Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 21, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 14,926,731,683 | ||
Entity Common Stock, Shares Outstanding | 64,203,497 | ||
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 2024 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, 2023. | ||
Entity Central Index Key | 0000920522 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Essex Portfolio, L.P. | |||
Entity Information [Line Items] | |||
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 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Location | San Francisco, California |
Auditor Firm ID | 185 |
Essex Portfolio, L.P. | |
Auditor [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Location | San Francisco, California |
Auditor Firm ID | 185 |
EPT - Consolidated Balance Shee
EPT - Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Rental properties: | ||
Land and land improvements | $ 3,036,912 | $ 3,043,321 |
Buildings and improvements | 13,098,311 | 12,922,906 |
Total rental properties | 16,135,223 | 15,966,227 |
Less: accumulated depreciation | (5,664,931) | (5,152,133) |
Net real estate | 10,470,292 | 10,814,094 |
Real estate under development | 23,724 | 24,857 |
Co-investments | 1,061,733 | 1,127,491 |
Total real estate | 11,555,749 | 11,966,442 |
Cash and cash equivalents-unrestricted | 391,749 | 33,295 |
Cash and cash equivalents-restricted | 8,585 | 9,386 |
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2023 and December 31, 2022 | 87,795 | 112,743 |
Notes and other receivables, net of allowance for credit losses of $0.7 million and $0.3 million as of December 31, 2023 and December 31, 2022 (includes related party receivables of $6.1 million and $7.0 million as of December 31, 2023 and December 31, 2022, respectively) | 174,621 | 103,045 |
Operating lease right-of-use assets | 63,757 | 67,239 |
Prepaid expenses and other assets | 79,171 | 80,755 |
Total assets | 12,361,427 | 12,372,905 |
LIABILITIES AND EQUITY | ||
Unsecured debt, net | 5,318,531 | 5,312,168 |
Mortgage notes payable, net | 887,204 | 593,943 |
Lines of credit | 0 | 52,073 |
Accounts payable and accrued liabilities | 176,401 | 165,461 |
Construction payable | 20,659 | 23,159 |
Dividends payable | 155,695 | 149,166 |
Distributions in excess of investments in co-investments | 65,488 | 42,532 |
Operating lease liabilities | 65,091 | 68,696 |
Other liabilities | 46,175 | 43,441 |
Total liabilities | 6,735,244 | 6,450,639 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 32,205 | 27,150 |
Equity: | ||
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,203,497 and 64,604,603 shares issued and outstanding, respectively | 6 | 6 |
Additional paid-in capital | 6,656,720 | 6,750,076 |
Distributions in excess of accumulated earnings | (1,267,536) | (1,080,176) |
Accumulated other comprehensive income, net | 33,556 | 46,466 |
Total stockholders' equity | 5,422,746 | 5,716,372 |
Noncontrolling interest | 171,232 | 178,744 |
Total equity | 5,593,978 | 5,895,116 |
Total liabilities and equity | $ 12,361,427 | $ 12,372,905 |
EPT - Consolidated Balance Sh_2
EPT - Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Marketable securities, allowance for credit loss | $ 0 | $ 0 |
Notes and other receivable, allowance for credit loss | $ 687,000 | $ 334,000 |
Common stock, par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 670,000,000 | 670,000,000 |
Common stock shares issued (in shares) | 64,203,497 | 64,604,603 |
Common stock shares outstanding (in shares) | 64,203,497 | 64,604,603 |
Related Party | ||
Notes and other receivable, allowance for credit loss | $ 6,100,000 | $ 7,000,000 |
EPT - Consolidated Statements o
EPT - Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Rental and other property | $ 1,658,264 | $ 1,595,675 | $ 1,431,418 |
Management and other fees from affiliates | 11,131 | 11,139 | 9,138 |
Total revenues | 1,669,395 | 1,606,814 | 1,440,556 |
Expenses: | |||
Property operating, excluding real estate taxes | 299,672 | 283,351 | 264,869 |
Real estate taxes | 185,807 | 183,918 | 180,367 |
Corporate-level property management expenses | 45,872 | 40,704 | 36,211 |
Depreciation and amortization | 548,438 | 539,319 | 520,066 |
General and administrative | 63,474 | 56,577 | 51,838 |
Expensed acquisition and investment related costs | 595 | 2,132 | 203 |
Casualty loss | 433 | 0 | 0 |
Total expenses | 1,144,291 | 1,106,001 | 1,053,554 |
Gain on sale of real estate and land | 59,238 | 94,416 | 142,993 |
Earnings from operations | 584,342 | 595,229 | 529,995 |
Interest expense | (212,905) | (204,798) | (203,125) |
Total return swap income | 3,148 | 7,907 | 10,774 |
Interest and other income (loss) | 46,259 | (19,040) | 98,744 |
Equity income from co-investments | 10,561 | 26,030 | 111,721 |
Tax (expense) benefit on unconsolidated co-investments | (697) | 10,236 | (15,668) |
Loss on early retirement of debt, net | 0 | (2) | (19,010) |
Gain on remeasurement of co-investment | 0 | 17,423 | 2,260 |
Net income | 430,708 | 432,985 | 515,691 |
Net income attributable to noncontrolling interest | (24,883) | (24,670) | (27,137) |
Net income available to common stockholders | $ 405,825 | $ 408,315 | $ 488,554 |
Basic: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.32 | $ 6.27 | $ 7.51 |
Weighted average number of shares/units outstanding during the year (in shares) | 64,252,232 | 65,079,764 | 65,051,465 |
Diluted: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.32 | $ 6.27 | $ 7.51 |
Weighted average number of shares/units outstanding during the year (in shares) | 64,253,385 | 65,098,186 | 65,088,874 |
EPT - Consolidated Statements_2
EPT - Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 430,708 | $ 432,985 | $ 515,691 |
Other comprehensive income (loss): | |||
Change in fair value of derivatives and amortization of swap settlements | (13,364) | 54,158 | 9,170 |
Change in fair value of marketable debt securities, net | 0 | 233 | 329 |
Reversal of unrealized gains upon the sale of marketable debt securities | 0 | (577) | 0 |
Total other comprehensive (loss) income | (13,364) | 53,814 | 9,499 |
Comprehensive income | 417,344 | 486,799 | 525,190 |
Comprehensive income attributable to noncontrolling interest | (24,429) | (26,466) | (27,459) |
Comprehensive income attributable to controlling interest | $ 392,915 | $ 460,333 | $ 497,731 |
EPT - Consolidated Statements_3
EPT - Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | Accumulated other comprehensive income (loss), net | Noncontrolling interest |
Balance at period beginning (in shares) at Dec. 31, 2020 | 64,999 | |||||
Balance at period beginning at Dec. 31, 2020 | $ 6,183,192 | $ 6 | $ 6,876,326 | $ (861,193) | $ (14,729) | $ 182,782 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 515,691 | 488,554 | 27,137 | |||
Reversal of unrealized gains upon the sale of marketable debt securities | 0 | |||||
Change in fair value of derivatives and amortization of swap settlements | 9,170 | 8,859 | 311 | |||
Change in fair value of marketable debt securities, net | 329 | 318 | 11 | |||
Issuance of common stock under: | ||||||
Stock option and restricted stock plans, net (in shares) | 279 | |||||
Stock option and restricted stock plans, net | 53,052 | $ 1 | 53,051 | |||
Sale of common stock, net | (455) | (455) | ||||
Equity based compensation costs | 11,683 | 11,286 | 397 | |||
Retirement of common stock, net (in shares) | (40) | |||||
Retirement of common stock, net | (9,172) | (9,172) | ||||
Changes in the redemption value of redeemable noncontrolling interest | (6,890) | (7,489) | 599 | |||
Contributions from noncontrolling interest | 1,900 | 1,900 | ||||
Distributions to noncontrolling interest | (29,341) | (29,341) | ||||
Redemptions of noncontrolling interest (in shares) | 10 | |||||
Redemptions of noncontrolling interest | (8,457) | (7,566) | (891) | |||
Common stock dividends | (544,194) | (544,194) | ||||
Balance at period end (in shares) at Dec. 31, 2021 | 65,248 | |||||
Balance at period end at Dec. 31, 2021 | 6,176,508 | $ 7 | 6,915,981 | (916,833) | (5,552) | 182,905 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 432,985 | 408,315 | 24,670 | |||
Reversal of unrealized gains upon the sale of marketable debt securities | (577) | (557) | (20) | |||
Change in fair value of derivatives and amortization of swap settlements | 54,158 | 52,351 | 1,807 | |||
Change in fair value of marketable debt securities, net | 233 | 224 | 9 | |||
Issuance of common stock under: | ||||||
Stock option and restricted stock plans, net (in shares) | 89 | |||||
Stock option and restricted stock plans, net | 17,309 | 17,309 | ||||
Sale of common stock, net | (314) | (314) | ||||
Equity based compensation costs | 11,446 | 11,059 | 387 | |||
Retirement of common stock, net (in shares) | (740) | |||||
Retirement of common stock, net | (189,726) | $ (1) | (189,725) | |||
Changes in the redemption value of redeemable noncontrolling interest | 7,038 | 6,230 | 808 | |||
Contributions from noncontrolling interest | 125 | 125 | ||||
Distributions to noncontrolling interest | (30,959) | (30,959) | ||||
Redemptions of noncontrolling interest (in shares) | 8 | |||||
Redemptions of noncontrolling interest | (11,452) | (10,464) | (988) | |||
Common stock dividends | (571,658) | (571,658) | ||||
Balance at period end (in shares) at Dec. 31, 2022 | 64,605 | |||||
Balance at period end at Dec. 31, 2022 | 5,895,116 | $ 6 | 6,750,076 | (1,080,176) | 46,466 | 178,744 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 430,708 | 405,825 | 24,883 | |||
Reversal of unrealized gains upon the sale of marketable debt securities | 0 | |||||
Change in fair value of derivatives and amortization of swap settlements | (13,364) | (12,910) | (454) | |||
Change in fair value of marketable debt securities, net | 0 | |||||
Issuance of common stock under: | ||||||
Stock option and restricted stock plans, net (in shares) | 21 | |||||
Stock option and restricted stock plans, net | (3,825) | (3,825) | ||||
Sale of common stock, net | (347) | (347) | ||||
Equity based compensation costs | 12,135 | 11,723 | 412 | |||
Retirement of common stock, net (in shares) | (437) | |||||
Retirement of common stock, net | (95,657) | (95,657) | ||||
Changes in the redemption value of redeemable noncontrolling interest | (5,055) | (5,150) | 95 | |||
Distributions to noncontrolling interest | (31,939) | (31,939) | ||||
Redemptions of noncontrolling interest (in shares) | 14 | |||||
Redemptions of noncontrolling interest | (609) | (100) | (509) | |||
Common stock dividends | (593,185) | (593,185) | ||||
Balance at period end (in shares) at Dec. 31, 2023 | 64,203 | |||||
Balance at period end at Dec. 31, 2023 | $ 5,593,978 | $ 6 | $ 6,656,720 | $ (1,267,536) | $ 33,556 | $ 171,232 |
EPT - Consolidated Statements_4
EPT - Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends (in dollars per share) | $ 9.24 | $ 8.80 | $ 8.36 |
EPT - Consolidated Statements_5
EPT - Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 430,708 | $ 432,985 | $ 515,691 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-lined rents | 2,773 | 3,330 | 9,672 |
Depreciation and amortization | 548,438 | 539,319 | 520,066 |
Amortization of discount and debt financing costs, net | 6,911 | 6,712 | 9,538 |
Realized and unrealized (gains) losses on marketable securities, net | (10,006) | 45,547 | (36,504) |
Income from early redemption of notes receivable | 0 | (811) | (4,939) |
Provision for credit losses | 70 | 381 | 141 |
Equity income from co-investments | (10,561) | (26,030) | (111,721) |
Operating distributions from co-investments | 76,787 | 95,256 | 104,833 |
Accrued interest from notes and other receivables | (12,631) | (13,953) | (15,902) |
Casualty loss | 433 | 0 | 0 |
Gain on the sale of real estate and land | (59,238) | (94,416) | (142,993) |
Equity-based compensation | 8,031 | 7,206 | 7,308 |
Loss on early retirement of debt, net | 0 | 2 | 19,010 |
Gain on remeasurement of co-investment | 0 | (17,423) | (2,260) |
Changes in operating assets and liabilities: | |||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (9,721) | 5,183 | 4,878 |
Accounts payable, accrued liabilities, and operating lease liabilities | 5,335 | (17,266) | 22,298 |
Other liabilities | 2,735 | 9,627 | 6,143 |
Net cash provided by operating activities | 980,064 | 975,649 | 905,259 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (25,098) | (21,870) | (153,481) |
Redevelopment | (72,577) | (96,718) | (61,671) |
Development acquisitions of and additions to development real estate | (7,872) | (27,713) | (49,784) |
Capital expenditures on rental properties | (140,371) | (163,193) | (121,195) |
Investments in notes receivable | (58,127) | (168,095) | (245,144) |
Collections of notes and other receivables | 0 | 412,006 | 104,405 |
Proceeds from insurance for property losses | 3,431 | 4,325 | 879 |
Proceeds from dispositions of real estate | 99,388 | 157,985 | 297,454 |
Contributions to co-investments | (37,405) | (163,188) | (306,266) |
Changes in refundable deposits | 10,200 | (16,318) | (9,486) |
Purchases of marketable securities | (20,780) | (18,109) | (23,805) |
Sales and maturities of marketable securities | 64,320 | 71,222 | 16,577 |
Non-operating distributions from co-investments | 39,751 | 175,624 | 154,120 |
Net cash (used in) provided by investing activities | (145,140) | 145,958 | (397,397) |
Cash flows from financing activities: | |||
Proceeds from unsecured debt and mortgage notes | 598,000 | 0 | 745,505 |
Payments on unsecured debt and mortgage notes | (302,429) | (64,542) | (1,053,501) |
Proceeds from lines of credit | 844,046 | 1,376,452 | 1,050,589 |
Repayments of lines of credit | (896,119) | (1,665,636) | (709,332) |
Retirement of common stock | (95,657) | (189,726) | (9,172) |
Additions to deferred charges | (1,736) | (2,638) | (8,350) |
Payments related to debt prepayment penalties | 0 | 0 | (18,342) |
Net proceeds from issuance of common stock | (347) | (314) | (455) |
Net proceeds from stock options exercised | 0 | 19,525 | 58,497 |
Payments related to tax withholding for share-based compensation | (3,825) | (2,216) | (5,445) |
Contributions from noncontrolling interest | 0 | 125 | 1,900 |
Distributions to noncontrolling interest | (31,619) | (30,740) | (29,379) |
Redemption of noncontrolling interest | (609) | (11,452) | (8,457) |
Redemption of redeemable noncontrolling interest | 0 | (478) | (4,463) |
Common stock dividends paid | (586,976) | (565,924) | (542,860) |
Net cash used in financing activities | (477,271) | (1,137,564) | (533,265) |
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 357,653 | (15,957) | (25,403) |
Unrestricted and restricted cash and cash equivalents at beginning of period | 42,681 | 58,638 | 84,041 |
Unrestricted and restricted cash and cash equivalents at end of period | 400,334 | 42,681 | 58,638 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 207,038 | 198,323 | 194,203 |
Interest capitalized | 823 | 2,272 | 6,153 |
Operating cash flows from operating leases | 6,962 | 6,987 | 6,963 |
Supplemental disclosure of noncash investing and financing activities: | |||
Transfers between real estate under development and rental properties, net | 1,497 | 100,737 | 328,393 |
Transfer from real estate under development to co-investments | 1,732 | 2,276 | 3,068 |
Reclassifications to (from) redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | 5,055 | (7,038) | 6,890 |
Debt assumed in connection with acquisition | $ 0 | $ 21,303 | $ 0 |
EPLP - Consolidated Balance She
EPLP - Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Rental properties: | ||
Land and land improvements | $ 3,036,912 | $ 3,043,321 |
Buildings and improvements | 13,098,311 | 12,922,906 |
Total rental properties | 16,135,223 | 15,966,227 |
Less: accumulated depreciation | (5,664,931) | (5,152,133) |
Net real estate | 10,470,292 | 10,814,094 |
Real estate under development | 23,724 | 24,857 |
Co-investments | 1,061,733 | 1,127,491 |
Total real estate | 11,555,749 | 11,966,442 |
Cash and cash equivalents-unrestricted | 391,749 | 33,295 |
Cash and cash equivalents-restricted | 8,585 | 9,386 |
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2023 and December 31, 2022 | 87,795 | 112,743 |
Notes and other receivables, net of allowance for credit losses of $0.7 million and $0.3 million as of December 31, 2023 and December 31, 2022 (includes related party receivables of $6.1 million and $7.0 million as of December 31, 2023 and December 31, 2022, respectively) | 174,621 | 103,045 |
Operating lease right-of-use assets | 63,757 | 67,239 |
Prepaid expenses and other assets | 79,171 | 80,755 |
Total assets | 12,361,427 | 12,372,905 |
LIABILITIES AND CAPITAL | ||
Unsecured debt, net | 5,318,531 | 5,312,168 |
Mortgage notes payable, net | 887,204 | 593,943 |
Lines of credit | 0 | 52,073 |
Accounts payable and accrued liabilities | 176,401 | 165,461 |
Construction payable | 20,659 | 23,159 |
Dividends payable | 155,695 | 149,166 |
Distributions in excess of investments in co-investments | 65,488 | 42,532 |
Operating lease liabilities | 65,091 | 68,696 |
Other liabilities | 46,175 | 43,441 |
Total liabilities | 6,735,244 | 6,450,639 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 32,205 | 27,150 |
Limited Partners: | ||
Accumulated other comprehensive income | 33,556 | 46,466 |
Noncontrolling interest | 171,232 | 178,744 |
Total liabilities and equity | 12,361,427 | 12,372,905 |
Essex Portfolio, L.P. | ||
Rental properties: | ||
Land and land improvements | 3,036,912 | 3,043,321 |
Buildings and improvements | 13,098,311 | 12,922,906 |
Total rental properties | 16,135,223 | 15,966,227 |
Less: accumulated depreciation | (5,664,931) | (5,152,133) |
Net real estate | 10,470,292 | 10,814,094 |
Real estate under development | 23,724 | 24,857 |
Co-investments | 1,061,733 | 1,127,491 |
Total real estate | 11,555,749 | 11,966,442 |
Cash and cash equivalents-unrestricted | 391,749 | 33,295 |
Cash and cash equivalents-restricted | 8,585 | 9,386 |
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2023 and December 31, 2022 | 87,795 | 112,743 |
Notes and other receivables, net of allowance for credit losses of $0.7 million and $0.3 million as of December 31, 2023 and December 31, 2022 (includes related party receivables of $6.1 million and $7.0 million as of December 31, 2023 and December 31, 2022, respectively) | 174,621 | 103,045 |
Operating lease right-of-use assets | 63,757 | 67,239 |
Prepaid expenses and other assets | 79,171 | 80,755 |
Total assets | 12,361,427 | 12,372,905 |
LIABILITIES AND CAPITAL | ||
Unsecured debt, net | 5,318,531 | 5,312,168 |
Mortgage notes payable, net | 887,204 | 593,943 |
Lines of credit | 0 | 52,073 |
Accounts payable and accrued liabilities | 176,401 | 165,461 |
Construction payable | 20,659 | 23,159 |
Dividends payable | 155,695 | 149,166 |
Distributions in excess of investments in co-investments | 65,488 | 42,532 |
Operating lease liabilities | 65,091 | 68,696 |
Other liabilities | 46,175 | 43,441 |
Total liabilities | 6,735,244 | 6,450,639 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 32,205 | 27,150 |
Limited Partners: | ||
Accumulated other comprehensive income | 38,646 | 52,010 |
Total partners' capital | 5,472,827 | 5,773,370 |
Noncontrolling interest | 121,151 | 121,746 |
Total capital | 5,593,978 | 5,895,116 |
Total liabilities and equity | 12,361,427 | 12,372,905 |
Essex Portfolio, L.P. | General Partner | ||
General Partner: | ||
Common equity (64,203,497 and 64,604,603 units issued and outstanding, respectively) | 5,389,190 | 5,669,906 |
Essex Portfolio, L.P. | General Partner | Common Equity | ||
General Partner: | ||
Common equity (64,203,497 and 64,604,603 units issued and outstanding, respectively) | 5,389,190 | 5,669,906 |
Limited Partners: | ||
Total capital | 5,389,190 | 5,669,906 |
Essex Portfolio, L.P. | Limited Partner | ||
Limited Partners: | ||
Common equity (2,258,812 and 2,272,496 units issued and outstanding, respectively) | 44,991 | 51,454 |
Essex Portfolio, L.P. | Limited Partner | Common Equity | ||
Limited Partners: | ||
Total capital | $ 44,991 | $ 51,454 |
EPLP - Consolidated Balance S_2
EPLP - Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Marketable securities, allowance for credit loss | $ 0 | $ 0 |
Notes and other receivable, allowance for credit loss | $ 687,000 | $ 334,000 |
Common stock shares issued (in shares) | 64,203,497 | 64,604,603 |
Common stock shares outstanding (in shares) | 64,203,497 | 64,604,603 |
Related Party | ||
Notes and other receivable, allowance for credit loss | $ 6,100,000 | $ 7,000,000 |
Essex Portfolio, L.P. | ||
Marketable securities, allowance for credit loss | 0 | 0 |
Notes and other receivable, allowance for credit loss | $ 700,000 | $ 300,000 |
Essex Portfolio, L.P. | General Partner | ||
Common stock shares issued (in shares) | 64,203,497 | 64,604,603 |
Common stock shares outstanding (in shares) | 64,203,497 | 64,604,603 |
Essex Portfolio, L.P. | Limited Partner | ||
Common stock shares issued (in shares) | 2,258,812 | 2,272,496 |
Common stock shares outstanding (in shares) | 2,258,812 | 2,272,496 |
Essex Portfolio, L.P. | Related Party | ||
Notes and other receivable, allowance for credit loss | $ 6,100,000 | $ 7,000,000 |
EPLP - Consolidated Statements
EPLP - Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Rental and other property | $ 1,658,264 | $ 1,595,675 | $ 1,431,418 |
Management and other fees from affiliates | 11,131 | 11,139 | 9,138 |
Total revenues | 1,669,395 | 1,606,814 | 1,440,556 |
Expenses: | |||
Property operating, excluding real estate taxes | 299,672 | 283,351 | 264,869 |
Real estate taxes | 185,807 | 183,918 | 180,367 |
Corporate-level property management expenses | 45,872 | 40,704 | 36,211 |
Depreciation and amortization | 548,438 | 539,319 | 520,066 |
General and administrative | 63,474 | 56,577 | 51,838 |
Expensed acquisition and investment related costs | 595 | 2,132 | 203 |
Casualty loss | 433 | 0 | 0 |
Total expenses | 1,144,291 | 1,106,001 | 1,053,554 |
Gain on sale of real estate and land | 59,238 | 94,416 | 142,993 |
Earnings from operations | 584,342 | 595,229 | 529,995 |
Interest expense | (212,905) | (204,798) | (203,125) |
Total return swap income | 3,148 | 7,907 | 10,774 |
Interest and other income (loss) | 46,259 | (19,040) | 98,744 |
Equity income from co-investments | 10,561 | 26,030 | 111,721 |
Tax (expense) benefit on unconsolidated co-investments | (697) | 10,236 | (15,668) |
Loss on early retirement of debt, net | 0 | (2) | (19,010) |
Gain on remeasurement of co-investment | 0 | 17,423 | 2,260 |
Net income | 430,708 | 432,985 | 515,691 |
Net income attributable to noncontrolling interest | (24,883) | (24,670) | (27,137) |
Net income available to common stockholders | $ 405,825 | $ 408,315 | $ 488,554 |
Basic: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.32 | $ 6.27 | $ 7.51 |
Weighted average number of shares/units outstanding during the year (in shares) | 64,252,232 | 65,079,764 | 65,051,465 |
Diluted: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.32 | $ 6.27 | $ 7.51 |
Weighted average number of shares/units outstanding during the year (in shares) | 64,253,385 | 65,098,186 | 65,088,874 |
Essex Portfolio, L.P. | |||
Revenues: | |||
Rental and other property | $ 1,658,264 | $ 1,595,675 | $ 1,431,418 |
Management and other fees from affiliates | 11,131 | 11,139 | 9,138 |
Total revenues | 1,669,395 | 1,606,814 | 1,440,556 |
Expenses: | |||
Property operating, excluding real estate taxes | 299,672 | 283,351 | 264,869 |
Real estate taxes | 185,807 | 183,918 | 180,367 |
Corporate-level property management expenses | 45,872 | 40,704 | 36,211 |
Depreciation and amortization | 548,438 | 539,319 | 520,066 |
General and administrative | 63,474 | 56,577 | 51,838 |
Expensed acquisition and investment related costs | 595 | 2,132 | 203 |
Casualty loss | 433 | 0 | 0 |
Total expenses | 1,144,291 | 1,106,001 | 1,053,554 |
Gain on sale of real estate and land | 59,238 | 94,416 | 142,993 |
Earnings from operations | 584,342 | 595,229 | 529,995 |
Interest expense | (212,905) | (204,798) | (203,125) |
Total return swap income | 3,148 | 7,907 | 10,774 |
Interest and other income (loss) | 46,259 | (19,040) | 98,744 |
Equity income from co-investments | 10,561 | 26,030 | 111,721 |
Tax (expense) benefit on unconsolidated co-investments | (697) | 10,236 | (15,668) |
Loss on early retirement of debt, net | 0 | (2) | (19,010) |
Gain on remeasurement of co-investment | 0 | 17,423 | 2,260 |
Net income | 430,708 | 432,985 | 515,691 |
Net income attributable to noncontrolling interest | (10,599) | (10,373) | (9,946) |
Net income available to common stockholders | $ 420,109 | $ 422,612 | $ 505,745 |
Basic: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.32 | $ 6.27 | $ 7.51 |
Weighted average number of shares/units outstanding during the year (in shares) | 66,513,303 | 67,356,105 | 67,340,856 |
Diluted: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.32 | $ 6.27 | $ 7.51 |
Weighted average number of shares/units outstanding during the year (in shares) | 66,514,456 | 67,374,527 | 67,378,265 |
EPLP - Consolidated Statement_2
EPLP - Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 430,708 | $ 432,985 | $ 515,691 |
Other comprehensive income (loss): | |||
Change in fair value of derivatives and amortization of swap settlements | (13,364) | 54,158 | 9,170 |
Change in fair value of marketable debt securities, net | 0 | 233 | 329 |
Reversal of unrealized gains upon the sale of marketable debt securities | 0 | (577) | 0 |
Total other comprehensive (loss) income | (13,364) | 53,814 | 9,499 |
Comprehensive income | 417,344 | 486,799 | 525,190 |
Comprehensive income attributable to noncontrolling interest | (24,429) | (26,466) | (27,459) |
Comprehensive income attributable to controlling interest | 392,915 | 460,333 | 497,731 |
Essex Portfolio, L.P. | |||
Net income | 430,708 | 432,985 | 515,691 |
Other comprehensive income (loss): | |||
Change in fair value of derivatives and amortization of swap settlements | (13,364) | 54,158 | 9,170 |
Change in fair value of marketable debt securities, net | 0 | 233 | 329 |
Reversal of unrealized gains upon the sale of marketable debt securities | 0 | (577) | 0 |
Total other comprehensive (loss) income | (13,364) | 53,814 | 9,499 |
Comprehensive income | 417,344 | 486,799 | 525,190 |
Comprehensive income attributable to noncontrolling interest | (10,599) | (10,373) | (9,946) |
Comprehensive income attributable to controlling interest | $ 406,745 | $ 476,426 | $ 515,244 |
EPLP - Consolidated Statement_3
EPLP - Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Net income | $ 430,708 | $ 432,985 | $ 515,691 |
Change in fair value of derivatives and amortization of swap settlements | (13,364) | 54,158 | 9,170 |
Change in fair value of marketable debt securities, net | 0 | 233 | 329 |
Issuance of common stock under: | |||
Sale of common stock by general partner, net | (347) | (314) | (455) |
Retirement of common units, net | (95,657) | (189,726) | (9,172) |
Changes in the redemption value of redeemable noncontrolling interest | (5,055) | 7,038 | (6,890) |
Contributions from noncontrolling interest | 125 | 1,900 | |
Distributions to noncontrolling interest | (31,939) | (30,959) | (29,341) |
Redemptions | (609) | (11,452) | (8,457) |
