Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 17, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-13106 | ||
Entity Registrant Name | ESSEX PROPERTY TRUST, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 77-0369576 | ||
Entity Address, Address Line One | 1100 Park Place, Suite 200 | ||
Entity Address, City or Town | San Mateo | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94403 | ||
City Area Code | 650 | ||
Local Phone Number | 655-7800 | ||
Title of 12(b) Security | Common Stock, $.0001 par value (Essex Property Trust, Inc.) | ||
Trading Symbol | ESS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 14,874,979,309 | ||
Entity Common Stock, Shares Outstanding | 64,994,503 | ||
Documents Incorporated by Reference | Portions of the definitive Proxy Statement to be filed with the Securities and Exchange Commission (the "SEC") pursuant to Regulation 14A in connection with the 2021 annual meeting of stockholders of Essex Property Trust, Inc. are incorporated by reference in Part III of this Annual Report on Form 10-K. Such Proxy Statement will be filed with the SEC within 120 days of December 31, 2020. | ||
Entity Central Index Key | 0000920522 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Essex Portfolio, L.P. | |||
Entity Information [Line Items] | |||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 333-44467-01 | ||
Entity Registrant Name | ESSEX PORTFOLIO, L.P. | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 77-0369575 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Rental properties: | ||
Land and land improvements | $ 2,929,009 | $ 2,773,805 |
Buildings and improvements | 12,132,736 | 11,264,337 |
Total rental properties | 15,061,745 | 14,038,142 |
Less: accumulated depreciation | (4,133,959) | (3,689,482) |
Net real estate | 10,927,786 | 10,348,660 |
Real estate under development | 386,047 | 546,075 |
Co-investments | 1,018,010 | 1,335,339 |
Real estate held for sale | 57,938 | 0 |
Total real estate | 12,389,781 | 12,230,074 |
Cash and cash equivalents-unrestricted | 73,629 | 70,087 |
Cash and cash equivalents-restricted | 10,412 | 11,007 |
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2020 and December 31, 2019 | 147,768 | 144,193 |
Notes and other receivables, net of allowance for credit losses of $0.8 million and zero as of December 31, 2020 and December 31, 2019, respectively (includes related party receivables of $4.7 million and $90.2 million as of December 31, 2020 and December 31, 2019, respectively) | 195,104 | 134,365 |
Operating lease right-of-use assets | 72,143 | 74,744 |
Prepaid expenses and other assets | 47,340 | 40,935 |
Total assets | 12,936,177 | 12,705,405 |
LIABILITIES AND EQUITY | ||
Unsecured debt, net | 5,607,985 | 4,763,206 |
Mortgage notes payable, net | 643,550 | 990,667 |
Lines of credit | 0 | 55,000 |
Accounts payable and accrued liabilities | 152,855 | 158,017 |
Construction payable | 31,417 | 48,912 |
Dividends payable | 141,917 | 135,384 |
Operating lease liabilities | 74,037 | 76,740 |
Liabilities associated with real estate held for sale | 29,845 | 0 |
Other liabilities | 39,140 | 36,565 |
Total liabilities | 6,720,746 | 6,264,491 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 32,239 | 37,410 |
Equity/ Capital: | ||
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,999,015 and 66,091,954 shares issued and outstanding, respectively | 6 | 7 |
Additional paid-in capital | 6,876,326 | 7,121,927 |
Distributions in excess of accumulated earnings | (861,193) | (887,619) |
Limited Partners: | ||
Accumulated other comprehensive loss, net | (14,729) | (13,888) |
Total stockholders' equity | 6,000,410 | 6,220,427 |
Noncontrolling interest | 182,782 | 183,077 |
Total equity | 6,183,192 | 6,403,504 |
Total liabilities and equity/capital | 12,936,177 | 12,705,405 |
Essex Portfolio, L.P. | ||
Rental properties: | ||
Land and land improvements | 2,929,009 | 2,773,805 |
Buildings and improvements | 12,132,736 | 11,264,337 |
Total rental properties | 15,061,745 | 14,038,142 |
Less: accumulated depreciation | (4,133,959) | (3,689,482) |
Net real estate | 10,927,786 | 10,348,660 |
Real estate under development | 386,047 | 546,075 |
Co-investments | 1,018,010 | 1,335,339 |
Real estate held for sale | 57,938 | 0 |
Total real estate | 12,389,781 | 12,230,074 |
Cash and cash equivalents-unrestricted | 73,629 | 70,087 |
Cash and cash equivalents-restricted | 10,412 | 11,007 |
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2020 and December 31, 2019 | 147,768 | 144,193 |
Notes and other receivables, net of allowance for credit losses of $0.8 million and zero as of December 31, 2020 and December 31, 2019, respectively (includes related party receivables of $4.7 million and $90.2 million as of December 31, 2020 and December 31, 2019, respectively) | 195,104 | 134,365 |
Operating lease right-of-use assets | 72,143 | 74,744 |
Prepaid expenses and other assets | 47,340 | 40,935 |
Total assets | 12,936,177 | 12,705,405 |
LIABILITIES AND EQUITY | ||
Unsecured debt, net | 5,607,985 | 4,763,206 |
Mortgage notes payable, net | 643,550 | 990,667 |
Lines of credit | 0 | 55,000 |
Accounts payable and accrued liabilities | 152,855 | 158,017 |
Construction payable | 31,417 | 48,912 |
Dividends payable | 141,917 | 135,384 |
Operating lease liabilities | 74,037 | 76,740 |
Liabilities associated with real estate held for sale | 29,845 | 0 |
Other liabilities | 39,140 | 36,565 |
Total liabilities | 6,720,746 | 6,264,491 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 32,239 | 37,410 |
Limited Partners: | ||
Accumulated other comprehensive loss, net | (11,303) | (10,432) |
Total partners' capital | 6,062,020 | 6,281,242 |
Noncontrolling interest | 121,172 | 122,262 |
Total capital | 6,183,192 | 6,403,504 |
Total liabilities and equity/capital | 12,936,177 | 12,705,405 |
Essex Portfolio, L.P. | General Partner | ||
General Partner: | ||
Common equity (64,999,015 and 66,091,954 units issued and outstanding, respectively) | 6,015,139 | 6,234,315 |
Essex Portfolio, L.P. | General Partner | Common Equity | ||
General Partner: | ||
Common equity (64,999,015 and 66,091,954 units issued and outstanding, respectively) | 6,015,139 | 6,234,315 |
Limited Partners: | ||
Total capital | 6,015,139 | 6,234,315 |
Essex Portfolio, L.P. | Limited Partner | ||
Limited Partners: | ||
Common equity (2,294,760 and 2,301,653 units issued and outstanding, respectively) | 58,184 | 57,359 |
Essex Portfolio, L.P. | Limited Partner | Common Equity | ||
Limited Partners: | ||
Total capital | $ 58,184 | $ 57,359 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Marketable securities, allowance for credit loss | $ 0 | $ 0 |
Notes and other receivable, allowance for credit loss | 751 | 0 |
Due from related parties | $ 4,700 | $ 90,200 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 670,000,000 | 670,000,000 |
Common stock, shares issued | 64,999,015 | 66,091,954 |
Common stock shares outstanding | 64,999,015 | 66,091,954 |
Essex Portfolio, L.P. | ||
Marketable securities, allowance for credit loss | $ 0 | $ 0 |
Notes and other receivable, allowance for credit loss | 800 | 0 |
Due from related parties | $ 4,700 | $ 90,200 |
Essex Portfolio, L.P. | General Partner | ||
Common stock, shares issued | 64,999,015 | 66,091,954 |
Common stock shares outstanding | 64,999,015 | 66,091,954 |
Essex Portfolio, L.P. | Limited Partner | ||
Common stock, shares issued | 2,294,760 | 2,301,653 |
Common stock shares outstanding | 2,294,760 | 2,301,653 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Rental and other property | $ 1,486,150 | $ 1,450,628 | $ 1,390,870 |
Management and other fees from affiliates | 9,598 | 9,527 | 9,183 |
Total revenues | 1,495,748 | 1,460,155 | 1,400,053 |
Expenses: | |||
Property operating, excluding real estate taxes | 263,389 | 241,357 | 232,771 |
Real estate taxes | 177,011 | 155,170 | 151,570 |
Corporate-level property management expenses | 34,573 | 34,067 | 32,055 |
Depreciation and amortization | 525,497 | 483,750 | 479,884 |
General and administrative | 65,388 | 54,262 | 53,451 |
Expensed acquisition and investment related costs | 1,591 | 168 | 194 |
Impairment loss | 1,825 | 7,105 | 0 |
Total expenses | 1,069,274 | 975,879 | 949,925 |
Gain (loss) on sale of real estate and land | 64,967 | (3,164) | 61,861 |
Earnings from operations | 491,441 | 481,112 | 511,989 |
Interest expense | (220,633) | (217,339) | (220,492) |
Total return swap income | 10,733 | 8,446 | 8,707 |
Interest and other income | 40,999 | 46,298 | 23,010 |
Equity income from co-investments | 66,512 | 112,136 | 89,132 |
Deferred tax expense on unrealized gain on unconsolidated co-investment | (1,531) | (1,457) | 0 |
(Loss) gain on early retirement of debt, net | (22,883) | 3,717 | 0 |
Gain on remeasurement of co-investment | 234,694 | 31,535 | 1,253 |
Net income | 599,332 | 464,448 | 413,599 |
Net income attributable to noncontrolling interest | (30,462) | (25,162) | (23,446) |
Net income available to common stockholders/unitholders | $ 568,870 | $ 439,286 | $ 390,153 |
Basic: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 8.69 | $ 6.67 | $ 5.91 |
Weighted average number of shares/units outstanding during the year (in shares) | 65,454,057 | 65,840,422 | 66,041,058 |
Diluted: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 8.69 | $ 6.66 | $ 5.90 |
Weighted average number of shares/units outstanding during the year (in shares) | 65,564,982 | 65,939,455 | 66,085,089 |
Essex Portfolio, L.P. | |||
Revenues: | |||
Rental and other property | $ 1,486,150 | $ 1,450,628 | $ 1,390,870 |
Management and other fees from affiliates | 9,598 | 9,527 | 9,183 |
Total revenues | 1,495,748 | 1,460,155 | 1,400,053 |
Expenses: | |||
Property operating, excluding real estate taxes | 263,389 | 241,357 | 232,771 |
Real estate taxes | 177,011 | 155,170 | 151,570 |
Corporate-level property management expenses | 34,573 | 34,067 | 32,055 |
Depreciation and amortization | 525,497 | 483,750 | 479,884 |
General and administrative | 65,388 | 54,262 | 53,451 |
Expensed acquisition and investment related costs | 1,591 | 168 | 194 |
Impairment loss | 1,825 | 7,105 | 0 |
Total expenses | 1,069,274 | 975,879 | 949,925 |
Gain (loss) on sale of real estate and land | 64,967 | (3,164) | 61,861 |
Earnings from operations | 491,441 | 481,112 | 511,989 |
Interest expense | (220,633) | (217,339) | (220,492) |
Total return swap income | 10,733 | 8,446 | 8,707 |
Interest and other income | 40,999 | 46,298 | 23,010 |
Equity income from co-investments | 66,512 | 112,136 | 89,132 |
Deferred tax expense on unrealized gain on unconsolidated co-investment | (1,531) | (1,457) | 0 |
(Loss) gain on early retirement of debt, net | (22,883) | 3,717 | 0 |
Gain on remeasurement of co-investment | 234,694 | 31,535 | 1,253 |
Net income | 599,332 | 464,448 | 413,599 |
Net income attributable to noncontrolling interest | (10,550) | (9,819) | (9,994) |
Net income available to common stockholders/unitholders | $ 588,782 | $ 454,629 | $ 403,605 |
Basic: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 8.69 | $ 6.67 | $ 5.91 |
Weighted average number of shares/units outstanding during the year (in shares) | 67,750,665 | 68,140,900 | 68,315,999 |
Diluted: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 8.69 | $ 6.66 | $ 5.90 |
Weighted average number of shares/units outstanding during the year (in shares) | 67,861,590 | 68,239,933 | 68,360,030 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 599,332 | $ 464,448 | $ 413,599 |
Other comprehensive income (loss): | |||
Change in fair value of derivatives and amortization of swap settlements | (4,148) | (2,948) | 7,824 |
Cash flow hedge losses reclassified to earnings | 3,338 | 1,824 | 0 |
Change in fair value of marketable debt securities, net | (61) | 281 | (118) |
Reversal of unrealized (gains) losses upon the sale of marketable debt securities | 0 | (32) | 13 |
Total other comprehensive (loss) income | (871) | (875) | 7,719 |
Comprehensive income | 598,461 | 463,573 | 421,318 |
Comprehensive income attributable to noncontrolling interest | (30,432) | (25,133) | (23,702) |
Comprehensive income attributable to controlling interest | 568,029 | 438,440 | 397,616 |
Essex Portfolio, L.P. | |||
Net income | 599,332 | 464,448 | 413,599 |
Other comprehensive income (loss): | |||
Change in fair value of derivatives and amortization of swap settlements | (4,148) | (2,948) | 7,824 |
Cash flow hedge losses reclassified to earnings | 3,338 | 1,824 | 0 |
Change in fair value of marketable debt securities, net | (61) | 281 | (118) |
Reversal of unrealized (gains) losses upon the sale of marketable debt securities | 0 | (32) | 13 |
Total other comprehensive (loss) income | (871) | (875) | 7,719 |
Comprehensive income | 598,461 | 463,573 | 421,318 |
Comprehensive income attributable to noncontrolling interest | (10,550) | (9,819) | (9,994) |
Comprehensive income attributable to controlling interest | $ 587,911 | $ 453,754 | $ 411,324 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | Distributions in excess of accumulated earningsCumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive loss, net | Accumulated other comprehensive loss, netCumulative Effect, Period of Adoption, Adjustment | Noncontrolling interest | Noncontrolling interestCumulative Effect, Period of Adoption, Adjustment |
Issuance of common stock under: | ||||||||||
Cumulative effect upon adoption | $ 6,396,825 | $ 7 | $ 7,129,571 | $ (833,726) | $ (18,446) | $ 119,419 | ||||
Cumulative effect upon adoption | ASU 2016-01 | $ 0 | $ 2,234 | $ (2,234) | |||||||
Cumulative effect upon adoption | ASU 2017-05 | 123,708 | 119,651 | $ 4,057 | |||||||
Balances at Dec. 31, 2017 | 6,396,825 | $ 7 | 7,129,571 | (833,726) | (18,446) | 119,419 | ||||
Balances (ASU 2016-01) at Dec. 31, 2017 | 0 | 2,234 | (2,234) | |||||||
Balances (ASU 2017-05) at Dec. 31, 2017 | 123,708 | 119,651 | 4,057 | |||||||
Balances (in shares) at Dec. 31, 2017 | 66,054 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 413,599 | 390,153 | 23,446 | |||||||
Reversal of unrealized gains upon the sale of marketable securities | 13 | 13 | ||||||||
Cash flow hedge losses reclassified to earnings | 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) | |||||||
Issuance of common stock under: | ||||||||||
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) | |||||||||
Cumulative effect upon adoption | $ 6,393,844 | $ 7 | 7,093,079 | (812,796) | (13,217) | 126,771 | ||||
Cumulative effect upon adoption | ASU 2016-01 | 0 | 2,234 | (2,234) | |||||||
Cumulative effect upon adoption | ASU 2017-05 | 123,708 | 119,651 | 4,057 | |||||||
Cumulative effect upon adoption | ASU 2017-12 | 181 | 175 | 6 | |||||||
Accounting Standards Update [Extensible List] | ASU 2016-01 | us-gaap:AccountingStandardsUpdate201601Member | |||||||||
Accounting Standards Update [Extensible List] | ASU 2017-05 | us-gaap:AccountingStandardsUpdate201705Member | |||||||||
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 | (491,108) | (491,108) | ||||||||
Balances at Dec. 31, 2018 | 6,393,844 | $ 7 | 7,093,079 | (812,796) | (13,217) | 126,771 | ||||
Balances (ASU 2017-12) at Dec. 31, 2018 | 181 | 175 | 6 | |||||||
Balances (in shares) at Dec. 31, 2018 | 65,890 | |||||||||
Issuance of common stock under: | ||||||||||
Cumulative effect upon adoption | 6,393,844 | $ 7 | 7,093,079 | (812,796) | (13,217) | 126,771 | ||||
Cumulative effect upon adoption | ASU 2017-12 | 181 | 175 | 6 | |||||||
Net income | 464,448 | 439,286 | 25,162 | |||||||
Reversal of unrealized gains upon the sale of marketable securities | (32) | (31) | (1) | |||||||
Cash flow hedge losses reclassified to earnings | 1,824 | 1,762 | 62 | |||||||
Change in fair value of derivatives and amortization of swap settlements | (2,948) | (2,849) | (99) | |||||||
Change in fair value of marketable securities, net | 281 | 272 | 9 | |||||||
Stock option and restricted stock plans, net | 33,779 | 33,779 | ||||||||
Stock option and restricted stock plans, net (in shares) | 195 | |||||||||
Sale of common stock, net | 72,539 | 72,539 | ||||||||
Sale of common stock, net (in shares) | 228 | |||||||||
Equity based compensation costs | 12,283 | 11,029 | 1,254 | |||||||
Retirement of common stock, net | (56,989) | (56,989) | ||||||||
Retirement of common stock, net (in shares) | (234) | |||||||||
Cumulative effect upon adoption | $ 6,403,504 | $ 7 | 7,121,927 | (887,619) | (190) | (13,888) | 183,077 | |||
Cumulative effect upon adoption | ASU 2017-12 | 181 | $ 175 | $ 6 | |||||||
Cumulative effect upon adoption | ASU 2016-13 | (190) | |||||||||
Accounting Standards Update [Extensible List] | ASU 2017-12 | us-gaap:AccountingStandardsUpdate201712Member | |||||||||
Changes in the redemption value of redeemable noncontrolling interest | $ (2,008) | (3,427) | 1,419 | |||||||
Changes in noncontrolling interest from acquisition | 65,472 | 65,472 | ||||||||
Distributions to noncontrolling interest | (28,493) | (28,493) | ||||||||
Redemptions of noncontrolling interest | (36,568) | (28,083) | (8,485) | |||||||
Redemptions of noncontrolling interest (in shares) | 13 | |||||||||
Common stock dividends | (514,109) | (514,109) | ||||||||
Balances at Dec. 31, 2019 | 6,403,504 | $ 7 | 7,121,927 | (887,619) | (190) | (13,888) | 183,077 | |||
Balances (ASU 2016-13) at Dec. 31, 2019 | (190) | |||||||||
Balances (in shares) at Dec. 31, 2019 | 66,092 | |||||||||
Issuance of common stock under: | ||||||||||
Cumulative effect upon adoption | 6,403,504 | $ 7 | 7,121,927 | (887,619) | (190) | (13,888) | 183,077 | |||
Cumulative effect upon adoption | ASU 2016-13 | (190) | |||||||||
Net income | 599,332 | 568,870 | 30,462 | |||||||
Reversal of unrealized gains upon the sale of marketable securities | 0 | |||||||||
Cash flow hedge losses reclassified to earnings | 3,338 | 3,225 | 113 | |||||||
Change in fair value of derivatives and amortization of swap settlements | (4,148) | (4,007) | (141) | |||||||
Change in fair value of marketable securities, net | (61) | (59) | (2) | |||||||
Stock option and restricted stock plans, net | 9,201 | 9,201 | ||||||||
Stock option and restricted stock plans, net (in shares) | 95 | |||||||||
Sale of common stock, net | (296) | (296) | ||||||||
Equity based compensation costs | 12,913 | 12,453 | 460 | |||||||
Retirement of common stock, net | (269,315) | $ (1) | (269,314) | |||||||
Retirement of common stock, net (in shares) | (1,197) | |||||||||
Cumulative effect upon adoption | $ 6,403,504 | $ 6 | 6,876,326 | (861,193) | $ (190) | (14,729) | 182,782 | |||
Cumulative effect upon adoption | ASU 2016-13 | $ (190) | |||||||||
Accounting Standards Update [Extensible List] | ASU 2016-13 | us-gaap:AccountingStandardsUpdate201613Member | |||||||||
Changes in the redemption value of redeemable noncontrolling interest | $ 4,299 | 4,375 | (76) | |||||||
Changes in noncontrolling interest from acquisition | 1,349 | 1,349 | ||||||||
Distributions to noncontrolling interest | (31,367) | (31,367) | ||||||||
Redemptions of noncontrolling interest | (3,113) | (2,020) | (1,093) | |||||||
Redemptions of noncontrolling interest (in shares) | 9 | |||||||||
Common stock dividends | (542,254) | (542,254) | ||||||||
Balances at Dec. 31, 2020 | 6,183,192 | $ 6 | 6,876,326 | (861,193) | (14,729) | 182,782 | ||||
Balances (in shares) at Dec. 31, 2020 | 64,999 | |||||||||
Issuance of common stock under: | ||||||||||
Cumulative effect upon adoption | $ 6,183,192 | $ 6 | $ 6,876,326 | $ (861,193) | $ (14,729) | $ 182,782 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends (in dollars per share) | $ 8.31 | $ 7.80 | $ 7.44 |
Consolidated Statements of Capi
Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Net income | $ 599,332 | $ 464,448 | $ 413,599 |
Reversal of unrealized gains upon the sale of marketable securities | 0 | (32) | 13 |
Cash flow hedge losses reclassified to earnings | 3,338 | 1,824 | 0 |
Change in fair value of derivatives and amortization of swap settlements | (4,148) | (2,948) | 7,824 |
Change in fair value of marketable securities, net | (61) | 281 | (118) |
Issuance of common stock under: | |||
Sale of common stock by general partner, net | (296) | 72,539 | (919) |
Retirement of common stock, net | (269,315) | (56,989) | (51,233) |
Changes in the redemption value of redeemable noncontrolling interest | 4,299 | (2,008) | (1,164) |
Changes in noncontrolling interest from acquisition | 1,349 | 65,472 | 7,919 |
Distributions to noncontrolling interest | (31,367) | (28,493) | (29,233) |
Redemptions | (3,113) | $ (36,568) | $ (1,333) |
ASU 2016-01 | |||
Issuance of common stock under: | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201601Member | ||
ASU 2017-05 | |||
Issuance of common stock under: | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201705Member | ||
ASU 2017-12 | |||
Issuance of common stock under: | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201712Member | ||
Essex Portfolio, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | 6,403,504 | $ 6,393,844 | $ 6,396,825 |
Net income | 599,332 | 464,448 | 413,599 |
Reversal of unrealized gains upon the sale of marketable securities | 0 | (32) | 13 |
Cash flow hedge losses reclassified to earnings | 3,338 | 1,824 | 0 |
Change in fair value of derivatives and amortization of swap settlements | (4,148) | (2,948) | 7,824 |
Change in fair value of marketable securities, net | (61) | 281 | (118) |
Issuance of common stock under: | |||
General partner's stock based compensation, net | 9,201 | 33,779 | 6,213 |
Sale of common stock by general partner, net | (296) | 72,539 | (919) |
Equity based compensation costs | 12,913 | 12,283 | 12,851 |
Retirement of common stock, net | (269,315) | (56,989) | (51,233) |
Cumulative effect upon adoption | 6,403,504 | 6,403,504 | 6,393,844 |
Changes in the redemption value of redeemable noncontrolling interest | 4,299 | (2,008) | (1,164) |
Changes in noncontrolling interest from acquisition | 1,349 | 65,472 | 7,919 |
Distributions to noncontrolling interest | (12,292) | (10,521) | (12,174) |
Redemptions | (3,113) | (36,568) | (1,333) |
Distributions declared | (561,329) | (532,081) | (508,167) |
Balances | 6,183,192 | 6,403,504 | 6,393,844 |
Essex Portfolio, L.P. | Cumulative Effect, Period of Adoption, Adjustment | ASU 2017-05 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | 123,708 | ||
Issuance of common stock under: | |||
Cumulative effect upon adoption | 123,708 | ||
Essex Portfolio, L.P. | Cumulative Effect, Period of Adoption, Adjustment | ASU 2017-12 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | (190) | 181 | |
Issuance of common stock under: | |||
Cumulative effect upon adoption | (190) | (190) | 181 |
Balances | (190) | 181 | |
Essex Portfolio, L.P. | Accumulated other comprehensive loss, net | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | (10,432) | (9,738) | (15,229) |
Reversal of unrealized gains upon the sale of marketable securities | (32) | 13 | |
Cash flow hedge losses reclassified to earnings | 3,338 | 1,824 | |
Change in fair value of derivatives and amortization of swap settlements | (4,148) | (2,948) | 7,824 |
Change in fair value of marketable securities, net | (61) | 281 | (118) |
Issuance of common stock under: | |||
Cumulative effect upon adoption | (11,303) | (10,432) | (9,738) |
Balances | (11,303) | (10,432) | (9,738) |
Essex Portfolio, L.P. | Accumulated other comprehensive loss, net | Cumulative Effect, Period of Adoption, Adjustment | ASU 2016-01 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | (2,228) | ||
Issuance of common stock under: | |||
Cumulative effect upon adoption | (2,228) | ||
Essex Portfolio, L.P. | Accumulated other comprehensive loss, net | Cumulative Effect, Period of Adoption, Adjustment | ASU 2017-12 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | 181 | ||
Issuance of common stock under: | |||
Cumulative effect upon adoption | 181 | 181 | |
Balances | 181 | ||
Essex Portfolio, L.P. | Noncontrolling interest | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | 122,262 | 64,231 | 66,410 |
Net income | 10,550 | 9,819 | 9,994 |
Issuance of common stock under: | |||
Cumulative effect upon adoption | 121,172 | 122,262 | 64,231 |
Changes in the redemption value of redeemable noncontrolling interest | 121 | 1,310 | 68 |
Changes in noncontrolling interest from acquisition | 1,349 | 65,472 | |
Distributions to noncontrolling interest | (12,292) | (10,521) | (12,174) |
Redemptions | (818) | (8,049) | (67) |
Balances | 121,172 | 122,262 | 64,231 |
Essex Portfolio, L.P. | General Partner | Common Equity | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | $ 6,234,315 | $ 6,280,290 | $ 6,295,852 |
Balances (in shares) | 66,092 | 65,890 | 66,054 |
Net income | $ 568,870 | $ 439,286 | $ 390,153 |
Issuance of common stock under: | |||
General partner's stock based compensation, net | $ 9,201 | $ 33,779 | $ 6,213 |
General partner's stock based compensation, net (in shares) | 95 | 195 | 41 |
Sale of common stock by general partner, net | $ (296) | $ 72,539 | $ (919) |
Sale of common stock by general partner, net (in shares) | 228 | ||
Equity based compensation costs | 12,453 | $ 11,029 | 11,651 |
Retirement of common stock, net | $ (269,315) | $ (56,989) | $ (51,233) |
Retirement of common stock, net (in shares) | (1,197) | (234) | (210) |
Cumulative effect upon adoption | $ 6,015,139 | $ 6,234,315 | $ 6,280,290 |
Changes in the redemption value of redeemable noncontrolling interest | 4,375 | (3,427) | (1,143) |
Redemptions | $ (2,020) | $ (28,083) | $ (1,061) |
Redemptions (in shares) | 9 | 13 | 5 |
Distributions declared | $ (542,254) | $ (514,109) | $ (491,108) |
Balances | $ 6,015,139 | $ 6,234,315 | $ 6,280,290 |
Balances (in shares) | 64,999 | 66,092 | 65,890 |
Essex Portfolio, L.P. | General Partner | Common Equity | ASU 2016-01 | |||
Issuance of common stock under: | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201601Member | ||
Essex Portfolio, L.P. | General Partner | Common Equity | ASU 2017-05 | |||
Issuance of common stock under: | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201705Member | ||
Essex Portfolio, L.P. | General Partner | Common Equity | ASU 2017-12 | |||
Issuance of common stock under: | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201712Member | |
Essex Portfolio, L.P. | General Partner | Common Equity | Cumulative Effect, Period of Adoption, Adjustment | ASU 2016-01 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | $ 2,234 | ||
Issuance of common stock under: | |||
Cumulative effect upon adoption | 2,234 | ||
Essex Portfolio, L.P. | General Partner | Common Equity | Cumulative Effect, Period of Adoption, Adjustment | ASU 2017-05 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | 119,651 | ||
Issuance of common stock under: | |||
Cumulative effect upon adoption | 119,651 | ||
Essex Portfolio, L.P. | General Partner | Common Equity | Cumulative Effect, Period of Adoption, Adjustment | ASU 2017-12 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | $ (190) | ||
Issuance of common stock under: | |||
Cumulative effect upon adoption | (190) | $ (190) | |
Balances | (190) | ||
Essex Portfolio, L.P. | Limited Partner | Common Equity | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | $ 57,359 | $ 59,061 | $ 49,792 |
Balances (in shares) | 2,302 | 2,305 | 2,268 |
Net income | $ 19,912 | $ 15,343 | $ 13,452 |
Issuance of common stock under: | |||
Equity based compensation costs | $ 460 | $ 1,254 | $ 1,200 |
Equity based compensation costs (in shares) | 2 | 10 | 11 |
Cumulative effect upon adoption | $ 58,184 | $ 57,359 | $ 59,061 |
Changes in the redemption value of redeemable noncontrolling interest | (197) | 109 | (89) |
Changes in noncontrolling interest from acquisition | $ 7,919 | ||
Changes in noncontrolling interest from acquisition (in shares) | 31 | ||
Redemptions | $ (275) | $ (436) | $ (205) |
Redemptions (in shares) | (9) | (13) | (5) |
Distributions declared | $ (19,075) | $ (17,972) | $ (17,059) |
Balances | $ 58,184 | $ 57,359 | $ 59,061 |
Balances (in shares) | 2,295 | 2,302 | 2,305 |
Essex Portfolio, L.P. | Limited Partner | Common Equity | Cumulative Effect, Period of Adoption, Adjustment | ASU 2016-01 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | $ (6) | ||
Issuance of common stock under: | |||
Cumulative effect upon adoption | (6) | ||
Essex Portfolio, L.P. | Limited Partner | Common Equity | Cumulative Effect, Period of Adoption, Adjustment | ASU 2017-05 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balances | 4,057 | ||
Issuance of common stock under: | |||
Cumulative effect upon adoption | $ 4,057 |
Consolidated Statements of Ca_2
Consolidated Statements of Capital (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Essex Portfolio, L.P. | Preferred Equity | |||
Distributions declared (in dollars per share) | $ 8.31 | $ 7.80 | $ 7.44 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 599,332 | $ 464,448 | $ 413,599 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-lined rents | (19,426) | (1,218) | (347) |
Depreciation and amortization | 525,497 | 483,750 | 479,884 |
Amortization of discount on marketable securities | (19,075) | (28,491) | (17,637) |
Amortization of (premium) discount and debt financing costs, net | 6,674 | 5,689 | (2,587) |
Gain on sale of marketable securities | (2,131) | (1,271) | (737) |
Provision for credit losses | 687 | 0 | 0 |
Unrealized (gains) losses on equity securities recognized through income | (12,515) | (5,710) | 5,159 |
Company's share of gain on the sales of co-investments | (2,225) | (51,097) | (10,569) |
Earnings from co-investments | (64,287) | (61,039) | (78,563) |
Operating distributions from co-investments | 74,419 | 99,277 | 99,593 |
Accrued interest from notes and other receivables | (3,683) | (6,012) | (5,436) |
Impairment loss | 1,825 | 7,105 | 0 |
(Gain) loss on the sale of real estate and land | (64,967) | 3,164 | (61,861) |
Equity-based compensation | 8,157 | 7,010 | 7,135 |
Loss (gain) on early retirement of debt, net | 22,883 | (3,717) | 0 |
Gain on remeasurement of co-investment | (234,694) | (31,535) | (1,253) |
Changes in operating assets and liabilities: | |||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (3,730) | 6,969 | (856) |
Accounts payable, accrued liabilities, and operating lease liabilities | (10,382) | 29,551 | (145) |
Other liabilities | 749 | 2,206 | 1,175 |
Net cash provided by operating activities | 803,108 | 919,079 | 826,554 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (460,421) | (133,825) | (15,311) |
Redevelopment | (48,980) | (70,295) | (73,000) |
Development acquisitions of and additions to real estate under development | (108,781) | (158,234) | (182,772) |
Capital expenditures on rental properties | (90,085) | (101,689) | (81,684) |
Investments in notes receivable | (135,343) | (231,400) | 0 |
Collections of notes and other receivables | 98,711 | 168,720 | 29,500 |
Proceeds from insurance for property losses | 723 | 3,734 | 1,408 |
Proceeds from dispositions of real estate | 339,165 | 23,214 | 347,587 |
Contributions to co-investments | (114,017) | (402,284) | (162,437) |
Changes in refundable deposits | 96 | 5 | (414) |
Purchases of marketable securities | (83,379) | (46,458) | (37,952) |
Sales and maturities of marketable securities | 113,465 | 147,531 | 31,521 |
Non-operating distributions from co-investments | 71,946 | 273,290 | 83,661 |
Net cash used in investing activities | (416,900) | (527,691) | (59,893) |
Cash flows from financing activities: | |||
Proceeds from unsecured debt and mortgage notes | 1,452,808 | 1,045,290 | 298,773 |
Payments on unsecured debt and mortgage notes | (916,209) | (1,026,616) | (230,398) |
Proceeds from lines of credit | 1,038,426 | 1,939,213 | 742,961 |
Repayments of lines of credit | (1,093,426) | (1,884,213) | (921,961) |
Retirement of common stock | (269,315) | (56,989) | (51,233) |
Additions to deferred charges | (13,772) | (10,898) | (4,250) |
Payments related to debt prepayment penalties | (19,605) | (1,406) | 0 |
Net proceeds from issuance of common stock | (296) | 72,539 | (919) |
Net proceeds from stock options exercised | 14,865 | 37,467 | 6,213 |
Payments related to tax withholding for share-based compensation | (5,664) | (3,688) | (869) |
Distributions to noncontrolling interest | (30,990) | (27,993) | (29,050) |
Redemption of noncontrolling interest | (3,113) | (36,568) | (1,333) |
Redemption of redeemable noncontrolling interest | (872) | (73) | (144) |
Common stock dividends paid | (536,098) | (507,754) | (484,182) |
Net cash used in financing activities | (383,261) | (461,689) | (676,392) |
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 2,947 | (70,301) | 90,269 |
Unrestricted and restricted cash and cash equivalents at beginning of period | 81,094 | 151,395 | 61,126 |
Unrestricted and restricted cash and cash equivalents at end of period | 84,041 | 81,094 | 151,395 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 211,732 | 194,418 | 203,803 |
Interest capitalized | 14,615 | 24,169 | 18,708 |
Operating cash flows from operating leases | 6,892 | 6,811 | 0 |
Supplemental disclosure of noncash investing and financing activities: | |||
Issuance of Operating Partnership units for contributed properties | 0 | 0 | 7,919 |
Issuance of DownREIT units in connection with acquisition of real estate | 0 | 65,472 | 0 |
Transfers between real estate under development and rental properties, net | 253,039 | 19,812 | 100,415 |
Transfer from real estate under development to co-investments | 1,739 | 671 | 853 |
Reclassifications (from) to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | (4,299) | 2,008 | 1,165 |
Redemption of redeemable noncontrolling interest via reduction of note receivable | 0 | 0 | 4,751 |
Initial recognition of operating lease right-of-use assets | 0 | 77,645 | 0 |
Initial recognition of operating lease liabilities | 0 | 79,693 | 0 |
Debt assumed in connection with acquisition | 0 | 143,006 | 45,804 |
Repayment of mortgage note from new financing proceeds | 0 | 0 | 52,000 |
Essex Portfolio, L.P. | |||
Cash flows from operating activities: | |||
Net income | 599,332 | 464,448 | 413,599 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-lined rents | (19,426) | (1,218) | (347) |
Depreciation and amortization | 525,497 | 483,750 | 479,884 |
Amortization of discount on marketable securities | (19,075) | (28,491) | (17,637) |
Amortization of (premium) discount and debt financing costs, net | 6,674 | 5,689 | (2,587) |
Gain on sale of marketable securities | (2,131) | (1,271) | (737) |
Provision for credit losses | 687 | 0 | 0 |
Unrealized (gains) losses on equity securities recognized through income | (12,515) | (5,710) | 5,159 |
Company's share of gain on the sales of co-investments | (2,225) | (51,097) | (10,569) |
Earnings from co-investments | (64,287) | (61,039) | (78,563) |
Operating distributions from co-investments | 74,419 | 99,277 | 99,593 |
Accrued interest from notes and other receivables | (3,683) | (6,012) | (5,436) |
Impairment loss | 1,825 | 7,105 | 0 |
(Gain) loss on the sale of real estate and land | (64,967) | 3,164 | (61,861) |
Equity-based compensation | 8,157 | 7,010 | 7,135 |
Loss (gain) on early retirement of debt, net | 22,883 | (3,717) | 0 |
Gain on remeasurement of co-investment | (234,694) | (31,535) | (1,253) |
Changes in operating assets and liabilities: | |||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (3,730) | 6,969 | (856) |
Accounts payable, accrued liabilities, and operating lease liabilities | (10,382) | 29,551 | (145) |
Other liabilities | 749 | 2,206 | 1,175 |
Net cash provided by operating activities | 803,108 | 919,079 | 826,554 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (460,421) | (133,825) | (15,311) |
Redevelopment | (48,980) | (70,295) | (73,000) |
Development acquisitions of and additions to real estate under development | (108,781) | (158,234) | (182,772) |
Capital expenditures on rental properties | (90,085) | (101,689) | (81,684) |
Investments in notes receivable | (135,343) | (231,400) | 0 |
Collections of notes and other receivables | 98,711 | 168,720 | 29,500 |
Proceeds from insurance for property losses | 723 | 3,734 | 1,408 |
Proceeds from dispositions of real estate | 339,165 | 23,214 | 347,587 |
Contributions to co-investments | (114,017) | (402,284) | (162,437) |
Changes in refundable deposits | 96 | 5 | (414) |
Purchases of marketable securities | (83,379) | (46,458) | (37,952) |
Sales and maturities of marketable securities | 113,465 | 147,531 | 31,521 |
Non-operating distributions from co-investments | 71,946 | 273,290 | 83,661 |
Net cash used in investing activities | (416,900) | (527,691) | (59,893) |
Cash flows from financing activities: | |||
Proceeds from unsecured debt and mortgage notes | 1,452,808 | 1,045,290 | 298,773 |
Payments on unsecured debt and mortgage notes | (916,209) | (1,026,616) | (230,398) |
Proceeds from lines of credit | 1,038,426 | 1,939,213 | 742,961 |
Repayments of lines of credit | (1,093,426) | (1,884,213) | (921,961) |
Retirement of common stock | (269,315) | (56,989) | (51,233) |
Additions to deferred charges | (13,772) | (10,898) | (4,250) |
Payments related to debt prepayment penalties | (19,605) | (1,406) | 0 |
Net proceeds from issuance of common stock | (296) | 72,539 | (919) |
Net proceeds from stock options exercised | 14,865 | 37,467 | 6,213 |
Payments related to tax withholding for share-based compensation | (5,664) | (3,688) | (869) |
Distributions to noncontrolling interest | (8,409) | (7,288) | (8,518) |
Redemption of noncontrolling interest | (3,113) | (36,568) | (1,333) |
Redemption of redeemable noncontrolling interest | (872) | (73) | (144) |
Common stock dividends paid | (558,679) | (528,459) | (504,714) |
Net cash used in financing activities | (383,261) | (461,689) | (676,392) |
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 2,947 | (70,301) | 90,269 |
Unrestricted and restricted cash and cash equivalents at beginning of period | 81,094 | 151,395 | 61,126 |
Unrestricted and restricted cash and cash equivalents at end of period | 84,041 | 81,094 | 151,395 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 211,732 | 194,418 | 203,803 |
Interest capitalized | 14,615 | 24,169 | 18,708 |
Operating cash flows from operating leases | 6,892 | 6,811 | 0 |
Supplemental disclosure of noncash investing and financing activities: | |||
Issuance of Operating Partnership units for contributed properties | 0 | 0 | 7,919 |
Issuance of DownREIT units in connection with acquisition of real estate | 0 | 65,472 | 0 |
Transfers between real estate under development and rental properties, net | 253,039 | 19,812 | 100,415 |
Transfer from real estate under development to co-investments | 1,739 | 671 | 853 |
Reclassifications (from) to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | (4,299) | 2,008 | 1,165 |
Redemption of redeemable noncontrolling interest via reduction of note receivable | 0 | 0 | 4,751 |
Initial recognition of operating lease right-of-use assets | 0 | 77,645 | 0 |
Initial recognition of operating lease liabilities | 0 | 79,693 | 0 |
Debt assumed in connection with acquisition | 0 | 143,006 | 45,804 |
Repayment of mortgage note from new financing proceeds | $ 0 | $ 0 | $ 52,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
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 of the Operating Partnership with a 96.6% general partner interest and the limited partners owned a 3.4% interest as of December 31, 2020. 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 2,294,760 and 2,301,653 as of December 31, 2020 and 2019, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock, totaled approximately $544.8 million and $692.5 million, as of December 31, 2020 and 2019, respectively. The Company has reserved shares of common stock for such conversions. As of December 31, 2020, the Company owned or had ownership interests in 246 operating apartment communities, comprising 60,272 apartment homes, excluding the Company's ownership interests in preferred interest co-investments, loan investments, one operating commercial building, and a development pipeline comprised of three consolidated projects and three unconsolidated joint venture projects. The operating apartment communities are located in Southern California (primarily 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, 2020 | |
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. Noncontrolling interest includes the 3.4% limited partner interests in the Operating Partnership not held by the Company at both December 31, 2020 and 2019. These percentages include the Operating Partnership’s vested long-term incentive plan units (see Note 14). (b) Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02 "Leases (Topic 842)" 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 are to be accounted for similar to prior leasing guidance (Topic 840) for operating leases. For lessors, accounting for leases under the new standard is substantially the same as prior leasing 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. 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 adopted ASU No. 2016-02 and ASU No. 2018-11 as of January 1, 2019 using the modified retrospective approach and elected a package of practical expedients. There was no adjustment to the opening balance of retained earnings as a result of the adoption. See Note 10, Lease Agreements - Company as Lessor, and Note 11, Lease Agreements - Company as Lessee, for further details. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. Previously, U.S. GAAP required entities to write down credit losses only when losses were probable and loss reversals were not permitted. The FASB additionally issued various updates to clarify and amend the guidance provided in ASU No. 2016-13. In May 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments," which, with respect to credit losses, among other things, clarifies and addresses issues related to accrued interest, transfers between classifications of loans or debt securities, recoveries, and variable interest rates. Additionally, in May 2019, the FASB issued ASU No. 2019-05, "Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief," which allows entities to irrevocably elect the fair value option on certain financial instruments. The Company adopted ASU No. 2016-13, ASU No. 2019-04, and ASU No. 2019-05 as of January 1, 2020, using the modified retrospective approach by applying a cumulative effect adjustment of $0.2 million representing estimated accumulated credit losses to the opening balance of retained earnings. 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 Company adopted ASU No. 2018-13 as of January 1, 2020. This adoption did not have a material impact on the Company's consolidated results of operations or financial position. In March 2020, the FASB issued ASU No. 2020-04 "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Question-and-Answer ("Q&A") to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under Accounting Standards Codification ("ASC") Topic 842, Leases. The Q&A allows companies to not apply the lease modification guidance to rent concessions that result in deferred rent where the total cash flows required by the modified lease agreement are materially the same as the cash flows required under the original lease and the changes to the lease do not result in a substantial increase to the rights of the lessor or the obligations of the lessee. The Company adopted the guidance during the three months ended June 30, 2020 for eligible residential lease concessions. The lease concessions that met the criteria of the Q&A are treated as if they were part of the enforceable rights and obligations of the parties under the existing lease contract. The amount of rent concessions subject to the Q&A were not material and this adoption did not have a material impact on the Company's consolidated results of operations or financial position. (c) Recent Accounting Pronouncements In January 2021, the FASB issued ASU No. 2021-01 "Reference Rate Reform (Topic 848): Scope." The amendments in ASU No. 2021-01 provide optional expedients to the current guidance on contract modifications and hedge accounting from the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance generally can be applied to applicable contract modifications through December 31, 2022. The Company adopted this new guidance in January 2021 and will apply the guidance on a prospective basis. The Company is currently evaluating the impact of the transition from LIBOR to alternative reference rates and the application of optional expedients available in this guidance, but does not expect a material impact to its 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 and land improvements, 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 on a fair value basis to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent land appraisals which consider comparable market transactions, its own analysis of recently acquired or developed comparable properties in our portfolio for land comparables and building replacement costs, and other publicly available market data. In calculating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on in-place rent rates and amortized over the average remaining term of all acquired 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 $4.7 million and $1.2 million as of December 31, 2020 and 2019, respectively, and are included in prepaid expenses and other assets on the Company's consolidated balance sheets. The Company periodically assesses the carrying value of its real estate investments for indicators of impairment. The judgments regarding the existence of impairment indicators are based on monitoring investment market conditions and performance compared to budget for operating properties including the net operating income for the most recent 12 month period, monitoring estimated costs for properties under development, the Company's ability to hold and its intent with regard to each asset, and each property's remaining useful life. Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment may not be fully recoverable, the carrying amount is evaluated. 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/or 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 or fair value less estimated costs to sell. As of December 31, 2020, two properties were classified as held for sale. As of December 31, 2019, no properties were classified as held for sale. The Company recorded an impairment charge of $1.8 million for the year ended December 31, 2020 related to one of the Company's consolidated properties as a result of a change in the Company's intent to hold the property for its remaining useful life. The Company recorded an impairment charge of $7.1 million for the year ended December 31, 2019 on a parcel of land that was part of a consolidated co-investment with Canada Pension Plan Investment Board ("CPPIB" or "CPP"). The impairment charge resulted from the Company's acquisition of CPPIB's 45% interest in the co-investment. The impairment analysis over the parcel’s fair value was determined using internally developed models based on market assumptions. No impairment charges were recorded for the year ended December 31, 2018. 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 Company's previously owned co-investment interest exceeds its carrying value. A majority of the co-investments, excluding most 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 recorded an other-than-temporary impairment charge of $11.5 million for the year ended December 31, 2019 on an unconsolidated co-investment with CPPIB which held Agora, a 49 unit apartment home community located in Walnut Creek, CA. The other-than-temporary impairment charge resulted from the Company's acquisition of CPPIB's 45% interest in the co-investment. The impairment analysis over the co-investments fair value was determined using internally developed models based on market assumptions. The impairment is reflected in equity income from co-investments on the consolidated statements of income. No other-than-temporary impairment charges were recorded for the years ended December 31, 2020 or 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 generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 4, Revenues, and Note 10, Lease Agreements - Company as Lessor, for additional information regarding such revenues. 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. 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. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company 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): 2020 2019 2018 Cash and cash equivalents - unrestricted $ 73,629 $ 70,087 $ 134,465 Cash and cash equivalents - restricted 10,412 11,007 16,930 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 84,041 $ 81,094 $ 151,395 (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 debt 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). As of December 31, 2020 and 2019, $2.5 million and $3.6 million, respectively, of equity securities presented within common stock and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Any unrealized gain or loss in debt securities classified as available for sale is recorded as other comprehensive income. There were no other than temporary impairment charges for the years ended December 31, 2020, 2019, and 2018. Unrealized gains and losses in equity securities, realized gains and losses in debt securities, interest income, and amortization of purchase discounts are included in interest and other income on the consolidated statements of income. As of December 31, 2020 and 2019, equity securities and available for sale debt securities consisted primarily of investment-grade unsecured debt, U.S. treasury securities, and common stock and stock funds. As of December 31, 2019, the Company classified its mortgage backed securities as held to maturity, and accordingly, the securities were stated at their amortized cost. One of the investments in mortgage backed securities matured in November 2019 and the other matured in December 2020. As of December 31, 2020 and 2019, marketable securities consist of the following ($ in thousands): December 31, 2020 Amortized Gross Carrying Allowance for Credit Losses Equity securities: Investment funds - debt securities $ 49,646 $ 985 $ 50,631 $ — Common stock and stock funds 81,074 15,001 96,075 — Debt securities: Available for sale Investment-grade unsecured debt 1,050 12 1,062 — Total - Marketable securities $ 131,770 $ 15,998 $ 147,768 $ — December 31, 2019 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 29,588 $ 544 $ 30,132 Common stock and stock funds 34,941 2,927 37,868 Debt securities: Available for sale U.S. Treasury securities 2,421 13 2,434 Investment-grade unsecured debt 1,048 60 1,108 Held to maturity: Mortgage backed securities 72,651 — 72,651 Total - Marketable securities $ 140,649 $ 3,544 $ 144,193 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. During the years ended December 31, 2020 and 2019, the Company received cash proceeds of $91.7 million and $83.1 million, respectively, from the maturity of two investments in mortgage backed securities. For the years ended December 31, 2020 and 2019, the Company recognized approximately $11.8 million and $7.0 million, respectively, of accelerated interest income or the reversal of an allowance for credit loss related to these maturities. For the years ended December 31, 2020, 2019 and 2018, the proceeds from sales and maturities of marketable securities totaled $113.5 million, $147.5 million and $31.5 million, respectively. For the years ended December 31, 2020, 2019 and 2018, these sales resulted in gains of $2.1 million, $1.3 million, and $0.7 million, respectively. For the years ended December 31, 2020 and 2019, the portion of equity security unrealized losses or gains that were recognized in income totaled $12.5 million in gains, and $5.7 million in gains, respectively, and were included in interest and other income on the Company's consolidated statements of income and comprehensive income. Unrealized losses on investment-grade unsecured debt as of December 31, 2020 have not been recognized into income because the debts of the issuers are of high credit quality, management does not intend to sell the securities, it is likely that the Company will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to other market conditions. The Company monitors the credit quality of its held to maturity mortgage backed security through the review of remittance reports and individual loan watchlists, which are prepared quarterly and provide most recent debt service coverage ratios for each loan within the security, when available. The Company monitors such reports to determine the likelihood that a particular loan within the mortgage backed security may be foreclosed upon. The Company measures the expected credit loss on its held to maturity mortgage backed security based on the present value of expected future cash flows, which takes into account current market conditions and available credit information obtained from the individual loans held within the mortgage backed security. The following table presents the allowance for credit losses rollforward for the mortgage backed security ($ in thousands): Balance at December 31, 2019 $ — Impact of adoption ASC 326 (1) 13,644 Reversal of provision for credit losses (13,644) Balance at December 31, 2020 $ — (1) As part of the adoption of ASC 326, effective January 1, 2020, the Company recorded a gross up of the mortgage backed security and related allowance for credit losses of $13.6 million. The allowance was reversed upon maturity of the mortgage backed security in December 2020. The Company recorded $11.8 million of accelerated interest income related to this maturity. (i) Notes Receivable Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans. 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, 2020 and 2019, no notes were impaired. In the normal course of business, the Company originates and holds two types of loans: mezzanine loans issued to entities that are pursuing apartment development and short-term bridge loans issued to joint ventures with the Company. The Company categorizes development project mezzanine loans into risk categories based on relevant information about the ability of the borrowers to service their debt, such as: current financial information, credit documentation, public information, and previous experience with the borrower. The Company initially analyzes each mezzanine loan individually to classify the credit risk of the loan. On a periodic basis the Company evaluates and performs site visits of the development projects associated with the mezzanine loans to confirm whether they are on budget and whether there are any delays in development that could impact the Company's assessment of credit loss. All bridge loans that the Company issues are, by their nature, short-term and meant only to provide time for the Company’s joint ventures to obtain long-term funding for newly acquired communities. As the Company is a partner in the joint ventures that are borrowing such funds and has performed a detailed review of each community as part of the acquisition process, there is little to no credit risk associated with such loans. As such, the Company does not review credit quality indicators for bridge loans on an ongoing basis. The Company estimates the allowance for credit losses for each loan type using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made, if necessary, for differences in current loan-specific risk characteristics. For example, in the case of mezzanine loans, adjustments may be made due to differences in track record and experience of the mezzanine loan sponsor as well as the percent of equity that the sponsor has contributed to the project. (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, inclusive of capitalized interest, as well as capitalized development and redevelopment fees totaled $31.4 million, $42.1 million and $37.3 million for the years ended December 31, 2020, 2019 and 2018, 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 debt, 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, 2020 and 2019, because interest rates, yields and other terms for these instruments are consistent with interest rates, 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 $5.5 billion and $5.2 billion at December 31, 2020 and 2019, respectively, to be $6.0 billion and $5.4 billion at December 31, 2020 and 2019, respectively. Management has estimated the fair value of the Company’s $775.1 million and $660.4 million of variable rate debt at December 31, 2020 and 2019, respectively, to be $770.1 million and $655.8 million at December 31, 2020 and 2019, respectively, 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, 2020 and 2019 due to the short-term maturity of these instruments. Marketable securities, except mortgage backed securities, are carried at fair value as of December 31, 2020 and 2019. At December 31, 2020 and 2019, the Company’s investments in mortgage backed securities had a carrying value of zero and $72.7 million, respectively. In November 2019, the Company received cash proceeds of $83.1 million from the maturity of an investment in a mortgage backed security. Additionally, during 2020, the Company received cash proceeds of $91.7 million from the maturity of the remaining investment in a mortgage backed security. The Company estimated the fair value of its investment in mortgage backed securities at December 31, 2020 and 2019 to be approximately zero and $72.7 million, respectively. The Company determines the fair value of the mortgage backed securities based on unobservable inputs (Level 3 of the fair value hierarchy) considering the assumptions that market participants would make in valuing these securities. Assumptions such as estimated default rates and discount rates are used to determine expected, discounted cash flows to estimate the fair value. (l) Interest Rate Protection, Swap, and Forward Contracts The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company uses interest rate swaps as part of its cash flow hedging strategy. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Investments, Net [Abstract] | |
Real Estate Investments | Real Estate Investments (a) Acquisitions of Real Estate The table below summarizes acquisition activity for the year ended December 31, 2020 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2020 Purchase Price CPPIB Portfolio Various 2,020 100 % Q1 $ 463.4 Total 2020 2,020 $ 463.4 In January 2020, the Company purchased CPPIB's 45.0% interest in each of a land parcel and six communities totaling 2,020 apartment homes, valued at $1.0 billion on a gross basis. As a result of this acquisition, the Company realized a gain on remeasurement of co-investment of $234.7 million. Furthermore, the Company recognized $6.5 million in promote income as a result of the transaction, which is included in equity income from co-investments on the consolidated statements of income. The consolidated fair value of the acquisition listed above was included on the Company's consolidated balance sheet as follows: $189.0 million was included in land and land improvements, $846.0 million was included in buildings and improvements, $10.0 million was included in prepaid expenses and other assets, within the Company's consolidated balance sheets. For the year ended December 31, 2019, the Company purchased four communities consisting of 849 apartment homes for approximately $373.3 million. Additionally, in December 2019, the Company purchased the joint venture partner's 25% ownership interest in Hidden Valley, a consolidated community consisting of 324 apartment homes, for a contract price of $24.2 million based on an estimated property valuation of $97.0 million and an encumbrance of $29.7 million of mortgage debt. The purchase was recorded as a redemption of noncontrolling interest in the consolidated statements of equity. (b) Sales of Real Estate Investments In June 2020, the Company completed a portfolio sale which consisted of two apartment communities with 429 apartment homes, One South Market and Museum Park, both located in San Jose, CA, for a total contract price of $232.0 million. The Company recognized a $16.6 million gain on sale. In July 2020, the Company sold Delano, a 126 apartment home community located in Redmond, WA, for a total contract price of $51.5 million. The Company recognized a $22.7 million gain on sale. In October 2020, the Company sold 416 on Broadway, a 115 apartment home community located in Glendale, CA, for a total contract price of $60.0 million. The Company recognized a $25.7 million gain on sale. For the year ended December 31, 2019, the Company sold a land parcel adjacent to the Mylo development project located in Santa Clara, CA, for $10.8 million and recorded an immaterial gain and sold land located in San Mateo, CA, that had been held for future development for $12.5 million and recorded a loss of $3.2 million. 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 $61.9 million. (c) Real Estate Assets Held for Sale As of December 31, 2020, the Company had two communities totaling 439 apartment homes that are qualified as held for sale. As of December 31, 2019 the Company had no assets classified as held for sale. (d) Co-investments The Company has joint ventures which are accounted for under the equity method. The co-investments’ accounting policies are similar to the Company’s accounting policies. The co-investments own, operate, and develop apartment communities. The carrying values of the Company’s co-investments as of December 31, 2020 and 2019 are as follows ($ in thousands, except in parenthetical): Weighted Average Essex Ownership December 31, Percentage (1) 2020 2019 Ownership interest in: CPPIB (2) — % $ — $ 345,466 Wesco I, Wesco III, Wesco IV, and Wesco V 51 % 178,322 216,756 BEXAEW, BEX II, BEX III, and BEX IV 50 % 152,309 160,888 Other 47 % 27,635 20,351 Total operating and other co-investments, net 358,266 743,461 Total predevelopment and development co-investments 50 % 157,433 146,944 Total preferred interest co-investments (includes related party investments of $81.4 million and $73.2 million as of December 31, 2020 and December 31, 2019, respectively - Note 6 - Related Party Transactions for further discussion) 502,311 444,934 Total co-investments, net $ 1,018,010 $ 1,335,339 (1) Weighted average Company ownership percentages are as of December 31, 2020. (2) In January 2020, the Company purchased CPPIB's 45.0% interest in each of a land parcel and six communities totaling 2,020 apartment homes. The combined summarized financial information of co-investments is as follows ($ in thousands): December 31, 2020 2019 Combined balance sheets: (1) Rental properties and real estate under development $ 4,242,611 $ 4,733,762 Other assets 200,777 139,562 Total assets $ 4,443,388 $ 4,873,324 Debt $ 2,611,365 $ 2,442,213 Other liabilities 189,515 117,160 Equity 1,642,508 2,313,951 Total liabilities and equity $ 4,443,388 $ 4,873,324 Company's share of equity $ 1,018,010 $ 1,335,339 Years ended 2020 2019 2018 Combined statements of income: (1) Property revenues $ 300,624 $ 336,922 $ 332,164 Property operating expenses (108,682) (115,658) (107,584) Net operating income 191,942 221,264 224,580 Gain on sale of real estate — 112,918 24,218 Interest expense (78,962) (65,665) (63,913) General and administrative (17,079) (9,575) (6,379) Depreciation and amortization (117,836) (121,006) (126,485) Net income $ (21,935) $ 137,936 $ 52,021 Company's share of net income (2) $ 66,512 $ 112,136 $ 89,132 (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 $8.6 million, $7.5 million, and $2.0 million for the years ended December 31, 2020, 2019, and 2018, respectively. Operating Co-investments As of December 31, 2020 and 2019, the Company, through several joint ventures, owned 8,652 and 10,672 apartment homes, respectively, in operating communities. The Company’s book value of these co-investments was $358.3 million and $743.5 million at December 31, 2020 and 2019, respectively. Predevelopment and Development Co-investments As of December 31, 2020 and 2019, the Company, through several joint ventures, owned 1,070 and 806 apartment homes in predevelopment and development communities, respectively. The Company’s book value of these co-investments was $157.4 million and $146.9 million at December 31, 2020 and 2019, respectively. In 2020, the Company entered into a joint venture to develop Scripps Mesa Apartments, a multifamily community comprised of 264 apartment homes located in San Diego, CA. The Company has a 51% ownership interest in the development which has a projected total cost of $102.0 million. Construction began in the third quarter of 2020 and the community is expected to open in the fourth quarter of 2022. The Company has a $5.9 million preferred equity investment in the project, which accrues an annualized preferred return of 10.0% until it is redeemed. In 2017, the Company entered into a joint venture to develop Patina at Midtown (formerly known as 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 $148.0 million. The property began initial occupancy in the third quarter of 2020 and is expected to be fully stabilized by the second quarter of 2021. The Company has a $28.9 million preferred equity investment in the project, which accrues an initial annualized preferred return of 10.0% and matures in 2021. In 2015, the Company entered into a joint venture to develop 500 Folsom, a multifamily community comprised of 537 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. The property began initial occupancy in the third quarter of 2019 and is expected to be fully stabilized by the first quarter of 2021. Preferred Equity Investments As of December 31, 2020 and 2019, 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 $502.3 million and $444.9 million at December 31, 2020 and 2019, respectively, and is included in the co-investments line in the accompanying consolidated balance sheets. During 2020, the Company made commitments to fund $191.3 million of preferred equity investment in seven preferred equity investments. The investments have initial preferred returns ranging from 9.0%-11.5%, with maturities ranging from March 2022 to February 2030. As of December 31, 2020, the Company had funded $55.1 million of the $191.3 million of commitments. The remaining committed amount is expected to be funded in 2021. During 2019, the Company made commitments to fund $141.7 million of preferred equity investment in five preferred equity investments, some of which include related party sponsors. See Note 6, Related Party Transactions, for additional details. The investments have initial preferred returns ranging from 10.15%-11.3%, with maturities ranging from July 2022 to October 2024. As of December 31, 2020, the Company had fully funded $141.7 million of the commitments. During 2018, the Company made commitments to fund $45.1 million of preferred equity investment in two preferred equity investments, some of which include related party sponsors. See Note 6, Related Party Transactions, for additional details. The investments have initial preferred returns ranging from 10.25%-12.0%, with maturities ranging from May 2023 to April 2024. As of December 31, 2020, the Company had funded $42.1 million of the $45.1 million of commitments. The remaining committed amount is expected to be funded when requested by the sponsors. In March 2020, the Company received cash of $11.3 million, including an early redemption fee of $0.2 million, for the partial redemption of a preferred equity investment in a joint venture that holds property located in Southern California. In the fourth quarter of 2020, the Company subsequently received cash of $10.7 million for redemption of the remainder of this preferred equity investment. In February and September 2020, the Company received cash of $13.4 million for the full redemption of a preferred equity investment in a property located in Southern California. In December 2020, the Company received cash of $31.3 million for the full redemption of a preferred equity investment in two properties located in Southern California. (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, 2020, the Company's development pipeline was comprised of three consolidated projects under development, three unconsolidated joint venture projects under development and various predevelopment projects, aggregating 1,853 apartment homes, with total incurred costs of $948.0 million. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Disaggregated Revenue The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): 2020 2019 2018 Rental income (1) $ 1,462,161 $ 1,425,585 $ 1,366,590 Other property (1) 23,989 25,043 24,280 Management and other fees from affiliates 9,598 9,527 9,183 Total revenues $ 1,495,748 $ 1,460,155 $ 1,400,053 (1) On January 1, 2019, the Company adopted ASU No. 2016-02 and ASU No. 2018-11. As a result of this adoption, certain amounts previously classified as other property revenue have been reclassified to rental income. Prior period amounts have been adjusted to conform to the current period's presentation. The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): 2020 2019 2018 Southern California $ 570,673 $ 597,330 $ 579,533 Northern California 610,867 557,139 520,117 Seattle Metro 243,900 243,060 234,138 Other real estate assets (1) 60,710 53,099 57,082 Total rental and other property revenues $ 1,486,150 $ 1,450,628 $ 1,390,870 (1) Other real estate assets consist of revenue generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. Executive management does not evaluate such operating performance geographically. The following table presents the Company’s rental and other property revenues disaggregated by current property category status ($ in thousands): 2020 2019 2018 Same-property (1) $ 1,286,686 $ 1,338,690 $ 1,288,771 Acquisitions (2) 78,666 7,704 — Development (3) 20,050 7,675 2,741 Redevelopment 19,054 21,058 20,413 Non-residential/other, net (4) 59,838 75,501 78,945 Straight line rent concession (5) 21,856 — — Total rental and other property revenues $ 1,486,150 $ 1,450,628 $ 1,390,870 (1) Properties that have comparable stabilized results as of January 1, 2019 and are consolidated by the Company for the years ended December 31, 2020, 2019, and 2018. A community is generally considered to have reach stabilized operations once it achieves an initial occupancy of 90%. (2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2019. (3) Development includes properties developed which did not have stabilized results as of January 1, 2019. (4) Non-residential/other, net consists of revenue generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and three communities located in the California counties of Riverside, Santa Barbara, and Santa Cruz, which the Company does not consider its core markets. (5) Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP. 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 $3.1 million and $3.9 million as of December 31, 2020 and December 31, 2019, 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, 2020 that was included in the December 31, 2019 deferred revenue balance was $0.8 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, 2020, the Company had $3.1 million of remaining performance obligations. The Company expects to recognize approximately 23% of these remaining performance obligations in 2021, an additional 45% through 2023, and the remaining balance thereafter. Practical Expedients The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or when variable consideration is allocated entirely to a wholly unsatisfied performance obligation. |
Notes and Other Receivables
Notes and Other Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Notes and Other Receivables [Abstract] | |
Notes and Other Receivables | Notes and Other Receivables Notes and other receivables consist of the following as of December 31, 2020 and 2019 ($ in thousands): 2020 2019 Note receivable, secured, bearing interest at 9.00% due May 2021 (Originated May 2017) (1) $ — $ 16,828 Note receivable, secured, bearing interest at 9.90%, due November 2021 (Originated November 2018) 14,216 12,838 Related party note receivable, secured, bearing variable rate interest, due February 2020 (Originated November 2019) (2)(3) — 85,713 Notes receivable, secured, bearing interest at 10.50%, due February 2023 (Originated March 2020) 15,299 — Note receivable, secured, bearing interest at 11.00%, due October 2023 (Originated April 2020) 25,461 — Note receivable, secured, bearing interest at 9.00%, due December 2023 (Originated November 2020) 79,827 — Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) 15,423 — Notes and other receivables from affiliates (4) 4,744 4,442 Straight line rent receivables (5) 25,214 6,083 Other receivables 15,671 8,461 Allowance for credit losses (751) — Total notes and other receivables $ 195,104 $ 134,365 (1) In January 2020, the Company received cash of $16.9 million from the payoff of this note receivable. (2) See Note 6, Related Party Transactions, for additional details. (3) In January 2020, the Company received cash of $85.8 million from the payoff of this note receivable. (4) These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2020 and 2019, respectively. See Note 6, Related Party Transactions, for additional details. (5) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties. The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands): Mezzanine Loans Bridge Loans Total Balance at December 31, 2019 $ — $ — $ — Impact of adoption ASC 326 147 43 190 Provision for credit losses 604 (43) 561 Balance at December 31, 2020 $ 751 $ — $ 751 No loans were placed on nonaccrual status or charged off during the year ended December 31, 2020 or 2019. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
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, a national brokerage firm listed on the NYSE that underwent its initial public offering in 2013. For the year ended December 31, 2020, the Company paid brokerage commissions of $0.2 million to MMC and its affiliates related to real estate transactions. For the years ended December 31, 2019 and 2018, there were no brokerage commissions paid by the Company to MMI or its affiliates. The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates totaled $11.3 million, $13.8 million, and $13.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of $1.7 million, $4.3 million, and $4.8 million against general and administrative expenses for the years ended December 31, 2020, 2019 and 2018, respectively. As described in Note 5, Notes and Other Receivables, the Company has provided short-term loans to affiliates. As of December 31, 2020 and 2019, $4.7 million and $4.4 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 was classified within notes and other receivables in the accompanying consolidated balance sheets and was paid off in October 2019. In November 2019, the Company provided an $85.5 million related party bridge loan to Wesco V as part of the acquisition of Velo and Ray. The note receivable accrued interest at LIBOR plus 1.30% and was scheduled to mature in February 2020, but was paid off in January 2020. The bridge loan was classified within notes and other receivables in the accompanying consolidated balance sheets. In August 2019, the Company provided an $89.0 million related party bridge loan to Wesco V in connection with the acquisition of The Courtyards at 65th Street. The note receivable accrued interest at LIBOR plus 1.30% and was paid off in November 2019. In August 2019, the Company provided a $44.4 million related party bridge loan to BEX IV in connection with the acquisition of 777 Hamilton. The note receivable accrued interest at 3.25%. In November 2019, the term of the bridge loan was extended to February 2020, but was paid off in December 2019. In June 2019, the Company acquired Brio, a 300 unit apartment home community located in Walnut Creek, CA. The Company issued DownREIT units to an affiliate of MMC, based on a contract price of $164.9 million. The property was encumbered by $98.7 million of mortgage debt which was assumed by the Company at the time of acquisition. As a result of this transaction, the Company consolidated the property, based on a VIE analysis performed by the Company. In February 2019, the Company funded a $24.5 million preferred equity investment in an entity whose sponsor is an affiliate of MMC, which owns a multifamily development community located in Mountain View, CA. The investment has an initial preferred return of 11.0% and is scheduled to mature in February 2024. 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 accrues interest based on an initial 12.0% 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 accrues interest based on a 10.25% preferred return. The investment is scheduled to mature in May 2023. As of December 31, 2020, the Company had funded $23.4 million of the commitment. The remaining committed amount is expected to be funded if and when requested by the sponsors. 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 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 earned 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 $5.0 million investment, which was scheduled to mature in 2022, was fully redeemed in 2018. The remaining investment was fully redeemed in February 2019. |
Unsecured Debt
Unsecured Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Unsecured Debt | Unsecured Debt Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities up to the maximum amounts and for the full term of the facilities. Unsecured debt consists of the following as of December 31, 2020 and 2019 ($ in thousands): 2020 2019 Weighted Average Unsecured bonds private placement - fixed rate $ 199,950 $ 199,820 0.5 Term loan - variable rate 549,380 349,189 1.5 Bonds public offering - fixed rate 4,858,655 4,214,197 9.4 Unsecured debt, net (1) 5,607,985 4,763,206 Lines of credit (2) — 55,000 Total unsecured debt $ 5,607,985 $ 4,818,206 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.4 % 3.8 % Weighted average interest rate on variable rate term loan 1.7 % 2.7 % Weighted average interest rate on lines of credit 1.0 % 2.5 % (1) Includes unamortized discount, net of premiums, of $10.1 million and $12.2 million and unamortized debt issuance costs of $31.9 million and $24.5 million as of December 31, 2020 and 2019, 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 $3.7 million and $3.8 million as of December 31, 2020 and 2019, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets. As of both December 31, 2020 and 2019, the Company had $200.0 million of private placement unsecured bonds outstanding at an average effective interest rate of 4.4%. The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2020 and 2019 ($ in thousands): Maturity 2020 2019 Coupon 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 % $ 200,000 $ 200,000 As of December 31, 2020 and 2019, the Company had unsecured term loans outstanding of $550.0 million and $350.0 million, respectively, at an average interest rate of 1.7% and 2.7%, respectively. These loans are included in the line "Term loan - variable rate" in the table above, and as of December 31, 2020 and 2019, the carrying value, net of debt issuance costs, was $549.4 million and $349.2 million, respectively. $350.0 million of the term loan matures in February 2022 and $200.0 million of the term loan matures in April 2021 with two 12-month extension options, exercisable at the Company’s option. 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 February 2020, the Operating Partnership issued $500.0 million of senior unsecured notes due on March 15, 2032, with a coupon rate of 2.650% (the "2032 Notes"), which are payable on March 15 and September 15 of each year, beginning on September 15, 2020. The 2032 Notes were offered to investors at a price of 99.628% of par value. The 2032 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. The Company used the net proceeds of this offering to repay indebtedness under its unsecured lines of credit, which had been used to fund the buyout of CPPIB's 45.0% joint venture interests, as well as repay $100.3 million of secured debt during the quarter that ended March 31, 2020. In June 2020, the Operating Partnership issued an additional $150.0 million of the 2032 Notes at a price of 105.660% of par value, plus accrued interest from February 2020 up to, but not including, the date of delivery of the additional notes, with an effective yield of 2.093%. These additional notes have substantially identical terms as the 2032 Notes issued in February 2020. The proceeds were used to repay indebtedness under the Company's unsecured credit facilities and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2020, the carrying value of the 2032 Notes, net of premiums and debt issuance costs, was $650.7 million. In April 2020, the Company obtained a $200.0 million unsecured term loan with a one-year maturity and two 12-month extension options, exercisable at the Company’s option. The unsecured term loan bears a variable interest rate of LIBOR plus 1.20% and the proceeds were used to repay all remaining consolidated debt maturing in 2020. In August 2020, the Operating Partnership issued $600.0 million of senior unsecured notes, consisting of $300.0 million aggregate principal amount due on January 15, 2031 with a coupon rate of 1.650% (the “2031 Notes”) and $300.0 million aggregate principal amount due on September 1, 2050 with a coupon rate of 2.650% (the “2050 Notes” and together with the 2031 Notes, the “Notes”). The 2031 Notes were offered to investors at a price of 99.035% of par value and the 2050 Notes at 99.691% of par value. Interest is payable on the 2031 Notes semiannually on January 15 and July 15 of each year, beginning on January 15, 2021. Interest is payable on the 2050 Notes semiannually on March 1 and September 1 of each year, beginning on March 1, 2021. The 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. The Company used the net proceeds of this offering to repay debt maturities, including certain unsecured private placement notes, secured mortgage notes, and to fund the redemption of $300.0 million aggregate principal amount of its outstanding 3.625% senior unsecured notes due August 2022, and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2020, the carrying value of the 2031 Notes and 2050 Notes, net of discount and debt issuance costs was $294.5 million and $295.7 million, respectively. In August 2019, the Operating Partnership issued $400.0 million of senior unsecured notes due on January 15, 2030, with a coupon rate of 3.000% per annum (the "2030 Notes"), which are payable on January 15 and July 15 of each year, beginning on January 15, 2020. The 2030 Notes were offered to investors at a price of 98.632% of the principal amount thereof. The 2030 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. In October 2019, the Operating Partnership issued an additional $150.0 million of the 2030 notes at a price of 101.685% of the principal amount thereof. These additional notes have substantially identical terms as the 2030 Notes issued in August 2019. The Company used the net proceeds of these offerings to prepay, with no prepayment penalties, certain secured indebtedness under outstanding mortgage notes, to repay indebtedness under its unsecured lines of credit and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2020, and 2019, the carrying value of the 2030 Notes, net of discount and debt issuance costs, was $543.1 million and $542.3 million, respectively. In February 2019, the Operating Partnership 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"), 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 the principal amount thereof. 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. In March 2019, the Operating Partnership issued an additional $150.0 million of the 2029 Notes at a price of 100.717% of the principal amount thereof. These additional notes have substantially identical terms as the 2029 Notes issued in February 2019. The Company used the net proceeds of these offerings to repay indebtedness under its unsecured lines of credit and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2020, and 2019, the carrying value of the 2029 Notes, net of discount and debt issuance costs was $494.8 million and $494.1 million, respectively. In March 2018, the Operating Partnership 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, 2020 and 2019, the carrying value of the 2048 Notes, net of discount and debt issuance costs was $295.8 million and $295.6 million, respectively. In April 2017, the Operating Partnership 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, 2020 and 2019, the carrying value of the 2027 Notes, net of discount and debt issuance costs was $346.8 million and $346.3 million, respectively. In April 2016, the Operating Partnership 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, 2020 and 2019, the carrying value of the 2026 Notes, net of discount and debt issuance costs was $446.4 million and $445.7 million, respectively. In March 2015, the Operating Partnership 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, 2020 and 2019, the carrying value of the 2025 Notes, net of discount and debt issuance costs was $497.6 million and $497.1 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, 2020 and 2019, the carrying value of the BRE Notes, plus unamortized premium was $296.8 million and $599.4 million, respectively. In December 2020, the Company paid off $300.0 million of 5.200% senior notes. In March 2017, the Company paid off $300.0 million of 5.500% senior notes, at maturity. In April 2014, the Operating Partnership 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, 2020 and 2019, the carrying value of the 2024 Notes, net of discount and debt issuance costs was $397.8 million and $397.1 million, respectively. In April 2013, the Operating Partnership 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, 2020 and 2019, the carrying value of the 2023 Notes, net of discount and debt issuance costs was $298.7 million and $298.2 million, respectively. The following is a summary of the Company’s senior unsecured notes as of December 31, 2020 and 2019 ($ in thousands): Maturity 2020 2019 Coupon Senior notes March 2021 $ — $ 300,000 5.200 % Senior notes August 2022 — 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 2029 500,000 500,000 4.000 % Senior notes January 2030 550,000 550,000 3.000 % Senior notes January 2031 300,000 — 1.650 % Senior notes March 2032 650,000 — 2.650 % Senior notes March 2048 300,000 300,000 4.500 % Senior notes September 2050 300,000 — 2.650 % $ 4,900,000 $ 4,250,000 The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2020 are as follows ($ in thousands): 2021 $ — 2022 — 2023 600,000 2024 400,000 2025 500,000 Thereafter 3,400,000 $ 4,900,000 As of December 31, 2020, 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, 2020, there was no amount outstanding on the $1.2 billion unsecured line of credit. As of December 31, 2019, there was $55.0 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 0.825% as of December 31, 2020. The $1.2 billion unsecured line of credit has a scheduled maturity date in December 2023 with one 18-month extension, exercisable at the Company's option. As of both December 31, 2020 and 2019, there was no amount outstanding on the Company's $35.0 million working capital unsecured line of credit. The interest rate on the amended line is based on a tiered rate structure tied to the Company's credit ratings and is currently at LIBOR plus 0.825%. The Company’s unsecured lines of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities, and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization. The Company was in compliance with the debt covenants as of December 31, 2020 and 2019. |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Notes Payable [Abstract] | |
Mortgage Notes Payable | Mortgage Notes Payable Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2020 and 2019 ($ in thousands): 2020 2019 Fixed rate mortgage notes payable $ 419,323 $ 736,490 Variable rate mortgage notes payable (1) 224,227 254,177 Total mortgage notes payable (2) $ 643,550 $ 990,667 Number of properties securing mortgage notes 12 24 Remaining terms 1-26 years 1-27 years Weighted average interest rate 2.7 % 4.1 % The aggregate scheduled principal payments of mortgage notes payable at December 31, 2020 are as follows ($ in thousands): 2021 $ 3,501 2022 43,188 2023 2,945 2024 3,109 2025 133,054 Thereafter 455,629 $ 641,426 (1) Variable rate mortgage notes payable, including $225.1 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 1.2% at December 2020 and 2.3% at December 2019) 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. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2020 and 2019, respectively. (2) Includes total unamortized premium, net of discounts, of $3.9 million and $5.9 million and reduced by unamortized debt issuance costs of $1.8 million and $2.6 million as of December 31, 2020 and 2019, respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
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 As of December 31, 2020 and 2019, the Company had no interest rate caps. As of December 31, 2020 and 2019, the aggregate carrying value of the interest rate swap contracts were a liability of $2.4 million and an asset of $0.8 million, respectively. As of December 31, 2020 and 2019, the swap contracts were presented in the consolidated balance sheets as an asset of zero and $1.0 million, respectively, and were in prepaid expenses and other assets on the consolidated balance sheets, and a liability of $2.4 million and $0.2 million, respectively, and were included in other liabilities on the consolidated balance sheets. The Company had no interest rate caps on the balance sheets as of December 31, 2020 and 2019. Hedge ineffectiveness related to cash flow hedges, which is included in interest expense on the consolidated statements of income, was zero, a loss of $0.2 million, and a loss of $0.1 million for the years ended December 31, 2020, 2019, and 2018 respectively. The Company has four total return swap contracts, with an aggregate notional amount of $254.8 million, that effectively convert $225.1 million of mortgage notes payable and $29.7 million of mortgage notes payable related to real estate held for sale that is included in liabilities associated with real estate held for sale on the consolidated balance sheet to a floating interest rate based on the Securities Industry and Financial Markets Association Municipal Swap Index ("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 $254.8 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, 2020 and 2019, respectively. These total return swaps are scheduled to mature between November 2022 and December 2024. The realized gains of $10.7 million, |
Lease Agreements - Company as L
Lease Agreements - Company as Lessor | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Agreements - Company as Lessor | Lease Agreements - Company as Lessor As of December 31, 2020, the Company is a lessor of apartment homes at all of its consolidated operating and lease-up communities, one commercial building, and commercial portions of mixed use communities. The apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months) while commercial lease terms typically range from 5 to 20 years. All such leases are classified as operating leases. Although the majority of the Company’s apartment home and commercial leasing income is derived from fixed lease payments, some lease agreements also allow for variable payments. The primary driver of variable leasing income comes from utility reimbursements from apartment home leases and common area maintenance reimbursements from commercial leases. A small number of commercial leases contain provisions for lease payments based on a percentage of gross retail sales over set hurdles. At the end of the term of apartment home leases, unless the lessee decides to renew the lease with the Company at the market rate or gives notice not to renew, the lease will be automatically renewed on a month-to-month term. Apartment home leases include an option to terminate the lease, however the lessee must pay the Company for expected or actual downtime to find a new tenant to lease the space or a lease-break fee specified in the lease agreement. Most commercial leases include options to renew, with the renewal periods extending the term of the lease for no greater than the same period of time as the original lease term. The initial option to renew for commercial leases will typically be based on a fixed price while any subsequent renewal options will generally be based on the current market rate at the time of the renewal. Certain commercial leases contain lease termination options that would require the lessee to pay termination fees based on the expected amount of time it would take the Company to re-lease the space. The Company’s apartment home and commercial lease agreements do not contain residual value guarantees. As the Company is the lessor of real estate assets which tend to either hold their value or appreciate, residual value risk is not deemed to be substantial. Furthermore, the Company carries comprehensive liability, fire, extended coverage, and rental loss insurance for each of its communities as well as limited insurance coverage for certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes. A maturity analysis of undiscounted future minimum non-cancelable base rent to be received under the above operating leases as of December 31, 2020 is summarized as follows ($ in thousands): Future Minimum Rent 2021 $ 720,570 2022 34,240 2023 14,971 2024 13,619 2025 11,265 Thereafter 24,855 $ 819,520 Practical Expedients The Company has elected to account for operating lease (e.g., fixed payments including rent) and non-lease components (e.g., utility reimbursements and common-area maintenance costs) as a single combined lease component under ASC 842 "Leases" as the lease components are the predominant elements of the combined components. As part of the transition to ASC Topic 842, the Company has elected to use the modified retrospective transition method with the new standard being applied as of the January 1, 2019 adoption date. Additionally, the Company has elected, as of the |
Lease Agreements - Company as_2
Lease Agreements - Company as Lessee | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Agreements - Company as Lessee | Lease Agreements - Company as Lessee As of December 31, 2020, the Company is a lessee of corporate office space, ground leases and a parking lease associated with various consolidated properties, and equipment. Lease terms for the Company's office leases, in general, range between 5 to 10 years while ground leases and the parking lease have terms typically ranging from 20 to 85 years. The corporate office leases occasionally contain renewal options of approximately five years while certain ground leases contain renewal options that can extend the lease term from approximately 10 to 39 years. A majority of the Company’s ground leases and the parking lease are subject to changes in the Consumer Price Index ("CPI"). Furthermore, certain of the Company’s ground leases include rental payments based on a percentage of gross or net income. While lease liabilities are not remeasured as a result of changes in the CPI or percentage of gross or net income, such changes are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. As of December 31, 2020 and 2019, the Company had no material finance leases. Supplemental consolidated balance sheet information related to leases as of December 31, 2020 and 2019 is as follows ($ in thousands): Classification December 31, 2020 December 31, 2019 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 72,143 $ 74,744 Total leased assets $ 72,143 $ 74,744 Liabilities Operating lease liabilities Operating lease liabilities 74,037 76,740 Total lease liabilities $ 74,037 $ 76,740 The components of lease expense for the years ended December 31, 2020 and 2019 were as follows ($ in thousands): December 31, 2020 December 31, 2019 Operating lease cost $ 6,749 $ 6,745 Variable lease cost 1,436 783 Short-term lease cost 432 610 Sublease income (438) (436) Total lease cost $ 8,179 $ 7,702 A maturity analysis of lease liabilities as of December 31, 2020 is as follows ($ in thousands): Operating Leases 2021 $ 6,963 2022 6,987 2023 6,962 2024 6,690 2025 6,310 Thereafter 140,417 Total lease payments $ 174,329 Less: Imputed interest (100,292) Present value of lease liabilities $ 74,037 Lease term and discount rate information for leases at December 31, 2020 and 2019 are as follows: December 31, 2020 December 31, 2019 Weighted-average of remaining lease terms (years) Operating Leases 39 39 Weighted-average of discount rates Operating Leases 5.00 % 4.99 % Practical Expedients As part of the transition to ASC Topic 842, the Company elected to use the modified retrospective transition method with the new standard being applied as of the January 1, 2019 adoption date. Additionally, the Company has elected, as of the adoption date, not to reassess whether expired or existing contracts contain leases under the new definition of a lease, not to reassess the lease classification for expired or existing leases, not to reassess whether previously capitalized initial direct costs would qualify for capitalization under ASC Topic 842, and not to reassess whether existing or expired land easements meet the definition of a lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term. The Company has elected to account for lease components (e.g., fixed payments including rent) and non-lease components (e.g., common-area maintenance costs) as a single combined lease component as the lease components are the predominant elements of the combined components. |
Equity Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity Transactions | Equity Transactions Common Stock Offerings In September 2018, the Company entered into an 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"). 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"). 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. For the year ended December 31, 2020, the Company did not issue any shares of common stock through the 2018 ATM Program. For the year ended December 31, 2019, the Company issued 228,271 shares of common stock through the 2018 ATM Program at an average price of $321.56 per share for proceeds of $73.4 million. For 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. As of December 31, 2020, there were no outstanding forward sale agreements, and $826.6 million of shares remained available to be sold under this program. Operating Partnership Units and Long-Term Incentive Plan ("LTIP") Units As of December 31, 2020 and 2019, the Operating Partnership had outstanding 2,188,623 and 2,158,396 operating partnership units and 106,137 and 143,257 vested LTIP units, respectively. The Operating Partnership’s general partner, Essex, owned 96.6% of the partnership interests in the Operating Partnership as of both December 31, 2020 and 2019, 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 unitholder 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 $544.8 million and $692.5 million based on the closing price of Essex's common stock as of December 31, 2020 and 2019, respectively. |
Net Income Per Common Share and
Net Income Per Common Share and Net Income Per Common Unit | 12 Months Ended |
Dec. 31, 2020 | |
Net Income Per Common Share and Net Income Per Unit [Abstract] | |
