, CA — 11,841 45,320 6,556 11,906 51,811 63,717 (24,758 ) 1962 Jan-06 3-30 Cedar Terrace 180 Bellevue, WA — 5,543 16,442 7,214 5,652 23,547 29,199 (11,598 ) 1984 Jan-05 3-30 CentrePointe 224 San Diego, CA — 3,405 7,743 21,354 3,442 29,060 32,502 (18,300 ) 1974 Jun-97 3-30 Chestnut Street Apartments 96 Santa Cruz, CA — 6,582 15,689 1,995 6,582 17,684 24,266 (6,512 ) 2002 Jul-08 3-30 Collins on Pine 76 Seattle, WA — 7,276 22,226 328 7,276 22,554 29,830 (3,520 ) 2013 May-14 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Corbella at Juanita Bay 169 Kirkland, WA — 5,801 17,415 3,165 5,801 20,580 26,381 (6,279 ) 1978 Nov-10 3-30 Cortesia 308 Rancho Santa Margarita, CA — 13,912 55,649 2,492 13,912 58,141 72,053 (10,430 ) 1999 Apr-14 5-30 Country Villas 180 Oceanside, CA — 4,174 16,583 5,074 4,187 21,644 25,831 (11,954 ) 1976 Dec-02 3-30 Crow Canyon 400 San Ramon, CA — 37,579 87,685 9,894 37,579 97,579 135,158 (17,605 ) 1992 Apr-14 5-30 Deer Valley 171 San Rafael, CA — 21,478 50,116 2,481 21,478 52,597 74,075 (9,580 ) 1996 Apr-14 5-30 Delano 126 Redmond, WA — 7,470 22,511 1,330 7,470 23,841 31,311 (5,852 ) 2005 Dec-11 3-30 Devonshire 276 Hemet, CA — 3,470 13,786 4,993 3,482 18,767 22,249 (10,271 ) 1988 Dec-02 3-30 Ellington 220 Bellevue, WA — 15,066 45,249 3,535 15,066 48,784 63,850 (7,810 ) 1994 Jul-14 3-30 Emerald Pointe 160 Diamond Bar, CA — 8,458 33,832 1,869 8,458 35,701 44,159 (6,477 ) 1989 Apr-14 5-30 Emerald Ridge 180 Bellevue, WA — 3,449 7,801 5,871 3,449 13,672 17,121 (10,213 ) 1987 Nov-94 3-30 Emerson Valley Village 144 Los Angeles, CA — 13,378 53,240 408 13,378 53,648 67,026 (3,861 ) 2012 Dec-16 3-30 Enso 183 San Jose, CA — 21,397 71,135 1,490 21,397 72,625 94,022 (7,869 ) 2014 Dec-15 3-30 Esplanade 278 San Jose, CA — 18,170 40,086 13,540 18,429 53,367 71,796 (26,905 ) 2002 Apr-04 3-30 Essex Skyline 349 Santa Ana, CA — 21,537 146,099 7,313 21,537 153,412 174,949 (35,662 ) 2008 Apr-10 3-30 Evergreen Heights 200 Kirkland, WA — 3,566 13,395 6,026 3,649 19,338 22,987 (13,793 ) 1990 Jun-97 3-30 Fairway Apartments at Big Canyon (5) 74 Newport Beach, CA — — 7,850 7,923 — 15,773 15,773 (10,717 ) 1972 Jun-99 3-28 Fairwood Pond 194 Renton, WA — 5,296 15,564 3,800 5,297 19,363 24,660 (9,745 ) 1997 Oct-04 3-30 Foothill Commons 394 Bellevue, WA — 2,435 9,821 39,812 2,440 49,628 52,068 (42,805 ) 1978 Mar-90 3-30 Foothill Gardens/Twin Creeks 176 San Ramon, CA — 5,875 13,992 10,803 5,964 24,706 30,670 (16,790 ) 1985 Feb-97 3-30 Forest View 192 Renton, WA — 3,731 14,530 2,843 3,731 17,373 21,104 (9,071 ) 1998 Oct-03 3-30 Fountain Court 320 Seattle, WA — 6,702 27,306 12,238 6,585 39,661 46,246 (25,952 ) 2000 Mar-00 3-30 Fourth & U 171 Berkeley, CA — 8,879 52,351 3,228 8,879 55,579 64,458 (17,580 ) 2010 Apr-10 3-30 Fox Plaza 445 San Francisco, CA — 39,731 92,706 28,996 39,731 121,702 161,433 (27,308 ) 1968 Feb-13 3-30 The Henley I/The Henley II 215 Glendale, CA — 6,695 16,753 26,648 6,733 43,363 50,096 (22,504 ) 1970 Jun-99 3-30 Hillsdale Garden 697 San Mateo, CA — 22,000 94,681 23,237 22,000 117,918 139,918 (53,970 ) 1948 Sep-06 3-30 Hope Ranch 108 Santa Barbara, CA — 4,078 16,877 2,915 4,208 19,662 23,870 (7,931 ) 1965 Mar-07 3-30 Joule 295 Seattle, WA — 14,558 69,417 4,872 14,558 74,289 88,847 (24,020 ) 2010 Mar-10 3-30 Kings Road 196 Los Angeles, CA — 4,023 9,527 19,171 4,031 28,690 32,721 (15,924 ) 1979 Jun-97 3-30 Lafayette Highlands 150 Lafayette, CA — 17,774 41,473 2,773 17,774 44,246 62,020 (7,883 ) 1973 Apr-14 5-30 Lakeshore Landing 308 San Mateo, CA — 38,155 89,028 7,166 38,155 96,194 134,349 (18,412 ) 1988 Apr-14 5-30 Laurels at Mill Creek 164 Mill Creek, WA — 1,559 6,430 7,228 1,595 13,622 15,217 (9,827 ) 1981 Dec-96 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Lawrence Station 336 Sunnyvale, CA — 45,532 106,735 1,530 45,532 108,265 153,797 (23,222 ) 2012 Apr-14 5-30 Le Parc 140 Santa Clara, CA — 3,090 7,421 12,694 3,092 20,113 23,205 (15,581 ) 1975 Feb-94 3-30 Marbrisa 202 Long Beach, CA — 4,700 18,605 9,216 4,760 27,761 32,521 (15,568 ) 1987 Sep-02 3-30 Marina City Club (6) 101 Marina Del Rey, CA — — 28,167 29,030 — 57,197 57,197 (26,137 ) 1971 Jan-04 3-30 Marina Cove (7) 292 Santa Clara, CA — 5,320 16,431 15,312 5,324 31,739 37,063 (24,319 ) 1974 Jun-94 3-30 Mariner's Place 105 Oxnard, CA — 1,555 6,103 2,464 1,562 8,560 10,122 (5,668 ) 1987 May-00 3-30 MB 360 360 San Francisco, CA — 21,421 114,376 129,017 42,001 222,813 264,814 (31,219 ) 2014 Apr-14 3-30 Mesa Village 133 Clairemont, CA — 1,888 7,498 2,336 1,894 9,828 11,722 (5,120 ) 1963 Dec-02 3-30 Mill Creek at Windermere 400 San Ramon, CA — 29,551 69,032 5,452 29,551 74,484 104,035 (29,077 ) 2005 Sep-07 3-30 Mio 103 San Jose, CA — 11,012 39,982 438 11,012 40,420 51,432 (4,232 ) 2015 Jan-16 3-30 Mirabella 188 Marina Del Rey, CA — 6,180 26,673 16,128 6,270 42,711 48,981 (24,505 ) 2000 May-00 3-30 Mira Monte 354 Mira Mesa, CA — 7,165 28,459 11,509 7,186 39,947 47,133 (23,737 ) 1982 Dec-02 3-30 Miracle Mile/Marbella 236 Los Angeles, CA — 7,791 23,075 14,830 7,886 37,810 45,696 (26,268 ) 1988 Aug-97 3-30 Mission Hills 282 Oceanside, CA — 10,099 38,778 7,820 10,167 46,530 56,697 (22,211 ) 1984 Jul-05 3-30 Mission Peaks 453 Fremont, CA — 46,499 108,498 6,275 46,499 114,773 161,272 (20,332 ) 1995 Apr-14 5-30 Mission Peaks II 336 Fremont, CA — 31,429 73,334 5,549 31,429 78,883 110,312 (14,566 ) 1989 Apr-14 5-30 Montclaire 390 Sunnyvale, CA — 4,842 19,776 26,772 4,997 46,393 51,390 (40,215 ) 1973 Dec-88 3-30 Monterey Villas 122 Oxnard, CA — 2,349 5,579 6,723 2,424 12,227 14,651 (7,958 ) 1974 Jul-97 3-30 Muse 152 North Hollywood, CA — 7,822 33,436 3,201 7,823 36,636 44,459 (12,606 ) 2011 Feb-11 3-30 Museum Park 117 San Jose, CA — 13,864 32,348 1,642 13,864 33,990 47,854 (6,180 ) 2002 Apr-14 5-30 Palm Valley 1,098 San Jose, CA — 133,802 312,205 8,537 133,802 320,742 454,544 (22,477 ) 2008 Jan-17 3-30 Paragon Apartments 301 Fremont, CA — 32,230 77,320 1,553 32,230 78,873 111,103 (11,935 ) 2013 Jul-14 3-30 Park Catalina 90 Los Angeles, CA — 4,710 18,839 3,224 4,710 22,063 26,773 (5,926 ) 2002 Jun-12 3-30 Park Hill at Issaquah 245 Issaquah, WA — 7,284 21,937 8,668 7,284 30,605 37,889 (14,860 ) 1999 Feb-99 3-30 Park Viridian 320 Anaheim, CA — 15,894 63,574 3,302 15,894 66,876 82,770 (12,099 ) 2008 Apr-14 5-30 Park West 126 San Francisco, CA — 9,424 21,988 12,288 9,424 34,276 43,700 (9,855 ) 1958 Sep-12 3-30 Parkwood at Mill Creek 240 Mill Creek, WA — 10,680 42,722 2,808 10,680 45,530 56,210 (8,402 ) 1989 Apr-14 5-30 Pathways at Bixby Village 296 Long Beach, CA — 4,083 16,757 20,936 6,239 35,537 41,776 (30,520 ) 1975 Feb-91 3-30 Piedmont 396 Bellevue, WA — 19,848 59,606 11,970 19,848 71,576 91,424 (13,138 ) 1969 May-14 3-30 Pinehurst (8) 28 Ventura, CA — — 1,711 648 — 2,359 2,359 (1,359 ) 1973 Dec-04 3-24 Pinnacle Sonata 268 Bothell, WA — 14,647 58,586 3,398 14,647 61,984 76,631 (11,047 ) 2000 Apr-14 5-30 Pointe at Cupertino 116 Cupertino, CA — 4,505 17,605 12,182 4,505 29,787 34,292 (17,583 ) 1963 Aug-98 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Radius 264 Redwood City, CA — 11,702 152,336 322 11,702 152,658 164,360 (27,287 ) 2015 Apr-14 3-30 Reed Square 100 Sunnyvale, CA — 6,873 16,037 8,274 6,873 24,311 31,184 (8,840 ) 1970 Jan-12 3-30 Regency at Encino 75 Encino, CA — 3,184 12,737 3,615 3,184 16,352 19,536 (6,157 ) 1989 Dec-09 3-30 Renaissance at Uptown Orange 460 Orange, CA — 27,870 111,482 4,959 27,870 116,441 144,311 (20,912 ) 2007 Apr-14 5-30 Reveal 438 Woodland Hills, CA — 25,073 121,314 1,462 25,073 122,776 147,849 (17,821 ) 2010 Apr-15 3-30 Salmon Run at Perry Creek 132 Bothell, WA — 3,717 11,483 2,502 3,801 13,901 17,702 (8,211 ) 2000 Oct-00 3-30 Sammamish View 153 Bellevue, WA — 3,324 7,501 7,056 3,331 14,550 17,881 (12,089 ) 1986 Nov-94 3-30 101 San Fernando 323 San Jose, CA — 4,173 58,961 11,773 4,173 70,734 74,907 (23,484 ) 2001 Jul-10 3-30 San Marcos 432 Richmond, CA — 15,563 36,204 32,572 22,866 61,473 84,339 (31,117 ) 2003 Nov-03 3-30 Santee Court/Santee Village 238 Los Angeles, CA — 9,581 40,317 9,296 9,582 49,612 59,194 (14,575 ) 2004 Oct-10 3-30 Shadow Point 172 Spring Valley, CA — 2,812 11,170 3,802 2,820 14,964 17,784 (8,108 ) 1983 Dec-02 3-30 Shadowbrook 418 Redmond, WA — 19,292 77,168 5,001 19,292 82,169 101,461 (14,797 ) 1986 Apr-14 5-30 Slater 116 108 Kirkland, WA — 7,379 22,138 916 7,379 23,054 30,433 (4,293 ) 2013 Sep-13 3-30 Solstice 280 Sunnyvale, CA — 34,444 147,262 5,603 34,444 152,865 187,309 (31,396 ) 2014 Apr-14 5-30 Station Park Green - Phase I 121 San Mateo, CA — 14,923 82,552 553 14,924 83,104 98,028 (2,896 ) 2018 Mar-18 3-30 Stonehedge Village 196 Bothell, WA — 3,167 12,603 7,125 3,201 19,694 22,895 (13,784 ) 1986 Oct-97 3-30 Summit Park 300 San Diego, CA — 5,959 23,670 7,507 5,977 31,159 37,136 (16,895 ) 1972 Dec-02 3-30 Taylor 28 197 Seattle, WA — 13,915 57,700 2,913 13,915 60,613 74,528 (10,586 ) 2008 Apr-14 5-30 The Avery 121 Los Angeles, CA — 6,964 29,922 459 6,964 30,381 37,345 (4,867 ) 2014 Mar-14 3-30 The Bernard 63 Seattle, WA — 3,699 11,345 715 3,689 12,070 15,759 (3,068 ) 2008 Sep-11 3-30 The Cairns 99 Seattle, WA — 6,937 20,679 1,965 6,939 22,642 29,581 (8,970 ) 2006 Jun-07 3-30 The Commons 264 Campbell, CA — 12,555 29,307 8,468 12,556 37,774 50,330 (12,685 ) 1973 Jul-10 3-30 The Elliot at Mukilteo 301 Mukilteo, WA — 2,498 10,595 16,549 2,824 26,818 29,642 (19,937 ) 1981 Jan-97 3-30 The Grand 243 Oakland, CA — 4,531 89,208 7,131 4,531 96,339 100,870 (34,186 ) 2009 Jan-09 3-30 The Hallie 292 Pasadena, CA — 2,202 4,794 54,029 8,385 52,640 61,025 (30,937 ) 1972 Apr-97 3-30 The Lofts at Pinehurst 118 Ventura, CA — 1,570 3,912 5,102 1,618 8,966 10,584 (5,728 ) 1971 Jun-97 3-30 The Palisades 192 Bellevue, WA — 1,560 6,242 13,055 1,565 19,292 20,857 (16,842 ) 1977 May-90 3-30 The Stuart 188 Pasadena, CA — 13,574 54,298 2,321 13,574 56,619 70,193 (10,547 ) 2007 Apr-14 5-30 The Trails of Redmond 423 Redmond, WA — 21,930 87,720 5,006 21,930 92,726 114,656 (16,701 ) 1985 Apr-14 5-30 Tierra Vista 404 Oxnard, CA — 13,652 53,336 5,415 13,661 58,742 72,403 (29,836 ) 2001 Jan-01 3-30 Tiffany Court 101 Los Angeles, CA — 6,949 27,796 1,687 6,949 29,483 36,432 (5,263 ) 1987 Apr-14 5-30 Trabuco Villas 132 Lake Forest, CA — 3,638 8,640 3,643 3,890 12,031 15,921 (8,134 ) 1985 Oct-97 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Via 284 Sunnyvale, CA — 22,000 82,270 2,908 22,016 85,162 107,178 (24,816 ) 2011 Jul-11 3-30 Villa Siena 272 Costa Mesa, CA — 13,842 55,367 7,249 13,842 62,616 76,458 (11,592 ) 1974 Apr-14 5-30 Village Green 272 La Habra, CA — 6,488 36,768 3,826 6,488 40,594 47,082 (7,652 ) 1971 Apr-14 5-30 Vista Belvedere 76 Tiburon, CA — 5,573 11,901 8,708 5,573 20,609 26,182 (11,033 ) 1963 Aug-04 3-30 Vox Apartments 58 Seattle, WA — 5,545 16,635 271 5,545 16,906 22,451 (2,936 ) 2013 Oct-13 3-30 Walnut Heights 163 Walnut, CA — 4,858 19,168 5,383 4,887 24,522 29,409 (12,592 ) 1964 Oct-03 3-30 Wharfside Pointe 155 Seattle, WA — 2,245 7,020 12,046 2,258 19,053 21,311 (13,796 ) 1990 Jun-94 3-30 Willow Lake 508 San Jose, CA — 43,194 101,030 14,040 43,194 115,070 158,264 (27,006 ) 1989 Oct-12 3-30 5600 Wilshire 284 Los Angeles, CA — 30,535 91,604 2,258 30,535 93,862 124,397 (16,636 ) 2008 Apr-14 5-30 Wilshire La Brea 478 Los Angeles, CA — 56,932 211,998 10,929 56,932 222,927 279,859 (44,801 ) 2014 Apr-14 5-30 Windsor Ridge 216 Sunnyvale, CA — 4,017 10,315 16,659 4,021 26,970 30,991 (21,175 ) 1989 Mar-89 3-30 Woodland Commons 302 Bellevue, WA — 2,040 8,727 23,306 2,044 32,029 34,073 (20,855 ) 1978 Mar-90 3-30 Woodside Village 145 Ventura, CA — 5,331 21,036 4,179 5,341 25,205 30,546 (12,674 ) 1987 Dec-04 3-30 35,592 $ — $ 1,923,612 $ 6,604,680 $ 1,352,987 $ 1,970,554 $ 7,910,725 $ 9,881,279 $ (2,329,714 ) 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 Derian Office Building 106,716 Irvine, CA — 3,079 12,315 9,908 4,308 20,994 25,302 (14,119 ) 1983 Jul-00 3-30 106,716 $ — $ 3,079 $ 12,315 $ 9,908 $ 4,308 $ 20,994 $ 25,302 $ (14,119 ) Total $ 1,806,626 $ 2,643,228 $ 8,881,303 $ 1,841,570 $ 2,701,356 $ 10,664,745 $ 13,366,101 $ (3,209,548 ) (1) The aggregate cost for federal income tax purposes is approximately $10.3 billion (unaudited). (2) A portion of land is leased pursuant to a ground lease expiring 2070. (3) The land is leased pursuant to a ground lease expiring 2082. (4) The land is leased pursuant to a ground lease expiring 2070. (5) The land is leased pursuant to a ground lease expiring 2027. (6) The land is leased pursuant to a ground lease expiring 2067. (7) A portion of land is leased pursuant to a ground lease expiring in 2028. (8) The land is leased pursuant to a ground lease expiring in 2028. A summary of activity for rental properties and accumulated depreciation is as follows: 2018 2017 2016 2018 2017 2016 Rental properties: Accumulated depreciation: Balance at beginning of year $ 13,362,073 $ 12,687,722 $ 12,338,129 Balance at beginning of year $ 2,769,297 $ 2,311,546 $ 1,949,892 Acquisition, development, and improvement of real estate 325,986 700,892 609,669 Depreciation expense 478,721 464,043 432,165 Disposition of real estate and other (321,958 ) (28,367 ) (264,832 ) Depreciation expense - Disposals and other (38,470 ) (6,292 ) (70,511 ) Reclassification from other assets and into building and improvements, net — 1,826 4,756 Balance at the end of year $ 3,209,548 $ 2,769,297 $ 2,311,546 Balance at the end of year $ 13,366,101 $ 13,362,073 $ 12,687,722 |
Summary of Critical and Signi_2
Summary of Critical and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accounts of the Company, its controlled subsidiaries and the variable interest entities ("VIEs") in which it is the primary beneficiary are consolidated in the accompanying financial statements and prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant inter-company accounts and transactions have been eliminated. Certain reclassifications have been made to conform to the current year’s presentation, including the reclassification of corporate-level property management expenses out of property operating, excluding real estate taxes to its own line item on the Company's consolidated statements of income and comprehensive income. $13.2 million has been reclassified out of other assets and into buildings and improvements on the Company's consolidated balance sheets as of December 31, 2017. Such reclassifications had no net effect on previously reported financial results. Noncontrolling interest includes the 3.4% limited partner interests in the Operating Partnership not held by the Company at both December 31, 2018 and 2017 . These percentages include the Operating Partnership’s vested long term incentive plan units (see Note 13). (b) Accoun |
Recent Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 "Revenue from Contracts with Customers." The new standard provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. The new standard requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. The Company adopted ASU 2014-09 as of January 1, 2018, using the modified retrospective approach. See Note 4, Revenues, for further details. In January 2016, the FASB issued ASU No. 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities", which requires changes to the classification and measurement of investments in certain equity securities and to the presentation of certain fair value changes for financial liabilities measured at fair value. The Company adopted ASU No. 2016-01 as of January 1, 2018 using the modified retrospective method by applying a cumulative effect adjustment to retained earnings and partners' capital of $2.2 million, representing accumulated net unrealized gains of certain equity securities held by the Company. Furthermore, as a result of the adoption of this standard, the Company will recognize changes in the fair value of equity investments with readily determinable fair values through net income as opposed to comprehensive income. In August 2016, the FASB issued ASU No. 2016-15 "Classification of Certain Cash Receipts and Cash Payments", which requires entities to adhere to a uniform classification and presentation of certain cash receipts and cash payments in the statement of cash flows. The amendments in this update provide guidance on eight specific cash flow issues.The Company adopted ASU No. 2016-15 as of January 1, 2018 using the retrospective transition method. This amendment did not have a material impact on the Company's consolidated results of operations or financial position. In November 2016, the FASB issued ASU No. 2016-18 "Statement of Cash Flows", which requires entities to include restricted cash and restricted cash equivalents in the reconciliation of beginning-of-period to the end-of-period of cash and cash equivalents in the statement of cash flows. This new standard seeks to eliminate the current diversity in practice in how changes in restricted cash and restricted cash equivalents is presented in the statement of cash flows. The Company adopted ASU No. 2016-18 as of January 1, 2018 using the retrospective transition method. This amendment did not have a material impact on the Company's consolidated results of operations or financial position. In January 2017, the FASB issued ASU No. 2017-01 "Business Combinations: Clarifying the Definition of a Business", which provides a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Previously, U.S. GAAP did not specify the minimum inputs and processes required for an integrated set of assets and activities to meet the definition of a business, causing a broad interpretation of the definition of a business. The Company adopted ASU No. 2017-01 as of January 1, 2018 prospectively. The Company expects that substantially all of its acquisitions of communities will qualify as asset acquisitions and transaction costs related to these acquisitions will be capitalized upon adoption. In February 2017, the FASB issued ASU No. 2017-05 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets", which adds guidance for partial sales of nonfinancial assets, including partial sales of real estate. Historically, U.S. GAAP contained several different accounting models to evaluate whether the transfer of certain assets qualified for sale treatment. This new standard reduces the number of potential accounting models that might apply and clarifies which model does apply in various circumstances. Partial sales of nonfinancial assets are common in the real estate industry and include transactions in which the seller retains an equity interest in the entity that owns the assets or has an equity interest in the buyer. The Company adopted ASU No. 2017-05 concurrently with the adoption of ASU No. 2014-09 "Revenue from Contracts with Customers" as of January 1, 2018 using the modified retrospective method by applying a cumulative effect adjustment to retained earnings and partners' capital of $123.7 million representing the partial sale of its membership interest in BEX II, LLC ("BEX II") during the fourth quarter of 2016. (c) Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02 "Leases", which requires an entity that is a lessee to classify leases as either finance or operating and to recognize a lease liability and a right-of-use asset for all leases that have a duration of greater than 12 months. Leases of 12 months or less will be accounted for similar to existing guidance for operating leases today. For lessors, accounting for leases under the new standard will be substantially the same as existing guidance for sales-type leases, direct financing leases, and operating leases, but eliminates current real estate specific provisions and changes the treatment of initial direct costs. The Company expects that its residential and commercial leases, where it is the lessor, will continue to be accounted for as operating leases under the new standard. In July 2018, the FASB issued ASU No. 2018-11 "Leases (Topic 842): Targeted Improvements," which includes a practical expedient that allows lessors to not separate nonlease components from the associated lease component. This provides the Company with the option of not bifurcating certain common area maintenance recoveries as a non-lease component, if certain requirements are met. The Company expects to elect this practical expedient, which would result in minimum rents and expense recoveries being presented as a single rental revenue line item in the consolidated statement of income and comprehensive income. For leases where the Company is the lessee, which includes various corporate office and ground leases, the Company will be required to recognize a right of use asset and related lease liability on its consolidated balance sheets upon adoption. The Company expects that its corporate office leases, where it is the lessee, will continue to be accounted for as operating leases. The Company also expects to elect a package of practical expedients, under which the Company would not be required to reassess the classification of existing ground leases. The new standards will be effective for the Company beginning January 1, 2019 and early adoption is permitted, including adoption in an interim period. The new standard will be effective for the Company beginning January 1, 2019 and the Company estimates the adoption will result in the recognition of operating lease assets and operating lease liabilities not expected to exceed $85 million . In June 2016, the FASB issued ASU No. 2016-13 "Measurement of Credit Losses on Financial Instruments", which amends the current approach to estimate credit losses on certain financial assets, including trade and other receivables, available-for-sale securities, and other financial instruments. Generally, this amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Currently, U.S. GAAP requires entities to write down credit losses only when losses are probable and loss reversals are not permitted. The new standard will be effective for the Company beginning on January 1, 2020 and early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated results of operations and financial position. In August 2017, the FASB issued ASU No. 2017-12 "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities", which, among other things, requires entities to present the earnings effect of hedging instruments in the same income statement line item in which the earnings effect of the hedged item is reported. The new standard also adds new disclosure requirements. This new standard will be effective for the Company beginning January 1, 2019 and early adoption is permitted. The Company expects to apply the new standard on January 1, 2019 and does not expect that this amendment will have a material effect on its consolidated results of operations or financial position. In August 2018, the FASB issued ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," which eliminates certain disclosure requirements affecting all levels of measurements, and modifies and adds new disclosure requirements for Level 3 measurements. The new standard will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company expects to apply the new standard on January 1, 2020 and does not expect the adoption to have a material impact on the Company's consolidated results of operations or financial position. |
Real Estate Rental Properties | Real Estate Rental Properties Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new tenant or if the development activities cease. The Company allocates the purchase price of real estate to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired. The value of acquired in-place leases are amortized to expense over the average remaining term of the leases acquired. The net carrying value of acquired in-place leases is $0.1 million and $0.4 million as of December 31, 2018 and 2017 , respectively, and are included in prepaid expenses and other assets on the Company's consolidated balance sheets. The Company performs the following evaluation for communities acquired: (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 buildings including personal property; (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. Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment or held for sale may not be fully recoverable, the carrying amount will be evaluated for impairment. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost and fair value less estimated costs to sell. As of both December 31, 2018 and 2017, no properties were classified as held for sale. No impairment charges were recorded for the years ended December 31, 2018 , 2017 or 2016. In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when all criteria under the accounting standard for the disposals of long-lived assets have been met. |
Co-investments | Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects. Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of co-investments in the consolidated statement of income equal to the amount by which the fair value of the co-investment interest in the Company previously owned exceeds its carrying value. A majority of the co-investments, excluding the preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote income if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments. The Company reports investments in co-investments where accumulated distributions have exceeded the Company’s investment as distributions in excess of investments in co-investments in the accompanying consolidated balance sheets. |
Revenues and Gains on Sale of Real Estate | Revenues and Gains on Sale of Real Estate Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 6 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. Subsequent to the adoption of ASU 610-20 on January 1, 2018, the Company recognizes any gains on sales of real estate when we transfer control of a property and when it is probable that we will collect substantially all of the related consideration. |
Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt. |
Marketable Securities | The Company uses the specific identification method to determine the cost basis of a debt security sold and to reclassify amounts from accumulated other comprehensive loss for such securities. Marketable Securities The Company reports its equity securities and available for sale debt securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds, Level 2 for the unsecured bonds and Level 3 for investments in mortgage backed securities, as defined by the FASB standard for fair value measurements as discussed later in Note 2). Any unrealized gain or loss in debt securities classified as available for sale is recorded as other comprehensive income. |
Notes Receivable | Notes Receivable Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate. Interest is recognized over the life of the note as interest income. Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. |
Capitalization Policy | Capitalization Policy The Company capitalizes all direct and certain indirect costs, including interest, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various corporate and community onsite costs that clearly relate to projects under development. Those costs as well as capitalized development and redevelopment fees totaled $18.6 million , $18.8 million and $16.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, most of which relates to development projects. The Company capitalizes leasing costs associated with the lease-up of development communities and amortizes the costs over the life of the leases. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities except for unsecured bonds and mortgage backed securities. The Company uses Level 2 inputs for its investments in unsecured bonds, notes receivable, notes payable, and derivative assets/liabilities. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 9. The Company uses Level 3 inputs to estimate the fair value of its mortgage backed securities. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Management believes that the carrying amounts of the outstanding balances under its lines of credit, and notes and other receivables approximate fair value as of December 31, 2018 and 2017 , because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments. Management has estimated that the fair value of fixed rate debt with a carrying value of $5.0 billion and $4.9 billion at December 31, 2018 and 2017 , respectively, to be $5.0 billion at both December 31, 2018 and 2017. Management has estimated the fair value of the Company’s $619.6 million and $799.2 million of variable rate debt at December 31, 2018 and 2017 , respectively, to be $615.2 million and $793.9 million based on the terms of existing mortgage notes payable, unsecured debt, and variable rate demand notes compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities and dividends payable approximate fair value as of December 31, 2018 and 2017 due to the short-term maturity of these instruments. Marketable securities, except mortgage backed securities, and derivatives are carried at fair value as of December 31, 2018 and 2017 . At December 31, 2018 and 2017 , the Company’s investments in mortgage backed securities had a carrying value of $127.2 million and $109.5 million , respectively. The Company estimated the fair value of investment in mortgage backed securities at December 31, 2018 and 2017 to be approximately $129.5 million and $120.7 million , respectively. The Company determines the fair value of the mortgage backed securities based on unobservable inputs (Level 3 of the fair value hierarchy) considering the assumptions that market participants would make in valuing these securities. Assumptions such as estimated default rates and discount rates are used to determine expected, discounted cash flows to estimate the fair value. |
Interest Rate Protection, Swap, and Forward Contracts | nterest Rate Protection, Swap, and Forward Contracts The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate swaps and interest rate caps as part of its cash flow hedging strategy. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated for accounting purposes as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated for accounting purposes as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated for accounting purposes as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps are considered cash flow hedges. |
Income Taxes | Income Taxes Generally in any year in which Essex qualifies as a real estate investment trust ("REIT") under the Internal Revenue Code (the "IRC"), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2018 as Essex has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude Essex from paying federal income tax. In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. In general, the activities and tax related provisions, assets and liabilities are not material. In 2016, a taxable REIT subsidiary sold two properties that it had acquired in 2007, resulting in the Company's recognition of a deferred income tax expense of approximately $4.4 million . On December 22, 2017 the Tax Cuts and Jobs Act ("Tax Act") was signed into law, which reduced the federal income tax rate from 35% to 21% effective January 1, 2018. As a result of the Tax Act, the Company remeasured its net deferred tax liabilities at December 31, 2017, accordingly a net tax benefit of $1.5 million was recorded. As a partnership, the Operating Partnership is not subject to federal or state income taxes, except that in order to maintain Essex's compliance with REIT tax rules that are applicable to Essex, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership. |
Equity-based Compensation | Equity-based Compensation The cost of share and unit based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long term incentive plan units (discussed in Note 13) are being amortized over the expected service periods. |
Changes in Accumulated Other Comprehensive Loss, by Component | Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded in interest expense on the consolidated statements of income. Realized gains and losses on available for sale debt securities are included in interest and other income on the consolidated statements of income and comprehensive income. |
Accounting Estimates | Accounting Estimates The preparation of consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, and its notes receivable. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions. |
Variable Interest Entities | Variable Interest Entities In accordance with accounting standards for consolidation of VIEs, the Company consolidates the Operating Partnership and 16 DownREIT limited partnerships (comprising eight communities), and eight co-investments as of December 31, 2018 . The Company consolidates these entities because it is deemed the primary beneficiary. The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to the eight consolidated co-investments and 16 DownREIT limited partnerships, net of intercompany eliminations, were approximately $849.8 million and $261.7 million , respectively, as of December 31, 2018 , and $837.7 million and $265.5 million , respectively, as of December 31, 2017 . Noncontrolling interests in these entities were $64.5 million and $66.7 million as of December 31, 2018 and 2017 , respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. The DownREIT VIEs collectively own eight apartment communities in which Essex Management Company ("EMC") is the general partner, the Operating Partnership is a special limited partner, and the other limited partners were granted rights of redemption for their interests. Such limited partners can request to be redeemed and the Company, subject to certain restrictions, can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis. Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under various arrangements, as noted above. The other limited partners receive distributions based on the Company's current dividend rate times the number of units held. Total DownREIT limited partnership units outstanding were 912,269 and 917,593 as of December 31, 2018 and 2017 respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $223.7 million and $221.5 million , as of December 31, 2018 and 2017 , respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $35.5 million and $39.2 million as of December 31, 2018 and 2017 , respectively. Of these amounts, $14.5 million and $13.6 million as of December 31, 2018 and 2017 , respectively, represent units of limited partners' interests in DownREIT VIEs as to which it is outside of the Company’s control to redeem the DownREIT limited partnership units with Company common stock and may potentially be redeemed for cash, and are presented at either their redemption value or historical cost, depending on the limited partner's right to redeem their units as of the balance sheet date. The carrying value of DownREIT limited partnership units as to which it is within the control of the Company to redeem the units with its common stock was $32.4 million as of both December 31, 2018 and 2017 , and is classified within noncontrolling interests in the accompanying consolidated balance sheets. Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. |
Summary of Critical and Signi_3
Summary of Critical and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Critical and Significant Accounting Policies [Abstract] | |
Depreciable life of various categories of fixed assets | The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years |
Schedule of restricted cash reconciliation | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands): 2018 2017 2016 Cash and cash equivalents - unrestricted $ 134,465 $ 44,620 $ 64,921 Cash and cash equivalents - restricted 16,930 16,506 105,381 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 151,395 $ 61,126 $ 170,302 |
Schedule of cash and cash equivalents reconciliation | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands): 2018 2017 2016 Cash and cash equivalents - unrestricted $ 134,465 $ 44,620 $ 64,921 Cash and cash equivalents - restricted 16,930 16,506 105,381 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 151,395 $ 61,126 $ 170,302 |