Essex Portfolio, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance at period beginning | 5,895,116 | 6,176,508 | 6,183,192 |
Net income | 430,708 | 432,985 | 515,691 |
Reversal of unrealized gains upon the sale of marketable debt securities | (577) | ||
Change in fair value of derivatives and amortization of swap settlements | (13,364) | 54,158 | 9,170 |
Change in fair value of marketable debt securities, net | 0 | 233 | 329 |
Issuance of common stock under: | |||
General partner's stock based compensation, net | (3,825) | 17,309 | 53,052 |
Sale of common stock by general partner, net | (347) | (314) | (455) |
Equity based compensation costs | 12,135 | 11,446 | 11,683 |
Retirement of common units, net | (95,657) | (189,726) | (9,172) |
Changes in the redemption value of redeemable noncontrolling interest | (5,055) | 7,038 | (6,890) |
Contributions from noncontrolling interest | 125 | 1,900 | |
Distributions to noncontrolling interest | (11,060) | (10,935) | (10,215) |
Redemptions | (609) | (11,452) | (8,457) |
Distributions declared | (614,064) | (591,682) | (563,320) |
Balance at period end | 5,593,978 | 5,895,116 | 6,176,508 |
Essex Portfolio, L.P. | Accumulated other comprehensive income (loss), net | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance at period beginning | 52,010 | (1,804) | (11,303) |
Reversal of unrealized gains upon the sale of marketable debt securities | (577) | ||
Change in fair value of derivatives and amortization of swap settlements | (13,364) | 54,158 | 9,170 |
Change in fair value of marketable debt securities, net | 233 | 329 | |
Issuance of common stock under: | |||
Balance at period end | 38,646 | 52,010 | (1,804) |
Essex Portfolio, L.P. | Noncontrolling interest | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance at period beginning | 121,746 | 122,655 | 121,172 |
Net income | 10,599 | 10,373 | 9,946 |
Issuance of common stock under: | |||
Changes in the redemption value of redeemable noncontrolling interest | 20 | 422 | 447 |
Contributions from noncontrolling interest | 125 | 1,900 | |
Distributions to noncontrolling interest | (11,060) | (10,935) | (10,215) |
Redemptions | (154) | (894) | (595) |
Balance at period end | $ 121,151 | $ 121,746 | $ 122,655 |
Essex Portfolio, L.P. | General Partner | Common Equity | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance at period beginning (in shares) | 64,605 | 65,248 | 64,999 |
Balance at period beginning | $ 5,669,906 | $ 5,999,155 | $ 6,015,139 |
Net income | $ 405,825 | $ 408,315 | $ 488,554 |
Issuance of common stock under: | |||
General partner's stock based compensation, net (in shares) | 21 | 89 | 279 |
General partner's stock based compensation, net | $ (3,825) | $ 17,309 | $ 53,052 |
Sale of common stock by general partner, net | (347) | (314) | (455) |
Equity based compensation costs | $ 11,723 | $ 11,059 | $ 11,286 |
Retirement of common units, net (in shares) | (437) | (740) | (40) |
Retirement of common units, net | $ (95,657) | $ (189,726) | $ (9,172) |
Changes in the redemption value of redeemable noncontrolling interest | $ (5,150) | $ 6,230 | $ (7,489) |
Redemptions (in shares) | 14 | 8 | 10 |
Redemptions | $ (100) | $ (10,464) | $ (7,566) |
Distributions declared | $ (593,185) | $ (571,658) | $ (544,194) |
Balance at period end (in shares) | 64,203 | 64,605 | 65,248 |
Balance at period end | $ 5,389,190 | $ 5,669,906 | $ 5,999,155 |
Essex Portfolio, L.P. | Limited Partner | Common Equity | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance at period beginning (in shares) | 2,272 | 2,282 | 2,295 |
Balance at period beginning | $ 51,454 | $ 56,502 | $ 58,184 |
Net income | 14,284 | 14,297 | 17,191 |
Issuance of common stock under: | |||
Equity based compensation costs | 412 | 387 | 397 |
Changes in the redemption value of redeemable noncontrolling interest | $ 75 | $ 386 | $ 152 |
Redemptions (in shares) | (13) | (10) | (13) |
Redemptions | $ (355) | $ (94) | $ (296) |
Distributions declared | $ (20,879) | $ (20,024) | $ (19,126) |
Balance at period end (in shares) | 2,259 | 2,272 | 2,282 |
Balance at period end | $ 44,991 | $ 51,454 | $ 56,502 |
EPLP - Consolidated Statement_4
EPLP - Consolidated Statements of Capital (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Essex Portfolio, L.P. | |||
Distributions declared (in dollars per share) | $ 9.24 | $ 8.80 | $ 8.36 |
EPLP - Consolidated Statement_5
EPLP - Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 430,708 | $ 432,985 | $ 515,691 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-lined rents | 2,773 | 3,330 | 9,672 |
Depreciation and amortization | 548,438 | 539,319 | 520,066 |
Amortization of discount and debt financing costs, net | 6,911 | 6,712 | 9,538 |
Realized and unrealized (gains) losses on marketable securities, net | (10,006) | 45,547 | (36,504) |
Income from early redemption of notes receivable | 0 | (811) | (4,939) |
Provision for credit losses | 70 | 381 | 141 |
Equity income from co-investments | (10,561) | (26,030) | (111,721) |
Operating distributions from co-investments | 76,787 | 95,256 | 104,833 |
Accrued interest from notes and other receivables | (12,631) | (13,953) | (15,902) |
Casualty loss | 433 | 0 | 0 |
Gain on the sale of real estate and land | (59,238) | (94,416) | (142,993) |
Equity-based compensation | 8,031 | 7,206 | 7,308 |
Loss on early retirement of debt, net | 0 | 2 | 19,010 |
Gain on remeasurement of co-investment | 0 | (17,423) | (2,260) |
Changes in operating assets and liabilities: | |||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (9,721) | 5,183 | 4,878 |
Accounts payable, accrued liabilities, and operating lease liabilities | 5,335 | (17,266) | 22,298 |
Other liabilities | 2,735 | 9,627 | 6,143 |
Net cash provided by operating activities | 980,064 | 975,649 | 905,259 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (25,098) | (21,870) | (153,481) |
Redevelopment | (72,577) | (96,718) | (61,671) |
Development acquisitions of and additions to development real estate | (7,872) | (27,713) | (49,784) |
Capital expenditures on rental properties | (140,371) | (163,193) | (121,195) |
Investments in notes receivable | (58,127) | (168,095) | (245,144) |
Collections of notes and other receivables | 0 | 412,006 | 104,405 |
Proceeds from insurance for property losses | 3,431 | 4,325 | 879 |
Proceeds from dispositions of real estate | 99,388 | 157,985 | 297,454 |
Contributions to co-investments | (37,405) | (163,188) | (306,266) |
Changes in refundable deposits | 10,200 | (16,318) | (9,486) |
Purchases of marketable securities | (20,780) | (18,109) | (23,805) |
Sales and maturities of marketable securities | 64,320 | 71,222 | 16,577 |
Non-operating distributions from co-investments | 39,751 | 175,624 | 154,120 |
Net cash (used in) provided by investing activities | (145,140) | 145,958 | (397,397) |
Cash flows from financing activities: | |||
Proceeds from unsecured debt and mortgage notes | 598,000 | 0 | 745,505 |
Payments on unsecured debt and mortgage notes | (302,429) | (64,542) | (1,053,501) |
Proceeds from lines of credit | 844,046 | 1,376,452 | 1,050,589 |
Repayments of lines of credit | (896,119) | (1,665,636) | (709,332) |
Retirement of common units | (95,657) | (189,726) | (9,172) |
Additions to deferred charges | (1,736) | (2,638) | (8,350) |
Payments related to debt prepayment penalties | 0 | 0 | (18,342) |
Net proceeds from issuance of common units | (347) | (314) | (455) |
Net proceeds from stock options exercised | 0 | 19,525 | 58,497 |
Payments related to tax withholding for share-based compensation | (3,825) | (2,216) | (5,445) |
Contributions from noncontrolling interest | 0 | 125 | 1,900 |
Distributions to noncontrolling interest | (31,619) | (30,740) | (29,379) |
Redemption of noncontrolling interest | (609) | (11,452) | (8,457) |
Redemption of redeemable noncontrolling interests | 0 | (478) | (4,463) |
Common units distributions paid | (586,976) | (565,924) | (542,860) |
Net cash used in financing activities | (477,271) | (1,137,564) | (533,265) |
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 357,653 | (15,957) | (25,403) |
Unrestricted and restricted cash and cash equivalents at beginning of period | 42,681 | 58,638 | 84,041 |
Unrestricted and restricted cash and cash equivalents at end of period | 400,334 | 42,681 | 58,638 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 207,038 | 198,323 | 194,203 |
Interest capitalized | 823 | 2,272 | 6,153 |
Operating cash flows from operating leases | 6,962 | 6,987 | 6,963 |
Supplemental disclosure of noncash investing and financing activities: | |||
Transfers between real estate under development and rental properties, net | 1,497 | 100,737 | 328,393 |
Transfer from real estate under development to co-investments | 1,732 | 2,276 | 3,068 |
Reclassifications to (from) redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | 5,055 | (7,038) | 6,890 |
Debt assumed in connection with acquisition | 0 | 21,303 | 0 |
Essex Portfolio, L.P. | |||
Cash flows from operating activities: | |||
Net income | 430,708 | 432,985 | 515,691 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-lined rents | 2,773 | 3,330 | 9,672 |
Depreciation and amortization | 548,438 | 539,319 | 520,066 |
Amortization of discount and debt financing costs, net | 6,911 | 6,712 | 9,538 |
Realized and unrealized (gains) losses on marketable securities, net | (10,006) | 45,547 | (36,504) |
Income from early redemption of notes receivable | 0 | (811) | (4,939) |
Provision for credit losses | 70 | 381 | 141 |
Equity income from co-investments | (10,561) | (26,030) | (111,721) |
Operating distributions from co-investments | 76,787 | 95,256 | 104,833 |
Accrued interest from notes and other receivables | (12,631) | (13,953) | (15,902) |
Casualty loss | 433 | 0 | 0 |
Gain on the sale of real estate and land | (59,238) | (94,416) | (142,993) |
Equity-based compensation | 8,031 | 7,206 | 7,308 |
Loss on early retirement of debt, net | 0 | 2 | 19,010 |
Gain on remeasurement of co-investment | 0 | (17,423) | (2,260) |
Changes in operating assets and liabilities: | |||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (9,721) | 5,183 | 4,878 |
Accounts payable, accrued liabilities, and operating lease liabilities | 5,335 | (17,266) | 22,298 |
Other liabilities | 2,735 | 9,627 | 6,143 |
Net cash provided by operating activities | 980,064 | 975,649 | 905,259 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (25,098) | (21,870) | (153,481) |
Redevelopment | (72,577) | (96,718) | (61,671) |
Development acquisitions of and additions to development real estate | (7,872) | (27,713) | (49,784) |
Capital expenditures on rental properties | (140,371) | (163,193) | (121,195) |
Investments in notes receivable | (58,127) | (168,095) | (245,144) |
Collections of notes and other receivables | 0 | 412,006 | 104,405 |
Proceeds from insurance for property losses | 3,431 | 4,325 | 879 |
Proceeds from dispositions of real estate | 99,388 | 157,985 | 297,454 |
Contributions to co-investments | (37,405) | (163,188) | (306,266) |
Changes in refundable deposits | 10,200 | (16,318) | (9,486) |
Purchases of marketable securities | (20,780) | (18,109) | (23,805) |
Sales and maturities of marketable securities | 64,320 | 71,222 | 16,577 |
Non-operating distributions from co-investments | 39,751 | 175,624 | 154,120 |
Net cash (used in) provided by investing activities | (145,140) | 145,958 | (397,397) |
Cash flows from financing activities: | |||
Proceeds from unsecured debt and mortgage notes | 598,000 | 0 | 745,505 |
Payments on unsecured debt and mortgage notes | (302,429) | (64,542) | (1,053,501) |
Proceeds from lines of credit | 844,046 | 1,376,452 | 1,050,589 |
Repayments of lines of credit | (896,119) | (1,665,636) | (709,332) |
Retirement of common units | (95,657) | (189,726) | (9,172) |
Additions to deferred charges | (1,736) | (2,638) | (8,350) |
Payments related to debt prepayment penalties | 0 | 0 | (18,342) |
Net proceeds from issuance of common units | (347) | (314) | (455) |
Net proceeds from stock options exercised | 0 | 19,525 | 58,497 |
Payments related to tax withholding for share-based compensation | (3,825) | (2,216) | (5,445) |
Contributions from noncontrolling interest | 0 | 125 | 1,900 |
Distributions to noncontrolling interest | (8,558) | (8,450) | (8,369) |
Redemption of noncontrolling interest | (609) | (11,452) | (8,457) |
Redemption of redeemable noncontrolling interests | 0 | (478) | (4,463) |
Common units distributions paid | (610,037) | (588,214) | (563,870) |
Net cash used in financing activities | (477,271) | (1,137,564) | (533,265) |
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 357,653 | (15,957) | (25,403) |
Unrestricted and restricted cash and cash equivalents at beginning of period | 42,681 | 58,638 | 84,041 |
Unrestricted and restricted cash and cash equivalents at end of period | 400,334 | 42,681 | 58,638 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 207,038 | 198,323 | 194,203 |
Interest capitalized | 823 | 2,272 | 6,153 |
Operating cash flows from operating leases | 6,962 | 6,987 | 6,963 |
Supplemental disclosure of noncash investing and financing activities: | |||
Transfers between real estate under development and rental properties, net | 1,497 | 100,737 | 328,393 |
Transfer from real estate under development to co-investments | 1,732 | 2,276 | 3,068 |
Reclassifications to (from) redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | 5,055 | (7,038) | 6,890 |
Debt assumed in connection with acquisition | $ 0 | $ 21,303 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023. 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 ("OP Units," and the holders of such OP Units, "Unitholders") outstanding were 2,258,812 and 2,272,496 as of December 31, 2023 and 2022, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock, totaled approximately $560.0 million and $481.6 million, as of December 31, 2023 and 2022, respectively. The Company has reserved shares of common stock for such conversions. As of December 31, 2023, the Company owned or had ownership interests in 252 operating apartment communities, comprising 61,997 apartment homes, excluding the Company's ownership interests in preferred interest co-investments, loan investments, three operating commercial buildings, and a development pipeline comprised of one unconsolidated joint venture project. 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, 2023 | |
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, 2023 and 2022. These percentages include the Operating Partnership’s vested long-term incentive plan units (see Note 14). (b) Recent Accounting Pronouncements In November, 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." Among other new disclosure requirements, ASU 2023-07 requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 will be effective for the Company's 2024 annual reporting. ASU 2023-07 must be applied retrospectively to all prior periods presented in the financial statements. The Company does not expect the adoption to have a material impact on its consolidated results of operations and financial position. In August 2023, the FASB issued ASU No. 2023-05 "Business Combinations —Joint Venture Formations (Subtopic 805-60)" under which an entity that qualifies as a joint venture is required to apply a new basis of accounting upon the formation of the joint venture. The amendments in ASU 2023-05 require that a joint venture must initially measure its assets and liabilities at fair value on the formation date. ASU 2023-05 is effective for all joint ventures that are formed on or after January 1, 2025 and early adoption is permitted. The Company does not expect the adoption to have a material impact on its consolidated results of operations and financial position. (c) 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 and building 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 $6.1 million and $7.4 million as of December 31, 2023 and 2022, 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 consolidated 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, 2023 and 2022, no properties were classified as held for sale. The Company did not record an impairment charge on any of its consolidated real estate investments for the years ended December 31, 2023, 2022, and 2021. 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 the Company has obtained necessary management approvals to sell a property and the sale of the property is expected to be completed within a year. Evaluating solicited or unsolicited offers generally does not cause properties to be classified as held for sale. (d) 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 evaluates its investments in co-investments for impairment and records a loss if the carrying value is greater than the fair value of the investment and the impairment is other-than-temporary. (e) Revenues and Gains on Sale of Real Estate and Land 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. (f) Cash, Cash Equivalents and Restricted Cash Highly liquid investments, including certificates of deposits, generally 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): 2023 2022 2021 Cash and cash equivalents - unrestricted $ 391,749 $ 33,295 $ 48,420 Cash and cash equivalents - restricted 8,585 9,386 10,218 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 400,334 $ 42,681 $ 58,638 (g) 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 and Level 2 for the unsecured debt, as defined by the FASB standard for fair value measurements as discussed later in Note 2). As of December 31, 2023 and 2022, $0.1 million and $0.2 million, respectively, of equity securities presented within common stock and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Any realized and unrealized gains and losses in equity securities and interest income are included in interest and other income on the consolidated statements of income. There were no other than temporary impairment charges for the years ended December 31, 2023, 2022, and 2021. As of December 31, 2023 and 2022, equity securities consisted primarily of investment funds-debt securities, common stock, preferred stock and stock funds. As of December 31, 2023 and 2022, marketable securities consist of the following ($ in thousands): December 31, 2023 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 26,460 $ (1,584) $ 24,876 Common stock, preferred stock, and stock funds 51,328 11,591 62,919 Total - Marketable securities $ 77,788 $ 10,007 $ 87,795 December 31, 2022 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 43,155 $ (6,771) $ 36,384 Common stock, preferred stock, and stock funds 78,481 (2,122) 76,359 Total - Marketable securities $ 121,636 $ (8,893) $ 112,743 (h) 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, 2023 and 2022, 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 financial information on the project, its sponsors, and its guarantors and additionally 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. (i) Capitalization Policy The Company capitalizes all direct and certain indirect costs, including interest, employee compensation costs, 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 $19.5 million, $20.4 million and $23.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. 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. (j) 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. The Company uses Level 2 inputs for its 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’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 estimates 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, 2023 and 2022, 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 $5.7 billion at both December 31, 2023 and 2022, to be $5.3 billion and $5.2 billion at December 31, 2023 and 2022, respectively. Management has estimated the fair value of the Company’s $520.0 million and $274.2 million of variable rate debt at December 31, 2023 and 2022, respectively, to be $519.0 million and $273.2 million at December 31, 2023 and 2022, 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 estimates 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, 2023 and 2022 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of December 31, 2023 and 2022. (k) 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. (l) 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, 2023 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. The status of cash dividends distributed for the years ended December 31, 2023, 2022, and 2021 related to common stock are classified for tax purposes as follows: 2023 2022 2021 Common Stock Ordinary income 88.46 % 80.17 % 70.92 % Capital gain 8.32 % 16.78 % 22.07 % Unrecaptured section 1250 capital gain 3.22 % 3.05 % 7.01 % 100.00 % 100.00 % 100.00 % (m) Equity-based Compensation The cost of share- and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long-term incentive plan units (discussed in Note 14) are being amortized over the expected service periods. (n) Changes in Accumulated Other Comprehensive Income, by Component Changes in Accumulated Other Comprehensive Income, Net, by Component Essex Property Trust, Inc. ($ in thousands) Change in fair Balance at December 31, 2022 $ 46,466 Other comprehensive loss before reclassification (12,930) Amounts reclassified from accumulated other comprehensive loss 20 Other comprehensive loss (12,910) Balance at December 31, 2023 $ 33,556 Changes in Accumulated Other Comprehensive Income, by Component Essex Portfolio, L.P. ($ in thousands) Change in fair Balance at December 31, 2022 $ 52,010 Other comprehensive loss before reclassification (13,384) Amounts reclassified from accumulated other comprehensive loss 20 Other comprehensive loss (13,364) Balance at December 31, 2023 $ 38,646 Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded in interest expense on the consolidated statements of income. (o) Redeemable Noncontrolling Interest The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $32.2 million and $27.2 million as of December 31, 2023 and 2022, respectively. The limited partners may redeem their noncontrolling interests for cash in certain circumstances. The changes in the redemption value of redeemable noncontrolling interests for the years ended December 31, 2023, 2022, and 2021 are as follows: 2023 2022 2021 Balance at January 1, $ 27,150 $ 34,666 $ 32,239 Reclassifications due to change in redemption value and other 5,055 (7,038) 6,890 Redemptions — (478) (4,463) Balance at December 31, $ 32,205 $ 27,150 $ 34,666 (p) Accounting Estimates The preparation of consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an 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, and its qualification as a REIT. 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. (q) Variable Interest Entities In accordance with accounting standards for consolidation of VIEs, the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of December 31, 2023 and 2022. 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 $956.7 million and $324.5 million, respectively, as of December 31, 2023, and $939.4 million and $324.3 million, respectively, as of December 31, 2022. Noncontrolling interests in these entities were $121.1 million and $121.5 million as of December 31, 2023 and 2022, 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 multiplied by the number of units held. Total DownREIT units outstanding were 936,343 and 938,513 as of December 31, 2023 and 2022, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $232.2 million and $198.9 million, as of December 31, 2023 and 2022, respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $32.2 million and $27.2 million as of December 31, 2023 and 2022, respectively. Of these amounts, $12.1 million and $9.2 million as of December 31, 2023 and 2022, 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 $97.0 million as of both December 31, 2023 and 2022, and are classified within noncontrolling interests in the accompanying consolidated balance sheets. Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. As of December 31, 2023 and 2022, the Company did not have any other VIEs of which it was deemed to be the primary beneficiary and did not have any VIEs of which it was not deemed to be the primary beneficiary. (r) Government Assistance The Employee Retention Credit, as originally enacted by the Coronavirus Aid, Relief and Economic Security Act in March 2020, is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020 and before January 1, 2021. The purpose of the Employee Retention Credit was to encourage employers to keep employees on their payroll, even if they were not working during the covered period because of the effects of the COVID-19 pandemic. In December 2020, the Employee Retention Credit was amended and extended by the Taxpayer Certainty and Disaster Tax Relief Act in which eligible employers may claim a refundable tax credit against certain |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate Investments, Net [Abstract] | |