Net Income Per Common Share and Net Income Per Common Unit | Net Income Per Common Share and Net Income Per Common Unit Essex Property Trust, Inc. Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): 2020 2019 2018 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 568,870 65,454,057 $ 8.69 $ 439,286 65,840,422 $ 6.67 $ 390,153 66,041,058 $ 5.91 Effect of Dilutive Securities Stock options — 16,678 — 99,033 — 44,031 DownREIT units 783 94,247 — — — — Diluted: Net income available to common stockholders $ 569,653 65,564,982 $ 8.69 $ 439,286 65,939,455 $ 6.66 $ 390,153 66,085,089 $ 5.90 The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,296,608, 2,300,478, and 2,274,941, 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, 2020, 2019 and 2018, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $20.0 million, $15.3 million, and $13.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. Additionally, the table excludes all DownREIT units for which the Operating Partnership has the ability and intention to redeem the units for cash and does not consider them to be common stock equivalents. Stock options of 403,458, 115,066, and 160,039, for the years ended December 31, 2020, 2019, and 2018, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the years ended and, therefore, were anti-dilutive. Essex Portfolio, L.P. Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts): 2020 2019 2018 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 588,782 67,750,665 $ 8.69 $ 454,629 68,140,900 $ 6.67 $ 403,605 68,315,999 $ 5.91 Effect of Dilutive Securities Stock options — 16,678 — 99,033 — 44,031 DownREIT units 783 94,247 — — — — Diluted: Net income available to common unitholders $ 589,565 67,861,590 $ 8.69 $ 454,629 68,239,933 $ 6.66 $ 403,605 68,360,030 $ 5.90 Stock options of 403,458, 115,066, and 160,039, for the years ended December 31, 2020, 2019, and 2018, 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 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. |
Equity Based Compensation Plans
Equity Based Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [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 $12.9 million, $11.4 million, and $12.1 million for years ended December 31, 2020, 2019 and 2018, respectively. For each of the years ended December 31, 2020, 2019 and 2018 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 $1.3 million, $1.6 million, and $2.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. The intrinsic value of the options exercised totaled $7.4 million, $18.7 million, and $3.1 million, for the years ended December 31, 2020, 2019, and 2018 respectively. The intrinsic value of the options exercisable totaled $3.4 million and $23.5 million as of December 31, 2020 and 2019, respectively. Total unrecognized compensation cost related to unvested stock options totaled $4.4 million as of December 31, 2020 and the unrecognized compensation cost is expected to be recognized over a period of 2.2 years. The average fair value of stock options granted for the years ended December 31, 2020, 2019 and 2018 was $20.69, $24.02 and $26.13, respectively. Certain stock options granted in 2020, 2019, and 2018 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: 2020 2019 2018 Stock price $ 244.74 $ 304.85 $ 262.09 Risk-free interest rates 0.83 % 2.01 % 2.76 % Expected lives 6 years 6 years 6 years Volatility 25.72 % 19.56 % 24.89 % Dividend yield 2.93 % 2.72 % 2.81 % A summary of the status of the Company’s stock option plans as of December 31, 2020, 2019, and 2018 and changes during the years ended on those dates is presented below: 2020 2019 2018 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of year 572,971 $ 251.10 612,954 $ 224.57 536,208 $ 211.41 Granted 149,020 244.74 148,147 304.85 119,361 262.09 Exercised (70,802) 208.57 (182,817) 205.25 (39,175) 159.05 Forfeited and canceled (38,080) 228.64 (5,313) 257.87 (3,440) 221.80 Outstanding at end of year 613,109 255.86 572,971 251.10 612,954 224.57 Options exercisable at year end 361,985 245.83 305,379 223.90 322,837 206.63 The following table summarizes information about restricted stock outstanding as of December 31, 2020, 2019 and 2018 and changes during the years ended: 2020 2019 2018 Shares Weighted- Shares Weighted- Shares Weighted- Unvested at beginning of year 114,877 $ 197.62 91,058 $ 180.99 90,823 $ 163.49 Granted 45,196 248.16 41,643 235.93 51,945 194.70 Vested (15,116) 170.61 (13,222) 143.56 (48,212) 150.76 Forfeited and canceled (12,354) 184.11 (4,602) 158.06 (3,498) 158.71 Unvested at end of year 132,603 214.34 114,877 197.62 91,058 180.99 The unrecognized compensation cost related to unvested restricted stock totaled $13.8 million as of December 31, 2020 and is expected to be recognized over a period of 2.3 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, vested at 20% per year on each of the first five 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 vested 25% per year on each of the first four ten 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 Unitholders 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 zero, $0.9 million and $0.8 million for the years ended December 31, 2020, 2019 and 2018, 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 zero, $0.2 million, and $0.2 million, for the years ended December 31, 2020, 2019, and 2018, respectively. The intrinsic value of the vested and unvested LTIP Units totaled $25.2 million as of December 31, 2020. Total unrecognized compensation cost related to the unvested LTIP Units under the LTIP Units plans was zero as of December 31, 2020. The following table summarizes information about the LTIP Units outstanding as of December 31, 2020: Long-Term Incentive Plan - LTIP Units Total Total Total Weighted- Weighted- 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 Granted — — — Vested 9,176 (9,176) — Converted — — — Cancelled — (95) (95) Balance, December 31, 2019 143,257 1,890 145,147 $ 75.03 5.2 Granted — — — Vested 1,890 (1,890) — Converted (39,010) — (39,010) Cancelled — — — Balance, December 31, 2020 106,137 — 106,137 $ 84.47 3.6 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
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 revenues less direct property operating expenses. The executive management team generally 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 revenues 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, 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, 2020, 2019, and 2018 ($ in thousands): Years Ended December 31, 2020 2019 2018 Revenues: Southern California $ 570,673 $ 597,330 $ 579,533 Northern California 610,867 557,139 520,117 Seattle Metro 243,900 243,060 234,138 Other real estate assets 60,710 53,099 57,082 Total property revenues $ 1,486,150 $ 1,450,628 $ 1,390,870 Net operating income: Southern California $ 393,776 $ 425,882 $ 412,517 Northern California 435,403 412,706 384,548 Seattle Metro 166,847 172,601 163,927 Other real estate assets 49,724 42,912 45,537 Total net operating income 1,045,750 1,054,101 1,006,529 Management and other fees from affiliates 9,598 9,527 9,183 Corporate-level property management expenses (34,573) (34,067) (32,055) Depreciation and amortization (525,497) (483,750) (479,884) General and administrative (65,388) (54,262) (53,451) Expensed acquisition and investment related costs (1,591) (168) (194) Impairment loss (1,825) (7,105) — Gain (loss) on sale of real estate and land 64,967 (3,164) 61,861 Interest expense (220,633) (217,339) (220,492) Total return swap income 10,733 8,446 8,707 Interest and other income 40,999 46,298 23,010 Equity income from co-investments 66,512 112,136 89,132 Deferred tax expense on unrealized gain on unconsolidated co-investment (1,531) (1,457) — (Loss) Gain on early retirement of debt, net (22,883) 3,717 — Gain on remeasurement of co-investment 234,694 31,535 1,253 Net income $ 599,332 $ 464,448 $ 413,599 Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2020 and 2019 ($ in thousands): As of December 31, 2020 2019 Assets: Southern California $ 3,993,275 $ 4,139,104 Northern California 5,520,019 4,408,404 Seattle Metro 1,403,678 1,456,187 Other real estate assets 10,814 344,965 Net reportable operating segments - real estate assets 10,927,786 10,348,660 Real estate under development 386,047 546,075 Co-investments 1,018,010 1,335,339 Real estate held for sale 57,938 — Cash and cash equivalents, including restricted cash 84,041 81,094 Marketable securities 147,768 144,193 Notes and other receivables 195,104 134,365 Operating lease right-of-use assets 72,143 74,744 Prepaid expenses and other assets 47,340 40,935 Total assets $ 12,936,177 $ 12,705,405 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [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 $2.7 million, $2.4 million, and $2.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company's total minimum lease payment commitments, under ground leases, parking leases, and operating leases are disclosed in Note 11, Lease Agreements - Company as Lessee. 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 or members 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 in the past. 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, 2020, 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, 2020, PWI has cash and marketable securities of approximately $152.8 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn February 2021, the Company repaid $100.0 million of unsecured debt due to mature in 2021 at an effective rate of 4.3%. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
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 Belmont Station 275 Los Angeles, CA 29,728 8,100 66,666 7,386 8,267 73,885 82,152 (33,891) 2009 Mar-09 3-30 Brio 300 Walnut Creek, CA 98,956 16,885 151,741 1,263 16,885 153,004 169,889 (8,559) 2015 Jun-19 3-30 Form 15 242 San Diego, CA 42,271 24,510 72,221 11,835 25,540 83,026 108,566 (13,807) 2014 Mar-16 3-30 Fountain Park 705 Playa Vista, CA 82,707 25,073 94,980 36,019 25,203 130,869 156,072 (80,772) 2002 Feb-04 3-30 Highridge 255 Rancho Palos Verdes, CA 69,345 5,419 18,347 33,311 6,073 51,004 57,077 (41,762) 1972 May-97 3-30 Magnolia Square/Magnolia Lane (2) 188 Sunnyvale, CA 52,303 8,190 24,736 18,553 8,191 43,288 51,479 (26,038) 1963 Sep-07 3-30 Marquis 166 San Jose, CA 44,077 20,495 47,823 178 20,495 48,001 68,496 (3,290) 2015 Dec-18 3-30 Sage at Cupertino 230 San Jose, CA 51,758 35,719 53,449 9,242 35,719 62,691 98,410 (9,454) 1971 Mar-17 3-30 The Barkley (3) 161 Anaheim, CA 14,873 — 8,520 7,659 2,353 13,826 16,179 (10,114) 1984 Apr-00 3-30 The Dylan 184 West Hollywood, CA 58,515 19,984 82,286 1,502 19,990 83,782 103,772 (18,368) 2015 Mar-15 3-30 The Huxley 187 West Hollywood, CA 53,277 19,362 75,641 1,710 19,371 77,342 96,713 (17,213) 2014 Mar-15 3-30 Township 132 Redwood City, CA 45,740 19,812 70,619 630 19,812 71,249 91,061 (3,199) 2014 Sep-19 3-30 3,025 $ 643,550 $ 203,549 $ 767,029 $ 129,288 $ 207,899 $ 891,967 $ 1,099,866 $ (266,467) Unencumbered Communities Agora 49 Walnut Creek, CA — 4,932 60,423 187 4,934 60,608 65,542 (1,987) 2016 Jan-20 3-30 Alessio 624 Los Angeles, CA — 32,136 128,543 14,335 32,136 142,878 175,014 (37,803) 2001 Apr-14 5-30 Allegro 97 Valley Village, CA — 5,869 23,977 2,758 5,869 26,735 32,604 (11,343) 2010 Oct-10 3-30 Allure at Scripps Ranch 194 San Diego, CA — 11,923 47,690 1,979 11,923 49,669 61,592 (12,386) 2002 Apr-14 5-30 Alpine Village 301 Alpine, CA — 4,967 19,728 9,687 4,982 29,400 34,382 (18,364) 1971 Dec-02 3-30 Anavia 250 Anaheim, CA — 15,925 63,712 9,732 15,925 73,444 89,369 (25,398) 2009 Dec-10 3-30 Annaliese 56 Seattle, WA — 4,727 14,229 808 4,726 15,038 19,764 (4,182) 2009 Jan-13 3-30 Apex 366 Milpitas, CA — 44,240 103,251 6,095 44,240 109,346 153,586 (23,316) 2014 Aug-14 3-30 Aqua Marina Del Rey 500 Marina Del Rey, CA — 58,442 175,326 15,117 58,442 190,443 248,885 (52,469) 2001 Apr-14 5-30 Ascent 90 Kirkland, WA — 3,924 11,862 2,286 3,924 14,148 18,072 (4,792) 1988 Oct-12 3-30 Ashton Sherman Village 264 Los Angeles, CA — 23,550 93,811 1,536 23,550 95,347 118,897 (13,614) 2014 Dec-16 3-30 Avant 440 Los Angeles, CA — 32,379 137,940 3,722 32,379 141,662 174,041 (26,788) 2014 Jun-15 3-30 Avenue 64 224 Emeryville, CA — 27,235 64,403 16,322 27,235 80,725 107,960 (18,800) 2007 Apr-14 5-30 Aviara (4) 166 Mercer Island, WA — — 49,813 1,874 — 51,687 51,687 (13,707) 2013 Apr-14 5-30 Avondale at Warner Center 446 Woodland Hills, CA — 10,536 24,522 25,418 10,601 49,875 60,476 (36,728) 1970 Jan-99 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) Bel Air 462 San Ramon, CA — 12,105 18,252 43,348 12,682 61,023 73,705 (43,768) 1988 Jan-95 3-30 Belcarra 296 Bellevue, WA — 21,725 92,091 2,613 21,725 94,704 116,429 (23,150) 2009 Apr-14 5-30 Bella Villagio 231 San Jose, CA — 17,247 40,343 4,651 17,247 44,994 62,241 (16,688) 2004 Sep-10 3-30 BellCentre 248 Bellevue, WA — 16,197 67,207 5,644 16,197 72,851 89,048 (18,845) 2001 Apr-14 5-30 Bellerive 63 Los Angeles, CA — 5,401 21,803 1,390 5,401 23,193 28,594 (8,573) 2011 Aug-11 3-30 Belmont Terrace 71 Belmont, CA — 4,446 10,290 7,387 4,473 17,650 22,123 (10,455) 1974 Oct-06 3-30 Bennett Lofts 165 San Francisco, CA — 21,771 50,800 30,939 28,371 75,139 103,510 (22,577) 2004 Dec-12 3-30 Bernardo Crest 216 San Diego, CA — 10,802 43,209 5,214 10,802 48,423 59,225 (12,642) 1988 Apr-14 5-30 Bonita Cedars 120 Bonita, CA — 2,496 9,913 5,834 2,503 15,740 18,243 (9,541) 1983 Dec-02 3-30 Boulevard 172 Fremont, CA — 3,520 8,182 14,651 3,580 22,773 26,353 (18,916) 1978 Jan-96 3-30 Brookside Oaks 170 Sunnyvale, CA — 7,301 16,310 27,349 10,328 40,632 50,960 (26,656) 1973 Jun-00 3-30 Bridle Trails 108 Kirkland, WA — 1,500 5,930 6,690 1,531 12,589 14,120 (9,424) 1986 Oct-97 3-30 Brighton Ridge 264 Renton, WA — 2,623 10,800 7,010 2,656 17,777 20,433 (13,419) 1986 Dec-96 3-30 Bristol Commons 188 Sunnyvale, CA — 5,278 11,853 10,433 5,293 22,271 27,564 (16,949) 1989 Jan-95 3-30 Bunker Hill 456 Los Angeles, CA — 11,498 27,871 96,132 11,639 123,862 135,501 (79,005) 1968 Mar-98 3-30 Camarillo Oaks 564 Camarillo, CA — 10,953 25,254 8,869 11,075 34,001 45,076 (26,629) 1985 Jul-96 3-30 Cambridge Park 320 San Diego, CA — 18,185 72,739 4,120 18,185 76,859 95,044 (19,617) 1998 Apr-14 5-30 Camino Ruiz Square 159 Camarillo, CA — 6,871 26,119 2,543 6,931 28,602 35,533 (13,801) 1990 Dec-06 3-30 Canyon Oaks 250 San Ramon, CA — 19,088 44,473 7,051 19,088 51,524 70,612 (23,554) 2005 May-07 3-30 Canyon Pointe 250 Bothell, WA — 4,692 18,288 9,479 4,693 27,766 32,459 (17,295) 1990 Oct-03 3-30 Capri at Sunny Hills 102 Fullerton, CA — 3,337 13,320 9,690 4,048 22,299 26,347 (15,327) 1961 Sep-01 3-30 Carmel Creek 348 San Diego, CA — 26,842 107,368 8,308 26,842 115,676 142,518 (30,274) 2000 Apr-14 5-30 Carmel Landing 356 San Diego, CA — 16,725 66,901 10,506 16,725 77,407 94,132 (20,335) 1989 Apr-14 5-30 Carmel Summit 246 San Diego, CA — 14,968 59,871 4,545 14,968 64,416 79,384 (16,376) 1989 Apr-14 5-30 Castle Creek 216 Newcastle, WA — 4,149 16,028 5,677 4,833 21,021 25,854 (15,908) 1998 Dec-98 3-30 Catalina Gardens 128 Los Angeles, CA — 6,714 26,856 2,490 6,714 29,346 36,060 (7,343) 1987 Apr-14 5-30 CBC Apartments & The Sweeps 239 Goleta, CA — 11,841 45,320 6,922 11,906 52,177 64,083 (28,445) 1962 Jan-06 3-30 Cedar Terrace 180 Bellevue, WA — 5,543 16,442 8,601 5,652 24,934 30,586 (13,973) 1984 Jan-05 3-30 CentrePointe 224 San Diego, CA — 3,405 7,743 22,335 3,442 30,041 33,483 (22,318) 1974 Jun-97 3-30 Chestnut Street Apartments 96 Santa Cruz, CA — 6,582 15,689 2,277 6,582 17,966 24,548 (7,884) 2002 Jul-08 3-30 City View 572 Hayward, CA — 9,883 37,670 32,941 10,350 70,144 80,494 (53,374) 1975 Mar-98 3-30 Collins on Pine 76 Seattle, WA — 7,276 22,226 688 7,276 22,914 30,190 (5,180) 2013 May-14 3-30 Connolly Station 309 Dublin, CA — 19,949 123,428 1,545 19,949 124,973 144,922 (4,139) 2014 Jan-20 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 3,961 5,801 21,376 27,177 (8,273) 1978 Nov-10 3-30 Cortesia 308 Rancho Santa Margarita, CA — 13,912 55,649 3,302 13,912 58,951 72,863 (14,944) 1999 Apr-14 5-30 Country Villas 180 Oceanside, CA — 4,174 16,583 5,547 4,187 22,117 26,304 (13,934) 1976 Dec-02 3-30 Courtyard off Main 110 Bellevue, WA — 7,465 21,405 5,047 7,465 26,452 33,917 (10,190) 2000 Oct-10 3-30 Crow Canyon 400 San Ramon, CA — 37,579 87,685 12,923 37,579 100,608 138,187 (26,738) 1992 Apr-14 5-30 Deer Valley 171 San Rafael, CA — 21,478 50,116 3,644 21,478 53,760 75,238 (13,744) 1996 Apr-14 5-30 Devonshire 276 Hemet, CA — 3,470 13,786 6,533 3,482 20,307 23,789 (12,163) 1988 Dec-02 3-30 Domaine 92 Seattle, WA — 9,059 27,177 1,545 9,059 28,722 37,781 (8,376) 2009 Sep-12 3-30 Elevation 158 Redmond, WA — 4,758 14,285 7,372 4,757 21,658 26,415 (10,931) 1986 Jun-10 3-30 Ellington 220 Bellevue, WA — 15,066 45,249 4,089 15,066 49,338 64,404 (11,978) 1994 Jul-14 3-30 Emerald Pointe 160 Diamond Bar, CA — 8,458 33,832 2,404 8,458 36,236 44,694 (9,304) 1989 Apr-14 5-30 Emerald Ridge 180 Bellevue, WA — 3,449 7,801 6,915 3,449 14,716 18,165 (11,762) 1987 Nov-94 3-30 Emerson Valley Village 144 Los Angeles, CA — 13,378 53,240 1,349 13,378 54,589 67,967 (7,825) 2012 Dec-16 3-30 Emme 190 Emeryville, CA — 15,039 80,532 357 15,039 80,889 95,928 (2,709) 2015 Jan-20 3-30 Enso 183 San Jose, CA — 21,397 71,135 1,907 21,397 73,042 94,439 (13,258) 2014 Dec-15 3-30 Epic 769 San Jose, CA — 89,111 307,769 509 89,111 308,278 397,389 (10,261) 2013 Jan-20 3-30 Esplanade 278 San Jose, CA — 18,170 40,086 16,209 18,429 56,036 74,465 (32,656) 2002 Apr-04 3-30 Essex Skyline 350 Santa Ana, CA — 21,537 146,099 12,601 21,537 158,700 180,237 (48,170) 2008 Apr-10 3-30 Evergreen Heights 200 Kirkland, WA — 3,566 13,395 7,339 3,649 20,651 24,300 (15,822) 1990 Jun-97 3-30 Fairhaven Apartments 164 Santa Ana, CA — 2,626 10,485 10,243 2,957 20,397 23,354 (13,581) 1970 Nov-01 3-30 Fairway Apartments at Big Canyon (5) 74 Newport Beach, CA — — 7,850 8,513 — 16,363 16,363 (12,710) 1972 Jun-99 3-28 Fairwood Pond 194 Renton, WA — 5,296 15,564 4,599 5,297 20,162 25,459 (11,530) 1997 Oct-04 3-30 Foothill Commons 394 Bellevue, WA — 2,435 9,821 41,978 2,440 51,794 54,234 (47,403) 1978 Mar-90 3-30 Foothill Gardens/Twin Creeks 176 San Ramon, CA — 5,875 13,992 12,289 5,964 26,192 32,156 (19,884) 1985 Feb-97 3-30 Forest View 192 Renton, WA — 3,731 14,530 3,713 3,731 18,243 21,974 (10,629) 1998 Oct-03 3-30 Foster's Landing 490 Foster City, CA — 61,714 144,000 11,178 61,714 155,178 216,892 (41,241) 1987 Apr-14 5-30 Fountain Court 320 Seattle, WA — 6,702 27,306 13,573 6,985 40,596 47,581 (29,905) 2000 Mar-00 3-30 Fountains at River Oaks 226 San Jose, CA — 26,046 60,773 5,897 26,046 66,670 92,716 (17,559) 1990 Apr-14 3-30 Fourth & U 171 Berkeley, CA — 8,879 52,351 4,337 8,879 56,688 65,567 (21,596) 2010 Apr-10 3-30 Fox Plaza 445 San Francisco, CA — 39,731 92,706 39,712 39,731 132,418 172,149 (41,715) 1968 Feb-13 3-30 The Henley I/The Henley II 215 Glendale, CA — 6,695 16,753 28,607 6,733 45,322 52,055 (30,235) 1970 Jun-99 3-30 Highlands at Wynhaven 333 Issaquah, WA — 16,271 48,932 15,477 16,271 64,409 80,680 (30,874) 2000 Aug-08 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) Hillcrest Park 608 Newbury Park, CA — 15,318 40,601 22,105 15,755 62,269 78,024 (45,189) 1973 Mar-98 3-30 Hillsdale Garden 697 San Mateo, CA — 22,000 94,681 29,391 22,000 124,072 146,072 (64,193) 1948 Sep-06 3-30 Hope Ranch 108 Santa Barbara, CA — 4,078 16,877 3,144 4,208 19,891 24,099 (9,564) 1965 Mar-07 3-30 Huntington Breakers 342 Huntington Beach, CA — 9,306 22,720 22,039 9,315 44,750 54,065 (35,095) 1984 Oct-97 3-30 Inglenook Court 224 Bothell, WA — 3,467 7,881 8,603 3,474 16,477 19,951 (13,915) 1985 Oct-94 3-30 Lafayette Highlands 150 Lafayette, CA — 17,774 41,473 4,292 17,774 45,765 63,539 (11,649) 1973 Apr-14 5-30 Lakeshore Landing 308 San Mateo, CA — 38,155 89,028 9,182 38,155 98,210 136,365 (26,612) 1988 Apr-14 5-30 Laurels at Mill Creek 164 Mill Creek, WA — 1,559 6,430 8,586 1,595 14,980 16,575 (11,277) 1981 Dec-96 3-30 Lawrence Station 336 Sunnyvale, CA — 45,532 106,735 2,494 45,532 109,229 154,761 (30,819) 2012 Apr-14 5-30 Le Parc 140 Santa Clara, CA — 3,090 7,421 14,181 3,092 21,600 24,692 (17,358) 1975 Feb-94 3-30 Marbrisa 202 Long Beach, CA — 4,700 18,605 10,150 4,760 28,695 33,455 (18,760) 1987 Sep-02 3-30 Marina City Club (6) 101 Marina Del Rey, CA — — 28,167 34,572 — 62,739 62,739 (31,601) 1971 Jan-04 3-30 Marina Cove (7) 292 Santa Clara, CA — 5,320 16,431 16,263 5,324 32,690 38,014 (27,925) 1974 Jun-94 3-30 Mariner's Place 105 Oxnard, CA — 1,555 6,103 2,679 1,562 8,775 10,337 (6,362) 1987 May-00 3-30 MB 360 360 San Francisco, CA — 42,001 212,648 12,308 42,001 224,956 266,957 (50,304) 2014 Apr-14 3-30 Mesa Village 133 Clairemont, CA — 1,888 7,498 2,734 1,894 10,226 12,120 (6,127) 1963 Dec-02 3-30 Mill Creek at Windermere 400 San Ramon, CA — 29,551 69,032 7,370 29,551 76,402 105,953 (34,899) 2005 Sep-07 3-30 Mio 103 San Jose, CA — 11,012 39,982 675 11,012 40,657 51,669 (7,166) 2015 Jan-16 3-30 Mirabella 188 Marina Del Rey, CA — 6,180 26,673 17,242 6,270 43,825 50,095 (28,017) 2000 May-00 3-30 Mira Monte 354 Mira Mesa, CA — 7,165 28,459 12,402 7,186 40,840 48,026 (26,833) 1982 Dec-02 3-30 Miracle Mile/Marbella 236 Los Angeles, CA — 7,791 23,075 15,609 7,886 38,589 46,475 (29,348) 1988 Aug-97 3-30 Mission Hills 282 Oceanside, CA — 10,099 38,778 11,525 10,167 50,235 60,402 (26,979) 1984 Jul-05 3-30 Mission Peaks 453 Fremont, CA — 46,499 108,498 8,474 46,499 116,972 163,471 (29,818) 1995 Apr-14 5-30 Mission Peaks II 336 Fremont, CA — 31,429 73,334 8,388 31,429 81,722 113,151 (21,416) 1989 Apr-14 5-30 Montanosa 472 San Diego, CA — 26,697 106,787 7,521 26,697 114,308 141,005 (28,912) 1990 Apr-14 5-30 Montclaire 390 Sunnyvale, CA — 4,842 19,776 28,355 4,997 47,976 52,973 (43,336) 1973 Dec-88 3-30 Montebello 248 Kirkland, WA — 13,857 41,575 7,496 13,858 49,070 62,928 (15,854) 1996 Jul-12 3-30 Montejo Apartments 124 Garden Grove, CA — 1,925 7,685 4,490 2,194 11,906 14,100 (7,588) 1974 Nov-01 3-30 Monterey Villas 122 Oxnard, CA — 2,349 5,579 7,169 2,424 12,673 15,097 (9,150) 1974 Jul-97 3-30 Muse 152 North Hollywood, CA — 7,822 33,436 3,659 7,823 37,094 44,917 (15,284) 2011 Feb-11 3-30 1000 Kiely 121 Santa Clara, CA — 9,359 21,845 8,669 9,359 30,514 39,873 (13,890) 1971 Mar-11 3-30 Palm Valley 1,099 San Jose, CA — 133,802 312,205 18,156 133,802 330,361 464,163 (48,807) 2008 Jan-17 3-30 Paragon Apartments 301 Fremont, CA — 32,230 77,320 2,583 32,230 79,903 112,133 (17,735) 2013 Jul-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) Park 20 197 San Mateo, CA — 27,041 89,281 (1,340) 26,607 88,375 114,982 (2,983) 2015 Jan-20 3-30 Park Catalina 90 Los Angeles, CA — 4,710 18,839 3,628 4,710 22,467 27,177 (8,035) 2002 Jun-12 3-30 Park Highland 250 Bellevue, WA — 9,391 38,224 13,735 9,391 51,959 61,350 (16,898) 1993 Apr-14 5-30 Park Hill at Issaquah 245 Issaquah, WA — 7,284 21,937 11,471 7,284 33,408 40,692 (18,428) 1999 Feb-99 3-30 Park Viridian 320 Anaheim, CA — 15,894 63,574 4,541 15,894 68,115 84,009 (17,410) 2008 Apr-14 5-30 Park West 126 San Francisco, CA — 9,424 21,988 12,712 9,424 34,700 44,124 (14,022) 1958 Sep-12 3-30 Parkwood at Mill Creek 240 Mill Creek, WA — 10,680 42,722 3,545 10,680 46,267 56,947 (12,081) 1989 Apr-14 5-30 Patent 523 295 Seattle, WA — 14,558 69,417 6,137 14,558 75,554 90,112 (29,643) 2010 Mar-10 3-30 Pathways at Bixby Village 296 Long Beach, CA — 4,083 16,757 22,199 6,239 36,800 43,039 (33,133) 1975 Feb-91 3-30 Piedmont 396 Bellevue, WA — 19,848 59,606 13,932 19,848 73,538 93,386 (20,426) 1969 May-14 3-30 Pinehurst (8) 28 Ventura, CA — — 1,711 756 — 2,467 2,467 (1,643) 1973 Dec-04 3-24 Pinnacle at Fullerton 192 Fullerton, CA — 11,019 45,932 4,475 11,019 50,407 61,426 (13,250) 2004 Apr-14 5-30 Pinnacle on Lake Washington 180 Renton, WA — 7,760 31,041 3,915 7,760 34,956 42,716 (9,138) 2001 Apr-14 5-30 Pinnacle at MacArthur Place 253 Santa Ana, CA — 15,810 66,401 6,056 15,810 72,457 88,267 (18,585) 2002 Apr-14 5-30 Pinnacle at Otay Ranch I & II 364 Chula Vista, CA — 17,023 68,093 4,828 17,023 72,921 89,944 (18,684) 2001 Apr-14 5-30 Pinnacle at Talega 362 San Clemente, CA — 19,292 77,168 3,631 19,292 80,799 100,091 (20,288) 2002 Apr-14 5-30 Pinnacle Sonata 268 Bothell, WA — 14,647 58,586 5,554 14,647 64,140 78,787 (16,211) 2000 Apr-14 5-30 Pointe at Cupertino 116 Cupertino, CA — 4,505 17,605 12,918 4,505 30,523 35,028 (20,740) 1963 Aug-98 3-30 Pure Redmond 105 Redmond, WA — 7,461 31,363 411 7,461 31,774 39,235 (1,195) 2016 Dec-19 3-30 Radius 264 Redwood City, CA — 11,702 152,336 1,190 11,702 153,526 165,228 (39,220) 2015 Apr-14 3-30 Reed Square 100 Sunnyvale, CA — 6,873 16,037 8,746 6,873 24,783 31,656 (11,387) 1970 Jan-12 3-30 Regency at Encino 75 Encino, CA — 3,184 12,737 4,212 3,184 16,949 20,133 (7,710) 1989 Dec-09 3-30 Renaissance at Uptown Orange 460 Orange, CA — 27,870 111,482 7,258 27,870 118,740 146,610 (29,992) 2007 Apr-14 5-30 Reveal 438 Woodland Hills, CA — 25,073 121,314 3,656 25,073 124,970 150,043 (27,492) 2010 Apr-15 3-30 Salmon Run at Perry Creek 132 Bothell, WA — 3,717 11,483 3,054 3,801 14,453 18,254 (9,519) 2000 Oct-00 3-30 Sammamish View 153 Bellevue, WA — 3,324 7,501 7,530 3,331 15,024 18,355 (13,067) 1986 Nov-94 3-30 101 San Fernando 323 San Jose, CA — 4,173 58,961 13,856 4,173 72,817 76,990 (30,215) 2001 Jul-10 3-30 San Marcos 432 Richmond, CA — 15,563 36,204 33,980 22,866 62,881 85,747 (36,750) 2003 Nov-03 3-30 Santee Court/Santee Village 238 Los Angeles, CA — 9,581 40,317 13,433 9,582 53,749 63,331 (19,802) 2004 Oct-10 3-30 Shadow Point 172 Spring Valley, CA — 2,812 11,170 4,576 2,820 15,738 18,558 (9,638) 1983 Dec-02 3-30 Shadowbrook 418 Redmond, WA — 19,292 77,168 6,131 19,292 83,299 102,591 (21,393) 1986 Apr-14 5-30 Slater 116 108 Kirkland, WA — 7,379 22,138 1,323 7,379 23,461 30,840 (6,063) 2013 Sep-13 3-30 Solstice 280 Sunnyvale, CA — 34,444 147,262 6,856 34,444 154,118 188,562 (42,130) 2014 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) Station Park Green - Phases I, II, and III 492 San Mateo, CA — 54,782 314,694 282 54,782 314,976 369,758 (21,497) 2018 Mar-18 3-30 Stevenson Place 200 Fremont, CA — 996 5,582 14,268 1,001 19,845 20,846 (15,706) 1975 Apr-00 3-30 Stonehedge Village 196 Bothell, WA — 3,167 12,603 9,180 3,201 21,749 24,950 (15,989) 1986 Oct-97 3-30 Summerhill Park 100 Sunnyvale, CA — 2,654 4,918 11,257 2,656 16,173 18,829 (12,935) 1988 Sep-88 3-30 Summit Park 300 San Diego, CA — 5,959 23,670 8,912 5,977 32,564 38,541 (19,893) 1972 Dec-02 3-30 Taylor 28 197 Seattle, WA — 13,915 57,700 3,693 13,915 61,393 75,308 (15,413) 2008 Apr-14 5-30 The Audrey at Belltown 137 Seattle, WA — 9,228 36,911 2,050 9,228 38,961 48,189 (9,456) 1992 Apr-14 5-30 The Avery 121 Los Angeles, CA — 6,964 29,922 889 6,964 30,811 37,775 (7,071) 2014 Mar-14 3-30 The Bernard 63 Seattle, WA — 3,699 11,345 884 3,689 12,239 15,928 (4,075) 2008 Sep-11 3-30 The Blake LA 196 Los Angeles, CA — 4,023 9,527 24,135 4,031 33,654 37,685 (20,615) 1979 Jun-97 3-30 The Cairns 99 Seattle, WA — 6,937 20,679 2,586 6,939 23,263 30,202 (10,874) 2006 Jun-07 3-30 The Commons 264 Campbell, CA — 12,555 29,307 9,940 12,556 39,246 51,802 (16,958) 1973 Jul-10 3-30 The Elliot at Mukilteo 301 Mukilteo, WA — 2,498 10,595 18,928 2,824 29,197 32,021 (22,866) 1981 Jan-97 3-30 The Galloway 506 Pleasanton, CA — 32,966 184,499 488 32,966 184,987 217,953 (6,214) 2016 Jan-20 3-30 The Grand 243 Oakland, CA — 4,531 89,208 7,518 4,531 96,726 101,257 (40,981) 2009 Jan-09 3-30 The Hallie 292 Pasadena, CA — 2,202 4,794 55,653 8,385 54,264 62,649 (39,551) 1972 Apr-97 3-30 The Huntington 276 Huntington Beach, CA — 10,374 41,495 7,036 10,374 48,531 58,905 (15,784) 1975 Jun-12 3-30 The Landing at Jack London Square 282 Oakland, CA — 33,554 78,292 7,860 33,554 86,152 119,706 (23,251) 2001 Apr-14 5-30 The Lofts at Pinehurst 118 Ventura, CA — 1,570 3,912 5,699 1,618 9,563 11,181 (6,616) 1971 Jun-97 3-30 The Palisades 192 Bellevue, WA — 1,560 6,242 13,990 1,565 20,227 21,792 (18,275) 1977 May-90 3-30 The Palms at Laguna Niguel 460 Laguna Niguel, CA — 23,584 94,334 12,080 23,584 106,414 129,998 (27,812) 1988 Apr-14 5-30 The Stuart 188 Pasadena, CA — 13,574 54,298 3,098 13,574 57,396 70,970 (14,822) 2007 Apr-14 5-30 The Trails of Redmond 423 Redmond, WA — 21,930 87,720 6,031 21,930 93,751 115,681 (23,961) 1985 Apr-14 5-30 The Waterford 238 San Jose, CA — 11,808 24,500 17,968 15,165 39,111 54,276 (25,616) 2000 Jun-00 3-30 Tierra Vista 404 Oxnard, CA — 13,652 53,336 7,831 13,661 61,158 74,819 (34,469) 2001 Jan-01 3-30 Tiffany Court 101 Los Angeles, CA — 6,949 27,796 2,042 6,949 29,838 36,787 (7,574) 1987 Apr-14 5-30 Trabuco Villas 132 Lake Forest, CA — 3,638 8,640 4,292 3,890 12,680 16,570 (9,358) 1985 Oct-97 3-30 Valley Park 160 Fountain Valley, CA — 3,361 13,420 6,653 3,761 19,673 23,434 (12,488) 1969 Nov-01 3-30 Via 284 Sunnyvale, CA — 22,000 82,270 3,630 22,016 85,884 107,900 (30,810) 2011 Jul-11 3-30 Villa Angelina 256 Placentia, CA — 4,498 17,962 8,173 4,962 25,671 30,633 (16,856) 1970 Nov-01 3-30 Villa Granada 270 Santa Clara, CA — 38,299 89,365 1,974 38,299 91,339 129,638 (22,819) 2010 Apr-14 5-30 Villa Siena 272 Costa Mesa, CA — 13,842 55,367 9,356 13,842 64,723 78,565 (17,830) 1974 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) Village Green 272 La Habra, CA — 6,488 36,768 4,309 6,488 41,077 47,565 (11,151) 1971 Apr-14 5-30 Vista Belvedere 76 Tiburon, CA — 5,573 11,901 9,031 5,573 20,932 26,505 (13,068) 1963 Aug-04 3-30 Vox Apartments 58 Seattle, WA — 5,545 16,635 435 5,545 17,070 22,615 (4,158) 2013 Oct-13 3-30 Walnut Heights 163 Walnut, CA — 4,858 19,168 5,868 4,887 25,007 29,894 (14,831) 1964 Oct-03 3-30 Wandering Creek 156 Kent, WA — 1,285 4,980 5,345 1,296 10,314 11,610 (8,403) 1986 Nov-95 3-30 Wharfside Pointe 155 Seattle, WA — 2,245 7,020 13,442 2,258 20,449 22,707 (15,891) 1990 Jun-94 3-30 Willow Lake 508 San Jose, CA — 43,194 101,030 17,140 43,194 118,170 161,364 (37,680) 1989 Oct-12 3-30 5600 Wilshire 284 Los Angeles, CA — 30,535 91,604 5,049 30,535 96,653 127,188 (23,763) 2008 Apr-14 5-30 Wilshire La Brea 478 Los Angeles, CA — 56,932 211,998 11,972 56,932 223,970 280,902 (60,187) 2014 Apr-14 5-30 Wilshire Promenade 149 Fullerton, CA — 3,118 7,385 12,572 3,797 19,278 23,075 (12,881) 1992 Jan-97 3-30 Windsor Ridge 216 Sunnyvale, CA — 4,017 10,315 17,003 4,021 27,314 31,335 (23,963) 1989 Mar-89 3-30 Woodland Commons 302 Bellevue, WA — 2,040 8,727 24,952 2,044 33,675 35,719 (24,474) 1978 Mar-90 3-30 Woodside Village 145 Ventura, CA — 5,331 21,036 5,855 5,341 26,881 32,222 (14,838) 1987 Dec-04 3-30 48,156 $ — $ 2,680,765 $ 9,375,284 $ 1,876,157 $ 2,717,201 $ 11,215,005 $ 13,932,206 $ (3,848,633) Costs Initial cost capitalized Gross amount carried at close of period Buildings and subsequent Land and Buildings and Accumulated Property Encumbrance Land improvements to acquisition improvements improvements Total (1) depreciation Other real estate assets — 3,079 12,315 14,279 3,909 25,764 29,673 (18,859) $ — $ 3,079 $ 12,315 $ 14,279 $ 3,909 $ 25,764 $ 29,673 $ (18,859) Total $ 643,550 $ 2,887,393 $ 10,154,628 $ 2,019,724 $ 2,929,009 $ 12,132,736 $ 15,061,745 $ (4,133,959) (1) The aggregate cost for federal income tax purposes is approximately $11.6 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: 2020 2019 2018 2020 2019 2018 Rental properties: Accumulated depreciation: Balance at beginning of year $ 14,038,142 $ 13,366,101 $ 13,362,073 Balance at beginning of year $ 3,689,482 $ 3,209,548 $ 2,769,297 Acquisition, development, and improvement of real estate 1,426,505 672,041 325,986 Depreciation expense 518,629 479,934 478,721 Disposition of real estate and other (402,902) — (321,958) Depreciation expense - Disposals and other (74,152) — (38,470) Balance at the end of year $ 15,061,745 $ 14,038,142 $ 13,366,101 Balance at the end of year $ 4,133,959 $ 3,689,482 $ 3,209,548 |
Summary of Critical and Signi_2
Summary of Critical and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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. Noncontrolling interest includes the 3.4% limited partner interests in the Operating Partnership not held by the Company at both December 31, 2020 and 2019. These percentages include the Operating Partnership’s vested long-term incentive plan units (see Note 14). |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02 "Leases (Topic 842)" 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 are to be accounted for similar to prior leasing guidance (Topic 840) for operating leases. For lessors, accounting for leases under the new standard is substantially the same as prior leasing 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. 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 adopted ASU No. 2016-02 and ASU No. 2018-11 as of January 1, 2019 using the modified retrospective approach and elected a package of practical expedients. There was no adjustment to the opening balance of retained earnings as a result of the adoption. See Note 10, Lease Agreements - Company as Lessor, and Note 11, Lease Agreements - Company as Lessee, for further details. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. Previously, U.S. GAAP required entities to write down credit losses only when losses were probable and loss reversals were not permitted. The FASB additionally issued various updates to clarify and amend the guidance provided in ASU No. 2016-13. In May 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments," which, with respect to credit losses, among other things, clarifies and addresses issues related to accrued interest, transfers between classifications of loans or debt securities, recoveries, and variable interest rates. Additionally, in May 2019, the FASB issued ASU No. 2019-05, "Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief," which allows entities to irrevocably elect the fair value option on certain financial instruments. The Company adopted ASU No. 2016-13, ASU No. 2019-04, and ASU No. 2019-05 as of January 1, 2020, using the modified retrospective approach by applying a cumulative effect adjustment of $0.2 million representing estimated accumulated credit losses to the opening balance of retained earnings. 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 Company adopted ASU No. 2018-13 as of January 1, 2020. This adoption did not have a material impact on the Company's consolidated results of operations or financial position. In March 2020, the FASB issued ASU No. 2020-04 "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Question-and-Answer ("Q&A") to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under Accounting Standards Codification ("ASC") Topic 842, Leases. The Q&A allows companies to not apply the lease modification guidance to rent concessions that result in deferred rent where the total cash flows required by the modified lease agreement are materially the same as the cash flows required under the original lease and the changes to the lease do not result in a substantial increase to the rights of the lessor or the obligations of the lessee. The Company adopted the guidance during the three months ended June 30, 2020 for eligible residential lease concessions. The lease concessions that met the criteria of the Q&A are treated as if they were part of the enforceable rights and obligations of the parties under the existing lease contract. The amount of rent concessions subject to the Q&A were not material and this adoption did not 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 and land improvements, 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 on a fair value basis to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent land appraisals which consider comparable market transactions, its own analysis of recently acquired or developed comparable properties in our portfolio for land comparables and building replacement costs, and other publicly available market data. In calculating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on in-place rent rates and amortized over the average remaining term of all acquired 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 $4.7 million and $1.2 million as of December 31, 2020 and 2019, respectively, and are included in prepaid expenses and other assets on the Company's consolidated balance sheets. The Company periodically assesses the carrying value of its real estate investments for indicators of impairment. The judgments regarding the existence of impairment indicators are based on monitoring investment market conditions and performance compared to budget for operating properties including the net operating income for the most recent 12 month period, monitoring estimated costs for properties under development, the Company's ability to hold and its intent with regard to each asset, and each property's remaining useful life. Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment may not be fully recoverable, the carrying amount is evaluated. 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/or 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 or fair value less estimated costs to sell. As of December 31, 2020, two properties were classified as held for sale. As of December 31, 2019, no properties were classified as held for sale. The Company recorded an impairment charge of $1.8 million for the year ended December 31, 2020 related to one of the Company's consolidated properties as a result of a change in the Company's intent to hold the property for its remaining useful life. The Company recorded an impairment charge of $7.1 million for the year ended December 31, 2019 on a parcel of land that was part of a consolidated co-investment with Canada Pension Plan Investment Board ("CPPIB" or "CPP"). The impairment charge resulted from the Company's acquisition of CPPIB's 45% interest in the co-investment. The impairment analysis over the parcel’s fair value was determined using internally developed models based on market assumptions. No impairment charges were recorded for the year ended December 31, 2018. 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 Company's previously owned co-investment interest exceeds its carrying value. A majority of the co-investments, excluding most 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. |
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 generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 4, Revenues, and Note 10, Lease Agreements - Company as Lessor, for additional information regarding such revenues. 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. 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. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted CashHighly 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 | 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 debt 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). As of December 31, 2020 and 2019, $2.5 million and $3.6 million, respectively, of equity securities presented within common stock and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. 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, 2020, 2019, and 2018. 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. As of December 31, 2020 and 2019, equity securities and available for sale debt securities consisted primarily of investment-grade unsecured debt, U.S. treasury securities, and common stock and stock funds. As of December 31, 2019, the Company classified its mortgage backed securities as held to maturity, and accordingly, the securities were stated at their amortized cost. One of the investments in mortgage backed securities matured in November 2019 and the other matured in December 2020. |
Notes Receivable | Notes Receivable Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans. 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, 2020 and 2019, no notes were impaired. In the normal course of business, the Company originates and holds two types of loans: mezzanine loans issued to entities that are pursuing apartment development and short-term bridge loans issued to joint ventures with the Company. The Company categorizes development project mezzanine loans into risk categories based on relevant information about the ability of the borrowers to service their debt, such as: current financial information, credit documentation, public information, and previous experience with the borrower. The Company initially analyzes each mezzanine loan individually to classify the credit risk of the loan. On a periodic basis the Company evaluates and performs site visits of the development projects associated with the mezzanine loans to confirm whether they are on budget and whether there are any delays in development that could impact the Company's assessment of credit loss. |
Capitalization Policy | Capitalization PolicyThe 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, inclusive of capitalized interest, as well as capitalized development and redevelopment fees totaled $31.4 million, $42.1 million and $37.3 million for the years ended December 31, 2020, 2019 and 2018, 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. |
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 debt, 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, 2020 and 2019, because interest rates, yields and other terms for these instruments are consistent with interest rates, 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 $5.5 billion and $5.2 billion at December 31, 2020 and 2019, respectively, to be $6.0 billion and $5.4 billion at December 31, 2020 and 2019, respectively. Management has estimated the fair value of the Company’s $775.1 million and $660.4 million of variable rate debt at December 31, 2020 and 2019, respectively, to be $770.1 million and $655.8 million at December 31, 2020 and 2019, respectively, 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, 2020 and 2019 due to the short-term maturity of these instruments. Marketable securities, except mortgage backed securities, are carried at fair value as of December 31, 2020 and 2019. At December 31, 2020 and 2019, the Company’s investments in mortgage backed securities had a carrying value of zero and $72.7 million, respectively. In November 2019, the Company received cash proceeds of $83.1 million from the maturity of an |
Interest Rate Protection, Swap, and Forward Contracts | 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 uses interest rate swaps 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, 2020 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. 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 CompensationThe 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 14) 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. |
Accounting Estimates | Accounting EstimatesThe 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 ongoing 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, 17 DownREIT entities (comprising nine communities), and five co-investments as of December 31, 2020. As of December 31, 2019, the Company consolidated the Operating Partnership, 17 DownREIT entities (comprising nine communities), and six co-investments. 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 above consolidated co-investments and DownREIT entities, net of intercompany eliminations, were approximately $898.5 million and $326.8 million, respectively, as of December 31, 2020, and $1.0 billion and $364.3 million, respectively, as of December 31, 2019. Noncontrolling interests in these entities were $120.8 million and $122.5 million as of December 31, 2020 and 2019, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. The DownREIT VIEs collectively own nine apartment communities in which the Company is the general partner or manager of the DownREIT entity, the Operating Partnership is a special limited partner or member, and the other limited partners or members were granted rights of redemption for their interests. Such limited partners or members 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 or members receive distributions based on the Company's current dividend rate times the number of units held. Total DownREIT units outstanding were 1,017,460 and 1,033,907 as of December 31, 2020 and 2019, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $241.6 million and $311.1 million, as of December 31, 2020 and 2019, respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $32.2 million and $37.4 million as of December 31, 2020 and 2019, respectively. Of these amounts, $11.9 million and $13.0 million as of December 31, 2020 and 2019, respectively, represent units of limited partners' or members' interests in DownREIT VIEs as to which it is outside of the Company’s control to redeem the DownREIT 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 or members' right to redeem their units as of the balance sheet date. The carrying value of DownREIT units as to which it is within the control of the Company to redeem the units with its common stock was $97.4 million and $97.7 million as of December 31, 2020 and 2019, respectively, and is classified within noncontrolling interests in the accompanying consolidated balance sheets. Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. |
Summary of Critical and Signi_3
Summary of Critical and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Critical and Significant Accounting Policies [Abstract] | |
Summary of Depreciable Life of Various Categories of Fixed Assets | The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years |
Schedule of Cash and Cash Equivalents Reconciliation | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands): 2020 2019 2018 Cash and cash equivalents - unrestricted $ 73,629 $ 70,087 $ 134,465 Cash and cash equivalents - restricted 10,412 11,007 16,930 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 84,041 $ 81,094 $ 151,395 |
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): 2020 2019 2018 Cash and cash equivalents - unrestricted $ 73,629 $ 70,087 $ 134,465 Cash and cash equivalents - restricted 10,412 11,007 16,930 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 84,041 $ 81,094 $ 151,395 |
Components of Marketable Securities | As of December 31, 2020 and 2019, marketable securities consist of the following ($ in thousands): December 31, 2020 Amortized Gross Carrying Allowance for Credit Losses Equity securities: Investment funds - debt securities $ 49,646 $ 985 $ 50,631 $ — Common stock and stock funds 81,074 15,001 96,075 — Debt securities: Available for sale Investment-grade unsecured debt 1,050 12 1,062 — Total - Marketable securities $ 131,770 $ 15,998 $ 147,768 $ — December 31, 2019 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 29,588 $ 544 $ 30,132 Common stock and stock funds 34,941 2,927 37,868 Debt securities: Available for sale U.S. Treasury securities 2,421 13 2,434 Investment-grade unsecured debt 1,048 60 1,108 Held to maturity: Mortgage backed securities 72,651 — 72,651 Total - Marketable securities $ 140,649 $ 3,544 $ 144,193 |
Schedule of Allowance For Credit Losses | The following table presents the allowance for credit losses rollforward for the mortgage backed security ($ in thousands): Balance at December 31, 2019 $ — Impact of adoption ASC 326 (1) 13,644 Reversal of provision for credit losses (13,644) Balance at December 31, 2020 $ — (1) As part of the adoption of ASC 326, effective January 1, 2020, the Company recorded a gross up of the mortgage backed security and related allowance for credit losses of $13.6 million. The allowance was reversed upon maturity of the mortgage backed security in December 2020. The Company recorded $11.8 million of accelerated interest income related to this maturity. The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands): Mezzanine Loans Bridge Loans Total Balance at December 31, 2019 $ — $ — $ — Impact of adoption ASC 326 147 43 190 Provision for credit losses 604 (43) 561 Balance at December 31, 2020 $ 751 $ — $ 751 |
Summary of Status of Cash Dividends Distributed | The status of cash dividends distributed for the years ended December 31, 2020, 2019, and 2018 related to common stock are classified for tax purposes as follows: 2020 2019 2018 Common Stock Ordinary income 85.23 % 83.81 % 79.72 % Capital gain 10.68 % 13.78 % 15.35 % Unrecaptured section 1250 capital gain 4.09 % 2.41 % 4.93 % 100.00 % 100.00 % 100.00 % |
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | Changes in Accumulated Other Comprehensive Loss, Net, by Component Essex Property Trust, Inc. ($ in thousands) Change in fair Unrealized Total Balance at December 31, 2019 $ (13,989) $ 101 $ (13,888) Other comprehensive income before reclassification 4,274 (59) 4,215 Amounts reclassified from accumulated other comprehensive loss (5,056) — (5,056) Other comprehensive loss (782) (59) (841) Balance at December 31, 2020 $ (14,771) $ 42 $ (14,729) |
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, 2020, 2019, and 2018 are as follows: 2020 2019 2018 Balance at January 1, $ 37,410 $ 35,475 $ 39,206 Reclassifications due to change in redemption value and other (4,299) 2,008 1,164 Redemptions (872) (73) (4,895) Balance at December 31, $ 32,239 $ 37,410 $ 35,475 |
Essex Portfolio, L.P. | |
Summary of Critical and Significant Accounting Policies [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | Changes in Accumulated Other Comprehensive Loss, by Component Essex Portfolio, L.P. ($ in thousands) Change in fair Unrealized Total Balance at December 31, 2019 $ (10,536) $ 104 $ (10,432) Other comprehensive income before reclassification 4,424 (61) 4,363 Amounts reclassified from accumulated other comprehensive loss (5,234) — (5,234) Other comprehensive loss (810) (61) (871) Balance at December 31, 2020 $ (11,346) $ 43 $ (11,303) |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Real Estate Properties | The table below summarizes acquisition activity for the year ended December 31, 2020 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2020 Purchase Price CPPIB Portfolio Various 2,020 100 % Q1 $ 463.4 Total 2020 2,020 $ 463.4 |
Summary of Co-Investment | The carrying values of the Company’s co-investments as of December 31, 2020 and 2019 are as follows ($ in thousands, except in parenthetical): Weighted Average Essex Ownership December 31, Percentage (1) 2020 2019 Ownership interest in: CPPIB (2) — % $ — $ 345,466 Wesco I, Wesco III, Wesco IV, and Wesco V 51 % 178,322 216,756 BEXAEW, BEX II, BEX III, and BEX IV 50 % 152,309 160,888 Other 47 % 27,635 20,351 Total operating and other co-investments, net 358,266 743,461 Total predevelopment and development co-investments 50 % 157,433 146,944 Total preferred interest co-investments (includes related party investments of $81.4 million and $73.2 million as of December 31, 2020 and December 31, 2019, respectively - Note 6 - Related Party Transactions for further discussion) 502,311 444,934 Total co-investments, net $ 1,018,010 $ 1,335,339 (1) Weighted average Company ownership percentages are as of December 31, 2020. (2) In January 2020, the Company purchased CPPIB's 45.0% interest in each of a land parcel and six communities totaling 2,020 apartment homes. |