Components of marketable securities | As of December 31, 2018 and 2017 marketable securities consist of the following ($ in thousands): December 31, 2018 Amortized Cost Gross Unrealized Loss Carrying Value Equity securities: Investment funds - debt securities $ 31,934 $ (568 ) $ 31,366 Investment funds - U.S. treasuries 8,983 (31 ) 8,952 Common stock and stock funds 39,731 (1,671 ) 38,060 Debt securities: Available for sale Investment-grade unsecured bonds 4,125 (145 ) 3,980 Held to maturity: Mortgage backed securities 127,187 — 127,187 Total - Marketable securities $ 211,960 $ (2,415 ) $ 209,545 December 31, 2017 Amortized Cost Gross Unrealized Gain (Loss) Carrying Value Equity securities: Investment funds - debt securities $ 27,914 $ (29 ) $ 27,885 Investment funds - U.S. treasuries 10,999 (55 ) 10,944 Common stock and stock funds 34,329 2,973 37,302 Debt securities: Available for sale Investment-grade unsecured bonds 4,365 (40 ) 4,325 Held to maturity: Mortgage backed securities 109,548 — 109,548 Total - Marketable securities $ 187,155 $ 2,849 $ 190,004 |
Status of cash dividends distributed | The status of cash dividends distributed for the years ended December 31, 2018 , 2017 , and 2016 related to common stock and Series H preferred stock are classified for tax purposes as follows: 2018 2017 2016 Common Stock Ordinary income 79.72 % 84.04 % 86.68 % Capital gain 15.35 % 13.20 % 7.11 % Unrecaptured section 1250 capital gain 4.93 % 2.76 % 6.21 % 100.00 % 100.00 % 100.00 % 2018 2017 2016 Series H Preferred stock Ordinary income — % — % 86.68 % Capital gains — % — % 7.11 % Unrecaptured section 1250 capital gain — % — % 6.21 % — % — % 100.00 % |
Changes in accumulated other comprehensive income (loss), net by component | Essex Property Trust, Inc. ($ in thousands) Change in fair value and amortization of swap settlements Unrealized gain (loss) on available for sale securities Total Balance at December 31, 2017 $ (20,641 ) $ 2,195 $ (18,446 ) Cumulative effect upon adoption of ASU No. 2016-01 — (2,234 ) (2,234 ) Other comprehensive income (loss) before reclassification 15,343 (114 ) 15,229 Amounts reclassified from accumulated other comprehensive loss (7,779 ) 13 (7,766 ) Other comprehensive income 7,564 (2,335 ) 5,229 Balance at December 31, 2018 $ (13,077 ) $ (140 ) $ (13,217 ) |
Changes in the redemption value of redeemable noncontrolling interests | The changes in the redemption value of redeemable noncontrolling interests for the years ended December 31, 2018 , 2017 , and 2016 is as follows: 2018 2017 2016 Balance at January 1, $ 39,206 $ 44,684 $ 45,452 Reclassifications due to change in redemption value and other 1,164 65 (768 ) Redemptions (4,895 ) (5,543 ) — Balance at December 31, $ 35,475 $ 39,206 $ 44,684 |
Essex Portfolio, L.P. [Member] | |
Summary of Critical and Significant Accounting Policies [Abstract] | |
Changes in accumulated other comprehensive income (loss), net by component | Essex Portfolio, L.P. ($ in thousands) Change in fair value and amortization of swap settlements Unrealized gain (loss) on available for sale securities Total Balance at December 31, 2017 $ (17,417 ) $ 2,188 $ (15,229 ) Cumulative effect upon adoption of ASU No. 2016-01 — (2,228 ) (2,228 ) Other comprehensive income (loss) before reclassification 15,871 (118 ) 15,753 Amounts reclassified from accumulated other comprehensive loss (8,047 ) 13 (8,034 ) Other comprehensive income 7,824 (2,333 ) 5,491 Balance at December 31, 2018 $ (9,593 ) $ (145 ) $ (9,738 ) |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Real Estate Properties | The table below summarizes acquisition activity for the year ended December 31, 2018 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2018 Purchase Price Marquis (1) San Jose, CA 166 100 % Q4 $ 35.4 Total 2018 166 $ 35.4 (1) In December 2018, the Company purchased the joint venture partner's 49.9% membership interest in the Marquis co-investment. As part of the acquisition, the Company paid $4.7 million in cash and issued Operating Partnership units valued at $7.9 million , based on an estimated property valuation of $71.0 million and an encumbrance of $45.8 million of mortgage debt. |
Disposal Groups, Including Discontinued Operations | The table below summarizes disposition activity of operating communities for the year ended December 31, 2018 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Ownership Quarter in 2018 Sales Price Gains Domain San Diego, CA 379 100 % EPLP Q2 $ 132.0 $ 22.3 8th & Hope Los Angeles, CA 290 100 % EPLP Q4 220.0 39.6 Total 2018 669 $ 352.0 $ 61.9 |
Summary of Co Investment | The carrying values of the Company’s co-investments as of December 31, 2018 and 2017 are as follows ($ in thousands, except in parenthetical): Weighted Average Essex Ownership December 31, Percentage (1) 2018 2017 Ownership interest in: CPPIB 54 % $ 482,507 $ 500,287 Wesco I, Wesco III, Wesco IV, and Wesco V 52 % 194,890 214,408 BEXAEW, BEX II and BEX III (2) 50 % 121,780 13,827 Other 51 % 34,093 51,810 Total operating and other co-investments, net 833,270 780,332 Total pre-development and development co-investments 50 % 94,060 73,770 Total preferred interest co-investments (includes related party investments of $51.8 million and $15.7 million as of December 31, 2018 and December 31, 2017, respectively - FN 6 - Related Party Transactions for further discussion) 372,810 265,156 Total co-investments, net $ 1,300,140 $ 1,119,258 (1) Weighted average Essex ownership percentages are as of December 31, 2018. (2) As of December 31, 2017, the Company's investment in BEX II was classified as a liability of $36.7 million . |
Summarized Financial Statement for Co Investment Accounted for Under the Equity Method | The combined summarized financial information of co-investments is as follows ($ in thousands): December 31, 2018 2017 Combined balance sheets: (1) Rental properties and real estate under development $ 4,367,987 $ 3,722,778 Other assets 104,119 110,333 Total assets $ 4,472,106 $ 3,833,111 Debt $ 2,190,764 $ 1,705,051 Other liabilities 106,316 45,515 Equity 2,175,026 2,082,545 Total liabilities and equity $ 4,472,106 $ 3,833,111 Company's share of equity $ 1,300,140 $ 1,155,984 Years ended December 31, 2018 2017 2016 Combined statements of income: (1) Property revenues $ 332,164 $ 312,841 $ 289,011 Property operating expenses (107,584 ) (110,583 ) (99,637 ) Net operating income 224,580 202,258 189,374 Gain on sale of real estate 24,218 90,663 28,291 Interest expense (63,913 ) (62,844 ) (46,894 ) General and administrative (6,379 ) (9,091 ) (7,448 ) Depreciation and amortization (126,485 ) (118,048 ) (103,986 ) Net income $ 52,021 $ 102,938 $ 59,337 Company's share of net income (2) $ 89,132 $ 86,445 $ 48,698 (1) Includes preferred equity investments held by the Company. (2) Includes the Company's share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $2.0 million , $1.9 million , and $3.4 million for the years ended December 31, 2018, 2017, and 2016, respectively. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): 2018 2017 2016 Rental $ 1,296,435 $ 1,263,476 $ 1,201,995 Other property leasing revenue 94,435 90,849 83,728 Management and other fees from affiliates 9,183 9,574 8,278 Total revenues $ 1,400,053 $ 1,363,899 $ 1,294,001 The following table presents the Company’s rental and other property-leasing revenues disaggregated by geographic operating segment ($ in thousands): 2018 2017 2016 Southern California $ 592,281 $ 574,552 $ 540,000 Northern California 522,561 505,313 453,140 Seattle Metro 236,525 229,871 217,259 Other real estate assets (1) 39,503 44,589 75,324 Total rental and other property leasing revenues $ 1,390,870 $ 1,354,325 $ 1,285,723 (1) Other real estate assets consists of revenue generated from retail space, commercial properties, held for sale properties, and disposition properties. Executive management does not evaluate such operating performance geographically. The following table presents the Company’s rental and other property-leasing revenues disaggregated by current property category status ($ in thousands): 2018 2017 2016 Same-property (1) $ 1,279,640 $ 1,244,743 $ 1,185,685 Acquisitions (2) 42,481 39,289 — Development (3) 2,713 — — Redevelopment 20,345 19,641 18,737 Non-residential/other, net (4) 45,691 50,652 81,301 Total rental and other property leasing revenues $ 1,390,870 $ 1,354,325 $ 1,285,723 (1) Stabilized properties consolidated by the Company for the years ended December 31, 2018 , 2017 and 2016. (2) Acquisitions includes properties acquired which did not have comparable stabilized results as of January 1, 2017. (3) Development includes properties developed which did not have stabilized results as of January 1, 2017. (4) Non-residential/other, net consists of revenue generated from retail space, commercial properties, held for sale properties, disposition properties and student housing. |
Notes and Other Receivables (Ta
Notes and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes and Other Receivables [Abstract] | |
Notes and Other Receivables | Notes and loan investment receivables, secured by real estate, and other receivables consist of the following as of December 31, 2018 and 2017 ($ in thousands): 2018 2017 Notes receivable, secured, bearing interest at 10.00%, due May 2021 15,226 13,762 Note receivable, secured, bearing interest at 10.75%, due September 2020 32,650 29,318 Related party note receivable, secured, bearing interest at 9.50%, due October 2019 (1) 6,618 6,656 Related party note receivable, secured, bearing interest at 3.50%, due March 2018 (1) — 29,500 Notes and other receivables from affiliates (2) 4,457 5,061 Other receivables 12,944 16,629 Total notes and receivables $ 71,895 $ 100,926 (1) See Note 6, Related Party Transactions, for additional details. (2) These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2018 and 2017, respectively. See Note 6, Related Party Transactions, for additional details. |
Unsecured Debt (Tables)
Unsecured Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of unsecured debt and lines of credit | Unsecured debt consists of the following as of December 31, 2018 and 2017 ($ in thousands): 2018 2017 Weighted Average Maturity In Years Unsecured bonds private placement - fixed rate $ 274,624 $ 274,427 2.1 Term loan - variable rate 348,813 348,545 3.1 Bonds public offering - fixed rate 3,175,879 2,878,737 7.7 Unsecured debt, net (1) 3,799,316 3,501,709 Lines of credit (2) — 179,000 Total unsecured debt $ 3,799,316 $ 3,680,709 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.9 % 3.7 % Weighted average interest rate on variable rate term loan 3.0 % 2.5 % Weighted average interest rate on lines of credit 3.2 % 2.3 % (1) Includes unamortized discount, net of premiums, of $7.1 million and $5.2 million and unamortized debt issuance costs of $18.5 million and $18.1 million as of December 31, 2018 and 2017 , respectively. (2) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion , excludes unamortized debt issuance costs of $3.9 million and $3.2 million as of December 31, 2018 and 2017, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets. |
Summary of unsecured private placement bonds | The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2018 and 2017 ($ in thousands): Maturity 2018 2017 Coupon Rate 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 % $ 275,000 $ 275,000 |
Schedule of Long-term Debt Instruments | The following is a summary of the Company’s senior unsecured notes as of December 31, 2018 and 2017 ($ in thousands): Maturity 2018 2017 Coupon Senior notes March 2021 $ 300,000 $ 300,000 5.200 % Senior notes August 2022 300,000 300,000 3.625 % Senior notes January 2023 300,000 300,000 3.375 % Senior notes May 2023 300,000 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 500,000 3.500 % Senior notes April 2026 450,000 450,000 3.375 % Senior notes May 2027 350,000 350,000 3.625 % Senior notes March 2048 300,000 — 4.500 % $ 3,200,000 $ 2,900,000 Mortgage notes payable consist of the following as of December 31, 2018 and 2017 ($ in thousands): 2018 2017 Fixed rate mortgage notes payable $ 1,538,488 $ 1,739,856 Variable rate mortgage notes payable (1) 268,138 268,561 Total mortgage notes payable (2) $ 1,806,626 $ 2,008,417 Number of properties securing mortgage notes 50 56 Remaining terms 1-28 years 1-29 years Weighted average interest rate 4.3 % 4.2 % |
Schedule of Maturities of Long-term Debt | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2018 are as follows ($ in thousands): 2019 $ 75,000 2020 — 2021 500,000 2022 650,000 2023 600,000 Thereafter 2,000,000 $ 3,825,000 The aggregate scheduled principal payments of mortgage notes payable at December 31, 2018 are as follows ($ in thousands): 2019 $ 515,658 2020 693,723 2021 43,604 2022 41,178 2023 852 Thereafter 500,880 $ 1,795,895 (1) Variable rate mortgage notes payable, including $256.0 million in bonds that have been converted to variable rate through total return swap contracts, 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 2.5% at December 2018 and 2.0% at December 2017) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Principal balances are due in full at various maturity dates from May 2025 through December 2046. Of these bonds, $9.9 million are subject to various interest rate cap agreements that limit the maximum interest rate to such bonds. (2) Includes total unamortized premium, net of discounts, of $ 14.9 million and $ 33.2 million and reduced by unamortized debt issuance costs of $4.2 million and $5.4 million as of December 31, 2018 and 2017 , respectively. |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Payable [Abstract] | |
Mortgages notes payable | The following is a summary of the Company’s senior unsecured notes as of December 31, 2018 and 2017 ($ in thousands): Maturity 2018 2017 Coupon Senior notes March 2021 $ 300,000 $ 300,000 5.200 % Senior notes August 2022 300,000 300,000 3.625 % Senior notes January 2023 300,000 300,000 3.375 % Senior notes May 2023 300,000 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 500,000 3.500 % Senior notes April 2026 450,000 450,000 3.375 % Senior notes May 2027 350,000 350,000 3.625 % Senior notes March 2048 300,000 — 4.500 % $ 3,200,000 $ 2,900,000 Mortgage notes payable consist of the following as of December 31, 2018 and 2017 ($ in thousands): 2018 2017 Fixed rate mortgage notes payable $ 1,538,488 $ 1,739,856 Variable rate mortgage notes payable (1) 268,138 268,561 Total mortgage notes payable (2) $ 1,806,626 $ 2,008,417 Number of properties securing mortgage notes 50 56 Remaining terms 1-28 years 1-29 years Weighted average interest rate 4.3 % 4.2 % |
Aggregate scheduled principal payments of mortgage notes payable | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2018 are as follows ($ in thousands): 2019 $ 75,000 2020 — 2021 500,000 2022 650,000 2023 600,000 Thereafter 2,000,000 $ 3,825,000 The aggregate scheduled principal payments of mortgage notes payable at December 31, 2018 are as follows ($ in thousands): 2019 $ 515,658 2020 693,723 2021 43,604 2022 41,178 2023 852 Thereafter 500,880 $ 1,795,895 (1) Variable rate mortgage notes payable, including $256.0 million in bonds that have been converted to variable rate through total return swap contracts, 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 2.5% at December 2018 and 2.0% at December 2017) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Principal balances are due in full at various maturity dates from May 2025 through December 2046. Of these bonds, $9.9 million are subject to various interest rate cap agreements that limit the maximum interest rate to such bonds. (2) Includes total unamortized premium, net of discounts, of $ 14.9 million and $ 33.2 million and reduced by unamortized debt issuance costs of $4.2 million and $5.4 million as of December 31, 2018 and 2017 , respectively. |
Lease Agreements (Tables)
Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Future minimum non-cancelable base rent under operating leases | The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands): Future Minimum Rent 2019 $ 16,386 2020 15,842 2021 14,412 2022 13,324 2023 12,181 Thereafter 33,034 $ 105,179 |
Net Income Per Common Share a_2
Net Income Per Common Share and Net Income Per Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Net Income Per Share and Net Income Per Unit [Line Items] | |
Net Income Per Common Share and Net Income Per Unit | Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): 2018 2017 2016 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: Net income available to common stockholders 390,153 66,041,058 $ 5.91 433,059 65,829,155 $ 6.58 411,124 65,471,540 $ 6.28 Effect of Dilutive Securities Stock options — 44,031 — 69,100 — 116,276 Diluted: Net income available to common stockholders 390,153 66,085,089 $ 5.90 433,059 65,898,255 $ 6.57 411,124 65,587,816 $ 6.27 |
Essex Portfolio, L.P. [Member] | |
Net Income Per Share and Net Income Per Unit [Line Items] | |
Net Income Per Common Share and Net Income Per Unit | Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts): 2018 2017 2016 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: Net income available to common unitholders $ 403,605 68,315,999 $ 5.91 $ 447,884 68,081,730 $ 6.58 $ 425,213 67,695,640 $ 6.28 Effect of Dilutive Securities Stock options — 44,031 — 69,100 — 116,276 Diluted: Net income available to common unitholders $ 403,605 68,360,030 $ 5.90 $ 447,884 68,150,830 $ 6.57 $ 425,213 67,811,916 $ 6.27 |
Equity Based Compensation Pla_2
Equity Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Weighted average assumptions used to estimate fair value of stock options | The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants: 2018 2017 2016 Stock price $ 262.09 $ 240.56 $ 219.60 Risk-free interest rates 2.76 % 2.30 % 2.08 % Expected lives 6 years 6 years 6 years Volatility 24.89 % 24.10 % 26.47 % Dividend yield 2.81 % 2.90 % 2.89 % |
Summary of stock options activity | A summary of the status of the Company’s stock option plans as of December 31, 2018 , 2017 , and 2016 and changes during the years ended on those dates is presented below: 2018 2017 2016 Shares Weighted- average exercise price Shares Weighted- average exercise price Shares Weighted- average exercise price Outstanding at beginning of year 536,208 $ 211.41 557,648 $ 181.50 525,094 $ 154.98 Granted 119,361 262.09 164,677 240.56 207,429 219.60 Exercised (39,175 ) 159.05 (176,489 ) 146.86 (138,054 ) 138.79 Forfeited and canceled (3,440 ) 221.80 (9,628 ) 160.40 (36,821 ) 178.18 Outstanding at end of year 612,954 224.57 536,208 211.41 557,648 181.50 Options exercisable at year end 322,837 206.63 223,796 191.09 290,340 160.90 |
Restricted stock activity | The following table summarizes information about restricted stock outstanding as of December 31, 2018 , 2017 and 2016 and changes during the years ended: 2018 2017 2016 Shares Weighted- average grant price Shares Weighted- average grant price Shares Weighted- average grant price Unvested at beginning of year 90,823 $ 163.49 58,349 $ 149.11 54,676 $ 147.10 Granted 51,945 194.70 62,706 177.28 49,183 150.13 Vested (48,212 ) 150.76 (29,675 ) 170.17 (38,427 ) 147.12 Forfeited and canceled (3,498 ) 158.71 (557 ) 119.37 (7,083 ) 141.76 Unvested at end of year 91,058 180.99 90,823 163.49 58,349 149.11 |
Summary of long term incentive plan - Z Units | The following table summarizes information about the LTIP Units outstanding as of December 31, 2018 : 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, 2015 144,185 106,157 250,342 $ 75.41 9.5 Granted — — — Vested 36,842 (36,842 ) — Converted — — — Cancelled — (9,288 ) (9,288 ) Balance, December 31, 2016 181,027 60,027 241,054 $ 75.11 8.5 Granted — — — Vested 32,961 (32,961 ) — Converted (688 ) — (688 ) Cancelled — (3,854 ) (3,854 ) Balance, December 31, 2017 213,300 23,212 236,512 $ 75.03 7.5 Granted — — — Vested 12,051 (12,051 ) — Converted (91,270 ) — (91,270 ) Cancelled — — — Balance, December 31, 2018 134,081 11,161 145,242 $ 75.03 6.5 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation Of Revenues And Operating Profit Loss From Segments To Consolidated | The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2018 , 2017 , and 2016 ($ in thousands): Years Ended December 31, 2018 2017 2016 Revenues: Southern California $ 592,281 $ 574,552 $ 540,000 Northern California 522,561 505,313 453,140 Seattle Metro 236,525 229,871 217,259 Other real estate assets 39,503 44,589 75,324 Total property revenues $ 1,390,870 $ 1,354,325 $ 1,285,723 Net operating income: Southern California $ 421,613 $ 408,070 $ 381,212 Northern California 386,401 371,795 333,757 Seattle Metro 165,397 162,253 154,147 Other real estate assets 32,125 36,821 57,790 Total net operating income 1,005,536 978,939 926,906 Management and other fees from affiliates 9,183 9,574 8,278 Corporate-level property management expenses (31,062 ) (30,156 ) (30,110 ) Depreciation and amortization (479,884 ) (468,881 ) (441,682 ) General and administrative (53,451 ) (41,385 ) (40,751 ) Expensed acquisition and investment related costs (194 ) (1,569 ) (1,841 ) Interest expense (220,492 ) (222,894 ) (219,654 ) Total return swap income 8,707 10,098 11,716 Interest and other income 23,010 24,604 27,305 Equity income from co-investments 89,132 86,445 48,698 Loss on early retirement of debt — (1,796 ) (606 ) Gain on sale of real estate and land 61,861 26,423 154,561 Deferred tax expense on gain on sale of real estate and land — — (4,410 ) Gain on remeasurement of co-investment 1,253 88,641 — Net income $ 413,599 $ 458,043 $ 438,410 |
Reconciliation of Assets from Segment to Consolidated | Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2018 and 2017 ($ in thousands): As of December 31, 2018 2017 Assets: Southern California $ 4,350,377 $ 4,504,930 Northern California 4,270,238 4,220,551 Seattle Metro 1,472,916 1,522,452 Other real estate assets 63,022 344,843 Net reportable operating segments - real estate assets 10,156,553 10,592,776 Real estate under development 454,629 355,735 Co-investments 1,300,140 1,155,984 Cash and cash equivalents, including restricted cash 151,395 61,126 Marketable securities 209,545 190,004 Notes and other receivables 71,895 100,926 Prepaid expenses and other assets 39,439 39,155 Total assets $ 12,383,596 $ 12,495,706 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Lease Commitments | The total minimum lease commitments, under ground leases and operating leases, for each of the years ending December 31 is summarized as follows ($ in thousands): Total Minimum Lease Commitments 2019 $ 6,811 2020 6,855 2021 6,877 2022 6,888 2023 6,860 Thereafter 153,258 $ 187,549 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Results of Operations (Unaudited) [Abstract] | |
Summary of quarterly results of operations | Essex Property Trust, Inc. The following is a summary of quarterly results of operations for 2018 and 2017 ( $ in thousands, except per share and dividend amounts ): Quarter ended December 31 Quarter ended September 30 Quarter ended June 30 Quarter ended March 31 2018: Total property revenues $ 350,787 $ 348,610 $ 346,526 $ 344,947 Net income $ 124,440 $ 86,110 $ 106,410 $ 96,639 Net income available to common stockholders $ 117,820 $ 80,975 $ 100,440 $ 90,918 Per share data: Net income: Basic (1) $ 1.78 $ 1.23 $ 1.52 $ 1.38 Diluted (1) $ 1.78 $ 1.22 $ 1.52 $ 1.38 Dividends declared $ 1.86 $ 1.86 $ 1.86 $ 1.86 2017: Total property revenues $ 342,417 $ 341,974 $ 336,766 $ 333,168 Net income $ 109,662 $ 85,035 $ 75,795 $ 187,551 Net income available to common stockholders $ 103,613 $ 79,723 $ 70,759 $ 178,964 Per share data: Net income: Basic (1) $ 1.57 $ 1.21 $ 1.08 $ 2.73 Diluted (1) $ 1.57 $ 1.21 $ 1.08 $ 2.72 Dividends declared $ 1.75 $ 1.75 $ 1.75 $ 1.75 (1) 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. |
Essex Portfolio, L.P. [Member] | |
Quarterly Results of Operations (Unaudited) [Abstract] | |
Summary of quarterly results of operations | Essex Portfolio, L.P. The following is a summary of quarterly results of operations for 2018 and 2017 ( $ in thousands, except per unit and distribution amounts ): Quarter ended December 31 Quarter ended September 30 Quarter ended June 30 Quarter ended March 31 2018: Total property revenues $ 350,787 $ 348,610 $ 346,526 $ 344,947 Net income $ 124,440 $ 86,110 $ 106,410 $ 96,639 Net income available to common unitholders $ 121,891 $ 83,764 $ 103,900 $ 94,050 Per unit data: Net income: Basic (1) $ 1.78 $ 1.23 $ 1.52 $ 1.38 Diluted (1) $ 1.78 $ 1.23 $ 1.52 $ 1.38 Distributions declared $ 1.86 $ 1.86 $ 1.86 $ 1.86 2017: Total property revenues $ 342,417 $ 341,974 $ 336,766 $ 333,168 Net income $ 109,662 $ 85,035 $ 75,795 $ 187,551 Net income available to common unitholders $ 107,149 $ 82,444 $ 73,181 $ 185,110 Per unit data: Net income: Basic (1) $ 1.57 $ 1.21 $ 1.08 $ 2.73 Diluted (1) $ 1.57 $ 1.21 $ 1.08 $ 2.72 Distributions declared $ 1.75 $ 1.75 $ 1.75 $ 1.75 (1) 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. |
Organization (Details)
Organization (Details) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2018shares | Dec. 31, 2018community | Dec. 31, 2018building | Dec. 31, 2018 | Dec. 31, 2018investment | Dec. 31, 2018apartment | Dec. 31, 2018project | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
General partner ownership interest | 96.60% | 96.70% | |||||||
Limited partner - ownership percentage | 3.40% | 3.40% | |||||||
Operating Partnership units outstanding (in shares) | shares | 2,268,114 | 2,305,389 | |||||||
Redemption value of Operating Partnership units outstanding | $ | $ 565.3 | $ 547.5 | |||||||
Number of apartment communities owned | community | 245 | ||||||||
Number of apartment units owned | apartment | 59,661 | ||||||||
Ownership interests, number of commercial buildings | building | 1 | ||||||||
Ownership interests, number of active development projects | 2 | 6 |
Summary of Critical and Signi_4
Summary of Critical and Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)communityinvestmentpartnershipshares | Dec. 31, 2017USD ($)communityshares | Dec. 31, 2016USD ($)property | Jan. 01, 2019USD ($) | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Buildings and improvements | $ 10,664,745 | $ 10,643,009 | |||
Prepaid expenses and other assets | $ 39,439 | $ 39,155 | |||
Noncontrolling interest in Operating Partnership | 3.40% | 3.40% | |||
Real Estate Rental Properties [Abstract] | |||||
Threshold useful life of assets for capitalization | 1 year | ||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Acquired in-place lease value, net | $ 100 | $ 400 | |||
Number of communities held-for-sale | community | 0 | 0 | |||
Revenues and Gains on Sale of Real Estate [Abstract] | |||||
Lease terms, minimum | 6 months | ||||
Lease terms, maximum | 12 months | ||||
Cash Equivalents and Restricted Cash [Abstract] | |||||
Original maturities of highly liquid investments to be classified as cash equivalents, maximum | 3 months | ||||
Cash and cash equivalents - unrestricted | $ 134,465 | $ 44,620 | $ 64,921 | ||
Cash and cash equivalents - restricted | 16,930 | 16,506 | 105,381 | ||
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows | 151,395 | 61,126 | 170,302 | $ 123,055 | |
Capitalization | |||||
Capitalized internal costs related to development and redevelopment projects | 18,600 | 18,800 | $ 16,400 | ||
Fair Value of Financial Instruments | |||||
Fixed rate debt, carrying amount | 5,000,000 | 4,900,000 | |||
Fixed rate debt, fair value | 5,000,000 | 5,000,000 | |||
Variable rate debt, carrying amount | 619,600 | 799,200 | |||
Variable rate debt, fair value | 615,200 | 793,900 | |||
Mortgage-backed-securities, available-for-sale, fair value | 129,500 | 120,700 | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||||
Number of properties disposed | property | 2 | ||||
Deferred tax expense on gain on sale of real estate and land | $ 0 | 0 | $ 4,410 | ||
Tax cuts and jobs act of 2017, change in tax rate | 1,500 | ||||
Status of cash dividends distributed | |||||
Number of DownREIT limited partnerships | partnership | 16 | ||||
Number of communities in DownREIT Partnerships | community | 8 | ||||
Number of consolidated co-investments that now meet the definition of a VIE | investment | 8 | ||||
Assets related to VIE, net intercompany eliminations | $ 849,800 | 837,700 | |||
Liabilities related to VIE, net intercompany eliminations | 261,700 | 265,500 | |||
NCI in VIE | $ 64,500 | $ 66,700 | |||
Total DownREIT units outstanding (in shares) | shares | 912,269 | 917,593 | |||
Redemption value of the variable interest entities | $ 223,700 | $ 221,500 | |||
Redeemable noncontrolling interest | 35,475 | 39,206 | $ 44,684 | $ 45,452 | |
Redeemable noncontrolling interest, units of limited partners' interests in DownREIT VIEs | 14,500 | 13,600 | |||
Noncontrolling interest in limited partnerships | $ 32,400 | 32,400 | |||
Computer software and equipment [Member] | Minimum [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 3 years | ||||
Computer software and equipment [Member] | Maximum [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 5 years | ||||
Interior apartment home improvements [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 5 years | ||||
Furniture, fixtures and equipment [Member] | Minimum [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 5 years | ||||
Furniture, fixtures and equipment [Member] | Maximum [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 10 years | ||||
Land improvements and certain exterior components of real property [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 10 years | ||||
Real estate structures [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 30 years | ||||
ASU 2017-05 [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cumulative adjustment to retained earnings | 123,708 | ||||
ASU 2014-09 [Member] | Maximum [Member] | Forecast | |||||
Property, Plant and Equipment [Line Items] | |||||
Right-of-use asset | $ 85,000 | ||||
Operating lease, liability | $ 85,000 | ||||
Reclassification [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Buildings and improvements | 13,200 | ||||
Prepaid expenses and other assets | $ (13,200) | ||||
Common Stock [Member] | |||||
Status of cash dividends distributed | |||||
Ordinary income | 79.72% | 84.04% | 86.68% | ||
Capital gain | 15.35% | 13.20% | 7.11% | ||
Unrecaptured section 1250 capital gain | 4.93% | 2.76% | 6.21% | ||
Total cash dividends distributed, percentage | 100.00% | 100.00% | 100.00% | ||
Series H Preferred Stock [Member] | |||||
Status of cash dividends distributed | |||||
Ordinary income | 0.00% | 0.00% | 86.68% | ||
Capital gain | 0.00% | 0.00% | 7.11% | ||
Unrecaptured section 1250 capital gain | 0.00% | 0.00% | 6.21% | ||
Total cash dividends distributed, percentage | 0.00% | 0.00% | 100.00% |
Summary of Critical and Signi_5
Summary of Critical and Significant Accounting Policies - Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Total - Marketable securities, Amortized Cost | $ 211,960 | $ 187,155 | |
Total - Marketable securities, Gross Unrealized Gain (Loss) | (2,415) | 2,849 | |
Total - Marketable securities, Carrying Value | 209,545 | 190,004 | |
Proceeds from sale and maturities of marketable securities | 31,500 | 35,500 | $ 30,500 |
Marketable securities, gains | 700 | 1,900 | $ 5,700 |
Interest and Other Income [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Equity Securities, Gross Unrealized Gain (Loss) | 5,200 | ||
Investment funds - debt securities [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Equity Securities, Amortized cost | 31,934 | 27,914 | |
Equity Securities, Gross Unrealized Gain (Loss) | 568 | 29 | |
Equity Securities, Carrying Value | 31,366 | 27,885 | |
Investment funds - U.S. treasuries [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Equity Securities, Amortized cost | 8,983 | 10,999 | |
Equity Securities, Gross Unrealized Gain (Loss) | 31 | 55 | |
Equity Securities, Carrying Value | 8,952 | 10,944 | |
Common stock and stock funds [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Equity Securities, Amortized cost | 39,731 | 34,329 | |
Equity Securities, Gross Unrealized Gain (Loss) | 1,671 | (2,973) | |
Equity Securities, Carrying Value | 38,060 | 37,302 | |
Investment-grade unsecured bonds [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Debt Securities, Available-for-sale, Amortized Cost | 4,125 | 4,365 | |
Debt Securities, Available-for-sale, Gross Unrealized Gain (Loss) | (145) | (40) | |
Debt Securities, Available-for-sale, Carrying Value | 3,980 | 4,325 | |
Mortgage backed securities [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Held to maturity, Amortized Cost | 127,187 | 109,548 | |
Held to maturity, Gross Unrealized Gain (Loss) | 0 | 0 | |
Held to maturity, Carrying Value | $ 127,187 | $ 109,548 |
Summary of Critical and Signi_6
Summary of Critical and Significant Accounting Policies Summary of Critical and Significant Accounting Policies - AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at December 31, 2017 | $ 6,277,406 | |
Other comprehensive income (loss) before reclassification | 15,229 | |
Amounts reclassified from accumulated other comprehensive loss | (7,766) | |
Other comprehensive income | 5,229 | |
Balance at December 31, 2018 | 6,267,073 | |
Change in fair value and amortization of swap agreements [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at December 31, 2017 | (20,641) | |
Cumulative effect upon adoption of ASU No. 2016-01 | $ 0 | |
Other comprehensive income (loss) before reclassification | 15,343 | |
Amounts reclassified from accumulated other comprehensive loss | (7,779) | |
Other comprehensive income | 7,564 | |
Balance at December 31, 2018 | (13,077) | |
Unrealized gains on available for sale securities [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at December 31, 2017 | 2,195 | |
Cumulative effect upon adoption of ASU No. 2016-01 | (2,234) | |
Other comprehensive income (loss) before reclassification | (114) | |
Amounts reclassified from accumulated other comprehensive loss | 13 | |
Other comprehensive income | (2,335) | |
Balance at December 31, 2018 | (140) | |
Accumulated other comprehensive loss, net [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at December 31, 2017 | (18,446) | |
Cumulative effect upon adoption of ASU No. 2016-01 | (2,234) | |
Balance at December 31, 2018 | (13,217) | |
Essex Portfolio, L.P. [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income (loss) before reclassification | 15,753 | |
Amounts reclassified from accumulated other comprehensive loss | (8,034) | |
Other comprehensive income | 5,491 | |
Essex Portfolio, L.P. [Member] | Change in fair value and amortization of swap agreements [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at December 31, 2017 | (17,417) | |
Cumulative effect upon adoption of ASU No. 2016-01 | 0 | |
Other comprehensive income (loss) before reclassification | 15,871 | |
Amounts reclassified from accumulated other comprehensive loss | (8,047) | |
Other comprehensive income | 7,824 | |
Balance at December 31, 2018 | (9,593) | |
Essex Portfolio, L.P. [Member] | Unrealized gains on available for sale securities [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at December 31, 2017 | 2,188 | |
Cumulative effect upon adoption of ASU No. 2016-01 | (2,228) | |
Other comprehensive income (loss) before reclassification | (118) | |
Amounts reclassified from accumulated other comprehensive loss | 13 | |
Other comprehensive income | (2,333) | |
Balance at December 31, 2018 | (145) | |
Essex Portfolio, L.P. [Member] | Accumulated other comprehensive loss, net [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at December 31, 2017 | (15,229) | |
Cumulative effect upon adoption of ASU No. 2016-01 | $ (2,228) | |
Balance at December 31, 2018 | $ (9,738) |
Summary of Critical and Signi_7
Summary of Critical and Significant Accounting Policies Summary of Critical and Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance at January 1, | $ 39,206 | $ 44,684 | $ 45,452 |
Reclassifications due to change in redemption value and other | 1,164 | 65 | (768) |
Redemptions | (4,895) | (5,543) | 0 |
Balance at December 31, | $ 35,475 | $ 39,206 | $ 44,684 |
Real Estate Investments Real Es
Real Estate Investments Real Estate Investments - Acquisitions And Sales Of Real Estate (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)communityunit | Dec. 31, 2017USD ($)communityunit | |