Real Estate Investments | Real Estate Investments (a) Acquisitions of Real Estate The table below summarizes acquisition activity for the year ended December 31, 2023 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2023 Purchase Price Hacienda at Camarillo Oaks Camarillo, CA 73 100 % Q2 $ 23.1 Total 2023 73 $ 23.1 The consolidated fair value of the acquisitions listed above was included on the Company's consolidated balance sheet as follows: $5.5 million was included in land and land improvements, $18.0 million was included in buildings and improvements, and $0.1 million was included in prepaid expenses and other assets. For the year ended December 31, 2022, the Company acquired its joint venture partner's 49.8% minority interest in two apartment communities consisting of 211 apartment homes located in Los Angeles, CA, for a contract price of $32.9 million. As a result of this acquisition, the Company realized a gain on remeasurement of co-investment of $17.4 million upon consolidation. The consolidated fair value of the acquisitions was included on the Company's consolidated balance sheet as follows: $14.1 million was included in land and land improvements, $52.7 million was included in buildings and improvements, and $0.3 million was included in prepaid expenses and other assets. (b) Sales of Real Estate Investments The table below summarizes the disposition activity for the year ended December 31, 2023 ($ in millions): Property Name (1) Location Apartment Homes Ownership Quarter in 2023 Sales Price CBC and The Sweeps Goleta, CA 239 EPLP Q1 $ 91.7 (2) Total 2023 239 $ 91.7 (1) In March 2023, the Company sold a land parcel located in Moorpark, CA, that had been held for future development, for $8.7 million and recognized a gain on sale of $4.7 million. (2) The Company recognized a $54.5 million gain on sale. For the year ended December 31, 2022, the Company sold one apartment community consisting of 250 apartment homes for $160.0 million, resulting in gains of $94.4 million. For the year ended December 31, 2021, the Company sold four apartment communities consisting of 912 apartment homes for $330.0 million, resulting in gains of $143.0 million. In conjunction with the sales, the Company repaid $29.7 million of mortgage debt that encumbered one of the properties. (c) 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 typically own, operate, and develop apartment communities. Additionally, the Company has invested in five technology co-investments and as of December 31, 2023, the co-investment balance of these investments was $44.2 million and the aggregate commitment was $86.0 million. As of December 31, 2022, the Company had six technology co-investments and the co-investment balance of these investments was $39.4 million and the aggregate commitment was $87.0 million. The carrying values of the Company’s co-investments as of December 31, 2023 and 2022 are as follows ($ in thousands, except in parenthetical): Weighted Average Essex Ownership Percentage (1) December 31, 2023 2022 Ownership interest in: Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2) 54 % $ 144,766 $ 178,552 BEXAEW, BEX II, BEX IV and 500 Folsom 50 % 224,119 238,537 Other (3) 52 % 68,493 74,742 Total operating and other co-investments, net 437,378 491,831 Total development co-investments 51 % 14,605 12,994 Total preferred interest co-investments (includes related party investments of $42.7 million and $87.1 million as of December 31, 2023 and 2022, respectively - Note 6 - Related Party Transactions for further discussion) 544,262 580,134 Total co-investments, net $ 996,245 $ 1,084,959 (1) Weighted average Company ownership percentages are as of December 31, 2023. (2) As of December 31, 2023 and 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $61.8 million and $41.7 million, respectively, due to distributions received in excess of the Company's investment. (3) As of December 31, 2023 and 2022, the Company's investments in Expo and Century Towers were classified as a liability of $3.7 million and $0.8 million, respectively, due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes our investments in non-core technology co-investments which are carried at fair value. The combined summarized financial information of co-investments is as follows ($ in thousands): December 31, 2023 2022 Combined balance sheets: (1) Rental properties and real estate under development $ 5,123,164 $ 4,955,051 Other assets 279,237 294,663 Total assets $ 5,402,401 $ 5,249,714 Debt $ 3,622,609 $ 3,397,113 Other liabilities 317,208 264,872 Equity 1,462,584 1,587,729 Total liabilities and equity $ 5,402,401 $ 5,249,714 Company's share of equity $ 996,245 $ 1,084,959 Years ended December 31, 2023 2022 2021 Combined statements of income: (1) Property revenues $ 409,910 $ 373,074 $ 289,680 Property operating expenses (158,520) (140,175) (115,023) Net operating income 251,390 232,899 174,657 Interest expense (154,038) (100,913) (65,172) General and administrative (20,594) (20,579) (17,885) Depreciation and amortization (174,028) (164,186) (133,787) Net income $ (97,270) $ (52,779) $ (42,187) Company's share of net income (2) $ 10,561 $ 26,030 $ 111,721 (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 $7.6 million, $7.4 million, and $9.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. Operating Co-investments As of both December 31, 2023 and 2022, the Company, through several joint ventures, owned 10,425 apartment homes, in operating communities. The Company’s book value of these co-investments was $437.4 million and $491.8 million at December 31, 2023 and 2022, respectively. Predevelopment and Development Co-investments As of both December 31, 2023 and 2022, the Company, through several joint ventures, owned 264 apartment homes in predevelopment and development communities. The Company’s book value of these co-investments was $14.6 million and $13.0 million at December 31, 2023 and 2022, respectively. In 2020, the Company entered into a joint venture to develop LIVIA at Scripps Ranch, 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. The property commenced initial occupancy in the third quarter of 2023 and is projected to be fully stabilized in the first quarter of 2024. As of December 31, 2023, the Company had a $2.3 million preferred equity investment in the project, which accrues an annualized preferred return of 10.0% until it is redeemed. Preferred Equity Investments As of December 31, 2023 and 2022, 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 $544.3 million and $580.1 million at December 31, 2023 and 2022, respectively, and is included in the co-investments line in the accompanying consolidated balance sheets. The Company recorded a $33.7 million and a $2.1 million impairment loss from unconsolidated co-investments for the years ended December 31, 2023 and 2022, respectively, as a result of an other-than-temporary decrease in the fair value of the underlying real estate investment and is included in the equity income from co-investments line in the accompanying consolidated statements of income. The valuation for the underlying real estate investment was estimated using an income approach valuation technique. During 2023, the Company made commitments to fund $18.8 million of preferred equity investment in two real estate ventures. The investments have initial preferred returns ranging from 11.0% - 13.5% with maturities ranging from October 2025 to September 2028. As of December 31, 2023, the Company had fully funded $18.8 million of the commitments. During 2023, the Company received cash proceeds of $72.3 million, including an early redemption fee of $0.3 million, for the full redemption of two preferred equity investments and partial redemption of two preferred equity investments in joint ventures that hold properties located in California. During 2022, the Company made commitments to fund $84.9 million of preferred equity investment in seven real estate ventures, including one with a related party. See Note 6, Related Party Transactions, for additional details. The investments have initial preferred returns ranging from 8.8% - 10.8%, with maturities ranging from January 2026 to September 2032. As of December 31, 2023, the Company had fully funded $84.9 million of the commitments. During 2021, the Company made commitments to fund $67.2 million of preferred equity investment in four real estate ventures. The investments have initial preferred returns ranging from 10.0% - 12.5%, with maturities ranging from January 2026 to December 2026. As of December 31, 2023, the Company had fully funded $67.2 million of the commitments. 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, 2023, the Company had funded $182.3 million of the $191.3 million of commitments. 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, 2023, 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, 2023, 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 November 2021, the Company converted $11.0 million of its existing preferred equity investment in Silver, a 268-unit apartment home community located in San Jose, CA, into a 58.0% common equity interest in the property. The Company will retain its remaining $13.5 million preferred equity investment in the property at a preferred return of 8.0%. The property is encumbered by $100.0 million of mortgage debt at a fixed rate of 3.15% through December 2026. (d) 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, 2023, the Company's development pipeline was comprised of one unconsolidated joint venture project under development aggregating 264 apartment homes and various predevelopment projects, with total incurred costs of $114.0 million. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Disaggregated Revenue The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): 2023 2022 2021 Rental income $ 1,636,070 $ 1,573,368 $ 1,410,197 Other property 22,194 22,307 21,221 Management and other fees from affiliates 11,131 11,139 9,138 Total revenues $ 1,669,395 $ 1,606,814 $ 1,440,556 The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): 2023 2022 2021 Southern California $ 682,116 $ 646,252 $ 574,129 Northern California 666,836 639,306 584,034 Seattle Metro 282,092 271,248 239,839 Other real estate assets (1) 27,220 38,869 33,416 Total rental and other property revenues $ 1,658,264 $ 1,595,675 $ 1,431,418 (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): 2023 2022 2021 Same-property (1) $ 1,581,890 $ 1,515,505 $ 1,364,379 Acquisitions (2) 5,449 1,561 — Development (3) 22,883 20,425 15,807 Redevelopment 6,232 5,766 6,170 Non-residential/other, net (4) 44,353 57,976 56,377 Straight line rent concession (5) (2,543) (5,558) (11,315) Total rental and other property revenues $ 1,658,264 $ 1,595,675 $ 1,431,418 (1) Properties that have comparable stabilized results as of January 1, 2022 and are consolidated by the Company for the years ended December 31, 2023, 2022, and 2021. 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, 2022. (3) Development includes properties developed which did not have stabilized results as of January 1, 2022. (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 two communities located in the California counties of 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 $1.0 million and $1.7 million as of December 31, 2023 and December 31, 2022, 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, 2023 that was included in the December 31, 2022 deferred revenue balance was $0.7 million, which was included in rental and other property revenue 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, 2023, the Company had $1.0 million of remaining performance obligations. The Company expects to recognize approximately 68% of these remaining performance obligations in 2024, an additional 27% through 2026, and the remaining balance thereafter. Practical Expedients The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or when variable consideration is allocated entirely to a wholly unsatisfied performance obligation. |
Notes and Other Receivables
Notes and Other Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Notes and Other Receivables | Notes and Other Receivables Notes and other receivables consist of the following as of December 31, 2023 and 2022 ($ in thousands): 2023 2022 Note receivable, secured, bearing interest at 10.00%, due November 2024 (Originated November 2020) $ 37,582 $ 33,477 Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) 50,146 21,452 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 11,743 10,350 Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) 34,929 — Notes and other receivables from affiliates (1) 6,111 6,975 Straight line rent receivables (2) 9,353 12,164 Other receivables 25,444 18,961 Allowance for credit losses (687) (334) Total notes and other receivables $ 174,621 $ 103,045 (1) These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2023 and 2022, respectively. See Note 6, Related Party Transactions, for additional details. (2) 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): Notes Receivable, Secured Balance at December 31, 2022 $ 334 Provision for credit losses 353 Balance at December 31, 2023 $ 687 No loans were placed on nonaccrual status or charged off during the year ended December 31, 2023 or 2022. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
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 Chairman of and owns a controlling interest in Marcus & Millichap, Inc. ("MMI"), a national brokerage firm listed on the NYSE that underwent its initial public offering in 2013. For the years ended December 31, 2023, 2022, and 2021, there were no brokerage commission fees paid by the Company to MMI and its affiliates related to real estate transactions. The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates totaled $12.7 million, $14.1 million, and $10.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of $1.8 million, $3.0 million, and $1.1 million against general and administrative expenses for the years ended December 31, 2023, 2022 and 2021, respectively. As described in Note 5, Notes and Other Receivables, the Company has provided short-term loans to affiliates. As of December 31, 2023 and 2022, $6.1 million and $7.0 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 August 2022, the Company funded an $11.2 million preferred equity investment in an entity whose sponsor includes an affiliate of MMC. The entity owns three multifamily communities located in Azusa, CA. The investment initially accrues interest based on a 9.5% preferred return and is scheduled to mature in August 2027. In February 2022, the Company provided a $32.8 million related party bridge loan to BEX II in connection with the payoff of a debt related to one of its properties located in Southern California. The note receivable was scheduled to mature in March 2022, but was subsequently paid off in April 2022. In January 2022, the Company provided a $100.7 million related party bridge loan to Wesco VI in connection with the acquisition of Vela. The note receivable accrued interest at 2.64% and was scheduled to mature in February 2022, but was paid off in January 2022. Additionally, the Company received cash of $121.3 million in January 2022 for the payoff of the remaining related party bridge loans to Wesco VI as detailed below. In November 2021, the Company provided a $48.4 million related party bridge loan in connection with the purchase of an interest in a single asset entity owning an apartment home community in Vista, CA. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022 but was paid off in January 2022. In November 2021, the Company provided a $61.9 million related party bridge loan to Wesco VI in connection with the acquisition of The Rexford. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022, but was paid off in January 2022. In October 2021, the Company provided a $30.3 million related party bridge loan to Wesco VI in connection with the acquisition of Monterra in Mill Creek. The note receivable accrued interest at 2.30% and was scheduled to mature in April 2022, but was paid off in January 2022. In September 2021, the Company provided a $29.2 million related party bridge loan to Wesco VI in connection with the acquisition of Martha Lake Apartments. The note receivable accrued interest at 2.15% and was scheduled to mature in December 2021. In December 2021, the maturity date of the note receivable was extended to March 2022, and in January 2022, the note receivable was paid off. In March 2021, the Company provided a $52.5 million related party bridge loan to Wesco I in connection with the payoff of a debt related to one of its properties located in Southern California. The note receivable accrued interest at 2.55% and was paid off in July 2021. 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 initially accrued interest based on an 11.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. The investment was scheduled to mature in February 2024, but was paid off in December 2023. In October 2018, the Company funded an $18.6 million preferred equity investment in an entity whose sponsor is an affiliate of MMC. The entity wholly owns a 268-unit apartment home community development located in Burlingame, CA. The investment initially accrued interest based on a 12.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. In April 2023, the investment's maturity date was extended from April 2024 to May 2026 with the investment accruing interest based on an 11.0% preferred return. In April 2023, the Company received cash of $11.2 million for the partial redemption of this preferred equity investment. |
Unsecured Debt
Unsecured Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Unsecured Debt | Unsecured Debt Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities up to the maximum amounts and for the full term of the facilities. Unsecured debt consists of the following as of December 31, 2023 and 2022 ($ in thousands): 2023 2022 Weighted Average Term loan - variable rate, net (1) $ 298,552 $ (1,611) 3.8 Bonds public offering - fixed rate, net 5,019,979 5,313,779 7.1 Unsecured debt, net (2) 5,318,531 5,312,168 Lines of credit (3) — 52,073 N/A Total unsecured debt $ 5,318,531 $ 5,364,241 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.3 % 3.3 % Weighted average interest rate on variable rate term loan 4.2 % — % Weighted average interest rate on lines of credit 6.3 % 4.4 % (1) In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. This loan has been swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026. In April 2023, the Company drew down the $300.0 million unsecured term loan and in May 2023 used the proceeds to repay the Company's $300.0 million unsecured notes due in May 2023. The unsecured term loan includes unamortized debt issuance costs of $1.4 million and $1.6 million of as of December 31, 2023 and 2022, respectively. (2) Includes unamortized discount, net of premiums, of $6.1 million and $7.9 million and unamortized debt issuance costs of $25.3 million and $29.9 million as of December 31, 2023 and 2022, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion, excludes unamortized debt issuance costs of $3.8 million and $5.1 million as of December 31, 2023 and 2022, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets. As of December 31, 2023, the Company's $1.2 billion credit facility had an interest rate at the Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity of January 2027 with two six-month extension options, exercisable at the Company's option. As of December 31, 2023, the Company's $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity of July 2024. In March 2021, the Operating Partnership issued $450.0 million of senior unsecured notes due on March 1, 2028 with a coupon rate of 1.700% per annum (the "2028 Notes"), which are payable on March 1 and September 1 of each year, beginning on September 1, 2021. The 2028 Notes were offered to investors at a price of 99.423% of par value. The 2028 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 upcoming debt maturities, including all or a portion of certain unsecured term loans, and for 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, 2023, and 2022, the carrying value of the 2028 Notes, net of discount and debt issuance costs, was $446.3 million and $445.4 million, respectively. In June 2021, the Operating Partnership issued $300.0 million of senior unsecured notes due on June 15, 2031 with a coupon rate of 2.550% per annum (the "June 2031 Notes"), which are payable on June 15 and December 15 of each year, beginning on December 15, 2021. The June 2031 Notes were offered to investors at a price of 99.367% of par value. The June 2031 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 upcoming debt maturities, including to fund the redemption of $300.0 million aggregate principal amount (plus the make-whole amount and accrued and unpaid interest) of its outstanding 3.375% senior unsecured notes due January 2023, 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, 2023, and 2022, the carrying value of the June 2031 Notes, net of discount and debt issuance costs, was $296.7 million and $296.2 million, respectively. 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, 2023, and 2022, the carrying value of the 2032 Notes, net of premiums and debt issuance costs, was $650.7 million and $650.8 million respectively. 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 “January 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 January 2031 Notes, the “Notes”). The January 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 January 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, the carrying value of the January 2031 Notes and 2050 Notes, net of discount and debt issuance costs was $296.1 million and $296.0 million, respectively as of December 31, 2023, and $295.5 million and $295.8 million, respectively as of December 31, 2022. 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, 2023, and 2022, the carrying value of the 2030 Notes, net of discount and debt issuance costs, was $545.5 million and $544.7 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, 2023, and 2022, the carrying value of the 2029 Notes, net of discount and debt issuance costs was $496.7 million and $496.0 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, 2023 and 2022, the carrying value of the 2048 Notes, net of discount and debt issuance costs was $296.2 million and $296.1 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, 2023 and 2022, the carrying value of the 2027 Notes, net of discount and debt issuance costs was $348.3 million and $347.8 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, 2023 and 2022, the carrying value of the 2026 Notes, net of discount and debt issuance costs was $448.4 million and $447.8 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, 2023 and 2022, the carrying value of the 2025 Notes, net of discount and debt issuance costs was $499.3 million and $498.8 million, respectively. 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, 2023 and 2022, the carrying value of the 2024 Notes, net of discount and debt issuance costs was $399.8 million and $399.1 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. These notes were paid off at maturity and as of December 31, 2023, the 2023 Notes had no amount outstanding. As of December 31, 2022, the carrying value of the 2023 Notes, net of discount and debt issuance costs was $299.8 million. The following is a summary of the Company’s senior unsecured notes as of December 31, 2023 and 2022 ($ in thousands): Maturity 2023 2022 Coupon Senior notes May 2023 $ — $ 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 2028 450,000 450,000 1.700 % Senior notes March 2029 500,000 500,000 4.000 % Senior notes January 2030 550,000 550,000 3.000 % Senior notes January 2031 300,000 300,000 1.650 % Senior notes June 2031 300,000 300,000 2.550 % Senior notes March 2032 650,000 650,000 2.650 % Senior notes March 2048 300,000 300,000 4.500 % Senior notes September 2050 300,000 300,000 2.650 % $ 5,050,000 $ 5,350,000 The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2023 are as follows ($ in thousands): 2024 $ 400,000 2025 500,000 2026 450,000 2027 650,000 2028 450,000 Thereafter 2,900,000 $ 5,350,000 As of December 31, 2023, 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, 2023 and 2022, there was no amount and $40.0 million outstanding on the $1.2 billion unsecured line of credit, respectively. As of December 31, 2023 and 2022, this credit facility had a scheduled maturity date of January 2027 with two six-month extension options, exercisable at the Company's option. The underlying interest rate on the line is based on a tiered rate structure tied to the Company's corporate ratings, adjusted for the Company's sustainability metric grid, and is at the Adjusted SOFR plus 0.75%. As of December 31, 2023 and 2022, there was no amount and $12.1 million outstanding on the Company's $35.0 million working capital unsecured line of credit, respectively. As of December 31, 2023 and 2022, the line of credit facility had a scheduled maturity date of July 2024. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings, adjusted for the Company's sustainability metric grid, and is at the Adjusted SOFR plus 0.75%. The Company’s unsecured lines of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities, and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization. The Company was in compliance with the debt covenants as of December 31, 2023 and 2022. |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2023 | |
Notes Payable [Abstract] | |
Mortgage Notes Payable | Mortgage Notes Payable Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2023 and 2022 ($ in thousands): 2023 2022 Fixed rate mortgage notes payable $ 665,711 $ 371,849 Variable rate mortgage notes payable (1) 221,493 222,094 Total mortgage notes payable (2) $ 887,204 $ 593,943 Number of properties securing mortgage notes 15 11 Remaining terms 1-23 years 2-24 years Weighted average interest rate 4.3 % 3.5 % The aggregate scheduled principal payments of mortgage notes payable at December 31, 2023 are as follows ($ in thousands): 2024 $ 3,109 2025 133,054 2026 99,405 2027 153,955 2028 68,332 Thereafter 431,937 $ 889,792 (1) Variable rate mortgage notes payable, including $222.7 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 4.6% at December 2023 and 3.5% at December 2022) 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, 2023 and 2022, respectively. (2) In July 2023, the Company closed $298.0 million in 10-year secured loans priced at a 5.08% fixed interest rate. Includes total unamortized premium, net of discounts, of $0.5 million and $1.2 million and reduced by unamortized debt issuance costs of $3.1 million and $2.0 million as of December 31, 2023 and 2022, respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
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 September 2022, the Company entered into one forward starting interest rate swap, with settlement payments commencing in May 2023, related to the $300.0 million unsecured term loan entered into in October 2022. In April 2023, the Company drew down the $300.0 million term loan priced at Adjusted SOFR plus 0.85%, which has been swapped to an all-in fixed rate of 4.2%. The term loan matures in October 2024 with three 12-month extension options, each exercisable at the Company's option and the swap has a termination date of October 2026. This derivative qualifies for hedge accounting. As of December 31, 2023 and 2022, the Company had an outstanding balance on the unsecured term loan of $300.0 million and zero, respectively. As of December 31, 2023 and 2022, the Company had no interest rate caps. As of December 31, 2023 and 2022, the aggregate carrying value of the interest rate swap contracts were an asset of $4.3 million and $5.6 million, respectively. As of December 31, 2023 and 2022, the swap contracts were presented in the consolidated balance sheets as an asset of $4.3 million and $5.6 million, respectively, and were included in prepaid expenses and other assets on the consolidated balance sheets. Hedge ineffectiveness related to cash flow hedges, which is included in interest expense on the consolidated statements of income, was zero for the years ended December 31, 2023, 2022, and 2021 respectively. The Company has four total return swap contracts, with an aggregate notional amount of $222.7 million, that effectively convert $222.7 million of mortgage notes payable to a floating interest rate based on the Securities Industry and Financial Markets Association Municipal Swap Index ("SIFMA") plus a spread. The Company can currently settle all four of the total return swaps with $222.7 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, 2023 and 2022, respectively. These total return swaps are scheduled to mature between December 2024 and November 2033. The realized gains of $3.1 million, $7.9 million, and $10.8 million for the years ended December 31, 2023, 2022, and 2021, respectively, were reported on the consolidated statements of income as total return swap income. |
Lease Agreements - Company as L
Lease Agreements - Company as Lessor | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Agreements - Company as Lessor | Lease Agreements - Company as Lessor As of December 31, 2023, the Company is a lessor of apartment homes at all of its consolidated operating and lease-up communities, three commercial buildings, 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 for a successive, like term up to a maximum of 12 months. 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, 2023 is summarized as follows ($ in thousands): Future Minimum Rent 2024 $ 751,320 2025 33,230 2026 15,706 2027 13,946 2028 11,978 Thereafter 20,164 $ 846,344 The Company accounts 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. |