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, 2020 2019 Combined balance sheets: (1) Rental properties and real estate under development $ 4,242,611 $ 4,733,762 Other assets 200,777 139,562 Total assets $ 4,443,388 $ 4,873,324 Debt $ 2,611,365 $ 2,442,213 Other liabilities 189,515 117,160 Equity 1,642,508 2,313,951 Total liabilities and equity $ 4,443,388 $ 4,873,324 Company's share of equity $ 1,018,010 $ 1,335,339 Years ended 2020 2019 2018 Combined statements of income: (1) Property revenues $ 300,624 $ 336,922 $ 332,164 Property operating expenses (108,682) (115,658) (107,584) Net operating income 191,942 221,264 224,580 Gain on sale of real estate — 112,918 24,218 Interest expense (78,962) (65,665) (63,913) General and administrative (17,079) (9,575) (6,379) Depreciation and amortization (117,836) (121,006) (126,485) Net income $ (21,935) $ 137,936 $ 52,021 Company's share of net income (2) $ 66,512 $ 112,136 $ 89,132 (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 $8.6 million, $7.5 million, and $2.0 million for the years ended December 31, 2020, 2019, and 2018, respectively. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue | The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): 2020 2019 2018 Rental income (1) $ 1,462,161 $ 1,425,585 $ 1,366,590 Other property (1) 23,989 25,043 24,280 Management and other fees from affiliates 9,598 9,527 9,183 Total revenues $ 1,495,748 $ 1,460,155 $ 1,400,053 (1) On January 1, 2019, the Company adopted ASU No. 2016-02 and ASU No. 2018-11. As a result of this adoption, certain amounts previously classified as other property revenue have been reclassified to rental income. Prior period amounts have been adjusted to conform to the current period's presentation. The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): 2020 2019 2018 Southern California $ 570,673 $ 597,330 $ 579,533 Northern California 610,867 557,139 520,117 Seattle Metro 243,900 243,060 234,138 Other real estate assets (1) 60,710 53,099 57,082 Total rental and other property revenues $ 1,486,150 $ 1,450,628 $ 1,390,870 (1) Other real estate assets consist of revenue generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. Executive management does not evaluate such operating performance geographically. The following table presents the Company’s rental and other property revenues disaggregated by current property category status ($ in thousands): 2020 2019 2018 Same-property (1) $ 1,286,686 $ 1,338,690 $ 1,288,771 Acquisitions (2) 78,666 7,704 — Development (3) 20,050 7,675 2,741 Redevelopment 19,054 21,058 20,413 Non-residential/other, net (4) 59,838 75,501 78,945 Straight line rent concession (5) 21,856 — — Total rental and other property revenues $ 1,486,150 $ 1,450,628 $ 1,390,870 (1) Properties that have comparable stabilized results as of January 1, 2019 and are consolidated by the Company for the years ended December 31, 2020, 2019, and 2018. A community is generally considered to have reach stabilized operations once it achieves an initial occupancy of 90%. (2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2019. (3) Development includes properties developed which did not have stabilized results as of January 1, 2019. (4) Non-residential/other, net consists of revenue generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and three communities located in the California counties of Riverside, Santa Barbara, and Santa Cruz, which the Company does not consider its core markets. (5) Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP. |
Notes and Other Receivables (Ta
Notes and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes and Other Receivables [Abstract] | |
Notes and other receivables | Notes and other receivables consist of the following as of December 31, 2020 and 2019 ($ in thousands): 2020 2019 Note receivable, secured, bearing interest at 9.00% due May 2021 (Originated May 2017) (1) $ — $ 16,828 Note receivable, secured, bearing interest at 9.90%, due November 2021 (Originated November 2018) 14,216 12,838 Related party note receivable, secured, bearing variable rate interest, due February 2020 (Originated November 2019) (2)(3) — 85,713 Notes receivable, secured, bearing interest at 10.50%, due February 2023 (Originated March 2020) 15,299 — Note receivable, secured, bearing interest at 11.00%, due October 2023 (Originated April 2020) 25,461 — Note receivable, secured, bearing interest at 9.00%, due December 2023 (Originated November 2020) 79,827 — Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) 15,423 — Notes and other receivables from affiliates (4) 4,744 4,442 Straight line rent receivables (5) 25,214 6,083 Other receivables 15,671 8,461 Allowance for credit losses (751) — Total notes and other receivables $ 195,104 $ 134,365 (1) In January 2020, the Company received cash of $16.9 million from the payoff of this note receivable. (2) See Note 6, Related Party Transactions, for additional details. (3) In January 2020, the Company received cash of $85.8 million from the payoff of this note receivable. (4) These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2020 and 2019, respectively. See Note 6, Related Party Transactions, for additional details. (5) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties. |
Schedule of Allowance For Credit Losses | The following table presents the allowance for credit losses rollforward for the mortgage backed security ($ in thousands): Balance at December 31, 2019 $ — Impact of adoption ASC 326 (1) 13,644 Reversal of provision for credit losses (13,644) Balance at December 31, 2020 $ — (1) As part of the adoption of ASC 326, effective January 1, 2020, the Company recorded a gross up of the mortgage backed security and related allowance for credit losses of $13.6 million. The allowance was reversed upon maturity of the mortgage backed security in December 2020. The Company recorded $11.8 million of accelerated interest income related to this maturity. The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands): Mezzanine Loans Bridge Loans Total Balance at December 31, 2019 $ — $ — $ — Impact of adoption ASC 326 147 43 190 Provision for credit losses 604 (43) 561 Balance at December 31, 2020 $ 751 $ — $ 751 |
Unsecured Debt (Tables)
Unsecured Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Unsecured Debt | Unsecured debt consists of the following as of December 31, 2020 and 2019 ($ in thousands): 2020 2019 Weighted Average Unsecured bonds private placement - fixed rate $ 199,950 $ 199,820 0.5 Term loan - variable rate 549,380 349,189 1.5 Bonds public offering - fixed rate 4,858,655 4,214,197 9.4 Unsecured debt, net (1) 5,607,985 4,763,206 Lines of credit (2) — 55,000 Total unsecured debt $ 5,607,985 $ 4,818,206 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.4 % 3.8 % Weighted average interest rate on variable rate term loan 1.7 % 2.7 % Weighted average interest rate on lines of credit 1.0 % 2.5 % (1) Includes unamortized discount, net of premiums, of $10.1 million and $12.2 million and unamortized debt issuance costs of $31.9 million and $24.5 million as of December 31, 2020 and 2019, 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 $3.7 million and $3.8 million as of December 31, 2020 and 2019, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets. |
Summary of Unsecured Private Placement Bonds | The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2020 and 2019 ($ in thousands): Maturity 2020 2019 Coupon 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 % $ 200,000 $ 200,000 |
Summary of Senior Unsecured Notes | The following is a summary of the Company’s senior unsecured notes as of December 31, 2020 and 2019 ($ in thousands): Maturity 2020 2019 Coupon Senior notes March 2021 $ — $ 300,000 5.200 % Senior notes August 2022 — 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 2029 500,000 500,000 4.000 % Senior notes January 2030 550,000 550,000 3.000 % Senior notes January 2031 300,000 — 1.650 % Senior notes March 2032 650,000 — 2.650 % Senior notes March 2048 300,000 300,000 4.500 % Senior notes September 2050 300,000 — 2.650 % $ 4,900,000 $ 4,250,000 2020 2019 Fixed rate mortgage notes payable $ 419,323 $ 736,490 Variable rate mortgage notes payable (1) 224,227 254,177 Total mortgage notes payable (2) $ 643,550 $ 990,667 Number of properties securing mortgage notes 12 24 Remaining terms 1-26 years 1-27 years Weighted average interest rate 2.7 % 4.1 % |
Schedule of Unsecured Debt Principal Payments Excluding Lines of Credit | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2020 are as follows ($ in thousands): 2021 $ — 2022 — 2023 600,000 2024 400,000 2025 500,000 Thereafter 3,400,000 $ 4,900,000 The aggregate scheduled principal payments of mortgage notes payable at December 31, 2020 are as follows ($ in thousands): 2021 $ 3,501 2022 43,188 2023 2,945 2024 3,109 2025 133,054 Thereafter 455,629 $ 641,426 (1) Variable rate mortgage notes payable, including $225.1 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 1.2% at December 2020 and 2.3% at December 2019) 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. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2020 and 2019, respectively. (2) Includes total unamortized premium, net of discounts, of $3.9 million and $5.9 million and reduced by unamortized debt issuance costs of $1.8 million and $2.6 million as of December 31, 2020 and 2019, respectively. |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Payable [Abstract] | |
Summary of Mortgages Notes Payable | The following is a summary of the Company’s senior unsecured notes as of December 31, 2020 and 2019 ($ in thousands): Maturity 2020 2019 Coupon Senior notes March 2021 $ — $ 300,000 5.200 % Senior notes August 2022 — 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 2029 500,000 500,000 4.000 % Senior notes January 2030 550,000 550,000 3.000 % Senior notes January 2031 300,000 — 1.650 % Senior notes March 2032 650,000 — 2.650 % Senior notes March 2048 300,000 300,000 4.500 % Senior notes September 2050 300,000 — 2.650 % $ 4,900,000 $ 4,250,000 2020 2019 Fixed rate mortgage notes payable $ 419,323 $ 736,490 Variable rate mortgage notes payable (1) 224,227 254,177 Total mortgage notes payable (2) $ 643,550 $ 990,667 Number of properties securing mortgage notes 12 24 Remaining terms 1-26 years 1-27 years Weighted average interest rate 2.7 % 4.1 % |
Aggregate Scheduled Principal Payments of Mortgage Notes Payable | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2020 are as follows ($ in thousands): 2021 $ — 2022 — 2023 600,000 2024 400,000 2025 500,000 Thereafter 3,400,000 $ 4,900,000 The aggregate scheduled principal payments of mortgage notes payable at December 31, 2020 are as follows ($ in thousands): 2021 $ 3,501 2022 43,188 2023 2,945 2024 3,109 2025 133,054 Thereafter 455,629 $ 641,426 (1) Variable rate mortgage notes payable, including $225.1 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 1.2% at December 2020 and 2.3% at December 2019) 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. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2020 and 2019, respectively. (2) Includes total unamortized premium, net of discounts, of $3.9 million and $5.9 million and reduced by unamortized debt issuance costs of $1.8 million and $2.6 million as of December 31, 2020 and 2019, respectively. |
Lease Agreements - Company as_3
Lease Agreements - Company as Lessor (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Lessor Future Minimum Base Rent | A maturity analysis of undiscounted future minimum non-cancelable base rent to be received under the above operating leases as of December 31, 2020 is summarized as follows ($ in thousands): Future Minimum Rent 2021 $ 720,570 2022 34,240 2023 14,971 2024 13,619 2025 11,265 Thereafter 24,855 $ 819,520 |
Lease Agreements - Company as_4
Lease Agreements - Company as Lessee (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Balance Sheet Information Related to Leases | Supplemental consolidated balance sheet information related to leases as of December 31, 2020 and 2019 is as follows ($ in thousands): Classification December 31, 2020 December 31, 2019 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 72,143 $ 74,744 Total leased assets $ 72,143 $ 74,744 Liabilities Operating lease liabilities Operating lease liabilities 74,037 76,740 Total lease liabilities $ 74,037 $ 76,740 |
Schedule of Components of Lease Expense/Discount Rate Information | The components of lease expense for the years ended December 31, 2020 and 2019 were as follows ($ in thousands): December 31, 2020 December 31, 2019 Operating lease cost $ 6,749 $ 6,745 Variable lease cost 1,436 783 Short-term lease cost 432 610 Sublease income (438) (436) Total lease cost $ 8,179 $ 7,702 Lease term and discount rate information for leases at December 31, 2020 and 2019 are as follows: December 31, 2020 December 31, 2019 Weighted-average of remaining lease terms (years) Operating Leases 39 39 Weighted-average of discount rates Operating Leases 5.00 % 4.99 % |
Schedule of Maturity Analysis of Operating Lease Liabilities | A maturity analysis of lease liabilities as of December 31, 2020 is as follows ($ in thousands): Operating Leases 2021 $ 6,963 2022 6,987 2023 6,962 2024 6,690 2025 6,310 Thereafter 140,417 Total lease payments $ 174,329 Less: Imputed interest (100,292) Present value of lease liabilities $ 74,037 |
Net Income Per Common Share a_2
Net Income Per Common Share and Net Income Per Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Net Income Per Share and Net Income Per Unit [Line Items] | |
Schedule of 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): 2020 2019 2018 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 568,870 65,454,057 $ 8.69 $ 439,286 65,840,422 $ 6.67 $ 390,153 66,041,058 $ 5.91 Effect of Dilutive Securities Stock options — 16,678 — 99,033 — 44,031 DownREIT units 783 94,247 — — — — Diluted: Net income available to common stockholders $ 569,653 65,564,982 $ 8.69 $ 439,286 65,939,455 $ 6.66 $ 390,153 66,085,089 $ 5.90 |
Essex Portfolio, L.P. | |
Net Income Per Share and Net Income Per Unit [Line Items] | |
Schedule of 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): 2020 2019 2018 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 588,782 67,750,665 $ 8.69 $ 454,629 68,140,900 $ 6.67 $ 403,605 68,315,999 $ 5.91 Effect of Dilutive Securities Stock options — 16,678 — 99,033 — 44,031 DownREIT units 783 94,247 — — — — Diluted: Net income available to common unitholders $ 589,565 67,861,590 $ 8.69 $ 454,629 68,239,933 $ 6.66 $ 403,605 68,360,030 $ 5.90 |
Equity Based Compensation Pla_2
Equity Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [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: 2020 2019 2018 Stock price $ 244.74 $ 304.85 $ 262.09 Risk-free interest rates 0.83 % 2.01 % 2.76 % Expected lives 6 years 6 years 6 years Volatility 25.72 % 19.56 % 24.89 % Dividend yield 2.93 % 2.72 % 2.81 % |
Summary of Stock Options Activity | A summary of the status of the Company’s stock option plans as of December 31, 2020, 2019, and 2018 and changes during the years ended on those dates is presented below: 2020 2019 2018 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of year 572,971 $ 251.10 612,954 $ 224.57 536,208 $ 211.41 Granted 149,020 244.74 148,147 304.85 119,361 262.09 Exercised (70,802) 208.57 (182,817) 205.25 (39,175) 159.05 Forfeited and canceled (38,080) 228.64 (5,313) 257.87 (3,440) 221.80 Outstanding at end of year 613,109 255.86 572,971 251.10 612,954 224.57 Options exercisable at year end 361,985 245.83 305,379 223.90 322,837 206.63 |
Summary of Restricted Stock Activity | The following table summarizes information about restricted stock outstanding as of December 31, 2020, 2019 and 2018 and changes during the years ended: 2020 2019 2018 Shares Weighted- Shares Weighted- Shares Weighted- Unvested at beginning of year 114,877 $ 197.62 91,058 $ 180.99 90,823 $ 163.49 Granted 45,196 248.16 41,643 235.93 51,945 194.70 Vested (15,116) 170.61 (13,222) 143.56 (48,212) 150.76 Forfeited and canceled (12,354) 184.11 (4,602) 158.06 (3,498) 158.71 Unvested at end of year 132,603 214.34 114,877 197.62 91,058 180.99 |
Summary of Long Term Incentive Plan - Z Units | The following table summarizes information about the LTIP Units outstanding as of December 31, 2020: Long-Term Incentive Plan - LTIP Units Total Total Total Weighted- Weighted- 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 Granted — — — Vested 9,176 (9,176) — Converted — — — Cancelled — (95) (95) Balance, December 31, 2019 143,257 1,890 145,147 $ 75.03 5.2 Granted — — — Vested 1,890 (1,890) — Converted (39,010) — (39,010) Cancelled — — — Balance, December 31, 2020 106,137 — 106,137 $ 84.47 3.6 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Reportable Operating Segments of Revenue and NOI | The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2020, 2019, and 2018 ($ in thousands): Years Ended December 31, 2020 2019 2018 Revenues: Southern California $ 570,673 $ 597,330 $ 579,533 Northern California 610,867 557,139 520,117 Seattle Metro 243,900 243,060 234,138 Other real estate assets 60,710 53,099 57,082 Total property revenues $ 1,486,150 $ 1,450,628 $ 1,390,870 Net operating income: Southern California $ 393,776 $ 425,882 $ 412,517 Northern California 435,403 412,706 384,548 Seattle Metro 166,847 172,601 163,927 Other real estate assets 49,724 42,912 45,537 Total net operating income 1,045,750 1,054,101 1,006,529 Management and other fees from affiliates 9,598 9,527 9,183 Corporate-level property management expenses (34,573) (34,067) (32,055) Depreciation and amortization (525,497) (483,750) (479,884) General and administrative (65,388) (54,262) (53,451) Expensed acquisition and investment related costs (1,591) (168) (194) Impairment loss (1,825) (7,105) — Gain (loss) on sale of real estate and land 64,967 (3,164) 61,861 Interest expense (220,633) (217,339) (220,492) Total return swap income 10,733 8,446 8,707 Interest and other income 40,999 46,298 23,010 Equity income from co-investments 66,512 112,136 89,132 Deferred tax expense on unrealized gain on unconsolidated co-investment (1,531) (1,457) — (Loss) Gain on early retirement of debt, net (22,883) 3,717 — Gain on remeasurement of co-investment 234,694 31,535 1,253 Net income $ 599,332 $ 464,448 $ 413,599 |
Summary of Total Assets from Reportable Operating Segments | Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2020 and 2019 ($ in thousands): As of December 31, 2020 2019 Assets: Southern California $ 3,993,275 $ 4,139,104 Northern California 5,520,019 4,408,404 Seattle Metro 1,403,678 1,456,187 Other real estate assets 10,814 344,965 Net reportable operating segments - real estate assets 10,927,786 10,348,660 Real estate under development 386,047 546,075 Co-investments 1,018,010 1,335,339 Real estate held for sale 57,938 — Cash and cash equivalents, including restricted cash 84,041 81,094 Marketable securities 147,768 144,193 Notes and other receivables 195,104 134,365 Operating lease right-of-use assets 72,143 74,744 Prepaid expenses and other assets 47,340 40,935 Total assets $ 12,936,177 $ 12,705,405 |
Organization (Details)
Organization (Details) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2020 | Dec. 31, 2020shares | Dec. 31, 2020USD ($) | Dec. 31, 2020community | Dec. 31, 2020apartment | Dec. 31, 2020building | Dec. 31, 2020investment | Dec. 31, 2020project | Dec. 31, 2019USD ($)shares | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Limited partner - ownership percentage | 3.40% | 3.40% | |||||||
Operating Partnership units outstanding (in shares) | shares | 2,294,760 | 2,301,653 | |||||||
Redemption value of operating partnership units outstanding | $ | $ 544.8 | $ 692.5 | |||||||
Number of apartment communities owned | 246 | 2 | |||||||
Number of apartment units owned | apartment | 60,272 | ||||||||
Ownership interests, number of commercial buildings | building | 1 | ||||||||
Ownership interests, number of consolidated projects | project | 3 | ||||||||
Ownership Interests, number of unconsolidated projects | investment | 3 | ||||||||
Operating Partnership | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
General partner ownership interest | 96.60% |
Summary of Critical and Signi_4
Summary of Critical and Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)communitypartnershipinvestmentshares | Dec. 31, 2019USD ($)investmentcommunitypartnershipshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Noncontrolling interest in operating partnership | 3.40% | 3.40% | ||
Cumulative effect upon adoption | $ 6,183,192 | $ 6,403,504 | $ 6,393,844 | $ 6,396,825 |
Real Estate Rental Properties [Abstract] | ||||
Minimum threshold useful life of assets for capitalization | 1 year | |||
Depreciable life of various categories of fixed assets [Abstract] | ||||
Acquired in-place lease value, net | $ 4,700 | $ 1,200 | ||
Number of communities held-for-sale | community | 2 | 0 | ||
Asset impairment charges | $ 1,825 | $ 7,105 | 0 | |
Other-than-temporary impairment | 11,500 | |||
Revenues and Gains on Sale of Real Estate [Abstract] | ||||
Lease terms, minimum | 9 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 | $ 73,629 | 70,087 | 134,465 | |
Cash and cash equivalents - restricted | 10,412 | 11,007 | 16,930 | |
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows | 84,041 | 81,094 | 151,395 | 61,126 |
Capitalization | ||||
Capitalized internal costs related to development and redevelopment projects | 31,400 | 42,100 | 37,300 | |
Fair Value of Financial Instruments | ||||
Fixed rate debt carrying amount | 5,500,000 | 5,200,000 | ||
Fixed rate debt fair value | 6,000,000 | 5,400,000 | ||
Variable rate debt carrying amount | 775,100 | 660,400 | ||
Variable rate debt fair value | 770,100 | 655,800 | ||
Mortgage-backed-securities available-for-sale fair value | $ 0 | $ 72,700 | ||
Status of cash dividends distributed | ||||
Number of DownREIT limited partnerships | partnership | 17 | 17 | ||
Number of communities in DownREIT Partnerships | community | 9 | 9 | ||
Number of consolidated co-investments that now meet the definition of a VIE | investment | 5 | 6 | ||
Assets related to VIE, net intercompany eliminations | $ 898,500 | $ 1,000,000 | ||
Liabilities related to VIE, net intercompany eliminations | 326,800 | 364,300 | ||
Noncontrolling interests in VIE | $ 120,800 | $ 122,500 | ||
Total DownREIT units outstanding (in shares) | shares | 1,017,460 | 1,033,907 | ||
Redemption value of the variable interest entities | $ 241,600 | $ 311,100 | ||
Redeemable noncontrolling interest | 32,239 | 37,410 | 35,475 | 39,206 |
Redeemable noncontrolling interest, units of limited partners' interests in DownREIT VIEs | 11,900 | 13,000 | ||
Noncontrolling interest in limited partnerships | 97,400 | 97,700 | ||
Distributions in excess of accumulated earnings | ||||
Property, Plant and Equipment [Line Items] | ||||
Cumulative effect upon adoption | $ (861,193) | (887,619) | $ (812,796) | $ (833,726) |
Cumulative Effect, Period of Adoption, Adjusted Balance | Distributions in excess of accumulated earnings | ||||
Property, Plant and Equipment [Line Items] | ||||
Cumulative effect upon adoption | 200 | |||
CPPIB | ||||
Depreciable life of various categories of fixed assets [Abstract] | ||||
Asset impairment charges | $ 7,100 | |||
Equity method investment, ownership percentage | 45.00% | |||
Computer Software and Equipment | Minimum | ||||
Depreciable life of various categories of fixed assets [Abstract] | ||||
Depreciable life, average | 3 years | |||
Computer Software and Equipment | Maximum | ||||
Depreciable life of various categories of fixed assets [Abstract] | ||||
Depreciable life, average | 5 years | |||
Interior Apartment Home Improvements | ||||
Depreciable life of various categories of fixed assets [Abstract] | ||||
Depreciable life, average | 5 years | |||
Furniture, Fixtures and Equipment | Minimum | ||||
Depreciable life of various categories of fixed assets [Abstract] | ||||
Depreciable life, average | 5 years | |||
Furniture, Fixtures and Equipment | Maximum | ||||
Depreciable life of various categories of fixed assets [Abstract] | ||||
Depreciable life, average | 10 years | |||
Land Improvements and Certain Exterior Components of Real Property | ||||
Depreciable life of various categories of fixed assets [Abstract] | ||||
Depreciable life, average | 10 years | |||
Real Estate Structures | ||||
Depreciable life of various categories of fixed assets [Abstract] | ||||
Depreciable life, average | 30 years | |||
Common stock | ||||
Status of cash dividends distributed | ||||
Ordinary income | 85.23% | 83.81% | 79.72% | |
Capital gain | 10.68% | 13.78% | 15.35% | |
Unrecaptured section 1250 capital gain | 4.09% | 2.41% | 4.93% | |
Total cash dividends distributed, percentage | 100.00% | 100.00% | 100.00% | |
Mortgage Backed Securities | ||||
Fair Value of Financial Instruments | ||||
Mortgage-backed-securities held-to-maturity carrying value | $ 0 | $ 72,651 |
Summary of Critical and Signi_5
Summary of Critical and Significant Accounting Policies - Marketable Securities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Marketable Securities [Line Items] | ||||
Carrying Value | $ 2,500 | $ 3,600 | ||
Equity securities: | ||||
Gross Unrealized Gain | 12,515 | 5,710 | $ (5,159) | |
Carrying Value | 2,500 | 3,600 | ||
Held to maturity: | ||||
Total - Marketable securities, amortized cost | 131,770 | 140,649 | ||
Total - Marketable securities, gross unrealized gain (loss) | 15,998 | 3,544 | ||
Total - Marketable securities, carrying value | 147,768 | 144,193 | ||
Marketable securities, allowance for credit loss | 0 | 0 | ||
Proceeds from maturity of mortgage backed security | $ 83,100 | 91,700 | 83,100 | |
Accelerated interest income | 11,800 | 7,000 | ||
Proceeds from sale and maturities of marketable securities | 113,500 | 147,500 | 31,500 | |
Marketable securities, realized gain (loss) | 2,100 | 1,300 | 700 | |
Unrealized gain (loss) on equity securities recognized through income | 12,515 | 5,710 | $ (5,159) | |
Interest and Other Income | ||||
Equity securities: | ||||
Gross Unrealized Gain | 12,500 | 5,700 | ||
Held to maturity: | ||||
Unrealized gain (loss) on equity securities recognized through income | 12,500 | 5,700 | ||
Investment Funds - Debt Securities | ||||
Marketable Securities [Line Items] | ||||
Carrying Value | 50,631 | 30,132 | ||
Equity securities: | ||||
Amortized Cost | 49,646 | 29,588 | ||
Gross Unrealized Gain | 985 | 544 | ||
Carrying Value | 50,631 | 30,132 | ||
Held to maturity: | ||||
Unrealized gain (loss) on equity securities recognized through income | 985 | 544 | ||
Common Stock and Stock Funds | ||||
Marketable Securities [Line Items] | ||||
Carrying Value | 96,075 | 37,868 | ||
Equity securities: | ||||
Amortized Cost | 81,074 | 34,941 | ||
Gross Unrealized Gain | 15,001 | 2,927 | ||
Carrying Value | 96,075 | 37,868 | ||
Held to maturity: | ||||
Unrealized gain (loss) on equity securities recognized through income | 15,001 | 2,927 | ||
U.S. Treasury Securities | ||||
Available for sale | ||||
Available-for-sale, amortized cost | 2,421 | |||
Available-for-sale, gross unrealized gain (Loss) | 13 | |||
Available-for-sale, carrying value | 2,434 | |||
Investment-Grade Unsecured Debt | ||||
Available for sale | ||||
Available-for-sale, amortized cost | 1,050 | 1,048 | ||
Available-for-sale, gross unrealized gain (Loss) | 12 | 60 | ||
Available-for-sale, carrying value | 1,062 | 1,108 | ||
Allowance for Credit Losses | 0 | |||
Mortgage Backed Securities | ||||
Held to maturity: | ||||
Held to maturity, amortized cost | 72,651 | |||
Held to maturity, gross unrealized gain (loss) | 0 | |||
Held to maturity carrying value | $ 0 | $ 72,651 |
Summary of Critical and Signi_6
Summary of Critical and Significant Accounting Policies - Allowance For Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 0 | |||
Impact of adoption ASC 326 | 0 | $ 0 | ||
Reversal of provision for credit losses | 687 | 0 | $ 0 | |
Ending balance | 0 | 0 | ||
Accelerated interest income | 11,800 | 7,000 | ||
Mortgage Backed Securities | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | |||
Impact of adoption ASC 326 | 0 | 0 | ||
Reversal of provision for credit losses | (13,644) | |||
Ending balance | $ 0 | $ 0 | ||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Backed Securities | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Impact of adoption ASC 326 | $ 13,644 |
Summary of Critical and Signi_7
Summary of Critical and Significant Accounting Policies - AOCI (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at December 31, 2019 | $ 6,220,427 |
Other comprehensive income before reclassification | 4,215 |
Amounts reclassified from accumulated other comprehensive loss | (5,056) |
Other comprehensive loss | (841) |
Balance at December 31, 2020 | 6,000,410 |
Change in Fair Value and Amortization of Swap Agreements | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at December 31, 2019 | (13,989) |
Other comprehensive income before reclassification | 4,274 |
Amounts reclassified from accumulated other comprehensive loss | (5,056) |
Other comprehensive loss | (782) |
Balance at December 31, 2020 | (14,771) |
Unrealized Gains on Available for Sale Securities | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at December 31, 2019 | 101 |
Other comprehensive income before reclassification | (59) |
Amounts reclassified from accumulated other comprehensive loss | 0 |
Other comprehensive loss | (59) |
Balance at December 31, 2020 | 42 |
Accumulated other comprehensive loss, net | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at December 31, 2019 | (13,888) |
Balance at December 31, 2020 | (14,729) |
Essex Portfolio, L.P. | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Other comprehensive income before reclassification | 4,363 |
Amounts reclassified from accumulated other comprehensive loss | (5,234) |
Other comprehensive loss | (871) |
Essex Portfolio, L.P. | Change in Fair Value and Amortization of Swap Agreements | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at December 31, 2019 | (10,536) |
Other comprehensive income before reclassification | 4,424 |
Amounts reclassified from accumulated other comprehensive loss | (5,234) |
Other comprehensive loss | (810) |
Balance at December 31, 2020 | (11,346) |
Essex Portfolio, L.P. | Unrealized Gains on Available for Sale Securities | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at December 31, 2019 | 104 |
Other comprehensive income before reclassification | (61) |
Amounts reclassified from accumulated other comprehensive loss | 0 |
Other comprehensive loss | (61) |
Balance at December 31, 2020 | 43 |
Essex Portfolio, L.P. | Accumulated other comprehensive loss, net | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at December 31, 2019 | (10,432) |
Balance at December 31, 2020 | $ (11,303) |
Summary of Critical and Signi_8
Summary of Critical and Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Redeemable noncontrolling interest | $ 37,410 | $ 35,475 | $ 35,475 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance at January 1, | 37,410 | 35,475 | 39,206 |
Reclassifications due to change in redemption value and other | (4,299) | 2,008 | 1,164 |
Redemptions | (872) | (73) | (4,895) |
Balance at December 31, | $ 32,239 | $ 37,410 | $ 35,475 |
Real Estate Investments - Acqui
Real Estate Investments - Acquisitions (Details) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020USD ($)communityapartment | Dec. 31, 2019USD ($)unit | Dec. 31, 2020USD ($)unit | Dec. 31, 2019USD ($)communityapartment | Dec. 31, 2018USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of units acquired | unit | 2,020 | ||||
Purchase Price | $ 463,400,000 | $ 373,300,000 | |||
Gain on remeasurement of co-investment | 234,694,000 | 31,535,000 | $ 1,253,000 | ||
Investment in real estate | 15,061,745,000 | ||||
Encumbrance | 643,550,000 | ||||
CPPIB Interest | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment interest acquired | 45.00% | ||||
Value of property held by acquired investment | $ 1,000,000,000 | ||||
Gain on remeasurement of co-investment | 234,700,000 | ||||
Promote income | $ 6,500,000 | ||||
Land and Land Improvements | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Purchase Price | 189,000,000 | ||||
Building and Improvements | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Purchase Price | 846,000,000 | ||||
Prepaid Expenses and Other Assets | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Purchase Price | $ 10,000,000 | ||||
Hidden Valley | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Purchase Price | $ 24,200,000 | ||||
Limited partnership interest | 25.00% | ||||
Investment in real estate | $ 97,000,000 | 97,000,000 | |||
Encumbrance | $ 29,700,000 | $ 29,700,000 | |||
Apartment Building | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of communities held by acquired investment | community | 4 | ||||
Number of units held by acquired investment | apartment | 849 | ||||
Apartment Building | CPPIB Interest | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of units acquired | unit | 2,020 | ||||
Essex Ownership Percentage | 100.00% | ||||
Purchase Price | $ 463,400,000 | ||||
Number of communities held by acquired investment | community | 6 | ||||
Number of units held by acquired investment | apartment | 2,020 | ||||
Apartment Building | Hidden Valley | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of units acquired | unit | 324 |
Real Estate Investments - Sales
Real Estate Investments - Sales of Real Estate Investments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2020USD ($)apartment | Jul. 31, 2020USD ($)apartment | Jun. 30, 2020USD ($)apartmentcommunity | Dec. 31, 2020USD ($)apartmentcommunity | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)communityunit | Dec. 31, 2020apartment | |
Real Estate Properties [Line Items] | |||||||
Number of apartment units | apartment | 439 | ||||||
Total property revenues | $ 9,598 | $ 9,527 | $ 9,183 | ||||
Apartment communities owned (in communities) | 246 | 2 | |||||
One South Market And Museum Park | |||||||
Real Estate Properties [Line Items] | |||||||
Total property revenues | $ 232,000 | ||||||
Gain (loss) on sale of properties | $ 16,600 | ||||||
Delano, Redmond, WA | |||||||
Real Estate Properties [Line Items] | |||||||
Total property revenues | $ 51,500 | ||||||
Gain (loss) on sale of properties | $ 22,700 | ||||||
Glendale, CA | |||||||
Real Estate Properties [Line Items] | |||||||
Total property revenues | $ 60,000 | ||||||
Gain (loss) on sale of properties | $ 25,700 | ||||||
Apartment Building | One South Market And Museum Park | |||||||
Real Estate Properties [Line Items] | |||||||
Number of units sold | community | 2 | ||||||
Number of apartment units | apartment | 429 | ||||||
Apartment Building | Delano, Redmond, WA | |||||||
Real Estate Properties [Line Items] | |||||||
Number of apartment units | apartment | 126 | ||||||
Apartment Building | Glendale, CA | |||||||
Real Estate Properties [Line Items] | |||||||
Number of apartment units | apartment | 115 | ||||||
Communities Sold in 2019 | Santa Mateo, CA | |||||||
Real Estate Properties [Line Items] | |||||||
Gain (loss) on sale of properties | (3,200) | ||||||
Communities Sold in 2019 | Rental and Other Property | Santa Clara, CA | |||||||
Real Estate Properties [Line Items] | |||||||
Total property revenues | 10,800 | ||||||
Communities Sold in 2019 | Rental and Other Property | Santa Mateo, CA | |||||||
Real Estate Properties [Line Items] | |||||||
Total property revenues | $ 12,500 | ||||||
Communities Sold in 2018 | |||||||
Real Estate Properties [Line Items] | |||||||
Number of units sold | unit | 669 | ||||||
Gain (loss) on sale of properties | $ 61,900 | ||||||
Number of communities sold | community | 2 | ||||||
Communities Sold in 2018 | Rental and Other Property | |||||||
Real Estate Properties [Line Items] | |||||||
Total property revenues | $ 352,000 |
Real Estate Investments - Co-In
Real Estate Investments - Co-Investments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020communityapartment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)communityapartment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 1,018,010 | $ 1,335,339 | |||
Membership Combined Balance Sheets [Abstract] | |||||
Rental properties and real estate under development | 386,047 | 546,075 | |||
Total assets | 12,936,177 | 12,705,405 | |||
Debt | 6,720,746 | 6,264,491 | |||
Other liabilities | 39,140 | 36,565 | |||
Equity | 6,183,192 | 6,403,504 | $ 6,393,844 | $ 6,396,825 | |
Total liabilities and equity/capital | 12,936,177 | 12,705,405 | |||
Membership Combined Statements Of Income [Abstract] | |||||
Revenues | 1,495,748 | 1,460,155 | 1,400,053 | ||
Interest expense | (220,633) | (217,339) | (220,492) | ||
General and administrative | (65,388) | (54,262) | (53,451) | ||
Net income | 599,332 | 464,448 | 413,599 | ||
Equity income from co-investments | 66,512 | $ 112,136 | 89,132 | ||
Apartment Building | |||||
Business Acquisition [Line Items] | |||||
Number of communities held by acquired investment | community | 4 | ||||
Number of units held by acquired investment | apartment | 849 | ||||
Total Co Investment | |||||
Membership Combined Balance Sheets [Abstract] | |||||
Rental properties and real estate under development | 4,242,611 | $ 4,733,762 | |||
Other assets | 200,777 | 139,562 | |||
Total assets | 4,443,388 | 4,873,324 | |||
Debt | 2,611,365 | 2,442,213 | |||
Other liabilities | 189,515 | 117,160 | |||
Equity | 1,642,508 | 2,313,951 | |||
Total liabilities and equity/capital | 4,443,388 | 4,873,324 | |||
Company's share of equity | 1,018,010 | 1,335,339 | |||
Membership Combined Statements Of Income [Abstract] | |||||
Revenues | 300,624 | 336,922 | 332,164 | ||
Property operating expenses | (108,682) | (115,658) | (107,584) | ||
Net operating income | 191,942 | 221,264 | 224,580 | ||
Gain on sale of real estate | 0 | 112,918 | 24,218 | ||
Interest expense | (78,962) | (65,665) | (63,913) | ||
General and administrative | (17,079) | (9,575) | (6,379) | ||
Depreciation and amortization | (117,836) | (121,006) | (126,485) | ||
Net income | (21,935) | 137,936 | 52,021 | ||
Company's share of net income | 66,512 | 112,136 | 89,132 | ||
Investments with Related Parties | |||||
Membership Combined Statements Of Income [Abstract] | |||||
Equity income from co-investments | $ 8,600 | 7,500 | $ 2,000 | ||
CPPIB | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 0.00% | ||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 0 | 345,466 | |||
Wesco I, III, IV and V | |||||
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 | $ 178,322 | 216,756 | |||
BEXAEW, BEX II, BEX III, and BEX IV | |||||
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 | $ 152,309 | 160,888 | |||
Other | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 47.00% | ||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 27,635 | 20,351 | |||
Total Operating Co-investments | |||||
Business Acquisition [Line Items] | |||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 358,266 | 743,461 | |||
Total Development Co-Investments | |||||
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 | $ 157,433 | 146,944 | |||
Total Preferred Interest Investments | |||||
Business Acquisition [Line Items] | |||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | 502,311 | 444,934 | |||
Total Preferred Interest Investments | Investments in Majority-Owned Subsidiaries | |||||
Business Acquisition [Line Items] | |||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 81,400 | $ 73,200 | |||
CPPIB Interest | |||||
Business Acquisition [Line Items] | |||||
Investment interest acquired | 45.00% | ||||
CPPIB Interest | Apartment Building | |||||
Business Acquisition [Line Items] | |||||
Number of communities held by acquired investment | community | 6 | ||||
Number of units held by acquired investment | apartment | 2,020 |
Real Estate Investments - Opera
Real Estate Investments - Operating, Pre-Development, and Development Co-Investments (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)unit | Dec. 31, 2017USD ($)unit | Dec. 31, 2019USD ($)unit | Dec. 31, 2015USD ($)unit | |
Real Estate Properties [Line Items] | ||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 1,018,010 | $ 1,335,339 | ||
Number of units to be developed | unit | 1,853 | |||
Total Operating Co-investments | ||||
Real Estate Properties [Line Items] | ||||
Number of apartments owned through joint ventures | unit | 8,652 | 10,672 | ||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 358,266 | $ 743,461 | ||
Total Development Co-Investments | ||||
Real Estate Properties [Line Items] | ||||
Number of apartments owned through joint ventures | unit | 1,070 | 806 | ||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 157,433 | $ 146,944 | ||
Mesa Village | ||||
Real Estate Properties [Line Items] | ||||
Number of units to be developed | unit | 264 | |||
Equity method investment, ownership percentage | 51.00% | |||
Estimated cost active development projects | $ 102,000 | |||
Purchase commitment, funded amount | $ 5,900 | |||
Annualized preferred return rate | 10.00% | |||
Ohlone Multi-Family Community | ||||
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 | $ 148,000 | |||
Purchase commitment, funded amount | $ 28,900 | |||
Annualized preferred return rate | 10.00% | |||
Folsom 500 | ||||
Real Estate Properties [Line Items] | ||||
Number of units to be developed | unit | 537 | |||
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 | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020USD ($)propertyinvestmentprojectunit | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Dec. 31, 2020USD ($)propertyinvestmentprojectunit | Dec. 31, 2020USD ($)propertyinvestmentprojectunit | Dec. 31, 2019USD ($)investment | Dec. 31, 2018USD ($)investment | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Co-investment | $ 1,018,010 | $ 1,018,010 | $ 1,018,010 | $ 1,335,339 | ||||
Ownership interests, number of consolidated projects | project | 3 | 3 | 3 | |||||
Ownership Interests, number of unconsolidated projects | investment | 3 | 3 | 3 | |||||
Number of units to be developed | unit | 1,853 | 1,853 | 1,853 | |||||
Real Estate Predevelopment Projects | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Actual cost of active development projects | $ 948,000 | |||||||
Minimum | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Annualized preferred return rate | 9.00% | 10.15% | 10.25% | |||||
Maximum | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Annualized preferred return rate | 11.50% | 11.30% | 12.00% | |||||
Equity Method Investments | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Commitment to fund preferred equity investment in the project | $ 191,300 | $ 141,700 | $ 45,100 | |||||
Number of investments with a commitment to fund | investment | 7 | 5 | 2 | |||||
Equity method investment, funded amount | $ 55,100 | $ 55,100 | $ 55,100 | $ 42,100 | ||||
Total Preferred Interest Investments | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Co-investment | 502,300 | 502,300 | $ 502,300 | $ 444,900 | ||||
Joint Venture That Holds Property In Los Angeles, CA | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Proceeds from partial redemption of co-investment | $ 11,300 | $ 10,700 | ||||||
Early redemption fee | $ 200 | |||||||
Preferred Equity Investment Property In Southern California | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Proceeds from partial redemption of co-investment | $ 31,300 | $ 13,400 | $ 13,400 | |||||
Number of properties | property | 2 | 2 | 2 |
Revenues - (Details)
Revenues - (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)community | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020apartment | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | $ 1,486,150 | $ 1,450,628 | $ 1,390,870 | ||
Management and other fees from affiliates | 9,598 | 9,527 | 9,183 | ||
Revenues | $ 1,495,748 | 1,460,155 | 1,400,053 | ||
Occupancy threshold for classification as stabilized | 90.00% | ||||
Apartment communities owned (in communities) | 246 | 2 | |||
Rental | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | $ 1,462,161 | 1,425,585 | 1,366,590 | ||
Other Property Leasing Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | 23,989 | 25,043 | 24,280 | ||
Rental and Other Property | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | 1,486,150 | 1,450,628 | 1,390,870 | ||
Rental and Other Property | Same Property | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | 1,286,686 | 1,338,690 | 1,288,771 | ||
Rental and Other Property | Acquisitions | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | 78,666 | 7,704 | 0 | ||
Rental and Other Property | Development | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | 20,050 | 7,675 | 2,741 | ||
Rental and Other Property | Redevelopment | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | 19,054 | 21,058 | 20,413 | ||
Rental and Other Property | Non-residential/other, net | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | $ 59,838 | 75,501 | 78,945 | ||
Apartment communities owned (in communities) | community | 3 | ||||
Rental and Other Property | Straight line rent concession | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | $ 21,856 | 0 | 0 | ||
Rental and Other Property | Operating Segments | Southern California | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | 570,673 | 597,330 | 579,533 | ||
Rental and Other Property | Operating Segments | Northern California | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | 610,867 | 557,139 | 520,117 | ||
Rental and Other Property | Operating Segments | Seattle Metro | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | 243,900 | 243,060 | 234,138 | ||
Rental and Other Property | Other Real Estate Assets | |||||
Disaggregation of Revenue [Line Items] | |||||
Rental and other property | $ 60,710 | $ 53,099 | $ 57,082 |
Revenues - Deferred Revenues an
Revenues - Deferred Revenues and Remaining Performance Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Deferred revenue | $ 3.1 | $ 3.9 |
Deferred revenue, revenue recognized | 0.8 | |
Deferred revenue balance from contracts with remaining performance obligations | $ 3.1 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Percentage of remaining performance obligations due per period | 23.00% | |
Expected timing of performance obligation satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Percentage of remaining performance obligations due per period | 45.00% | |
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 | |
Jan. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 195,104 | $ 134,365 | |
Allowance for credit losses | (751) | 0 | |
Notes receivable, secured, bearing interest at 9.00%, due May 2021 (Originated May 2017) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 0 | 16,828 | |
Stated interest rate | 9.00% | ||
Notes receivable, secured, bearing interest at 9.00%, due May 2021 (Originated May 2017) | Affiliated Entity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cash received from collection of note receivable | $ 16,900 | ||
Note receivable, secured, bearing interest at 9.90%, due November 2021 (Originated November 2018) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 14,216 | 12,838 | |
Stated interest rate | 9.90% | ||
Related party note receivable, secured, bearing variable rate interest, due February 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 0 | 85,713 | |
Related party note receivable, secured, bearing variable rate interest, due February 2020 | Affiliated Entity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cash received from collection of note receivable | $ 85,800 | ||
Notes receivable, secured, bearing interest at 10.50%, due February 2023 (Originated March 2020) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 15,299 | 0 | |
Stated interest rate | 10.50% | ||
Note receivable, secured, bearing interest at 11.00%, due October 2023 (Originated April 2020) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 25,461 | 0 | |
Stated interest rate | 11.00% | ||
Note receivable, secured, bearing interest at 9.00%, due December 2023 (Originated November 2020) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 79,827 | 0 | |
Stated interest rate | 9.00% | ||
Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 15,423 | 0 | |
Stated interest rate | 11.50% | ||
Notes and other receivables from affiliates | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 4,744 | 4,442 | |
Straight line rent receivables (5) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | 25,214 | 6,083 | |
Other receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 15,671 | $ 8,461 |
Notes and Other Receivables - A
Notes and Other Receivables - Allowance for credit loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 0 | ||
Impact of adoption ASC 326 | 0 | $ 0 | |
Provision for credit losses | (687) | 0 | $ 0 |
Ending balance | 751 | 0 | |
Mezzanine Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Impact of adoption ASC 326 | 751 | 0 | |
Provision for credit losses | 604 | ||
Ending balance | 751 | 0 | |
Bridge Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Impact of adoption ASC 326 | 0 | 0 | |
Provision for credit losses | (43) | ||
Ending balance | 0 | 0 | |
Mezzanine and Bridge Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Impact of adoption ASC 326 | 751 | 0 | |
Provision for credit losses | 561 | ||
Ending balance | 751 | 0 | |
Cumulative Effect, Period of Adoption, Adjustment | Mezzanine Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 147 | ||
Impact of adoption ASC 326 | 147 | 147 | |
Ending balance | 147 | ||
Cumulative Effect, Period of Adoption, Adjustment | Bridge Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 43 | ||
Impact of adoption ASC 326 | 43 | 43 | |
Ending balance | 43 | ||
Cumulative Effect, Period of Adoption, Adjustment | Mezzanine and Bridge Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 190 | ||
Impact of adoption ASC 326 | $ 190 | 190 | |
Ending balance | $ 190 |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 12 Months Ended | 32 Months Ended | |||||||||||
Nov. 30, 2019USD ($) | Aug. 31, 2019USD ($) | Jun. 30, 2019USD ($)apartment | Feb. 28, 2019USD ($) | Oct. 31, 2018USD ($)apartment | May 31, 2018USD ($)apartment | Mar. 31, 2017USD ($)unit | Dec. 31, 2020USD ($)unit | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($)investment | Dec. 31, 2020USD ($) | Nov. 30, 2016USD ($) | |