Schedule of Equity Method Investments [Line Items] | |||
Number of units acquired | unit | 166 | ||
Purchase Price | $ 35,400 | ||
Investment in real estate | $ 13,366,101 | 13,366,101 | |
Encumbrance | $ 1,806,626 | 1,806,626 | |
Land and Land Improvements [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase Price | 20,500 | ||
Building and Improvements [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase Price | 47,800 | ||
Prepaid Expenses and Other Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase Price | 2,700 | ||
Marquis [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Limited partnership interest in partnership investments | 49.90% | ||
Cash payments to acquire membership interests | $ 4,700 | ||
Consideration transferred, equity instruments | 7,900 | ||
Investment in real estate | 71,000 | 71,000 | |
Encumbrance | $ 45,800 | $ 45,800 | |
Apartment Building [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of communities acquired | community | 1 | 2 | |
Number of units acquired | unit | 166 | 1,328 | |
Purchase Price | $ 35,400 | $ 273,000 | |
Apartment Building [Member] | Marquis [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of units acquired | unit | 166 | ||
Purchase Price | $ 35,400 | ||
Essex Ownership Percentage | 100.00% | 100.00% |
Real Estate Investments - Sales
Real Estate Investments - Sales of Real Estate Investments (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2016USD ($) | Dec. 31, 2018USD ($)unit | Jun. 30, 2018USD ($)unit | Dec. 31, 2018USD ($)communityunit | Dec. 31, 2017USD ($)communityunit | Dec. 31, 2016USD ($)communityunit | |
Real Estate Properties [Line Items] | ||||||
Revenues | $ 1,400,053 | $ 1,363,899 | $ 1,294,001 | |||
Deferred tax expense on gain on sale of real estate and land | 0 | 0 | 4,410 | |||
Palo Alto, CA [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Proceeds from sale of headquarters building | $ 18,000 | |||||
Gain on sale of corporate headquarters | $ 9,600 | |||||
Rental and other property [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Revenues | $ 1,390,870 | $ 1,354,325 | $ 1,285,723 | |||
Communities Sold In 2018 [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of communities sold | community | 2 | |||||
Number of units sold | unit | 669 | |||||
Gain on sale of properties | $ 61,900 | |||||
Gain on sale of real estate | 61,900 | |||||
Communities Sold In 2018 [Member] | Rental and other property [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Revenues | $ 352,000 | |||||
Domain [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of units sold | unit | 379 | |||||
Essex Ownership Percentage | 100.00% | |||||
Gain on sale of real estate | $ 22,300 | |||||
Domain [Member] | Rental and other property [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Revenues | $ 132,000 | |||||
Eighth And Hope [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of units sold | unit | 290 | |||||
Essex Ownership Percentage | 100.00% | |||||
Gain on sale of real estate | $ 39,600 | |||||
Eighth And Hope [Member] | Rental and other property [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Revenues | $ 220,000 | |||||
Communities Sold In 2017 [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of communities sold | community | 1 | |||||
Number of units sold | unit | 270 | |||||
Gain on sale of properties | $ 26,200 | |||||
Communities Sold In 2017 [Member] | Rental and other property [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Revenues | $ 132,500 | |||||
Communities Sold In 2016 [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of communities sold | community | 3 | |||||
Number of units sold | unit | 323 | |||||
Gain on sale of properties | $ 14,000 | |||||
Deferred tax expense on gain on sale of real estate and land | 4,400 | |||||
Communities Sold In 2016 [Member] | Rental and other property [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Revenues | $ 80,800 |
Real Estate Investments - Co-In
Real Estate Investments - Co-Investments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018USD ($)unit | Nov. 30, 2018USD ($)unit | Oct. 31, 2018USD ($)unit | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)unit | Dec. 31, 2017USD ($)unit | Dec. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |||||||
Promote interest earned | $ 20,500 | ||||||
Number of units acquired | unit | 166 | ||||||
Acquisitions of real estate and acquisition related capital expenditures | $ 15,311 | $ 206,194 | $ 315,632 | ||||
Revenues | 1,400,053 | 1,363,899 | 1,294,001 | ||||
Purchase Price | 35,400 | ||||||
Gain on remeasurement of co-investment | 1,253 | 88,641 | 0 | ||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 1,300,140 | 1,300,140 | 1,119,258 | ||||
Membership Combined Balance Sheets [Abstract] | |||||||
Rental properties and real estate under development | 454,629 | 454,629 | 355,735 | ||||
Other liabilities | $ 33,375 | 33,375 | 33,132 | ||||
Membership Combined Statements Of Income [Abstract] | |||||||
Interest expense | (220,492) | (222,894) | (219,654) | ||||
General and administrative | (53,451) | (41,385) | (40,751) | ||||
Equity income from co-investments | 89,132 | 86,445 | 48,698 | ||||
Investments With Related Parties [Member] | |||||||
Membership Combined Statements Of Income [Abstract] | |||||||
Equity income from co-investments | 2,000 | 1,900 | 3,400 | ||||
Rental and other property [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Revenues | $ 1,390,870 | 1,354,325 | 1,285,723 | ||||
Meridian At Midtown [Member] | Wesco V [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of units acquired | unit | 218 | ||||||
Acquisitions of real estate and acquisition related capital expenditures | $ 104,000 | ||||||
Mortgage debt assumed | $ 69,900 | ||||||
Effective interest rate of mortgage debt assumed | 4.50% | ||||||
Enclave At Town Square [Member] | BEXAWE, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of units sold | unit | 124 | ||||||
Gain on sale of properties | $ 5,400 | ||||||
Repayments of debt | 16,100 | ||||||
Enclave At Town Square [Member] | BEXAWE, LLC [Member] | Rental and other property [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Revenues | $ 30,500 | ||||||
The Summit [Member] | Wesco III [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of units sold | unit | 125 | ||||||
Gain on sale of properties | $ 5,200 | ||||||
Repayments of debt | 15,600 | ||||||
The Summit [Member] | Wesco III [Member] | Rental and other property [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Revenues | 34,800 | ||||||
Marquis [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Ownership Percentage | 49.90% | ||||||
Purchase Price | $ 35,400 | ||||||
Encumberance of mortgage debt | $ 45,800 | ||||||
Number of units in real estate property | unit | 166 | 166 | |||||
Gain on remeasurement of co-investment | $ 1,300 | ||||||
Total operating co investments [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 833,270 | $ 833,270 | $ 780,332 | ||||
Membership Combined Statements Of Income [Abstract] | |||||||
Number of apartments owned through joint ventures | unit | 10,613 | 10,613 | 10,810 | ||||
CPPIB [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Ownership Percentage | 54.00% | ||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 482,507 | $ 482,507 | $ 500,287 | ||||
Wesco I, III, IV and V [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Ownership Percentage | 52.00% | ||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | 194,890 | $ 194,890 | 214,408 | ||||
BEXAEW, BEXII and BEX III [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Ownership Percentage | 50.00% | ||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | 121,780 | $ 121,780 | 13,827 | ||||
BEX II [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | (36,700) | $ (36,700) | |||||
Other [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Ownership Percentage | 51.00% | ||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | 34,093 | $ 34,093 | 51,810 | ||||
Total development co investments [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Ownership Percentage | 50.00% | ||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 94,060 | $ 94,060 | $ 73,770 | ||||
Membership Combined Statements Of Income [Abstract] | |||||||
Number of apartments owned through joint ventures | unit | 814 | 814 | 814 | ||||
Total preferred interest investments [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 372,810 | $ 372,810 | $ 265,156 | ||||
Total preferred interest investments [Member] | Investments in Majority-owned Subsidiaries [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | 51,800 | 51,800 | 15,700 | ||||
Total co investment [Member] | |||||||
Membership Combined Balance Sheets [Abstract] | |||||||
Rental properties and real estate under development | 4,367,987 | 4,367,987 | 3,722,778 | ||||
Other assets | 104,119 | 104,119 | 110,333 | ||||
Total assets | 4,472,106 | 4,472,106 | 3,833,111 | ||||
Debt | 2,190,764 | 2,190,764 | 1,705,051 | ||||
Other liabilities | 106,316 | 106,316 | 45,515 | ||||
Equity | 2,175,026 | 2,175,026 | 2,082,545 | ||||
Total liabilities and equity | 4,472,106 | 4,472,106 | 3,833,111 | ||||
Company's share of equity | $ 1,300,140 | 1,300,140 | 1,155,984 | ||||
Membership Combined Statements Of Income [Abstract] | |||||||
Property revenues | 332,164 | 312,841 | 289,011 | ||||
Property operating expenses | (107,584) | (110,583) | (99,637) | ||||
Net operating income | 224,580 | 202,258 | 189,374 | ||||
Gain on sale of real estate | 24,218 | 90,663 | 28,291 | ||||
Interest expense | (63,913) | (62,844) | (46,894) | ||||
General and administrative | (6,379) | (9,091) | (7,448) | ||||
Depreciation and amortization | (126,485) | (118,048) | (103,986) | ||||
Net income | 52,021 | 102,938 | 59,337 | ||||
Company's share of net income | $ 89,132 | $ 86,445 | $ 48,698 |
Real Estate Investments - Devel
Real Estate Investments - Development Co-Investments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2018USD ($) | Dec. 31, 2017USD ($)unit | Dec. 31, 2018USD ($)unit | Dec. 31, 2015USD ($)unit | |
Real Estate Properties [Line Items] | ||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 1,119,258 | $ 1,300,140 | ||
Number of units to be developed | unit | 1,861 | |||
Commitment to fund preferred equity investment in the project | $ 12,500 | $ 153,800 | ||
Annualized preferred return rate | 9.90% | |||
Total development co investments [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of apartments owned through joint ventures | unit | 814 | 814 | ||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 73,770 | $ 94,060 | ||
Ohlone Multi-family Community [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units to be developed | unit | 269 | |||
Equity method investment, ownership percentage | 50.00% | |||
Estimated cost active development projects | $ 136,000 | |||
Commitment to fund preferred equity investment in the project | $ 28,900 | |||
Annualized preferred return rate | 10.00% | |||
Folsom 500 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units to be developed | unit | 545 | |||
Equity method investment, ownership percentage | 50.00% | |||
Estimated cost active development projects | $ 415,000 |
Real Estate Investments - Prefe
Real Estate Investments - Preferred Equity Investments and Real Estate Under Development (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2018USD ($) | Oct. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2018USD ($)investmentproject | Dec. 31, 2017USD ($)investment | Dec. 31, 2018investment | Dec. 31, 2018unit | Dec. 31, 2018project | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Co-investment | $ 1,300,140 | $ 1,155,984 | |||||||
Commitment to fund preferred equity investment in the project | $ 12,500 | $ 153,800 | |||||||
Number of investments with a commitment to fund | investment | 8 | ||||||||
Annualized preferred return rate | 9.90% | ||||||||
Equity method investment, funded amount | $ 151,800 | ||||||||
Full redemption of a preferred equity investment | $ 5,000 | $ 26,500 | $ 2,400 | ||||||
Gain on early redemption of preferred equity investment | $ 1,600 | ||||||||
Number of development projects | project | 4 | ||||||||
Ownership interests, number of active development projects | 2 | 6 | |||||||
Number of units to be developed | unit | 1,861 | ||||||||
Real Estate predevelopment projects [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Actual cost of active development projects | $ 800,000 | ||||||||
Minimum [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Annualized preferred return rate | 10.25% | 9.50% | |||||||
Maximum [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Annualized preferred return rate | 12.00% | 11.30% | |||||||
Equity Method Investments [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Commitment to fund preferred equity investment in the project | $ 45,100 | ||||||||
Number of investments with a commitment to fund | investment | 2 | ||||||||
Equity method investment, funded amount | $ 39,600 | ||||||||
Total preferred interest investments [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Co-investment | $ 372,800 | $ 265,200 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,400,053 | $ 1,363,899 | $ 1,294,001 |
Deferred revenue | 6,200 | 9,300 | |
Deferred revenue, revenue recognized | 3,100 | ||
Deferred revenue balance from contracts with remaining performance obligations | 6,200 | ||
Rental [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,296,435 | 1,263,476 | 1,201,995 |
Other Property Leasing Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 94,435 | 90,849 | 83,728 |
Management and other fees from affiliates [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 9,183 | 9,574 | 8,278 |
Rental and other property [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,390,870 | 1,354,325 | 1,285,723 |
Rental and other property [Member] | Same Property [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,279,640 | 1,244,743 | 1,185,685 |
Rental and other property [Member] | Acquisitions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 42,481 | 39,289 | 0 |
Rental and other property [Member] | Development [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,713 | 0 | 0 |
Rental and other property [Member] | Redevelopment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 20,345 | 19,641 | 18,737 |
Rental and other property [Member] | Non-Residential/Other, Net [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 45,691 | 50,652 | 81,301 |
Rental and other property [Member] | Operating Segments [Member] | Southern California [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 592,281 | 574,552 | 540,000 |
Rental and other property [Member] | Operating Segments [Member] | Northern California [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 522,561 | 505,313 | 453,140 |
Rental and other property [Member] | Operating Segments [Member] | Seattle Metro [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 236,525 | 229,871 | 217,259 |
Rental and other property [Member] | Other real estate assets [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 39,503 | $ 44,589 | $ 75,324 |
Minimum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Lease term | 6 months | ||
Maximum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Lease term | 12 months |
Revenues - Deferred Revenues an
Revenues - Deferred Revenues and Remaining Performance Obligations (Details) | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percentage of remaining performance obligations due per period | 37.00% |
Expected timing of performance obligation satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percentage of remaining performance obligations due per period | 24.00% |
Expected timing of performance obligation satisfaction, period | 2 years |
Notes and Other Receivables (De
Notes and Other Receivables (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 71,895 | $ 100,926 | |
Commitment to fund preferred equity investment in the project | $ 12,500 | 153,800 | |
Annualized preferred return rate | 9.90% | ||
Commitment extension option | 2 years | ||
Notes receivable, secured, bearing interest at 10.00%, due May 2021 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 15,226 | 13,762 | |
Stated interest rate | 10.00% | ||
Note receivable, secured, bearing interest at 10.75%, due September 2020 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 32,650 | 29,318 | |
Stated interest rate | 10.75% | ||
Related party note receivable, secured, bearing interest at 9.50%, due October 2019 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 6,618 | 6,656 | |
Stated interest rate | 9.50% | ||
Related party note receivable, secured, bearing interest at 3.50%, due March 2018 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 0 | 29,500 | |
Stated interest rate | 3.50% | ||
Notes and other receivables from affiliates [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 4,457 | 5,061 | |
Other receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 12,944 | $ 16,629 |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2018 | Oct. 31, 2018USD ($)apartment | May 31, 2018USD ($)apartment | Nov. 30, 2017USD ($) | Aug. 31, 2017USD ($) | Mar. 31, 2017USD ($)unit | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)unit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)investment | Nov. 30, 2016USD ($) | |
Related Party Transaction [Line Items] | ||||||||||||
Management and other fees from affiliates | $ 13,900,000 | $ 12,600,000 | $ 12,400,000 | |||||||||
Revenues from development and redevelopment fees | 4,800,000 | 3,000,000 | 4,200,000 | |||||||||
Notes receivable | $ 71,895,000 | 71,895,000 | 100,926,000 | |||||||||
Payments to acquire equity method investments | $ 162,437,000 | 293,363,000 | 183,989,000 | |||||||||
Number of units acquired | unit | 166 | |||||||||||
Annualized preferred return rate | 9.90% | |||||||||||
Co-investments | 1,300,140,000 | $ 1,300,140,000 | 1,155,984,000 | |||||||||
Encumbrance | 1,806,626,000 | 1,806,626,000 | ||||||||||
Redeemed equity method investment | 5,000,000 | |||||||||||
Apartment Home Community In Ventura, California [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of units acquired | apartment | 400 | |||||||||||
Annualized preferred return rate | 10.25% | |||||||||||
Preferred equity investment, commitment to fund | $ 26,500,000 | |||||||||||
Purchase commitment, funded amount | 21,000,000 | |||||||||||
Membership Interest In Sage At Cupertino [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of units acquired | unit | 230 | |||||||||||
Co-investments | $ 15,300,000 | |||||||||||
Equity method investment, ownership percentage | 40.50% | |||||||||||
Contract price | $ 90,000,000 | |||||||||||
Encumbrance | $ 52,000,000 | |||||||||||
Notes And Other Receivables From Affiliates [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Notes receivable | 4,500,000 | 4,500,000 | 5,100,000 | |||||||||
Related party note receivable, secured, bearing interest at 9.5%, due October 2019 [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Notes receivable | 6,618,000 | 6,618,000 | 6,656,000 | |||||||||
Secured Note Receivable, 3.5% Interest Rate, Due December 16, 2017 [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Notes receivable | 0 | 0 | 29,500,000 | |||||||||
Marcus and Millichamp Company TMMC Affiliate [Member] | Related party note receivable, secured, bearing interest at 9.5%, due October 2019 [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Notes receivable | $ 6,600,000 | |||||||||||
Marcus and Millichamp Company TMMC Affiliate [Member] | Disposition Of Multi-family Properties [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Payments for brokerage fees | 0 | 0 | $ 1,100,000 | |||||||||
Limited Liability Company [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Payments to acquire equity method investments | $ 20,000,000 | |||||||||||
Number of equity method investments acquired during the period | investment | 3 | |||||||||||
Cumulative dividend rate | 9.50% | |||||||||||
Limited Liability Company [Member] | Related party note receivable, secured, bearing interest at 9.5%, due October 2019 [Member] | Marcus and Millichamp Company TMMC Affiliate [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Notes receivable, related parties | 6,600,000 | 6,600,000 | $ 6,700,000 | |||||||||
Affiliated Entity [Member] | Home Community Development in Burlingame, California [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Payments to acquire equity method investments | $ 18,600,000 | |||||||||||
Number of units acquired | apartment | 268 | |||||||||||
Annualized preferred return rate | 12.00% | |||||||||||
Affiliated Entity [Member] | Secured Note Receivable, 3.5% Interest Rate, Due December 16, 2017 [Member] | Wesco V Property [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Notes receivable, related parties | $ 55,000,000 | |||||||||||
Notes receivable, related party, interest rate | 3.50% | |||||||||||
Affiliated Entity [Member] | Secured Note Receivable, 3.5% Interest Rate, Due March 9, 2018 [Member] | BEX III [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Notes receivable | $ 0 | $ 0 | ||||||||||
Notes receivable, related parties | $ 29,500,000 | |||||||||||
Notes receivable, related party, interest rate | 3.50% |
Unsecured Debt - Summary (Detai
Unsecured Debt - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2016 | Oct. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Unsecured debt, net | $ 3,799,316 | $ 3,501,709 | ||
Lines of credit | 0 | 179,000 | ||
Total unsecured debt | 3,799,316 | 3,680,709 | ||
Unsecured bonds, private placement [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt, net | $ 274,624 | $ 274,427 | ||
Debt instruments, maturity period | 2 years 1 month 15 days | |||
Variable rate term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt, net | $ 350,000 | $ 225,000 | ||
Weighted average interest rate | 3.00% | 2.50% | ||
Debt instruments, maturity period | 37 months 15 days | |||
Variable rate term loan [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt, net | $ 348,813 | $ 348,545 | ||
Bonds public offering - fixed rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt, net | $ 3,175,879 | $ 2,878,737 | ||
Weighted average interest rate | 3.90% | 3.70% | ||
Debt instruments, maturity period | 7 years 8 months 15 days | |||
Unsecured Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Lines of credit | $ 0 | $ 179,000 | ||
Weighted average interest rate | 3.20% | 2.30% |
Unsecured Debt - Unsecured Priv
Unsecured Debt - Unsecured Private Placement Bonds (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Senior notes | $ 275,000 | $ 275,000 |
Unsecured Bonds 4.92 % [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2019 | |
Senior notes | $ 75,000 | 75,000 |
Coupon Rate | 4.92% | |
Unsecured Bonds 4.27% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 30, 2021 | |
Senior notes | $ 100,000 | 100,000 |
Coupon Rate | 4.27% | |
Unsecured Bonds 4.30% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2021 | |
Senior notes | $ 50,000 | 50,000 |
Coupon Rate | 4.30% | |
Unsecured Bonds 4.37% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Aug. 31, 2021 | |
Senior notes | $ 50,000 | $ 50,000 |
Coupon Rate | 4.37% |
Unsecured Debt - Senior Unsecur
Unsecured Debt - Senior Unsecured Notes (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2014 | Apr. 30, 2013 | Sep. 30, 2012 |
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 3,200,000,000 | $ 2,900,000,000 | |||||
Unsecured Bonds 5.200% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |||||
Unsecured Bonds 5.200% [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 5.20% | ||||||
Unsecured Bonds 3.625% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |||||
Unsecured Bonds 3.625% [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 3.625% | 3.625% | |||||
Unsecured Bonds 3.375% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |||||
Unsecured Bonds 3.375% [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 3.375% | ||||||
Unsecured Bonds 3.250% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |||||
Unsecured Bonds 3.250% [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 3.25% | 3.25% | |||||
Unsecured Bonds 3.875% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 400,000,000 | 400,000,000 | |||||
Unsecured Bonds 3.875% [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 400,000,000 | ||||||
Interest rate, stated percentage | 3.875% | 3.875% | |||||
Unsecured Bonds 3.500% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 500,000,000 | 500,000,000 | |||||
Unsecured Bonds 3.500% [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 3.50% | ||||||
Unsecured Bonds 3.375% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 450,000,000 | 450,000,000 | |||||
Unsecured Bonds 3.375% [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 3.375% | ||||||
Unsecured Bonds 3.625% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 350,000,000 | 350,000,000 | |||||
Unsecured Bonds 3.625% [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 350,000,000 | ||||||
Interest rate, stated percentage | 3.625% | ||||||
Unsecured Bonds 4.500% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 300,000,000 | $ 0 | |||||
Unsecured Bonds 4.500% [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 300,000,000 | ||||||
Interest rate, stated percentage | 4.50% | 4.50% |
Unsecured Debt - Future Obligat
Unsecured Debt - Future Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total Debt | $ 1,806,626 | $ 2,008,417 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 75,000 | |
2,020 | 0 | |
2,021 | 500,000 | |
2,022 | 650,000 | |
2,023 | 600,000 | |
Thereafter | 2,000,000 | |
Total Debt | $ 3,825,000 |
Unsecured Debt - Narrative (Det
Unsecured Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Feb. 21, 2019USD ($) | Apr. 30, 2013USD ($) | Sep. 30, 2012USD ($) | Dec. 31, 2018USD ($)instrumentOptionline_of_credit | Dec. 31, 2017USD ($) | Jan. 31, 2019 | Mar. 31, 2018USD ($) | Apr. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Nov. 30, 2016USD ($) | Oct. 31, 2016USD ($) | Apr. 30, 2016 | Mar. 31, 2015USD ($) | Apr. 30, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||
Unamortized debt issuance expense | $ 4,200,000 | $ 5,400,000 | ||||||||||||
Number of outstanding lines of credit | line_of_credit | 2 | |||||||||||||
Senior notes | $ 275,000,000 | $ 275,000,000 | ||||||||||||
Effective interest rate | 4.50% | 4.50% | ||||||||||||
Unsecured debt, net | $ 3,799,316,000 | $ 3,501,709,000 | ||||||||||||
Debt instrument, face amount | 3,200,000,000 | 2,900,000,000 | ||||||||||||
Lines of credit | 0 | 179,000,000 | ||||||||||||
Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate, stated percentage | 5.57% | |||||||||||||
Unsecured Bonds 4.500% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | 300,000,000 | 0 | ||||||||||||
Unsecured Bonds 3.625% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | 350,000,000 | 350,000,000 | ||||||||||||
Unsecured Bonds 3.375%, Due April 2026 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | 450,000,000 | 450,000,000 | ||||||||||||
Unsecured Bonds 5.200% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | ||||||||||||
Unsecured Bonds 3.375% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | ||||||||||||
Unsecured Bonds 3.875% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | 400,000,000 | 400,000,000 | ||||||||||||
Unsecured Bonds 3.250% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | ||||||||||||
Unsecured Bonds 3.625% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | ||||||||||||
Unsecured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, unamortized premium | 7,100,000 | 5,200,000 | ||||||||||||
Unamortized debt issuance expense | 18,500,000 | 18,100,000 | ||||||||||||
Unsecured Debt [Member] | Senior Unsecured Notes Maturing April 1, 2025 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Senior notes | 496,500,000 | 495,900,000 | ||||||||||||
Debt instrument, face amount | $ 500,000,000 | |||||||||||||
Interest rate, stated percentage | 3.50% | |||||||||||||
Debt offering price | 99.747% | |||||||||||||
Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | 1,240,000,000 | |||||||||||||
Line of Credit [Member] | Line of Credit Working Capital [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | 35,000,000 | |||||||||||||
Line of Credit [Member] | Unsecured Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unamortized debt issuance expense | 3,900,000 | 3,200,000 | ||||||||||||
Maximum borrowing capacity | 1,200,000,000 | |||||||||||||
Lines of credit | $ 0 | $ 179,000,000 | ||||||||||||
Number of extension options | Option | 1 | |||||||||||||
Term extension period | 18 months | |||||||||||||
Line of Credit [Member] | Unsecured Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on rate | 0.875% | |||||||||||||
Line of Credit [Member] | Unsecured Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on rate | 0.825% | |||||||||||||
Line of Credit [Member] | Working Capital, Unsecured Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 35,000,000 | |||||||||||||
Variable rate term loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unsecured debt, net | $ 350,000,000 | $ 225,000,000 | ||||||||||||
Weighted average interest rate | 3.00% | 2.50% | ||||||||||||
Basis spread on rate | 0.95% | |||||||||||||
Variable rate term loan [Member] | Carrying Value [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unsecured debt, net | $ 348,813,000 | $ 348,545,000 | ||||||||||||
Variable rate term loan [Member] | Interest Rate Swap [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unsecured debt, net | $ 350,000,000 | 350,000,000 | ||||||||||||
Number of derivative instruments held | instrument | 5 | |||||||||||||
Term of loan | 5 years | |||||||||||||
Variable rate term loan [Member] | Variable Term Loan, Tranche One [Member] | Interest Rate Swap [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Derivative, notional amount | $ 175,000,000 | |||||||||||||
Derivative, fixed interest rate | 2.30% | |||||||||||||
Senior Notes [Member] | BRE Properties, Inc. [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unsecured debt, net | $ 601,300,000 | 603,200,000 | ||||||||||||
Long-term debt acquired | $ 900,000,000 | |||||||||||||
Senior Notes [Member] | Unsecured Bonds 4.500% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unsecured debt, net | $ 295,400,000 | |||||||||||||
Debt instrument, face amount | $ 300,000,000 | |||||||||||||
Interest rate, stated percentage | 4.50% | 4.50% | ||||||||||||
Debt offering price | 99.591% | |||||||||||||
Senior Notes [Member] | Unsecured Bonds 3.625% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unsecured debt, net | $ 345,800,000 | 345,200,000 | ||||||||||||
Debt instrument, face amount | $ 350,000,000 | |||||||||||||
Interest rate, stated percentage | 3.625% | |||||||||||||
Debt offering price | 99.423% | |||||||||||||
Senior Notes [Member] | Unsecured Bonds 3.375%, Due April 2026 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unsecured debt, net | $ 445,000,000 | 444,400,000 | ||||||||||||
Interest rate, stated percentage | 3.375% | |||||||||||||
Debt offering price | 99.386% | |||||||||||||
Senior Notes [Member] | Unsecured Bonds 5.500% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate, stated percentage | 5.50% | |||||||||||||
Face amount of debt paid off | $ 300,000,000 | |||||||||||||
Senior Notes [Member] | Unsecured Bonds 5.200% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate, stated percentage | 5.20% | |||||||||||||
Senior Notes [Member] | Unsecured Bonds 3.375% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate, stated percentage | 3.375% | |||||||||||||
Senior Notes [Member] | Unsecured Bonds 3.875% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unsecured debt, net | $ 396,500,000 | 395,800,000 | ||||||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||||||||
Interest rate, stated percentage | 3.875% | 3.875% | ||||||||||||
Debt offering price | 99.234% | |||||||||||||
Senior Notes [Member] | Unsecured Bonds 3.250% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate, stated percentage | 3.25% | 3.25% | ||||||||||||
Debt offering price | 99.152% | |||||||||||||
Proceeds from issuance of unsecured debt | $ 300,000,000 | |||||||||||||
Long-term debt, gross | $ 297,600,000 | 297,000,000 | ||||||||||||
Senior Notes [Member] | Unsecured Bonds 3.625% [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate, stated percentage | 3.625% | 3.625% | ||||||||||||
Debt offering price | 98.99% | |||||||||||||
Proceeds from issuance of unsecured debt | $ 300,000,000 | |||||||||||||
Long-term debt, gross | $ 297,800,000 | $ 297,200,000 | ||||||||||||
Senior Notes [Member] | Unsecured Notes, 4.0 Interest Rate, Due March 2029 [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 350,000,000 | |||||||||||||
Interest rate, stated percentage | 4.00% | |||||||||||||
Debt offering price | 99.188% | |||||||||||||
Unsecured Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Weighted average interest rate | 3.20% | 2.30% | ||||||||||||
Lines of credit | $ 0 | $ 179,000,000 | ||||||||||||
Unsecured Line of Credit [Member] | Line of Credit Working Capital [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Lines of credit | $ 0 |
Mortgage Notes Payable (Details
Mortgage Notes Payable (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | |
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 1,806,626,000 | $ 2,008,417,000 |
Number of properties securing mortgage notes | property | 50 | 56 |
Weighted average interest rate (in hundredths) | 4.30% | 4.20% |
Unamortized debt issuance expense | $ 4,200,000 | $ 5,400,000 |
Monthly interest expense | 7,600,000 | |
Monthly principal amortization | 2,300,000 | |
Mortgage notes payable, net | $ 1,806,626,000 | $ 2,008,417,000 |
Repayment of debt before the scheduled maturity date, prepayment penalties | The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the principal being prepaid multiplied by the difference between the interest rate of the mortgage note and the stated yield rate on a U.S. treasury security which generally has an equivalent remaining term as the mortgage note. | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Remaining terms | 1 year | 1 year |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Remaining terms | 28 years | 29 years |
Fixed rate mortgage notes payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 1,538,488,000 | $ 1,739,856,000 |
Prepayment penalty, percent of principal prepaid | 1.00% | |
Variable rate mortgage notes payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 268,138,000 | $ 268,561,000 |
Bond subject to interest rate caps | $ 256,000,000 | |
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths) | 2.50% | 2.00% |
Percentage of units subject to tenant income criteria (in hundredths) | 20.00% | |
Variable rate mortgage notes payable [Member] | Total Return Swap [Member] | ||
Debt Instrument [Line Items] | ||
Bond subject to interest rate caps | $ 9,900,000 | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | 1,795,895,000 | |
Debt instrument, unamortized premium | 14,900,000 | $ 33,200,000 |
Secured Deeds of Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net | $ 0 | $ 0 |
Mortgage Notes Payable - Future
Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total Debt | $ 1,806,626 | $ 2,008,417 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 515,658 | |
2,020 | 693,723 | |
2,021 | 43,604 | |
2,022 | 41,178 | |
2,023 | 852 | |
Thereafter | 500,880 | |
Total Debt | $ 1,795,895 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Details) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2016USD ($) | Dec. 31, 2018USD ($)instrument | Dec. 31, 2017USD ($)instrument | Dec. 31, 2016USD ($)instrument | Oct. 31, 2016USD ($) | |
Derivative [Line Items] | |||||
Unsecured debt, net | $ 3,799,316,000 | $ 3,501,709,000 | |||
Total return swap income | 8,707,000 | 10,098,000 | $ 11,716,000 | ||
Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Hedge ineffectiveness related to cash flow hedges | $ 100,000 | $ 100,000 | $ 300,000 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Number of derivative instruments held | instrument | 5 | 1 | 4 | ||
Average fixed interest rate | 2.30% | ||||
Derivative, fair value | $ 5,800,000 | $ 5,400,000 | |||
Aggregate carrying value of the interest rate swap contracts | 0 | 0 | |||
Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Total return swap income | 8,700,000 | $ 10,100,000 | $ 11,700,000 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | |||||
Derivative [Line Items] | |||||
Number of derivative instruments held | instrument | 3 | ||||
Derivative, notional amount | 9,900,000 | $ 20,700,000 | |||
Derivative, fair value | 0 | 0 | |||
Not Designated as Hedging Instrument [Member] | Total Return Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, fair value | $ 0 | 0 | |||
Not Designated as Hedging Instrument [Member] | Total Return Swap [Callable] | |||||
Derivative [Line Items] | |||||
Number of derivative instruments held | instrument | 4 | ||||
Derivative, notional amount | $ 256,024,000 | ||||
Variable rate term loan [Member] | |||||
Derivative [Line Items] | |||||
Unsecured debt, net | $ 350,000,000 | $ 225,000,000 | |||
Debt instrument, term | 5 years | ||||
Basis spread on rate | 0.95% | ||||
Variable rate term loan [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Unsecured debt, net | $ 350,000,000 | $ 350,000,000 | |||
Number of derivative instruments held | instrument | 5 | ||||
Variable rate term loan [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | $ 175,000,000 | ||||
Variable rate mortgage notes payable [Member] | |||||
Derivative [Line Items] | |||||
Bond subject to interest rate caps | 256,000,000 | ||||
Variable rate mortgage notes payable [Member] | Total Return Swap [Member] | |||||
Derivative [Line Items] | |||||
Bond subject to interest rate caps | $ 9,900,000 |
Lease Agreements (Details)
Lease Agreements (Details) $ in Thousands | Dec. 31, 2018USD ($)communitybuilding |
Leases [Abstract] | |
Number of commercial buildings leased | building | 1 |
Number of commercial portions of mixed use communities leased | community | 38 |
Future minimum non-cancelable base rent under operating leases [Abstract] | |
2,019 | $ 16,386 |
2,020 | 15,842 |
2,021 | 14,412 |
2,022 | 13,324 |
2,023 | 12,181 |
Thereafter | 33,034 |
Total future minimum rent | $ 105,179 |
Equity Transactions (Details)
Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | |
Class of Stock [Line Items] | |||||
Excess of redemption value of preferred stock over the carrying value | $ 0 | $ 0 | $ 2,541 | ||
Common stock, shares authorized | 670,000,000 | 670,000,000 | |||
Proceeds from issuance from common stock | $ (919) | $ 89,055 | $ (384) | ||
General partner ownership interest | 96.60% | 96.70% | |||
Redemption value of operating partnership units outstanding | $ 565,300 | $ 547,500 | |||
ATM Program, 2018 [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 900,000,000 | 900,000,000 | |||
ATM Program, 2016 [Member] | |||||
Class of Stock [Line Items] | |||||
Sale of common stock, net (in shares) | 345,444 | ||||
Share issued, price per share (in dollars per share) | $ 260.38 | ||||
Proceeds from issuance from common stock | $ 89,100 | ||||
Series H 7.125% Cumulative Redeemable Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Number of shares outstanding | 2,950,000 | ||||
Cumulative dividend rate | 7.125% | ||||
Liquidation preference (in dollars per share) | $ 25 | ||||
Liquidation preference | $ 73,800 | ||||
Excess of redemption value of preferred stock over the carrying value | $ 2,500 | ||||
Operating Partnership Units [Member] | |||||
Class of Stock [Line Items] | |||||
Number of shares outstanding | 2,171,309 | 2,054,814 | |||
Long Term Incentive Plan 2014 Units [Member] | |||||
Class of Stock [Line Items] | |||||
Number of shares outstanding | 134,080 | 213,300 |
Net Income Per Common Share a_3
Net Income Per Common Share and Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Basic: | |||||||||||
Net income available to common stockholders | $ 390,153 | $ 433,059 | $ 411,124 | ||||||||
Income from continuing operations available to common stockholders (in shares) | 66,041,058 | 65,829,155 | 65,471,540 | ||||||||
Net income available to common stockholders/unitholders (in dollars per share) | $ 1.78 | $ 1.23 | $ 1.52 | $ 1.38 | $ 1.57 | $ 1.21 | $ 1.08 | $ 2.73 | $ 5.91 | $ 6.58 | $ 6.28 |
Diluted: | |||||||||||
Income from continuing operations available to common stockholders | $ 390,153 | $ 433,059 | $ 411,124 | ||||||||
Income from continuing operations available to common stockholders (in shares) | 66,085,089 | 65,898,255 | 65,587,816 | ||||||||
Net income available to common stockholders/unitholders (in dollars per share) | 1.78 | 1.22 | 1.52 | 1.38 | 1.57 | 1.21 | 1.08 | 2.72 | $ 5.90 | $ 6.57 | $ 6.27 |
Stock Options [Member] | |||||||||||
Basic: | |||||||||||
Effect of Dilutive Securities | $ 0 | $ 0 | $ 0 | ||||||||
Effect of Dilutive Securities (in shares) | 44,031 | 69,100 | 116,276 | ||||||||
Convertible Limited Partnership Units [Member] | |||||||||||
Diluted: | |||||||||||
Anti-dilutive securities (in shares) | 2,274,941 | 2,252,575 | 2,224,100 | ||||||||
Antidilutive securities excluded from computation of earnings per share | $ 13,500 | $ 14,800 | $ 14,100 | ||||||||
Essex Portfolio, L.P. [Member] | |||||||||||
Basic: | |||||||||||
Net income available to common stockholders | $ 403,605 | $ 447,884 | $ 425,213 | ||||||||
Income from continuing operations available to common stockholders (in shares) | 68,315,999 | 68,081,730 | 67,695,640 | ||||||||
Net income available to common stockholders/unitholders (in dollars per share) | 1.78 | 1.23 | 1.52 | 1.38 | 1.57 | 1.21 | 1.08 | 2.73 | $ 5.91 | $ 6.58 | $ 6.28 |
Diluted: | |||||||||||
Income from continuing operations available to common stockholders | $ 403,605 | $ 447,884 | $ 425,213 | ||||||||
Income from continuing operations available to common stockholders (in shares) | 68,360,030 | 68,150,830 | 67,811,916 | ||||||||
Net income available to common stockholders/unitholders (in dollars per share) | $ 1.78 | $ 1.23 | $ 1.52 | $ 1.38 | $ 1.57 | $ 1.21 | $ 1.08 | $ 2.72 | $ 5.90 | $ 6.57 | $ 6.27 |
Essex Portfolio, L.P. [Member] | Stock Options [Member] | |||||||||||
Basic: | |||||||||||
Effect of Dilutive Securities | $ 0 | $ 0 | $ 0 | ||||||||
Effect of Dilutive Securities (in shares) | 44,031 | 69,100 | 116,276 | ||||||||
Diluted: | |||||||||||
Anti-dilutive securities (in shares) | 160,039 | 154,793 | 252,334 |
Equity Based Compensation Pla_3
Equity Based Compensation Plans (Details) | Dec. 09, 2014shares | Dec. 31, 2013shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 09, 2015 | Dec. 31, 2011shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized | shares | 2,000,000 | ||||||
Accelerated share-based compensation cost | $ 3,500,000 | ||||||
Intrinsic value of the options outstanding and fully vested | $ 12,500,000 | $ 11,300,000 | |||||
Average fair value of stock options granted (in dollars per share) | $ / shares | $ 26.13 | $ 22.41 | $ 21.65 | ||||
Cap on the appreciation of the market price over the exercise price, option 1 | $ 100 | $ 100 | $ 100 | ||||
Cap on the appreciation of the market price over the exercise price, option 2 | 125 | 125 | 125 | ||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | 12,100,000 | 9,800,000 | 8,500,000 | ||||
Stock-based compensation capitalized | 2,000,000 | 1,500,000 | 500,000 | ||||
Intrinsic value of options exercised | 3,100,000 | $ 16,700,000 | $ 11,900,000 | ||||
Unrecognized compensation cost | $ 6,000,000 | ||||||
Unrecognized compensation cost, period for recognition | 2 years 1 month 15 days | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ 11,400,000 | ||||||
Unrecognized compensation cost, period for recognition | 2 years 8 months 1 day | ||||||
Granted (in shares) | shares | 51,945 | 62,706 | 49,183 | ||||
2015 LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost, period for recognition | 6 years 6 months | ||||||
Granted (in shares) | shares | 44,750 | ||||||
Units issued subject only to performance measurement | shares | 24,000 | ||||||
Vesting percentage of units per year | 20.00% | ||||||
Option grants to officers and employees vesting period | 5 years | ||||||
Percent of awards earned | 95.75% | ||||||
Conversion ratio, incentive units | 1 | ||||||
Liquidity measurement period | 10 years | ||||||
Measurement period | 10 years | ||||||
Series Z Incentive Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted (in shares) | shares | 50,500 | 154,500 | |||||
Option grants to officers and employees vesting period | 4 years | ||||||
Conversion ratio, incentive units | 1 | ||||||
Incentive units conversion ratio | one-for-one | ||||||
Series Z Incentive Units [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage of units per year | 0.00% | ||||||
Option grants to officers and employees vesting period | 8 years | ||||||
Series Z Incentive Units [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage of units per year | 14.00% | ||||||
Option grants to officers and employees vesting period | 15 years | ||||||
Long Term Incentive Plan 2014 Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost, period for recognition | 1 year | ||||||
Vesting percentage of units per year | 25.00% | ||||||
Conversion ratio, incentive units | 1 | ||||||
Liquidity measurement period | 10 years | ||||||
Measurement period | 10 years | ||||||
Vesting percentage for 2011 Z 1 Units to be convertible | 100.00% | ||||||
Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | $ 800,000 | $ 1,500,000 | $ 2,400,000 | ||||
Stock-based compensation capitalized | 200,000 | $ 500,000 | $ 600,000 | ||||
Unrecognized compensation cost | $ 900,000 | ||||||
Granted (in shares) | shares | 0 | 0 | 0 | ||||
Intrinsic value of vested and unvested LTIP units | $ 58,000,000 |
Equity Based Compensation Pla_4
Equity Based Compensation Plans Weighted average assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted average assumptions used to estimate fair value of stock options [Abstract] | |||
Stock price (in dollars per share) | $ 262.09 | $ 240.56 | $ 219.60 |
Risk-free interest rates | 2.76% | 2.30% | 2.08% |
Expected lives | 6 years | 6 years | 6 years |
Volatility | 24.89% | 24.10% | 26.47% |
Dividend yield | 2.81% | 2.90% | 2.89% |
Equity Based Compensation Pla_5
Equity Based Compensation Plans Summary of stock options activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares [Roll Forward] | |||
Beginning balance, outstanding | 536,208 | 557,648 | 525,094 |
Granted | 119,361 | 164,677 | 207,429 |
Exercised | (39,175) | (176,489) | (138,054) |
Forfeited and canceled | (3,440) | (9,628) | (36,821) |
Ending balance, outstanding | 612,954 | 536,208 | 557,648 |
Options exercisable at year end | 322,837 | 223,796 | 290,340 |
Weighted-average exercise price [Abstract] | |||
Outstanding at beginning of year (in dollars per share) | $ 211.41 | $ 181.50 | $ 154.98 |
Granted (in dollars per share) | 262.09 | 240.56 | 219.60 |
Exercised (in dollars per share) | 159.05 | 146.86 | 138.79 |
Forfeited and canceled (in dollars per share) | 221.80 | 160.40 | 178.18 |
Outstanding at end of year (in dollars per share) | 224.57 | 211.41 | 181.50 |
Options exercisable at year end (in dollars per share) | $ 206.63 | $ 191.09 | $ 160.90 |
Equity Based Compensation Pla_6
Equity Based Compensation Plans, Restricted stock activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock [Member] | ||||
Shares [Roll forward] | ||||
Unvested at beginning of year (in shares) | 90,823 | 58,349 | 54,676 | |
Granted (in shares) | 51,945 | 62,706 | 49,183 | |
Vested (in shares) | (48,212) | (29,675) | (38,427) | |
Forfeited and canceled (in shares) | (3,498) | (557) | (7,083) | |
Unvested at end of year (in shares) | 91,058 | 90,823 | 58,349 | 54,676 |
Weighted-average grant price [Abstract] | ||||
Unvested at beginning of year (in dollars per share) | $ 163.49 | $ 149.11 | $ 147.10 | |
Granted (in dollars per share) | 194.70 | 177.28 | 150.13 | |
Vested (in dollars per share) | 150.76 | 170.17 | 147.12 | |
Forfeited and canceled (in dollars per share) | 158.71 | 119.37 | 141.76 | |
Unvested at end of year (in dollars per share) | $ 180.99 | $ 163.49 | $ 149.11 | $ 147.10 |
Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | ||||
Shares [Roll forward] | ||||
Unvested at beginning of year (in shares) | 23,212 | 60,027 | 106,157 | |
Granted (in shares) | 0 | 0 | 0 | |
Vested (in shares) | (12,051) | (32,961) | (36,842) | |
Converted (in shares) | 0 | 0 | 0 | |
Forfeited and canceled (in shares) | 0 | (3,854) | (9,288) | |
Unvested at end of year (in shares) | 11,161 | 23,212 | 60,027 | 106,157 |
Weighted-average grant price [Abstract] | ||||
Unvested at beginning of year (in dollars per share) | $ 75.03 | $ 75.11 | $ 75.41 | |
Unvested at end of year (in dollars per share) | $ 75.03 | $ 75.03 | $ 75.11 | $ 75.41 |
Incentive units vested [Roll Forward] | ||||
Vested, beginning balance (in shares) | 213,300 | 181,027 | 144,185 | |
Vested, units granted (in shares) | 0 | 0 | 0 | |
Vested, units vested (in shares) | 12,051 | 32,961 | 36,842 | |
Converted (in shares) | (91,270) | (688) | 0 | |
Cancelled (in shares) | 0 | 0 | 0 | |
Vested, ending balance (in shares) | 134,081 | 213,300 | 181,027 | 144,185 |
Total outstanding incentive units [Abstract] | ||||
Total outstanding units, beginning balance (in shares) | 236,512 | 241,054 | 250,342 | |
Total outstanding units, granted (in shares) | 0 | 0 | 0 | |
Total outstanding units, vested (in shares) | 0 | 0 | 0 | |
Total outstanding units, converted (in shares) | (91,270) | (688) | 0 | |
Total outstanding units, cancelled (in shares) | 0 | (3,854) | (9,288) | |
Total outstanding units, ending balance (in shares) | 145,242 | 236,512 | 241,054 | 250,342 |
Weighted average remaining contractual life outstanding units | 6 years 6 months | 7 years 6 months | 8 years 6 months | 9 years 6 months |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting [Abstract] | |||
Number of reportable operating segments defined by geographical regions | segment | 3 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | $ 1,400,053 | $ 1,363,899 | $ 1,294,001 |
Net operating income | 1,005,536 | 978,939 | 926,906 |
Corporate-level property management expenses | (31,062) | (30,156) | (30,110) |
Depreciation and amortization | (479,884) | (468,881) | (441,682) |
General and administrative | (53,451) | (41,385) | (40,751) |
Expensed acquisition and investment related costs | (194) | (1,569) | (1,841) |
Interest expense | (220,492) | (222,894) | (219,654) |
Total return swap income | 8,707 | 10,098 | 11,716 |
Interest and other income | 23,010 | 24,604 | 27,305 |
Equity income from co-investments | 89,132 | 86,445 | 48,698 |
Loss on early retirement of debt | 0 | (1,796) | (606) |
Gain on sale of real estate and land | 61,861 | 26,423 | 154,561 |
Deferred tax expense on gain on sale of real estate and land | 0 | 0 | (4,410) |
Gain on remeasurement of co-investment | 1,253 | 88,641 | 0 |
Net income | 413,599 | 458,043 | 438,410 |
Net reportable operating segments - real estate assets | 10,156,553 | 10,592,776 | |
Real estate under development | 454,629 | 355,735 | |
Co-investments | 1,300,140 | 1,155,984 | |
Cash and cash equivalents, including restricted cash | 151,395 | 61,126 | |
Marketable securities | 209,545 | 190,004 | |
Notes and other receivables (includes related party receivables of $11.1 million and $41.2 million as of December 31, 2018 and December 31, 2017, respectively) | 71,895 | 100,926 | |
Prepaid expenses and other assets | 39,439 | 39,155 | |
Total assets | 12,383,596 | 12,495,706 | |
Rental and other property [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 1,390,870 | 1,354,325 | 1,285,723 |
Management and other fees from affiliates [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 9,183 | 9,574 | 8,278 |
Operating Segments [Member] | Southern California [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net operating income | 421,613 | 408,070 | 381,212 |
Net reportable operating segments - real estate assets | 4,350,377 | 4,504,930 | |
Operating Segments [Member] | Southern California [Member] | Rental and other property [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 592,281 | 574,552 | 540,000 |
Operating Segments [Member] | Northern California [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net operating income | 386,401 | 371,795 | 333,757 |
Net reportable operating segments - real estate assets | 4,270,238 | 4,220,551 | |
Operating Segments [Member] | Northern California [Member] | Rental and other property [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 522,561 | 505,313 | 453,140 |
Operating Segments [Member] | Seattle Metro [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net operating income | 165,397 | 162,253 | 154,147 |
Net reportable operating segments - real estate assets | 1,472,916 | 1,522,452 | |
Operating Segments [Member] | Seattle Metro [Member] | Rental and other property [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 236,525 | 229,871 | 217,259 |
Other real estate assets [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net operating income | 32,125 | 36,821 | 57,790 |
Net reportable operating segments - real estate assets | 63,022 | 344,843 | |
Other real estate assets [Member] | Rental and other property [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | $ 39,503 | $ 44,589 | $ 75,324 |
401(k) Plan (Details)
401(k) Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan [Abstract] | |||
Employer matching contribution, percent | 50.00% | ||
Company contributions to benefit plan | $ 2.1 | $ 1.8 | $ 1.8 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | Dec. 31, 2018USD ($)lease |
Commitments and Contingencies Disclosure [Abstract] | |
Number of non cancelable ground leases | lease | 8 |
Operating Leases, Future Minimum Payments Due [Abstract] | |
2,019 | $ 6,811,000 |
2,020 | 6,855,000 |
2,021 | 6,877,000 |
2,022 | 6,888,000 |
2,023 | 6,860,000 |
Thereafter | 153,258,000 |
Total future operating lease minimum payments | 187,549,000 |
Property casualty insurance, deductible per incident, maximum | 5,000,000 |
Pacific Western Insurance LLC [Member] | |
Guarantor Obligations [Line Items] | |
Investments and Cash | $ 86,600,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | ||||||
Feb. 21, 2019 | Jan. 31, 2019 | Jan. 28, 2019 | Nov. 30, 2018 | Feb. 19, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Subsequent Event [Line Items] | |||||||
Debt instrument, face amount | $ 3,200,000,000 | $ 2,900,000,000 | |||||
Annualized preferred return rate | 9.90% | ||||||
Remaining purchase authority under stock repurchase program | $ 197,700,000 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Repayments of debt | $ 290,000,000 | ||||||
Interest rate, stated percentage | 5.57% | ||||||
Payments to acquire related party equity investment | $ 24,500,000 | ||||||
Annualized preferred return rate | 11.00% | ||||||
Shares repurchased during period | 234,061 | ||||||
Value of shares repurchased during period | $ 57,000,000 | ||||||
Share price of shares repurchased during period (in dollars per share) | $ 243.48 | ||||||
Remaining purchase authority under stock repurchase program | $ 250,000,000 | ||||||
Subsequent Event [Member] | Unsecured Notes, 4.0 Interest Rate, Due March 2029 [Member] | Senior Notes [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Interest rate, stated percentage | 4.00% | ||||||
Debt instrument, face amount | $ 350,000,000 | ||||||
Debt offering price | 99.188% |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total property revenues | $ 350,787 | $ 348,610 | $ 346,526 | $ 344,947 | $ 342,417 | $ 341,974 | $ 336,766 | $ 333,168 | |||
Net income | 124,440 | 86,110 | 106,410 | 96,639 | 109,662 | 85,035 | 75,795 | 187,551 | $ 413,599 | $ 458,043 | $ 438,410 |
Net income available to common stockholders | $ 117,820 | $ 80,975 | $ 100,440 | $ 90,918 | $ 103,613 | $ 79,723 | $ 70,759 | $ 178,964 | $ 390,153 | $ 433,059 | $ 411,124 |
Net income: | |||||||||||
Net income available to common stockholders - basic (in dollars per share) | $ 1.78 | $ 1.23 | $ 1.52 | $ 1.38 | $ 1.57 | $ 1.21 | $ 1.08 | $ 2.73 | $ 5.91 | $ 6.58 | $ 6.28 |
Net income available to common stockholders - diluted (in dollars per share) | 1.78 | 1.22 | 1.52 | 1.38 | 1.57 | 1.21 | 1.08 | 2.72 | 5.90 | 6.57 | 6.27 |
Dividends declared (in dollars per share) | $ 1.86 | $ 1.86 | $ 1.86 | $ 1.86 | $ 1.75 | $ 1.75 | $ 1.75 | $ 1.75 | $ 7.44 | $ 7 | $ 6.40 |
Essex Portfolio, L.P. [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total property revenues | $ 350,787 | $ 348,610 | $ 346,526 | $ 344,947 | $ 342,417 | $ 341,974 | $ 336,766 | $ 333,168 | |||
Net income | 124,440 | 86,110 | 106,410 | 96,639 | 109,662 | 85,035 | 75,795 | 187,551 | $ 413,599 | $ 458,043 | $ 438,410 |
Net income available to common stockholders | $ 121,891 | $ 83,764 | $ 103,900 | $ 94,050 | $ 107,149 | $ 82,444 | $ 73,181 | $ 185,110 | $ 403,605 | $ 447,884 | $ 425,213 |
Net income: | |||||||||||
Net income available to common stockholders - basic (in dollars per share) | $ 1.78 | $ 1.23 | $ 1.52 | $ 1.38 | $ 1.57 | $ 1.21 | $ 1.08 | $ 2.73 | $ 5.91 | $ 6.58 | $ 6.28 |
Net income available to common stockholders - diluted (in dollars per share) | 1.78 | 1.23 | 1.52 | 1.38 | 1.57 | 1.21 | 1.08 | 2.72 | $ 5.90 | $ 6.57 | $ 6.27 |
Dividends declared (in dollars per share) | $ 1.86 | $ 1.86 | $ 1.86 | $ 1.86 | $ 1.75 | $ 1.75 | $ 1.75 | $ 1.75 |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)apartment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)ft² | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 1,806,626 | |||
Initial cost [Abstract] | ||||
Land | 2,643,228 | |||
Buildings and improvements | 8,881,303 | |||
Costs capitalized subsequent to acquisition | 1,841,570 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,701,356 | |||
Buildings and improvements | 10,664,745 | |||
Total | $ 13,366,101 | 13,366,101 | ||
Accumulated depreciation | (2,769,297) | $ (2,311,546) | $ (1,949,892) | (3,209,548) |
Aggregate cost for federal income tax purpose | 10,300,000 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Acquisition, development, and improvement of real estate | 325,986 | 700,892 | 609,669 | |
Disposition of real estate and other | (321,958) | (28,367) | (264,832) | |
Reclassification from other assets and into building and improvements, net | 0 | 1,826 | 4,756 | |
Balance at the end of year | 13,366,101 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at beginning of year | 2,769,297 | 2,311,546 | 1,949,892 | |
Depreciation expense | 478,721 | 464,043 | 432,165 | |
Depreciation expense - Disposals and other | (38,470) | (6,292) | (70,511) | |
Balance at the end of year | 3,209,548 | 2,769,297 | 2,311,546 | |
Marquis [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 45,800 | |||
Gross amount carried at close of period [Abstract] | ||||
Total | 71,000 | 71,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 71,000 | |||
Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 13,456 | |||
Encumbrance | 1,806,626 | |||
Initial cost [Abstract] | ||||
Land | 716,537 | |||
Buildings and improvements | 2,264,308 | |||
Costs capitalized subsequent to acquisition | 478,675 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 726,494 | |||
Buildings and improvements | 2,733,026 | |||
Total | $ 3,459,520 | 3,459,520 | ||
Accumulated depreciation | (865,715) | (865,715) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 3,459,520 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 865,715 | |||
Encumbered Apartment Communities [Member] | Avondale at Warner Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 446 | |||
Encumbrance | 41,945 | |||
Initial cost [Abstract] | ||||
Land | 10,536 | |||
Buildings and improvements | 24,522 | |||
Costs capitalized subsequent to acquisition | 22,604 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,601 | |||
Buildings and improvements | 47,061 | |||
Total | $ 57,662 | 57,662 | ||
Accumulated depreciation | $ (32,368) | (32,368) | ||
Date of construction | 1,970 | |||
Date acquired | Jan99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 57,662 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 32,368 | |||
Encumbered Apartment Communities [Member] | Avondale at Warner Center [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Avondale at Warner Center [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Bel Air [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 462 | |||
Encumbrance | 49,185 | |||
Initial cost [Abstract] | ||||
Land | 12,105 | |||
Buildings and improvements | 18,252 | |||
Costs capitalized subsequent to acquisition | 37,550 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 12,682 | |||
Buildings and improvements | 55,225 | |||
Total | $ 67,907 | 67,907 | ||
Accumulated depreciation | $ (37,019) | (37,019) | ||
Date of construction | 1,988 | |||
Date acquired | Jan95 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 67,907 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 37,019 | |||
Encumbered Apartment Communities [Member] | Bel Air [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Bel Air [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Belcarra [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 296 | |||
Encumbrance | 48,602 | |||
Initial cost [Abstract] | ||||
Land | 21,725 | |||
Buildings and improvements | 92,091 | |||
Costs capitalized subsequent to acquisition | 1,985 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 21,725 | |||
Buildings and improvements | 94,076 | |||
Total | $ 115,801 | 115,801 | ||
Accumulated depreciation | $ (16,327) | (16,327) | ||
Date of construction | 2,009 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 115,801 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,327 | |||
Encumbered Apartment Communities [Member] | Belcarra [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | Belcarra [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | BellCentre [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 248 | |||
Encumbrance | 36,617 | |||
Initial cost [Abstract] | ||||
Land | 16,197 | |||
Buildings and improvements | 67,207 | |||
Costs capitalized subsequent to acquisition | 3,843 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 16,197 | |||
Buildings and improvements | 71,050 | |||
Total | $ 87,247 | 87,247 | ||
Accumulated depreciation | $ (13,018) | (13,018) | ||
Date of construction | 2,001 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 87,247 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,018 | |||
Encumbered Apartment Communities [Member] | BellCentre [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | BellCentre [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Belmont Station [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 275 | |||
Encumbrance | 29,678 | |||
Initial cost [Abstract] | ||||
Land | 8,100 | |||
Buildings and improvements | 66,666 | |||
Costs capitalized subsequent to acquisition | 6,379 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 8,267 | |||
Buildings and improvements | 72,878 | |||
Total | $ 81,145 | 81,145 | ||
Accumulated depreciation | $ (28,705) | (28,705) | ||
Date of construction | 2,009 | |||
Date acquired | Mar09 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 81,145 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 28,705 | |||
Encumbered Apartment Communities [Member] | Belmont Station [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Belmont Station [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Brookside Oaks [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 170 | |||
Encumbrance | 17,746 | |||
Initial cost [Abstract] | ||||
Land | 7,301 | |||
Buildings and improvements | 16,310 | |||
Costs capitalized subsequent to acquisition | 26,653 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,328 | |||
Buildings and improvements | 39,936 | |||
Total | $ 50,264 | 50,264 | ||
Accumulated depreciation | $ (22,529) | (22,529) | ||
Date of construction | 1,973 | |||
Date acquired | Jun00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 50,264 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 22,529 | |||
Encumbered Apartment Communities [Member] | Brookside Oaks [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Brookside Oaks [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Carmel Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 348 | |||
Encumbrance | 58,875 | |||
Initial cost [Abstract] | ||||
Land | 26,842 | |||
Buildings and improvements | 107,368 | |||
Costs capitalized subsequent to acquisition | 6,069 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 26,842 | |||
Buildings and improvements | 113,437 | |||
Total | $ 140,279 | 140,279 | ||
Accumulated depreciation | $ (21,010) | (21,010) | ||
Date of construction | 2,000 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 140,279 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 21,010 | |||
Encumbered Apartment Communities [Member] | Carmel Creek [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | Carmel Creek [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | City View [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 572 | |||
Encumbrance | 62,544 | |||
Initial cost [Abstract] | ||||
Land | 9,883 | |||
Buildings and improvements | 37,670 | |||
Costs capitalized subsequent to acquisition | 29,252 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,350 | |||
Buildings and improvements | 66,455 | |||
Total | $ 76,805 | 76,805 | ||
Accumulated depreciation | $ (47,198) | (47,198) | ||
Date of construction | 1,975 | |||
Date acquired | Mar98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 76,805 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 47,198 | |||
Encumbered Apartment Communities [Member] | City View [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | City View [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Courtyard off Main [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 110 | |||
Encumbrance | 14,542 | |||
Initial cost [Abstract] | ||||
Land | 7,465 | |||
Buildings and improvements | 21,405 | |||
Costs capitalized subsequent to acquisition | 3,999 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,465 | |||
Buildings and improvements | 25,404 | |||
Total | $ 32,869 | 32,869 | ||
Accumulated depreciation | $ (7,768) | (7,768) | ||
Date of construction | 2,000 | |||
Date acquired | Oct10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 32,869 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,768 | |||
Encumbered Apartment Communities [Member] | Courtyard off Main [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Courtyard off Main [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Domaine [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 92 | |||
Encumbrance | 13,446 | |||
Initial cost [Abstract] | ||||
Land | 9,059 | |||
Buildings and improvements | 27,177 | |||
Costs capitalized subsequent to acquisition | 1,173 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,059 | |||
Buildings and improvements | 28,350 | |||
Total | $ 37,409 | 37,409 | ||
Accumulated depreciation | $ (6,238) | (6,238) | ||
Date of construction | 2,009 | |||
Date acquired | Sep12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 37,409 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,238 | |||
Encumbered Apartment Communities [Member] | Domaine [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Domaine [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Elevation [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 158 | |||
Encumbrance | 10,103 | |||
Initial cost [Abstract] | ||||
Land | 4,758 | |||
Buildings and improvements | 14,285 | |||
Costs capitalized subsequent to acquisition | 6,968 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,757 | |||
Buildings and improvements | 21,254 | |||
Total | $ 26,011 | 26,011 | ||
Accumulated depreciation | $ (8,650) | (8,650) | ||
Date of construction | 1,986 | |||
Date acquired | Jun10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 26,011 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,650 | |||
Encumbered Apartment Communities [Member] | Elevation [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Elevation [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Fairhaven Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 164 | |||
Encumbrance | 18,078 | |||
Initial cost [Abstract] | ||||
Land | 2,626 | |||
Buildings and improvements | 10,485 | |||
Costs capitalized subsequent to acquisition | 8,847 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,957 | |||
Buildings and improvements | 19,001 | |||
Total | $ 21,958 | 21,958 | ||
Accumulated depreciation | $ (10,794) | (10,794) | ||
Date of construction | 1,970 | |||
Date acquired | Nov01 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 21,958 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,794 | |||
Encumbered Apartment Communities [Member] | Fairhaven Apartments [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Fairhaven Apartments [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Form 15 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 242 | |||
Encumbrance | 44,922 | |||
Initial cost [Abstract] | ||||
Land | 24,510 | |||
Buildings and improvements | 72,221 | |||
Costs capitalized subsequent to acquisition | 5,236 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 25,540 | |||
Buildings and improvements | 76,427 | |||
Total | $ 101,967 | 101,967 | ||
Accumulated depreciation | $ (7,633) | (7,633) | ||
Date of construction | 2,014 | |||
Date acquired | Mar16 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 101,967 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,633 | |||
Encumbered Apartment Communities [Member] | Form 15 [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Form 15 [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Foster's Landing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 490 | |||
Encumbrance | 90,117 | |||
Initial cost [Abstract] | ||||
Land | 61,714 | |||
Buildings and improvements | 144,000 | |||
Costs capitalized subsequent to acquisition | 9,004 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 61,714 | |||
Buildings and improvements | 153,004 | |||
Total | $ 214,718 | 214,718 | ||
Accumulated depreciation | $ (28,842) | (28,842) | ||
Date of construction | 1,987 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 214,718 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 28,842 | |||
Encumbered Apartment Communities [Member] | Foster's Landing [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | Foster's Landing [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Fountain At Riveroaks [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 226 | |||
Encumbrance | 29,974 | |||
Initial cost [Abstract] | ||||
Land | 26,046 | |||
Buildings and improvements | 60,773 | |||
Costs capitalized subsequent to acquisition | 4,234 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 26,046 | |||
Buildings and improvements | 65,007 | |||
Total | $ 91,053 | 91,053 | ||
Accumulated depreciation | $ (11,960) | (11,960) | ||
Date of construction | 1,990 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 91,053 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,960 | |||
Encumbered Apartment Communities [Member] | Fountain At Riveroaks [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Fountain At Riveroaks [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Fountain Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 705 | |||
Encumbrance | 82,571 | |||
Initial cost [Abstract] | ||||
Land | 25,073 | |||
Buildings and improvements | 94,980 | |||
Costs capitalized subsequent to acquisition | 33,057 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 25,203 | |||
Buildings and improvements | 127,907 | |||
Total | $ 153,110 | 153,110 | ||
Accumulated depreciation | $ (70,823) | (70,823) | ||
Date of construction | 2,002 | |||
Date acquired | Feb04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 153,110 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 70,823 | |||