Lease Agreements - Company as_2
Lease Agreements - Company as Lessee | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Agreements - Company as Lessee | Lease Agreements - Company as Lessee As of December 31, 2023, 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, 2023 and 2022, the Company had no material finance leases. Supplemental consolidated balance sheet information related to leases as of December 31, 2023 and 2022 is as follows ($ in thousands): Classification December 31, 2023 December 31, 2022 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 63,757 $ 67,239 Total leased assets $ 63,757 $ 67,239 Liabilities Operating lease liabilities Operating lease liabilities $ 65,091 $ 68,696 Total lease liabilities $ 65,091 $ 68,696 The components of lease expense for the years ended December 31, 2023 and 2022 were as follows ($ in thousands): December 31, 2023 December 31, 2022 Operating lease cost $ 6,789 $ 6,697 Variable lease cost 1,961 1,750 Short-term lease cost 186 204 Sublease income (500) (418) Total lease cost $ 8,436 $ 8,233 A maturity analysis of lease liabilities as of December 31, 2023 is as follows ($ in thousands): Operating Leases 2024 $ 7,251 2025 6,887 2026 5,035 2027 3,421 2028 3,102 Thereafter 129,452 Total lease payments $ 155,148 Less: Imputed interest (90,057) Present value of lease liabilities $ 65,091 Lease term and discount rate information for leases at December 31, 2023 and 2022 are as follows: December 31, 2023 December 31, 2022 Weighted-average of remaining lease terms (years) Operating Leases 40 40 Weighted-average of discount rates Operating Leases 5.03 % 5.01 % Practical Expedients 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, 2023 | |
Equity [Abstract] | |
Equity Transactions | Equity Transactions Common Stock Offerings In September 2021, the Company entered into a new equity distribution agreement pursuant to which the Company may offer and sell shares of its common stock having an aggregate gross sales price of up to $900.0 million (the "2021 ATM Program"). In connection with the 2021 ATM Program, the Company may also enter into related forward sale agreements, and may sell shares of its common stock pursuant to these 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 receipt of the proceeds from the sale of shares until a later date should the Company elect to settle such forward sale agreement, in whole or in part, in shares of its common stock. For the years ended December 31, 2023 and 2022, the Company did not sell any shares of its common stock through the 2021 ATM Program. As of December 31, 2023, there are no outstanding forward sale agreements, and $900.0 million of shares remain available to be sold under the 2021 ATM Program. Operating Partnership Units and Long-Term Incentive Plan ("LTIP") Units As of December 31, 2023 and 2022, the Operating Partnership had outstanding 2,161,175 and 2,166,359 OP Units respectively. As of December 31, 2023 and 2022 the Operating Partnership had 97,637 and 106,137 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, 2023 and 2022, 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 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 $560.0 million and $481.6 million based on the closing price of Essex's common stock as of December 31, 2023 and 2022, respectively. |
Net Income Per Common Share and
Net Income Per Common Share and Net Income Per Common Unit | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share and Net Income Per Common Unit | Net Income Per Common Share and Net Income Per Common Unit Essex Property Trust, Inc. Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): 2023 2022 2021 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 405,825 64,252,232 $ 6.32 $ 408,315 65,079,764 $ 6.27 $ 488,554 65,051,465 $ 7.51 Effect of dilutive securities Stock options — 1,153 — 18,422 — 37,409 Diluted: Net income available to common stockholders $ 405,825 64,253,385 $ 6.32 $ 408,315 65,098,186 $ 6.27 $ 488,554 65,088,874 $ 7.51 The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,261,071, 2,276,341 and 2,289,391, which include 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the years ended December 31, 2023, 2022 and 2021, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $14.3 million, $14.3 million and $17.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Stock options of 508,276, 253,845, and 116,380 for the years ended December 31, 2023, 2022, and 2021, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the years ended and, therefore, were anti-dilutive. Essex Portfolio, L.P. Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts): 2023 2022 2021 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 420,109 66,513,303 $ 6.32 $ 422,612 67,356,105 $ 6.27 $ 505,745 67,340,856 $ 7.51 Effect of dilutive securities Stock options — 1,153 — 18,422 — 37,409 Diluted: Net income available to common unitholders $ 420,109 66,514,456 $ 6.32 $ 422,612 67,374,527 $ 6.27 $ 505,745 67,378,265 $ 7.51 |
Equity Based Compensation Plans
Equity Based Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
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 $12.1 million, $11.4 million, and $11.7 million for years ended December 31, 2023, 2022 and 2021, respectively. For each of the years ended December 31, 2023, 2022 and 2021 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 $0.6 million, $0.7 million, and $0.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. The intrinsic value of the options exercised totaled zero, $7.6 million, and $25.7 million, for the years ended December 31, 2023, 2022, and 2021 respectively. The intrinsic value of the options exercisable totaled $4.5 million and $0.2 million as of December 31, 2023 and 2022, respectively. Total unrecognized compensation cost related to unvested stock options totaled $1.8 million as of December 31, 2023 and the unrecognized compensation cost is expected to be recognized over a period of 1.3 years. The average fair value of stock options granted for the years ended December 31, 2023, 2022 and 2021 was $21.24, $23.39 and $24.68, respectively. Certain stock options granted in 2023, 2022, and 2021 included a $100 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: 2023 2022 2021 Stock price $ 216.31 $ 245.17 $ 329.71 Risk-free interest rates 4.06 % 3.50 % 1.22 % Expected lives 6 years 6 years 6 years Volatility 36.00 % 27.98 % 27.00 % Dividend yield 3.30 % 3.06 % 2.90 % A summary of the status of the Company’s stock option plans as of December 31, 2023, 2022, and 2021 and changes during the years ended on those dates is presented below: 2023 2022 2021 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of year 487,446 $ 279.46 463,863 $ 284.82 613,109 $ 255.86 Granted 49,908 216.31 111,757 245.17 99,479 329.71 Exercised — — (76,246) 245.43 (248,725) 231.37 Forfeited and canceled (6,542) 280.21 (11,928) 281.19 — — Outstanding at end of year 530,812 $ 273.51 487,446 $ 279.46 463,863 $ 284.82 Options exercisable at year end 417,739 $ 282.30 293,377 $ 285.76 274,244 $ 270.11 The following table summarizes information about restricted stock outstanding as of December 31, 2023, 2022 and 2021 and changes during the years ended: 2023 2022 2021 Shares Weighted- Shares Weighted- Shares Weighted- Unvested at beginning of year 182,915 $ 222.90 159,401 $ 251.03 132,603 $ 214.34 Granted 2,315 220.40 72,838 215.73 50,349 337.52 Vested (37,075) 247.07 (44,945) 306.25 (22,387) 229.90 Forfeited and canceled (46,454) 259.71 (4,379) 272.12 (1,164) 219.30 Unvested at end of year 101,701 $ 197.22 182,915 $ 222.90 159,401 $ 251.03 The unrecognized compensation cost related to unvested restricted stock totaled $4.7 million as of December 31, 2023 and is expected to be recognized over a period of 1.6 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 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 ten years of illiquidity. Equity-based compensation costs and total unrecognized compensation costs for LTIP units under the fair value method totaled approximately zero for the years ended December 31, 2023, 2022 and 2021. The intrinsic value of the vested and unvested LTIP Units totaled $24.2 million as of December 31, 2023. The following table summarizes information about the LTIP Units outstanding as of December 31, 2023: Long-Term Incentive Plan - LTIP Units Total Total Total Weighted- Weighted- Balance, December 31, 2020 106,137 — 106,137 $ 84.47 3.6 Granted — — — Vested — — — Converted — — — Cancelled — — — Balance, December 31, 2021 106,137 — 106,137 $ 84.47 2.6 Granted — — — Vested — — — Converted — — — Cancelled — — — Balance, December 31, 2022 106,137 — 106,137 $ 84.47 1.6 Granted — — — Vested — — — Converted (8,500) — (8,500) Cancelled — — — Balance, December 31, 2023 97,637 — 97,637 $ 86.16 1.0 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022, and 2021 ($ in thousands): Years Ended December 31, 2023 2022 2021 Revenues: Southern California $ 682,116 $ 646,252 $ 574,129 Northern California 666,836 639,306 584,034 Seattle Metro 282,092 271,248 239,839 Other real estate assets 27,220 38,869 33,416 Total property revenues $ 1,658,264 $ 1,595,675 $ 1,431,418 Net operating income: Southern California $ 483,013 $ 459,762 $ 398,576 Northern California 464,949 445,933 401,870 Seattle Metro 201,228 191,476 160,959 Other real estate assets 23,595 31,235 24,777 Total net operating income 1,172,785 1,128,406 986,182 Management and other fees from affiliates 11,131 11,139 9,138 Corporate-level property management expenses (45,872) (40,704) (36,211) Depreciation and amortization (548,438) (539,319) (520,066) General and administrative (63,474) (56,577) (51,838) Expensed acquisition and investment related costs (595) (2,132) (203) Casualty loss (433) — — Gain on sale of real estate and land 59,238 94,416 142,993 Interest expense (212,905) (204,798) (203,125) Total return swap income 3,148 7,907 10,774 Interest and other income (loss) 46,259 (19,040) 98,744 Equity income from co-investments 10,561 26,030 111,721 Tax (expense) benefit on unconsolidated co-investments (697) 10,236 (15,668) Loss on early retirement of debt, net — (2) (19,010) Gain on remeasurement of co-investment — 17,423 2,260 Net income $ 430,708 $ 432,985 $ 515,691 Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2023 and 2022 ($ in thousands): As of December 31, 2023 2022 Assets: Southern California $ 3,802,648 $ 3,892,003 Northern California 5,242,343 5,414,467 Seattle Metro 1,333,030 1,374,379 Other real estate assets 92,271 133,245 Net reportable operating segments - real estate assets 10,470,292 10,814,094 Real estate under development 23,724 24,857 Co-investments 1,061,733 1,127,491 Cash and cash equivalents, including restricted cash 400,334 42,681 Marketable securities 87,795 112,743 Notes and other receivables 174,621 103,045 Operating lease right-of-use assets 63,757 67,239 Prepaid expenses and other assets 79,171 80,755 Total assets $ 12,361,427 $ 12,372,905 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2023 | |
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 $3.8 million, $3.3 million, and $3.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company's total minimum lease payment commitments, underground 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 cannot determine 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 intends 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, if the Company were to sell the contributed assets, the tax liabilities incurred 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, 2023, 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, 2023, PWI has cash and marketable securities of approximately $125.5 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. In late 2022 and early 2023, a number of purported class actions were filed against RealPage, Inc., a seller of revenue management software, and various lessors of multifamily housing which utilize this software, including the Company. The complaints allege collusion among defendants to artificially increase rents of multifamily residential real estate above competitive levels. The Company intends to vigorously defend against these lawsuits. Given their early stage, the Company is unable to predict the outcome or estimate the amount of loss, if any, that may result from such matters. The Company is also subject to various other legal and/or regulatory proceedings arising in the normal course of its business operations. The Company believes that, with respect to such matters that it is currently a party to, the ultimate disposition of any such matter will not result in a material adverse effect on the Company’s financial condition, results of operations or cash flows. To the extent that such a matter arises or is identified in the future that has other than a remote risk of having a material impact on the consolidated 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, impairment will be recognized. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2023 | |
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 $ 29,263 $ 8,100 $ 66,666 $ 10,397 $ 8,267 $ 76,896 $ 85,163 $ (42,204) 2009 Mar-09 3-30 Brio 300 Walnut Creek, CA 90,827 16,885 151,741 4,751 16,885 156,492 173,377 (26,551) 2015 Jun-19 3-30 Fountain Park 705 Playa Vista, CA 82,776 25,073 94,980 47,232 25,203 142,082 167,285 (97,729) 2002 Feb-04 3-30 Highridge 255 Rancho Palos Verdes, CA 69,451 5,419 18,347 38,782 6,073 56,475 62,548 (47,254) 1972 May-97 3-30 Lawrence Station 336 Sunnyvale, CA 76,848 45,532 106,735 7,740 45,532 114,475 160,007 (42,735) 2012 Apr-14 5-30 Magnolia Square/Magnolia Lane (2) 188 Sunnyvale, CA 52,400 8,190 24,736 19,633 8,191 44,368 52,559 (31,367) 1963 Sep-07 3-30 Marquis 166 San Jose, CA 44,991 20,495 47,823 1,919 20,495 49,742 70,237 (8,532) 2015 Dec-18 3-30 Paragon Apartments 301 Fremont, CA 59,169 32,230 77,320 4,595 32,230 81,915 114,145 (26,880) 2013 Jul-14 3-30 Sage at Cupertino 230 San Jose, CA 51,855 35,719 53,449 14,039 35,719 67,488 103,207 (20,213) 1971 Mar-17 3-30 The Barkley (3) 161 Anaheim, CA 14,925 — 8,520 9,277 2,353 15,444 17,797 (12,780) 1984 Apr-00 3-30 The Commons 264 Campbell, CA 57,703 12,555 29,307 12,511 12,556 41,817 54,373 (22,749) 1973 Jul-10 3-30 The Dylan 184 West Hollywood, CA 57,299 19,984 82,286 4,223 19,990 86,503 106,493 (27,116) 2015 Mar-15 3-30 The Galloway 506 Pleasanton, CA 102,841 32,966 184,499 6,342 32,966 190,841 223,807 (27,546) 2016 Jan-20 3-30 The Huxley 187 West Hollywood, CA 52,156 19,362 75,641 5,421 19,371 81,053 100,424 (25,347) 2014 Mar-15 3-30 Township 132 Redwood City, CA 44,700 19,812 70,619 2,375 19,812 72,994 92,806 (11,257) 2014 Sep-19 3-30 4,190 $ 887,204 $ 302,322 $ 1,092,669 $ 189,237 $ 305,643 $ 1,278,585 $ 1,584,228 $ (470,260) Unencumbered Communities Agora 49 Walnut Creek, CA — 4,932 60,423 1,818 4,934 62,239 67,173 (8,536) 2016 Jan-20 3-30 Alessio 624 Los Angeles, CA — 32,136 128,543 25,661 32,136 154,204 186,340 (57,633) 2001 Apr-14 5-30 Allegro 97 Valley Village, CA — 5,869 23,977 3,758 5,869 27,735 33,604 (14,318) 2010 Oct-10 3-30 Allure at Scripps Ranch 194 San Diego, CA — 11,923 47,690 4,505 11,923 52,195 64,118 (18,217) 2002 Apr-14 5-30 Alpine Village 301 Alpine, CA — 4,967 19,728 13,953 4,982 33,666 38,648 (22,978) 1971 Dec-02 3-30 Annaliese 56 Seattle, WA — 4,727 14,229 1,196 4,726 15,426 20,152 (5,943) 2009 Jan-13 3-30 Apex 367 Milpitas, CA — 44,240 103,251 11,509 44,240 114,760 159,000 (36,789) 2014 Aug-14 3-30 Aqua Marina Del Rey 500 Marina Del Rey, CA — 58,442 175,326 26,945 58,442 202,271 260,713 (75,176) 2001 Apr-14 5-30 Ascent 90 Kirkland, WA — 3,924 11,862 3,685 3,924 15,547 19,471 (6,867) 1988 Oct-12 3-30 Ashton Sherman Village 264 Los Angeles, CA — 23,550 93,811 3,301 23,550 97,112 120,662 (24,127) 2014 Dec-16 3-30 Avant 440 Los Angeles, CA — 32,379 137,940 9,879 32,379 147,819 180,198 (42,593) 2014 Jun-15 3-30 Avenue 64 224 Emeryville, CA — 27,235 64,403 18,098 27,235 82,501 109,736 (28,266) 2007 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) Aviara (4) 166 Mercer Island, WA — — 49,813 3,145 — 52,958 52,958 (19,372) 2013 Apr-14 5-30 Avondale at Warner Center 446 Woodland Hills, CA — 10,536 24,522 33,446 10,601 57,903 68,504 (44,086) 1970 Jan-99 3-30 Bel Air 462 San Ramon, CA — 12,105 18,252 50,318 12,682 67,993 80,675 (53,742) 1988 Jan-95 3-30 Belcarra 296 Bellevue, WA — 21,725 92,091 6,974 21,725 99,065 120,790 (34,031) 2009 Apr-14 5-30 Bella Villagio 231 San Jose, CA — 17,247 40,343 8,891 17,247 49,234 66,481 (22,441) 2004 Sep-10 3-30 BellCentre 249 Bellevue, WA — 16,197 67,207 7,536 16,197 74,743 90,940 (27,769) 2001 Apr-14 5-30 Bellerive 63 Los Angeles, CA — 5,401 21,803 1,940 5,401 23,743 29,144 (10,973) 2011 Aug-11 3-30 Belmont Terrace 71 Belmont, CA — 4,446 10,290 8,603 4,473 18,866 23,339 (12,941) 1974 Oct-06 3-30 Bennett Lofts 179 San Francisco, CA — 21,771 50,800 35,727 28,371 79,927 108,298 (33,192) 2004 Dec-12 3-30 Bernardo Crest 216 San Diego, CA — 10,802 43,209 8,363 10,802 51,572 62,374 (19,230) 1988 Apr-14 5-30 Bonita Cedars 120 Bonita, CA — 2,496 9,913 7,317 2,503 17,223 19,726 (12,311) 1983 Dec-02 3-30 Boulevard 172 Fremont, CA — 3,520 8,182 16,885 3,580 25,007 28,587 (21,654) 1978 Jan-96 3-30 Brookside Oaks 170 Sunnyvale, CA — 7,301 16,310 29,386 10,328 42,669 52,997 (31,628) 1973 Jun-00 3-30 Bridle Trails 108 Kirkland, WA — 1,500 5,930 7,708 1,531 13,607 15,138 (10,907) 1986 Oct-97 3-30 Brighton Ridge 264 Renton, WA — 2,623 10,800 9,940 2,656 20,707 23,363 (16,472) 1986 Dec-96 3-30 Bristol Commons 188 Sunnyvale, CA — 5,278 11,853 12,588 5,293 24,426 29,719 (20,375) 1989 Jan-95 3-30 Bunker Hill 456 Los Angeles, CA — 11,498 27,871 105,664 11,639 133,394 145,033 (108,050) 1968 Mar-98 3-30 Camarillo Oaks 564 Camarillo, CA — 10,953 25,254 11,444 11,075 36,576 47,651 (31,531) 1985 Jul-96 3-30 Cambridge Park 320 San Diego, CA — 18,185 72,739 7,558 18,185 80,297 98,482 (28,576) 1998 Apr-14 5-30 Camino Ruiz Square 160 Camarillo, CA — 6,871 26,119 3,686 6,931 29,745 36,676 (17,207) 1990 Dec-06 3-30 Canvas 123 Seattle, WA — 10,489 36,924 647 10,489 37,571 48,060 (2,760) 2014 Dec-21 3-30 Canyon Oaks 250 San Ramon, CA — 19,088 44,473 10,665 19,088 55,138 74,226 (30,637) 2005 May-07 3-30 Canyon Pointe 250 Bothell, WA — 4,692 18,288 12,017 4,693 30,304 34,997 (21,204) 1990 Oct-03 3-30 Capri at Sunny Hills 102 Fullerton, CA — 3,337 13,320 12,137 4,048 24,746 28,794 (18,155) 1961 Sep-01 3-30 Carmel Creek 348 San Diego, CA — 26,842 107,368 11,508 26,842 118,876 145,718 (43,830) 2000 Apr-14 5-30 Carmel Landing 356 San Diego, CA — 16,725 66,901 17,394 16,725 84,295 101,020 (31,906) 1989 Apr-14 5-30 Carmel Summit 246 San Diego, CA — 14,968 59,871 9,529 14,968 69,400 84,368 (24,358) 1989 Apr-14 5-30 Castle Creek 216 Newcastle, WA — 4,149 16,028 8,333 4,833 23,677 28,510 (19,463) 1998 Dec-98 3-30 Catalina Gardens 128 Los Angeles, CA — 6,714 26,856 4,745 6,714 31,601 38,315 (11,166) 1987 Apr-14 5-30 Cedar Terrace 180 Bellevue, WA — 5,543 16,442 11,649 5,652 27,982 33,634 (17,938) 1984 Jan-05 3-30 CentrePointe 224 San Diego, CA — 3,405 7,743 24,377 3,442 32,083 35,525 (26,545) 1974 Jun-97 3-30 Chestnut Street Apartments 96 Santa Cruz, CA — 6,582 15,689 3,055 6,582 18,744 25,326 (10,012) 2002 Jul-08 3-30 City View 572 Hayward, CA — 9,883 37,670 41,860 10,350 79,063 89,413 (63,724) 1975 Mar-98 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Collins on Pine 76 Seattle, WA — 7,276 22,226 1,076 7,276 23,302 30,578 (7,783) 2013 May-14 3-30 Connolly Station 309 Dublin, CA — 19,949 123,428 5,503 19,949 128,931 148,880 (18,748) 2014 Jan-20 3-30 Corbella at Juanita Bay 169 Kirkland, WA — 5,801 17,415 5,758 5,801 23,173 28,974 (11,369) 1978 Nov-10 3-30 Cortesia 308 Rancho Santa Margarita, CA — 13,912 55,649 6,220 13,912 61,869 75,781 (21,883) 1999 Apr-14 5-30 Country Villas 180 Oceanside, CA — 4,174 16,583 7,719 4,187 24,289 28,476 (17,013) 1976 Dec-02 3-30 Courtyard off Main 110 Bellevue, WA — 7,465 21,405 7,676 7,465 29,081 36,546 (14,010) 2000 Oct-10 3-30 Crow Canyon 400 San Ramon, CA — 37,579 87,685 19,142 37,579 106,827 144,406 (41,200) 1992 Apr-14 5-30 Deer Valley 171 San Rafael, CA — 21,478 50,116 6,200 21,478 56,316 77,794 (20,508) 1996 Apr-14 5-30 Domaine 92 Seattle, WA — 9,059 27,177 2,016 9,059 29,193 38,252 (11,604) 2009 Sep-12 3-30 Elevation 158 Redmond, WA — 4,758 14,285 8,926 4,757 23,212 27,969 (13,693) 1986 Jun-10 3-30 Ellington 220 Bellevue, WA — 15,066 45,249 6,721 15,066 51,970 67,036 (18,149) 1994 Jul-14 3-30 Emerald Pointe 160 Diamond Bar, CA — 8,458 33,832 3,854 8,458 37,686 46,144 (13,690) 1989 Apr-14 5-30 Emerald Ridge 180 Bellevue, WA — 3,449 7,801 8,762 3,449 16,563 20,012 (14,422) 1987 Nov-94 3-30 Emerson Valley Village 144 Los Angeles, CA — 13,378 53,240 2,731 13,378 55,971 69,349 (14,061) 2012 Dec-16 3-30 Emme 190 Emeryville, CA — 15,039 80,532 1,602 15,039 82,134 97,173 (11,594) 2015 Jan-20 3-30 Enso 183 San Jose, CA — 21,397 71,135 3,565 21,397 74,700 96,097 (21,195) 2014 Dec-15 3-30 Epic 769 San Jose, CA — 89,111 307,769 5,723 89,111 313,492 402,603 (43,577) 2013 Jan-20 3-30 Esplanade 278 San Jose, CA — 18,170 40,086 18,769 18,429 58,596 77,025 (40,654) 2002 Apr-04 3-30 Essex Skyline 350 Santa Ana, CA — 21,537 146,099 19,047 21,537 165,146 186,683 (68,901) 2008 Apr-10 3-30 Evergreen Heights 200 Kirkland, WA — 3,566 13,395 9,409 3,649 22,721 26,370 (18,796) 1990 Jun-97 3-30 Fairhaven Apartments 164 Santa Ana, CA — 2,626 10,485 11,748 2,957 21,902 24,859 (17,103) 1970 Nov-01 3-30 Fairway Apartments at Big Canyon (5) 74 Newport Beach, CA — — 7,850 9,654 — 17,504 17,504 (15,324) 1972 Jun-99 3-28 Fairwood Pond 194 Renton, WA — 5,296 15,564 6,603 5,297 22,166 27,463 (14,306) 1997 Oct-04 3-30 Foothill Commons 394 Bellevue, WA — 2,435 9,821 44,756 2,440 54,572 57,012 (51,045) 1978 Mar-90 3-30 Foothill Gardens/Twin Creeks 176 San Ramon, CA — 5,875 13,992 15,512 5,964 29,415 35,379 (24,065) 1985 Feb-97 3-30 Forest View 192 Renton, WA — 3,731 14,530 5,619 3,731 20,149 23,880 (13,213) 1998 Oct-03 3-30 Form 15 242 San Diego, CA — 24,510 72,221 14,885 25,540 86,076 111,616 (24,271) 2014 Mar-16 3-30 Foster's Landing 490 Foster City, CA — 61,714 144,000 18,648 61,714 162,648 224,362 (60,005) 1987 Apr-14 5-30 Fountain Court 320 Seattle, WA — 6,702 27,306 16,464 6,985 43,487 50,472 (35,378) 2000 Mar-00 3-30 Fountains at River Oaks 226 San Jose, CA — 26,046 60,773 9,144 26,046 69,917 95,963 (26,176) 1990 Apr-14 3-30 Fourth & U 171 Berkeley, CA — 8,879 52,351 5,944 8,879 58,295 67,174 (27,867) 2010 Apr-10 3-30 Fox Plaza 445 San Francisco, CA — 39,731 92,706 43,656 39,731 136,362 176,093 (63,688) 1968 Feb-13 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) Hacienda at Camarillo Oaks 73 Camarillo, CA — 5,497 17,572 2,464 5,497 20,036 25,533 (522) 1984 Apr-23 3-30 The Henley I/The Henley II 215 Glendale, CA — 6,695 16,753 31,710 6,733 48,425 55,158 (39,183) 1970 Jun-99 3-30 Highlands at Wynhaven 333 Issaquah, WA — 16,271 48,932 17,578 16,271 66,510 82,781 (39,218) 2000 Aug-08 3-30 Hillcrest Park 608 Newbury Park, CA — 15,318 40,601 29,837 15,755 70,001 85,756 (53,986) 1973 Mar-98 3-30 Hillsdale Garden 697 San Mateo, CA — 22,000 94,681 42,417 22,000 137,098 159,098 (81,397) 1948 Sep-06 3-30 Hope Ranch 108 Santa Barbara, CA — 4,078 16,877 3,986 4,208 20,733 24,941 (11,834) 1965 Mar-07 3-30 Huntington Breakers 342 Huntington Beach, CA — 9,306 22,720 26,749 9,315 49,460 58,775 (41,562) 1984 Oct-97 3-30 Inglenook Court 224 Bothell, WA — 3,467 7,881 10,148 3,474 18,022 21,496 (15,994) 1985 Oct-94 3-30 Lafayette Highlands 150 Lafayette, CA — 17,774 41,473 9,261 17,774 50,734 68,508 (18,567) 1973 Apr-14 5-30 Lakeshore Landing 308 San Mateo, CA — 38,155 89,028 15,358 38,155 104,386 142,541 (38,936) 1988 Apr-14 5-30 Laurels at Mill Creek 164 Mill Creek, WA — 1,559 6,430 9,494 1,595 15,888 17,483 (13,520) 1981 Dec-96 3-30 Le Parc 140 Santa Clara, CA — 3,090 7,421 16,203 3,092 23,622 26,714 (20,121) 1975 Feb-94 3-30 Marbrisa 202 Long Beach, CA — 4,700 18,605 12,518 4,760 31,063 35,823 (22,713) 1987 Sep-02 3-30 Marina City Club (6) 101 Marina Del Rey, CA — — 28,167 35,482 — 63,649 63,649 (41,034) 1971 Jan-04 3-30 Marina Cove (7) 292 Santa Clara, CA — 5,320 16,431 19,363 5,324 35,790 41,114 (32,469) 1974 Jun-94 3-30 Mariner's Place 105 Oxnard, CA — 1,555 6,103 3,639 1,562 9,735 11,297 (7,468) 1987 May-00 3-30 MB 360 360 San Francisco, CA — 42,001 212,648 16,253 42,001 228,901 270,902 (73,498) 2014 Apr-14 3-30 Mesa Village 133 Clairemont, CA — 1,888 7,498 3,507 1,894 10,999 12,893 (7,755) 1963 Dec-02 3-30 Mill Creek at Windermere 400 San Ramon, CA — 29,551 69,032 14,805 29,551 83,837 113,388 (45,026) 2005 Sep-07 3-30 Mio 103 San Jose, CA — 11,012 39,982 2,153 11,012 42,135 53,147 (11,663) 2015 Jan-16 3-30 Mirabella 188 Marina Del Rey, CA — 6,180 26,673 20,139 6,270 46,722 52,992 (33,524) 2000 May-00 3-30 Mira Monte 354 Mira Mesa, CA — 7,165 28,459 16,734 7,186 45,172 52,358 (32,198) 1982 Dec-02 3-30 Miracle Mile/Marbella 236 Los Angeles, CA — 7,791 23,075 20,649 7,886 43,629 51,515 (34,078) 1988 Aug-97 3-30 Mission Hills 282 Oceanside, CA — 10,099 38,778 15,512 10,167 54,222 64,389 (35,135) 1984 Jul-05 3-30 Mission Peaks 453 Fremont, CA — 46,499 108,498 13,839 46,499 122,337 168,836 (44,778) 1995 Apr-14 5-30 Mission Peaks II 336 Fremont, CA — 31,429 73,334 12,394 31,429 85,728 117,157 (32,318) 1989 Apr-14 5-30 Montanosa 472 San Diego, CA — 26,697 106,787 15,499 26,697 122,286 148,983 (43,193) 1990 Apr-14 5-30 Montclaire 390 Sunnyvale, CA — 4,842 19,776 32,229 4,997 51,850 56,847 (47,688) 1973 Dec-88 3-30 Montebello 248 Kirkland, WA — 13,857 41,575 15,803 13,858 57,377 71,235 (23,364) 1996 Jul-12 3-30 Montejo Apartments 124 Garden Grove, CA — 1,925 7,685 6,287 2,194 13,703 15,897 (9,460) 1974 Nov-01 3-30 Monterey Villas 122 Oxnard, CA — 2,349 5,579 8,980 2,424 14,484 16,908 (11,089) 1974 Jul-97 3-30 Muse 152 North Hollywood, CA — 7,822 33,436 7,109 7,823 40,544 48,367 (19,798) 2011 Feb-11 3-30 Mylo 476 Santa Clara, CA — 6,472 206,098 867 6,472 206,965 213,437 (35,556) 2021 Jun-21 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) 1000 Kiely 121 Santa Clara, CA — 9,359 21,845 11,284 9,359 33,129 42,488 (17,925) 1971 Mar-11 3-30 Palm Valley 1,100 San Jose, CA — 133,802 312,205 33,448 133,802 345,653 479,455 (91,453) 2008 Jan-17 3-30 Park Catalina 90 Los Angeles, CA — 4,710 18,839 4,825 4,710 23,664 28,374 (10,795) 2002 Jun-12 3-30 Park Highland 250 Bellevue, WA — 9,391 38,224 15,944 9,391 54,168 63,559 (25,009) 1993 Apr-14 5-30 Park Hill at Issaquah 245 Issaquah, WA — 7,284 21,937 15,309 7,284 37,246 44,530 (24,420) 1999 Feb-99 3-30 Park Viridian 320 Anaheim, CA — 15,894 63,574 7,165 15,894 70,739 86,633 (25,521) 2008 Apr-14 5-30 Park West 126 San Francisco, CA — 9,424 21,988 14,824 9,424 36,812 46,236 (19,991) 1958 Sep-12 3-30 Parkwood at Mill Creek 240 Mill Creek, WA — 10,680 42,722 4,885 10,680 47,607 58,287 (17,576) 1989 Apr-14 5-30 Patent 523 295 Seattle, WA — 14,558 69,417 8,927 14,558 78,344 92,902 (38,284) 2010 Mar-10 3-30 Pathways at Bixby Village 296 Long Beach, CA — 4,083 16,757 24,405 6,239 39,006 45,245 (35,534) 1975 Feb-91 3-30 Piedmont 396 Bellevue, WA — 19,848 59,606 20,462 19,848 80,068 99,916 (32,025) 