Related Party Transaction [Line Items] | ||||||||||||||
Management and other fees from affiliates | $ 11,300,000 | $ 13,800,000 | $ 13,900,000 | |||||||||||
Revenues from development and redevelopment fees | 1,700,000 | 4,300,000 | 4,800,000 | |||||||||||
Notes receivable | $ 195,104,000 | 134,365,000 | $ 195,104,000 | |||||||||||
Number of units acquired | unit | 2,020 | |||||||||||||
Purchase price | $ 463,400,000 | 373,300,000 | ||||||||||||
Debt assumed in connection with acquisition | 0 | 143,006,000 | 45,804,000 | |||||||||||
Payments to acquire equity method investments | 114,017,000 | 402,284,000 | 162,437,000 | |||||||||||
Co-investments | 1,018,010,000 | 1,335,339,000 | 1,018,010,000 | |||||||||||
Encumbrance | 643,550,000 | 643,550,000 | ||||||||||||
Redeemed equity method investment | 5,000,000 | $ 5,000,000 | ||||||||||||
Brio | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of units acquired | apartment | 300 | |||||||||||||
Purchase price | $ 164,900,000 | |||||||||||||
Debt assumed in connection with acquisition | $ 98,700,000 | |||||||||||||
Apartment Home Community in Ventura, California | ||||||||||||||
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 | 23,400,000 | |||||||||||||
Membership Interest in Sage at Cupertino | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of units acquired | unit | 230 | |||||||||||||
Co-investments | $ 15,300,000 | |||||||||||||
Investment interest acquired | 40.50% | |||||||||||||
Contract price | $ 90,000,000 | |||||||||||||
Encumbrance | $ 52,000,000 | |||||||||||||
Related Party Bridge Loans on Property Acquired by Wesco V | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable | 0 | 85,713,000 | 0 | |||||||||||
Marcus and Millichamp Company TMMC Affiliate | Related Party Note Receivable, Secured, Bearing Interest at 9.5%, Due October 2019 | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable | $ 6,600,000 | |||||||||||||
Affiliated Entity | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Due from Affiliates | 4,700,000 | 4,400,000 | $ 4,700,000 | |||||||||||
Affiliated Entity | Multifamily Development in Mountain View, California | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Payments to acquire equity method investments | $ 24,500,000 | |||||||||||||
Annualized preferred return rate | 11.00% | |||||||||||||
Affiliated Entity | Home Community Development in Burlingame, California | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of units acquired | apartment | 268 | |||||||||||||
Payments to acquire equity method investments | $ 18,600,000 | |||||||||||||
Annualized preferred return rate | 12.00% | |||||||||||||
Affiliated Entity | Related Party Bridge Loans on Property Acquired by Wesco V | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable, related parties | $ 85,500,000 | $ 89,000,000 | ||||||||||||
Interest rate | 1.30% | 1.30% | ||||||||||||
Affiliated Entity | Related Party Bridge Loan on Property Acquired by Bex Iv | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable, related parties | $ 44,400,000 | |||||||||||||
Interest rate | 3.25% | |||||||||||||
Limited Liability Company | ||||||||||||||
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% | |||||||||||||
Disposition of Multi-family Properties | Marcus and Millichamp Company TMMC Affiliate | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Payments for brokerage fees | $ 200,000 | $ 0 | $ 0 |
Unsecured Debt - Summary (Detai
Unsecured Debt - Summary (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)line_of_credit | Dec. 31, 2019USD ($) | Nov. 30, 2016USD ($) | Oct. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||
Unsecured debt, net | $ 5,607,985,000 | $ 4,763,206,000 | ||
Lines of credit | 0 | 55,000,000 | ||
Total unsecured debt | 5,607,985,000 | 4,818,206,000 | ||
Unamortized debt issuance expense | $ 1,800,000 | 2,600,000 | ||
Number of outstanding lines of credit | line_of_credit | 2 | |||
Unsecured bonds private placement - fixed rate | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt, net | $ 199,950,000 | 199,820,000 | ||
Weighted Average Maturity In Years | 6 months | |||
Term loan - variable rate | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt, net | $ 550,000,000 | $ 350,000,000 | $ 350,000,000 | $ 225,000,000 |
Weighted average interest rate | 1.70% | 2.70% | ||
Weighted Average Maturity In Years | 1 year 6 months | |||
Term loan - variable rate | Carrying Value | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt, net | $ 549,380,000 | $ 349,189,000 | ||
Bonds public offering - fixed rate | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt, net | $ 4,858,655,000 | $ 4,214,197,000 | ||
Weighted average interest rate | 3.40% | 3.80% | ||
Weighted Average Maturity In Years | 9 years 4 months 24 days | |||
Unsecured Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Lines of credit | $ 0 | $ 55,000,000 | ||
Weighted average interest rate | 1.00% | 2.50% | ||
Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, unamortized premium | $ 10,100,000 | $ 12,200,000 | ||
Unamortized debt issuance expense | 31,900,000 | 24,500,000 | ||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 1,240,000,000 | |||
Unsecured Line of Credit | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Lines of credit | 0 | 55,000,000 | ||
Unamortized debt issuance expense | 3,700,000 | $ 3,800,000 | ||
Maximum borrowing capacity | $ 1,200,000,000 |
Unsecured Debt - Narrative (Det
Unsecured Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2020USD ($) | Apr. 30, 2020USD ($)extension | Jan. 31, 2020 | Nov. 30, 2016USD ($) | Apr. 30, 2013USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)extensioninstrumentline_of_credit | Dec. 31, 2019USD ($) | Aug. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Oct. 31, 2019USD ($) | Aug. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Feb. 28, 2019USD ($) | Mar. 31, 2018USD ($) | Apr. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Oct. 31, 2016USD ($) | Apr. 30, 2016 | Mar. 31, 2015USD ($) | Apr. 30, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior notes | $ 200,000,000 | $ 200,000,000 | |||||||||||||||||||
Effective interest rate | 4.40% | 4.40% | |||||||||||||||||||
Unsecured debt, net | $ 5,607,985,000 | $ 4,763,206,000 | |||||||||||||||||||
Debt instrument face amount | $ 4,900,000,000 | 4,250,000,000 | |||||||||||||||||||
Number of lines of credit | line_of_credit | 2 | ||||||||||||||||||||
Lines of credit | $ 0 | 55,000,000 | |||||||||||||||||||
CPPIB Interest | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Investment interest acquired | 45.00% | ||||||||||||||||||||
Essex Portfolio, L.P. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | 5,607,985,000 | 4,763,206,000 | |||||||||||||||||||
Lines of credit | 0 | 55,000,000 | |||||||||||||||||||
Unsecured Bonds 2.650% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 650,000,000 | 0 | |||||||||||||||||||
Unsecured Bonds 1.650% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 300,000,000 | 0 | |||||||||||||||||||
Unsecured Bonds 2.650% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 300,000,000 | 0 | |||||||||||||||||||
Unsecured Bonds 3.000% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 550,000,000 | 550,000,000 | |||||||||||||||||||
Unsecured Bonds 4.000% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 500,000,000 | 500,000,000 | |||||||||||||||||||
Unsecured Bonds 4.500% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 300,000,000 | 300,000,000 | |||||||||||||||||||
Unsecured Bonds 3.625% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 350,000,000 | 350,000,000 | |||||||||||||||||||
Unsecured Bonds 3.375%, Due April 2026 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 450,000,000 | 450,000,000 | |||||||||||||||||||
Unsecured Bonds 5.200% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 0 | 300,000,000 | |||||||||||||||||||
Unsecured Bonds 3.375% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 300,000,000 | 300,000,000 | |||||||||||||||||||
Unsecured Bonds 3.875% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 400,000,000 | 400,000,000 | |||||||||||||||||||
Unsecured Bonds 3.250% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 300,000,000 | 300,000,000 | |||||||||||||||||||
Unsecured Bonds 3.625% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 0 | 300,000,000 | |||||||||||||||||||
Variable Rate Term Loan | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 350,000,000 | $ 550,000,000 | $ 350,000,000 | $ 225,000,000 | |||||||||||||||||
Weighted average interest rate | 1.70% | 2.70% | |||||||||||||||||||
Basis spread on rate | 0.95% | ||||||||||||||||||||
Variable Rate Term Loan | February 2022 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 350,000,000 | ||||||||||||||||||||
Variable Rate Term Loan | April 2021 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 200,000,000 | ||||||||||||||||||||
Number of extension options | extension | 2 | ||||||||||||||||||||
Term extension period | 12 years | ||||||||||||||||||||
Variable Rate Term Loan | Carrying Value | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 549,380,000 | $ 349,189,000 | |||||||||||||||||||
Senior Notes | Essex Portfolio, L.P. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 600,000,000 | ||||||||||||||||||||
Senior Notes | BRE Properties, Inc. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | 296,800,000 | 599,400,000 | |||||||||||||||||||
Long-term debt acquired | $ 900,000,000 | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 2.650% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 650,700,000 | ||||||||||||||||||||
Debt instrument face amount | $ 150,000,000 | ||||||||||||||||||||
Coupon rate | 2.65% | ||||||||||||||||||||
Debt offering price | 105.66% | ||||||||||||||||||||
Reoffer yield percentage | 2.093% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 2.650% | Essex Portfolio, L.P. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 500,000,000 | ||||||||||||||||||||
Coupon rate | 2.65% | ||||||||||||||||||||
Debt offering price | 99.628% | ||||||||||||||||||||
Repayments of secured debt | $ 100,300,000 | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 1.650% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Coupon rate | 1.65% | ||||||||||||||||||||
Debt offering price | 99.035% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 1.650% | Essex Portfolio, L.P. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 294,500,000 | ||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | ||||||||||||||||||||
Coupon rate | 1.65% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 2.650% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Coupon rate | 2.65% | ||||||||||||||||||||
Debt offering price | 99.691% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 2.650% | Essex Portfolio, L.P. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 295,700,000 | ||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | ||||||||||||||||||||
Coupon rate | 2.65% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.000% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 543,100,000 | 542,300,000 | |||||||||||||||||||
Debt instrument face amount | $ 150,000,000 | $ 400,000,000 | |||||||||||||||||||
Coupon rate | 3.00% | 3.00% | |||||||||||||||||||
Debt offering price | 101.685% | 98.632% | |||||||||||||||||||
Senior Notes | Unsecured Bonds 4.000% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 494,800,000 | 494,100,000 | |||||||||||||||||||
Debt instrument face amount | $ 150,000,000 | $ 350,000,000 | |||||||||||||||||||
Coupon rate | 4.00% | 4.00% | |||||||||||||||||||
Debt offering price | 100.717% | 99.188% | |||||||||||||||||||
Senior Notes | Unsecured Bonds 4.500% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 295,800,000 | 295,600,000 | |||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | ||||||||||||||||||||
Coupon rate | 4.50% | 4.50% | |||||||||||||||||||
Debt offering price | 99.591% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.625% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 346,800,000 | 346,300,000 | |||||||||||||||||||
Debt instrument face amount | $ 350,000,000 | ||||||||||||||||||||
Coupon rate | 3.625% | ||||||||||||||||||||
Debt offering price | 99.423% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.375%, Due April 2026 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 446,400,000 | 445,700,000 | |||||||||||||||||||
Coupon rate | 3.375% | ||||||||||||||||||||
Debt offering price | 99.386% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 5.500% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Coupon rate | 5.50% | ||||||||||||||||||||
Face amount of debt paid off | $ 300,000,000 | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 5.200% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Coupon rate | 5.20% | ||||||||||||||||||||
Face amount of debt paid off | $ 300,000,000 | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.375% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Coupon rate | 3.375% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.875% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 397,800,000 | 397,100,000 | |||||||||||||||||||
Debt instrument face amount | $ 400,000,000 | ||||||||||||||||||||
Coupon rate | 3.875% | 3.875% | |||||||||||||||||||
Debt offering price | 99.234% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.250% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Coupon rate | 3.25% | 3.25% | |||||||||||||||||||
Debt offering price | 99.152% | ||||||||||||||||||||
Proceeds from issuance of unsecured debt | $ 300,000,000 | ||||||||||||||||||||
Long-term debt, gross | $ 298,700,000 | 298,200,000 | |||||||||||||||||||
Senior Notes | Unsecured Bonds 3.625% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | ||||||||||||||||||||
Coupon rate | 3.625% | 3.625% | |||||||||||||||||||
Term Loan | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of extension options | extension | 2 | ||||||||||||||||||||
Term extension period | 12 months | ||||||||||||||||||||
Debt instrument face amount | $ 200,000,000 | ||||||||||||||||||||
Term Loan | LIBOR | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on rate | 1.20% | ||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing April 1, 2025 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior notes | $ 497,600,000 | $ 497,100,000 | |||||||||||||||||||
Debt instrument face amount | $ 500,000,000 | ||||||||||||||||||||
Coupon rate | 3.50% | ||||||||||||||||||||
Debt offering price | 99.747% | ||||||||||||||||||||
Unsecured Line of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Weighted average interest rate | 1.00% | 2.50% | |||||||||||||||||||
Lines of credit | $ 0 | $ 55,000,000 | |||||||||||||||||||
Unsecured Line of Credit | Line of Credit Working Capital | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Lines of credit | 0 | 0 | |||||||||||||||||||
Line of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | 1,240,000,000 | ||||||||||||||||||||
Line of Credit | Line of Credit Working Capital | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | 35,000,000 | ||||||||||||||||||||
Line of Credit | Unsecured Line of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | 1,200,000,000 | ||||||||||||||||||||
Lines of credit | $ 0 | $ 55,000,000 | |||||||||||||||||||
Line of Credit | Unsecured Line of Credit | LIBOR | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on rate | 0.825% | ||||||||||||||||||||
Line of Credit | Working Capital Unsecured Line of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | $ 35,000,000 | ||||||||||||||||||||
Interest Rate Swap | Variable Rate Term Loan | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of derivative instruments held | instrument | 5 | ||||||||||||||||||||
Term of loan | 5 years | ||||||||||||||||||||
Interest Rate Swap | Variable Rate Term Loan | Variable Term Loan, Tranche One | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Derivative notional amount | $ 175,000,000 | ||||||||||||||||||||
Derivative, fixed interest rate | 2.30% |
Unsecured Debt - Unsecured Priv
Unsecured Debt - Unsecured Private Placement Bonds (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Senior notes | $ 200,000 | $ 200,000 |
Unsecured Bonds 4.27% | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 100,000 | 100,000 |
Coupon Rate | 4.27% | |
Unsecured Bonds 4.30% | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 50,000 | 50,000 |
Coupon Rate | 4.30% | |
Unsecured Bonds 4.37% | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 50,000 | $ 50,000 |
Coupon Rate | 4.37% |
Unsecured Debt - Senior Unsecur
Unsecured Debt - Senior Unsecured Notes (Details) - USD ($) | Dec. 31, 2020 | Aug. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Oct. 31, 2019 | Aug. 31, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Mar. 31, 2018 | Apr. 30, 2017 | Apr. 30, 2014 | Apr. 30, 2013 |
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 4,900,000,000 | $ 4,250,000,000 | ||||||||||
Unsecured Bonds 5.200% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 0 | 300,000,000 | ||||||||||
Unsecured Bonds 5.200% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 5.20% | |||||||||||
Unsecured Bonds 3.625% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 0 | 300,000,000 | ||||||||||
Unsecured Bonds 3.625% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | |||||||||||
Coupon Rate | 3.625% | 3.625% | ||||||||||
Unsecured Bonds 3.375% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | 300,000,000 | ||||||||||
Unsecured Bonds 3.375% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 3.375% | |||||||||||
Unsecured Bonds 3.250% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | 300,000,000 | ||||||||||
Unsecured Bonds 3.250% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 3.25% | 3.25% | ||||||||||
Unsecured Bonds 3.875% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 400,000,000 | 400,000,000 | ||||||||||
Unsecured Bonds 3.875% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 400,000,000 | |||||||||||
Coupon Rate | 3.875% | 3.875% | ||||||||||
Unsecured Bonds 3.500% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 500,000,000 | 500,000,000 | ||||||||||
Unsecured Bonds 3.500% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 3.50% | |||||||||||
Unsecured Bonds 3.375% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 450,000,000 | 450,000,000 | ||||||||||
Unsecured Bonds 3.375% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 3.375% | |||||||||||
Unsecured Bonds 3.625% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 350,000,000 | 350,000,000 | ||||||||||
Unsecured Bonds 3.625% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 350,000,000 | |||||||||||
Coupon Rate | 3.625% | |||||||||||
Unsecured Bonds 4.000% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 500,000,000 | 500,000,000 | ||||||||||
Unsecured Bonds 4.000% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 150,000,000 | $ 350,000,000 | ||||||||||
Coupon Rate | 4.00% | 4.00% | ||||||||||
Unsecured Bonds 3.000% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 550,000,000 | 550,000,000 | ||||||||||
Unsecured Bonds 3.000% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 150,000,000 | $ 400,000,000 | ||||||||||
Coupon Rate | 3.00% | 3.00% | ||||||||||
Unsecured Bonds 1.650% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | 0 | ||||||||||
Unsecured Bonds 1.650% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 1.65% | |||||||||||
Unsecured Bonds 2.650% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 650,000,000 | 0 | ||||||||||
Unsecured Bonds 2.650% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 150,000,000 | |||||||||||
Coupon Rate | 2.65% | |||||||||||
Unsecured Bonds 4.500% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | 300,000,000 | ||||||||||
Unsecured Bonds 4.500% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | |||||||||||
Coupon Rate | 4.50% | 4.50% | ||||||||||
Unsecured Bonds 2.650% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | $ 0 | ||||||||||
Unsecured Bonds 2.650% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 2.65% |
Unsecured Debt - Future Obligat
Unsecured Debt - Future Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total Debt | $ 643,550 | $ 990,667 |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
2021 | 0 | |
2022 | 0 | |
2023 | 600,000 | |
2024 | 400,000 | |
2025 | 500,000 | |
Thereafter | 3,400,000 | |
Total Debt | $ 4,900,000 |
Mortgage Notes Payable (Details
Mortgage Notes Payable (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | |
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 643,550,000 | $ 990,667,000 |
Number of properties securing mortgage notes | property | 12 | 24 |
Weighted average interest rate | 2.70% | 4.10% |
Unamortized debt issuance expense | $ 1,800,000 | $ 2,600,000 |
Monthly interest expense | 3,000,000 | |
Monthly principal amortization | 500,000 | |
Mortgage notes payable, net | $ 643,550,000 | $ 990,667,000 |
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 | ||
Debt Instrument [Line Items] | ||
Remaining terms | 1 year | 1 year |
Maximum | ||
Debt Instrument [Line Items] | ||
Remaining terms | 26 years | 27 years |
Fixed Rate Mortgage Notes Payable | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 419,323,000 | $ 736,490,000 |
Prepayment penalty, percent of principal prepaid | 1.00% | |
Fixed Rate Mortgage Notes Payable | Total Return Swap Callable | Not Designated as Hedging Instrument | ||
Debt Instrument [Line Items] | ||
Derivative notional amount | $ 225,100,000 | |
Variable Rate Mortgage Notes Payable | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | 224,227,000 | $ 254,177,000 |
Derivative notional amount | $ 254,800,000 | |
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths) | 1.20% | 2.30% |
Percentage of units subject to tenant income criteria (in hundredths) | 20.00% | |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 641,426,000 | |
Debt instrument, unamortized premium | 3,900,000 | $ 5,900,000 |
Secured Deeds of Trust | ||
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, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total Debt | $ 643,550 | $ 990,667 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
2021 | 3,501 | |
2022 | 43,188 | |
2023 | 2,945 | |
2024 | 3,109 | |
2025 | 133,054 | |
Thereafter | 455,629 | |
Total Debt | $ 641,426 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Details) | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2016USD ($) | Dec. 31, 2020USD ($)instrument | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017instrument | Dec. 31, 2016instrument | Oct. 31, 2016USD ($) | |
Derivative [Line Items] | |||||||
Unsecured debt, net | $ 5,607,985,000 | $ 4,763,206,000 | |||||
Hedge ineffectiveness related to cash flow hedges | (4,148,000) | (2,948,000) | $ 7,824,000 | ||||
Total return swap income | 10,733,000 | 8,446,000 | 8,707,000 | ||||
Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Hedge ineffectiveness related to cash flow hedges | 0 | (200,000) | (100,000) | ||||
Not Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Total return swap income | $ 10,700,000 | 8,400,000 | $ 8,700,000 | ||||
Interest Rate Swap | Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Number of derivative instruments held | instrument | 5 | 1 | 4 | ||||
Average fixed interest rate | 2.30% | ||||||
Derivative fair value | $ (2,400,000) | 800,000 | |||||
Aggregate carrying value of the interest rate swap contracts | 2,400,000 | 200,000 | |||||
Interest Rate Swap | Designated as Hedging Instrument | Prepaid Expenses and Other Assets | |||||||
Derivative [Line Items] | |||||||
Derivative fair value | 0 | 1,000,000 | |||||
Interest Rate Cap | Not Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | 0 | 0 | |||||
Derivative fair value | $ 0 | 0 | |||||
Total Return Swap Callable | Not Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Number of derivative instruments held | instrument | 4 | ||||||
Total Return Swap | Not Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Derivative fair value | $ 0 | ||||||
Variable Rate Term Loan | |||||||
Derivative [Line Items] | |||||||
Unsecured debt, net | $ 350,000,000 | $ 550,000,000 | $ 350,000,000 | $ 225,000,000 | |||
Debt instrument, term | 5 years | ||||||
Basis spread on rate | 0.95% | ||||||
Variable Rate Term Loan | Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Number of derivative instruments held | instrument | 5 | ||||||
Variable Rate Term Loan | Interest Rate Swap | Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | $ 175,000,000 | ||||||
Variable Rate Mortgage Notes Payable | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | 254,800,000 | ||||||
Bond subject to interest rate caps | 254,800,000 | ||||||
Mortgage Notes Payable | Total Return Swap Callable | Not Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | 225,100,000 | ||||||
Mortgage Notes Payable, Real Estate Held-For-Sale | Total Return Swap Callable | Not Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | $ 29,700,000 |
Lease Agreements - Company as_5
Lease Agreements - Company as Lessor (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)building | |
Lessor, Lease, Description [Line Items] | |
Number of commercial buildings under lease agreements | building | 1 |
Future Minimum Rent | |
2021 | $ 720,570 |
2022 | 34,240 |
2023 | 14,971 |
2024 | 13,619 |
2025 | 11,265 |
Thereafter | 24,855 |
Operating leases | $ 819,520 |
Minimum | |
Lessor, Lease, Description [Line Items] | |
Short-term lease terms | 9 months |
Commercial lease terms | 5 years |
Maximum | |
Lessor, Lease, Description [Line Items] | |
Short-term lease terms | 12 months |
Commercial lease terms | 20 years |
Lease Agreements - Company as_6
Lease Agreements - Company as Lessee - Narrative and Components of Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Office lease, renewal term | 5 years | |
Operating lease right-of-use assets | $ 72,143 | $ 74,744 |
Total leased assets | 72,143 | 74,744 |
Operating lease liabilities | 74,037 | 76,740 |
Total lease liabilities | 74,037 | 76,740 |
Lease, Cost [Abstract] | ||
Operating lease cost | 6,749 | 6,745 |
Variable lease cost | 1,436 | 783 |
Short-term lease cost | 432 | 610 |
Sublease income | (438) | (436) |
Total lease cost | 8,179 | 7,702 |
Operating lease right-of-use assets | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | 72,143 | 74,744 |
Operating lease liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities | $ 74,037 | $ 76,740 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Office lease term of contract | 5 years | |
Ground lease term | 20 years | |
Ground lease, renewal term | 10 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Office lease term of contract | 10 years | |
Ground lease term | 85 years | |
Ground lease, renewal term | 39 years |
Lease Agreements - Company as_7
Lease Agreements - Company as Lessee - Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 6,963 | |
2022 | 6,987 | |
2023 | 6,962 | |
2024 | 6,690 | |
2025 | 6,310 | |
Thereafter | 140,417 | |
Total lease payments | 174,329 | |
Less: Imputed interest | (100,292) | |
Present value of lease liabilities | $ 74,037 | $ 76,740 |
Lease Agreements - Company as_8
Lease Agreements - Company as Lessee - Additional Information (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Weighted-average of remaining lease terms (years) | 39 years | 39 years |
Weighted-average of discount rates | 5.00% | 4.99% |
Equity Transactions (Details)
Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Class of Stock [Line Items] | ||||
Common stock, shares authorized | 670,000,000 | 670,000,000 | ||
Proceeds from issuance from common stock | $ (296) | $ 72,539 | $ (919) | |
Redemption value of operating partnership units outstanding | $ 544,800 | $ 692,500 | ||
Operating Partnership | ||||
Class of Stock [Line Items] | ||||
General partner ownership interest | 96.60% | |||
ATM Program, 2018 | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized | 826,600,000 | 900,000,000 | ||
Sale of common stock, net (in shares) | 228,271 | |||
Share issued, price per share (in dollars per share) | $ 321.56 | |||
Proceeds from issuance from common stock | $ 73,400 | |||
Operating Partnership Units | ||||
Class of Stock [Line Items] | ||||
Number of shares outstanding | 2,188,623 | 2,158,396 | ||
Long Term Incentive Plan 2014 Units | ||||
Class of Stock [Line Items] | ||||
Number of shares outstanding | 106,137 | 143,257 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic: | |||
Net income available to common stockholders | $ 568,870 | $ 439,286 | $ 390,153 |
Income from continuing operations available to common stockholders (in shares) | 65,454,057 | 65,840,422 | 66,041,058 |
Net income available to common stockholders/unitholders (in dollars per share) | $ 8.69 | $ 6.67 | $ 5.91 |
Diluted: | |||
Net income available to common stockholders | $ 569,653 | $ 439,286 | $ 390,153 |
Income from continuing operations available to common stockholders (in shares) | 65,564,982 | 65,939,455 | 66,085,089 |
Net income available to common stockholders/unitholders (in dollars per share) | $ 8.69 | $ 6.66 | $ 5.90 |
Stock Options | |||
Basic: | |||
Income effect of dilutive securities | $ 0 | $ 0 | $ 0 |
Effect of dilutive securities (in shares) | 16,678 | 99,033 | 44,031 |
Convertible Limited Partnership Units | |||
Diluted: | |||
Anti-dilutive securities (in shares) | 2,296,608 | 2,300,478 | 2,274,941 |
Antidilutive securities excluded from computation of earnings per share | $ 20,000 | $ 15,300 | $ 13,500 |
DownREIT units | |||
Basic: | |||
Income effect of dilutive securities | $ 783 | $ 0 | $ 0 |
Effect of dilutive securities (in shares) | 94,247 | 0 | 0 |
Essex Portfolio, L.P. | |||
Basic: | |||
Net income available to common stockholders | $ 588,782 | $ 454,629 | $ 403,605 |
Income from continuing operations available to common stockholders (in shares) | 67,750,665 | 68,140,900 | 68,315,999 |
Net income available to common stockholders/unitholders (in dollars per share) | $ 8.69 | $ 6.67 | $ 5.91 |
Diluted: | |||
Net income available to common stockholders | $ 589,565 | $ 454,629 | $ 403,605 |
Income from continuing operations available to common stockholders (in shares) | 67,861,590 | 68,239,933 | 68,360,030 |
Net income available to common stockholders/unitholders (in dollars per share) | $ 8.69 | $ 6.66 | $ 5.90 |
Essex Portfolio, L.P. | Stock Options | |||
Basic: | |||
Income effect of dilutive securities | $ 0 | $ 0 | $ 0 |
Effect of dilutive securities (in shares) | 16,678 | 99,033 | 44,031 |
Diluted: | |||
Anti-dilutive securities (in shares) | 403,458 | 115,066 | 160,039 |
Essex Portfolio, L.P. | DownREIT units | |||
Basic: | |||
Income effect of dilutive securities | $ 783 | $ 0 | $ 0 |
Effect of dilutive securities (in shares) | 94,247 | 0 | 0 |
Equity Based Compensation Pla_3
Equity Based Compensation Plans - Narrative (Details) | Dec. 09, 2014shares | Dec. 31, 2013shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 09, 2015 | Dec. 31, 2011shares | May 31, 2018shares |
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 | $ 3,500,000 | $ 3,500,000 | |||||
Intrinsic value of the options outstanding and fully vested | $ 3,400,000 | $ 23,500,000 | ||||||
Average fair value of stock options granted (in dollars per share) | $ / shares | $ 20.69 | $ 24.02 | $ 26.13 | |||||
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 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation expense | 12,900,000 | 11,400,000 | 12,100,000 | |||||
Stock-based compensation capitalized | 1,300,000 | 1,600,000 | 2,000,000 | |||||
Intrinsic value of options exercised | 7,400,000 | $ 18,700,000 | $ 3,100,000 | |||||
Unrecognized compensation cost | $ 4,400,000 | |||||||
Unrecognized compensation cost, period for recognition | 2 years 2 months 12 days | |||||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost | $ 13,800,000 | |||||||
Unrecognized compensation cost, period for recognition | 2 years 3 months 18 days | |||||||
Granted (in shares) | shares | 45,196 | 41,643 | 51,945 | |||||
2015 LTIP Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
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 | ||||||||
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 | Minimum | ||||||||
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 | Maximum | ||||||||
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 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
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 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation expense | $ 0 | $ 900,000 | $ 800,000 | |||||
Stock-based compensation capitalized | 0 | $ 200,000 | $ 200,000 | |||||
Unrecognized compensation cost | $ 0 | |||||||
Granted (in shares) | shares | 0 | 0 | 0 | |||||
Intrinsic value of vested and unvested LTIP units | $ 25,200,000 |
Equity Based Compensation Pla_4
Equity Based Compensation Plans - Weighted Average Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average assumptions used to estimate fair value of stock options [Abstract] | |||
Stock price (in dollars per share) | $ 244.74 | $ 304.85 | $ 262.09 |
Risk-free interest rates | 0.83% | 2.01% | 2.76% |
Expected lives | 6 years | 6 years | 6 years |
Volatility | 25.72% | 19.56% | 24.89% |
Dividend yield | 2.93% | 2.72% | 2.81% |
Equity Based Compensation Pla_5
Equity Based Compensation Plans - Summary of Stock Options Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Outstanding at beginning of year (in shares) | 572,971 | 612,954 | 536,208 |
Granted (in shares) | 149,020 | 148,147 | 119,361 |
Exercised (in shares) | (70,802) | (182,817) | (39,175) |
Forfeited and canceled (in shares) | (38,080) | (5,313) | (3,440) |
Outstanding at end of year (in shares) | 613,109 | 572,971 | 612,954 |
Options exercisable at year end (in shares) | 361,985 | 305,379 | 322,837 |
Weighted- average exercise price | |||
Outstanding at beginning of year (in dollars per share) | $ 251.10 | $ 224.57 | $ 211.41 |
Granted (in dollars per share) | 244.74 | 304.85 | 262.09 |
Exercised (in dollars per share) | 208.57 | 205.25 | 159.05 |
Forfeited and canceled (in dollars per share) | 228.64 | 257.87 | 221.80 |
Outstanding at end of year (in dollars per share) | 255.86 | 251.10 | 224.57 |
Options exercisable at year end (in dollars per share) | $ 245.83 | $ 223.90 | $ 206.63 |
Equity Based Compensation Pla_6
Equity Based Compensation Plans - Restricted Stock Activity and LITP Units (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock | ||||
Total Unvested Units | ||||
Unvested at beginning of year (in shares) | 132,603 | 114,877 | 91,058 | 90,823 |
Granted (in shares) | 45,196 | 41,643 | 51,945 | |
Vested (in shares) | (15,116) | (13,222) | (48,212) | |
Forfeited and canceled (in shares) | (12,354) | (4,602) | (3,498) | |
Unvested at end of year (in shares) | 132,603 | 114,877 | 91,058 | 90,823 |
Weighted- average grant price | ||||
Unvested at beginning of year (in dollars per share) | $ 197.62 | $ 180.99 | $ 163.49 | |
Granted (in dollars per share) | 248.16 | 235.93 | 194.70 | |
Vested (in dollars per share) | 170.61 | 143.56 | 150.76 | |
Forfeited and canceled (in dollars per share) | 184.11 | 158.06 | 158.71 | |
Unvested at end of year (in dollars per share) | $ 214.34 | $ 197.62 | $ 180.99 | $ 163.49 |
Long Term Incentive Plans - Z Units and 2014 LTIP Units | ||||
Total Unvested Units | ||||
Unvested at beginning of year (in shares) | 0 | 1,890 | 11,161 | 23,212 |
Granted (in shares) | 0 | 0 | 0 | |
Vested (in shares) | (1,890) | (9,176) | (12,051) | |
Converted (in shares) | 0 | 0 | 0 | |
Forfeited and canceled (in shares) | 0 | (95) | 0 | |
Unvested at end of year (in shares) | 0 | 1,890 | 11,161 | 23,212 |
Weighted- average grant price | ||||
Unvested at beginning of year (in dollars per share) | $ 75.03 | $ 75.03 | $ 75.03 | |
Unvested at end of year (in dollars per share) | $ 84.47 | $ 75.03 | $ 75.03 | $ 75.03 |
Total Vested Units | ||||
Vested, beginning balance (in shares) | 143,257 | 134,081 | 213,300 | |
Vested, units granted (in shares) | 0 | 0 | 0 | |
Vested, units vested (in shares) | 1,890 | 9,176 | 12,051 | |
Converted (in shares) | (39,010) | 0 | (91,270) | |
Cancelled (in shares) | 0 | 0 | 0 | |
Vested, ending balance (in shares) | 106,137 | 143,257 | 134,081 | 213,300 |
Total Outstanding Units | ||||
Total outstanding units, beginning balance (in shares) | 145,147 | 145,242 | 236,512 | |
Total outstanding units, granted (in shares) | 0 | 0 | 0 | |
Total outstanding units, vested (in shares) | 0 | 0 | 0 | |
Total outstanding units, converted (in shares) | (39,010) | 0 | (91,270) | |
Total outstanding units, cancelled (in shares) | 0 | (95) | 0 | |
Total outstanding units, ending balance (in shares) | 106,137 | 145,147 | 145,242 | 236,512 |
Weighted- average Remaining Contractual Life (years) | 3 years 7 months 6 days | 5 years 2 months 12 days | 6 years 6 months | 7 years 6 months |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
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 | $ 1,486,150 | $ 1,450,628 | $ 1,390,870 |
Total net operating income | 1,045,750 | 1,054,101 | 1,006,529 |
Management and other fees from affiliates | 9,598 | 9,527 | 9,183 |
Corporate-level property management expenses | (34,573) | (34,067) | (32,055) |
Depreciation and amortization | (525,497) | (483,750) | (479,884) |
General and administrative | (65,388) | (54,262) | (53,451) |
Expensed acquisition and investment related costs | (1,591) | (168) | (194) |
Impairment loss | (1,825) | (7,105) | 0 |
Gain (loss) on sale of real estate and land | 64,967 | (3,164) | 61,861 |
Interest expense | (220,633) | (217,339) | (220,492) |
Total return swap income | 10,733 | 8,446 | 8,707 |
Interest and other income | 40,999 | 46,298 | 23,010 |
Equity income from co-investments | 66,512 | 112,136 | 89,132 |
Deferred tax expense on unrealized gain on unconsolidated co-investment | (1,531) | (1,457) | 0 |
(Loss) gain on early retirement of debt, net | (22,883) | 3,717 | 0 |
Gain on remeasurement of co-investment | 234,694 | 31,535 | 1,253 |
Net income | 599,332 | 464,448 | 413,599 |
Assets: | |||
Net reportable operating segments - real estate assets | 10,927,786 | 10,348,660 | |
Real estate under development | 386,047 | 546,075 | |
Co-investments | 1,018,010 | 1,335,339 | |
Real estate held for sale | 57,938 | 0 | |
Cash and cash equivalents, including restricted cash | 84,041 | 81,094 | |
Marketable securities | 147,768 | 144,193 | |
Notes receivable | 195,104 | 134,365 | |
Operating lease right-of-use assets | 72,143 | 74,744 | |
Prepaid expenses and other assets | 47,340 | 40,935 | |
Total assets | 12,936,177 | 12,705,405 | |
Rental and Other Property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 1,486,150 | 1,450,628 | 1,390,870 |
Management and Other Fees from Affiliates | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Management and other fees from affiliates | 9,598 | 9,527 | 9,183 |
Operating Segments | Southern California | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total net operating income | 393,776 | 425,882 | 412,517 |
Assets: | |||
Net reportable operating segments - real estate assets | 3,993,275 | 4,139,104 | |
Operating Segments | Southern California | Rental and Other Property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 570,673 | 597,330 | 579,533 |
Operating Segments | Northern California | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total net operating income | 435,403 | 412,706 | 384,548 |
Assets: | |||
Net reportable operating segments - real estate assets | 5,520,019 | 4,408,404 | |
Operating Segments | Northern California | Rental and Other Property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 610,867 | 557,139 | 520,117 |
Operating Segments | Seattle Metro | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total net operating income | 166,847 | 172,601 | 163,927 |
Assets: | |||
Net reportable operating segments - real estate assets | 1,403,678 | 1,456,187 | |
Operating Segments | Seattle Metro | Rental and Other Property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 243,900 | 243,060 | 234,138 |
Other Real Estate Assets | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total net operating income | 49,724 | 42,912 | 45,537 |
Assets: | |||
Net reportable operating segments - real estate assets | 10,814 | 344,965 | |
Other Real Estate Assets | Rental and Other Property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | $ 60,710 | $ 53,099 | $ 57,082 |
401(k) Plan (Details)
401(k) Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Employer matching contribution, percent | 50.00% | ||
Company contributions to benefit plan | $ 2.7 | $ 2.4 | $ 2.1 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Dec. 31, 2020USD ($) |
Guarantor Obligations [Line Items] | |
Property casualty insurance deductible per incident | $ 5,000,000 |
Pacific Western Insurance LLC | |
Guarantor Obligations [Line Items] | |
Cash and marketable securities | $ 152,800,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Unsecured Bonds 4.30% - USD ($) $ in Millions | 1 Months Ended | |
Feb. 28, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | ||
Effective rate (as a percentage) | 4.30% | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Repayments of unsecured debt | $ 100 | |
Effective rate (as a percentage) | 4.30% |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)apartment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 643,550 | |||
Initial cost | ||||
Land | 2,887,393 | |||
Buildings and improvements | 10,154,628 | |||
Costs capitalized subsequent to acquisition | 2,019,724 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,929,009 | |||
Buildings and improvements | 12,132,736 | |||
Total | $ 15,061,745 | 15,061,745 | ||
Accumulated depreciation | (4,133,959) | $ (3,209,548) | $ (3,209,548) | (4,133,959) |
Aggregate cost for federal income tax purpose | 11,600,000 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Acquisition, development, and improvement of real estate | 1,426,505 | 672,041 | 325,986 | |
Disposition of real estate and other | (402,902) | 0 | (321,958) | |
Balance at the end of year | 15,061,745 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at beginning of year | 3,689,482 | 3,209,548 | 2,769,297 | |
Depreciation expense | 518,629 | 479,934 | 478,721 | |
Depreciation expense - Disposals and other | (74,152) | 0 | (38,470) | |
Balance at the end of year | $ 4,133,959 | 3,689,482 | 3,209,548 | |
Encumbered Apartment Communities | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 3,025 | |||
Encumbrance | 643,550 | |||
Initial cost | ||||
Land | 203,549 | |||
Buildings and improvements | 767,029 | |||
Costs capitalized subsequent to acquisition | 129,288 | |||
Gross amount carried at close of period | ||||
Land and improvements | 207,899 | |||
Buildings and improvements | 891,967 | |||
Total | $ 1,099,866 | 1,099,866 | ||
Accumulated depreciation | (266,467) | (266,467) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 1,099,866 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 266,467 | |||
Encumbered Apartment Communities | Belmont Station | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 275 | |||
Encumbrance | 29,728 | |||
Initial cost | ||||
Land | 8,100 | |||
Buildings and improvements | 66,666 | |||
Costs capitalized subsequent to acquisition | 7,386 | |||
Gross amount carried at close of period | ||||
Land and improvements | 8,267 | |||
Buildings and improvements | 73,885 | |||
Total | $ 82,152 | 82,152 | ||
Accumulated depreciation | $ (33,891) | (33,891) | ||
Date of construction | 2009 | |||
Date acquired | Mar-09 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 82,152 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 33,891 | |||
Encumbered Apartment Communities | Belmont Station | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Belmont Station | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Brio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 300 | |||
Encumbrance | 98,956 | |||
Initial cost | ||||
Land | 16,885 | |||
Buildings and improvements | 151,741 | |||
Costs capitalized subsequent to acquisition | 1,263 | |||
Gross amount carried at close of period | ||||
Land and improvements | 16,885 | |||
Buildings and improvements | 153,004 | |||
Total | $ 169,889 | 169,889 | ||
Accumulated depreciation | $ (8,559) | (8,559) | ||
Date of construction | 2015 | |||
Date acquired | Jun-19 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 169,889 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,559 | |||
Encumbered Apartment Communities | Brio | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Brio | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Form 15 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 242 | |||
Encumbrance | 42,271 | |||
Initial cost | ||||
Land | 24,510 | |||
Buildings and improvements | 72,221 | |||
Costs capitalized subsequent to acquisition | 11,835 | |||
Gross amount carried at close of period | ||||
Land and improvements | 25,540 | |||
Buildings and improvements | 83,026 | |||
Total | $ 108,566 | 108,566 | ||
Accumulated depreciation | $ (13,807) | (13,807) | ||
Date of construction | 2014 | |||
Date acquired | Mar-16 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 108,566 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,807 | |||
Encumbered Apartment Communities | Form 15 | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Form 15 | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Fountain Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 705 | |||
Encumbrance | 82,707 | |||
Initial cost | ||||
Land | 25,073 | |||
Buildings and improvements | 94,980 | |||
Costs capitalized subsequent to acquisition | 36,019 | |||
Gross amount carried at close of period | ||||
Land and improvements | 25,203 | |||
Buildings and improvements | 130,869 | |||
Total | $ 156,072 | 156,072 | ||
Accumulated depreciation | $ (80,772) | (80,772) | ||
Date of construction | 2002 | |||
Date acquired | Feb-04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 156,072 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 80,772 | |||
Encumbered Apartment Communities | Fountain Park | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Fountain Park | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Highridge | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 255 | |||
Encumbrance | 69,345 | |||
Initial cost | ||||
Land | 5,419 | |||
Buildings and improvements | 18,347 | |||
Costs capitalized subsequent to acquisition | 33,311 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,073 | |||
Buildings and improvements | 51,004 | |||
Total | $ 57,077 | 57,077 | ||
Accumulated depreciation | $ (41,762) | (41,762) | ||
Date of construction | 1972 | |||
Date acquired | May-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 57,077 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 41,762 | |||
Encumbered Apartment Communities | Highridge | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Highridge | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Magnolia Square/Magnolia Lane | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 188 | |||
Encumbrance | 52,303 | |||
Initial cost | ||||
Land | 8,190 | |||
Buildings and improvements | 24,736 | |||
Costs capitalized subsequent to acquisition | 18,553 | |||
Gross amount carried at close of period | ||||
Land and improvements | 8,191 | |||
Buildings and improvements | 43,288 | |||
Total | $ 51,479 | 51,479 | ||
Accumulated depreciation | $ (26,038) | (26,038) | ||
Date of construction | 1963 | |||
Date acquired | Sep-07 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 51,479 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 26,038 | |||
Encumbered Apartment Communities | Magnolia Square/Magnolia Lane | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Magnolia Square/Magnolia Lane | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Marquis | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 166 | |||
Encumbrance | 44,077 | |||
Initial cost | ||||
Land | 20,495 | |||
Buildings and improvements | 47,823 | |||
Costs capitalized subsequent to acquisition | 178 | |||
Gross amount carried at close of period | ||||
Land and improvements | 20,495 | |||
Buildings and improvements | 48,001 | |||
Total | $ 68,496 | 68,496 | ||
Accumulated depreciation | $ (3,290) | (3,290) | ||
Date of construction | 2015 | |||
Date acquired | Dec-18 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 68,496 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 3,290 | |||
Encumbered Apartment Communities | Marquis | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Marquis | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Sage At Cupertino | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 230 | |||
Encumbrance | 51,758 | |||
Initial cost | ||||
Land | 35,719 | |||
Buildings and improvements | 53,449 | |||
Costs capitalized subsequent to acquisition | 9,242 | |||
Gross amount carried at close of period | ||||
Land and improvements | 35,719 | |||
Buildings and improvements | 62,691 | |||
Total | $ 98,410 | 98,410 | ||
Accumulated depreciation | $ (9,454) | (9,454) | ||
Date of construction | 1971 | |||
Date acquired | Mar-17 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 98,410 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,454 | |||
Encumbered Apartment Communities | Sage At Cupertino | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Sage At Cupertino | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | The Barkley | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 161 | |||
Encumbrance | 14,873 | |||
Initial cost | ||||
Land | 0 | |||
Buildings and improvements | 8,520 | |||
Costs capitalized subsequent to acquisition | 7,659 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,353 | |||
Buildings and improvements | 13,826 | |||
Total | $ 16,179 | 16,179 | ||
Accumulated depreciation | $ (10,114) | (10,114) | ||
Date of construction | 1984 | |||
Date acquired | Apr-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 16,179 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,114 | |||
Encumbered Apartment Communities | The Barkley | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | The Barkley | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | The Dylan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 184 | |||