Encumbered Apartment Communities [Member] | Fountain Park [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Fountain Park [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Hidden Valley [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 324 | |||
Encumbrance | 29,360 | |||
Initial cost [Abstract] | ||||
Land | 14,174 | |||
Buildings and improvements | 34,065 | |||
Costs capitalized subsequent to acquisition | 6,184 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,674 | |||
Buildings and improvements | 44,749 | |||
Total | $ 54,423 | 54,423 | ||
Accumulated depreciation | $ (21,000) | (21,000) | ||
Date of construction | 2,004 | |||
Date acquired | Dec04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 54,423 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 21,000 | |||
Encumbered Apartment Communities [Member] | Hidden Valley [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Hidden Valley [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Highlands at Wynhaven [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 333 | |||
Encumbrance | 29,540 | |||
Initial cost [Abstract] | ||||
Land | 16,271 | |||
Buildings and improvements | 48,932 | |||
Costs capitalized subsequent to acquisition | 13,850 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 16,271 | |||
Buildings and improvements | 62,782 | |||
Total | $ 79,053 | 79,053 | ||
Accumulated depreciation | $ (24,572) | (24,572) | ||
Date of construction | 2,000 | |||
Date acquired | Aug08 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 79,053 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 24,572 | |||
Encumbered Apartment Communities [Member] | Highlands at Wynhaven [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Highlands at Wynhaven [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Highridge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 255 | |||
Encumbrance | 69,273 | |||
Initial cost [Abstract] | ||||
Land | 5,419 | |||
Buildings and improvements | 18,347 | |||
Costs capitalized subsequent to acquisition | 31,535 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,073 | |||
Buildings and improvements | 49,228 | |||
Total | $ 55,301 | 55,301 | ||
Accumulated depreciation | $ (36,693) | (36,693) | ||
Date of construction | 1,972 | |||
Date acquired | May97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 55,301 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 36,693 | |||
Encumbered Apartment Communities [Member] | Highridge [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Highridge [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Hillcrest Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 608 | |||
Encumbrance | 61,279 | |||
Initial cost [Abstract] | ||||
Land | 15,318 | |||
Buildings and improvements | 40,601 | |||
Costs capitalized subsequent to acquisition | 20,434 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 15,755 | |||
Buildings and improvements | 60,598 | |||
Total | $ 76,353 | 76,353 | ||
Accumulated depreciation | $ (39,954) | (39,954) | ||
Date of construction | 1,973 | |||
Date acquired | Mar98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 76,353 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 39,954 | |||
Encumbered Apartment Communities [Member] | Hillcrest Park [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Hillcrest Park [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Huntington Breakers [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 342 | |||
Encumbrance | 34,397 | |||
Initial cost [Abstract] | ||||
Land | 9,306 | |||
Buildings and improvements | 22,720 | |||
Costs capitalized subsequent to acquisition | 20,818 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,315 | |||
Buildings and improvements | 43,529 | |||
Total | $ 52,844 | 52,844 | ||
Accumulated depreciation | $ (29,374) | (29,374) | ||
Date of construction | 1,984 | |||
Date acquired | Oct97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 52,844 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 29,374 | |||
Encumbered Apartment Communities [Member] | Huntington Breakers [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Huntington Breakers [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Inglenook Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 224 | |||
Encumbrance | 8,238 | |||
Initial cost [Abstract] | ||||
Land | 3,467 | |||
Buildings and improvements | 7,881 | |||
Costs capitalized subsequent to acquisition | 7,771 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,474 | |||
Buildings and improvements | 15,645 | |||
Total | $ 19,119 | 19,119 | ||
Accumulated depreciation | $ (12,667) | (12,667) | ||
Date of construction | 1,985 | |||
Date acquired | Oct94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 19,119 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,667 | |||
Encumbered Apartment Communities [Member] | Inglenook Court [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Inglenook Court [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | 1000 Kiely [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 121 | |||
Encumbrance | 34,040 | |||
Initial cost [Abstract] | ||||
Land | 9,359 | |||
Buildings and improvements | 21,845 | |||
Costs capitalized subsequent to acquisition | 7,956 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,359 | |||
Buildings and improvements | 29,801 | |||
Total | $ 39,160 | 39,160 | ||
Accumulated depreciation | $ (10,654) | (10,654) | ||
Date of construction | 1,971 | |||
Date acquired | Mar11 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 39,160 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,654 | |||
Encumbered Apartment Communities [Member] | 1000 Kiely [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | 1000 Kiely [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Magnolia Square/Magnolia Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 188 | |||
Encumbrance | 52,237 | |||
Initial cost [Abstract] | ||||
Land | 8,190 | |||
Buildings and improvements | 24,736 | |||
Costs capitalized subsequent to acquisition | 17,531 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 8,191 | |||
Buildings and improvements | 42,266 | |||
Total | $ 50,457 | 50,457 | ||
Accumulated depreciation | $ (20,951) | (20,951) | ||
Date of construction | 1,963 | |||
Date acquired | Sep07 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 50,457 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 20,951 | |||
Encumbered Apartment Communities [Member] | Magnolia Square/Magnolia Lane [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Magnolia Square/Magnolia Lane [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Marquis [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 166 | |||
Encumbrance | 43,467 | |||
Initial cost [Abstract] | ||||
Land | 20,495 | |||
Buildings and improvements | 47,823 | |||
Costs capitalized subsequent to acquisition | 117 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 20,495 | |||
Buildings and improvements | 47,940 | |||
Total | $ 68,435 | 68,435 | ||
Accumulated depreciation | $ (151) | (151) | ||
Date of construction | 2,015 | |||
Date acquired | Dec18 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 68,435 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 151 | |||
Encumbered Apartment Communities [Member] | Marquis [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Marquis [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Montarosa [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 472 | |||
Encumbrance | 60,473 | |||
Initial cost [Abstract] | ||||
Land | 26,697 | |||
Buildings and improvements | 106,787 | |||
Costs capitalized subsequent to acquisition | 5,447 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 26,697 | |||
Buildings and improvements | 112,234 | |||
Total | $ 138,931 | 138,931 | ||
Accumulated depreciation | $ (20,206) | (20,206) | ||
Date of construction | 1,990 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 138,931 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 20,206 | |||
Encumbered Apartment Communities [Member] | Montarosa [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | Montarosa [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Montebello [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 248 | |||
Encumbrance | 24,639 | |||
Initial cost [Abstract] | ||||
Land | 13,857 | |||
Buildings and improvements | 41,575 | |||
Costs capitalized subsequent to acquisition | 4,955 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 13,858 | |||
Buildings and improvements | 46,529 | |||
Total | $ 60,387 | 60,387 | ||
Accumulated depreciation | $ (11,718) | (11,718) | ||
Date of construction | 1,996 | |||
Date acquired | Jul12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 60,387 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,718 | |||
Encumbered Apartment Communities [Member] | Montebello [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Montebello [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Montejo Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 124 | |||
Encumbrance | 12,873 | |||
Initial cost [Abstract] | ||||
Land | 1,925 | |||
Buildings and improvements | 7,685 | |||
Costs capitalized subsequent to acquisition | 3,972 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,194 | |||
Buildings and improvements | 11,388 | |||
Total | $ 13,582 | 13,582 | ||
Accumulated depreciation | $ (6,436) | (6,436) | ||
Date of construction | 1,974 | |||
Date acquired | Nov01 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 13,582 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,436 | |||
Encumbered Apartment Communities [Member] | Montejo Apartments [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Montejo Apartments [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Park Highland [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 250 | |||
Encumbrance | 25,127 | |||
Initial cost [Abstract] | ||||
Land | 9,391 | |||
Buildings and improvements | 38,224 | |||
Costs capitalized subsequent to acquisition | 12,255 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,391 | |||
Buildings and improvements | 50,479 | |||
Total | $ 59,870 | 59,870 | ||
Accumulated depreciation | $ (10,986) | (10,986) | ||
Date of construction | 1,993 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 59,870 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,986 | |||
Encumbered Apartment Communities [Member] | Park Highland [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | Park Highland [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Pinnacle at Fullerton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 192 | |||
Encumbrance | 25,320 | |||
Initial cost [Abstract] | ||||
Land | 11,019 | |||
Buildings and improvements | 45,932 | |||
Costs capitalized subsequent to acquisition | 3,377 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 11,019 | |||
Buildings and improvements | 49,309 | |||
Total | $ 60,328 | 60,328 | ||
Accumulated depreciation | $ (9,000) | (9,000) | ||
Date of construction | 2,004 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 60,328 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,000 | |||
Encumbered Apartment Communities [Member] | Pinnacle at Fullerton [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | Pinnacle at Fullerton [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Pinnacle on Lake Washington [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 180 | |||
Encumbrance | 17,499 | |||
Initial cost [Abstract] | ||||
Land | 7,760 | |||
Buildings and improvements | 31,041 | |||
Costs capitalized subsequent to acquisition | 2,893 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,760 | |||
Buildings and improvements | 33,934 | |||
Total | $ 41,694 | 41,694 | ||
Accumulated depreciation | $ (5,993) | (5,993) | ||
Date of construction | 2,001 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 41,694 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 5,993 | |||
Encumbered Apartment Communities [Member] | Pinnacle on Lake Washington [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | Pinnacle on Lake Washington [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Pinnacle at MacArthur Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 253 | |||
Encumbrance | 36,478 | |||
Initial cost [Abstract] | ||||
Land | 15,810 | |||
Buildings and improvements | 66,401 | |||
Costs capitalized subsequent to acquisition | 4,703 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 15,810 | |||
Buildings and improvements | 71,104 | |||
Total | $ 86,914 | 86,914 | ||
Accumulated depreciation | $ (12,752) | (12,752) | ||
Date of construction | 2,002 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 86,914 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,752 | |||
Encumbered Apartment Communities [Member] | Pinnacle at MacArthur Place [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | Pinnacle at MacArthur Place [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Pinnacle at Otay Ranch I & II [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 364 | |||
Encumbrance | 37,272 | |||
Initial cost [Abstract] | ||||
Land | 17,023 | |||
Buildings and improvements | 68,093 | |||
Costs capitalized subsequent to acquisition | 3,691 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 17,023 | |||
Buildings and improvements | 71,784 | |||
Total | $ 88,807 | 88,807 | ||
Accumulated depreciation | $ (13,000) | (13,000) | ||
Date of construction | 2,001 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 88,807 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,000 | |||
Encumbered Apartment Communities [Member] | Pinnacle at Otay Ranch I & II [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | Pinnacle at Otay Ranch I & II [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Pinnacle at Talega [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 362 | |||
Encumbrance | 41,647 | |||
Initial cost [Abstract] | ||||
Land | 19,292 | |||
Buildings and improvements | 77,168 | |||
Costs capitalized subsequent to acquisition | 2,771 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 19,292 | |||
Buildings and improvements | 79,939 | |||
Total | $ 99,231 | 99,231 | ||
Accumulated depreciation | $ (14,268) | (14,268) | ||
Date of construction | 2,002 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 99,231 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,268 | |||
Encumbered Apartment Communities [Member] | Pinnacle at Talega [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | Pinnacle at Talega [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Sage At Cupertino [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 230 | |||
Encumbrance | 51,690 | |||
Initial cost [Abstract] | ||||
Land | 35,719 | |||
Buildings and improvements | 53,449 | |||
Costs capitalized subsequent to acquisition | 3,467 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 35,719 | |||
Buildings and improvements | 56,916 | |||
Total | $ 92,635 | 92,635 | ||
Accumulated depreciation | $ (3,689) | (3,689) | ||
Date of construction | 1,971 | |||
Date acquired | Mar17 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 92,635 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 3,689 | |||
Encumbered Apartment Communities [Member] | Sage At Cupertino [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Sage At Cupertino [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Stevenson Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 200 | |||
Encumbrance | 19,840 | |||
Initial cost [Abstract] | ||||
Land | 996 | |||
Buildings and improvements | 5,582 | |||
Costs capitalized subsequent to acquisition | 12,827 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,001 | |||
Buildings and improvements | 18,404 | |||
Total | $ 19,405 | 19,405 | ||
Accumulated depreciation | $ (13,221) | (13,221) | ||
Date of construction | 1,975 | |||
Date acquired | Apr00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 19,405 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,221 | |||
Encumbered Apartment Communities [Member] | Stevenson Place [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Stevenson Place [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Summerhill Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 100 | |||
Encumbrance | 12,269 | |||
Initial cost [Abstract] | ||||
Land | 2,654 | |||
Buildings and improvements | 4,918 | |||
Costs capitalized subsequent to acquisition | 11,132 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,656 | |||
Buildings and improvements | 16,048 | |||
Total | $ 18,704 | 18,704 | ||
Accumulated depreciation | $ (10,309) | (10,309) | ||
Date of construction | 1,988 | |||
Date acquired | Sep88 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 18,704 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,309 | |||
Encumbered Apartment Communities [Member] | Summerhill Park [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Summerhill Park [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | The Audrey at Belltown [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 137 | |||
Encumbrance | 19,767 | |||
Initial cost [Abstract] | ||||
Land | 9,228 | |||
Buildings and improvements | 36,911 | |||
Costs capitalized subsequent to acquisition | 958 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,228 | |||
Buildings and improvements | 37,869 | |||
Total | $ 47,097 | 47,097 | ||
Accumulated depreciation | $ (6,618) | (6,618) | ||
Date of construction | 1,992 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 47,097 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,618 | |||
Encumbered Apartment Communities [Member] | The Audrey at Belltown [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | The Audrey at Belltown [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | The Barkley [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 161 | |||
Encumbrance | 14,843 | |||
Initial cost [Abstract] | ||||
Land | 0 | |||
Buildings and improvements | 8,520 | |||
Costs capitalized subsequent to acquisition | 7,001 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,353 | |||
Buildings and improvements | 13,168 | |||
Total | $ 15,521 | 15,521 | ||
Accumulated depreciation | $ (8,354) | (8,354) | ||
Date of construction | 1,984 | |||
Date acquired | Apr00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 15,521 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,354 | |||
Encumbered Apartment Communities [Member] | The Barkley [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | The Barkley [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | The Dylan [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 184 | |||
Encumbrance | 59,163 | |||
Initial cost [Abstract] | ||||
Land | 19,984 | |||
Buildings and improvements | 82,286 | |||
Costs capitalized subsequent to acquisition | 834 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 19,990 | |||
Buildings and improvements | 83,114 | |||
Total | $ 103,104 | 103,104 | ||
Accumulated depreciation | $ (12,396) | (12,396) | ||
Date of construction | 2,015 | |||
Date acquired | Mar15 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 103,104 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,396 | |||
Encumbered Apartment Communities [Member] | The Dylan [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | The Dylan [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | The Huntington [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 276 | |||
Encumbrance | 27,707 | |||
Initial cost [Abstract] | ||||
Land | 10,374 | |||
Buildings and improvements | 41,495 | |||
Costs capitalized subsequent to acquisition | 5,028 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,374 | |||
Buildings and improvements | 46,523 | |||
Total | $ 56,897 | 56,897 | ||
Accumulated depreciation | $ (11,692) | (11,692) | ||
Date of construction | 1,975 | |||
Date acquired | Jun12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 56,897 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,692 | |||
Encumbered Apartment Communities [Member] | The Huntington [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | The Huntington [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | The Huxley [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 187 | |||
Encumbrance | 53,874 | |||
Initial cost [Abstract] | ||||
Land | 19,362 | |||
Buildings and improvements | 75,641 | |||
Costs capitalized subsequent to acquisition | 1,321 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 19,371 | |||
Buildings and improvements | 76,953 | |||
Total | $ 96,324 | 96,324 | ||
Accumulated depreciation | $ (11,748) | (11,748) | ||
Date of construction | 2,014 | |||
Date acquired | Mar15 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 96,324 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,748 | |||
Encumbered Apartment Communities [Member] | The Huxley [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | The Huxley [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | The Landing at Jack London Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 282 | |||
Encumbrance | 49,421 | |||
Initial cost [Abstract] | ||||
Land | 33,554 | |||
Buildings and improvements | 78,292 | |||
Costs capitalized subsequent to acquisition | 5,908 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 33,554 | |||
Buildings and improvements | 84,200 | |||
Total | $ 117,754 | 117,754 | ||
Accumulated depreciation | $ (16,132) | (16,132) | ||
Date of construction | 2,001 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 117,754 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,132 | |||
Encumbered Apartment Communities [Member] | The Landing at Jack London Square [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | The Landing at Jack London Square [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | The Palms at Laguna Niguel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 460 | |||
Encumbrance | 52,887 | |||
Initial cost [Abstract] | ||||
Land | 23,584 | |||
Buildings and improvements | 94,334 | |||
Costs capitalized subsequent to acquisition | 8,094 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 23,584 | |||
Buildings and improvements | 102,428 | |||
Total | $ 126,012 | 126,012 | ||
Accumulated depreciation | $ (18,599) | (18,599) | ||
Date of construction | 1,988 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 126,012 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,599 | |||
Encumbered Apartment Communities [Member] | The Palms at Laguna Niguel [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | The Palms at Laguna Niguel [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | The Waterford [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 238 | |||
Encumbrance | 29,252 | |||
Initial cost [Abstract] | ||||
Land | 11,808 | |||
Buildings and improvements | 24,500 | |||
Costs capitalized subsequent to acquisition | 15,956 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 15,165 | |||
Buildings and improvements | 37,099 | |||
Total | $ 52,264 | 52,264 | ||
Accumulated depreciation | $ (21,980) | (21,980) | ||
Date of construction | 2,000 | |||
Date acquired | Jun00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 52,264 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 21,980 | |||
Encumbered Apartment Communities [Member] | The Waterford [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | The Waterford [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Valley Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 160 | |||
Encumbrance | 20,875 | |||
Initial cost [Abstract] | ||||
Land | 3,361 | |||
Buildings and improvements | 13,420 | |||
Costs capitalized subsequent to acquisition | 5,949 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,761 | |||
Buildings and improvements | 18,969 | |||
Total | $ 22,730 | 22,730 | ||
Accumulated depreciation | $ (10,761) | (10,761) | ||
Date of construction | 1,969 | |||
Date acquired | Nov01 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 22,730 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,761 | |||
Encumbered Apartment Communities [Member] | Valley Park [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Valley Park [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Villa Angelina [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 256 | |||
Encumbrance | 27,184 | |||
Initial cost [Abstract] | ||||
Land | 4,498 | |||
Buildings and improvements | 17,962 | |||
Costs capitalized subsequent to acquisition | 7,398 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,962 | |||
Buildings and improvements | 24,896 | |||
Total | $ 29,858 | 29,858 | ||
Accumulated depreciation | $ (14,497) | (14,497) | ||
Date of construction | 1,970 | |||
Date acquired | Nov01 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 29,858 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,497 | |||
Encumbered Apartment Communities [Member] | Villa Angelina [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Villa Angelina [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Villa Grenada [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 270 | |||
Encumbrance | 54,307 | |||
Initial cost [Abstract] | ||||
Land | 38,299 | |||
Buildings and improvements | 89,365 | |||
Costs capitalized subsequent to acquisition | 1,732 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 38,299 | |||
Buildings and improvements | 91,097 | |||
Total | $ 129,396 | 129,396 | ||
Accumulated depreciation | $ (16,216) | (16,216) | ||
Date of construction | 2,010 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 129,396 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,216 | |||
Encumbered Apartment Communities [Member] | Villa Grenada [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Encumbered Apartment Communities [Member] | Villa Grenada [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Wandering Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 156 | |||
Encumbrance | 5,254 | |||
Initial cost [Abstract] | ||||
Land | 1,285 | |||
Buildings and improvements | 4,980 | |||
Costs capitalized subsequent to acquisition | 4,833 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,296 | |||
Buildings and improvements | 9,802 | |||
Total | $ 11,098 | 11,098 | ||
Accumulated depreciation | $ (7,521) | (7,521) | ||
Date of construction | 1,986 | |||
Date acquired | Nov95 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 11,098 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,521 | |||
Encumbered Apartment Communities [Member] | Wandering Creek [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Wandering Creek [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Wilshire Promenade [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 149 | |||
Encumbrance | 16,189 | |||
Initial cost [Abstract] | ||||
Land | 3,118 | |||
Buildings and improvements | 7,385 | |||
Costs capitalized subsequent to acquisition | 9,124 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,797 | |||
Buildings and improvements | 15,830 | |||
Total | $ 19,627 | 19,627 | ||
Accumulated depreciation | $ (10,725) | (10,725) | ||
Date of construction | 1,992 | |||
Date acquired | Jan97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 19,627 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,725 | |||
Encumbered Apartment Communities [Member] | Wilshire Promenade [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | Wilshire Promenade [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Encumbered Apartment Communities [Member] | Ellington [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 220 | |||
Initial cost [Abstract] | ||||
Land | 15,066 | |||
Buildings and improvements | 45,249 | |||
Costs capitalized subsequent to acquisition | 3,535 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 15,066 | |||
Buildings and improvements | 48,784 | |||
Total | $ 63,850 | 63,850 | ||
Accumulated depreciation | $ (7,810) | (7,810) | ||
Date of construction | 1,994 | |||
Date acquired | Jul14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 63,850 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,810 | |||
Encumbered Apartment Communities [Member] | The Palisades [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Encumbered Apartment Communities [Member] | The Palisades [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 35,592 | |||
Initial cost [Abstract] | ||||
Land | 1,923,612 | |||
Buildings and improvements | 6,604,680 | |||
Costs capitalized subsequent to acquisition | 1,352,987 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,970,554 | |||
Buildings and improvements | 7,910,725 | |||
Total | $ 9,881,279 | 9,881,279 | ||
Accumulated depreciation | (2,329,714) | (2,329,714) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 9,881,279 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 2,329,714 | |||
Unencumbered Apartment Communities [Member] | Alessio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 624 | |||
Initial cost [Abstract] | ||||
Land | 32,136 | |||
Buildings and improvements | 128,543 | |||
Costs capitalized subsequent to acquisition | 9,979 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 32,136 | |||
Buildings and improvements | 138,522 | |||
Total | $ 170,658 | 170,658 | ||
Accumulated depreciation | $ (25,383) | (25,383) | ||
Date of construction | 2,001 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 170,658 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 25,383 | |||
Unencumbered Apartment Communities [Member] | Alessio [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Alessio [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Allegro [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 97 | |||
Initial cost [Abstract] | ||||
Land | 5,869 | |||
Buildings and improvements | 23,977 | |||
Costs capitalized subsequent to acquisition | 2,304 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,869 | |||
Buildings and improvements | 26,281 | |||
Total | $ 32,150 | 32,150 | ||
Accumulated depreciation | $ (9,394) | (9,394) | ||
Date of construction | 2,010 | |||
Date acquired | Oct10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 32,150 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,394 | |||
Unencumbered Apartment Communities [Member] | Allegro [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Allegro [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Allure at Scripps Ranch [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 194 | |||
Initial cost [Abstract] | ||||
Land | 11,923 | |||
Buildings and improvements | 47,690 | |||
Costs capitalized subsequent to acquisition | 1,394 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 11,923 | |||
Buildings and improvements | 49,084 | |||
Total | $ 61,007 | 61,007 | ||
Accumulated depreciation | $ (8,699) | (8,699) | ||
Date of construction | 2,002 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 61,007 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,699 | |||
Unencumbered Apartment Communities [Member] | Allure at Scripps Ranch [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Allure at Scripps Ranch [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Alpine Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 301 | |||
Initial cost [Abstract] | ||||
Land | 4,967 | |||
Buildings and improvements | 19,728 | |||
Costs capitalized subsequent to acquisition | 8,602 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,982 | |||
Buildings and improvements | 28,315 | |||
Total | $ 33,297 | 33,297 | ||
Accumulated depreciation | $ (15,526) | (15,526) | ||
Date of construction | 1,971 | |||
Date acquired | Dec02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 33,297 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,526 | |||
Unencumbered Apartment Communities [Member] | Alpine Village [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Alpine Village [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Anavia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 250 | |||
Initial cost [Abstract] | ||||
Land | 15,925 | |||
Buildings and improvements | 63,712 | |||
Costs capitalized subsequent to acquisition | 7,985 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 15,925 | |||
Buildings and improvements | 71,697 | |||
Total | $ 87,622 | 87,622 | ||
Accumulated depreciation | $ (19,857) | (19,857) | ||
Date of construction | 2,009 | |||
Date acquired | Dec10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 87,622 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 19,857 | |||
Unencumbered Apartment Communities [Member] | Anavia [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Anavia [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Annaliese [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 56 | |||
Initial cost [Abstract] | ||||
Land | 4,727 | |||
Buildings and improvements | 14,229 | |||
Costs capitalized subsequent to acquisition | 613 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,726 | |||
Buildings and improvements | 14,843 | |||
Total | $ 19,569 | 19,569 | ||
Accumulated depreciation | $ (3,047) | (3,047) | ||
Date of construction | 2,009 | |||
Date acquired | Jan13 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 19,569 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 3,047 | |||
Unencumbered Apartment Communities [Member] | Annaliese [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Annaliese [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Apex [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 366 | |||
Initial cost [Abstract] | ||||
Land | 44,240 | |||
Buildings and improvements | 103,251 | |||
Costs capitalized subsequent to acquisition | 3,321 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 44,240 | |||
Buildings and improvements | 106,572 | |||
Total | $ 150,812 | 150,812 | ||
Accumulated depreciation | $ (15,479) | (15,479) | ||
Date of construction | 2,014 | |||
Date acquired | Aug14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 150,812 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,479 | |||
Unencumbered Apartment Communities [Member] | Apex [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Apex [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Aqua at Marina Del Rey [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 500 | |||
Initial cost [Abstract] | ||||
Land | 58,442 | |||
Buildings and improvements | 175,326 | |||
Costs capitalized subsequent to acquisition | 13,232 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 58,442 | |||
Buildings and improvements | 188,558 | |||
Total | $ 247,000 | 247,000 | ||
Accumulated depreciation | $ (35,960) | (35,960) | ||
Date of construction | 2,001 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 247,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 35,960 | |||
Unencumbered Apartment Communities [Member] | Aqua at Marina Del Rey [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Aqua at Marina Del Rey [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Ascent [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 90 | |||
Initial cost [Abstract] | ||||
Land | 3,924 | |||
Buildings and improvements | 11,862 | |||
Costs capitalized subsequent to acquisition | 2,014 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,924 | |||
Buildings and improvements | 13,876 | |||
Total | $ 17,800 | 17,800 | ||
Accumulated depreciation | $ (3,547) | (3,547) | ||
Date of construction | 1,988 | |||
Date acquired | Oct12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 17,800 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 3,547 | |||
Unencumbered Apartment Communities [Member] | Ascent [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Ascent [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Ashton Sherman Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 264 | |||
Initial cost [Abstract] | ||||
Land | 23,550 | |||
Buildings and improvements | 93,811 | |||
Costs capitalized subsequent to acquisition | 489 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 23,550 | |||
Buildings and improvements | 94,300 | |||
Total | $ 117,850 | 117,850 | ||
Accumulated depreciation | $ (6,777) | (6,777) | ||
Date of construction | 2,014 | |||