1969 May-14 3-30 Pinehurst (8) 28 Ventura, CA — — 1,711 943 — 2,654 2,654 (2,051) 1973 Dec-04 3-24 Pinnacle at Fullerton 192 Fullerton, CA — 11,019 45,932 7,172 11,019 53,104 64,123 (19,644) 2004 Apr-14 5-30 Pinnacle on Lake Washington 180 Renton, WA — 7,760 31,041 5,950 7,760 36,991 44,751 (14,124) 2001 Apr-14 5-30 Pinnacle at MacArthur Place 253 Santa Ana, CA — 15,810 66,401 10,646 15,810 77,047 92,857 (27,583) 2002 Apr-14 5-30 Pinnacle at Otay Ranch I & II 364 Chula Vista, CA — 17,023 68,093 8,560 17,023 76,653 93,676 (27,583) 2001 Apr-14 5-30 Pinnacle at Talega 362 San Clemente, CA — 19,292 77,168 9,934 19,292 87,102 106,394 (30,087) 2002 Apr-14 5-30 Pinnacle Sonata 268 Bothell, WA — 14,647 58,586 9,882 14,647 68,468 83,115 (25,042) 2000 Apr-14 5-30 Pointe at Cupertino 116 Cupertino, CA — 4,505 17,605 14,682 4,505 32,287 36,792 (24,253) 1963 Aug-98 3-30 Pure Redmond 105 Redmond, WA — 7,461 31,363 2,360 7,461 33,723 41,184 (5,042) 2016 Dec-19 3-30 Radius 264 Redwood City, CA — 11,702 152,336 5,077 11,702 157,413 169,115 (54,824) 2015 Apr-14 3-30 Reed Square 100 Sunnyvale, CA — 6,873 16,037 9,418 6,873 25,455 32,328 (14,905) 1970 Jan-12 3-30 Regency at Encino 75 Encino, CA — 3,184 12,737 5,428 3,184 18,165 21,349 (9,945) 1989 Dec-09 3-30 Regency Palm Court 116 Los Angeles, CA — 7,763 28,019 1,637 7,763 29,656 37,419 (1,586) 1987 Jul-22 3-30 Renaissance at Uptown Orange 460 Orange, CA — 27,870 111,482 11,968 27,870 123,450 151,320 (43,931) 2007 Apr-14 5-30 Reveal 438 Woodland Hills, CA — 25,073 121,314 7,805 25,073 129,119 154,192 (42,223) 2010 Apr-15 3-30 Salmon Run at Perry Creek 132 Bothell, WA — 3,717 11,483 4,828 3,801 16,227 20,028 (11,529) 2000 Oct-00 3-30 Sammamish View 153 Bellevue, WA — 3,324 7,501 9,177 3,331 16,671 20,002 (14,681) 1986 Nov-94 3-30 101 San Fernando 323 San Jose, CA — 4,173 58,961 19,870 4,173 78,831 83,004 (40,019) 2001 Jul-10 3-30 San Marcos 432 Richmond, CA — 15,563 36,204 40,073 22,866 68,974 91,840 (45,615) 2003 Nov-03 3-30 Santee Court/Santee Village 238 Los Angeles, CA — 9,581 40,317 19,087 9,582 59,403 68,985 (28,730) 2004 Oct-10 3-30 Shadow Point 172 Spring Valley, CA — 2,812 11,170 7,859 2,820 19,021 21,841 (12,353) 1983 Dec-02 3-30 Shadowbrook 418 Redmond, WA — 19,292 77,168 11,517 19,292 88,685 107,977 (31,940) 1986 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) Slater 116 108 Kirkland, WA — 7,379 22,138 2,243 7,379 24,381 31,760 (8,886) 2013 Sep-13 3-30 Solstice 280 Sunnyvale, CA — 34,444 147,262 9,114 34,444 156,376 190,820 (57,770) 2014 Apr-14 5-30 Station Park Green 599 San Mateo, CA — 54,782 314,694 111,597 67,204 413,869 481,073 (79,930) 2018 Mar-18 3-30 Stevenson Place 200 Fremont, CA — 996 5,582 16,131 1,001 21,708 22,709 (18,665) 1975 Apr-00 3-30 Stonehedge Village 196 Bothell, WA — 3,167 12,603 12,242 3,201 24,811 28,012 (19,835) 1986 Oct-97 3-30 Summerhill Park 100 Sunnyvale, CA — 2,654 4,918 11,843 2,656 16,759 19,415 (15,161) 1988 Sep-88 3-30 Summit Park 300 San Diego, CA — 5,959 23,670 11,159 5,977 34,811 40,788 (24,448) 1972 Dec-02 3-30 Taylor 28 197 Seattle, WA — 13,915 57,700 6,041 13,915 63,741 77,656 (22,896) 2008 Apr-14 5-30 The Audrey at Belltown 137 Seattle, WA — 9,228 36,911 3,193 9,228 40,104 49,332 (14,169) 1992 Apr-14 5-30 The Avery 121 Los Angeles, CA — 6,964 29,922 1,787 6,964 31,709 38,673 (10,597) 2014 Mar-14 3-30 The Bernard 63 Seattle, WA — 3,699 11,345 1,138 3,689 12,493 16,182 (5,535) 2008 Sep-11 3-30 The Blake LA 196 Los Angeles, CA — 4,023 9,527 25,998 4,031 35,517 39,548 (27,565) 1979 Jun-97 3-30 The Cairns 99 Seattle, WA — 6,937 20,679 3,628 6,939 24,305 31,244 (13,858) 2006 Jun-07 3-30 The Elliot at Mukilteo 301 Mukilteo, WA — 2,498 10,595 20,508 2,824 30,777 33,601 (26,499) 1981 Jan-97 3-30 The Grand 243 Oakland, CA — 4,531 89,208 9,358 4,531 98,566 103,097 (51,214) 2009 Jan-09 3-30 The Hallie 292 Pasadena, CA — 2,202 4,794 57,980 8,385 56,591 64,976 (48,352) 1972 Apr-97 3-30 The Huntington 276 Huntington Beach, CA — 10,374 41,495 9,525 10,374 51,020 61,394 (22,312) 1975 Jun-12 3-30 The Landing at Jack London Square 282 Oakland, CA — 33,554 78,292 10,330 33,554 88,622 122,176 (33,472) 2001 Apr-14 5-30 The Lofts at Pinehurst 118 Ventura, CA — 1,570 3,912 6,701 1,618 10,565 12,183 (8,009) 1971 Jun-97 3-30 The Palisades 192 Bellevue, WA — 1,560 6,242 16,768 1,565 23,005 24,570 (19,918) 1977 May-90 3-30 The Palms at Laguna Niguel 460 Laguna Niguel, CA — 23,584 94,334 17,847 23,584 112,181 135,765 (42,182) 1988 Apr-14 5-30 The Stuart 188 Pasadena, CA — 13,574 54,298 5,546 13,574 59,844 73,418 (21,356) 2007 Apr-14 5-30 The Trails of Redmond 423 Redmond, WA — 21,930 87,720 9,868 21,930 97,588 119,518 (35,480) 1985 Apr-14 5-30 The Village at Toluca Lake 145 Burbank, CA — 14,634 48,297 2,024 14,634 50,321 64,955 (4,652) 1974 Jun-21 3-30 The Waterford 238 San Jose, CA — 11,808 24,500 19,752 15,165 40,895 56,060 (31,327) 2000 Jun-00 3-30 Tierra Vista 404 Oxnard, CA — 13,652 53,336 11,904 13,661 65,231 78,892 (42,191) 2001 Jan-01 3-30 Tiffany Court 101 Los Angeles, CA — 6,949 27,796 3,556 6,949 31,352 38,301 (11,191) 1987 Apr-14 5-30 Trabuco Villas 132 Lake Forest, CA — 3,638 8,640 6,266 3,890 14,654 18,544 (11,310) 1985 Oct-97 3-30 Valley Park 160 Fountain Valley, CA — 3,361 13,420 8,373 3,761 21,393 25,154 (15,146) 1969 Nov-01 3-30 Via 284 Sunnyvale, CA — 22,000 82,270 7,647 22,016 89,901 111,917 (40,456) 2011 Jul-11 3-30 Villa Angelina 256 Placentia, CA — 4,498 17,962 10,155 4,962 27,653 32,615 (20,376) 1970 Nov-01 3-30 Villa Granada 270 Santa Clara, CA — 38,299 89,365 4,688 38,299 94,053 132,352 (32,619) 2010 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) Villa Siena 272 Costa Mesa, CA — 13,842 55,367 15,491 13,842 70,858 84,700 (27,347) 1974 Apr-14 5-30 Village Green 272 La Habra, CA — 6,488 36,768 6,463 6,488 43,231 49,719 (16,403) 1971 Apr-14 5-30 Vista Belvedere 76 Tiburon, CA — 5,573 11,901 10,717 5,573 22,618 28,191 (15,957) 1963 Aug-04 3-30 Vox Apartments 58 Seattle, WA — 5,545 16,635 642 5,545 17,277 22,822 (6,032) 2013 Oct-13 3-30 Wallace on Sunset 200 Los Angeles, CA — 24,005 80,466 4,522 24,005 84,988 108,993 (18,731) 2021 Dec-21 3-30 Walnut Heights 163 Walnut, CA — 4,858 19,168 7,315 4,887 26,454 31,341 (18,197) 1964 Oct-03 3-30 Wandering Creek 156 Kent, WA — 1,285 4,980 6,672 1,296 11,641 12,937 (9,850) 1986 Nov-95 3-30 Wharfside Pointe 155 Seattle, WA — 2,245 7,020 14,339 2,258 21,346 23,604 (18,915) 1990 Jun-94 3-30 Willow Lake 508 San Jose, CA — 43,194 101,030 21,997 43,194 123,027 166,221 (53,675) 1989 Oct-12 3-30 5600 Wilshire 284 Los Angeles, CA — 30,535 91,604 10,000 30,535 101,604 132,139 (35,335) 2008 Apr-14 5-30 Wilshire La Brea 478 Los Angeles, CA — 56,932 211,998 22,204 56,932 234,202 291,134 (84,340) 2014 Apr-14 5-30 Wilshire Promenade 149 Fullerton, CA — 3,118 7,385 14,938 3,797 21,644 25,441 (16,895) 1992 Jan-97 3-30 Windsor Court 95 Los Angeles, CA 6,383 23,420 1,077 6,383 24,497 30,880 (1,303) 1987 Jul-22 3-30 Windsor Ridge 216 Sunnyvale, CA — 4,017 10,315 18,009 4,021 28,320 32,341 (27,125) 1989 Mar-89 3-30 Woodland Commons 302 Bellevue, WA — 2,040 8,727 27,519 2,044 36,242 38,286 (28,182) 1978 Mar-90 3-30 Woodside Village 145 Ventura, CA — 5,331 21,036 7,107 5,341 28,133 33,474 (18,428) 1987 Dec-04 3-30 47,382 $ — $ 2,598,958 $ 9,278,341 $ 2,560,634 $ 2,649,202 $ 11,788,731 $ 14,437,933 $ (5,173,880) 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 — 80,706 16,587 15,769 82,067 30,995 113,062 (20,791) $ — $ 80,706 $ 16,587 $ 15,769 $ 82,067 $ 30,995 $ 113,062 $ (20,791) Total $ 887,204 $ 2,981,986 $ 10,387,597 $ 2,765,640 $ 3,036,912 $ 13,098,311 $ 16,135,223 $ (5,664,931) (1) The aggregate cost for federal income tax purposes is approximately $12.3 billion (unaudited). (2) A portion of land is leased pursuant to a ground lease expiring 2070. (3) The land is leased pursuant to a ground lease expiring 2083. (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: 2023 2022 2021 2023 2022 2021 Rental properties: Accumulated depreciation: Balance at beginning of year $ 15,966,227 $ 15,629,927 $ 15,061,745 Balance at beginning of year $ 5,152,133 $ 4,646,854 $ 4,133,959 Acquisition, development, and improvement of real estate 235,423 427,668 707,267 Depreciation expense 545,702 536,202 528,613 Disposition of real estate and other (66,427) (91,368) (139,085) Depreciation expense - Disposals and other (32,904) (30,923) (15,718) Balance at the end of year $ 16,135,223 $ 15,966,227 $ 15,629,927 Balance at the end of year $ 5,664,931 $ 5,152,133 $ 4,646,854 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Critical and Signi_2
Summary of Critical and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022. These percentages include the Operating Partnership’s vested long-term incentive plan units (see Note 14). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November, 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." Among other new disclosure requirements, ASU 2023-07 requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 will be effective for the Company's 2024 annual reporting. ASU 2023-07 must be applied retrospectively to all prior periods presented in the financial statements. The Company does not expect the adoption to have a material impact on its consolidated results of operations and financial position. In August 2023, the FASB issued ASU No. 2023-05 "Business Combinations —Joint Venture Formations (Subtopic 805-60)" under which an entity that qualifies as a joint venture is required to apply a new basis of accounting upon the formation of the joint venture. The amendments in ASU 2023-05 require that a joint venture must initially measure its assets and liabilities at fair value on the formation date. ASU 2023-05 is effective for all joint ventures that are formed on or after January 1, 2025 and early adoption is permitted. The Company does not expect the adoption to have a material impact on its consolidated results of operations and 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 and building 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 $6.1 million and $7.4 million as of December 31, 2023 and 2022, 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 consolidated 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, 2023 and 2022, no properties were classified as held for sale. The Company did not record an impairment charge on any of its consolidated real estate investments for the years ended December 31, 2023, 2022, and 2021. 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 the Company has obtained necessary management approvals to sell a property and the sale of the property is expected to be completed within a year. Evaluating solicited or unsolicited offers generally does not cause properties to be classified as held for sale. |
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 and Land | Revenues and Gains on Sale of Real Estate and Land 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 Cash Highly liquid investments, including certificates of deposits, generally 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 and Level 2 for the unsecured debt, as defined by the FASB standard for fair value measurements as discussed later in Note 2). As of December 31, 2023 and 2022, $0.1 million and $0.2 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 realized and unrealized gains and losses in equity securities and interest income are included in interest and other income on the consolidated statements of income. There were no other than temporary impairment charges for the years ended December 31, 2023, 2022, and 2021. |
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, 2023 and 2022, 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 financial information on the project, its sponsors, and its guarantors and additionally 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. |
Capitalization Policy | Capitalization Policy The Company capitalizes all direct and certain indirect costs, including interest, employee compensation costs, 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 $19.5 million, $20.4 million and $23.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. 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. The Company uses Level 2 inputs for its 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’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 estimates 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, 2023 and 2022, 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 $5.7 billion at both December 31, 2023 and 2022, to be $5.3 billion and $5.2 billion at December 31, 2023 and 2022, respectively. Management has estimated the fair value of the Company’s $520.0 million and $274.2 million of variable rate debt at December 31, 2023 and 2022, respectively, to be $519.0 million and $273.2 million at December 31, 2023 and 2022, 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 estimates 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, 2023 and 2022 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of December 31, 2023 and 2022. |
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, 2023 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 Compensation The cost of share- and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long-term incentive plan units (discussed in Note 14) are being amortized over the expected service periods. |
Changes in Accumulated Other Comprehensive Income, by Component | Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded in interest expense on the consolidated statements of income. |
Accounting Estimates | Accounting Estimates The preparation of consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an 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, and its qualification as a REIT. 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 consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of December 31, 2023 and 2022. 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 $956.7 million and $324.5 million, respectively, as of December 31, 2023, and $939.4 million and $324.3 million, respectively, as of December 31, 2022. Noncontrolling interests in these entities were $121.1 million and $121.5 million as of December 31, 2023 and 2022, 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 multiplied by the number of units held. Total DownREIT units outstanding were 936,343 and 938,513 as of December 31, 2023 and 2022, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $232.2 million and $198.9 million, as of December 31, 2023 and 2022, respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $32.2 million and $27.2 million as of December 31, 2023 and 2022, respectively. Of these amounts, $12.1 million and $9.2 million as of December 31, 2023 and 2022, 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 $97.0 million as of both December 31, 2023 and 2022, and are classified within noncontrolling interests in the accompanying consolidated balance sheets. Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. |
Summary of Critical and Signi_3
Summary of Critical and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Depreciable Life of Various Categories of Fixed Assets | The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years |
Schedule of Cash and Cash Equivalents Reconciliation | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands): 2023 2022 2021 Cash and cash equivalents - unrestricted $ 391,749 $ 33,295 $ 48,420 Cash and cash equivalents - restricted 8,585 9,386 10,218 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 400,334 $ 42,681 $ 58,638 |
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): 2023 2022 2021 Cash and cash equivalents - unrestricted $ 391,749 $ 33,295 $ 48,420 Cash and cash equivalents - restricted 8,585 9,386 10,218 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 400,334 $ 42,681 $ 58,638 |
Schedule of Components of Marketable Securities | As of December 31, 2023 and 2022, marketable securities consist of the following ($ in thousands): December 31, 2023 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 26,460 $ (1,584) $ 24,876 Common stock, preferred stock, and stock funds 51,328 11,591 62,919 Total - Marketable securities $ 77,788 $ 10,007 $ 87,795 December 31, 2022 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 43,155 $ (6,771) $ 36,384 Common stock, preferred stock, and stock funds 78,481 (2,122) 76,359 Total - Marketable securities $ 121,636 $ (8,893) $ 112,743 |
Summary of Status of Cash Dividends Distributed | The status of cash dividends distributed for the years ended December 31, 2023, 2022, and 2021 related to common stock are classified for tax purposes as follows: 2023 2022 2021 Common Stock Ordinary income 88.46 % 80.17 % 70.92 % Capital gain 8.32 % 16.78 % 22.07 % Unrecaptured section 1250 capital gain 3.22 % 3.05 % 7.01 % 100.00 % 100.00 % 100.00 % |
Schedule of Changes in Accumulated Other Comprehensive Income, Net by Component | Changes in Accumulated Other Comprehensive Income, Net, by Component Essex Property Trust, Inc. ($ in thousands) Change in fair Balance at December 31, 2022 $ 46,466 Other comprehensive loss before reclassification (12,930) Amounts reclassified from accumulated other comprehensive loss 20 Other comprehensive loss (12,910) Balance at December 31, 2023 $ 33,556 Changes in Accumulated Other Comprehensive Income, by Component Essex Portfolio, L.P. ($ in thousands) Change in fair Balance at December 31, 2022 $ 52,010 Other comprehensive loss before reclassification (13,384) Amounts reclassified from accumulated other comprehensive loss 20 Other comprehensive loss (13,364) Balance at December 31, 2023 $ 38,646 |
Schedule of 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, 2023, 2022, and 2021 are as follows: 2023 2022 2021 Balance at January 1, $ 27,150 $ 34,666 $ 32,239 Reclassifications due to change in redemption value and other 5,055 (7,038) 6,890 Redemptions — (478) (4,463) Balance at December 31, $ 32,205 $ 27,150 $ 34,666 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Real Estate Properties | The table below summarizes acquisition activity for the year ended December 31, 2023 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2023 Purchase Price Hacienda at Camarillo Oaks Camarillo, CA 73 100 % Q2 $ 23.1 Total 2023 73 $ 23.1 |
Sales of Real Estate Investments | The table below summarizes the disposition activity for the year ended December 31, 2023 ($ in millions): Property Name (1) Location Apartment Homes Ownership Quarter in 2023 Sales Price CBC and The Sweeps Goleta, CA 239 EPLP Q1 $ 91.7 (2) Total 2023 239 $ 91.7 (1) In March 2023, the Company sold a land parcel located in Moorpark, CA, that had been held for future development, for $8.7 million and recognized a gain on sale of $4.7 million. (2) The Company recognized a $54.5 million gain on sale. |
Summary of Co-Investment | The carrying values of the Company’s co-investments as of December 31, 2023 and 2022 are as follows ($ in thousands, except in parenthetical): Weighted Average Essex Ownership Percentage (1) December 31, 2023 2022 Ownership interest in: Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2) 54 % $ 144,766 $ 178,552 BEXAEW, BEX II, BEX IV and 500 Folsom 50 % 224,119 238,537 Other (3) 52 % 68,493 74,742 Total operating and other co-investments, net 437,378 491,831 Total development co-investments 51 % 14,605 12,994 Total preferred interest co-investments (includes related party investments of $42.7 million and $87.1 million as of December 31, 2023 and 2022, respectively - Note 6 - Related Party Transactions for further discussion) 544,262 580,134 Total co-investments, net $ 996,245 $ 1,084,959 (1) Weighted average Company ownership percentages are as of December 31, 2023. (2) As of December 31, 2023 and 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $61.8 million and $41.7 million, respectively, due to distributions received in excess of the Company's investment. (3) As of December 31, 2023 and 2022, the Company's investments in Expo and Century Towers were classified as a liability of $3.7 million and $0.8 million, respectively, due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes our investments in non-core technology co-investments which are carried at fair value. |
Summarized Financial Statement for Co-Investment Accounted for Under the Equity Method | The combined summarized financial information of co-investments is as follows ($ in thousands): December 31, 2023 2022 Combined balance sheets: (1) Rental properties and real estate under development $ 5,123,164 $ 4,955,051 Other assets 279,237 294,663 Total assets $ 5,402,401 $ 5,249,714 Debt $ 3,622,609 $ 3,397,113 Other liabilities 317,208 264,872 Equity 1,462,584 1,587,729 Total liabilities and equity $ 5,402,401 $ 5,249,714 Company's share of equity $ 996,245 $ 1,084,959 Years ended December 31, 2023 2022 2021 Combined statements of income: (1) Property revenues $ 409,910 $ 373,074 $ 289,680 Property operating expenses (158,520) (140,175) (115,023) Net operating income 251,390 232,899 174,657 Interest expense (154,038) (100,913) (65,172) General and administrative (20,594) (20,579) (17,885) Depreciation and amortization (174,028) (164,186) (133,787) Net income $ (97,270) $ (52,779) $ (42,187) Company's share of net income (2) $ 10,561 $ 26,030 $ 111,721 (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 $7.6 million, $7.4 million, and $9.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue | The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): 2023 2022 2021 Rental income $ 1,636,070 $ 1,573,368 $ 1,410,197 Other property 22,194 22,307 21,221 Management and other fees from affiliates 11,131 11,139 9,138 Total revenues $ 1,669,395 $ 1,606,814 $ 1,440,556 The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): 2023 2022 2021 Southern California $ 682,116 $ 646,252 $ 574,129 Northern California 666,836 639,306 584,034 Seattle Metro 282,092 271,248 239,839 Other real estate assets (1) 27,220 38,869 33,416 Total rental and other property revenues $ 1,658,264 $ 1,595,675 $ 1,431,418 (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): 2023 2022 2021 Same-property (1) $ 1,581,890 $ 1,515,505 $ 1,364,379 Acquisitions (2) 5,449 1,561 — Development (3) 22,883 20,425 15,807 Redevelopment 6,232 5,766 6,170 Non-residential/other, net (4) 44,353 57,976 56,377 Straight line rent concession (5) (2,543) (5,558) (11,315) Total rental and other property revenues $ 1,658,264 $ 1,595,675 $ 1,431,418 (1) Properties that have comparable stabilized results as of January 1, 2022 and are consolidated by the Company for the years ended December 31, 2023, 2022, and 2021. 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, 2022. (3) Development includes properties developed which did not have stabilized results as of January 1, 2022. (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 two communities located in the California counties of 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, 2023 | |
Receivables [Abstract] | |
Schedule of Notes and Other Receivables | Notes and other receivables consist of the following as of December 31, 2023 and 2022 ($ in thousands): 2023 2022 Note receivable, secured, bearing interest at 10.00%, due November 2024 (Originated November 2020) $ 37,582 $ 33,477 Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) 50,146 21,452 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 11,743 10,350 Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) 34,929 — Notes and other receivables from affiliates (1) 6,111 6,975 Straight line rent receivables (2) 9,353 12,164 Other receivables 25,444 18,961 Allowance for credit losses (687) (334) Total notes and other receivables $ 174,621 $ 103,045 (1) These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2023 and 2022, respectively. See Note 6, Related Party Transactions, for additional details. (2) 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 activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands): Notes Receivable, Secured Balance at December 31, 2022 $ 334 Provision for credit losses 353 Balance at December 31, 2023 $ 687 |
Unsecured Debt (Tables)
Unsecured Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Unsecured Debt | Unsecured debt consists of the following as of December 31, 2023 and 2022 ($ in thousands): 2023 2022 Weighted Average Term loan - variable rate, net (1) $ 298,552 $ (1,611) 3.8 Bonds public offering - fixed rate, net 5,019,979 5,313,779 7.1 Unsecured debt, net (2) 5,318,531 5,312,168 Lines of credit (3) — 52,073 N/A Total unsecured debt $ 5,318,531 $ 5,364,241 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.3 % 3.3 % Weighted average interest rate on variable rate term loan 4.2 % — % Weighted average interest rate on lines of credit 6.3 % 4.4 % (1) In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. This loan has been swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026. In April 2023, the Company drew down the $300.0 million unsecured term loan and in May 2023 used the proceeds to repay the Company's $300.0 million unsecured notes due in May 2023. The unsecured term loan includes unamortized debt issuance costs of $1.4 million and $1.6 million of as of December 31, 2023 and 2022, respectively. (2) Includes unamortized discount, net of premiums, of $6.1 million and $7.9 million and unamortized debt issuance costs of $25.3 million and $29.9 million as of December 31, 2023 and 2022, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion, excludes unamortized debt issuance costs of $3.8 million and $5.1 million as of December 31, 2023 and 2022, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets. As of December 31, 2023, the Company's $1.2 billion credit facility had an interest rate at the Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity of January 2027 with two six-month extension options, exercisable at the Company's option. As of December 31, 2023, the Company's $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity of July 2024. |
Summary of Senior Unsecured Notes | The following is a summary of the Company’s senior unsecured notes as of December 31, 2023 and 2022 ($ in thousands): Maturity 2023 2022 Coupon Senior notes May 2023 $ — $ 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 2028 450,000 450,000 1.700 % Senior notes March 2029 500,000 500,000 4.000 % Senior notes January 2030 550,000 550,000 3.000 % Senior notes January 2031 300,000 300,000 1.650 % Senior notes June 2031 300,000 300,000 2.550 % Senior notes March 2032 650,000 650,000 2.650 % Senior notes March 2048 300,000 300,000 4.500 % Senior notes September 2050 300,000 300,000 2.650 % $ 5,050,000 $ 5,350,000 2023 2022 Fixed rate mortgage notes payable $ 665,711 $ 371,849 Variable rate mortgage notes payable (1) 221,493 222,094 Total mortgage notes payable (2) $ 887,204 $ 593,943 Number of properties securing mortgage notes 15 11 Remaining terms 1-23 years 2-24 years Weighted average interest rate 4.3 % 3.5 % |