Encumbrance | 58,515 | |||
Initial cost | ||||
Land | 19,984 | |||
Buildings and improvements | 82,286 | |||
Costs capitalized subsequent to acquisition | 1,502 | |||
Gross amount carried at close of period | ||||
Land and improvements | 19,990 | |||
Buildings and improvements | 83,782 | |||
Total | $ 103,772 | 103,772 | ||
Accumulated depreciation | $ (18,368) | (18,368) | ||
Date of construction | 2015 | |||
Date acquired | Mar-15 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 103,772 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,368 | |||
Encumbered Apartment Communities | The Dylan | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | The Dylan | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | The Huxley | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 187 | |||
Encumbrance | 53,277 | |||
Initial cost | ||||
Land | 19,362 | |||
Buildings and improvements | 75,641 | |||
Costs capitalized subsequent to acquisition | 1,710 | |||
Gross amount carried at close of period | ||||
Land and improvements | 19,371 | |||
Buildings and improvements | 77,342 | |||
Total | $ 96,713 | 96,713 | ||
Accumulated depreciation | $ (17,213) | (17,213) | ||
Date of construction | 2014 | |||
Date acquired | Mar-15 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 96,713 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 17,213 | |||
Encumbered Apartment Communities | The Huxley | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | The Huxley | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Township | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 132 | |||
Encumbrance | 45,740 | |||
Initial cost | ||||
Land | 19,812 | |||
Buildings and improvements | 70,619 | |||
Costs capitalized subsequent to acquisition | 630 | |||
Gross amount carried at close of period | ||||
Land and improvements | 19,812 | |||
Buildings and improvements | 71,249 | |||
Total | $ 91,061 | 91,061 | ||
Accumulated depreciation | $ (3,199) | (3,199) | ||
Date of construction | 2014 | |||
Date acquired | Sep-19 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 91,061 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 3,199 | |||
Encumbered Apartment Communities | Township | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Township | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Brookside Oaks | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Brookside Oaks | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | City View | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | City View | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Domaine | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Domaine | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Fairhaven Apartments | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Fairhaven Apartments | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Foster's Landing | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Encumbered Apartment Communities | Foster's Landing | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Montarosa | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Encumbered Apartment Communities | Montarosa | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Montebello | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Montebello | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Montejo | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Montejo | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | 1000 Kiely | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | 1000 Kiely | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Valley Park | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Valley Park | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Encumbered Apartment Communities | Villa Angelina | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Encumbered Apartment Communities | Villa Angelina | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 48,156 | |||
Initial cost | ||||
Land | 2,680,765 | |||
Buildings and improvements | 9,375,284 | |||
Costs capitalized subsequent to acquisition | 1,876,157 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,717,201 | |||
Buildings and improvements | 11,215,005 | |||
Total | $ 13,932,206 | 13,932,206 | ||
Accumulated depreciation | (3,848,633) | (3,848,633) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 13,932,206 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 3,848,633 | |||
Unencumbered Apartment Communities | Agora | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 49 | |||
Initial cost | ||||
Land | 4,932 | |||
Buildings and improvements | 60,423 | |||
Costs capitalized subsequent to acquisition | 187 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,934 | |||
Buildings and improvements | 60,608 | |||
Total | $ 65,542 | 65,542 | ||
Accumulated depreciation | $ (1,987) | (1,987) | ||
Date of construction | 2016 | |||
Date acquired | Jan-20 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 65,542 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 1,987 | |||
Unencumbered Apartment Communities | Agora | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Agora | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Alessio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 624 | |||
Initial cost | ||||
Land | 32,136 | |||
Buildings and improvements | 128,543 | |||
Costs capitalized subsequent to acquisition | 14,335 | |||
Gross amount carried at close of period | ||||
Land and improvements | 32,136 | |||
Buildings and improvements | 142,878 | |||
Total | $ 175,014 | 175,014 | ||
Accumulated depreciation | $ (37,803) | (37,803) | ||
Date of construction | 2001 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 175,014 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 37,803 | |||
Unencumbered Apartment Communities | Alessio | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Alessio | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Allegro | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 97 | |||
Initial cost | ||||
Land | 5,869 | |||
Buildings and improvements | 23,977 | |||
Costs capitalized subsequent to acquisition | 2,758 | |||
Gross amount carried at close of period | ||||
Land and improvements | 5,869 | |||
Buildings and improvements | 26,735 | |||
Total | $ 32,604 | 32,604 | ||
Accumulated depreciation | $ (11,343) | (11,343) | ||
Date of construction | 2010 | |||
Date acquired | Oct-10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 32,604 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,343 | |||
Unencumbered Apartment Communities | Allegro | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Allegro | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Allure at Scripps Ranch | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 194 | |||
Initial cost | ||||
Land | 11,923 | |||
Buildings and improvements | 47,690 | |||
Costs capitalized subsequent to acquisition | 1,979 | |||
Gross amount carried at close of period | ||||
Land and improvements | 11,923 | |||
Buildings and improvements | 49,669 | |||
Total | $ 61,592 | 61,592 | ||
Accumulated depreciation | $ (12,386) | (12,386) | ||
Date of construction | 2002 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 61,592 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,386 | |||
Unencumbered Apartment Communities | Allure at Scripps Ranch | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Allure at Scripps Ranch | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Alpine Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 301 | |||
Initial cost | ||||
Land | 4,967 | |||
Buildings and improvements | 19,728 | |||
Costs capitalized subsequent to acquisition | 9,687 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,982 | |||
Buildings and improvements | 29,400 | |||
Total | $ 34,382 | 34,382 | ||
Accumulated depreciation | $ (18,364) | (18,364) | ||
Date of construction | 1971 | |||
Date acquired | Dec-02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 34,382 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,364 | |||
Unencumbered Apartment Communities | Alpine Village | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Alpine Village | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Anavia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 250 | |||
Initial cost | ||||
Land | 15,925 | |||
Buildings and improvements | 63,712 | |||
Costs capitalized subsequent to acquisition | 9,732 | |||
Gross amount carried at close of period | ||||
Land and improvements | 15,925 | |||
Buildings and improvements | 73,444 | |||
Total | $ 89,369 | 89,369 | ||
Accumulated depreciation | $ (25,398) | (25,398) | ||
Date of construction | 2009 | |||
Date acquired | Dec-10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 89,369 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 25,398 | |||
Unencumbered Apartment Communities | Anavia | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Anavia | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Annaliese | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 56 | |||
Initial cost | ||||
Land | 4,727 | |||
Buildings and improvements | 14,229 | |||
Costs capitalized subsequent to acquisition | 808 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,726 | |||
Buildings and improvements | 15,038 | |||
Total | $ 19,764 | 19,764 | ||
Accumulated depreciation | $ (4,182) | (4,182) | ||
Date of construction | 2009 | |||
Date acquired | Jan-13 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 19,764 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 4,182 | |||
Unencumbered Apartment Communities | Annaliese | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Annaliese | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Apex | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 366 | |||
Initial cost | ||||
Land | 44,240 | |||
Buildings and improvements | 103,251 | |||
Costs capitalized subsequent to acquisition | 6,095 | |||
Gross amount carried at close of period | ||||
Land and improvements | 44,240 | |||
Buildings and improvements | 109,346 | |||
Total | $ 153,586 | 153,586 | ||
Accumulated depreciation | $ (23,316) | (23,316) | ||
Date of construction | 2014 | |||
Date acquired | Aug-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 153,586 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 23,316 | |||
Unencumbered Apartment Communities | Apex | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Apex | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Aqua at Marina Del Rey | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 500 | |||
Initial cost | ||||
Land | 58,442 | |||
Buildings and improvements | 175,326 | |||
Costs capitalized subsequent to acquisition | 15,117 | |||
Gross amount carried at close of period | ||||
Land and improvements | 58,442 | |||
Buildings and improvements | 190,443 | |||
Total | $ 248,885 | 248,885 | ||
Accumulated depreciation | $ (52,469) | (52,469) | ||
Date of construction | 2001 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 248,885 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 52,469 | |||
Unencumbered Apartment Communities | Aqua at Marina Del Rey | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Aqua at Marina Del Rey | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Ascent | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 90 | |||
Initial cost | ||||
Land | 3,924 | |||
Buildings and improvements | 11,862 | |||
Costs capitalized subsequent to acquisition | 2,286 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,924 | |||
Buildings and improvements | 14,148 | |||
Total | $ 18,072 | 18,072 | ||
Accumulated depreciation | $ (4,792) | (4,792) | ||
Date of construction | 1988 | |||
Date acquired | Oct-12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 18,072 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 4,792 | |||
Unencumbered Apartment Communities | Ascent | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Ascent | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Ashton Sherman Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 264 | |||
Initial cost | ||||
Land | 23,550 | |||
Buildings and improvements | 93,811 | |||
Costs capitalized subsequent to acquisition | 1,536 | |||
Gross amount carried at close of period | ||||
Land and improvements | 23,550 | |||
Buildings and improvements | 95,347 | |||
Total | $ 118,897 | 118,897 | ||
Accumulated depreciation | $ (13,614) | (13,614) | ||
Date of construction | 2014 | |||
Date acquired | Dec-16 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 118,897 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,614 | |||
Unencumbered Apartment Communities | Ashton Sherman Village | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Ashton Sherman Village | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Avant | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 440 | |||
Initial cost | ||||
Land | 32,379 | |||
Buildings and improvements | 137,940 | |||
Costs capitalized subsequent to acquisition | 3,722 | |||
Gross amount carried at close of period | ||||
Land and improvements | 32,379 | |||
Buildings and improvements | 141,662 | |||
Total | $ 174,041 | 174,041 | ||
Accumulated depreciation | $ (26,788) | (26,788) | ||
Date of construction | 2014 | |||
Date acquired | Jun-15 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 174,041 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 26,788 | |||
Unencumbered Apartment Communities | Avant | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Avant | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Avenue 64 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 224 | |||
Initial cost | ||||
Land | 27,235 | |||
Buildings and improvements | 64,403 | |||
Costs capitalized subsequent to acquisition | 16,322 | |||
Gross amount carried at close of period | ||||
Land and improvements | 27,235 | |||
Buildings and improvements | 80,725 | |||
Total | $ 107,960 | 107,960 | ||
Accumulated depreciation | $ (18,800) | (18,800) | ||
Date of construction | 2007 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 107,960 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,800 | |||
Unencumbered Apartment Communities | Avenue 64 | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Avenue 64 | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Aviara | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 166 | |||
Initial cost | ||||
Land | 0 | |||
Buildings and improvements | 49,813 | |||
Costs capitalized subsequent to acquisition | 1,874 | |||
Gross amount carried at close of period | ||||
Land and improvements | 0 | |||
Buildings and improvements | 51,687 | |||
Total | $ 51,687 | 51,687 | ||
Accumulated depreciation | $ (13,707) | (13,707) | ||
Date of construction | 2013 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 51,687 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,707 | |||
Unencumbered Apartment Communities | Aviara | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Aviara | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Avondale at Warner Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 446 | |||
Initial cost | ||||
Land | 10,536 | |||
Buildings and improvements | 24,522 | |||
Costs capitalized subsequent to acquisition | 25,418 | |||
Gross amount carried at close of period | ||||
Land and improvements | 10,601 | |||
Buildings and improvements | 49,875 | |||
Total | $ 60,476 | 60,476 | ||
Accumulated depreciation | $ (36,728) | (36,728) | ||
Date of construction | 1970 | |||
Date acquired | Jan-99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 60,476 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 36,728 | |||
Unencumbered Apartment Communities | Avondale at Warner Center | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Avondale at Warner Center | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Bel Air | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 462 | |||
Initial cost | ||||
Land | 12,105 | |||
Buildings and improvements | 18,252 | |||
Costs capitalized subsequent to acquisition | 43,348 | |||
Gross amount carried at close of period | ||||
Land and improvements | 12,682 | |||
Buildings and improvements | 61,023 | |||
Total | $ 73,705 | 73,705 | ||
Accumulated depreciation | $ (43,768) | (43,768) | ||
Date of construction | 1988 | |||
Date acquired | Jan-95 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 73,705 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 43,768 | |||
Unencumbered Apartment Communities | Bel Air | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Bel Air | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Belcarra | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 296 | |||
Initial cost | ||||
Land | 21,725 | |||
Buildings and improvements | 92,091 | |||
Costs capitalized subsequent to acquisition | 2,613 | |||
Gross amount carried at close of period | ||||
Land and improvements | 21,725 | |||
Buildings and improvements | 94,704 | |||
Total | $ 116,429 | 116,429 | ||
Accumulated depreciation | $ (23,150) | (23,150) | ||
Date of construction | 2009 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 116,429 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 23,150 | |||
Unencumbered Apartment Communities | Belcarra | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Belcarra | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Bella Villagio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 231 | |||
Initial cost | ||||
Land | 17,247 | |||
Buildings and improvements | 40,343 | |||
Costs capitalized subsequent to acquisition | 4,651 | |||
Gross amount carried at close of period | ||||
Land and improvements | 17,247 | |||
Buildings and improvements | 44,994 | |||
Total | $ 62,241 | 62,241 | ||
Accumulated depreciation | $ (16,688) | (16,688) | ||
Date of construction | 2004 | |||
Date acquired | Sep-10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 62,241 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,688 | |||
Unencumbered Apartment Communities | Bella Villagio | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Bella Villagio | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | BellCentre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 248 | |||
Initial cost | ||||
Land | 16,197 | |||
Buildings and improvements | 67,207 | |||
Costs capitalized subsequent to acquisition | 5,644 | |||
Gross amount carried at close of period | ||||
Land and improvements | 16,197 | |||
Buildings and improvements | 72,851 | |||
Total | $ 89,048 | 89,048 | ||
Accumulated depreciation | $ (18,845) | (18,845) | ||
Date of construction | 2001 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 89,048 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,845 | |||
Unencumbered Apartment Communities | BellCentre | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | BellCentre | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Bellerive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 63 | |||
Initial cost | ||||
Land | 5,401 | |||
Buildings and improvements | 21,803 | |||
Costs capitalized subsequent to acquisition | 1,390 | |||
Gross amount carried at close of period | ||||
Land and improvements | 5,401 | |||
Buildings and improvements | 23,193 | |||
Total | $ 28,594 | 28,594 | ||
Accumulated depreciation | $ (8,573) | (8,573) | ||
Date of construction | 2011 | |||
Date acquired | Aug-11 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 28,594 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,573 | |||
Unencumbered Apartment Communities | Bellerive | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Bellerive | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Belmont Terrace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 71 | |||
Initial cost | ||||
Land | 4,446 | |||
Buildings and improvements | 10,290 | |||
Costs capitalized subsequent to acquisition | 7,387 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,473 | |||
Buildings and improvements | 17,650 | |||
Total | $ 22,123 | 22,123 | ||
Accumulated depreciation | $ (10,455) | (10,455) | ||
Date of construction | 1974 | |||
Date acquired | Oct-06 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 22,123 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,455 | |||
Unencumbered Apartment Communities | Belmont Terrace | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Belmont Terrace | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Bennett Lofts | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 165 | |||
Initial cost | ||||
Land | 21,771 | |||
Buildings and improvements | 50,800 | |||
Costs capitalized subsequent to acquisition | 30,939 | |||
Gross amount carried at close of period | ||||
Land and improvements | 28,371 | |||
Buildings and improvements | 75,139 | |||
Total | $ 103,510 | 103,510 | ||
Accumulated depreciation | $ (22,577) | (22,577) | ||
Date of construction | 2004 | |||
Date acquired | Dec-12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 103,510 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 22,577 | |||
Unencumbered Apartment Communities | Bennett Lofts | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Bennett Lofts | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Bernardo Crest | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 216 | |||
Initial cost | ||||
Land | 10,802 | |||
Buildings and improvements | 43,209 | |||
Costs capitalized subsequent to acquisition | 5,214 | |||
Gross amount carried at close of period | ||||
Land and improvements | 10,802 | |||
Buildings and improvements | 48,423 | |||
Total | $ 59,225 | 59,225 | ||
Accumulated depreciation | $ (12,642) | (12,642) | ||
Date of construction | 1988 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 59,225 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,642 | |||
Unencumbered Apartment Communities | Bernardo Crest | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Bernardo Crest | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Bonita Cedars | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 120 | |||
Initial cost | ||||
Land | 2,496 | |||
Buildings and improvements | 9,913 | |||
Costs capitalized subsequent to acquisition | 5,834 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,503 | |||
Buildings and improvements | 15,740 | |||
Total | $ 18,243 | 18,243 | ||
Accumulated depreciation | $ (9,541) | (9,541) | ||
Date of construction | 1983 | |||
Date acquired | Dec-02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 18,243 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,541 | |||
Unencumbered Apartment Communities | Bonita Cedars | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Bonita Cedars | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 172 | |||
Initial cost | ||||
Land | 3,520 | |||
Buildings and improvements | 8,182 | |||
Costs capitalized subsequent to acquisition | 14,651 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,580 | |||
Buildings and improvements | 22,773 | |||
Total | $ 26,353 | 26,353 | ||
Accumulated depreciation | $ (18,916) | (18,916) | ||
Date of construction | 1978 | |||
Date acquired | Jan-96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 26,353 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,916 | |||
Unencumbered Apartment Communities | Boulevard | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Boulevard | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Brookside Oaks | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 170 | |||
Initial cost | ||||
Land | 7,301 | |||
Buildings and improvements | 16,310 | |||
Costs capitalized subsequent to acquisition | 27,349 | |||
Gross amount carried at close of period | ||||
Land and improvements | 10,328 | |||
Buildings and improvements | 40,632 | |||
Total | $ 50,960 | 50,960 | ||
Accumulated depreciation | $ (26,656) | (26,656) | ||
Date of construction | 1973 | |||
Date acquired | Jun-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 50,960 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 26,656 | |||
Unencumbered Apartment Communities | Bridle Trails | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 108 | |||
Initial cost | ||||
Land | 1,500 | |||
Buildings and improvements | 5,930 | |||
Costs capitalized subsequent to acquisition | 6,690 | |||
Gross amount carried at close of period | ||||
Land and improvements | 1,531 | |||
Buildings and improvements | 12,589 | |||
Total | $ 14,120 | 14,120 | ||
Accumulated depreciation | $ (9,424) | (9,424) | ||
Date of construction | 1986 | |||
Date acquired | Oct-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 14,120 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,424 | |||
Unencumbered Apartment Communities | Bridle Trails | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Bridle Trails | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Brighton Ridge | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 264 | |||
Initial cost | ||||
Land | 2,623 | |||
Buildings and improvements | 10,800 | |||
Costs capitalized subsequent to acquisition | 7,010 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,656 | |||
Buildings and improvements | 17,777 | |||
Total | $ 20,433 | 20,433 | ||
Accumulated depreciation | $ (13,419) | (13,419) | ||
Date of construction | 1986 | |||
Date acquired | Dec-96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 20,433 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,419 | |||
Unencumbered Apartment Communities | Brighton Ridge | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Brighton Ridge | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Bristol Commons | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 188 | |||
Initial cost | ||||
Land | 5,278 | |||
Buildings and improvements | 11,853 | |||
Costs capitalized subsequent to acquisition | 10,433 | |||
Gross amount carried at close of period | ||||
Land and improvements | 5,293 | |||
Buildings and improvements | 22,271 | |||
Total | $ 27,564 | 27,564 | ||
Accumulated depreciation | $ (16,949) | (16,949) | ||
Date of construction | 1989 | |||
Date acquired | Jan-95 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 27,564 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,949 | |||
Unencumbered Apartment Communities | Bristol Commons | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Bristol Commons | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Bunker Hill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 456 | |||
Initial cost | ||||
Land | 11,498 | |||
Buildings and improvements | 27,871 | |||
Costs capitalized subsequent to acquisition | 96,132 | |||
Gross amount carried at close of period | ||||
Land and improvements | 11,639 | |||
Buildings and improvements | 123,862 | |||
Total | $ 135,501 | 135,501 | ||
Accumulated depreciation | $ (79,005) | (79,005) | ||
Date of construction | 1968 | |||
Date acquired | Mar-98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 135,501 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 79,005 | |||
Unencumbered Apartment Communities | Bunker Hill | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Bunker Hill | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Camarillo Oaks | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 564 | |||
Initial cost | ||||
Land | 10,953 | |||
Buildings and improvements | 25,254 | |||
Costs capitalized subsequent to acquisition | 8,869 | |||
Gross amount carried at close of period | ||||
Land and improvements | 11,075 | |||
Buildings and improvements | 34,001 | |||
Total | $ 45,076 | 45,076 | ||
Accumulated depreciation | $ (26,629) | (26,629) | ||
Date of construction | 1985 | |||
Date acquired | Jul-96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 45,076 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 26,629 | |||
Unencumbered Apartment Communities | Camarillo Oaks | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Camarillo Oaks | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Cambridge Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 320 | |||
Initial cost | ||||
Land | 18,185 | |||
Buildings and improvements | 72,739 | |||
Costs capitalized subsequent to acquisition | 4,120 | |||
Gross amount carried at close of period | ||||
Land and improvements | 18,185 | |||
Buildings and improvements | 76,859 | |||
Total | $ 95,044 | 95,044 | ||
Accumulated depreciation | $ (19,617) | (19,617) | ||
Date of construction | 1998 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 95,044 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 19,617 | |||
Unencumbered Apartment Communities | Cambridge Park | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Cambridge Park | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Camino Ruiz Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 159 | |||
Initial cost | ||||
Land | 6,871 | |||
Buildings and improvements | 26,119 | |||
Costs capitalized subsequent to acquisition | 2,543 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,931 | |||
Buildings and improvements | 28,602 | |||
Total | $ 35,533 | 35,533 | ||
Accumulated depreciation | $ (13,801) | (13,801) | ||
Date of construction | 1990 | |||
Date acquired | Dec-06 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 35,533 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,801 | |||
Unencumbered Apartment Communities | Camino Ruiz Square | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Camino Ruiz Square | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Canyon Oaks | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 250 | |||
Initial cost | ||||
Land | 19,088 | |||
Buildings and improvements | 44,473 | |||
Costs capitalized subsequent to acquisition | 7,051 | |||
Gross amount carried at close of period | ||||
Land and improvements | 19,088 | |||
Buildings and improvements | 51,524 | |||
Total | $ 70,612 | 70,612 | ||
Accumulated depreciation | $ (23,554) | (23,554) | ||
Date of construction | 2005 | |||
Date acquired | May-07 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 70,612 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 23,554 | |||
Unencumbered Apartment Communities | Canyon Oaks | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Canyon Oaks | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Canyon Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 250 | |||
Initial cost | ||||
Land | 4,692 | |||
Buildings and improvements | 18,288 | |||
Costs capitalized subsequent to acquisition | 9,479 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,693 | |||
Buildings and improvements | 27,766 | |||
Total | $ 32,459 | 32,459 | ||
Accumulated depreciation | $ (17,295) | (17,295) | ||
Date of construction | 1990 | |||
Date acquired | Oct-03 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 32,459 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 17,295 | |||
Unencumbered Apartment Communities | Canyon Pointe | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Canyon Pointe | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Capri at Sunny Hills | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 102 | |||
Initial cost | ||||
Land | 3,337 | |||
Buildings and improvements | 13,320 | |||
Costs capitalized subsequent to acquisition | 9,690 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,048 | |||
Buildings and improvements | 22,299 | |||
Total | $ 26,347 | 26,347 | ||
Accumulated depreciation | $ (15,327) | (15,327) | ||
Date of construction | 1961 | |||
Date acquired | Sep-01 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 26,347 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,327 | |||
Unencumbered Apartment Communities | Capri at Sunny Hills | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Capri at Sunny Hills | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Carmel Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 348 | |||
Initial cost | ||||
Land | 26,842 | |||
Buildings and improvements | 107,368 | |||
Costs capitalized subsequent to acquisition | 8,308 | |||
Gross amount carried at close of period | ||||
Land and improvements | 26,842 | |||
Buildings and improvements | 115,676 | |||
Total | $ 142,518 | 142,518 | ||
Accumulated depreciation | $ (30,274) | (30,274) | ||
Date of construction | 2000 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 142,518 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 30,274 | |||
Unencumbered Apartment Communities | Carmel Creek | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Carmel Creek | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Carnel Landing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 356 | |||
Initial cost | ||||
Land | 16,725 | |||
Buildings and improvements | 66,901 | |||
Costs capitalized subsequent to acquisition | 10,506 | |||
Gross amount carried at close of period | ||||
Land and improvements | 16,725 | |||
Buildings and improvements | 77,407 | |||
Total | $ 94,132 | 94,132 | ||
Accumulated depreciation | $ (20,335) | (20,335) | ||
Date of construction | 1989 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 94,132 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 20,335 | |||
Unencumbered Apartment Communities | Carnel Landing | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Carnel Landing | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Carnel Summit | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 246 | |||
Initial cost | ||||
Land | 14,968 | |||
Buildings and improvements | 59,871 | |||
Costs capitalized subsequent to acquisition | 4,545 | |||
Gross amount carried at close of period | ||||
Land and improvements | 14,968 | |||
Buildings and improvements | 64,416 | |||
Total | $ 79,384 | 79,384 | ||
Accumulated depreciation | $ (16,376) | (16,376) | ||
Date of construction | 1989 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 79,384 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,376 | |||
Unencumbered Apartment Communities | Carnel Summit | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Carnel Summit | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Castle Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 216 | |||
Initial cost | ||||
Land | 4,149 | |||
Buildings and improvements | 16,028 | |||
Costs capitalized subsequent to acquisition | 5,677 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,833 | |||
Buildings and improvements | 21,021 | |||
Total | $ 25,854 | 25,854 | ||
Accumulated depreciation | $ (15,908) | (15,908) | ||
Date of construction | 1998 | |||
Date acquired | Dec-98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 25,854 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,908 | |||
Unencumbered Apartment Communities | Castle Creek | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Castle Creek | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Catalina Gardens | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 128 | |||
Initial cost | ||||
Land | 6,714 | |||
Buildings and improvements | 26,856 | |||
Costs capitalized subsequent to acquisition | 2,490 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,714 | |||
Buildings and improvements | 29,346 | |||
Total | $ 36,060 | 36,060 | ||
Accumulated depreciation | $ (7,343) | (7,343) | ||
Date of construction | 1987 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 36,060 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,343 | |||
Unencumbered Apartment Communities | Catalina Gardens | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Catalina Gardens | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | CBC Apartments and The Sweeps | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 239 | |||
Initial cost | ||||
Land | 11,841 | |||
Buildings and improvements | 45,320 | |||
Costs capitalized subsequent to acquisition | 6,922 | |||
Gross amount carried at close of period | ||||
Land and improvements | 11,906 | |||
Buildings and improvements | 52,177 | |||
Total | $ 64,083 | 64,083 | ||
Accumulated depreciation | $ (28,445) | (28,445) | ||
Date of construction | 1962 | |||
Date acquired | Jan-06 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 64,083 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 28,445 | |||
Unencumbered Apartment Communities | CBC Apartments and The Sweeps | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | CBC Apartments and The Sweeps | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Cedar Terrace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 180 | |||
Initial cost | ||||
Land | 5,543 | |||
Buildings and improvements | 16,442 | |||
Costs capitalized subsequent to acquisition | 8,601 | |||
Gross amount carried at close of period | ||||
Land and improvements | 5,652 | |||
Buildings and improvements | 24,934 | |||
Total | $ 30,586 | 30,586 | ||
Accumulated depreciation | $ (13,973) | (13,973) | ||
Date of construction | 1984 | |||
Date acquired | Jan-05 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 30,586 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,973 | |||
Unencumbered Apartment Communities | Cedar Terrace | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Cedar Terrace | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | CentrePointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 224 | |||
Initial cost | ||||
Land | 3,405 | |||
Buildings and improvements | 7,743 | |||
Costs capitalized subsequent to acquisition | 22,335 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,442 | |||
Buildings and improvements | 30,041 | |||
Total | $ 33,483 | 33,483 | ||
Accumulated depreciation | $ (22,318) | (22,318) | ||
Date of construction | 1974 | |||
Date acquired | Jun-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 33,483 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 22,318 | |||
Unencumbered Apartment Communities | CentrePointe | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | CentrePointe | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Chestnut Street Apartments | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 96 | |||
Initial cost | ||||
Land | 6,582 | |||
Buildings and improvements | 15,689 | |||
Costs capitalized subsequent to acquisition | 2,277 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,582 | |||
Buildings and improvements | 17,966 | |||
Total | $ 24,548 | 24,548 | ||
Accumulated depreciation | $ (7,884) | (7,884) | ||
Date of construction | 2002 | |||
Date acquired | Jul-08 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 24,548 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,884 | |||
Unencumbered Apartment Communities | Chestnut Street Apartments | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Chestnut Street Apartments | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | City View | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 572 | |||
Initial cost | ||||
Land | 9,883 | |||
Buildings and improvements | 37,670 | |||
Costs capitalized subsequent to acquisition | 32,941 | |||
Gross amount carried at close of period | ||||
Land and improvements | 10,350 | |||
Buildings and improvements | 70,144 | |||
Total | $ 80,494 | 80,494 | ||
Accumulated depreciation | $ (53,374) | (53,374) | ||
Date of construction | 1975 | |||
Date acquired | Mar-98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 80,494 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 53,374 | |||
Unencumbered Apartment Communities | Collins on Pine | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 76 | |||
Initial cost | ||||
Land | 7,276 | |||
Buildings and improvements | 22,226 | |||
Costs capitalized subsequent to acquisition | 688 | |||
Gross amount carried at close of period | ||||
Land and improvements | 7,276 | |||
Buildings and improvements | 22,914 | |||
Total | $ 30,190 | 30,190 | ||
Accumulated depreciation | $ (5,180) | (5,180) | ||
Date of construction | 2013 | |||
Date acquired | May-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 30,190 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 5,180 | |||
Unencumbered Apartment Communities | Collins on Pine | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Collins on Pine | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Connolly Station | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 309 | |||
Initial cost | ||||
Land | 19,949 | |||
Buildings and improvements | 123,428 | |||
Costs capitalized subsequent to acquisition | 1,545 | |||
Gross amount carried at close of period | ||||
Land and improvements | 19,949 | |||
Buildings and improvements | 124,973 | |||
Total | $ 144,922 | 144,922 | ||
Accumulated depreciation | $ (4,139) | (4,139) | ||
Date of construction | 2014 | |||
Date acquired | Jan-20 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 144,922 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 4,139 | |||
Unencumbered Apartment Communities | Connolly Station | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Connolly Station | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Corbella at Juanita Bay | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 169 | |||
Initial cost | ||||
Land | 5,801 | |||
Buildings and improvements | 17,415 | |||
Costs capitalized subsequent to acquisition | 3,961 | |||
Gross amount carried at close of period | ||||
Land and improvements | 5,801 | |||
Buildings and improvements | 21,376 | |||
Total | $ 27,177 | 27,177 | ||
Accumulated depreciation | $ (8,273) | (8,273) | ||
Date of construction | 1978 | |||
Date acquired | Nov-10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 27,177 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,273 | |||
Unencumbered Apartment Communities | Corbella at Juanita Bay | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Corbella at Juanita Bay | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Cortesia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 308 | |||
Initial cost | ||||
Land | 13,912 | |||
Buildings and improvements | 55,649 | |||
Costs capitalized subsequent to acquisition | 3,302 | |||
Gross amount carried at close of period | ||||
Land and improvements | 13,912 | |||
Buildings and improvements | 58,951 | |||
Total | $ 72,863 | 72,863 | ||
Accumulated depreciation | $ (14,944) | (14,944) | ||
Date of construction | 1999 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 72,863 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,944 | |||
Unencumbered Apartment Communities | Cortesia | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Cortesia | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Country Villas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 180 | |||
Initial cost | ||||
Land | 4,174 | |||
Buildings and improvements | 16,583 | |||
Costs capitalized subsequent to acquisition | 5,547 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,187 | |||
Buildings and improvements | 22,117 | |||
Total | $ 26,304 | 26,304 | ||
Accumulated depreciation | $ (13,934) | (13,934) | ||
Date of construction | 1976 | |||
Date acquired | Dec-02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 26,304 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,934 | |||
Unencumbered Apartment Communities | Country Villas | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Country Villas | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Courtyard off Main | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 110 | |||
Initial cost | ||||
Land | 7,465 | |||
Buildings and improvements | 21,405 | |||
Costs capitalized subsequent to acquisition | 5,047 | |||
Gross amount carried at close of period | ||||
Land and improvements | 7,465 | |||
Buildings and improvements | 26,452 | |||
Total | $ 33,917 | 33,917 | ||
Accumulated depreciation | $ (10,190) | (10,190) | ||
Date of construction | 2000 | |||
Date acquired | Oct-10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 33,917 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,190 | |||
Unencumbered Apartment Communities | Courtyard off Main | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Courtyard off Main | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Crow Canyon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 400 | |||
Initial cost | ||||
Land | 37,579 | |||
Buildings and improvements | 87,685 | |||
Costs capitalized subsequent to acquisition | 12,923 | |||
Gross amount carried at close of period | ||||
Land and improvements | 37,579 | |||
Buildings and improvements | 100,608 | |||
Total | $ 138,187 | 138,187 | ||
Accumulated depreciation | $ (26,738) | (26,738) | ||
Date of construction | 1992 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 138,187 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 26,738 | |||
Unencumbered Apartment Communities | Crow Canyon | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Crow Canyon | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Deer Valley | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 171 | |||
Initial cost | ||||
Land | 21,478 | |||
Buildings and improvements | 50,116 | |||
Costs capitalized subsequent to acquisition | 3,644 | |||
Gross amount carried at close of period | ||||
Land and improvements | 21,478 | |||
Buildings and improvements | 53,760 | |||
Total | $ 75,238 | 75,238 | ||
Accumulated depreciation | $ (13,744) | (13,744) | ||
Date of construction | 1996 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 75,238 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,744 | |||
Unencumbered Apartment Communities | Deer Valley | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Deer Valley | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Devonshire | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 276 | |||
Initial cost | ||||
Land | 3,470 | |||
Buildings and improvements | 13,786 | |||
Costs capitalized subsequent to acquisition | 6,533 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,482 | |||
Buildings and improvements | 20,307 | |||
Total | $ 23,789 | 23,789 | ||
Accumulated depreciation | $ (12,163) | (12,163) | ||
Date of construction | 1988 | |||
Date acquired | Dec-02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 23,789 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,163 | |||
Unencumbered Apartment Communities | Devonshire | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Devonshire | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Domaine | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 92 | |||
Initial cost | ||||
Land | 9,059 | |||
Buildings and improvements | 27,177 | |||
Costs capitalized subsequent to acquisition | 1,545 | |||
Gross amount carried at close of period | ||||
Land and improvements | 9,059 | |||
Buildings and improvements | 28,722 | |||
Total | $ 37,781 | 37,781 | ||
Accumulated depreciation | $ (8,376) | (8,376) | ||
Date of construction | 2009 | |||
Date acquired | Sep-12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 37,781 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,376 | |||
Unencumbered Apartment Communities | Elevation | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 158 | |||
Initial cost | ||||
Land | 4,758 | |||
Buildings and improvements | 14,285 | |||
Costs capitalized subsequent to acquisition | 7,372 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,757 | |||
Buildings and improvements | 21,658 | |||
Total | $ 26,415 | 26,415 | ||
Accumulated depreciation | $ (10,931) | (10,931) | ||
Date of construction | 1986 | |||
Date acquired | Jun-10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 26,415 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,931 | |||
Unencumbered Apartment Communities | Elevation | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Elevation | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Ellington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 220 | |||
Initial cost | ||||
Land | 15,066 | |||
Buildings and improvements | 45,249 | |||
Costs capitalized subsequent to acquisition | 4,089 | |||
Gross amount carried at close of period | ||||
Land and improvements | 15,066 | |||
Buildings and improvements | 49,338 | |||
Total | $ 64,404 | 64,404 | ||
Accumulated depreciation | $ (11,978) | (11,978) | ||
Date of construction | 1994 | |||
Date acquired | Jul-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 64,404 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,978 | |||
Unencumbered Apartment Communities | Ellington | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Ellington | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Emerald Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 160 | |||
Initial cost | ||||
Land | 8,458 | |||
Buildings and improvements | 33,832 | |||
Costs capitalized subsequent to acquisition | 2,404 | |||
Gross amount carried at close of period | ||||
Land and improvements | 8,458 | |||
Buildings and improvements | 36,236 | |||
Total | $ 44,694 | 44,694 | ||
Accumulated depreciation | $ (9,304) | (9,304) | ||
Date of construction | 1989 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 44,694 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,304 | |||
Unencumbered Apartment Communities | Emerald Pointe | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Emerald Pointe | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Emerald Ridge | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 180 | |||
Initial cost | ||||
Land | 3,449 | |||
Buildings and improvements | 7,801 | |||
Costs capitalized subsequent to acquisition | 6,915 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,449 | |||
Buildings and improvements | 14,716 | |||
Total | $ 18,165 | 18,165 | ||
Accumulated depreciation | $ (11,762) | (11,762) | ||
Date of construction | 1987 | |||
Date acquired | Nov-94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 18,165 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,762 | |||
Unencumbered Apartment Communities | Emerald Ridge | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Emerald Ridge | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Emerson Valley Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 144 | |||
Initial cost | ||||
Land | 13,378 | |||
Buildings and improvements | 53,240 | |||
Costs capitalized subsequent to acquisition | 1,349 | |||
Gross amount carried at close of period | ||||
Land and improvements | 13,378 | |||
Buildings and improvements | 54,589 | |||
Total | $ 67,967 | 67,967 | ||
Accumulated depreciation | $ (7,825) | (7,825) | ||
Date of construction | 2012 | |||
Date acquired | Dec-16 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 67,967 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,825 | |||