Date acquired | Dec16 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 117,850 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,777 | |||
Unencumbered Apartment Communities [Member] | Ashton Sherman Village [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Ashton Sherman Village [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Avant [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 440 | |||
Initial cost [Abstract] | ||||
Land | 32,379 | |||
Buildings and improvements | 137,940 | |||
Costs capitalized subsequent to acquisition | 1,949 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 32,379 | |||
Buildings and improvements | 139,889 | |||
Total | $ 172,268 | 172,268 | ||
Accumulated depreciation | $ (16,452) | (16,452) | ||
Date of construction | 2,014 | |||
Date acquired | Jun15 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 172,268 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,452 | |||
Unencumbered Apartment Communities [Member] | Avant [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Avant [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Avenue 64 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 224 | |||
Initial cost [Abstract] | ||||
Land | 27,235 | |||
Buildings and improvements | 64,403 | |||
Costs capitalized subsequent to acquisition | 14,377 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 27,235 | |||
Buildings and improvements | 78,780 | |||
Total | $ 106,015 | 106,015 | ||
Accumulated depreciation | $ (13,015) | (13,015) | ||
Date of construction | 2,007 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 106,015 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,015 | |||
Unencumbered Apartment Communities [Member] | Avenue 64 [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Avenue 64 [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Aviara [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 166 | |||
Initial cost [Abstract] | ||||
Land | 0 | |||
Buildings and improvements | 49,813 | |||
Costs capitalized subsequent to acquisition | 1,063 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 0 | |||
Buildings and improvements | 50,876 | |||
Total | $ 50,876 | 50,876 | ||
Accumulated depreciation | $ (9,998) | (9,998) | ||
Date of construction | 2,013 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 50,876 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,998 | |||
Unencumbered Apartment Communities [Member] | Aviara [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Aviara [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Axis 2300 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 115 | |||
Initial cost [Abstract] | ||||
Land | 5,405 | |||
Buildings and improvements | 33,585 | |||
Costs capitalized subsequent to acquisition | 1,674 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,405 | |||
Buildings and improvements | 35,259 | |||
Total | $ 40,664 | 40,664 | ||
Accumulated depreciation | $ (12,341) | (12,341) | ||
Date of construction | 2,010 | |||
Date acquired | Aug10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 40,664 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,341 | |||
Unencumbered Apartment Communities [Member] | Axis 2300 [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Axis 2300 [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Bella Villagio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 231 | |||
Initial cost [Abstract] | ||||
Land | 17,247 | |||
Buildings and improvements | 40,343 | |||
Costs capitalized subsequent to acquisition | 3,540 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 17,247 | |||
Buildings and improvements | 43,883 | |||
Total | $ 61,130 | 61,130 | ||
Accumulated depreciation | $ (13,122) | (13,122) | ||
Date of construction | 2,004 | |||
Date acquired | Sep10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 61,130 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,122 | |||
Unencumbered Apartment Communities [Member] | Bella Villagio [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Bella Villagio [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Bellerive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 63 | |||
Initial cost [Abstract] | ||||
Land | 5,401 | |||
Buildings and improvements | 21,803 | |||
Costs capitalized subsequent to acquisition | 1,189 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,401 | |||
Buildings and improvements | 22,992 | |||
Total | $ 28,393 | 28,393 | ||
Accumulated depreciation | $ (6,962) | (6,962) | ||
Date of construction | 2,011 | |||
Date acquired | Aug11 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 28,393 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,962 | |||
Unencumbered Apartment Communities [Member] | Bellerive [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Bellerive [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Belmont Terrace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 71 | |||
Initial cost [Abstract] | ||||
Land | 4,446 | |||
Buildings and improvements | 10,290 | |||
Costs capitalized subsequent to acquisition | 6,946 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,473 | |||
Buildings and improvements | 17,209 | |||
Total | $ 21,682 | 21,682 | ||
Accumulated depreciation | $ (8,257) | (8,257) | ||
Date of construction | 1,974 | |||
Date acquired | Oct06 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 21,682 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,257 | |||
Unencumbered Apartment Communities [Member] | Belmont Terrace [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Belmont Terrace [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Bennett Lofts [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 165 | |||
Initial cost [Abstract] | ||||
Land | 21,771 | |||
Buildings and improvements | 50,800 | |||
Costs capitalized subsequent to acquisition | 29,672 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 28,371 | |||
Buildings and improvements | 73,872 | |||
Total | $ 102,243 | 102,243 | ||
Accumulated depreciation | $ (16,319) | (16,319) | ||
Date of construction | 2,004 | |||
Date acquired | Dec12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 102,243 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,319 | |||
Unencumbered Apartment Communities [Member] | Bennett Lofts [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Bennett Lofts [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Bernardo Crest [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 216 | |||
Initial cost [Abstract] | ||||
Land | 10,802 | |||
Buildings and improvements | 43,209 | |||
Costs capitalized subsequent to acquisition | 3,665 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,802 | |||
Buildings and improvements | 46,874 | |||
Total | $ 57,676 | 57,676 | ||
Accumulated depreciation | $ (8,539) | (8,539) | ||
Date of construction | 1,988 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 57,676 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,539 | |||
Unencumbered Apartment Communities [Member] | Bernardo Crest [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Bernardo Crest [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Bonita Cedars [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 120 | |||
Initial cost [Abstract] | ||||
Land | 2,496 | |||
Buildings and improvements | 9,913 | |||
Costs capitalized subsequent to acquisition | 5,160 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,503 | |||
Buildings and improvements | 15,066 | |||
Total | $ 17,569 | 17,569 | ||
Accumulated depreciation | $ (7,598) | (7,598) | ||
Date of construction | 1,983 | |||
Date acquired | Dec02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 17,569 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,598 | |||
Unencumbered Apartment Communities [Member] | Bonita Cedars [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Bonita Cedars [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 172 | |||
Initial cost [Abstract] | ||||
Land | 3,520 | |||
Buildings and improvements | 8,182 | |||
Costs capitalized subsequent to acquisition | 13,860 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,580 | |||
Buildings and improvements | 21,982 | |||
Total | $ 25,562 | 25,562 | ||
Accumulated depreciation | $ (17,002) | (17,002) | ||
Date of construction | 1,978 | |||
Date acquired | Jan96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 25,562 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 17,002 | |||
Unencumbered Apartment Communities [Member] | Boulevard [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Boulevard [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Bridle Trails [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 108 | |||
Initial cost [Abstract] | ||||
Land | 1,500 | |||
Buildings and improvements | 5,930 | |||
Costs capitalized subsequent to acquisition | 6,154 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,531 | |||
Buildings and improvements | 12,053 | |||
Total | $ 13,584 | 13,584 | ||
Accumulated depreciation | $ (8,499) | (8,499) | ||
Date of construction | 1,986 | |||
Date acquired | Oct97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 13,584 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,499 | |||
Unencumbered Apartment Communities [Member] | Bridle Trails [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Bridle Trails [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Brighton Ridge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 264 | |||
Initial cost [Abstract] | ||||
Land | 2,623 | |||
Buildings and improvements | 10,800 | |||
Costs capitalized subsequent to acquisition | 5,486 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,656 | |||
Buildings and improvements | 16,253 | |||
Total | $ 18,909 | 18,909 | ||
Accumulated depreciation | $ (11,818) | (11,818) | ||
Date of construction | 1,986 | |||
Date acquired | Dec96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 18,909 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,818 | |||
Unencumbered Apartment Communities [Member] | Brighton Ridge [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Brighton Ridge [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Bristol Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 188 | |||
Initial cost [Abstract] | ||||
Land | 5,278 | |||
Buildings and improvements | 11,853 | |||
Costs capitalized subsequent to acquisition | 9,272 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,293 | |||
Buildings and improvements | 21,110 | |||
Total | $ 26,403 | 26,403 | ||
Accumulated depreciation | $ (14,211) | (14,211) | ||
Date of construction | 1,989 | |||
Date acquired | Jan95 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 26,403 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,211 | |||
Unencumbered Apartment Communities [Member] | Bristol Commons [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Bristol Commons [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | 416 on Broadway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 115 | |||
Initial cost [Abstract] | ||||
Land | 8,557 | |||
Buildings and improvements | 34,235 | |||
Costs capitalized subsequent to acquisition | 2,973 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 8,557 | |||
Buildings and improvements | 37,208 | |||
Total | $ 45,765 | 45,765 | ||
Accumulated depreciation | $ (10,982) | (10,982) | ||
Date of construction | 2,009 | |||
Date acquired | Dec10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 45,765 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,982 | |||
Unencumbered Apartment Communities [Member] | 416 on Broadway [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | 416 on Broadway [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Bunker Hill [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 456 | |||
Initial cost [Abstract] | ||||
Land | 11,498 | |||
Buildings and improvements | 27,871 | |||
Costs capitalized subsequent to acquisition | 83,972 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 11,639 | |||
Buildings and improvements | 111,702 | |||
Total | $ 123,341 | 123,341 | ||
Accumulated depreciation | $ (54,527) | (54,527) | ||
Date of construction | 1,968 | |||
Date acquired | Mar98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 123,341 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 54,527 | |||
Unencumbered Apartment Communities [Member] | Bunker Hill [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Bunker Hill [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Camarillo Oaks [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 564 | |||
Initial cost [Abstract] | ||||
Land | 10,953 | |||
Buildings and improvements | 25,254 | |||
Costs capitalized subsequent to acquisition | 7,791 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 11,075 | |||
Buildings and improvements | 32,923 | |||
Total | $ 43,998 | 43,998 | ||
Accumulated depreciation | $ (23,428) | (23,428) | ||
Date of construction | 1,985 | |||
Date acquired | Jul96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 43,998 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 23,428 | |||
Unencumbered Apartment Communities [Member] | Camarillo Oaks [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Camarillo Oaks [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Cambridge Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 320 | |||
Initial cost [Abstract] | ||||
Land | 18,185 | |||
Buildings and improvements | 72,739 | |||
Costs capitalized subsequent to acquisition | 2,974 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 18,185 | |||
Buildings and improvements | 75,713 | |||
Total | $ 93,898 | 93,898 | ||
Accumulated depreciation | $ (13,776) | (13,776) | ||
Date of construction | 1,998 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 93,898 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,776 | |||
Unencumbered Apartment Communities [Member] | Cambridge Park [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Cambridge Park [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Camino Ruiz Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 159 | |||
Initial cost [Abstract] | ||||
Land | 6,871 | |||
Buildings and improvements | 26,119 | |||
Costs capitalized subsequent to acquisition | 1,965 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,931 | |||
Buildings and improvements | 28,024 | |||
Total | $ 34,955 | 34,955 | ||
Accumulated depreciation | $ (11,628) | (11,628) | ||
Date of construction | 1,990 | |||
Date acquired | Dec06 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 34,955 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,628 | |||
Unencumbered Apartment Communities [Member] | Camino Ruiz Square [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Camino Ruiz Square [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Canyon Oaks [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 250 | |||
Initial cost [Abstract] | ||||
Land | 19,088 | |||
Buildings and improvements | 44,473 | |||
Costs capitalized subsequent to acquisition | 4,232 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 19,088 | |||
Buildings and improvements | 48,705 | |||
Total | $ 67,793 | 67,793 | ||
Accumulated depreciation | $ (19,542) | (19,542) | ||
Date of construction | 2,005 | |||
Date acquired | May07 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 67,793 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 19,542 | |||
Unencumbered Apartment Communities [Member] | Canyon Oaks [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Canyon Oaks [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Canyon Pointe [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 250 | |||
Initial cost [Abstract] | ||||
Land | 4,692 | |||
Buildings and improvements | 18,288 | |||
Costs capitalized subsequent to acquisition | 8,142 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,693 | |||
Buildings and improvements | 26,429 | |||
Total | $ 31,122 | 31,122 | ||
Accumulated depreciation | $ (14,475) | (14,475) | ||
Date of construction | 1,990 | |||
Date acquired | Oct03 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 31,122 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,475 | |||
Unencumbered Apartment Communities [Member] | Canyon Pointe [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Canyon Pointe [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Capri at Sunny Hills [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 102 | |||
Initial cost [Abstract] | ||||
Land | 3,337 | |||
Buildings and improvements | 13,320 | |||
Costs capitalized subsequent to acquisition | 9,319 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,048 | |||
Buildings and improvements | 21,928 | |||
Total | $ 25,976 | 25,976 | ||
Accumulated depreciation | $ (13,479) | (13,479) | ||
Date of construction | 1,961 | |||
Date acquired | Sep01 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 25,976 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,479 | |||
Unencumbered Apartment Communities [Member] | Capri at Sunny Hills [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Capri at Sunny Hills [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Carnel Landing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 356 | |||
Initial cost [Abstract] | ||||
Land | 16,725 | |||
Buildings and improvements | 66,901 | |||
Costs capitalized subsequent to acquisition | 7,589 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 16,725 | |||
Buildings and improvements | 74,490 | |||
Total | $ 91,215 | 91,215 | ||
Accumulated depreciation | $ (13,639) | (13,639) | ||
Date of construction | 1,989 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 91,215 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,639 | |||
Unencumbered Apartment Communities [Member] | Carnel Landing [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Carnel Landing [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Carnel Summit [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 246 | |||
Initial cost [Abstract] | ||||
Land | 14,968 | |||
Buildings and improvements | 59,871 | |||
Costs capitalized subsequent to acquisition | 3,514 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 14,968 | |||
Buildings and improvements | 63,385 | |||
Total | $ 78,353 | 78,353 | ||
Accumulated depreciation | $ (11,342) | (11,342) | ||
Date of construction | 1,989 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 78,353 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,342 | |||
Unencumbered Apartment Communities [Member] | Carnel Summit [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Carnel Summit [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Castle Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 216 | |||
Initial cost [Abstract] | ||||
Land | 4,149 | |||
Buildings and improvements | 16,028 | |||
Costs capitalized subsequent to acquisition | 4,500 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,833 | |||
Buildings and improvements | 19,844 | |||
Total | $ 24,677 | 24,677 | ||
Accumulated depreciation | $ (13,953) | (13,953) | ||
Date of construction | 1,998 | |||
Date acquired | Dec98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 24,677 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,953 | |||
Unencumbered Apartment Communities [Member] | Castle Creek [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Castle Creek [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Catalina Gardens [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 128 | |||
Initial cost [Abstract] | ||||
Land | 6,714 | |||
Buildings and improvements | 26,856 | |||
Costs capitalized subsequent to acquisition | 1,485 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,714 | |||
Buildings and improvements | 28,341 | |||
Total | $ 35,055 | 35,055 | ||
Accumulated depreciation | $ (5,018) | (5,018) | ||
Date of construction | 1,987 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 35,055 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 5,018 | |||
Unencumbered Apartment Communities [Member] | Catalina Gardens [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Catalina Gardens [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | CBC Apartments and The Sweeps [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 239 | |||
Initial cost [Abstract] | ||||
Land | 11,841 | |||
Buildings and improvements | 45,320 | |||
Costs capitalized subsequent to acquisition | 6,556 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 11,906 | |||
Buildings and improvements | 51,811 | |||
Total | $ 63,717 | 63,717 | ||
Accumulated depreciation | $ (24,758) | (24,758) | ||
Date of construction | 1,962 | |||
Date acquired | Jan06 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 63,717 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 24,758 | |||
Unencumbered Apartment Communities [Member] | CBC Apartments and The Sweeps [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | CBC Apartments and The Sweeps [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Cedar Terrace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 180 | |||
Initial cost [Abstract] | ||||
Land | 5,543 | |||
Buildings and improvements | 16,442 | |||
Costs capitalized subsequent to acquisition | 7,214 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,652 | |||
Buildings and improvements | 23,547 | |||
Total | $ 29,199 | 29,199 | ||
Accumulated depreciation | $ (11,598) | (11,598) | ||
Date of construction | 1,984 | |||
Date acquired | Jan05 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 29,199 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,598 | |||
Unencumbered Apartment Communities [Member] | Cedar Terrace [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Cedar Terrace [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | CentrePointe [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 224 | |||
Initial cost [Abstract] | ||||
Land | 3,405 | |||
Buildings and improvements | 7,743 | |||
Costs capitalized subsequent to acquisition | 21,354 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,442 | |||
Buildings and improvements | 29,060 | |||
Total | $ 32,502 | 32,502 | ||
Accumulated depreciation | $ (18,300) | (18,300) | ||
Date of construction | 1,974 | |||
Date acquired | Jun97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 32,502 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,300 | |||
Unencumbered Apartment Communities [Member] | CentrePointe [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | CentrePointe [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Chestnut Street Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 96 | |||
Initial cost [Abstract] | ||||
Land | 6,582 | |||
Buildings and improvements | 15,689 | |||
Costs capitalized subsequent to acquisition | 1,995 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,582 | |||
Buildings and improvements | 17,684 | |||
Total | $ 24,266 | 24,266 | ||
Accumulated depreciation | $ (6,512) | (6,512) | ||
Date of construction | 2,002 | |||
Date acquired | Jul08 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 24,266 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,512 | |||
Unencumbered Apartment Communities [Member] | Chestnut Street Apartments [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Chestnut Street Apartments [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Collins On Pine [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 76 | |||
Initial cost [Abstract] | ||||
Land | 7,276 | |||
Buildings and improvements | 22,226 | |||
Costs capitalized subsequent to acquisition | 328 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,276 | |||
Buildings and improvements | 22,554 | |||
Total | $ 29,830 | 29,830 | ||
Accumulated depreciation | $ (3,520) | (3,520) | ||
Date of construction | 2,013 | |||
Date acquired | May14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 29,830 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 3,520 | |||
Unencumbered Apartment Communities [Member] | Collins On Pine [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Collins On Pine [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Corbella at Juanita Bay [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 169 | |||
Initial cost [Abstract] | ||||
Land | 5,801 | |||
Buildings and improvements | 17,415 | |||
Costs capitalized subsequent to acquisition | 3,165 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,801 | |||
Buildings and improvements | 20,580 | |||
Total | $ 26,381 | 26,381 | ||
Accumulated depreciation | $ (6,279) | (6,279) | ||
Date of construction | 1,978 | |||
Date acquired | Nov10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 26,381 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,279 | |||
Unencumbered Apartment Communities [Member] | Corbella at Juanita Bay [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Corbella at Juanita Bay [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Cortesia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 308 | |||
Initial cost [Abstract] | ||||
Land | 13,912 | |||
Buildings and improvements | 55,649 | |||
Costs capitalized subsequent to acquisition | 2,492 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 13,912 | |||
Buildings and improvements | 58,141 | |||
Total | $ 72,053 | 72,053 | ||
Accumulated depreciation | $ (10,430) | (10,430) | ||
Date of construction | 1,999 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 72,053 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,430 | |||
Unencumbered Apartment Communities [Member] | Cortesia [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Cortesia [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Country Villas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 180 | |||
Initial cost [Abstract] | ||||
Land | 4,174 | |||
Buildings and improvements | 16,583 | |||
Costs capitalized subsequent to acquisition | 5,074 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,187 | |||
Buildings and improvements | 21,644 | |||
Total | $ 25,831 | 25,831 | ||
Accumulated depreciation | $ (11,954) | (11,954) | ||
Date of construction | 1,976 | |||
Date acquired | Dec02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 25,831 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,954 | |||
Unencumbered Apartment Communities [Member] | Country Villas [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Country Villas [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Crow Canyon [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 400 | |||
Initial cost [Abstract] | ||||
Land | 37,579 | |||
Buildings and improvements | 87,685 | |||
Costs capitalized subsequent to acquisition | 9,894 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 37,579 | |||
Buildings and improvements | 97,579 | |||
Total | $ 135,158 | 135,158 | ||
Accumulated depreciation | $ (17,605) | (17,605) | ||
Date of construction | 1,992 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 135,158 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 17,605 | |||
Unencumbered Apartment Communities [Member] | Crow Canyon [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Crow Canyon [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Deer Valley [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 171 | |||
Initial cost [Abstract] | ||||
Land | 21,478 | |||
Buildings and improvements | 50,116 | |||
Costs capitalized subsequent to acquisition | 2,481 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 21,478 | |||
Buildings and improvements | 52,597 | |||
Total | $ 74,075 | 74,075 | ||
Accumulated depreciation | $ (9,580) | (9,580) | ||
Date of construction | 1,996 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 74,075 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,580 | |||
Unencumbered Apartment Communities [Member] | Deer Valley [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Deer Valley [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Delano [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 126 | |||
Initial cost [Abstract] | ||||
Land | 7,470 | |||
Buildings and improvements | 22,511 | |||
Costs capitalized subsequent to acquisition | 1,330 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,470 | |||
Buildings and improvements | 23,841 | |||
Total | $ 31,311 | 31,311 | ||
Accumulated depreciation | $ (5,852) | (5,852) | ||
Date of construction | 2,005 | |||
Date acquired | Dec11 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 31,311 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 5,852 | |||
Unencumbered Apartment Communities [Member] | Delano [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Delano [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Devonshire [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 276 | |||
Initial cost [Abstract] | ||||
Land | 3,470 | |||
Buildings and improvements | 13,786 | |||
Costs capitalized subsequent to acquisition | 4,993 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,482 | |||
Buildings and improvements | 18,767 | |||
Total | $ 22,249 | 22,249 | ||
Accumulated depreciation | $ (10,271) | (10,271) | ||
Date of construction | 1,988 | |||
Date acquired | Dec02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 22,249 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,271 | |||
Unencumbered Apartment Communities [Member] | Devonshire [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Devonshire [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Ellington [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Ellington [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Emerald Pointe [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 160 | |||
Initial cost [Abstract] | ||||
Land | 8,458 | |||
Buildings and improvements | 33,832 | |||
Costs capitalized subsequent to acquisition | 1,869 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 8,458 | |||
Buildings and improvements | 35,701 | |||
Total | $ 44,159 | 44,159 | ||
Accumulated depreciation | $ (6,477) | (6,477) | ||
Date of construction | 1,989 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 44,159 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,477 | |||
Unencumbered Apartment Communities [Member] | Emerald Pointe [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Emerald Pointe [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Emerald Ridge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 180 | |||
Initial cost [Abstract] | ||||
Land | 3,449 | |||
Buildings and improvements | 7,801 | |||
Costs capitalized subsequent to acquisition | 5,871 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,449 | |||
Buildings and improvements | 13,672 | |||
Total | $ 17,121 | 17,121 | ||
Accumulated depreciation | $ (10,213) | (10,213) | ||
Date of construction | 1,987 | |||
Date acquired | Nov94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 17,121 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,213 | |||
Unencumbered Apartment Communities [Member] | Emerald Ridge [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Emerald Ridge [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Emerson Valley Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 144 | |||
Initial cost [Abstract] | ||||
Land | 13,378 | |||
Buildings and improvements | 53,240 | |||
Costs capitalized subsequent to acquisition | 408 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 13,378 | |||
Buildings and improvements | 53,648 | |||
Total | $ 67,026 | 67,026 | ||
Accumulated depreciation | $ (3,861) | (3,861) | ||
Date of construction | 2,012 | |||
Date acquired | Dec16 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 67,026 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 3,861 | |||
Unencumbered Apartment Communities [Member] | Emerson Valley Village [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Emerson Valley Village [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Enso [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 183 | |||
Initial cost [Abstract] | ||||
Land | 21,397 | |||
Buildings and improvements | 71,135 | |||
Costs capitalized subsequent to acquisition | 1,490 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 21,397 | |||
Buildings and improvements | 72,625 | |||
Total | $ 94,022 | 94,022 | ||
Accumulated depreciation | $ (7,869) | (7,869) | ||
Date of construction | 2,014 | |||
Date acquired | Dec15 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 94,022 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,869 | |||
Unencumbered Apartment Communities [Member] | Enso [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Enso [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Esplanade [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 278 | |||
Initial cost [Abstract] | ||||
Land | 18,170 | |||
Buildings and improvements | 40,086 | |||
Costs capitalized subsequent to acquisition | 13,540 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 18,429 | |||
Buildings and improvements | 53,367 | |||
Total | $ 71,796 | 71,796 | ||
Accumulated depreciation | $ (26,905) | (26,905) | ||
Date of construction | 2,002 | |||
Date acquired | Apr04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 71,796 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 26,905 | |||
Unencumbered Apartment Communities [Member] | Esplanade [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Esplanade [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Essex Skyline [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 349 | |||
Initial cost [Abstract] | ||||
Land | 21,537 | |||
Buildings and improvements | 146,099 | |||
Costs capitalized subsequent to acquisition | 7,313 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 21,537 | |||
Buildings and improvements | 153,412 | |||
Total | $ 174,949 | 174,949 | ||
Accumulated depreciation | $ (35,662) | (35,662) | ||
Date of construction | 2,008 | |||
Date acquired | Apr10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 174,949 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 35,662 | |||
Unencumbered Apartment Communities [Member] | Essex Skyline [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Essex Skyline [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Evergreen Heights [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 200 | |||
Initial cost [Abstract] | ||||
Land | 3,566 | |||
Buildings and improvements | 13,395 | |||
Costs capitalized subsequent to acquisition | 6,026 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,649 | |||
Buildings and improvements | 19,338 | |||
Total | $ 22,987 | 22,987 | ||
Accumulated depreciation | $ (13,793) | (13,793) | ||
Date of construction | 1,990 | |||
Date acquired | Jun97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 22,987 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,793 | |||
Unencumbered Apartment Communities [Member] | Evergreen Heights [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Evergreen Heights [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Fairway Apartments at Big Canyon [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 74 | |||
Initial cost [Abstract] | ||||
Land | 0 | |||
Buildings and improvements | 7,850 | |||
Costs capitalized subsequent to acquisition | 7,923 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 0 | |||
Buildings and improvements | 15,773 | |||
Total | $ 15,773 | 15,773 | ||
Accumulated depreciation | $ (10,717) | (10,717) | ||
Date of construction | 1,972 | |||
Date acquired | Jun99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 15,773 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,717 | |||
Unencumbered Apartment Communities [Member] | Fairway Apartments at Big Canyon [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Fairway Apartments at Big Canyon [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 28 years | |||
Unencumbered Apartment Communities [Member] | Fairwood Pond [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 194 | |||
Initial cost [Abstract] | ||||
Land | 5,296 | |||
Buildings and improvements | 15,564 | |||
Costs capitalized subsequent to acquisition | 3,800 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,297 | |||
Buildings and improvements | 19,363 | |||
Total | $ 24,660 | 24,660 | ||