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, 2023 are as follows ($ in thousands): 2024 $ 400,000 2025 500,000 2026 450,000 2027 650,000 2028 450,000 Thereafter 2,900,000 $ 5,350,000 The aggregate scheduled principal payments of mortgage notes payable at December 31, 2023 are as follows ($ in thousands): 2024 $ 3,109 2025 133,054 2026 99,405 2027 153,955 2028 68,332 Thereafter 431,937 $ 889,792 (1) Variable rate mortgage notes payable, including $222.7 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 4.6% at December 2023 and 3.5% at December 2022) 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, 2023 and 2022, respectively. (2) In July 2023, the Company closed $298.0 million in 10-year secured loans priced at a 5.08% fixed interest rate. Includes total unamortized premium, net of discounts, of $0.5 million and $1.2 million and reduced by unamortized debt issuance costs of $3.1 million and $2.0 million as of December 31, 2023 and 2022, respectively. |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Payable [Abstract] | |
Summary of Mortgages Notes Payable | The following is a summary of the Company’s senior unsecured notes as of December 31, 2023 and 2022 ($ in thousands): Maturity 2023 2022 Coupon Senior notes May 2023 $ — $ 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 2028 450,000 450,000 1.700 % Senior notes March 2029 500,000 500,000 4.000 % Senior notes January 2030 550,000 550,000 3.000 % Senior notes January 2031 300,000 300,000 1.650 % Senior notes June 2031 300,000 300,000 2.550 % Senior notes March 2032 650,000 650,000 2.650 % Senior notes March 2048 300,000 300,000 4.500 % Senior notes September 2050 300,000 300,000 2.650 % $ 5,050,000 $ 5,350,000 2023 2022 Fixed rate mortgage notes payable $ 665,711 $ 371,849 Variable rate mortgage notes payable (1) 221,493 222,094 Total mortgage notes payable (2) $ 887,204 $ 593,943 Number of properties securing mortgage notes 15 11 Remaining terms 1-23 years 2-24 years Weighted average interest rate 4.3 % 3.5 % |
Aggregate Scheduled Principal Payments of Mortgage Notes Payable | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2023 are as follows ($ in thousands): 2024 $ 400,000 2025 500,000 2026 450,000 2027 650,000 2028 450,000 Thereafter 2,900,000 $ 5,350,000 The aggregate scheduled principal payments of mortgage notes payable at December 31, 2023 are as follows ($ in thousands): 2024 $ 3,109 2025 133,054 2026 99,405 2027 153,955 2028 68,332 Thereafter 431,937 $ 889,792 (1) Variable rate mortgage notes payable, including $222.7 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 4.6% at December 2023 and 3.5% at December 2022) 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, 2023 and 2022, respectively. (2) In July 2023, the Company closed $298.0 million in 10-year secured loans priced at a 5.08% fixed interest rate. Includes total unamortized premium, net of discounts, of $0.5 million and $1.2 million and reduced by unamortized debt issuance costs of $3.1 million and $2.0 million as of December 31, 2023 and 2022, respectively. |
Lease Agreements - Company as_3
Lease Agreements - Company as Lessor (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Lessor Future Minimum Base Rent | A maturity analysis of undiscounted future minimum non-cancelable base rent to be received under the above operating leases as of December 31, 2023 is summarized as follows ($ in thousands): Future Minimum Rent 2024 $ 751,320 2025 33,230 2026 15,706 2027 13,946 2028 11,978 Thereafter 20,164 $ 846,344 |
Lease Agreements - Company as_4
Lease Agreements - Company as Lessee (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Balance Sheet Information Related to Leases | Supplemental consolidated balance sheet information related to leases as of December 31, 2023 and 2022 is as follows ($ in thousands): Classification December 31, 2023 December 31, 2022 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 63,757 $ 67,239 Total leased assets $ 63,757 $ 67,239 Liabilities Operating lease liabilities Operating lease liabilities $ 65,091 $ 68,696 Total lease liabilities $ 65,091 $ 68,696 |
Schedule of Components of Lease Expense/Discount Rate Information | The components of lease expense for the years ended December 31, 2023 and 2022 were as follows ($ in thousands): December 31, 2023 December 31, 2022 Operating lease cost $ 6,789 $ 6,697 Variable lease cost 1,961 1,750 Short-term lease cost 186 204 Sublease income (500) (418) Total lease cost $ 8,436 $ 8,233 Lease term and discount rate information for leases at December 31, 2023 and 2022 are as follows: December 31, 2023 December 31, 2022 Weighted-average of remaining lease terms (years) Operating Leases 40 40 Weighted-average of discount rates Operating Leases 5.03 % 5.01 % |
Schedule of Maturity Analysis of Operating Lease Liabilities | A maturity analysis of lease liabilities as of December 31, 2023 is as follows ($ in thousands): Operating Leases 2024 $ 7,251 2025 6,887 2026 5,035 2027 3,421 2028 3,102 Thereafter 129,452 Total lease payments $ 155,148 Less: Imputed interest (90,057) Present value of lease liabilities $ 65,091 |
Net Income Per Common Share a_2
Net Income Per Common Share and Net Income Per Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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): 2023 2022 2021 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 405,825 64,252,232 $ 6.32 $ 408,315 65,079,764 $ 6.27 $ 488,554 65,051,465 $ 7.51 Effect of dilutive securities Stock options — 1,153 — 18,422 — 37,409 Diluted: Net income available to common stockholders $ 405,825 64,253,385 $ 6.32 $ 408,315 65,098,186 $ 6.27 $ 488,554 65,088,874 $ 7.51 |
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): 2023 2022 2021 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 420,109 66,513,303 $ 6.32 $ 422,612 67,356,105 $ 6.27 $ 505,745 67,340,856 $ 7.51 Effect of dilutive securities Stock options — 1,153 — 18,422 — 37,409 Diluted: Net income available to common unitholders $ 420,109 66,514,456 $ 6.32 $ 422,612 67,374,527 $ 6.27 $ 505,745 67,378,265 $ 7.51 |
Equity Based Compensation Pla_2
Equity Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of 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: 2023 2022 2021 Stock price $ 216.31 $ 245.17 $ 329.71 Risk-free interest rates 4.06 % 3.50 % 1.22 % Expected lives 6 years 6 years 6 years Volatility 36.00 % 27.98 % 27.00 % Dividend yield 3.30 % 3.06 % 2.90 % |
Summary of Stock Options Activity | A summary of the status of the Company’s stock option plans as of December 31, 2023, 2022, and 2021 and changes during the years ended on those dates is presented below: 2023 2022 2021 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of year 487,446 $ 279.46 463,863 $ 284.82 613,109 $ 255.86 Granted 49,908 216.31 111,757 245.17 99,479 329.71 Exercised — — (76,246) 245.43 (248,725) 231.37 Forfeited and canceled (6,542) 280.21 (11,928) 281.19 — — Outstanding at end of year 530,812 $ 273.51 487,446 $ 279.46 463,863 $ 284.82 Options exercisable at year end 417,739 $ 282.30 293,377 $ 285.76 274,244 $ 270.11 |
Summary of Restricted Stock Activity | The following table summarizes information about restricted stock outstanding as of December 31, 2023, 2022 and 2021 and changes during the years ended: 2023 2022 2021 Shares Weighted- Shares Weighted- Shares Weighted- Unvested at beginning of year 182,915 $ 222.90 159,401 $ 251.03 132,603 $ 214.34 Granted 2,315 220.40 72,838 215.73 50,349 337.52 Vested (37,075) 247.07 (44,945) 306.25 (22,387) 229.90 Forfeited and canceled (46,454) 259.71 (4,379) 272.12 (1,164) 219.30 Unvested at end of year 101,701 $ 197.22 182,915 $ 222.90 159,401 $ 251.03 |
Summary of Long Term Incentive Plan - Z Units | The following table summarizes information about the LTIP Units outstanding as of December 31, 2023: Long-Term Incentive Plan - LTIP Units Total Total Total Weighted- Weighted- Balance, December 31, 2020 106,137 — 106,137 $ 84.47 3.6 Granted — — — Vested — — — Converted — — — Cancelled — — — Balance, December 31, 2021 106,137 — 106,137 $ 84.47 2.6 Granted — — — Vested — — — Converted — — — Cancelled — — — Balance, December 31, 2022 106,137 — 106,137 $ 84.47 1.6 Granted — — — Vested — — — Converted (8,500) — (8,500) Cancelled — — — Balance, December 31, 2023 97,637 — 97,637 $ 86.16 1.0 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022, and 2021 ($ in thousands): Years Ended December 31, 2023 2022 2021 Revenues: Southern California $ 682,116 $ 646,252 $ 574,129 Northern California 666,836 639,306 584,034 Seattle Metro 282,092 271,248 239,839 Other real estate assets 27,220 38,869 33,416 Total property revenues $ 1,658,264 $ 1,595,675 $ 1,431,418 Net operating income: Southern California $ 483,013 $ 459,762 $ 398,576 Northern California 464,949 445,933 401,870 Seattle Metro 201,228 191,476 160,959 Other real estate assets 23,595 31,235 24,777 Total net operating income 1,172,785 1,128,406 986,182 Management and other fees from affiliates 11,131 11,139 9,138 Corporate-level property management expenses (45,872) (40,704) (36,211) Depreciation and amortization (548,438) (539,319) (520,066) General and administrative (63,474) (56,577) (51,838) Expensed acquisition and investment related costs (595) (2,132) (203) Casualty loss (433) — — Gain on sale of real estate and land 59,238 94,416 142,993 Interest expense (212,905) (204,798) (203,125) Total return swap income 3,148 7,907 10,774 Interest and other income (loss) 46,259 (19,040) 98,744 Equity income from co-investments 10,561 26,030 111,721 Tax (expense) benefit on unconsolidated co-investments (697) 10,236 (15,668) Loss on early retirement of debt, net — (2) (19,010) Gain on remeasurement of co-investment — 17,423 2,260 Net income $ 430,708 $ 432,985 $ 515,691 |
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, 2023 and 2022 ($ in thousands): As of December 31, 2023 2022 Assets: Southern California $ 3,802,648 $ 3,892,003 Northern California 5,242,343 5,414,467 Seattle Metro 1,333,030 1,374,379 Other real estate assets 92,271 133,245 Net reportable operating segments - real estate assets 10,470,292 10,814,094 Real estate under development 23,724 24,857 Co-investments 1,061,733 1,127,491 Cash and cash equivalents, including restricted cash 400,334 42,681 Marketable securities 87,795 112,743 Notes and other receivables 174,621 103,045 Operating lease right-of-use assets 63,757 67,239 Prepaid expenses and other assets 79,171 80,755 Total assets $ 12,361,427 $ 12,372,905 |
Organization (Details)
Organization (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) community investment apartment building shares | Dec. 31, 2022 USD ($) 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 | 2,258,812 | 2,272,496 |
Redemption value of operating partnership units outstanding | $ | $ 560 | $ 481.6 |
Number of apartment communities owned | community | 252 | |
Number of apartment units owned | apartment | 61,997 | |
Ownership interests, number of commercial buildings | building | 3 | |
Ownership interests, number of unconsolidated projects | investment | 1 | |
Operating Partnership | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
General partner ownership interest | 96.60% | 96.60% |
Summary of Critical and Signi_4
Summary of Critical and Significant Accounting Policies - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) community partnership investment property shares | Dec. 31, 2022 USD ($) community property partnership investment shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Accounting Policies [Abstract] | ||||
Limited partner - ownership percentage | 3.40% | 3.40% | ||
Threshold useful life of assets for capitalization | 1 year | |||
Acquired in-place lease value, net | $ 6,100,000 | $ 7,400,000 | ||
Number of properties held-for-sale | property | 0 | 0 | ||
Casualty loss | $ 0 | $ 0 | $ 0 | |
Lease term, minimum | 9 months | |||
Lease term, maximum | 12 months | |||
Original maturities highly liquid investments term classification as cash equivalents, maximum | 3 months | |||
Equity securities, FV-NI | $ 100,000 | 200,000 | ||
Capitalized internal costs related to development and redevelopment projects | 19,500,000 | 20,400,000 | 23,600,000 | |
Fixed rate debt carrying amount | 5,700,000,000 | 5,700,000,000 | ||
Fixed rate debt fair value | 5,300,000,000 | 5,200,000,000 | ||
Variable rate debt carrying amount | 520,000,000 | 274,200,000 | ||
Variable rate debt fair value | 519,000,000 | 273,200,000 | ||
Redeemable noncontrolling interest | $ 32,205,000 | $ 27,150,000 | 34,666,000 | $ 32,239,000 |
DownREIT limited partnerships consolidated by company (in partnerships) | partnership | 18 | 18 | ||
Communities within DownREIT partnerships (in communities) | community | 9 | 9 | ||
Number of consolidated co-investments that now meet the definition of a VIE | investment | 6 | 6 | ||
Assets related to variable interest entities net of intercompany eliminations | $ 956,700,000 | $ 939,400,000 | ||
Liabilities related to variable interest entities net of intercompany eliminations | 324,500,000 | 324,300,000 | ||
Noncontrolling interests in VIE | $ 121,100,000 | $ 121,500,000 | ||
Number of common stock shares per unit basis (in shares) | shares | 1 | |||
Units of limited partnership interest amount (in shares) | shares | 936,343 | 938,513 | ||
Redemption value of variable interest entities | $ 232,200,000 | $ 198,900,000 | ||
Redeemable noncontrolling interest, units of limited partners' interests in DownREIT VIEs | 12,100,000 | 9,200,000 | ||
Noncontrolling interest in limited partnerships | 97,000,000 | 97,000,000 | ||
Employee retention credit | $ 0 | $ 4,100,000 | $ 4,200,000 |
Summary of Critical and Signi_5
Summary of Critical and Significant Accounting Policies - Summary of Depreciable Life of Various Categories of Fixed Assets (Details) | Dec. 31, 2023 |
Computer software and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 3 years |
Computer software and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 5 years |
Interior apartment home improvements | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 5 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 5 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 10 years |
Land improvements and certain exterior components of real property | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 10 years |
Real estate structures | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 30 years |
Summary of Critical and Signi_6
Summary of Critical and Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash And Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents-unrestricted | $ 391,749 | $ 33,295 | $ 48,420 | |
Cash and cash equivalents-restricted | 8,585 | 9,386 | 10,218 | |
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows | $ 400,334 | $ 42,681 | $ 58,638 | $ 84,041 |
Summary of Critical and Signi_7
Summary of Critical and Significant Accounting Policies - Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity securities: | ||
Carrying Value | $ 100 | $ 200 |
Total - Marketable securities, amortized cost | 77,788 | 121,636 |
Total - Marketable securities, gross unrealized loss | 10,007 | (8,893) |
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2023 and December 31, 2022 | 87,795 | 112,743 |
Investment funds - debt securities | ||
Equity securities: | ||
Amortized Cost | 26,460 | 43,155 |
Gross Unrealized Gain (Loss) | (1,584) | (6,771) |
Carrying Value | 24,876 | 36,384 |
Common stock, preferred stock, and stock funds | ||
Equity securities: | ||
Amortized Cost | 51,328 | 78,481 |
Gross Unrealized Gain (Loss) | 11,591 | (2,122) |
Carrying Value | $ 62,919 | $ 76,359 |
Summary of Critical and Signi_8
Summary of Critical and Significant Accounting Policies - Summary of Status of Cash Dividends Distributed (Details) - Common stock | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividend Distribution [Line Items] | |||
Ordinary income | 88.46% | 80.17% | 70.92% |
Capital gain | 8.32% | 16.78% | 22.07% |
Unrecaptured section 1250 capital gain | 3.22% | 3.05% | 7.01% |
Status of dividend total cash dividends distributed percentage | 100% | 100% | 100% |
Summary of Critical and Signi_9
Summary of Critical and Significant Accounting Policies - AOCI (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at period beginning | $ 5,895,116 |
Balance at period end | 5,593,978 |
Accumulated other comprehensive income (loss), net | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at period beginning | 46,466 |
Balance at period end | 33,556 |
Change in fair value and amortization of swap settlements | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at period beginning | 46,466 |
Other comprehensive loss before reclassification | (12,930) |
Amounts reclassified from accumulated other comprehensive loss | 20 |
Other comprehensive loss | (12,910) |
Balance at period end | 33,556 |
Change in fair value and amortization of swap settlements | Essex Portfolio, L.P. | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at period beginning | 52,010 |
Other comprehensive loss before reclassification | (13,384) |
Amounts reclassified from accumulated other comprehensive loss | 20 |
Other comprehensive loss | (13,364) |
Balance at period end | $ 38,646 |
Summary of Critical and Sign_10
Summary of Critical and Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance at January 1, | $ 27,150 | $ 34,666 | $ 32,239 |
Reclassifications due to change in redemption value and other | 5,055 | (7,038) | 6,890 |
Redemptions | 0 | (478) | (4,463) |
Balance at December 31, | $ 32,205 | $ 27,150 | $ 34,666 |
Real Estate Investments - Acqui
Real Estate Investments - Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) apartment | Dec. 31, 2022 USD ($) community apartment | Dec. 31, 2021 USD ($) | |
Acquisitions of Real Estate | |||
Number of communities held by acquired investment | community | 2 | ||
Gain on remeasurement of co-investment | $ 0 | $ 17,423 | $ 2,260 |
Land and Land Improvements | |||
Acquisitions of Real Estate | |||
Purchase price | 5,500 | ||
Land and Land Improvements | CPPIB Interest | |||
Acquisitions of Real Estate | |||
Purchase price | 14,100 | ||
Building and Improvements | |||
Acquisitions of Real Estate | |||
Purchase price | 18,000 | ||
Building and Improvements | CPPIB Interest | |||
Acquisitions of Real Estate | |||
Purchase price | 52,700 | ||
Prepaid Expenses and Other Assets | |||
Acquisitions of Real Estate | |||
Purchase price | $ 100 | ||
Prepaid Expenses and Other Assets | CPPIB Interest | |||
Acquisitions of Real Estate | |||
Purchase price | $ 300 | ||
Apartment Building | |||
Acquisitions of Real Estate | |||
Number of units acquired | apartment | 73 | ||
Purchase price | $ 23,100 | ||
Number of communities held by acquired investment | community | 1 | ||
Apartment Building | Regency Palm Court and Windsor Court | |||
Acquisitions of Real Estate | |||
Number of units acquired | apartment | 211 | ||
Purchase price | $ 32,900 | ||
Investment interest acquired | 49.80% | ||
Gain on remeasurement of co-investment | $ 0 | $ 17,400 |
Real Estate Investments - Sales
Real Estate Investments - Sales of Real Estate Investments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) apartment | Dec. 31, 2022 USD ($) apartment community | Dec. 31, 2021 USD ($) apartment land_parcel | |
Real Estate Properties [Line Items] | ||||
Total property revenues | $ 11,131 | $ 11,139 | $ 9,138 | |
Gain (loss) on sale of properties | $ 94,400 | 143,000 | ||
Number of communities held by acquired investment | community | 2 | |||
Proceeds from sale of real estate | $ 160,000 | $ 330,000 | ||
Number of land parcels sold | land_parcel | 4 | |||
Repayments of debt | $ 29,700 | |||
Apartment Building | ||||
Real Estate Properties [Line Items] | ||||
Number of apartment units | apartment | 239 | 250 | 912 | |
Total property revenues | $ 91,700 | |||
Number of communities held by acquired investment | community | 1 | |||
Number of units acquired | apartment | 73 | |||
Purchase price | $ 23,100 | |||
Apartment Building | CBC And The Sweeps | ||||
Real Estate Properties [Line Items] | ||||
Number of apartment units | apartment | 239 | |||
Total property revenues | $ 91,700 | |||
Gain (loss) on sale of properties | $ 54,500 | |||
Apartment Building | Hacienda at Camarillo Oaks | ||||
Real Estate Properties [Line Items] | ||||
Number of units acquired | apartment | 73 | |||
Essex ownership percentage | 100% | |||
Purchase price | $ 23,100 | |||
Land | ||||
Real Estate Properties [Line Items] | ||||
Total property revenues | $ 8,700 | |||
Gain (loss) on sale of properties | $ 4,700 |
Real Estate Investments - Narra
Real Estate Investments - Narrative (Details) $ in Millions | Dec. 31, 2023 USD ($) investment | Dec. 31, 2022 USD ($) investment |
Real Estate Investments, Net [Abstract] | ||
Number of technology co-investments | investment | 5 | 6 |
Co-investment | $ 44.2 | $ 39.4 |
Co-investment, committed capital | $ 86 | $ 87 |
Real Estate Investments - Co-In
Real Estate Investments - Co-Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Co-investments | $ 996,245 | $ 1,084,959 |
Distributions in excess of investments in co-investments | 65,488 | 42,532 |
Total operating and other co-investments, net | ||
Schedule of Equity Method Investments [Line Items] | ||
Co-investments | $ 437,378 | 491,831 |
Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 54% | |
Co-investments | $ 144,766 | 178,552 |
BEXAEW, BEX II, BEX IV, and 500 Folsom | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 50% | |
Co-investments | $ 224,119 | 238,537 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 52% | |
Co-investments | $ 68,493 | 74,742 |
Distributions in excess of investments in co-investments | $ 3,700 | 800 |
Total development co-investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 51% | |
Co-investments | $ 14,605 | 12,994 |
Total preferred interest co-investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Co-investments | 544,262 | 580,134 |
Total preferred interest co-investments | Investments in Majority-Owned Subsidiaries | ||
Schedule of Equity Method Investments [Line Items] | ||
Co-investments | 42,700 | 87,100 |
Wesco I, Wesco III, and Wesco IV | ||
Schedule of Equity Method Investments [Line Items] | ||
Distributions in excess of investments in co-investments | $ 61,800 | $ 41,700 |
Real Estate Investments - Combi
Real Estate Investments - Combined Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||
Rental properties and real estate under development | $ 23,724 | $ 24,857 | ||
Total assets | 12,361,427 | 12,372,905 | ||
Debt | 6,735,244 | 6,450,639 | ||
Other liabilities | 46,175 | 43,441 | ||
Equity | 5,593,978 | 5,895,116 | $ 6,176,508 | $ 6,183,192 |
Total liabilities and equity | 12,361,427 | 12,372,905 | ||
Equity Method Investment, Summarized Financial Information [Abstract] | ||||
Property revenues | 1,669,395 | 1,606,814 | 1,440,556 | |
Interest expense | (212,905) | (204,798) | (203,125) | |
General and administrative | (63,474) | (56,577) | (51,838) | |
Net income | 430,708 | 432,985 | 515,691 | |
Related Party | Total co-investment | ||||
Equity Method Investment, Summarized Financial Information [Abstract] | ||||
Company's share of net income | 7,600 | 7,400 | 9,100 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||
Rental properties and real estate under development | 5,123,164 | 4,955,051 | ||
Other assets | 279,237 | 294,663 | ||
Total assets | 5,402,401 | 5,249,714 | ||
Debt | 3,622,609 | 3,397,113 | ||
Other liabilities | 317,208 | 264,872 | ||
Equity | 1,462,584 | 1,587,729 | ||
Total liabilities and equity | 5,402,401 | 5,249,714 | ||
Company's share of equity | 996,245 | 1,084,959 | ||
Equity Method Investment, Summarized Financial Information [Abstract] | ||||
Property revenues | 409,910 | 373,074 | 289,680 | |
Property operating expenses | (158,520) | (140,175) | (115,023) | |
Net operating income | 251,390 | 232,899 | 174,657 | |
Interest expense | (154,038) | (100,913) | (65,172) | |
General and administrative | (20,594) | (20,579) | (17,885) | |
Depreciation and amortization | (174,028) | (164,186) | (133,787) | |
Net income | (97,270) | (52,779) | (42,187) | |
Company's share of net income | $ 10,561 | $ 26,030 | $ 111,721 |
Real Estate Investments - Opera
Real Estate Investments - Operating, Pre-Development, and Development Co-Investments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) apartment | Dec. 31, 2022 USD ($) apartment | Dec. 31, 2020 USD ($) apartment | |
Real Estate Properties [Line Items] | |||
Co-investments | $ 996,245 | $ 1,084,959 | |
Number of units to be developed | apartment | 264 | ||
Total operating and other co-investments, net | |||
Real Estate Properties [Line Items] | |||
Number of apartments owned through joint ventures | apartment | 10,425 | 10,425 | |
Co-investments | $ 437,400 | $ 491,800 | |
Total development co-investments | |||
Real Estate Properties [Line Items] | |||
Number of apartments owned through joint ventures | apartment | 264 | 264 | |
Co-investments | $ 14,600 | $ 13,000 | |
Mesa Village | |||
Real Estate Properties [Line Items] | |||
Number of units to be developed | apartment | 264 | ||
Equity method investment, ownership percentage | 51% | ||
Estimated cost active development projects | $ 102,000 | ||
Purchase commitment, funded amount | $ 2,300 | ||
Annualized preferred return rate | 10% |
Real Estate Investments - Prefe
Real Estate Investments - Preferred Equity Investments and Real Estate Under Development (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2021 USD ($) apartment | Dec. 31, 2023 USD ($) investment apartment | Dec. 31, 2022 USD ($) investment | Dec. 31, 2021 USD ($) investment | Dec. 31, 2020 USD ($) investment | Dec. 31, 2019 USD ($) investment | Dec. 31, 2018 USD ($) investment | |
Schedule of Equity Method Investments [Line Items] | |||||||
Co-investment | $ 1,061,733 | $ 1,127,491 | |||||
Impairment loss from unconsolidated co-investment | 33,700 | 2,100 | |||||
Commitment to fund preferred equity investment in the project | $ 18,800 | $ 84,900 | |||||
Number of investments with a commitment to fund | investment | 2 | 7 | |||||
Ownership interests, number of unconsolidated projects | investment | 1 | ||||||
Number of units to be developed | apartment | 264 | ||||||
Real Estate Predevelopment Projects | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Actual cost of active development projects | $ 114,000 | ||||||
Equity Method Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Commitment to fund preferred equity investment in the project | $ 67,200 | $ 191,300 | $ 141,700 | $ 45,100 | |||
Number of investments with a commitment to fund | investment | 2 | 4 | 7 | 5 | 2 | ||
Proceeds from dispositions of co-investments | $ 72,300 | ||||||
Silver Apartments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Commitment to fund preferred equity investment in the project | $ 13,500 | ||||||
Annualized preferred return rate | 8% | ||||||
Transfer from co-investments to rental properties | $ 11,000 | ||||||
Number of units acquired | apartment | 268 | ||||||
Limited partnership interest | 58% | ||||||
Silver Apartments | Related Party Bridge Loans on Property Acquired by Wesco VI | Affiliated Entity | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Notes receivable | $ 100,000 | ||||||
Interest rate | 3.15% | ||||||
Minimum | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Annualized preferred return rate | 11% | 8.80% | 10% | 9% | 10.15% | 10.25% | |
Maximum | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Annualized preferred return rate | 13.50% | 10.80% | 12.50% | 11.50% | 11.30% | 12% | |