Unencumbered Apartment Communities | Emerson Valley Village | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Emerson Valley Village | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Emme | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 190 | |||
Initial cost | ||||
Land | 15,039 | |||
Buildings and improvements | 80,532 | |||
Costs capitalized subsequent to acquisition | 357 | |||
Gross amount carried at close of period | ||||
Land and improvements | 15,039 | |||
Buildings and improvements | 80,889 | |||
Total | $ 95,928 | 95,928 | ||
Accumulated depreciation | $ (2,709) | (2,709) | ||
Date of construction | 2015 | |||
Date acquired | Jan-20 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 95,928 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 2,709 | |||
Unencumbered Apartment Communities | Emme | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Emme | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Enso | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 183 | |||
Initial cost | ||||
Land | 21,397 | |||
Buildings and improvements | 71,135 | |||
Costs capitalized subsequent to acquisition | 1,907 | |||
Gross amount carried at close of period | ||||
Land and improvements | 21,397 | |||
Buildings and improvements | 73,042 | |||
Total | $ 94,439 | 94,439 | ||
Accumulated depreciation | $ (13,258) | (13,258) | ||
Date of construction | 2014 | |||
Date acquired | Dec-15 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 94,439 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,258 | |||
Unencumbered Apartment Communities | Enso | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Enso | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Epic | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 769 | |||
Initial cost | ||||
Land | 89,111 | |||
Buildings and improvements | 307,769 | |||
Costs capitalized subsequent to acquisition | 509 | |||
Gross amount carried at close of period | ||||
Land and improvements | 89,111 | |||
Buildings and improvements | 308,278 | |||
Total | $ 397,389 | 397,389 | ||
Accumulated depreciation | $ (10,261) | (10,261) | ||
Date of construction | 2013 | |||
Date acquired | Jan-20 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 397,389 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,261 | |||
Unencumbered Apartment Communities | Epic | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Epic | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Esplanade | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 278 | |||
Initial cost | ||||
Land | 18,170 | |||
Buildings and improvements | 40,086 | |||
Costs capitalized subsequent to acquisition | 16,209 | |||
Gross amount carried at close of period | ||||
Land and improvements | 18,429 | |||
Buildings and improvements | 56,036 | |||
Total | $ 74,465 | 74,465 | ||
Accumulated depreciation | $ (32,656) | (32,656) | ||
Date of construction | 2002 | |||
Date acquired | Apr-04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 74,465 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 32,656 | |||
Unencumbered Apartment Communities | Esplanade | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Esplanade | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Essex Skyline | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 350 | |||
Initial cost | ||||
Land | 21,537 | |||
Buildings and improvements | 146,099 | |||
Costs capitalized subsequent to acquisition | 12,601 | |||
Gross amount carried at close of period | ||||
Land and improvements | 21,537 | |||
Buildings and improvements | 158,700 | |||
Total | $ 180,237 | 180,237 | ||
Accumulated depreciation | $ (48,170) | (48,170) | ||
Date of construction | 2008 | |||
Date acquired | Apr-10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 180,237 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 48,170 | |||
Unencumbered Apartment Communities | Essex Skyline | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Essex Skyline | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Evergreen Heights | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 200 | |||
Initial cost | ||||
Land | 3,566 | |||
Buildings and improvements | 13,395 | |||
Costs capitalized subsequent to acquisition | 7,339 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,649 | |||
Buildings and improvements | 20,651 | |||
Total | $ 24,300 | 24,300 | ||
Accumulated depreciation | $ (15,822) | (15,822) | ||
Date of construction | 1990 | |||
Date acquired | Jun-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 24,300 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,822 | |||
Unencumbered Apartment Communities | Evergreen Heights | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Evergreen Heights | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Fairhaven Apartments | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 164 | |||
Initial cost | ||||
Land | 2,626 | |||
Buildings and improvements | 10,485 | |||
Costs capitalized subsequent to acquisition | 10,243 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,957 | |||
Buildings and improvements | 20,397 | |||
Total | $ 23,354 | 23,354 | ||
Accumulated depreciation | $ (13,581) | (13,581) | ||
Date of construction | 1970 | |||
Date acquired | Nov-01 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 23,354 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,581 | |||
Unencumbered Apartment Communities | Fairway Apartments at Big Canyon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 74 | |||
Initial cost | ||||
Land | 0 | |||
Buildings and improvements | 7,850 | |||
Costs capitalized subsequent to acquisition | 8,513 | |||
Gross amount carried at close of period | ||||
Land and improvements | 0 | |||
Buildings and improvements | 16,363 | |||
Total | $ 16,363 | 16,363 | ||
Accumulated depreciation | $ (12,710) | (12,710) | ||
Date of construction | 1972 | |||
Date acquired | Jun-99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 16,363 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,710 | |||
Unencumbered Apartment Communities | Fairway Apartments at Big Canyon | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Fairway Apartments at Big Canyon | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 28 years | |||
Unencumbered Apartment Communities | Fairwood Pond | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 194 | |||
Initial cost | ||||
Land | 5,296 | |||
Buildings and improvements | 15,564 | |||
Costs capitalized subsequent to acquisition | 4,599 | |||
Gross amount carried at close of period | ||||
Land and improvements | 5,297 | |||
Buildings and improvements | 20,162 | |||
Total | $ 25,459 | 25,459 | ||
Accumulated depreciation | $ (11,530) | (11,530) | ||
Date of construction | 1997 | |||
Date acquired | Oct-04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 25,459 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,530 | |||
Unencumbered Apartment Communities | Fairwood Pond | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Fairwood Pond | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Foothill Commons | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 394 | |||
Initial cost | ||||
Land | 2,435 | |||
Buildings and improvements | 9,821 | |||
Costs capitalized subsequent to acquisition | 41,978 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,440 | |||
Buildings and improvements | 51,794 | |||
Total | $ 54,234 | 54,234 | ||
Accumulated depreciation | $ (47,403) | (47,403) | ||
Date of construction | 1978 | |||
Date acquired | Mar-90 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 54,234 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 47,403 | |||
Unencumbered Apartment Communities | Foothill Commons | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Foothill Commons | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Foothill Gardens/Twin Creeks | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 176 | |||
Initial cost | ||||
Land | 5,875 | |||
Buildings and improvements | 13,992 | |||
Costs capitalized subsequent to acquisition | 12,289 | |||
Gross amount carried at close of period | ||||
Land and improvements | 5,964 | |||
Buildings and improvements | 26,192 | |||
Total | $ 32,156 | 32,156 | ||
Accumulated depreciation | $ (19,884) | (19,884) | ||
Date of construction | 1985 | |||
Date acquired | Feb-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 32,156 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 19,884 | |||
Unencumbered Apartment Communities | Foothill Gardens/Twin Creeks | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Foothill Gardens/Twin Creeks | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Forest View | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 192 | |||
Initial cost | ||||
Land | 3,731 | |||
Buildings and improvements | 14,530 | |||
Costs capitalized subsequent to acquisition | 3,713 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,731 | |||
Buildings and improvements | 18,243 | |||
Total | $ 21,974 | 21,974 | ||
Accumulated depreciation | $ (10,629) | (10,629) | ||
Date of construction | 1998 | |||
Date acquired | Oct-03 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 21,974 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,629 | |||
Unencumbered Apartment Communities | Forest View | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Forest View | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Foster's Landing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 490 | |||
Initial cost | ||||
Land | 61,714 | |||
Buildings and improvements | 144,000 | |||
Costs capitalized subsequent to acquisition | 11,178 | |||
Gross amount carried at close of period | ||||
Land and improvements | 61,714 | |||
Buildings and improvements | 155,178 | |||
Total | $ 216,892 | 216,892 | ||
Accumulated depreciation | $ (41,241) | (41,241) | ||
Date of construction | 1987 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 216,892 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 41,241 | |||
Unencumbered Apartment Communities | Fountain Court | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 320 | |||
Initial cost | ||||
Land | 6,702 | |||
Buildings and improvements | 27,306 | |||
Costs capitalized subsequent to acquisition | 13,573 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,985 | |||
Buildings and improvements | 40,596 | |||
Total | $ 47,581 | 47,581 | ||
Accumulated depreciation | $ (29,905) | (29,905) | ||
Date of construction | 2000 | |||
Date acquired | Mar-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 47,581 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 29,905 | |||
Unencumbered Apartment Communities | Fountain Court | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Fountain Court | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Fountain At Riveroaks | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 226 | |||
Initial cost | ||||
Land | 26,046 | |||
Buildings and improvements | 60,773 | |||
Costs capitalized subsequent to acquisition | 5,897 | |||
Gross amount carried at close of period | ||||
Land and improvements | 26,046 | |||
Buildings and improvements | 66,670 | |||
Total | $ 92,716 | 92,716 | ||
Accumulated depreciation | $ (17,559) | (17,559) | ||
Date of construction | 1990 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 92,716 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 17,559 | |||
Unencumbered Apartment Communities | Fountain At Riveroaks | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Fountain At Riveroaks | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Fourth & U | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 171 | |||
Initial cost | ||||
Land | 8,879 | |||
Buildings and improvements | 52,351 | |||
Costs capitalized subsequent to acquisition | 4,337 | |||
Gross amount carried at close of period | ||||
Land and improvements | 8,879 | |||
Buildings and improvements | 56,688 | |||
Total | $ 65,567 | 65,567 | ||
Accumulated depreciation | $ (21,596) | (21,596) | ||
Date of construction | 2010 | |||
Date acquired | Apr-10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 65,567 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 21,596 | |||
Unencumbered Apartment Communities | Fourth & U | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Fourth & U | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Fox Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 445 | |||
Initial cost | ||||
Land | 39,731 | |||
Buildings and improvements | 92,706 | |||
Costs capitalized subsequent to acquisition | 39,712 | |||
Gross amount carried at close of period | ||||
Land and improvements | 39,731 | |||
Buildings and improvements | 132,418 | |||
Total | $ 172,149 | 172,149 | ||
Accumulated depreciation | $ (41,715) | (41,715) | ||
Date of construction | 1968 | |||
Date acquired | Feb-13 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 172,149 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 41,715 | |||
Unencumbered Apartment Communities | Fox Plaza | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Fox Plaza | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Henley I/The Henley II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 215 | |||
Initial cost | ||||
Land | 6,695 | |||
Buildings and improvements | 16,753 | |||
Costs capitalized subsequent to acquisition | 28,607 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,733 | |||
Buildings and improvements | 45,322 | |||
Total | $ 52,055 | 52,055 | ||
Accumulated depreciation | $ (30,235) | (30,235) | ||
Date of construction | 1970 | |||
Date acquired | Jun-99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 52,055 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 30,235 | |||
Unencumbered Apartment Communities | The Henley I/The Henley II | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Henley I/The Henley II | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Highlands at Wynhaven | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 333 | |||
Initial cost | ||||
Land | 16,271 | |||
Buildings and improvements | 48,932 | |||
Costs capitalized subsequent to acquisition | 15,477 | |||
Gross amount carried at close of period | ||||
Land and improvements | 16,271 | |||
Buildings and improvements | 64,409 | |||
Total | $ 80,680 | 80,680 | ||
Accumulated depreciation | $ (30,874) | (30,874) | ||
Date of construction | 2000 | |||
Date acquired | Aug-08 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 80,680 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 30,874 | |||
Unencumbered Apartment Communities | Highlands at Wynhaven | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Highlands at Wynhaven | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Hillcrest Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 608 | |||
Initial cost | ||||
Land | 15,318 | |||
Buildings and improvements | 40,601 | |||
Costs capitalized subsequent to acquisition | 22,105 | |||
Gross amount carried at close of period | ||||
Land and improvements | 15,755 | |||
Buildings and improvements | 62,269 | |||
Total | $ 78,024 | 78,024 | ||
Accumulated depreciation | $ (45,189) | (45,189) | ||
Date of construction | 1973 | |||
Date acquired | Mar-98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 78,024 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 45,189 | |||
Unencumbered Apartment Communities | Hillcrest Park | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Hillcrest Park | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Hillsdale Garden | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 697 | |||
Initial cost | ||||
Land | 22,000 | |||
Buildings and improvements | 94,681 | |||
Costs capitalized subsequent to acquisition | 29,391 | |||
Gross amount carried at close of period | ||||
Land and improvements | 22,000 | |||
Buildings and improvements | 124,072 | |||
Total | $ 146,072 | 146,072 | ||
Accumulated depreciation | $ (64,193) | (64,193) | ||
Date of construction | 1948 | |||
Date acquired | Sep-06 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 146,072 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 64,193 | |||
Unencumbered Apartment Communities | Hillsdale Garden | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Hillsdale Garden | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Hope Ranch | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 108 | |||
Initial cost | ||||
Land | 4,078 | |||
Buildings and improvements | 16,877 | |||
Costs capitalized subsequent to acquisition | 3,144 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,208 | |||
Buildings and improvements | 19,891 | |||
Total | $ 24,099 | 24,099 | ||
Accumulated depreciation | $ (9,564) | (9,564) | ||
Date of construction | 1965 | |||
Date acquired | Mar-07 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 24,099 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,564 | |||
Unencumbered Apartment Communities | Hope Ranch | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Hope Ranch | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Huntington Breakers | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 342 | |||
Initial cost | ||||
Land | 9,306 | |||
Buildings and improvements | 22,720 | |||
Costs capitalized subsequent to acquisition | 22,039 | |||
Gross amount carried at close of period | ||||
Land and improvements | 9,315 | |||
Buildings and improvements | 44,750 | |||
Total | $ 54,065 | 54,065 | ||
Accumulated depreciation | $ (35,095) | (35,095) | ||
Date of construction | 1984 | |||
Date acquired | Oct-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 54,065 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 35,095 | |||
Unencumbered Apartment Communities | Huntington Breakers | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Huntington Breakers | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Inglenook Court | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 224 | |||
Initial cost | ||||
Land | 3,467 | |||
Buildings and improvements | 7,881 | |||
Costs capitalized subsequent to acquisition | 8,603 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,474 | |||
Buildings and improvements | 16,477 | |||
Total | $ 19,951 | 19,951 | ||
Accumulated depreciation | $ (13,915) | (13,915) | ||
Date of construction | 1985 | |||
Date acquired | Oct-94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 19,951 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,915 | |||
Unencumbered Apartment Communities | Inglenook Court | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Inglenook Court | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Lafayette Highlands | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 150 | |||
Initial cost | ||||
Land | 17,774 | |||
Buildings and improvements | 41,473 | |||
Costs capitalized subsequent to acquisition | 4,292 | |||
Gross amount carried at close of period | ||||
Land and improvements | 17,774 | |||
Buildings and improvements | 45,765 | |||
Total | $ 63,539 | 63,539 | ||
Accumulated depreciation | $ (11,649) | (11,649) | ||
Date of construction | 1973 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 63,539 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,649 | |||
Unencumbered Apartment Communities | Lafayette Highlands | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Lafayette Highlands | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Lakeshore Landing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 308 | |||
Initial cost | ||||
Land | 38,155 | |||
Buildings and improvements | 89,028 | |||
Costs capitalized subsequent to acquisition | 9,182 | |||
Gross amount carried at close of period | ||||
Land and improvements | 38,155 | |||
Buildings and improvements | 98,210 | |||
Total | $ 136,365 | 136,365 | ||
Accumulated depreciation | $ (26,612) | (26,612) | ||
Date of construction | 1988 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 136,365 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 26,612 | |||
Unencumbered Apartment Communities | Lakeshore Landing | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Lakeshore Landing | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Laurels at Mill Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 164 | |||
Initial cost | ||||
Land | 1,559 | |||
Buildings and improvements | 6,430 | |||
Costs capitalized subsequent to acquisition | 8,586 | |||
Gross amount carried at close of period | ||||
Land and improvements | 1,595 | |||
Buildings and improvements | 14,980 | |||
Total | $ 16,575 | 16,575 | ||
Accumulated depreciation | $ (11,277) | (11,277) | ||
Date of construction | 1981 | |||
Date acquired | Dec-96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 16,575 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,277 | |||
Unencumbered Apartment Communities | Laurels at Mill Creek | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Laurels at Mill Creek | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Lawrence Station | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 336 | |||
Initial cost | ||||
Land | 45,532 | |||
Buildings and improvements | 106,735 | |||
Costs capitalized subsequent to acquisition | 2,494 | |||
Gross amount carried at close of period | ||||
Land and improvements | 45,532 | |||
Buildings and improvements | 109,229 | |||
Total | $ 154,761 | 154,761 | ||
Accumulated depreciation | $ (30,819) | (30,819) | ||
Date of construction | 2012 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 154,761 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 30,819 | |||
Unencumbered Apartment Communities | Lawrence Station | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Lawrence Station | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Le Parc | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 140 | |||
Initial cost | ||||
Land | 3,090 | |||
Buildings and improvements | 7,421 | |||
Costs capitalized subsequent to acquisition | 14,181 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,092 | |||
Buildings and improvements | 21,600 | |||
Total | $ 24,692 | 24,692 | ||
Accumulated depreciation | $ (17,358) | (17,358) | ||
Date of construction | 1975 | |||
Date acquired | Feb-94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 24,692 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 17,358 | |||
Unencumbered Apartment Communities | Le Parc | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Le Parc | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Marbrisa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 202 | |||
Initial cost | ||||
Land | 4,700 | |||
Buildings and improvements | 18,605 | |||
Costs capitalized subsequent to acquisition | 10,150 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,760 | |||
Buildings and improvements | 28,695 | |||
Total | $ 33,455 | 33,455 | ||
Accumulated depreciation | $ (18,760) | (18,760) | ||
Date of construction | 1987 | |||
Date acquired | Sep-02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 33,455 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,760 | |||
Unencumbered Apartment Communities | Marbrisa | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Marbrisa | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Marina City Club | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 101 | |||
Initial cost | ||||
Land | 0 | |||
Buildings and improvements | 28,167 | |||
Costs capitalized subsequent to acquisition | 34,572 | |||
Gross amount carried at close of period | ||||
Land and improvements | 0 | |||
Buildings and improvements | 62,739 | |||
Total | $ 62,739 | 62,739 | ||
Accumulated depreciation | $ (31,601) | (31,601) | ||
Date of construction | 1971 | |||
Date acquired | Jan-04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 62,739 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 31,601 | |||
Unencumbered Apartment Communities | Marina City Club | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Marina City Club | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Marina Cove | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 292 | |||
Initial cost | ||||
Land | 5,320 | |||
Buildings and improvements | 16,431 | |||
Costs capitalized subsequent to acquisition | 16,263 | |||
Gross amount carried at close of period | ||||
Land and improvements | 5,324 | |||
Buildings and improvements | 32,690 | |||
Total | $ 38,014 | 38,014 | ||
Accumulated depreciation | $ (27,925) | (27,925) | ||
Date of construction | 1974 | |||
Date acquired | Jun-94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 38,014 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 27,925 | |||
Unencumbered Apartment Communities | Marina Cove | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Marina Cove | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Mariner's Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 105 | |||
Initial cost | ||||
Land | 1,555 | |||
Buildings and improvements | 6,103 | |||
Costs capitalized subsequent to acquisition | 2,679 | |||
Gross amount carried at close of period | ||||
Land and improvements | 1,562 | |||
Buildings and improvements | 8,775 | |||
Total | $ 10,337 | 10,337 | ||
Accumulated depreciation | $ (6,362) | (6,362) | ||
Date of construction | 1987 | |||
Date acquired | May-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 10,337 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,362 | |||
Unencumbered Apartment Communities | Mariner's Place | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Mariner's Place | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | MB 360 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 360 | |||
Initial cost | ||||
Land | 42,001 | |||
Buildings and improvements | 212,648 | |||
Costs capitalized subsequent to acquisition | 12,308 | |||
Gross amount carried at close of period | ||||
Land and improvements | 42,001 | |||
Buildings and improvements | 224,956 | |||
Total | $ 266,957 | 266,957 | ||
Accumulated depreciation | $ (50,304) | (50,304) | ||
Date of construction | 2014 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 266,957 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 50,304 | |||
Unencumbered Apartment Communities | MB 360 | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | MB 360 | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Mesa Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 133 | |||
Initial cost | ||||
Land | 1,888 | |||
Buildings and improvements | 7,498 | |||
Costs capitalized subsequent to acquisition | 2,734 | |||
Gross amount carried at close of period | ||||
Land and improvements | 1,894 | |||
Buildings and improvements | 10,226 | |||
Total | $ 12,120 | 12,120 | ||
Accumulated depreciation | $ (6,127) | (6,127) | ||
Date of construction | 1963 | |||
Date acquired | Dec-02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 12,120 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,127 | |||
Unencumbered Apartment Communities | Mesa Village | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Mesa Village | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Mill Creek at Windermere | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 400 | |||
Initial cost | ||||
Land | 29,551 | |||
Buildings and improvements | 69,032 | |||
Costs capitalized subsequent to acquisition | 7,370 | |||
Gross amount carried at close of period | ||||
Land and improvements | 29,551 | |||
Buildings and improvements | 76,402 | |||
Total | $ 105,953 | 105,953 | ||
Accumulated depreciation | $ (34,899) | (34,899) | ||
Date of construction | 2005 | |||
Date acquired | Sep-07 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 105,953 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 34,899 | |||
Unencumbered Apartment Communities | Mill Creek at Windermere | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Mill Creek at Windermere | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Mio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 103 | |||
Initial cost | ||||
Land | 11,012 | |||
Buildings and improvements | 39,982 | |||
Costs capitalized subsequent to acquisition | 675 | |||
Gross amount carried at close of period | ||||
Land and improvements | 11,012 | |||
Buildings and improvements | 40,657 | |||
Total | $ 51,669 | 51,669 | ||
Accumulated depreciation | $ (7,166) | (7,166) | ||
Date of construction | 2015 | |||
Date acquired | Jan-16 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 51,669 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,166 | |||
Unencumbered Apartment Communities | Mio | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Mio | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Mirabella | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 188 | |||
Initial cost | ||||
Land | 6,180 | |||
Buildings and improvements | 26,673 | |||
Costs capitalized subsequent to acquisition | 17,242 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,270 | |||
Buildings and improvements | 43,825 | |||
Total | $ 50,095 | 50,095 | ||
Accumulated depreciation | $ (28,017) | (28,017) | ||
Date of construction | 2000 | |||
Date acquired | May-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 50,095 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 28,017 | |||
Unencumbered Apartment Communities | Mirabella | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Mirabella | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Mira Monte | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 354 | |||
Initial cost | ||||
Land | 7,165 | |||
Buildings and improvements | 28,459 | |||
Costs capitalized subsequent to acquisition | 12,402 | |||
Gross amount carried at close of period | ||||
Land and improvements | 7,186 | |||
Buildings and improvements | 40,840 | |||
Total | $ 48,026 | 48,026 | ||
Accumulated depreciation | $ (26,833) | (26,833) | ||
Date of construction | 1982 | |||
Date acquired | Dec-02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 48,026 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 26,833 | |||
Unencumbered Apartment Communities | Mira Monte | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Mira Monte | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Miracle Mile Marbella | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 236 | |||
Initial cost | ||||
Land | 7,791 | |||
Buildings and improvements | 23,075 | |||
Costs capitalized subsequent to acquisition | 15,609 | |||
Gross amount carried at close of period | ||||
Land and improvements | 7,886 | |||
Buildings and improvements | 38,589 | |||
Total | $ 46,475 | 46,475 | ||
Accumulated depreciation | $ (29,348) | (29,348) | ||
Date of construction | 1988 | |||
Date acquired | Aug-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 46,475 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 29,348 | |||
Unencumbered Apartment Communities | Miracle Mile Marbella | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Miracle Mile Marbella | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Mission Hills | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 282 | |||
Initial cost | ||||
Land | 10,099 | |||
Buildings and improvements | 38,778 | |||
Costs capitalized subsequent to acquisition | 11,525 | |||
Gross amount carried at close of period | ||||
Land and improvements | 10,167 | |||
Buildings and improvements | 50,235 | |||
Total | $ 60,402 | 60,402 | ||
Accumulated depreciation | $ (26,979) | (26,979) | ||
Date of construction | 1984 | |||
Date acquired | Jul-05 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 60,402 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 26,979 | |||
Unencumbered Apartment Communities | Mission Hills | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Mission Hills | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Mission Peaks | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 453 | |||
Initial cost | ||||
Land | 46,499 | |||
Buildings and improvements | 108,498 | |||
Costs capitalized subsequent to acquisition | 8,474 | |||
Gross amount carried at close of period | ||||
Land and improvements | 46,499 | |||
Buildings and improvements | 116,972 | |||
Total | $ 163,471 | 163,471 | ||
Accumulated depreciation | $ (29,818) | (29,818) | ||
Date of construction | 1995 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 163,471 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 29,818 | |||
Unencumbered Apartment Communities | Mission Peaks | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Mission Peaks | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Mission Peaks II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 336 | |||
Initial cost | ||||
Land | 31,429 | |||
Buildings and improvements | 73,334 | |||
Costs capitalized subsequent to acquisition | 8,388 | |||
Gross amount carried at close of period | ||||
Land and improvements | 31,429 | |||
Buildings and improvements | 81,722 | |||
Total | $ 113,151 | 113,151 | ||
Accumulated depreciation | $ (21,416) | (21,416) | ||
Date of construction | 1989 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 113,151 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 21,416 | |||
Unencumbered Apartment Communities | Mission Peaks II | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Mission Peaks II | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Montarosa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 472 | |||
Initial cost | ||||
Land | 26,697 | |||
Buildings and improvements | 106,787 | |||
Costs capitalized subsequent to acquisition | 7,521 | |||
Gross amount carried at close of period | ||||
Land and improvements | 26,697 | |||
Buildings and improvements | 114,308 | |||
Total | $ 141,005 | 141,005 | ||
Accumulated depreciation | $ (28,912) | (28,912) | ||
Date of construction | 1990 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 141,005 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 28,912 | |||
Unencumbered Apartment Communities | Montclaire | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 390 | |||
Initial cost | ||||
Land | 4,842 | |||
Buildings and improvements | 19,776 | |||
Costs capitalized subsequent to acquisition | 28,355 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,997 | |||
Buildings and improvements | 47,976 | |||
Total | $ 52,973 | 52,973 | ||
Accumulated depreciation | $ (43,336) | (43,336) | ||
Date of construction | 1973 | |||
Date acquired | Dec-88 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 52,973 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 43,336 | |||
Unencumbered Apartment Communities | Montclaire | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Montclaire | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Montebello | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 248 | |||
Initial cost | ||||
Land | 13,857 | |||
Buildings and improvements | 41,575 | |||
Costs capitalized subsequent to acquisition | 7,496 | |||
Gross amount carried at close of period | ||||
Land and improvements | 13,858 | |||
Buildings and improvements | 49,070 | |||
Total | $ 62,928 | 62,928 | ||
Accumulated depreciation | $ (15,854) | (15,854) | ||
Date of construction | 1996 | |||
Date acquired | Jul-12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 62,928 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,854 | |||
Unencumbered Apartment Communities | Montejo | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 124 | |||
Initial cost | ||||
Land | 1,925 | |||
Buildings and improvements | 7,685 | |||
Costs capitalized subsequent to acquisition | 4,490 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,194 | |||
Buildings and improvements | 11,906 | |||
Total | $ 14,100 | 14,100 | ||
Accumulated depreciation | $ (7,588) | (7,588) | ||
Date of construction | 1974 | |||
Date acquired | Nov-01 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 14,100 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,588 | |||
Unencumbered Apartment Communities | Monterey Villas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 122 | |||
Initial cost | ||||
Land | 2,349 | |||
Buildings and improvements | 5,579 | |||
Costs capitalized subsequent to acquisition | 7,169 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,424 | |||
Buildings and improvements | 12,673 | |||
Total | $ 15,097 | 15,097 | ||
Accumulated depreciation | $ (9,150) | (9,150) | ||
Date of construction | 1974 | |||
Date acquired | Jul-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 15,097 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,150 | |||
Unencumbered Apartment Communities | Monterey Villas | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Monterey Villas | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Muse | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 152 | |||
Initial cost | ||||
Land | 7,822 | |||
Buildings and improvements | 33,436 | |||
Costs capitalized subsequent to acquisition | 3,659 | |||
Gross amount carried at close of period | ||||
Land and improvements | 7,823 | |||
Buildings and improvements | 37,094 | |||
Total | $ 44,917 | 44,917 | ||
Accumulated depreciation | $ (15,284) | (15,284) | ||
Date of construction | 2011 | |||
Date acquired | Feb-11 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 44,917 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,284 | |||
Unencumbered Apartment Communities | Muse | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Muse | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | 1000 Kiely | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 121 | |||
Initial cost | ||||
Land | 9,359 | |||
Buildings and improvements | 21,845 | |||
Costs capitalized subsequent to acquisition | 8,669 | |||
Gross amount carried at close of period | ||||
Land and improvements | 9,359 | |||
Buildings and improvements | 30,514 | |||
Total | $ 39,873 | 39,873 | ||
Accumulated depreciation | $ (13,890) | (13,890) | ||
Date of construction | 1971 | |||
Date acquired | Mar-11 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 39,873 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,890 | |||
Unencumbered Apartment Communities | Palm Valley | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 1,099 | |||
Initial cost | ||||
Land | 133,802 | |||
Buildings and improvements | 312,205 | |||
Costs capitalized subsequent to acquisition | 18,156 | |||
Gross amount carried at close of period | ||||
Land and improvements | 133,802 | |||
Buildings and improvements | 330,361 | |||
Total | $ 464,163 | 464,163 | ||
Accumulated depreciation | $ (48,807) | (48,807) | ||
Date of construction | 2008 | |||
Date acquired | Jan-17 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 464,163 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 48,807 | |||
Unencumbered Apartment Communities | Palm Valley | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Palm Valley | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Paragon Apartments | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 301 | |||
Initial cost | ||||
Land | 32,230 | |||
Buildings and improvements | 77,320 | |||
Costs capitalized subsequent to acquisition | 2,583 | |||
Gross amount carried at close of period | ||||
Land and improvements | 32,230 | |||
Buildings and improvements | 79,903 | |||
Total | $ 112,133 | 112,133 | ||
Accumulated depreciation | $ (17,735) | (17,735) | ||
Date of construction | 2013 | |||
Date acquired | Jul-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 112,133 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 17,735 | |||
Unencumbered Apartment Communities | Paragon Apartments | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Paragon Apartments | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Park 20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 197 | |||
Initial cost | ||||
Land | 27,041 | |||
Buildings and improvements | 89,281 | |||
Costs capitalized subsequent to acquisition | (1,340) | |||
Gross amount carried at close of period | ||||
Land and improvements | 26,607 | |||
Buildings and improvements | 88,375 | |||
Total | $ 114,982 | 114,982 | ||
Accumulated depreciation | $ (2,983) | (2,983) | ||
Date of construction | 2015 | |||
Date acquired | Jan-20 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 114,982 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 2,983 | |||
Unencumbered Apartment Communities | Park 20 | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Park 20 | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Park Catalina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 90 | |||
Initial cost | ||||
Land | 4,710 | |||
Buildings and improvements | 18,839 | |||
Costs capitalized subsequent to acquisition | 3,628 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,710 | |||
Buildings and improvements | 22,467 | |||
Total | $ 27,177 | 27,177 | ||
Accumulated depreciation | $ (8,035) | (8,035) | ||
Date of construction | 2002 | |||
Date acquired | Jun-12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 27,177 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,035 | |||
Unencumbered Apartment Communities | Park Catalina | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Park Catalina | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Park Highland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 250 | |||
Initial cost | ||||
Land | 9,391 | |||
Buildings and improvements | 38,224 | |||
Costs capitalized subsequent to acquisition | 13,735 | |||
Gross amount carried at close of period | ||||
Land and improvements | 9,391 | |||
Buildings and improvements | 51,959 | |||
Total | $ 61,350 | 61,350 | ||
Accumulated depreciation | $ (16,898) | (16,898) | ||
Date of construction | 1993 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 61,350 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,898 | |||
Unencumbered Apartment Communities | Park Highland | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Park Highland | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Park Hill at Issaquah | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 245 | |||
Initial cost | ||||
Land | 7,284 | |||
Buildings and improvements | 21,937 | |||
Costs capitalized subsequent to acquisition | 11,471 | |||
Gross amount carried at close of period | ||||
Land and improvements | 7,284 | |||
Buildings and improvements | 33,408 | |||
Total | $ 40,692 | 40,692 | ||
Accumulated depreciation | $ (18,428) | (18,428) | ||
Date of construction | 1999 | |||
Date acquired | Feb-99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 40,692 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,428 | |||
Unencumbered Apartment Communities | Park Hill at Issaquah | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Park Hill at Issaquah | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Park Viridian | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 320 | |||
Initial cost | ||||
Land | 15,894 | |||
Buildings and improvements | 63,574 | |||
Costs capitalized subsequent to acquisition | 4,541 | |||
Gross amount carried at close of period | ||||
Land and improvements | 15,894 | |||
Buildings and improvements | 68,115 | |||
Total | $ 84,009 | 84,009 | ||
Accumulated depreciation | $ (17,410) | (17,410) | ||
Date of construction | 2008 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 84,009 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 17,410 | |||
Unencumbered Apartment Communities | Park Viridian | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Park Viridian | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Park West | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 126 | |||
Initial cost | ||||
Land | 9,424 | |||
Buildings and improvements | 21,988 | |||
Costs capitalized subsequent to acquisition | 12,712 | |||
Gross amount carried at close of period | ||||
Land and improvements | 9,424 | |||
Buildings and improvements | 34,700 | |||
Total | $ 44,124 | 44,124 | ||
Accumulated depreciation | $ (14,022) | (14,022) | ||
Date of construction | 1958 | |||
Date acquired | Sep-12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 44,124 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,022 | |||
Unencumbered Apartment Communities | Park West | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Park West | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Parkwood at Mill Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 240 | |||
Initial cost | ||||
Land | 10,680 | |||
Buildings and improvements | 42,722 | |||
Costs capitalized subsequent to acquisition | 3,545 | |||
Gross amount carried at close of period | ||||
Land and improvements | 10,680 | |||
Buildings and improvements | 46,267 | |||
Total | $ 56,947 | 56,947 | ||
Accumulated depreciation | $ (12,081) | (12,081) | ||
Date of construction | 1989 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 56,947 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,081 | |||
Unencumbered Apartment Communities | Parkwood at Mill Creek | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Parkwood at Mill Creek | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Patent 523 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 295 | |||
Initial cost | ||||
Land | 14,558 | |||
Buildings and improvements | 69,417 | |||
Costs capitalized subsequent to acquisition | 6,137 | |||
Gross amount carried at close of period | ||||
Land and improvements | 14,558 | |||
Buildings and improvements | 75,554 | |||
Total | $ 90,112 | 90,112 | ||
Accumulated depreciation | $ (29,643) | (29,643) | ||
Date of construction | 2010 | |||
Date acquired | Mar-10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 90,112 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 29,643 | |||
Unencumbered Apartment Communities | Patent 523 | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Patent 523 | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Pathways at Bixby Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 296 | |||
Initial cost | ||||
Land | 4,083 | |||
Buildings and improvements | 16,757 | |||
Costs capitalized subsequent to acquisition | 22,199 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,239 | |||
Buildings and improvements | 36,800 | |||
Total | $ 43,039 | 43,039 | ||
Accumulated depreciation | $ (33,133) | (33,133) | ||
Date of construction | 1975 | |||
Date acquired | Feb-91 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 43,039 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 33,133 | |||
Unencumbered Apartment Communities | Pathways at Bixby Village | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Pathways at Bixby Village | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Piedmont | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 396 | |||
Initial cost | ||||
Land | 19,848 | |||
Buildings and improvements | 59,606 | |||
Costs capitalized subsequent to acquisition | 13,932 | |||
Gross amount carried at close of period | ||||
Land and improvements | 19,848 | |||
Buildings and improvements | 73,538 | |||
Total | $ 93,386 | 93,386 | ||
Accumulated depreciation | $ (20,426) | (20,426) | ||
Date of construction | 1969 | |||
Date acquired | May-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 93,386 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 20,426 | |||
Unencumbered Apartment Communities | Piedmont | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Piedmont | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Pinehurst | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 28 | |||
Initial cost | ||||
Land | 0 | |||
Buildings and improvements | 1,711 | |||
Costs capitalized subsequent to acquisition | 756 | |||
Gross amount carried at close of period | ||||
Land and improvements | 0 | |||
Buildings and improvements | 2,467 | |||
Total | $ 2,467 | 2,467 | ||
Accumulated depreciation | $ (1,643) | (1,643) | ||
Date of construction | 1973 | |||
Date acquired | Dec-04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 2,467 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 1,643 | |||
Unencumbered Apartment Communities | Pinehurst | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Pinehurst | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 24 years | |||
Unencumbered Apartment Communities | Pinnacle at Fullerton | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 192 | |||
Initial cost | ||||
Land | 11,019 | |||
Buildings and improvements | 45,932 | |||
Costs capitalized subsequent to acquisition | 4,475 | |||
Gross amount carried at close of period | ||||
Land and improvements | 11,019 | |||
Buildings and improvements | 50,407 | |||
Total | $ 61,426 | 61,426 | ||
Accumulated depreciation | $ (13,250) | (13,250) | ||
Date of construction | 2004 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 61,426 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,250 | |||
Unencumbered Apartment Communities | Pinnacle at Fullerton | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Pinnacle at Fullerton | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Pinnacle on Lake Washington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 180 | |||
Initial cost | ||||
Land | 7,760 | |||
Buildings and improvements | 31,041 | |||
Costs capitalized subsequent to acquisition | 3,915 | |||
Gross amount carried at close of period | ||||
Land and improvements | 7,760 | |||
Buildings and improvements | 34,956 | |||
Total | $ 42,716 | 42,716 | ||
Accumulated depreciation | $ (9,138) | (9,138) | ||
Date of construction | 2001 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 42,716 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,138 | |||
Unencumbered Apartment Communities | Pinnacle on Lake Washington | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Pinnacle on Lake Washington | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Pinnacle at MacArthur Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 253 | |||
Initial cost | ||||
Land | 15,810 | |||
Buildings and improvements | 66,401 | |||
Costs capitalized subsequent to acquisition | 6,056 | |||
Gross amount carried at close of period | ||||
Land and improvements | 15,810 | |||
Buildings and improvements | 72,457 | |||
Total | $ 88,267 | 88,267 | ||
Accumulated depreciation | $ (18,585) | (18,585) | ||
Date of construction | 2002 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 88,267 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,585 | |||
Unencumbered Apartment Communities | Pinnacle at MacArthur Place | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Pinnacle at MacArthur Place | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Pinnacle at Otay Ranch I & II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 364 | |||