Accumulated depreciation | $ (9,745) | (9,745) | ||
Date of construction | 1,997 | |||
Date acquired | Oct04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 24,660 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,745 | |||
Unencumbered Apartment Communities [Member] | Fairwood Pond [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Fairwood Pond [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Foothill Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 394 | |||
Initial cost [Abstract] | ||||
Land | 2,435 | |||
Buildings and improvements | 9,821 | |||
Costs capitalized subsequent to acquisition | 39,812 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,440 | |||
Buildings and improvements | 49,628 | |||
Total | $ 52,068 | 52,068 | ||
Accumulated depreciation | $ (42,805) | (42,805) | ||
Date of construction | 1,978 | |||
Date acquired | Mar90 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 52,068 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 42,805 | |||
Unencumbered Apartment Communities [Member] | Foothill Commons [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Foothill Commons [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Foothill Gardens/Twin Creeks [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 176 | |||
Initial cost [Abstract] | ||||
Land | 5,875 | |||
Buildings and improvements | 13,992 | |||
Costs capitalized subsequent to acquisition | 10,803 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,964 | |||
Buildings and improvements | 24,706 | |||
Total | $ 30,670 | 30,670 | ||
Accumulated depreciation | $ (16,790) | (16,790) | ||
Date of construction | 1,985 | |||
Date acquired | Feb97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 30,670 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,790 | |||
Unencumbered Apartment Communities [Member] | Foothill Gardens/Twin Creeks [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Foothill Gardens/Twin Creeks [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Forest View [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 192 | |||
Initial cost [Abstract] | ||||
Land | 3,731 | |||
Buildings and improvements | 14,530 | |||
Costs capitalized subsequent to acquisition | 2,843 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,731 | |||
Buildings and improvements | 17,373 | |||
Total | $ 21,104 | 21,104 | ||
Accumulated depreciation | $ (9,071) | (9,071) | ||
Date of construction | 1,998 | |||
Date acquired | Oct03 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 21,104 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,071 | |||
Unencumbered Apartment Communities [Member] | Forest View [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Forest View [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Fountain Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 320 | |||
Initial cost [Abstract] | ||||
Land | 6,702 | |||
Buildings and improvements | 27,306 | |||
Costs capitalized subsequent to acquisition | 12,238 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,585 | |||
Buildings and improvements | 39,661 | |||
Total | $ 46,246 | 46,246 | ||
Accumulated depreciation | $ (25,952) | (25,952) | ||
Date of construction | 2,000 | |||
Date acquired | Mar00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 46,246 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 25,952 | |||
Unencumbered Apartment Communities [Member] | Fountain Court [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Fountain Court [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Fourth & U [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 171 | |||
Initial cost [Abstract] | ||||
Land | 8,879 | |||
Buildings and improvements | 52,351 | |||
Costs capitalized subsequent to acquisition | 3,228 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 8,879 | |||
Buildings and improvements | 55,579 | |||
Total | $ 64,458 | 64,458 | ||
Accumulated depreciation | $ (17,580) | (17,580) | ||
Date of construction | 2,010 | |||
Date acquired | Apr10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 64,458 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 17,580 | |||
Unencumbered Apartment Communities [Member] | Fourth & U [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Fourth & U [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Fox Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 445 | |||
Initial cost [Abstract] | ||||
Land | 39,731 | |||
Buildings and improvements | 92,706 | |||
Costs capitalized subsequent to acquisition | 28,996 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 39,731 | |||
Buildings and improvements | 121,702 | |||
Total | $ 161,433 | 161,433 | ||
Accumulated depreciation | $ (27,308) | (27,308) | ||
Date of construction | 1,968 | |||
Date acquired | Feb13 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 161,433 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 27,308 | |||
Unencumbered Apartment Communities [Member] | Fox Plaza [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Fox Plaza [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | The Henley I/The Henley II [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 215 | |||
Initial cost [Abstract] | ||||
Land | 6,695 | |||
Buildings and improvements | 16,753 | |||
Costs capitalized subsequent to acquisition | 26,648 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,733 | |||
Buildings and improvements | 43,363 | |||
Total | $ 50,096 | 50,096 | ||
Accumulated depreciation | $ (22,504) | (22,504) | ||
Date of construction | 1,970 | |||
Date acquired | Jun99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 50,096 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 22,504 | |||
Unencumbered Apartment Communities [Member] | The Henley I/The Henley II [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | The Henley I/The Henley II [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Hillsdale Garden [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 697 | |||
Initial cost [Abstract] | ||||
Land | 22,000 | |||
Buildings and improvements | 94,681 | |||
Costs capitalized subsequent to acquisition | 23,237 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 22,000 | |||
Buildings and improvements | 117,918 | |||
Total | $ 139,918 | 139,918 | ||
Accumulated depreciation | $ (53,970) | (53,970) | ||
Date of construction | 1,948 | |||
Date acquired | Sep06 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 139,918 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 53,970 | |||
Unencumbered Apartment Communities [Member] | Hillsdale Garden [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Hillsdale Garden [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Hope Ranch [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 108 | |||
Initial cost [Abstract] | ||||
Land | 4,078 | |||
Buildings and improvements | 16,877 | |||
Costs capitalized subsequent to acquisition | 2,915 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,208 | |||
Buildings and improvements | 19,662 | |||
Total | $ 23,870 | 23,870 | ||
Accumulated depreciation | $ (7,931) | (7,931) | ||
Date of construction | 1,965 | |||
Date acquired | Mar07 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 23,870 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,931 | |||
Unencumbered Apartment Communities [Member] | Hope Ranch [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Hope Ranch [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Joule [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 295 | |||
Initial cost [Abstract] | ||||
Land | 14,558 | |||
Buildings and improvements | 69,417 | |||
Costs capitalized subsequent to acquisition | 4,872 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 14,558 | |||
Buildings and improvements | 74,289 | |||
Total | $ 88,847 | 88,847 | ||
Accumulated depreciation | $ (24,020) | (24,020) | ||
Date of construction | 2,010 | |||
Date acquired | Mar10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 88,847 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 24,020 | |||
Unencumbered Apartment Communities [Member] | Joule [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Joule [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Kings Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 196 | |||
Initial cost [Abstract] | ||||
Land | 4,023 | |||
Buildings and improvements | 9,527 | |||
Costs capitalized subsequent to acquisition | 19,171 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,031 | |||
Buildings and improvements | 28,690 | |||
Total | $ 32,721 | 32,721 | ||
Accumulated depreciation | $ (15,924) | (15,924) | ||
Date of construction | 1,979 | |||
Date acquired | Jun97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 32,721 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,924 | |||
Unencumbered Apartment Communities [Member] | Kings Road [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Kings Road [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Lafayette Highlands [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 150 | |||
Initial cost [Abstract] | ||||
Land | 17,774 | |||
Buildings and improvements | 41,473 | |||
Costs capitalized subsequent to acquisition | 2,773 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 17,774 | |||
Buildings and improvements | 44,246 | |||
Total | $ 62,020 | 62,020 | ||
Accumulated depreciation | $ (7,883) | (7,883) | ||
Date of construction | 1,973 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 62,020 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,883 | |||
Unencumbered Apartment Communities [Member] | Lafayette Highlands [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Lafayette Highlands [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Lakeshore Landing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 308 | |||
Initial cost [Abstract] | ||||
Land | 38,155 | |||
Buildings and improvements | 89,028 | |||
Costs capitalized subsequent to acquisition | 7,166 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 38,155 | |||
Buildings and improvements | 96,194 | |||
Total | $ 134,349 | 134,349 | ||
Accumulated depreciation | $ (18,412) | (18,412) | ||
Date of construction | 1,988 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 134,349 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,412 | |||
Unencumbered Apartment Communities [Member] | Lakeshore Landing [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Lakeshore Landing [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Laurels at Mill Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 164 | |||
Initial cost [Abstract] | ||||
Land | 1,559 | |||
Buildings and improvements | 6,430 | |||
Costs capitalized subsequent to acquisition | 7,228 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,595 | |||
Buildings and improvements | 13,622 | |||
Total | $ 15,217 | 15,217 | ||
Accumulated depreciation | $ (9,827) | (9,827) | ||
Date of construction | 1,981 | |||
Date acquired | Dec96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 15,217 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,827 | |||
Unencumbered Apartment Communities [Member] | Laurels at Mill Creek [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Laurels at Mill Creek [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Lawrence Station [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 336 | |||
Initial cost [Abstract] | ||||
Land | 45,532 | |||
Buildings and improvements | 106,735 | |||
Costs capitalized subsequent to acquisition | 1,530 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 45,532 | |||
Buildings and improvements | 108,265 | |||
Total | $ 153,797 | 153,797 | ||
Accumulated depreciation | $ (23,222) | (23,222) | ||
Date of construction | 2,012 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 153,797 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 23,222 | |||
Unencumbered Apartment Communities [Member] | Lawrence Station [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Lawrence Station [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Le Parc [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 140 | |||
Initial cost [Abstract] | ||||
Land | 3,090 | |||
Buildings and improvements | 7,421 | |||
Costs capitalized subsequent to acquisition | 12,694 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,092 | |||
Buildings and improvements | 20,113 | |||
Total | $ 23,205 | 23,205 | ||
Accumulated depreciation | $ (15,581) | (15,581) | ||
Date of construction | 1,975 | |||
Date acquired | Feb94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 23,205 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,581 | |||
Unencumbered Apartment Communities [Member] | Le Parc [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Le Parc [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Marbrisa [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 202 | |||
Initial cost [Abstract] | ||||
Land | 4,700 | |||
Buildings and improvements | 18,605 | |||
Costs capitalized subsequent to acquisition | 9,216 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,760 | |||
Buildings and improvements | 27,761 | |||
Total | $ 32,521 | 32,521 | ||
Accumulated depreciation | $ (15,568) | (15,568) | ||
Date of construction | 1,987 | |||
Date acquired | Sep02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 32,521 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,568 | |||
Unencumbered Apartment Communities [Member] | Marbrisa [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Marbrisa [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Marina City Club [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 101 | |||
Initial cost [Abstract] | ||||
Land | 0 | |||
Buildings and improvements | 28,167 | |||
Costs capitalized subsequent to acquisition | 29,030 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 0 | |||
Buildings and improvements | 57,197 | |||
Total | $ 57,197 | 57,197 | ||
Accumulated depreciation | $ (26,137) | (26,137) | ||
Date of construction | 1,971 | |||
Date acquired | Jan04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 57,197 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 26,137 | |||
Unencumbered Apartment Communities [Member] | Marina City Club [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Marina City Club [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Marina Cove [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 292 | |||
Initial cost [Abstract] | ||||
Land | 5,320 | |||
Buildings and improvements | 16,431 | |||
Costs capitalized subsequent to acquisition | 15,312 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,324 | |||
Buildings and improvements | 31,739 | |||
Total | $ 37,063 | 37,063 | ||
Accumulated depreciation | $ (24,319) | (24,319) | ||
Date of construction | 1,974 | |||
Date acquired | Jun94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 37,063 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 24,319 | |||
Unencumbered Apartment Communities [Member] | Marina Cove [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Marina Cove [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Mariner's Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 105 | |||
Initial cost [Abstract] | ||||
Land | 1,555 | |||
Buildings and improvements | 6,103 | |||
Costs capitalized subsequent to acquisition | 2,464 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,562 | |||
Buildings and improvements | 8,560 | |||
Total | $ 10,122 | 10,122 | ||
Accumulated depreciation | $ (5,668) | (5,668) | ||
Date of construction | 1,987 | |||
Date acquired | May00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 10,122 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 5,668 | |||
Unencumbered Apartment Communities [Member] | Mariner's Place [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Mariner's Place [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | MB 360 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 360 | |||
Initial cost [Abstract] | ||||
Land | 21,421 | |||
Buildings and improvements | 114,376 | |||
Costs capitalized subsequent to acquisition | 129,017 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 42,001 | |||
Buildings and improvements | 222,813 | |||
Total | $ 264,814 | 264,814 | ||
Accumulated depreciation | $ (31,219) | (31,219) | ||
Date of construction | 2,014 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 264,814 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 31,219 | |||
Unencumbered Apartment Communities [Member] | MB 360 [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | MB 360 [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Mesa Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 133 | |||
Initial cost [Abstract] | ||||
Land | 1,888 | |||
Buildings and improvements | 7,498 | |||
Costs capitalized subsequent to acquisition | 2,336 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,894 | |||
Buildings and improvements | 9,828 | |||
Total | $ 11,722 | 11,722 | ||
Accumulated depreciation | $ (5,120) | (5,120) | ||
Date of construction | 1,963 | |||
Date acquired | Dec02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 11,722 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 5,120 | |||
Unencumbered Apartment Communities [Member] | Mesa Village [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Mesa Village [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Mill Creek at Windermere [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 400 | |||
Initial cost [Abstract] | ||||
Land | 29,551 | |||
Buildings and improvements | 69,032 | |||
Costs capitalized subsequent to acquisition | 5,452 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 29,551 | |||
Buildings and improvements | 74,484 | |||
Total | $ 104,035 | 104,035 | ||
Accumulated depreciation | $ (29,077) | (29,077) | ||
Date of construction | 2,005 | |||
Date acquired | Sep07 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 104,035 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 29,077 | |||
Unencumbered Apartment Communities [Member] | Mill Creek at Windermere [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Mill Creek at Windermere [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Mio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 103 | |||
Initial cost [Abstract] | ||||
Land | 11,012 | |||
Buildings and improvements | 39,982 | |||
Costs capitalized subsequent to acquisition | 438 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 11,012 | |||
Buildings and improvements | 40,420 | |||
Total | $ 51,432 | 51,432 | ||
Accumulated depreciation | $ (4,232) | (4,232) | ||
Date of construction | 2,015 | |||
Date acquired | Jan16 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 51,432 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 4,232 | |||
Unencumbered Apartment Communities [Member] | Mio [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Mio [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Mirabella [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 188 | |||
Initial cost [Abstract] | ||||
Land | 6,180 | |||
Buildings and improvements | 26,673 | |||
Costs capitalized subsequent to acquisition | 16,128 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,270 | |||
Buildings and improvements | 42,711 | |||
Total | $ 48,981 | 48,981 | ||
Accumulated depreciation | $ (24,505) | (24,505) | ||
Date of construction | 2,000 | |||
Date acquired | May00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 48,981 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 24,505 | |||
Unencumbered Apartment Communities [Member] | Mirabella [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Mirabella [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Mira Monte [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 354 | |||
Initial cost [Abstract] | ||||
Land | 7,165 | |||
Buildings and improvements | 28,459 | |||
Costs capitalized subsequent to acquisition | 11,509 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,186 | |||
Buildings and improvements | 39,947 | |||
Total | $ 47,133 | 47,133 | ||
Accumulated depreciation | $ (23,737) | (23,737) | ||
Date of construction | 1,982 | |||
Date acquired | Dec02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 47,133 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 23,737 | |||
Unencumbered Apartment Communities [Member] | Mira Monte [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Mira Monte [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Miracle Mile Marbella [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 236 | |||
Initial cost [Abstract] | ||||
Land | 7,791 | |||
Buildings and improvements | 23,075 | |||
Costs capitalized subsequent to acquisition | 14,830 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,886 | |||
Buildings and improvements | 37,810 | |||
Total | $ 45,696 | 45,696 | ||
Accumulated depreciation | $ (26,268) | (26,268) | ||
Date of construction | 1,988 | |||
Date acquired | Aug97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 45,696 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 26,268 | |||
Unencumbered Apartment Communities [Member] | Miracle Mile Marbella [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Miracle Mile Marbella [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Mission Hills [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 282 | |||
Initial cost [Abstract] | ||||
Land | 10,099 | |||
Buildings and improvements | 38,778 | |||
Costs capitalized subsequent to acquisition | 7,820 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,167 | |||
Buildings and improvements | 46,530 | |||
Total | $ 56,697 | 56,697 | ||
Accumulated depreciation | $ (22,211) | (22,211) | ||
Date of construction | 1,984 | |||
Date acquired | Jul05 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 56,697 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 22,211 | |||
Unencumbered Apartment Communities [Member] | Mission Hills [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Mission Hills [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Mission Peaks [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 453 | |||
Initial cost [Abstract] | ||||
Land | 46,499 | |||
Buildings and improvements | 108,498 | |||
Costs capitalized subsequent to acquisition | 6,275 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 46,499 | |||
Buildings and improvements | 114,773 | |||
Total | $ 161,272 | 161,272 | ||
Accumulated depreciation | $ (20,332) | (20,332) | ||
Date of construction | 1,995 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 161,272 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 20,332 | |||
Unencumbered Apartment Communities [Member] | Mission Peaks [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Mission Peaks [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Mission Peaks II [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 336 | |||
Initial cost [Abstract] | ||||
Land | 31,429 | |||
Buildings and improvements | 73,334 | |||
Costs capitalized subsequent to acquisition | 5,549 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 31,429 | |||
Buildings and improvements | 78,883 | |||
Total | $ 110,312 | 110,312 | ||
Accumulated depreciation | $ (14,566) | (14,566) | ||
Date of construction | 1,989 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 110,312 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,566 | |||
Unencumbered Apartment Communities [Member] | Mission Peaks II [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Mission Peaks II [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Montclaire [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 390 | |||
Initial cost [Abstract] | ||||
Land | 4,842 | |||
Buildings and improvements | 19,776 | |||
Costs capitalized subsequent to acquisition | 26,772 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,997 | |||
Buildings and improvements | 46,393 | |||
Total | $ 51,390 | 51,390 | ||
Accumulated depreciation | $ (40,215) | (40,215) | ||
Date of construction | 1,973 | |||
Date acquired | Dec88 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 51,390 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 40,215 | |||
Unencumbered Apartment Communities [Member] | Montclaire [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Montclaire [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Monterey Villas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 122 | |||
Initial cost [Abstract] | ||||
Land | 2,349 | |||
Buildings and improvements | 5,579 | |||
Costs capitalized subsequent to acquisition | 6,723 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,424 | |||
Buildings and improvements | 12,227 | |||
Total | $ 14,651 | 14,651 | ||
Accumulated depreciation | $ (7,958) | (7,958) | ||
Date of construction | 1,974 | |||
Date acquired | Jul97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 14,651 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,958 | |||
Unencumbered Apartment Communities [Member] | Monterey Villas [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Monterey Villas [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Muse [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 152 | |||
Initial cost [Abstract] | ||||
Land | 7,822 | |||
Buildings and improvements | 33,436 | |||
Costs capitalized subsequent to acquisition | 3,201 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,823 | |||
Buildings and improvements | 36,636 | |||
Total | $ 44,459 | 44,459 | ||
Accumulated depreciation | $ (12,606) | (12,606) | ||
Date of construction | 2,011 | |||
Date acquired | Feb11 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 44,459 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,606 | |||
Unencumbered Apartment Communities [Member] | Muse [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Muse [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Museum Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 117 | |||
Initial cost [Abstract] | ||||
Land | 13,864 | |||
Buildings and improvements | 32,348 | |||
Costs capitalized subsequent to acquisition | 1,642 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 13,864 | |||
Buildings and improvements | 33,990 | |||
Total | $ 47,854 | 47,854 | ||
Accumulated depreciation | $ (6,180) | (6,180) | ||
Date of construction | 2,002 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 47,854 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,180 | |||
Unencumbered Apartment Communities [Member] | Museum Park [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Museum Park [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Palm Valley [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 1,098 | |||
Initial cost [Abstract] | ||||
Land | 133,802 | |||
Buildings and improvements | 312,205 | |||
Costs capitalized subsequent to acquisition | 8,537 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 133,802 | |||
Buildings and improvements | 320,742 | |||
Total | $ 454,544 | 454,544 | ||
Accumulated depreciation | $ (22,477) | (22,477) | ||
Date of construction | 2,008 | |||
Date acquired | Jan17 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 454,544 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 22,477 | |||
Unencumbered Apartment Communities [Member] | Palm Valley [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Palm Valley [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Paragon Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 301 | |||
Initial cost [Abstract] | ||||
Land | 32,230 | |||
Buildings and improvements | 77,320 | |||
Costs capitalized subsequent to acquisition | 1,553 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 32,230 | |||
Buildings and improvements | 78,873 | |||
Total | $ 111,103 | 111,103 | ||
Accumulated depreciation | $ (11,935) | (11,935) | ||
Date of construction | 2,013 | |||
Date acquired | Jul14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 111,103 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,935 | |||
Unencumbered Apartment Communities [Member] | Paragon Apartments [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Paragon Apartments [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Park Catalina [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 90 | |||
Initial cost [Abstract] | ||||
Land | 4,710 | |||
Buildings and improvements | 18,839 | |||
Costs capitalized subsequent to acquisition | 3,224 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,710 | |||
Buildings and improvements | 22,063 | |||
Total | $ 26,773 | 26,773 | ||
Accumulated depreciation | $ (5,926) | (5,926) | ||
Date of construction | 2,002 | |||
Date acquired | Jun12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 26,773 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 5,926 | |||
Unencumbered Apartment Communities [Member] | Park Catalina [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Park Catalina [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Park Hill at Issaquah [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 245 | |||
Initial cost [Abstract] | ||||
Land | 7,284 | |||
Buildings and improvements | 21,937 | |||
Costs capitalized subsequent to acquisition | 8,668 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,284 | |||
Buildings and improvements | 30,605 | |||
Total | $ 37,889 | 37,889 | ||
Accumulated depreciation | $ (14,860) | (14,860) | ||
Date of construction | 1,999 | |||
Date acquired | Feb99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 37,889 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,860 | |||
Unencumbered Apartment Communities [Member] | Park Hill at Issaquah [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Park Hill at Issaquah [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Park Viridian [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 320 | |||
Initial cost [Abstract] | ||||
Land | 15,894 | |||
Buildings and improvements | 63,574 | |||
Costs capitalized subsequent to acquisition | 3,302 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 15,894 | |||
Buildings and improvements | 66,876 | |||
Total | $ 82,770 | 82,770 | ||
Accumulated depreciation | $ (12,099) | (12,099) | ||
Date of construction | 2,008 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 82,770 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,099 | |||
Unencumbered Apartment Communities [Member] | Park Viridian [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Park Viridian [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Park West [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 126 | |||
Initial cost [Abstract] | ||||
Land | 9,424 | |||
Buildings and improvements | 21,988 | |||
Costs capitalized subsequent to acquisition | 12,288 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,424 | |||
Buildings and improvements | 34,276 | |||
Total | $ 43,700 | 43,700 | ||
Accumulated depreciation | $ (9,855) | (9,855) | ||
Date of construction | 1,958 | |||
Date acquired | Sep12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 43,700 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,855 | |||
Unencumbered Apartment Communities [Member] | Park West [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Park West [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Parkwood at Mill Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 240 | |||
Initial cost [Abstract] | ||||
Land | 10,680 | |||
Buildings and improvements | 42,722 | |||
Costs capitalized subsequent to acquisition | 2,808 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,680 | |||
Buildings and improvements | 45,530 | |||
Total | $ 56,210 | 56,210 | ||
Accumulated depreciation | $ (8,402) | (8,402) | ||
Date of construction | 1,989 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 56,210 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,402 | |||
Unencumbered Apartment Communities [Member] | Parkwood at Mill Creek [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Parkwood at Mill Creek [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Pathways at Bixby Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 296 | |||
Initial cost [Abstract] | ||||
Land | 4,083 | |||
Buildings and improvements | 16,757 | |||
Costs capitalized subsequent to acquisition | 20,936 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,239 | |||
Buildings and improvements | 35,537 | |||
Total | $ 41,776 | 41,776 | ||
Accumulated depreciation | $ (30,520) | (30,520) | ||
Date of construction | 1,975 | |||
Date acquired | Feb91 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 41,776 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 30,520 | |||
Unencumbered Apartment Communities [Member] | Pathways at Bixby Village [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Pathways at Bixby Village [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Piedmont [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 396 | |||
Initial cost [Abstract] | ||||
Land | 19,848 | |||
Buildings and improvements | 59,606 | |||
Costs capitalized subsequent to acquisition | 11,970 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 19,848 | |||
Buildings and improvements | 71,576 | |||
Total | $ 91,424 | 91,424 | ||
Accumulated depreciation | $ (13,138) | (13,138) | ||
Date of construction | 1,969 | |||
Date acquired | May14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 91,424 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,138 | |||
Unencumbered Apartment Communities [Member] | Piedmont [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Piedmont [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Pinehurst [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 28 | |||
Initial cost [Abstract] | ||||
Land | 0 | |||
Buildings and improvements | 1,711 | |||
Costs capitalized subsequent to acquisition | 648 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 0 | |||
Buildings and improvements | 2,359 | |||
Total | $ 2,359 | 2,359 | ||
Accumulated depreciation | $ (1,359) | (1,359) | ||
Date of construction | 1,973 | |||
Date acquired | Dec04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 2,359 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 1,359 | |||
Unencumbered Apartment Communities [Member] | Pinehurst [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Pinehurst [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 24 years | |||
Unencumbered Apartment Communities [Member] | Pinnacle Sonata [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 268 | |||
Initial cost [Abstract] | ||||
Land | 14,647 | |||
Buildings and improvements | 58,586 | |||
Costs capitalized subsequent to acquisition | 3,398 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 14,647 | |||
Buildings and improvements | 61,984 | |||
Total | $ 76,631 | 76,631 | ||
Accumulated depreciation | $ (11,047) | (11,047) | ||
Date of construction | 2,000 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 76,631 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,047 | |||
Unencumbered Apartment Communities [Member] | Pinnacle Sonata [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Pinnacle Sonata [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Pointe at Cupertino [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 116 | |||
Initial cost [Abstract] | ||||
Land | 4,505 | |||
Buildings and improvements | 17,605 | |||
Costs capitalized subsequent to acquisition | 12,182 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,505 | |||
Buildings and improvements | 29,787 | |||
Total | $ 34,292 | 34,292 | ||
Accumulated depreciation | $ (17,583) | (17,583) | ||
Date of construction | 1,963 | |||
Date acquired | Aug98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 34,292 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 17,583 | |||
Unencumbered Apartment Communities [Member] | Pointe at Cupertino [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Pointe at Cupertino [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Radius [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 264 | |||
Initial cost [Abstract] | ||||
Land | 11,702 | |||
Buildings and improvements | 152,336 | |||
Costs capitalized subsequent to acquisition | 322 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 11,702 | |||
Buildings and improvements | 152,658 | |||