Total preferred interest co-investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Co-investment | $ 544,300 | $ 580,100 | |||||
2022 Investments | Equity Method Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Commitment to fund preferred equity investment in the project | $ 18,800 | $ 84,900 | |||||
Preferred Equity Investment Property in Southern California | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of investments with a commitment to fund | investment | 2 | ||||||
Early redemption fee | $ 300 | ||||||
2021 Investments | Equity Method Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Commitment to fund preferred equity investment in the project | 67,200 | ||||||
2020 Investments | Equity Method Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Commitment to fund preferred equity investment in the project | 191,300 | ||||||
Equity method investment, funded amount | 182,300 | ||||||
2019 Investments | Equity Method Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment, funded amount | 141,700 | ||||||
2018 Investments | Equity Method Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Commitment to fund preferred equity investment in the project | 45,100 | ||||||
Equity method investment, funded amount | $ 42,100 |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenue (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) community | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disaggregation of Revenue [Line Items] | |||
Rental and other property | $ 1,658,264 | $ 1,595,675 | $ 1,431,418 |
Management and other fees from affiliates | 11,131 | 11,139 | 9,138 |
Total revenues | $ 1,669,395 | 1,606,814 | 1,440,556 |
Apartment communities owned (in communities) | community | 252 | ||
Rental income | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | $ 1,636,070 | 1,573,368 | 1,410,197 |
Other property | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 22,194 | 22,307 | 21,221 |
Rental and other property | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 1,658,264 | 1,595,675 | 1,431,418 |
Rental and other property | Same-property | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | $ 1,581,890 | 1,515,505 | 1,364,379 |
Occupancy threshold for classification as stabilized | 90% | ||
Rental and other property | Acquisitions | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | $ 5,449 | 1,561 | 0 |
Rental and other property | Development | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 22,883 | 20,425 | 15,807 |
Rental and other property | Redevelopment | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 6,232 | 5,766 | 6,170 |
Rental and other property | Non-residential/other, net | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | $ 44,353 | 57,976 | 56,377 |
Apartment communities owned (in communities) | community | 2 | ||
Rental and other property | Straight line rent concession | |||
Disaggregation of Revenue [Line Items] | |||
Straight line rent concession | $ (2,543) | (5,558) | (11,315) |
Rental and other property | Operating segments | Southern California | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 682,116 | 646,252 | 574,129 |
Rental and other property | Operating segments | Northern California | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 666,836 | 639,306 | 584,034 |
Rental and other property | Operating segments | Seattle Metro | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 282,092 | 271,248 | 239,839 |
Rental and other property | Other real estate assets | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | $ 27,220 | $ 38,869 | $ 33,416 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Deferred revenue | $ 1 | $ 1.7 |
Deferred revenue, revenue recognized | 0.7 | |
Deferred revenue balance from contracts with remaining performance obligations | $ 1 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Percentage of remaining performance obligations due per period | 68% | |
Expected timing of performance obligation satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Percentage of remaining performance obligations due per period | 27% | |
Expected timing of performance obligation satisfaction, period | 2 years |
Notes and Other Receivables - S
Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for credit losses | $ (687) | $ (334) |
Total notes and other receivables | $ 174,621 | 103,045 |
Note receivable, secured, bearing interest at 10.00%, due November 2024 (Originated November 2020) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Stated interest rate | 10% | |
Note receivables | $ 37,582 | 33,477 |
Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Stated interest rate | 11% | |
Note receivables | $ 50,146 | 21,452 |
Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Stated interest rate | 12% | |
Note receivables | $ 11,743 | 10,350 |
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Stated interest rate | 11.25% | |
Note receivables | $ 34,929 | 0 |
Notes and other receivables from affiliates | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note receivables | 6,111 | 6,975 |
Allowance for credit losses | (687) | (334) |
Straight line rent receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note receivables | 9,353 | 12,164 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note receivables | $ 25,444 | $ 18,961 |
Notes and Other Receivables - A
Notes and Other Receivables - Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 334 | ||
Provision for credit losses | (70) | $ (381) | $ (141) |
Ending balance | 687 | 334 | |
Notes and other receivables from affiliates | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 334 | ||
Provision for credit losses | 353 | ||
Ending balance | $ 687 | $ 334 |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||
Apr. 30, 2023 USD ($) | Aug. 31, 2022 USD ($) community | Jan. 31, 2022 USD ($) | Nov. 30, 2021 USD ($) | Oct. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Feb. 28, 2019 USD ($) | Oct. 31, 2018 USD ($) apartment | May 31, 2018 USD ($) apartment | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 28, 2022 USD ($) | |
Related Party Transaction [Line Items] | ||||||||||||||
Notes and other receivables | $ 174,621,000 | $ 103,045,000 | ||||||||||||
Payments to acquire equity method investments | 37,405,000 | 163,188,000 | $ 306,266,000 | |||||||||||
Commitment to fund preferred equity investment in the project | $ 18,800,000 | 84,900,000 | ||||||||||||
Home Community Development in Burlingame, California | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Purchase commitment, funded amount | $ 11,200,000 | |||||||||||||
Apartment Home Community in Ventura, California | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of units acquired | apartment | 400 | |||||||||||||
Annualized preferred return rate | 10.25% | 9% | ||||||||||||
Purchase commitment, funded amount | $ 18,300,000 | |||||||||||||
Commitment to fund preferred equity investment in the project | 13,000,000 | $ 26,500,000 | $ 10,000,000 | |||||||||||
Related Party | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable | $ 11,200,000 | |||||||||||||
Number of communities owned | community | 3 | |||||||||||||
Fixed interest rate | 9.50% | |||||||||||||
Related Party | 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% | |||||||||||||
Related Party | Multifamily Development In Mountain View, CA | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Annualized preferred return rate | 9% | |||||||||||||
Related Party | 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 | 11% | 12% | 9% | |||||||||||
Related Party | Related Party Bridge Loan On Property Acquired By BEX II | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable | $ 32,800,000 | |||||||||||||
Related Party | Related Party Bridge Loan On Property Acquired By Wesco VI | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable | $ 100,700,000 | |||||||||||||
Fixed interest rate | 2.64% | |||||||||||||
Cash received from collection of note receivable | $ 121,300,000 | |||||||||||||
Related Party | Related Party Bridge Loan On Property Acquired By Wesco VI | The Rexford | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable | $ 61,900,000 | |||||||||||||
Fixed interest rate | 2.36% | |||||||||||||
Related Party | Related Party Bridge Loan On Property Acquired By Wesco VI | Monterra In Mill Creek | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable | $ 30,300,000 | |||||||||||||
Fixed interest rate | 2.30% | |||||||||||||
Related Party | Related Party Bridge Loan On Property Acquired By Wesco VI | Martha Lake Apartments | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable | $ 29,200,000 | |||||||||||||
Fixed interest rate | 2.15% | |||||||||||||
Related Party | Related Party Bridge Loan on Property in Vista, CA | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable | $ 48,400,000 | |||||||||||||
Fixed interest rate | 2.36% | |||||||||||||
Related Party | Related Party Bridge Loans On Property Acquired By Wesco I | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable | $ 52,500,000 | |||||||||||||
Fixed interest rate | 2.55% | |||||||||||||
Related Party | Management And Other Fees From Affiliates | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party transaction, amounts of transaction | $ 12,700,000 | 14,100,000 | 10,300,000 | |||||||||||
Related Party | Revenues From Development And Redevelopment Fees | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party transaction, amounts of transaction | 1,800,000 | 3,000,000 | 1,100,000 | |||||||||||
Affiliated Entity | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes and other receivables | 6,100,000 | 7,000,000 | ||||||||||||
Marcus and Millichap Company | Related Party | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Sales commissions and fees | $ 0 | $ 0 | $ 0 |
Unsecured Debt - Summary (Detai
Unsecured Debt - Summary (Details) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2023 USD ($) | Apr. 30, 2023 USD ($) | Oct. 31, 2022 USD ($) extension_option | Jul. 31, 2022 USD ($) extension_option | Dec. 31, 2023 USD ($) line_of_credit | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||
Unsecured debt, net | $ 5,318,531,000 | $ 5,312,168,000 | ||||
Lines of credit | 0 | 52,073,000 | ||||
Total unsecured debt | 5,318,531,000 | 5,364,241,000 | ||||
Debt instrument face amount | $ 5,050,000,000 | $ 5,350,000,000 | ||||
Term loan - variable rate, net | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate | 4.20% | 0% | ||||
Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face amount | $ 300,000,000 | $ 0 | ||||
Proceeds from issuance of unsecured debt | $ 300,000,000 | |||||
Repayments of unsecured debt | $ 300,000,000 | |||||
Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt, net | 5,318,531,000 | 5,312,168,000 | ||||
Unamortized debt issuance expense | 25,300,000 | 29,900,000 | ||||
Debt instrument, unamortized discount (premium), net | 6,100,000 | 7,900,000 | ||||
Unsecured Debt | Term loan - variable rate, net | ||||||
Debt Instrument [Line Items] | ||||||
Term loan - variable rate, net | $ 298,552,000 | (1,611,000) | ||||
Weighted Average Maturity In Years as of December 31, 2023 | 3 years 9 months 18 days | |||||
Debt instrument face amount | $ 300,000,000 | |||||
Number of extension options | extension_option | 3 | |||||
Term extension period | 12 months | |||||
Coupon rate | 4.20% | |||||
Unamortized debt issuance expense | $ 1,400,000 | 1,600,000 | ||||
Unsecured Debt | Term loan - variable rate, net | Adjusted SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 0.85% | |||||
Unsecured Debt | Bonds public offering - fixed rate, net | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt, net | $ 5,019,979,000 | $ 5,313,779,000 | ||||
Weighted average interest rate | 3.30% | 3.30% | ||||
Weighted Average Maturity In Years as of December 31, 2023 | 7 years 1 month 6 days | |||||
Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Lines of credit | $ 0 | $ 52,073,000 | ||||
Weighted average interest rate | 6.30% | 4.40% | ||||
Number of extension options | extension_option | 2 | |||||
Term extension period | 6 months | |||||
Unamortized debt issuance expense | $ 3,800,000 | $ 5,100,000 | ||||
Number of outstanding lines of credit | line_of_credit | 2 | |||||
Maximum borrowing capacity | $ 1,200,000,000 | $ 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 | Adjusted SOFR | Line of Credit Working Capital | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 0.75% |
Unsecured Debt - Narrative (Det
Unsecured Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jul. 31, 2022 USD ($) extension_option | Jun. 30, 2020 USD ($) | Apr. 30, 2013 USD ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2023 USD ($) line_of_credit | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Aug. 31, 2020 USD ($) | Feb. 29, 2020 USD ($) | Oct. 31, 2019 USD ($) | Aug. 31, 2019 USD ($) | Mar. 31, 2019 USD ($) | Feb. 28, 2019 USD ($) | Mar. 31, 2018 USD ($) | Apr. 30, 2017 USD ($) | Apr. 30, 2016 USD ($) | Mar. 31, 2015 USD ($) | Apr. 30, 2014 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 5,050,000,000 | $ 5,350,000,000 | ||||||||||||||||||
Unsecured debt, net | $ 5,318,531,000 | 5,312,168,000 | ||||||||||||||||||
Number of lines of credit | line_of_credit | 2 | |||||||||||||||||||
Lines of credit | $ 0 | 52,073,000 | ||||||||||||||||||
CPPIB Interest | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Investment interest acquired | 45% | |||||||||||||||||||
Essex Portfolio, L.P. | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Unsecured debt, net | 5,318,531,000 | 5,312,168,000 | ||||||||||||||||||
Lines of credit | 0 | 52,073,000 | ||||||||||||||||||
Senior Notes | Essex Portfolio, L.P. | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 600,000,000 | |||||||||||||||||||
Line of Credit | Line of Credit Working Capital | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | 35,000,000 | |||||||||||||||||||
Unsecured Line of Credit | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of extension options | extension_option | 2 | |||||||||||||||||||
Extension period | 6 months | |||||||||||||||||||
Unsecured Line of Credit | Line of Credit Working Capital | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Lines of credit | $ 0 | $ 12,100,000 | ||||||||||||||||||
Unsecured Line of Credit | Adjusted SOFR | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on rate | 0.75% | |||||||||||||||||||
Unsecured Bonds 1.700% | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 450,000,000 | 450,000,000 | ||||||||||||||||||
Unsecured Bonds 1.700% | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Coupon rate | 1.70% | |||||||||||||||||||
Unsecured debt, net | $ 446,300,000 | 445,400,000 | ||||||||||||||||||
Unsecured Bonds 1.700% | Senior Notes | Essex Portfolio, L.P. | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 450,000,000 | |||||||||||||||||||
Coupon rate | 1.70% | |||||||||||||||||||
Debt offering price | 99.423% | |||||||||||||||||||
Unsecured Bonds 2.550% | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | 300,000,000 | ||||||||||||||||||
Unsecured Bonds 2.550% | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Coupon rate | 2.55% | |||||||||||||||||||
Unsecured debt, net | $ 296,700,000 | 296,200,000 | ||||||||||||||||||
Unsecured Bonds 2.550% | Senior Notes | Essex Portfolio, L.P. | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | |||||||||||||||||||
Coupon rate | 2.55% | |||||||||||||||||||
Debt offering price | 99.367% | |||||||||||||||||||
Unsecured Bonds 3.375% | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | |||||||||||||||||||
Coupon rate | 3.375% | |||||||||||||||||||
Unsecured Bonds 2.650% | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 650,000,000 | 650,000,000 | ||||||||||||||||||
Unsecured Bonds 2.650% | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 150,000,000 | |||||||||||||||||||
Coupon rate | 2.65% | |||||||||||||||||||
Debt offering price | 105.66% | |||||||||||||||||||
Unsecured debt, net | $ 650,700,000 | 650,800,000 | ||||||||||||||||||
Reoffer yield percentage | 2.093% | |||||||||||||||||||
Unsecured Bonds 2.650% | Senior Notes | 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 | |||||||||||||||||||
Unsecured Bonds 1.650% | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | 300,000,000 | ||||||||||||||||||
Unsecured Bonds 1.650% | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Coupon rate | 1.65% | |||||||||||||||||||
Debt offering price | 99.035% | |||||||||||||||||||
Unsecured Bonds 1.650% | Senior Notes | Essex Portfolio, L.P. | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | |||||||||||||||||||
Coupon rate | 1.65% | |||||||||||||||||||
Unsecured debt, net | $ 296,100,000 | 295,500,000 | ||||||||||||||||||
Unsecured Bonds 2.650% | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | 300,000,000 | ||||||||||||||||||
Unsecured Bonds 2.650% | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Coupon rate | 2.65% | |||||||||||||||||||
Debt offering price | 99.691% | |||||||||||||||||||
Unsecured Bonds 2.650% | Senior Notes | Essex Portfolio, L.P. | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | |||||||||||||||||||
Coupon rate | 2.65% | |||||||||||||||||||
Unsecured debt, net | $ 296,000,000 | 295,800,000 | ||||||||||||||||||
Unsecured Bonds 3.625% | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | |||||||||||||||||||
Coupon rate | 3.625% | |||||||||||||||||||
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% | 3% | ||||||||||||||||||
Debt offering price | 101.685% | 98.632% | ||||||||||||||||||
Unsecured debt, net | $ 545,500,000 | 544,700,000 | ||||||||||||||||||
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% | 4% | ||||||||||||||||||
Debt offering price | 100.717% | 99.188% | ||||||||||||||||||
Unsecured debt, net | $ 496,700,000 | 496,000,000 | ||||||||||||||||||
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% | ||||||||||||||||||
Debt offering price | 99.591% | |||||||||||||||||||
Unsecured debt, net | $ 296,200,000 | 296,100,000 | ||||||||||||||||||
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% | 3.625% | ||||||||||||||||||
Debt offering price | 99.423% | |||||||||||||||||||
Unsecured debt, net | $ 348,300,000 | 347,800,000 | ||||||||||||||||||
Unsecured Bonds 3.375%, Due April 2026 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 450,000,000 | 450,000,000 | ||||||||||||||||||
Unsecured Bonds 3.375%, Due April 2026 | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 450,000,000 | |||||||||||||||||||
Coupon rate | 3.375% | 3.375% | ||||||||||||||||||
Debt offering price | 99.386% | |||||||||||||||||||
Unsecured debt, net | $ 448,400,000 | 447,800,000 | ||||||||||||||||||
Senior Unsecured Notes Maturing April 1, 2025 | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 500,000,000 | |||||||||||||||||||
Coupon rate | 3.50% | |||||||||||||||||||
Debt offering price | 99.747% | |||||||||||||||||||
Unsecured debt, net | 499,300,000 | 498,800,000 | ||||||||||||||||||
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% | ||||||||||||||||||
Debt offering price | 99.234% | |||||||||||||||||||
Unsecured debt, net | $ 399,800,000 | 399,100,000 | ||||||||||||||||||
Unsecured Bonds 3.250% | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 0 | 300,000,000 | ||||||||||||||||||
Unsecured Bonds 3.250% | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Coupon rate | 3.25% | 3.25% | ||||||||||||||||||
Debt offering price | 99.152% | |||||||||||||||||||
Unsecured debt, net | $ 0 | 299,800,000 | ||||||||||||||||||
Proceeds from issuance of unsecured debt | $ 300,000,000 | |||||||||||||||||||
Line of Credit | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | $ 1,200,000,000 | 1,240,000,000 | ||||||||||||||||||
Lines of credit | $ 0 | $ 52,073,000 | ||||||||||||||||||
Number of extension options | extension_option | 2 | |||||||||||||||||||
Term extension period | 6 months | |||||||||||||||||||
Line of Credit | Line of Credit Working Capital | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | $ 35,000,000 | |||||||||||||||||||
Line of Credit | Adjusted SOFR | Line of Credit Working Capital | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on rate | 0.75% | |||||||||||||||||||
Unsecured Line of Credit | Line of Credit | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | $ 1,200,000,000 | |||||||||||||||||||
Lines of credit | 0 | $ 40,000,000 | ||||||||||||||||||
Working Capital Unsecured Line of Credit | Line of Credit | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | $ 35,000,000 |
Unsecured Debt - Senior Unsecur
Unsecured Debt - Senior Unsecured Notes (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2020 | Oct. 31, 2019 | Aug. 31, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Mar. 31, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2014 | Apr. 30, 2013 |
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 5,050,000,000 | $ 5,350,000,000 | ||||||||||
Unsecured Bonds 3.250% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 0 | 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] | ||||||||||||
Debt instrument face amount | $ 450,000,000 | |||||||||||
Coupon Rate | 3.375% | 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% | 3.625% | ||||||||||
Unsecured Bonds 1.700% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 450,000,000 | 450,000,000 | ||||||||||
Unsecured Bonds 1.700% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 1.70% | |||||||||||
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% | 4% | ||||||||||
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% | 3% | ||||||||||
Unsecured Bonds 1.650% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | 300,000,000 | ||||||||||
Unsecured Bonds 1.650% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 1.65% | |||||||||||
Unsecured Bonds 2.550% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | 300,000,000 | ||||||||||
Unsecured Bonds 2.550% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 2.55% | |||||||||||
Unsecured Bonds 2.650% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 650,000,000 | 650,000,000 | ||||||||||
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 | $ 300,000,000 | ||||||||||
Unsecured Bonds 2.650% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 2.65% |
Unsecured Debt - Future Obligat
Unsecured Debt - Future Obligations (Details) - Unsecured Debt $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 400,000 |
2025 | 500,000 |
2026 | 450,000 |
2027 | 650,000 |
2028 | 450,000 |
Thereafter | 2,900,000 |
Total Debt | $ 5,350,000 |
Mortgage Notes Payable (Details
Mortgage Notes Payable (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | |
Debt Instrument [Line Items] | ||
Number of properties securing mortgage notes | property | 15 | 11 |
Weighted average interest rate | 4.30% | 3.50% |
Minimum | ||
Debt Instrument [Line Items] | ||
Remaining terms (in years) | 1 year | 2 years |
Maximum | ||
Debt Instrument [Line Items] | ||
Remaining terms (in years) | 23 years | 24 years |
Mortgages | ||
Debt Instrument [Line Items] | ||
Total mortgage notes payable | $ 887,204 | $ 593,943 |
Mortgages | Fixed rate mortgage notes payable | ||
Debt Instrument [Line Items] | ||
Total mortgage notes payable | 665,711 | 371,849 |
Mortgages | Variable rate mortgage notes payable | ||
Debt Instrument [Line Items] | ||
Total mortgage notes payable | $ 221,493 | $ 222,094 |
Mortgage Notes Payable - Future
Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 5,050,000 | $ 5,350,000 | |
Secured debt | |||
Debt Instrument [Line Items] | |||
2024 | 3,109 | ||
2025 | 133,054 | ||
2026 | 99,405 | ||
2027 | 153,955 | ||
2028 | 68,332 | ||
Thereafter | 431,937 | ||
Total Debt | 889,792 | ||
Debt instrument, unamortized premium | 500 | 1,200 | |
Unamortized debt issuance expense | (3,100) | $ (2,000) | |
Fixed rate mortgage notes payable | Total Return Swap Callable | Not Designated as Hedging Instrument | |||
Debt Instrument [Line Items] | |||
Derivative notional amount | 222,700 | ||
Variable rate mortgage notes payable | |||
Debt Instrument [Line Items] | |||
Derivative notional amount | $ 222,700 | ||
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths) | 4.60% | 3.50% | |
Percentage of units subject to tenant income criteria | 20% | ||
Mortgage Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 298,000 | ||
Debt instrument, term | 10 years | ||
Coupon rate | 5.08% |
Mortgage Notes Payable - Narrat
Mortgage Notes Payable - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Monthly interest expense | $ 2,700,000 | |
Monthly principal amortization | 300,000 | |
Mortgage notes payable, net | $ 887,204,000 | $ 593,943,000 |
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. | |
Prepayment penalty, percent of principal prepaid | 1% | |
Secured deeds of trust | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net | $ 0 | $ 0 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Details) | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) interest_rate_swap extension_option | Dec. 31, 2023 USD ($) instrument | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Derivative [Line Items] | |||||
Number of interest rate swaps | interest_rate_swap | 1 | ||||
Debt instrument face amount | $ 5,050,000,000 | $ 5,350,000,000 | |||
Hedge ineffectiveness related to cash flow hedges | (13,364,000) | 54,158,000 | $ 9,170,000 | ||
Total return swap income | 3,148,000 | 7,907,000 | 10,774,000 | ||
Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Hedge ineffectiveness related to cash flow hedges | 0 | 0 | 0 | ||
Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Total return swap income | 3,100,000 | 7,900,000 | $ 10,800,000 | ||
Interest Rate Swap | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative fair value | 4,300,000 | 5,600,000 | |||
Interest Rate Cap | Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 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 | 0 | |||
Unsecured Debt | |||||
Derivative [Line Items] | |||||
Debt instrument face amount | 300,000,000 | $ 0 | |||
Proceeds from issuance of unsecured debt | $ 300,000,000 | ||||
Term Loan | |||||
Derivative [Line Items] | |||||
Number of extension options | extension_option | 3 | ||||
Extension period | 12 months | ||||
Variable Rate Mortgage Notes Payable | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 222,700,000 | ||||
Bond subject to interest rate caps | 222,700,000 | ||||
Fixed rate mortgage notes payable | Total Return Swap Callable | Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 222,700,000 | ||||
Unsecured Bonds 0.850% | |||||
Derivative [Line Items] | |||||
Debt instrument face amount | $ 300,000,000 | ||||
Unsecured Bonds 0.850% | Adjusted SOFR | |||||
Derivative [Line Items] | |||||
Basis spread on rate | 0.85% | ||||
Coupon rate | 4.20% |
Lease Agreements - Company as_5
Lease Agreements - Company as Lessor (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) building | |
Lessor, Lease, Description [Line Items] | |
Number of commercial buildings under lease agreements | building | 3 |
Future Minimum Rent | |
2024 | $ 751,320 |
2025 | 33,230 |
2026 | 15,706 |
2027 | 13,946 |
2028 | 11,978 |
Thereafter | 20,164 |
Operating leases | $ 846,344 |
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, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Office lease, renewal term | 5 years | |