Initial cost | ||||
Land | 17,023 | |||
Buildings and improvements | 68,093 | |||
Costs capitalized subsequent to acquisition | 4,828 | |||
Gross amount carried at close of period | ||||
Land and improvements | 17,023 | |||
Buildings and improvements | 72,921 | |||
Total | $ 89,944 | 89,944 | ||
Accumulated depreciation | $ (18,684) | (18,684) | ||
Date of construction | 2001 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 89,944 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,684 | |||
Unencumbered Apartment Communities | Pinnacle at Otay Ranch I & II | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Pinnacle at Otay Ranch I & II | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Pinnacle at Talega | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 362 | |||
Initial cost | ||||
Land | 19,292 | |||
Buildings and improvements | 77,168 | |||
Costs capitalized subsequent to acquisition | 3,631 | |||
Gross amount carried at close of period | ||||
Land and improvements | 19,292 | |||
Buildings and improvements | 80,799 | |||
Total | $ 100,091 | 100,091 | ||
Accumulated depreciation | $ (20,288) | (20,288) | ||
Date of construction | 2002 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 100,091 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 20,288 | |||
Unencumbered Apartment Communities | Pinnacle at Talega | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Pinnacle at Talega | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Pinnacle Sonata | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 268 | |||
Initial cost | ||||
Land | 14,647 | |||
Buildings and improvements | 58,586 | |||
Costs capitalized subsequent to acquisition | 5,554 | |||
Gross amount carried at close of period | ||||
Land and improvements | 14,647 | |||
Buildings and improvements | 64,140 | |||
Total | $ 78,787 | 78,787 | ||
Accumulated depreciation | $ (16,211) | (16,211) | ||
Date of construction | 2000 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 78,787 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,211 | |||
Unencumbered Apartment Communities | Pinnacle Sonata | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Pinnacle Sonata | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Pointe at Cupertino | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 116 | |||
Initial cost | ||||
Land | 4,505 | |||
Buildings and improvements | 17,605 | |||
Costs capitalized subsequent to acquisition | 12,918 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,505 | |||
Buildings and improvements | 30,523 | |||
Total | $ 35,028 | 35,028 | ||
Accumulated depreciation | $ (20,740) | (20,740) | ||
Date of construction | 1963 | |||
Date acquired | Aug-98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 35,028 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 20,740 | |||
Unencumbered Apartment Communities | Pointe at Cupertino | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Pointe at Cupertino | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Pure Redmond | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 105 | |||
Initial cost | ||||
Land | 7,461 | |||
Buildings and improvements | 31,363 | |||
Costs capitalized subsequent to acquisition | 411 | |||
Gross amount carried at close of period | ||||
Land and improvements | 7,461 | |||
Buildings and improvements | 31,774 | |||
Total | $ 39,235 | 39,235 | ||
Accumulated depreciation | $ (1,195) | (1,195) | ||
Date of construction | 2016 | |||
Date acquired | Dec-19 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 39,235 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 1,195 | |||
Unencumbered Apartment Communities | Pure Redmond | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Pure Redmond | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Radius | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 264 | |||
Initial cost | ||||
Land | 11,702 | |||
Buildings and improvements | 152,336 | |||
Costs capitalized subsequent to acquisition | 1,190 | |||
Gross amount carried at close of period | ||||
Land and improvements | 11,702 | |||
Buildings and improvements | 153,526 | |||
Total | $ 165,228 | 165,228 | ||
Accumulated depreciation | $ (39,220) | (39,220) | ||
Date of construction | 2015 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 165,228 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 39,220 | |||
Unencumbered Apartment Communities | Radius | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Radius | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Reed Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 100 | |||
Initial cost | ||||
Land | 6,873 | |||
Buildings and improvements | 16,037 | |||
Costs capitalized subsequent to acquisition | 8,746 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,873 | |||
Buildings and improvements | 24,783 | |||
Total | $ 31,656 | 31,656 | ||
Accumulated depreciation | $ (11,387) | (11,387) | ||
Date of construction | 1970 | |||
Date acquired | Jan-12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 31,656 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,387 | |||
Unencumbered Apartment Communities | Reed Square | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Reed Square | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Regency at Encino | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 75 | |||
Initial cost | ||||
Land | 3,184 | |||
Buildings and improvements | 12,737 | |||
Costs capitalized subsequent to acquisition | 4,212 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,184 | |||
Buildings and improvements | 16,949 | |||
Total | $ 20,133 | 20,133 | ||
Accumulated depreciation | $ (7,710) | (7,710) | ||
Date of construction | 1989 | |||
Date acquired | Dec-09 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 20,133 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,710 | |||
Unencumbered Apartment Communities | Regency at Encino | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Regency at Encino | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Renaissance at Uptown Orange | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 460 | |||
Initial cost | ||||
Land | 27,870 | |||
Buildings and improvements | 111,482 | |||
Costs capitalized subsequent to acquisition | 7,258 | |||
Gross amount carried at close of period | ||||
Land and improvements | 27,870 | |||
Buildings and improvements | 118,740 | |||
Total | $ 146,610 | 146,610 | ||
Accumulated depreciation | $ (29,992) | (29,992) | ||
Date of construction | 2007 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 146,610 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 29,992 | |||
Unencumbered Apartment Communities | Renaissance at Uptown Orange | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Renaissance at Uptown Orange | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Reveal | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 438 | |||
Initial cost | ||||
Land | 25,073 | |||
Buildings and improvements | 121,314 | |||
Costs capitalized subsequent to acquisition | 3,656 | |||
Gross amount carried at close of period | ||||
Land and improvements | 25,073 | |||
Buildings and improvements | 124,970 | |||
Total | $ 150,043 | 150,043 | ||
Accumulated depreciation | $ (27,492) | (27,492) | ||
Date of construction | 2010 | |||
Date acquired | Apr-15 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 150,043 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 27,492 | |||
Unencumbered Apartment Communities | The Reveal | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Reveal | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Salmon Run at Perry Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 132 | |||
Initial cost | ||||
Land | 3,717 | |||
Buildings and improvements | 11,483 | |||
Costs capitalized subsequent to acquisition | 3,054 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,801 | |||
Buildings and improvements | 14,453 | |||
Total | $ 18,254 | 18,254 | ||
Accumulated depreciation | $ (9,519) | (9,519) | ||
Date of construction | 2000 | |||
Date acquired | Oct-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 18,254 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,519 | |||
Unencumbered Apartment Communities | Salmon Run at Perry Creek | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Salmon Run at Perry Creek | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Sammamish View | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 153 | |||
Initial cost | ||||
Land | 3,324 | |||
Buildings and improvements | 7,501 | |||
Costs capitalized subsequent to acquisition | 7,530 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,331 | |||
Buildings and improvements | 15,024 | |||
Total | $ 18,355 | 18,355 | ||
Accumulated depreciation | $ (13,067) | (13,067) | ||
Date of construction | 1986 | |||
Date acquired | Nov-94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 18,355 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,067 | |||
Unencumbered Apartment Communities | Sammamish View | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Sammamish View | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | 101 San Fernando | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 323 | |||
Initial cost | ||||
Land | 4,173 | |||
Buildings and improvements | 58,961 | |||
Costs capitalized subsequent to acquisition | 13,856 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,173 | |||
Buildings and improvements | 72,817 | |||
Total | $ 76,990 | 76,990 | ||
Accumulated depreciation | $ (30,215) | (30,215) | ||
Date of construction | 2001 | |||
Date acquired | Jul-10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 76,990 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 30,215 | |||
Unencumbered Apartment Communities | 101 San Fernando | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | 101 San Fernando | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | San Marcos | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 432 | |||
Initial cost | ||||
Land | 15,563 | |||
Buildings and improvements | 36,204 | |||
Costs capitalized subsequent to acquisition | 33,980 | |||
Gross amount carried at close of period | ||||
Land and improvements | 22,866 | |||
Buildings and improvements | 62,881 | |||
Total | $ 85,747 | 85,747 | ||
Accumulated depreciation | $ (36,750) | (36,750) | ||
Date of construction | 2003 | |||
Date acquired | Nov-03 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 85,747 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 36,750 | |||
Unencumbered Apartment Communities | San Marcos | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | San Marcos | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Santee Court/Santee Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 238 | |||
Initial cost | ||||
Land | 9,581 | |||
Buildings and improvements | 40,317 | |||
Costs capitalized subsequent to acquisition | 13,433 | |||
Gross amount carried at close of period | ||||
Land and improvements | 9,582 | |||
Buildings and improvements | 53,749 | |||
Total | $ 63,331 | 63,331 | ||
Accumulated depreciation | $ (19,802) | (19,802) | ||
Date of construction | 2004 | |||
Date acquired | Oct-10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 63,331 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 19,802 | |||
Unencumbered Apartment Communities | Santee Court/Santee Village | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Santee Court/Santee Village | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Shadow Point | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 172 | |||
Initial cost | ||||
Land | 2,812 | |||
Buildings and improvements | 11,170 | |||
Costs capitalized subsequent to acquisition | 4,576 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,820 | |||
Buildings and improvements | 15,738 | |||
Total | $ 18,558 | 18,558 | ||
Accumulated depreciation | $ (9,638) | (9,638) | ||
Date of construction | 1983 | |||
Date acquired | Dec-02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 18,558 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,638 | |||
Unencumbered Apartment Communities | Shadow Point | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Shadow Point | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Shadowbrook | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 418 | |||
Initial cost | ||||
Land | 19,292 | |||
Buildings and improvements | 77,168 | |||
Costs capitalized subsequent to acquisition | 6,131 | |||
Gross amount carried at close of period | ||||
Land and improvements | 19,292 | |||
Buildings and improvements | 83,299 | |||
Total | $ 102,591 | 102,591 | ||
Accumulated depreciation | $ (21,393) | (21,393) | ||
Date of construction | 1986 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 102,591 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 21,393 | |||
Unencumbered Apartment Communities | Shadowbrook | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Shadowbrook | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Slater 116 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 108 | |||
Initial cost | ||||
Land | 7,379 | |||
Buildings and improvements | 22,138 | |||
Costs capitalized subsequent to acquisition | 1,323 | |||
Gross amount carried at close of period | ||||
Land and improvements | 7,379 | |||
Buildings and improvements | 23,461 | |||
Total | $ 30,840 | 30,840 | ||
Accumulated depreciation | $ (6,063) | (6,063) | ||
Date of construction | 2013 | |||
Date acquired | Sep-13 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 30,840 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,063 | |||
Unencumbered Apartment Communities | Slater 116 | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Slater 116 | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Solstice | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 280 | |||
Initial cost | ||||
Land | 34,444 | |||
Buildings and improvements | 147,262 | |||
Costs capitalized subsequent to acquisition | 6,856 | |||
Gross amount carried at close of period | ||||
Land and improvements | 34,444 | |||
Buildings and improvements | 154,118 | |||
Total | $ 188,562 | 188,562 | ||
Accumulated depreciation | $ (42,130) | (42,130) | ||
Date of construction | 2014 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 188,562 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 42,130 | |||
Unencumbered Apartment Communities | Solstice | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Solstice | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Station Park Green - Phases I, II, and III | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 492 | |||
Initial cost | ||||
Land | 54,782 | |||
Buildings and improvements | 314,694 | |||
Costs capitalized subsequent to acquisition | 282 | |||
Gross amount carried at close of period | ||||
Land and improvements | 54,782 | |||
Buildings and improvements | 314,976 | |||
Total | $ 369,758 | 369,758 | ||
Accumulated depreciation | $ (21,497) | (21,497) | ||
Date of construction | 2018 | |||
Date acquired | Mar-18 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 369,758 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 21,497 | |||
Unencumbered Apartment Communities | Station Park Green - Phases I, II, and III | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Station Park Green - Phases I, II, and III | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Stevenson Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 200 | |||
Initial cost | ||||
Land | 996 | |||
Buildings and improvements | 5,582 | |||
Costs capitalized subsequent to acquisition | 14,268 | |||
Gross amount carried at close of period | ||||
Land and improvements | 1,001 | |||
Buildings and improvements | 19,845 | |||
Total | $ 20,846 | 20,846 | ||
Accumulated depreciation | $ (15,706) | (15,706) | ||
Date of construction | 1975 | |||
Date acquired | Apr-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 20,846 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,706 | |||
Unencumbered Apartment Communities | Stevenson Place | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Stevenson Place | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Stonehedge Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 196 | |||
Initial cost | ||||
Land | 3,167 | |||
Buildings and improvements | 12,603 | |||
Costs capitalized subsequent to acquisition | 9,180 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,201 | |||
Buildings and improvements | 21,749 | |||
Total | $ 24,950 | 24,950 | ||
Accumulated depreciation | $ (15,989) | (15,989) | ||
Date of construction | 1986 | |||
Date acquired | Oct-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 24,950 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,989 | |||
Unencumbered Apartment Communities | Stonehedge Village | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Stonehedge Village | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Summerhill Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 100 | |||
Initial cost | ||||
Land | 2,654 | |||
Buildings and improvements | 4,918 | |||
Costs capitalized subsequent to acquisition | 11,257 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,656 | |||
Buildings and improvements | 16,173 | |||
Total | $ 18,829 | 18,829 | ||
Accumulated depreciation | $ (12,935) | (12,935) | ||
Date of construction | 1988 | |||
Date acquired | Sep-88 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 18,829 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,935 | |||
Unencumbered Apartment Communities | Summerhill Park | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Summerhill Park | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Summit Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 300 | |||
Initial cost | ||||
Land | 5,959 | |||
Buildings and improvements | 23,670 | |||
Costs capitalized subsequent to acquisition | 8,912 | |||
Gross amount carried at close of period | ||||
Land and improvements | 5,977 | |||
Buildings and improvements | 32,564 | |||
Total | $ 38,541 | 38,541 | ||
Accumulated depreciation | $ (19,893) | (19,893) | ||
Date of construction | 1972 | |||
Date acquired | Dec-02 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 38,541 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 19,893 | |||
Unencumbered Apartment Communities | Summit Park | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Summit Park | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Taylor 28 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 197 | |||
Initial cost | ||||
Land | 13,915 | |||
Buildings and improvements | 57,700 | |||
Costs capitalized subsequent to acquisition | 3,693 | |||
Gross amount carried at close of period | ||||
Land and improvements | 13,915 | |||
Buildings and improvements | 61,393 | |||
Total | $ 75,308 | 75,308 | ||
Accumulated depreciation | $ (15,413) | (15,413) | ||
Date of construction | 2008 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 75,308 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,413 | |||
Unencumbered Apartment Communities | Taylor 28 | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Taylor 28 | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Audrey at Belltown | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 137 | |||
Initial cost | ||||
Land | 9,228 | |||
Buildings and improvements | 36,911 | |||
Costs capitalized subsequent to acquisition | 2,050 | |||
Gross amount carried at close of period | ||||
Land and improvements | 9,228 | |||
Buildings and improvements | 38,961 | |||
Total | $ 48,189 | 48,189 | ||
Accumulated depreciation | $ (9,456) | (9,456) | ||
Date of construction | 1992 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 48,189 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,456 | |||
Unencumbered Apartment Communities | The Audrey at Belltown | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | The Audrey at Belltown | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Avery | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 121 | |||
Initial cost | ||||
Land | 6,964 | |||
Buildings and improvements | 29,922 | |||
Costs capitalized subsequent to acquisition | 889 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,964 | |||
Buildings and improvements | 30,811 | |||
Total | $ 37,775 | 37,775 | ||
Accumulated depreciation | $ (7,071) | (7,071) | ||
Date of construction | 2014 | |||
Date acquired | Mar-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 37,775 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,071 | |||
Unencumbered Apartment Communities | The Avery | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Avery | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Bernard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 63 | |||
Initial cost | ||||
Land | 3,699 | |||
Buildings and improvements | 11,345 | |||
Costs capitalized subsequent to acquisition | 884 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,689 | |||
Buildings and improvements | 12,239 | |||
Total | $ 15,928 | 15,928 | ||
Accumulated depreciation | $ (4,075) | (4,075) | ||
Date of construction | 2008 | |||
Date acquired | Sep-11 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 15,928 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 4,075 | |||
Unencumbered Apartment Communities | The Bernard | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Bernard | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Blake LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 196 | |||
Initial cost | ||||
Land | 4,023 | |||
Buildings and improvements | 9,527 | |||
Costs capitalized subsequent to acquisition | 24,135 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,031 | |||
Buildings and improvements | 33,654 | |||
Total | $ 37,685 | 37,685 | ||
Accumulated depreciation | $ (20,615) | (20,615) | ||
Date of construction | 1979 | |||
Date acquired | Jun-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 37,685 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 20,615 | |||
Unencumbered Apartment Communities | The Blake LA | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Blake LA | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Cairns | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 99 | |||
Initial cost | ||||
Land | 6,937 | |||
Buildings and improvements | 20,679 | |||
Costs capitalized subsequent to acquisition | 2,586 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,939 | |||
Buildings and improvements | 23,263 | |||
Total | $ 30,202 | 30,202 | ||
Accumulated depreciation | $ (10,874) | (10,874) | ||
Date of construction | 2006 | |||
Date acquired | Jun-07 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 30,202 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 10,874 | |||
Unencumbered Apartment Communities | The Cairns | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Cairns | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Commons | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 264 | |||
Initial cost | ||||
Land | 12,555 | |||
Buildings and improvements | 29,307 | |||
Costs capitalized subsequent to acquisition | 9,940 | |||
Gross amount carried at close of period | ||||
Land and improvements | 12,556 | |||
Buildings and improvements | 39,246 | |||
Total | $ 51,802 | 51,802 | ||
Accumulated depreciation | $ (16,958) | (16,958) | ||
Date of construction | 1973 | |||
Date acquired | Jul-10 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 51,802 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,958 | |||
Unencumbered Apartment Communities | The Commons | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Commons | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Elliot at Mukilteo | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 301 | |||
Initial cost | ||||
Land | 2,498 | |||
Buildings and improvements | 10,595 | |||
Costs capitalized subsequent to acquisition | 18,928 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,824 | |||
Buildings and improvements | 29,197 | |||
Total | $ 32,021 | 32,021 | ||
Accumulated depreciation | $ (22,866) | (22,866) | ||
Date of construction | 1981 | |||
Date acquired | Jan-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 32,021 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 22,866 | |||
Unencumbered Apartment Communities | The Elliot at Mukilteo | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Elliot at Mukilteo | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Galloway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 506 | |||
Initial cost | ||||
Land | 32,966 | |||
Buildings and improvements | 184,499 | |||
Costs capitalized subsequent to acquisition | 488 | |||
Gross amount carried at close of period | ||||
Land and improvements | 32,966 | |||
Buildings and improvements | 184,987 | |||
Total | $ 217,953 | 217,953 | ||
Accumulated depreciation | $ (6,214) | (6,214) | ||
Date of construction | 2016 | |||
Date acquired | Jan-20 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 217,953 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,214 | |||
Unencumbered Apartment Communities | The Galloway | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Galloway | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Grand | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 243 | |||
Initial cost | ||||
Land | 4,531 | |||
Buildings and improvements | 89,208 | |||
Costs capitalized subsequent to acquisition | 7,518 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,531 | |||
Buildings and improvements | 96,726 | |||
Total | $ 101,257 | 101,257 | ||
Accumulated depreciation | $ (40,981) | (40,981) | ||
Date of construction | 2009 | |||
Date acquired | Jan-09 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 101,257 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 40,981 | |||
Unencumbered Apartment Communities | The Grand | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Grand | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Hallie | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 292 | |||
Initial cost | ||||
Land | 2,202 | |||
Buildings and improvements | 4,794 | |||
Costs capitalized subsequent to acquisition | 55,653 | |||
Gross amount carried at close of period | ||||
Land and improvements | 8,385 | |||
Buildings and improvements | 54,264 | |||
Total | $ 62,649 | 62,649 | ||
Accumulated depreciation | $ (39,551) | (39,551) | ||
Date of construction | 1972 | |||
Date acquired | Apr-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 62,649 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 39,551 | |||
Unencumbered Apartment Communities | The Hallie | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Hallie | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Huntington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 276 | |||
Initial cost | ||||
Land | 10,374 | |||
Buildings and improvements | 41,495 | |||
Costs capitalized subsequent to acquisition | 7,036 | |||
Gross amount carried at close of period | ||||
Land and improvements | 10,374 | |||
Buildings and improvements | 48,531 | |||
Total | $ 58,905 | 58,905 | ||
Accumulated depreciation | $ (15,784) | (15,784) | ||
Date of construction | 1975 | |||
Date acquired | Jun-12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 58,905 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,784 | |||
Unencumbered Apartment Communities | The Huntington | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Huntington | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Landing at Jack London Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 282 | |||
Initial cost | ||||
Land | 33,554 | |||
Buildings and improvements | 78,292 | |||
Costs capitalized subsequent to acquisition | 7,860 | |||
Gross amount carried at close of period | ||||
Land and improvements | 33,554 | |||
Buildings and improvements | 86,152 | |||
Total | $ 119,706 | 119,706 | ||
Accumulated depreciation | $ (23,251) | (23,251) | ||
Date of construction | 2001 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 119,706 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 23,251 | |||
Unencumbered Apartment Communities | The Landing at Jack London Square | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | The Landing at Jack London Square | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Lofts at Pinehurst | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 118 | |||
Initial cost | ||||
Land | 1,570 | |||
Buildings and improvements | 3,912 | |||
Costs capitalized subsequent to acquisition | 5,699 | |||
Gross amount carried at close of period | ||||
Land and improvements | 1,618 | |||
Buildings and improvements | 9,563 | |||
Total | $ 11,181 | 11,181 | ||
Accumulated depreciation | $ (6,616) | (6,616) | ||
Date of construction | 1971 | |||
Date acquired | Jun-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 11,181 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 6,616 | |||
Unencumbered Apartment Communities | The Lofts at Pinehurst | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Lofts at Pinehurst | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Palisades | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 192 | |||
Initial cost | ||||
Land | 1,560 | |||
Buildings and improvements | 6,242 | |||
Costs capitalized subsequent to acquisition | 13,990 | |||
Gross amount carried at close of period | ||||
Land and improvements | 1,565 | |||
Buildings and improvements | 20,227 | |||
Total | $ 21,792 | 21,792 | ||
Accumulated depreciation | $ (18,275) | (18,275) | ||
Date of construction | 1977 | |||
Date acquired | May-90 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 21,792 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 18,275 | |||
Unencumbered Apartment Communities | The Palisades | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Palisades | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Palms at Laguna Niguel | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 460 | |||
Initial cost | ||||
Land | 23,584 | |||
Buildings and improvements | 94,334 | |||
Costs capitalized subsequent to acquisition | 12,080 | |||
Gross amount carried at close of period | ||||
Land and improvements | 23,584 | |||
Buildings and improvements | 106,414 | |||
Total | $ 129,998 | 129,998 | ||
Accumulated depreciation | $ (27,812) | (27,812) | ||
Date of construction | 1988 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 129,998 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 27,812 | |||
Unencumbered Apartment Communities | The Palms at Laguna Niguel | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | The Palms at Laguna Niguel | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Stuart | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 188 | |||
Initial cost | ||||
Land | 13,574 | |||
Buildings and improvements | 54,298 | |||
Costs capitalized subsequent to acquisition | 3,098 | |||
Gross amount carried at close of period | ||||
Land and improvements | 13,574 | |||
Buildings and improvements | 57,396 | |||
Total | $ 70,970 | 70,970 | ||
Accumulated depreciation | $ (14,822) | (14,822) | ||
Date of construction | 2007 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 70,970 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,822 | |||
Unencumbered Apartment Communities | The Stuart | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | The Stuart | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Trails of Redmond | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 423 | |||
Initial cost | ||||
Land | 21,930 | |||
Buildings and improvements | 87,720 | |||
Costs capitalized subsequent to acquisition | 6,031 | |||
Gross amount carried at close of period | ||||
Land and improvements | 21,930 | |||
Buildings and improvements | 93,751 | |||
Total | $ 115,681 | 115,681 | ||
Accumulated depreciation | $ (23,961) | (23,961) | ||
Date of construction | 1985 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 115,681 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 23,961 | |||
Unencumbered Apartment Communities | The Trails of Redmond | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | The Trails of Redmond | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | The Waterford | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 238 | |||
Initial cost | ||||
Land | 11,808 | |||
Buildings and improvements | 24,500 | |||
Costs capitalized subsequent to acquisition | 17,968 | |||
Gross amount carried at close of period | ||||
Land and improvements | 15,165 | |||
Buildings and improvements | 39,111 | |||
Total | $ 54,276 | 54,276 | ||
Accumulated depreciation | $ (25,616) | (25,616) | ||
Date of construction | 2000 | |||
Date acquired | Jun-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 54,276 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 25,616 | |||
Unencumbered Apartment Communities | The Waterford | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | The Waterford | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Tierra Vista | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 404 | |||
Initial cost | ||||
Land | 13,652 | |||
Buildings and improvements | 53,336 | |||
Costs capitalized subsequent to acquisition | 7,831 | |||
Gross amount carried at close of period | ||||
Land and improvements | 13,661 | |||
Buildings and improvements | 61,158 | |||
Total | $ 74,819 | 74,819 | ||
Accumulated depreciation | $ (34,469) | (34,469) | ||
Date of construction | 2001 | |||
Date acquired | Jan-01 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 74,819 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 34,469 | |||
Unencumbered Apartment Communities | Tierra Vista | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Tierra Vista | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Tiffany Court | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 101 | |||
Initial cost | ||||
Land | 6,949 | |||
Buildings and improvements | 27,796 | |||
Costs capitalized subsequent to acquisition | 2,042 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,949 | |||
Buildings and improvements | 29,838 | |||
Total | $ 36,787 | 36,787 | ||
Accumulated depreciation | $ (7,574) | (7,574) | ||
Date of construction | 1987 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 36,787 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 7,574 | |||
Unencumbered Apartment Communities | Tiffany Court | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Tiffany Court | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Trabucco Villas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 132 | |||
Initial cost | ||||
Land | 3,638 | |||
Buildings and improvements | 8,640 | |||
Costs capitalized subsequent to acquisition | 4,292 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,890 | |||
Buildings and improvements | 12,680 | |||
Total | $ 16,570 | 16,570 | ||
Accumulated depreciation | $ (9,358) | (9,358) | ||
Date of construction | 1985 | |||
Date acquired | Oct-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 16,570 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 9,358 | |||
Unencumbered Apartment Communities | Trabucco Villas | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Trabucco Villas | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Valley Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 160 | |||
Initial cost | ||||
Land | 3,361 | |||
Buildings and improvements | 13,420 | |||
Costs capitalized subsequent to acquisition | 6,653 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,761 | |||
Buildings and improvements | 19,673 | |||
Total | $ 23,434 | 23,434 | ||
Accumulated depreciation | $ (12,488) | (12,488) | ||
Date of construction | 1969 | |||
Date acquired | Nov-01 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 23,434 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,488 | |||
Unencumbered Apartment Communities | Via | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 284 | |||
Initial cost | ||||
Land | 22,000 | |||
Buildings and improvements | 82,270 | |||
Costs capitalized subsequent to acquisition | 3,630 | |||
Gross amount carried at close of period | ||||
Land and improvements | 22,016 | |||
Buildings and improvements | 85,884 | |||
Total | $ 107,900 | 107,900 | ||
Accumulated depreciation | $ (30,810) | (30,810) | ||
Date of construction | 2011 | |||
Date acquired | Jul-11 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 107,900 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 30,810 | |||
Unencumbered Apartment Communities | Via | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Via | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Villa Angelina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 256 | |||
Initial cost | ||||
Land | 4,498 | |||
Buildings and improvements | 17,962 | |||
Costs capitalized subsequent to acquisition | 8,173 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,962 | |||
Buildings and improvements | 25,671 | |||
Total | $ 30,633 | 30,633 | ||
Accumulated depreciation | $ (16,856) | (16,856) | ||
Date of construction | 1970 | |||
Date acquired | Nov-01 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 30,633 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 16,856 | |||
Unencumbered Apartment Communities | Villa Granada | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 270 | |||
Initial cost | ||||
Land | 38,299 | |||
Buildings and improvements | 89,365 | |||
Costs capitalized subsequent to acquisition | 1,974 | |||
Gross amount carried at close of period | ||||
Land and improvements | 38,299 | |||
Buildings and improvements | 91,339 | |||
Total | $ 129,638 | 129,638 | ||
Accumulated depreciation | $ (22,819) | (22,819) | ||
Date of construction | 2010 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 129,638 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 22,819 | |||
Unencumbered Apartment Communities | Villa Granada | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Villa Granada | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Villa Siena | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 272 | |||
Initial cost | ||||
Land | 13,842 | |||
Buildings and improvements | 55,367 | |||
Costs capitalized subsequent to acquisition | 9,356 | |||
Gross amount carried at close of period | ||||
Land and improvements | 13,842 | |||
Buildings and improvements | 64,723 | |||
Total | $ 78,565 | 78,565 | ||
Accumulated depreciation | $ (17,830) | (17,830) | ||
Date of construction | 1974 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 78,565 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 17,830 | |||
Unencumbered Apartment Communities | Villa Siena | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Villa Siena | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Village Green | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 272 | |||
Initial cost | ||||
Land | 6,488 | |||
Buildings and improvements | 36,768 | |||
Costs capitalized subsequent to acquisition | 4,309 | |||
Gross amount carried at close of period | ||||
Land and improvements | 6,488 | |||
Buildings and improvements | 41,077 | |||
Total | $ 47,565 | 47,565 | ||
Accumulated depreciation | $ (11,151) | (11,151) | ||
Date of construction | 1971 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 47,565 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 11,151 | |||
Unencumbered Apartment Communities | Village Green | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Village Green | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Vista Belvedere | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 76 | |||
Initial cost | ||||
Land | 5,573 | |||
Buildings and improvements | 11,901 | |||
Costs capitalized subsequent to acquisition | 9,031 | |||
Gross amount carried at close of period | ||||
Land and improvements | 5,573 | |||
Buildings and improvements | 20,932 | |||
Total | $ 26,505 | 26,505 | ||
Accumulated depreciation | $ (13,068) | (13,068) | ||
Date of construction | 1963 | |||
Date acquired | Aug-04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 26,505 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 13,068 | |||
Unencumbered Apartment Communities | Vista Belvedere | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Vista Belvedere | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Vox Apartments | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 58 | |||
Initial cost | ||||
Land | 5,545 | |||
Buildings and improvements | 16,635 | |||
Costs capitalized subsequent to acquisition | 435 | |||
Gross amount carried at close of period | ||||
Land and improvements | 5,545 | |||
Buildings and improvements | 17,070 | |||
Total | $ 22,615 | 22,615 | ||
Accumulated depreciation | $ (4,158) | (4,158) | ||
Date of construction | 2013 | |||
Date acquired | Oct-13 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 22,615 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 4,158 | |||
Unencumbered Apartment Communities | Vox Apartments | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Vox Apartments | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Walnut Heights | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 163 | |||
Initial cost | ||||
Land | 4,858 | |||
Buildings and improvements | 19,168 | |||
Costs capitalized subsequent to acquisition | 5,868 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,887 | |||
Buildings and improvements | 25,007 | |||
Total | $ 29,894 | 29,894 | ||
Accumulated depreciation | $ (14,831) | (14,831) | ||
Date of construction | 1964 | |||
Date acquired | Oct-03 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 29,894 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,831 | |||
Unencumbered Apartment Communities | Walnut Heights | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Walnut Heights | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Wandering Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 156 | |||
Initial cost | ||||
Land | 1,285 | |||
Buildings and improvements | 4,980 | |||
Costs capitalized subsequent to acquisition | 5,345 | |||
Gross amount carried at close of period | ||||
Land and improvements | 1,296 | |||
Buildings and improvements | 10,314 | |||
Total | $ 11,610 | 11,610 | ||
Accumulated depreciation | $ (8,403) | (8,403) | ||
Date of construction | 1986 | |||
Date acquired | Nov-95 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 11,610 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 8,403 | |||
Unencumbered Apartment Communities | Wandering Creek | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Wandering Creek | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Wharfside Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 155 | |||
Initial cost | ||||
Land | 2,245 | |||
Buildings and improvements | 7,020 | |||
Costs capitalized subsequent to acquisition | 13,442 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,258 | |||
Buildings and improvements | 20,449 | |||
Total | $ 22,707 | 22,707 | ||
Accumulated depreciation | $ (15,891) | (15,891) | ||
Date of construction | 1990 | |||
Date acquired | Jun-94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 22,707 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 15,891 | |||
Unencumbered Apartment Communities | Wharfside Pointe | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Wharfside Pointe | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Willow Lake | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 508 | |||
Initial cost | ||||
Land | 43,194 | |||
Buildings and improvements | 101,030 | |||
Costs capitalized subsequent to acquisition | 17,140 | |||
Gross amount carried at close of period | ||||
Land and improvements | 43,194 | |||
Buildings and improvements | 118,170 | |||
Total | $ 161,364 | 161,364 | ||
Accumulated depreciation | $ (37,680) | (37,680) | ||
Date of construction | 1989 | |||
Date acquired | Oct-12 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 161,364 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 37,680 | |||
Unencumbered Apartment Communities | Willow Lake | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Willow Lake | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | 5600 Wilshire | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 284 | |||
Initial cost | ||||
Land | 30,535 | |||
Buildings and improvements | 91,604 | |||
Costs capitalized subsequent to acquisition | 5,049 | |||
Gross amount carried at close of period | ||||
Land and improvements | 30,535 | |||
Buildings and improvements | 96,653 | |||
Total | $ 127,188 | 127,188 | ||
Accumulated depreciation | $ (23,763) | (23,763) | ||
Date of construction | 2008 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 127,188 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 23,763 | |||
Unencumbered Apartment Communities | 5600 Wilshire | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | 5600 Wilshire | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Wilshire La Brea | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 478 | |||
Initial cost | ||||
Land | 56,932 | |||
Buildings and improvements | 211,998 | |||
Costs capitalized subsequent to acquisition | 11,972 | |||
Gross amount carried at close of period | ||||
Land and improvements | 56,932 | |||
Buildings and improvements | 223,970 | |||
Total | $ 280,902 | 280,902 | ||
Accumulated depreciation | $ (60,187) | (60,187) | ||
Date of construction | 2014 | |||
Date acquired | Apr-14 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 280,902 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 60,187 | |||
Unencumbered Apartment Communities | Wilshire La Brea | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 5 years | |||
Unencumbered Apartment Communities | Wilshire La Brea | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Wilshire Promenade | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 149 | |||
Initial cost | ||||
Land | 3,118 | |||
Buildings and improvements | 7,385 | |||
Costs capitalized subsequent to acquisition | 12,572 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,797 | |||
Buildings and improvements | 19,278 | |||
Total | $ 23,075 | 23,075 | ||
Accumulated depreciation | $ (12,881) | (12,881) | ||
Date of construction | 1992 | |||
Date acquired | Jan-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 23,075 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 12,881 | |||
Unencumbered Apartment Communities | Wilshire Promenade | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Wilshire Promenade | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Windsor Ridge | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 216 | |||
Initial cost | ||||
Land | 4,017 | |||
Buildings and improvements | 10,315 | |||
Costs capitalized subsequent to acquisition | 17,003 | |||
Gross amount carried at close of period | ||||
Land and improvements | 4,021 | |||
Buildings and improvements | 27,314 | |||
Total | $ 31,335 | 31,335 | ||
Accumulated depreciation | $ (23,963) | (23,963) | ||
Date of construction | 1989 | |||
Date acquired | Mar-89 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 31,335 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 23,963 | |||
Unencumbered Apartment Communities | Windsor Ridge | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Windsor Ridge | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Woodland Commons | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 302 | |||
Initial cost | ||||
Land | 2,040 | |||
Buildings and improvements | 8,727 | |||
Costs capitalized subsequent to acquisition | 24,952 | |||
Gross amount carried at close of period | ||||
Land and improvements | 2,044 | |||
Buildings and improvements | 33,675 | |||
Total | $ 35,719 | 35,719 | ||
Accumulated depreciation | $ (24,474) | (24,474) | ||
Date of construction | 1978 | |||
Date acquired | Mar-90 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 35,719 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 24,474 | |||
Unencumbered Apartment Communities | Woodland Commons | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Woodland Commons | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Unencumbered Apartment Communities | Woodside Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | apartment | 145 | |||
Initial cost | ||||
Land | 5,331 | |||
Buildings and improvements | 21,036 | |||
Costs capitalized subsequent to acquisition | 5,855 | |||
Gross amount carried at close of period | ||||
Land and improvements | 5,341 | |||
Buildings and improvements | 26,881 | |||
Total | $ 32,222 | 32,222 | ||
Accumulated depreciation | $ (14,838) | (14,838) | ||
Date of construction | 1987 | |||
Date acquired | Dec-04 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | $ 32,222 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | $ 14,838 | |||
Unencumbered Apartment Communities | Woodside Village | Minimum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 3 years | |||
Unencumbered Apartment Communities | Woodside Village | Maximum | ||||
Gross amount carried at close of period | ||||
Life used for depreciation | 30 years | |||
Other Property | ||||
Initial cost | ||||
Land | 3,079 | |||
Buildings and improvements | 12,315 | |||
Costs capitalized subsequent to acquisition | 14,279 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,909 | |||
Buildings and improvements | 25,764 | |||
Total | $ 29,673 | 29,673 | ||
Accumulated depreciation | (18,859) | (18,859) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 29,673 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 18,859 | |||
Other Property | Other real estate assets | ||||
Initial cost | ||||
Land | 3,079 | |||
Buildings and improvements | 12,315 | |||
Costs capitalized subsequent to acquisition | 14,279 | |||
Gross amount carried at close of period | ||||
Land and improvements | 3,909 | |||
Buildings and improvements | 25,764 | |||
Total | 29,673 | 29,673 | ||
Accumulated depreciation | (18,859) | (18,859) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 29,673 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 18,859 | |||
Real Estate Rental Property | ||||
Gross amount carried at close of period | ||||
Total | 14,038,142 | 13,366,101 | 13,366,101 | $ 15,061,745 |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at beginning of year | 14,038,142 | 13,366,101 | 13,362,073 | |
Balance at the end of year | $ 15,061,745 | $ 14,038,142 | $ 13,366,101 |