Total | $ 164,360 | 164,360 | ||
Accumulated depreciation | $ (27,287) | (27,287) | ||
Date of construction | 2,015 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 164,360 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 27,287 | |||
Unencumbered Apartment Communities [Member] | Radius [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Radius [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Reed Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 100 | |||
Initial cost [Abstract] | ||||
Land | 6,873 | |||
Buildings and improvements | 16,037 | |||
Costs capitalized subsequent to acquisition | 8,274 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,873 | |||
Buildings and improvements | 24,311 | |||
Total | $ 31,184 | 31,184 | ||
Accumulated depreciation | $ (8,840) | (8,840) | ||
Date of construction | 1,970 | |||
Date acquired | Jan12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 31,184 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,840 | |||
Unencumbered Apartment Communities [Member] | Reed Square [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Reed Square [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Regency at Encino [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 75 | |||
Initial cost [Abstract] | ||||
Land | 3,184 | |||
Buildings and improvements | 12,737 | |||
Costs capitalized subsequent to acquisition | 3,615 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,184 | |||
Buildings and improvements | 16,352 | |||
Total | $ 19,536 | 19,536 | ||
Accumulated depreciation | $ (6,157) | (6,157) | ||
Date of construction | 1,989 | |||
Date acquired | Dec09 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 19,536 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,157 | |||
Unencumbered Apartment Communities [Member] | Regency at Encino [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Regency at Encino [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Renaissance at Uptown Orange [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 460 | |||
Initial cost [Abstract] | ||||
Land | 27,870 | |||
Buildings and improvements | 111,482 | |||
Costs capitalized subsequent to acquisition | 4,959 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 27,870 | |||
Buildings and improvements | 116,441 | |||
Total | $ 144,311 | 144,311 | ||
Accumulated depreciation | $ (20,912) | (20,912) | ||
Date of construction | 2,007 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 144,311 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 20,912 | |||
Unencumbered Apartment Communities [Member] | Renaissance at Uptown Orange [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Renaissance at Uptown Orange [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | The Reveal [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 438 | |||
Initial cost [Abstract] | ||||
Land | 25,073 | |||
Buildings and improvements | 121,314 | |||
Costs capitalized subsequent to acquisition | 1,462 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 25,073 | |||
Buildings and improvements | 122,776 | |||
Total | $ 147,849 | 147,849 | ||
Accumulated depreciation | $ (17,821) | (17,821) | ||
Date of construction | 2,010 | |||
Date acquired | Apr15 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 147,849 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 17,821 | |||
Unencumbered Apartment Communities [Member] | The Reveal [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | The Reveal [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Salmon Run at Perry Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 132 | |||
Initial cost [Abstract] | ||||
Land | 3,717 | |||
Buildings and improvements | 11,483 | |||
Costs capitalized subsequent to acquisition | 2,502 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,801 | |||
Buildings and improvements | 13,901 | |||
Total | $ 17,702 | 17,702 | ||
Accumulated depreciation | $ (8,211) | (8,211) | ||
Date of construction | 2,000 | |||
Date acquired | Oct00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 17,702 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,211 | |||
Unencumbered Apartment Communities [Member] | Salmon Run at Perry Creek [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Salmon Run at Perry Creek [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Sammamish View [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 153 | |||
Initial cost [Abstract] | ||||
Land | 3,324 | |||
Buildings and improvements | 7,501 | |||
Costs capitalized subsequent to acquisition | 7,056 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,331 | |||
Buildings and improvements | 14,550 | |||
Total | $ 17,881 | 17,881 | ||
Accumulated depreciation | $ (12,089) | (12,089) | ||
Date of construction | 1,986 | |||
Date acquired | Nov94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 17,881 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,089 | |||
Unencumbered Apartment Communities [Member] | Sammamish View [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Sammamish View [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | 101 San Fernando [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 323 | |||
Initial cost [Abstract] | ||||
Land | 4,173 | |||
Buildings and improvements | 58,961 | |||
Costs capitalized subsequent to acquisition | 11,773 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,173 | |||
Buildings and improvements | 70,734 | |||
Total | $ 74,907 | 74,907 | ||
Accumulated depreciation | $ (23,484) | (23,484) | ||
Date of construction | 2,001 | |||
Date acquired | Jul10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 74,907 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 23,484 | |||
Unencumbered Apartment Communities [Member] | 101 San Fernando [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | 101 San Fernando [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | San Marcos [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 432 | |||
Initial cost [Abstract] | ||||
Land | 15,563 | |||
Buildings and improvements | 36,204 | |||
Costs capitalized subsequent to acquisition | 32,572 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 22,866 | |||
Buildings and improvements | 61,473 | |||
Total | $ 84,339 | 84,339 | ||
Accumulated depreciation | $ (31,117) | (31,117) | ||
Date of construction | 2,003 | |||
Date acquired | Nov03 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 84,339 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 31,117 | |||
Unencumbered Apartment Communities [Member] | San Marcos [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | San Marcos [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Santee Court/Santee Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 238 | |||
Initial cost [Abstract] | ||||
Land | 9,581 | |||
Buildings and improvements | 40,317 | |||
Costs capitalized subsequent to acquisition | 9,296 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,582 | |||
Buildings and improvements | 49,612 | |||
Total | $ 59,194 | 59,194 | ||
Accumulated depreciation | $ (14,575) | (14,575) | ||
Date of construction | 2,004 | |||
Date acquired | Oct10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 59,194 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,575 | |||
Unencumbered Apartment Communities [Member] | Santee Court/Santee Village [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Santee Court/Santee Village [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Shadow Point [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 172 | |||
Initial cost [Abstract] | ||||
Land | 2,812 | |||
Buildings and improvements | 11,170 | |||
Costs capitalized subsequent to acquisition | 3,802 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,820 | |||
Buildings and improvements | 14,964 | |||
Total | $ 17,784 | 17,784 | ||
Accumulated depreciation | $ (8,108) | (8,108) | ||
Date of construction | 1,983 | |||
Date acquired | Dec02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 17,784 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,108 | |||
Unencumbered Apartment Communities [Member] | Shadow Point [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Shadow Point [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Shadowbrook [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 418 | |||
Initial cost [Abstract] | ||||
Land | 19,292 | |||
Buildings and improvements | 77,168 | |||
Costs capitalized subsequent to acquisition | 5,001 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 19,292 | |||
Buildings and improvements | 82,169 | |||
Total | $ 101,461 | 101,461 | ||
Accumulated depreciation | $ (14,797) | (14,797) | ||
Date of construction | 1,986 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 101,461 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,797 | |||
Unencumbered Apartment Communities [Member] | Shadowbrook [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Shadowbrook [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Slater 116 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 108 | |||
Initial cost [Abstract] | ||||
Land | 7,379 | |||
Buildings and improvements | 22,138 | |||
Costs capitalized subsequent to acquisition | 916 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,379 | |||
Buildings and improvements | 23,054 | |||
Total | $ 30,433 | 30,433 | ||
Accumulated depreciation | $ (4,293) | (4,293) | ||
Date of construction | 2,013 | |||
Date acquired | Sep13 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 30,433 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 4,293 | |||
Unencumbered Apartment Communities [Member] | Slater 116 [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Slater 116 [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Solstice [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 280 | |||
Initial cost [Abstract] | ||||
Land | 34,444 | |||
Buildings and improvements | 147,262 | |||
Costs capitalized subsequent to acquisition | 5,603 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 34,444 | |||
Buildings and improvements | 152,865 | |||
Total | $ 187,309 | 187,309 | ||
Accumulated depreciation | $ (31,396) | (31,396) | ||
Date of construction | 2,014 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 187,309 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 31,396 | |||
Unencumbered Apartment Communities [Member] | Solstice [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Solstice [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Station Park Green - Phase I [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 121 | |||
Initial cost [Abstract] | ||||
Land | 14,923 | |||
Buildings and improvements | 82,552 | |||
Costs capitalized subsequent to acquisition | 553 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 14,924 | |||
Buildings and improvements | 83,104 | |||
Total | $ 98,028 | 98,028 | ||
Accumulated depreciation | $ (2,896) | (2,896) | ||
Date of construction | 2,018 | |||
Date acquired | Mar18 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 98,028 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 2,896 | |||
Unencumbered Apartment Communities [Member] | Station Park Green - Phase I [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Station Park Green - Phase I [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Stonehedge Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 196 | |||
Initial cost [Abstract] | ||||
Land | 3,167 | |||
Buildings and improvements | 12,603 | |||
Costs capitalized subsequent to acquisition | 7,125 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,201 | |||
Buildings and improvements | 19,694 | |||
Total | $ 22,895 | 22,895 | ||
Accumulated depreciation | $ (13,784) | (13,784) | ||
Date of construction | 1,986 | |||
Date acquired | Oct97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 22,895 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,784 | |||
Unencumbered Apartment Communities [Member] | Stonehedge Village [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Stonehedge Village [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Summit Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 300 | |||
Initial cost [Abstract] | ||||
Land | 5,959 | |||
Buildings and improvements | 23,670 | |||
Costs capitalized subsequent to acquisition | 7,507 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,977 | |||
Buildings and improvements | 31,159 | |||
Total | $ 37,136 | 37,136 | ||
Accumulated depreciation | $ (16,895) | (16,895) | ||
Date of construction | 1,972 | |||
Date acquired | Dec02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 37,136 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,895 | |||
Unencumbered Apartment Communities [Member] | Summit Park [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Summit Park [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Taylor 28 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 197 | |||
Initial cost [Abstract] | ||||
Land | 13,915 | |||
Buildings and improvements | 57,700 | |||
Costs capitalized subsequent to acquisition | 2,913 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 13,915 | |||
Buildings and improvements | 60,613 | |||
Total | $ 74,528 | 74,528 | ||
Accumulated depreciation | $ (10,586) | (10,586) | ||
Date of construction | 2,008 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 74,528 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,586 | |||
Unencumbered Apartment Communities [Member] | Taylor 28 [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Taylor 28 [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | The Avery [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 121 | |||
Initial cost [Abstract] | ||||
Land | 6,964 | |||
Buildings and improvements | 29,922 | |||
Costs capitalized subsequent to acquisition | 459 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,964 | |||
Buildings and improvements | 30,381 | |||
Total | $ 37,345 | 37,345 | ||
Accumulated depreciation | $ (4,867) | (4,867) | ||
Date of construction | 2,014 | |||
Date acquired | Mar14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 37,345 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 4,867 | |||
Unencumbered Apartment Communities [Member] | The Avery [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | The Avery [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | The Bernard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 63 | |||
Initial cost [Abstract] | ||||
Land | 3,699 | |||
Buildings and improvements | 11,345 | |||
Costs capitalized subsequent to acquisition | 715 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,689 | |||
Buildings and improvements | 12,070 | |||
Total | $ 15,759 | 15,759 | ||
Accumulated depreciation | $ (3,068) | (3,068) | ||
Date of construction | 2,008 | |||
Date acquired | Sep11 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 15,759 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 3,068 | |||
Unencumbered Apartment Communities [Member] | The Bernard [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | The Bernard [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | The Cairns [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 99 | |||
Initial cost [Abstract] | ||||
Land | 6,937 | |||
Buildings and improvements | 20,679 | |||
Costs capitalized subsequent to acquisition | 1,965 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,939 | |||
Buildings and improvements | 22,642 | |||
Total | $ 29,581 | 29,581 | ||
Accumulated depreciation | $ (8,970) | (8,970) | ||
Date of construction | 2,006 | |||
Date acquired | Jun07 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 29,581 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,970 | |||
Unencumbered Apartment Communities [Member] | The Cairns [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | The Cairns [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | The Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 264 | |||
Initial cost [Abstract] | ||||
Land | 12,555 | |||
Buildings and improvements | 29,307 | |||
Costs capitalized subsequent to acquisition | 8,468 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 12,556 | |||
Buildings and improvements | 37,774 | |||
Total | $ 50,330 | 50,330 | ||
Accumulated depreciation | $ (12,685) | (12,685) | ||
Date of construction | 1,973 | |||
Date acquired | Jul10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 50,330 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,685 | |||
Unencumbered Apartment Communities [Member] | The Commons [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | The Commons [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | The Elliot at Mukilteo [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 301 | |||
Initial cost [Abstract] | ||||
Land | 2,498 | |||
Buildings and improvements | 10,595 | |||
Costs capitalized subsequent to acquisition | 16,549 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,824 | |||
Buildings and improvements | 26,818 | |||
Total | $ 29,642 | 29,642 | ||
Accumulated depreciation | $ (19,937) | (19,937) | ||
Date of construction | 1,981 | |||
Date acquired | Jan97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 29,642 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 19,937 | |||
Unencumbered Apartment Communities [Member] | The Elliot at Mukilteo [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | The Elliot at Mukilteo [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | The Grand [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 243 | |||
Initial cost [Abstract] | ||||
Land | 4,531 | |||
Buildings and improvements | 89,208 | |||
Costs capitalized subsequent to acquisition | 7,131 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,531 | |||
Buildings and improvements | 96,339 | |||
Total | $ 100,870 | 100,870 | ||
Accumulated depreciation | $ (34,186) | (34,186) | ||
Date of construction | 2,009 | |||
Date acquired | Jan09 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 100,870 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 34,186 | |||
Unencumbered Apartment Communities [Member] | The Grand [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | The Grand [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | The Hallie [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 292 | |||
Initial cost [Abstract] | ||||
Land | 2,202 | |||
Buildings and improvements | 4,794 | |||
Costs capitalized subsequent to acquisition | 54,029 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 8,385 | |||
Buildings and improvements | 52,640 | |||
Total | $ 61,025 | 61,025 | ||
Accumulated depreciation | $ (30,937) | (30,937) | ||
Date of construction | 1,972 | |||
Date acquired | Apr97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 61,025 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 30,937 | |||
Unencumbered Apartment Communities [Member] | The Hallie [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | The Hallie [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | The Lofts at Pinehurst [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 118 | |||
Initial cost [Abstract] | ||||
Land | 1,570 | |||
Buildings and improvements | 3,912 | |||
Costs capitalized subsequent to acquisition | 5,102 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,618 | |||
Buildings and improvements | 8,966 | |||
Total | $ 10,584 | 10,584 | ||
Accumulated depreciation | $ (5,728) | (5,728) | ||
Date of construction | 1,971 | |||
Date acquired | Jun97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 10,584 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 5,728 | |||
Unencumbered Apartment Communities [Member] | The Lofts at Pinehurst [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | The Lofts at Pinehurst [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | The Palisades [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 192 | |||
Initial cost [Abstract] | ||||
Land | 1,560 | |||
Buildings and improvements | 6,242 | |||
Costs capitalized subsequent to acquisition | 13,055 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,565 | |||
Buildings and improvements | 19,292 | |||
Total | $ 20,857 | 20,857 | ||
Accumulated depreciation | $ (16,842) | (16,842) | ||
Date of construction | 1,977 | |||
Date acquired | May90 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 20,857 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,842 | |||
Unencumbered Apartment Communities [Member] | The Stuart [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 188 | |||
Initial cost [Abstract] | ||||
Land | 13,574 | |||
Buildings and improvements | 54,298 | |||
Costs capitalized subsequent to acquisition | 2,321 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 13,574 | |||
Buildings and improvements | 56,619 | |||
Total | $ 70,193 | 70,193 | ||
Accumulated depreciation | $ (10,547) | (10,547) | ||
Date of construction | 2,007 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 70,193 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,547 | |||
Unencumbered Apartment Communities [Member] | The Stuart [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | The Stuart [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | The Trails of Redmond [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 423 | |||
Initial cost [Abstract] | ||||
Land | 21,930 | |||
Buildings and improvements | 87,720 | |||
Costs capitalized subsequent to acquisition | 5,006 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 21,930 | |||
Buildings and improvements | 92,726 | |||
Total | $ 114,656 | 114,656 | ||
Accumulated depreciation | $ (16,701) | (16,701) | ||
Date of construction | 1,985 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 114,656 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,701 | |||
Unencumbered Apartment Communities [Member] | The Trails of Redmond [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | The Trails of Redmond [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Tierra Vista [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 404 | |||
Initial cost [Abstract] | ||||
Land | 13,652 | |||
Buildings and improvements | 53,336 | |||
Costs capitalized subsequent to acquisition | 5,415 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 13,661 | |||
Buildings and improvements | 58,742 | |||
Total | $ 72,403 | 72,403 | ||
Accumulated depreciation | $ (29,836) | (29,836) | ||
Date of construction | 2,001 | |||
Date acquired | Jan01 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 72,403 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 29,836 | |||
Unencumbered Apartment Communities [Member] | Tierra Vista [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Tierra Vista [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Tiffany Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 101 | |||
Initial cost [Abstract] | ||||
Land | 6,949 | |||
Buildings and improvements | 27,796 | |||
Costs capitalized subsequent to acquisition | 1,687 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,949 | |||
Buildings and improvements | 29,483 | |||
Total | $ 36,432 | 36,432 | ||
Accumulated depreciation | $ (5,263) | (5,263) | ||
Date of construction | 1,987 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 36,432 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 5,263 | |||
Unencumbered Apartment Communities [Member] | Tiffany Court [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Tiffany Court [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Trabucco Villas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 132 | |||
Initial cost [Abstract] | ||||
Land | 3,638 | |||
Buildings and improvements | 8,640 | |||
Costs capitalized subsequent to acquisition | 3,643 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,890 | |||
Buildings and improvements | 12,031 | |||
Total | $ 15,921 | 15,921 | ||
Accumulated depreciation | $ (8,134) | (8,134) | ||
Date of construction | 1,985 | |||
Date acquired | Oct97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 15,921 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,134 | |||
Unencumbered Apartment Communities [Member] | Trabucco Villas [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Trabucco Villas [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Via [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 284 | |||
Initial cost [Abstract] | ||||
Land | 22,000 | |||
Buildings and improvements | 82,270 | |||
Costs capitalized subsequent to acquisition | 2,908 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 22,016 | |||
Buildings and improvements | 85,162 | |||
Total | $ 107,178 | 107,178 | ||
Accumulated depreciation | $ (24,816) | (24,816) | ||
Date of construction | 2,011 | |||
Date acquired | Jul11 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 107,178 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 24,816 | |||
Unencumbered Apartment Communities [Member] | Via [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Via [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Villa Siena [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 272 | |||
Initial cost [Abstract] | ||||
Land | 13,842 | |||
Buildings and improvements | 55,367 | |||
Costs capitalized subsequent to acquisition | 7,249 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 13,842 | |||
Buildings and improvements | 62,616 | |||
Total | $ 76,458 | 76,458 | ||
Accumulated depreciation | $ (11,592) | (11,592) | ||
Date of construction | 1,974 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 76,458 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,592 | |||
Unencumbered Apartment Communities [Member] | Villa Siena [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Villa Siena [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Village Green [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 272 | |||
Initial cost [Abstract] | ||||
Land | 6,488 | |||
Buildings and improvements | 36,768 | |||
Costs capitalized subsequent to acquisition | 3,826 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,488 | |||
Buildings and improvements | 40,594 | |||
Total | $ 47,082 | 47,082 | ||
Accumulated depreciation | $ (7,652) | (7,652) | ||
Date of construction | 1,971 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 47,082 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,652 | |||
Unencumbered Apartment Communities [Member] | Village Green [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Village Green [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Vista Belvedere [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 76 | |||
Initial cost [Abstract] | ||||
Land | 5,573 | |||
Buildings and improvements | 11,901 | |||
Costs capitalized subsequent to acquisition | 8,708 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,573 | |||
Buildings and improvements | 20,609 | |||
Total | $ 26,182 | 26,182 | ||
Accumulated depreciation | $ (11,033) | (11,033) | ||
Date of construction | 1,963 | |||
Date acquired | Aug04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 26,182 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,033 | |||
Unencumbered Apartment Communities [Member] | Vista Belvedere [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Vista Belvedere [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Vox Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 58 | |||
Initial cost [Abstract] | ||||
Land | 5,545 | |||
Buildings and improvements | 16,635 | |||
Costs capitalized subsequent to acquisition | 271 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,545 | |||
Buildings and improvements | 16,906 | |||
Total | $ 22,451 | 22,451 | ||
Accumulated depreciation | $ (2,936) | (2,936) | ||
Date of construction | 2,013 | |||
Date acquired | Oct13 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 22,451 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 2,936 | |||
Unencumbered Apartment Communities [Member] | Vox Apartments [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Vox Apartments [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Walnut Heights [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 163 | |||
Initial cost [Abstract] | ||||
Land | 4,858 | |||
Buildings and improvements | 19,168 | |||
Costs capitalized subsequent to acquisition | 5,383 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,887 | |||
Buildings and improvements | 24,522 | |||
Total | $ 29,409 | 29,409 | ||
Accumulated depreciation | $ (12,592) | (12,592) | ||
Date of construction | 1,964 | |||
Date acquired | Oct03 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 29,409 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,592 | |||
Unencumbered Apartment Communities [Member] | Walnut Heights [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Walnut Heights [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Wharfside Pointe [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 155 | |||
Initial cost [Abstract] | ||||
Land | 2,245 | |||
Buildings and improvements | 7,020 | |||
Costs capitalized subsequent to acquisition | 12,046 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,258 | |||
Buildings and improvements | 19,053 | |||
Total | $ 21,311 | 21,311 | ||
Accumulated depreciation | $ (13,796) | (13,796) | ||
Date of construction | 1,990 | |||
Date acquired | Jun94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 21,311 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,796 | |||
Unencumbered Apartment Communities [Member] | Wharfside Pointe [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Wharfside Pointe [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Willow Lake [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 508 | |||
Initial cost [Abstract] | ||||
Land | 43,194 | |||
Buildings and improvements | 101,030 | |||
Costs capitalized subsequent to acquisition | 14,040 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 43,194 | |||
Buildings and improvements | 115,070 | |||
Total | $ 158,264 | 158,264 | ||
Accumulated depreciation | $ (27,006) | (27,006) | ||
Date of construction | 1,989 | |||
Date acquired | Oct12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 158,264 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 27,006 | |||
Unencumbered Apartment Communities [Member] | Willow Lake [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Willow Lake [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | 5600 Wilshire [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 284 | |||
Initial cost [Abstract] | ||||
Land | 30,535 | |||
Buildings and improvements | 91,604 | |||
Costs capitalized subsequent to acquisition | 2,258 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 30,535 | |||
Buildings and improvements | 93,862 | |||
Total | $ 124,397 | 124,397 | ||
Accumulated depreciation | $ (16,636) | (16,636) | ||
Date of construction | 2,008 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 124,397 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,636 | |||
Unencumbered Apartment Communities [Member] | 5600 Wilshire [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | 5600 Wilshire [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Wilshire La Brea [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 478 | |||
Initial cost [Abstract] | ||||
Land | 56,932 | |||
Buildings and improvements | 211,998 | |||
Costs capitalized subsequent to acquisition | 10,929 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 56,932 | |||
Buildings and improvements | 222,927 | |||
Total | $ 279,859 | 279,859 | ||
Accumulated depreciation | $ (44,801) | (44,801) | ||
Date of construction | 2,014 | |||
Date acquired | Apr14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 279,859 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 44,801 | |||
Unencumbered Apartment Communities [Member] | Wilshire La Brea [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 5 years | |||
Unencumbered Apartment Communities [Member] | Wilshire La Brea [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Windsor Ridge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 216 | |||
Initial cost [Abstract] | ||||
Land | 4,017 | |||
Buildings and improvements | 10,315 | |||
Costs capitalized subsequent to acquisition | 16,659 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,021 | |||
Buildings and improvements | 26,970 | |||
Total | $ 30,991 | 30,991 | ||
Accumulated depreciation | $ (21,175) | (21,175) | ||
Date of construction | 1,989 | |||
Date acquired | Mar89 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 30,991 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 21,175 | |||
Unencumbered Apartment Communities [Member] | Windsor Ridge [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Windsor Ridge [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Woodland Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 302 | |||
Initial cost [Abstract] | ||||
Land | 2,040 | |||
Buildings and improvements | 8,727 | |||
Costs capitalized subsequent to acquisition | 23,306 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,044 | |||
Buildings and improvements | 32,029 | |||
Total | $ 34,073 | 34,073 | ||
Accumulated depreciation | $ (20,855) | (20,855) | ||
Date of construction | 1,978 | |||
Date acquired | Mar90 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 34,073 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 20,855 | |||
Unencumbered Apartment Communities [Member] | Woodland Commons [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Woodland Commons [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Unencumbered Apartment Communities [Member] | Woodside Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 145 | |||
Initial cost [Abstract] | ||||
Land | 5,331 | |||
Buildings and improvements | 21,036 | |||
Costs capitalized subsequent to acquisition | 4,179 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,341 | |||
Buildings and improvements | 25,205 | |||
Total | $ 30,546 | 30,546 | ||
Accumulated depreciation | $ (12,674) | $ (12,674) | ||
Date of construction | 1,987 | |||
Date acquired | Dec04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 30,546 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,674 | |||
Unencumbered Apartment Communities [Member] | Woodside Village [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Unencumbered Apartment Communities [Member] | Woodside Village [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Other Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Area of real estate property | ft² | 106,716 | |||
Initial cost [Abstract] | ||||
Land | $ 3,079 | |||
Buildings and improvements | 12,315 | |||
Costs capitalized subsequent to acquisition | 9,908 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,308 | |||
Buildings and improvements | 20,994 | |||
Total | $ 25,302 | 25,302 | ||
Accumulated depreciation | (14,119) | $ (14,119) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 25,302 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 14,119 | |||
Other Property [Member] | Derian Office Building [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Area of real estate property | ft² | 106,716 | |||
Initial cost [Abstract] | ||||
Land | $ 3,079 | |||
Buildings and improvements | 12,315 | |||
Costs capitalized subsequent to acquisition | 9,908 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,308 | |||
Buildings and improvements | 20,994 | |||
Total | 25,302 | 25,302 | ||
Accumulated depreciation | $ (14,119) | (14,119) | ||
Date of construction | 1,983 | |||
Date acquired | Jul00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 25,302 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,119 | |||
Other Property [Member] | Derian Office Building [Member] | Minimum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Other Property [Member] | Derian Office Building [Member] | Maximum [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Real Estate, Rental Property [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Total | $ 13,362,073 | 12,687,722 | 12,338,129 | $ 13,366,101 |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at beginning of year | 13,362,073 | 12,687,722 | 12,338,129 | |
Balance at the end of year | $ 13,366,101 | $ 13,362,073 | $ 12,687,722 |