Operating lease right-of-use assets | $ 63,757 | $ 67,239 |
Total leased assets | 63,757 | 67,239 |
Operating lease liabilities | 65,091 | 68,696 |
Total lease liabilities | 65,091 | 68,696 |
Lease, Cost [Abstract] | ||
Operating lease cost | 6,789 | 6,697 |
Variable lease cost | 1,961 | 1,750 |
Short-term lease cost | 186 | 204 |
Sublease income | (500) | (418) |
Total lease cost | $ 8,436 | $ 8,233 |
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, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 7,251 | |
2025 | 6,887 | |
2026 | 5,035 | |
2027 | 3,421 | |
2028 | 3,102 | |
Thereafter | 129,452 | |
Total lease payments | 155,148 | |
Less: Imputed interest | (90,057) | |
Present value of lease liabilities | $ 65,091 | $ 68,696 |
Lease Agreements - Company as_8
Lease Agreements - Company as Lessee - Additional Information (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average of remaining lease terms (years) | 40 years | 40 years |
Weighted-average of discount rates | 5.03% | 5.01% |
Equity Transactions (Details)
Equity Transactions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | |||
Redemption value of operating partnership units outstanding | $ 560,000,000 | $ 481,600,000 | |
Operating Partnership | |||
Class of Stock [Line Items] | |||
General partner ownership interest | 96.60% | 96.60% | |
Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Number of shares outstanding | 2,161,175 | 2,166,359 | |
Long Term Incentive Plan 2014 Units | |||
Class of Stock [Line Items] | |||
Number of shares outstanding | 97,637 | 106,137 | |
ATM Program, 2021 | |||
Class of Stock [Line Items] | |||
Common stock, aggregate gross sales price | $ 900,000,000 | ||
Remaining authorized repurchase amount | $ 900,000,000 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic: | |||
Net income available to common stockholders | $ 405,825 | $ 408,315 | $ 488,554 |
Weighted average common shares/units (in shares) | 64,252,232 | 65,079,764 | 65,051,465 |
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.32 | $ 6.27 | $ 7.51 |
Diluted: | |||
Net income available to common stockholders | $ 405,825 | $ 408,315 | $ 488,554 |
Income from continuing operations available to common stockholders (in shares) | 64,253,385 | 65,098,186 | 65,088,874 |
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.32 | $ 6.27 | $ 7.51 |
Essex Portfolio, L.P. | |||
Basic: | |||
Net income available to common stockholders | $ 420,109 | $ 422,612 | $ 505,745 |
Weighted average common shares/units (in shares) | 66,513,303 | 67,356,105 | 67,340,856 |
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.32 | $ 6.27 | $ 7.51 |
Diluted: | |||
Net income available to common stockholders | $ 420,109 | $ 422,612 | $ 505,745 |
Income from continuing operations available to common stockholders (in shares) | 66,514,456 | 67,374,527 | 67,378,265 |
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.32 | $ 6.27 | $ 7.51 |
Stock options | |||
Basic: | |||
Income effect of dilutive securities | $ 0 | $ 0 | $ 0 |
Effect of dilutive securities (in shares) | 1,153 | 18,422 | 37,409 |
Diluted: | |||
Anti-dilutive securities (in shares) | 508,276 | 253,845 | 116,380 |
Stock options | Essex Portfolio, L.P. | |||
Basic: | |||
Income effect of dilutive securities | $ 0 | $ 0 | $ 0 |
Effect of dilutive securities (in shares) | 1,153 | 18,422 | 37,409 |
Diluted: | |||
Anti-dilutive securities (in shares) | 508,276 | 253,845 | 116,380 |
Convertible Limited Partnership Units | |||
Diluted: | |||
Anti-dilutive securities (in shares) | 2,261,071 | 2,276,341 | 2,289,391 |
Income allocated to convertible OP Units | $ 14,300 | $ 14,300 | $ 17,200 |
Equity Based Compensation Pla_3
Equity Based Compensation Plans - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||
Dec. 09, 2014 shares | Dec. 31, 2013 shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 09, 2015 | May 31, 2018 shares | |
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 | $ 4,500,000 | $ 200,000 | |||||
Average fair value of stock options granted (in dollars per share) | $ / shares | $ 21.24 | $ 23.39 | $ 24.68 | ||||
Cap on the appreciation of the market price over the exercise price | $ 100 | ||||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | 12,100,000 | $ 11,400,000 | $ 11,700,000 | ||||
Stock-based compensation capitalized | 600,000 | 700,000 | 900,000 | ||||
Intrinsic value of options exercised | 0 | $ 7,600,000 | $ 25,700,000 | ||||
Unrecognized compensation cost | $ 1,800,000 | ||||||
Unrecognized compensation cost, period for recognition | 1 year 3 months 18 days | ||||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ 4,700,000 | ||||||
Unrecognized compensation cost, period for recognition | 1 year 7 months 6 days | ||||||
Granted (in shares) | shares | 2,315 | 72,838 | 50,349 | ||||
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 (in shares) | shares | 24,000 | ||||||
Vesting percentage of units per year | 20% | ||||||
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 | ||||||
Option grants to officers and employees vesting period | 4 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% | ||||||
Conversion ratio, incentive units | 1 | ||||||
Liquidity measurement period | 10 years | ||||||
Measurement period | 10 years | ||||||
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 | $ 0 | $ 0 | ||||
Granted (in shares) | shares | 0 | 0 | 0 | ||||
Intrinsic value of vested and unvested LTIP units | $ 24,200,000 |
Equity Based Compensation Pla_4
Equity Based Compensation Plans - Weighted Average Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average assumptions used to estimate fair value of stock options [Abstract] | |||
Stock price (in dollars per share) | $ 216.31 | $ 245.17 | $ 329.71 |
Risk-free interest rates | 4.06% | 3.50% | 1.22% |
Expected lives | 6 years | 6 years | 6 years |
Volatility | 36% | 27.98% | 27% |
Dividend yield | 3.30% | 3.06% | 2.90% |
Equity Based Compensation Pla_5
Equity Based Compensation Plans - Summary of Stock Options Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | |||
Outstanding at beginning of year (in shares) | 487,446 | 463,863 | 613,109 |
Granted (in shares) | 49,908 | 111,757 | 99,479 |
Exercised (in shares) | 0 | (76,246) | (248,725) |
Forfeited and canceled (in shares) | (6,542) | (11,928) | 0 |
Outstanding at end of year (in shares) | 530,812 | 487,446 | 463,863 |
Options exercisable at year end (in shares) | 417,739 | 293,377 | 274,244 |
Weighted- average exercise price | |||
Outstanding at beginning of year (in dollars per share) | $ 279.46 | $ 284.82 | $ 255.86 |
Granted (in dollars per share) | 216.31 | 245.17 | 329.71 |
Exercised (in dollars per share) | 0 | 245.43 | 231.37 |
Forfeited and canceled (in dollars per share) | 280.21 | 281.19 | 0 |
Outstanding at end of year (in dollars per share) | 273.51 | 279.46 | 284.82 |
Options exercisable at year end (in dollars per share) | $ 282.30 | $ 285.76 | $ 270.11 |
Equity Based Compensation Pla_6
Equity Based Compensation Plans - Restricted Stock Activity and LITP Units (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock | ||||
Total Unvested Units | ||||
Unvested at beginning of year (in shares) | 101,701 | 182,915 | 159,401 | 132,603 |
Granted (in shares) | 2,315 | 72,838 | 50,349 | |
Vested (in shares) | (37,075) | (44,945) | (22,387) | |
Forfeited and canceled (in shares) | (46,454) | (4,379) | (1,164) | |
Unvested at end of year (in shares) | 101,701 | 182,915 | 159,401 | 132,603 |
Weighted- average grant price | ||||
Unvested at beginning of year (in dollars per share) | $ 222.90 | $ 251.03 | $ 214.34 | |
Granted (in dollars per share) | 220.40 | 215.73 | 337.52 | |
Vested (in dollars per share) | 247.07 | 306.25 | 229.90 | |
Forfeited and canceled (in dollars per share) | 259.71 | 272.12 | 219.30 | |
Unvested at end of year (in dollars per share) | $ 197.22 | $ 222.90 | $ 251.03 | $ 214.34 |
Long Term Incentive Plans - Z Units and 2014 LTIP Units | ||||
Total Unvested Units | ||||
Unvested at beginning of year (in shares) | 0 | 0 | 0 | 0 |
Granted (in shares) | 0 | 0 | 0 | |
Vested (in shares) | 0 | 0 | 0 | |
Converted (in shares) | 0 | 0 | 0 | |
Forfeited and canceled (in shares) | 0 | 0 | 0 | |
Unvested at end of year (in shares) | 0 | 0 | 0 | 0 |
Weighted- average grant price | ||||
Unvested at beginning of year (in dollars per share) | $ 84.47 | $ 84.47 | $ 84.47 | |
Unvested at end of year (in dollars per share) | $ 86.16 | $ 84.47 | $ 84.47 | $ 84.47 |
Total Vested Units | ||||
Vested, beginning balance (in shares) | 106,137 | 106,137 | 106,137 | |
Vested, units granted (in shares) | 0 | 0 | 0 | |
Vested, units vested (in shares) | 0 | 0 | 0 | |
Converted (in shares) | (8,500) | 0 | 0 | |
Cancelled (in shares) | 0 | 0 | 0 | |
Vested, ending balance (in shares) | 97,637 | 106,137 | 106,137 | 106,137 |
Total Outstanding Units | ||||
Total outstanding units, beginning balance (in shares) | 106,137 | 106,137 | 106,137 | |
Total outstanding units, granted (in shares) | 0 | 0 | 0 | |
Total outstanding units, vested (in shares) | 0 | 0 | 0 | |
Total outstanding units, converted (in shares) | (8,500) | 0 | 0 | |
Total outstanding units, cancelled (in shares) | 0 | 0 | 0 | |
Total outstanding units, ending balance (in shares) | 97,637 | 106,137 | 106,137 | 106,137 |
Weighted- average Remaining Contractual Life (years) | 1 year | 1 year 7 months 6 days | 2 years 7 months 6 days | 3 years 7 months 6 days |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
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 | $ 1,658,264 | $ 1,595,675 | $ 1,431,418 |
Total net operating income | 1,172,785 | 1,128,406 | 986,182 |
Management and other fees from affiliates | 11,131 | 11,139 | 9,138 |
Corporate-level property management expenses | (45,872) | (40,704) | (36,211) |
Depreciation and amortization | (548,438) | (539,319) | (520,066) |
General and administrative | (63,474) | (56,577) | (51,838) |
Expensed acquisition and investment related costs | (595) | (2,132) | (203) |
Casualty loss | (433) | 0 | 0 |
Gain on sale of real estate and land | 59,238 | 94,416 | 142,993 |
Interest expense | (212,905) | (204,798) | (203,125) |
Total return swap income | 3,148 | 7,907 | 10,774 |
Interest and other income (loss) | 46,259 | (19,040) | 98,744 |
Equity income from co-investments | 10,561 | 26,030 | 111,721 |
Tax (expense) benefit on unconsolidated co-investments | (697) | 10,236 | (15,668) |
Loss on early retirement of debt, net | 0 | (2) | (19,010) |
Gain on remeasurement of co-investment | 0 | 17,423 | 2,260 |
Net income | 430,708 | 432,985 | 515,691 |
Assets: | |||
Net reportable operating segments - real estate assets | 10,470,292 | 10,814,094 | |
Real estate under development | 23,724 | 24,857 | |
Co-investments | 1,061,733 | 1,127,491 | |
Cash and cash equivalents, including restricted cash | 400,334 | 42,681 | |
Marketable securities | 87,795 | 112,743 | |
Notes and other receivables | 174,621 | 103,045 | |
Operating lease right-of-use assets | 63,757 | 67,239 | |
Prepaid expenses and other assets | 79,171 | 80,755 | |
Total assets | 12,361,427 | 12,372,905 | |
Rental and other property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 1,658,264 | 1,595,675 | 1,431,418 |
Management and other fees from affiliates | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Management and other fees from affiliates | 11,131 | 11,139 | 9,138 |
Operating segments | Southern California | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total net operating income | 483,013 | 459,762 | 398,576 |
Assets: | |||
Net reportable operating segments - real estate assets | 3,802,648 | 3,892,003 | |
Operating segments | Southern California | Rental and other property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 682,116 | 646,252 | 574,129 |
Operating segments | Northern California | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total net operating income | 464,949 | 445,933 | 401,870 |
Assets: | |||
Net reportable operating segments - real estate assets | 5,242,343 | 5,414,467 | |
Operating segments | Northern California | Rental and other property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 666,836 | 639,306 | 584,034 |
Operating segments | Seattle Metro | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total net operating income | 201,228 | 191,476 | 160,959 |
Assets: | |||
Net reportable operating segments - real estate assets | 1,333,030 | 1,374,379 | |
Operating segments | Seattle Metro | Rental and other property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 282,092 | 271,248 | 239,839 |
Other real estate assets | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total net operating income | 23,595 | 31,235 | 24,777 |
Assets: | |||
Net reportable operating segments - real estate assets | 92,271 | 133,245 | |
Other real estate assets | Rental and other property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | $ 27,220 | $ 38,869 | $ 33,416 |
401(k) Plan (Details)
401(k) Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Employer matching contribution, percent | 50% | ||
Company contributions to benefit plan | $ 3.8 | $ 3.3 | $ 3.3 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Guarantor Obligations [Line Items] | |
Property casualty insurance deductible per incident | $ 5 |
Pacific Western Insurance LLC | |
Guarantor Obligations [Line Items] | |
Cash and marketable securities | $ 125.5 |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) apartment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrance | $ 887,204 | ||
Initial cost | |||
Land | 2,981,986 | ||
Buildings and improvements | 10,387,597 | ||
Costs capitalized subsequent to acquisition | 2,765,640 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,036,912 | ||
Buildings and improvements | 13,098,311 | ||
Total | 16,135,223 | ||
Accumulated depreciation | (5,664,931) | $ (5,152,133) | $ (4,646,854) |
Aggregate cost for federal income tax purpose | 12,300,000 | ||
Rental properties: | |||
Acquisition, development, and improvement of real estate | 235,423 | 427,668 | 707,267 |
Disposition of real estate and other | (66,427) | (91,368) | (139,085) |
Balance at the end of year | 16,135,223 | ||
Accumulated depreciation: | |||
Balance at beginning of year | 5,152,133 | 4,646,854 | 4,133,959 |
Depreciation expense | 545,702 | 536,202 | 528,613 |
Depreciation expense - Disposals and other | (32,904) | (30,923) | (15,718) |
Balance at the end of year | $ 5,664,931 | 5,152,133 | 4,646,854 |
Encumbered Apartment Communities | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 4,190 | ||
Encumbrance | $ 887,204 | ||
Initial cost | |||
Land | 302,322 | ||
Buildings and improvements | 1,092,669 | ||
Costs capitalized subsequent to acquisition | 189,237 | ||
Gross amount carried at close of period | |||
Land and improvements | 305,643 | ||
Buildings and improvements | 1,278,585 | ||
Total | 1,584,228 | ||
Accumulated depreciation | (470,260) | ||
Rental properties: | |||
Balance at the end of year | 1,584,228 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 470,260 | ||
Encumbered Apartment Communities | Belmont Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 275 | ||
Encumbrance | $ 29,263 | ||
Initial cost | |||
Land | 8,100 | ||
Buildings and improvements | 66,666 | ||
Costs capitalized subsequent to acquisition | 10,397 | ||
Gross amount carried at close of period | |||
Land and improvements | 8,267 | ||
Buildings and improvements | 76,896 | ||
Total | 85,163 | ||
Accumulated depreciation | $ (42,204) | ||
Date of construction | 2009 | ||
Date acquired | Mar-09 | ||
Rental properties: | |||
Balance at the end of year | $ 85,163 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 42,204 | ||
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] | |||
Apartment Homes | apartment | 300 | ||
Encumbrance | $ 90,827 | ||
Initial cost | |||
Land | 16,885 | ||
Buildings and improvements | 151,741 | ||
Costs capitalized subsequent to acquisition | 4,751 | ||
Gross amount carried at close of period | |||
Land and improvements | 16,885 | ||
Buildings and improvements | 156,492 | ||
Total | 173,377 | ||
Accumulated depreciation | $ (26,551) | ||
Date of construction | 2015 | ||
Date acquired | Jun-19 | ||
Rental properties: | |||
Balance at the end of year | $ 173,377 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 26,551 | ||
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 | Fountain Park | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 705 | ||
Encumbrance | $ 82,776 | ||
Initial cost | |||
Land | 25,073 | ||
Buildings and improvements | 94,980 | ||
Costs capitalized subsequent to acquisition | 47,232 | ||
Gross amount carried at close of period | |||
Land and improvements | 25,203 | ||
Buildings and improvements | 142,082 | ||
Total | 167,285 | ||
Accumulated depreciation | $ (97,729) | ||
Date of construction | 2002 | ||
Date acquired | Feb-04 | ||
Rental properties: | |||
Balance at the end of year | $ 167,285 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 97,729 | ||
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] | |||
Apartment Homes | apartment | 255 | ||
Encumbrance | $ 69,451 | ||
Initial cost | |||
Land | 5,419 | ||
Buildings and improvements | 18,347 | ||
Costs capitalized subsequent to acquisition | 38,782 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,073 | ||
Buildings and improvements | 56,475 | ||
Total | 62,548 | ||
Accumulated depreciation | $ (47,254) | ||
Date of construction | 1972 | ||
Date acquired | May-97 | ||
Rental properties: | |||
Balance at the end of year | $ 62,548 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 47,254 | ||
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 | Lawrence Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 336 | ||
Encumbrance | $ 76,848 | ||
Initial cost | |||
Land | 45,532 | ||
Buildings and improvements | 106,735 | ||
Costs capitalized subsequent to acquisition | 7,740 | ||
Gross amount carried at close of period | |||
Land and improvements | 45,532 | ||
Buildings and improvements | 114,475 | ||
Total | 160,007 | ||
Accumulated depreciation | $ (42,735) | ||
Date of construction | 2012 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 160,007 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 42,735 | ||
Encumbered Apartment Communities | Lawrence Station | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 5 years | ||
Encumbered Apartment Communities | Lawrence Station | 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] | |||
Apartment Homes | apartment | 188 | ||
Encumbrance | $ 52,400 | ||
Initial cost | |||
Land | 8,190 | ||
Buildings and improvements | 24,736 | ||
Costs capitalized subsequent to acquisition | 19,633 | ||
Gross amount carried at close of period | |||
Land and improvements | 8,191 | ||
Buildings and improvements | 44,368 | ||
Total | 52,559 | ||
Accumulated depreciation | $ (31,367) | ||
Date of construction | 1963 | ||
Date acquired | Sep-07 | ||
Rental properties: | |||
Balance at the end of year | $ 52,559 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 31,367 | ||
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] | |||
Apartment Homes | apartment | 166 | ||
Encumbrance | $ 44,991 | ||
Initial cost | |||
Land | 20,495 | ||
Buildings and improvements | 47,823 | ||
Costs capitalized subsequent to acquisition | 1,919 | ||
Gross amount carried at close of period | |||
Land and improvements | 20,495 | ||
Buildings and improvements | 49,742 | ||
Total | 70,237 | ||
Accumulated depreciation | $ (8,532) | ||
Date of construction | 2015 | ||
Date acquired | Dec-18 | ||
Rental properties: | |||
Balance at the end of year | $ 70,237 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 8,532 | ||
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 | Paragon Apartments | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 301 | ||
Encumbrance | $ 59,169 | ||
Initial cost | |||
Land | 32,230 | ||
Buildings and improvements | 77,320 | ||
Costs capitalized subsequent to acquisition | 4,595 | ||
Gross amount carried at close of period | |||
Land and improvements | 32,230 | ||
Buildings and improvements | 81,915 | ||
Total | 114,145 | ||
Accumulated depreciation | $ (26,880) | ||
Date of construction | 2013 | ||
Date acquired | Jul-14 | ||
Rental properties: | |||
Balance at the end of year | $ 114,145 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 26,880 | ||
Encumbered Apartment Communities | Paragon Apartments | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Encumbered Apartment Communities | Paragon Apartments | 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] | |||
Apartment Homes | apartment | 230 | ||
Encumbrance | $ 51,855 | ||
Initial cost | |||
Land | 35,719 | ||
Buildings and improvements | 53,449 | ||
Costs capitalized subsequent to acquisition | 14,039 | ||
Gross amount carried at close of period | |||
Land and improvements | 35,719 | ||
Buildings and improvements | 67,488 | ||
Total | 103,207 | ||
Accumulated depreciation | $ (20,213) | ||
Date of construction | 1971 | ||
Date acquired | Mar-17 | ||
Rental properties: | |||
Balance at the end of year | $ 103,207 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 20,213 | ||
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] | |||
Apartment Homes | apartment | 161 | ||
Encumbrance | $ 14,925 | ||
Initial cost | |||
Land | 0 | ||
Buildings and improvements | 8,520 | ||
Costs capitalized subsequent to acquisition | 9,277 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,353 | ||
Buildings and improvements | 15,444 | ||
Total | 17,797 | ||
Accumulated depreciation | $ (12,780) | ||
Date of construction | 1984 | ||
Date acquired | Apr-00 | ||
Rental properties: | |||
Balance at the end of year | $ 17,797 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 12,780 | ||
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 Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 264 | ||
Encumbrance | $ 57,703 | ||
Initial cost | |||
Land | 12,555 | ||
Buildings and improvements | 29,307 | ||
Costs capitalized subsequent to acquisition | 12,511 | ||
Gross amount carried at close of period | |||
Land and improvements | 12,556 | ||
Buildings and improvements | 41,817 | ||
Total | 54,373 | ||
Accumulated depreciation | $ (22,749) | ||
Date of construction | 1973 | ||
Date acquired | Jul-10 | ||
Rental properties: | |||
Balance at the end of year | $ 54,373 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 22,749 | ||
Encumbered Apartment Communities | The Commons | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Encumbered Apartment Communities | The Commons | 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] | |||
Apartment Homes | apartment | 184 | ||
Encumbrance | $ 57,299 | ||
Initial cost | |||
Land | 19,984 | ||
Buildings and improvements | 82,286 | ||
Costs capitalized subsequent to acquisition | 4,223 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,990 | ||
Buildings and improvements | 86,503 | ||
Total | 106,493 | ||
Accumulated depreciation | $ (27,116) | ||
Date of construction | 2015 | ||
Date acquired | Mar-15 | ||
Rental properties: | |||
Balance at the end of year | $ 106,493 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 27,116 | ||
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 Galloway | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 506 | ||
Encumbrance | $ 102,841 | ||
Initial cost | |||
Land | 32,966 | ||
Buildings and improvements | 184,499 | ||
Costs capitalized subsequent to acquisition | 6,342 | ||
Gross amount carried at close of period | |||
Land and improvements | 32,966 | ||
Buildings and improvements | 190,841 | ||
Total | 223,807 | ||
Accumulated depreciation | $ (27,546) | ||
Date of construction | 2016 | ||
Date acquired | Jan-20 | ||
Rental properties: | |||
Balance at the end of year | $ 223,807 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 27,546 | ||
Encumbered Apartment Communities | The Galloway | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Encumbered Apartment Communities | The Galloway | 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] | |||
Apartment Homes | apartment | 187 | ||
Encumbrance | $ 52,156 | ||
Initial cost | |||
Land | 19,362 | ||
Buildings and improvements | 75,641 | ||
Costs capitalized subsequent to acquisition | 5,421 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,371 | ||
Buildings and improvements | 81,053 | ||
Total | 100,424 | ||
Accumulated depreciation | $ (25,347) | ||
Date of construction | 2014 | ||
Date acquired | Mar-15 | ||
Rental properties: | |||
Balance at the end of year | $ 100,424 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 25,347 | ||
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] | |||
Apartment Homes | apartment | 132 | ||
Encumbrance | $ 44,700 | ||
Initial cost | |||
Land | 19,812 | ||
Buildings and improvements | 70,619 | ||
Costs capitalized subsequent to acquisition | 2,375 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,812 | ||
Buildings and improvements | 72,994 | ||
Total | 92,806 | ||
Accumulated depreciation | $ (11,257) | ||
Date of construction | 2014 | ||
Date acquired | Sep-19 | ||
Rental properties: | |||
Balance at the end of year | $ 92,806 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 11,257 | ||
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 | 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 | 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 | Montanosa | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 5 years | ||
Encumbered Apartment Communities | Montanosa | 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 Apartments | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Encumbered Apartment Communities | Montejo Apartments | 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] | |||
Apartment Homes | apartment | 47,382 | ||
Initial cost | |||
Land | $ 2,598,958 | ||
Buildings and improvements | 9,278,341 | ||
Costs capitalized subsequent to acquisition | 2,560,634 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,649,202 | ||
Buildings and improvements | 11,788,731 | ||
Total | 14,437,933 | ||
Accumulated depreciation | (5,173,880) | ||
Rental properties: | |||
Balance at the end of year | 14,437,933 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 5,173,880 | ||
Unencumbered Apartment Communities | Agora | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 49 | ||
Initial cost | |||
Land | $ 4,932 | ||
Buildings and improvements | 60,423 | ||
Costs capitalized subsequent to acquisition | 1,818 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,934 | ||
Buildings and improvements | 62,239 | ||
Total | 67,173 | ||
Accumulated depreciation | $ (8,536) | ||
Date of construction | 2016 | ||
Date acquired | Jan-20 | ||
Rental properties: | |||
Balance at the end of year | $ 67,173 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 8,536 | ||
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] | |||
Apartment Homes | apartment | 624 | ||
Initial cost | |||
Land | $ 32,136 | ||
Buildings and improvements | 128,543 | ||
Costs capitalized subsequent to acquisition | 25,661 | ||
Gross amount carried at close of period | |||
Land and improvements | 32,136 | ||
Buildings and improvements | 154,204 | ||
Total | 186,340 | ||
Accumulated depreciation | $ (57,633) | ||
Date of construction | 2001 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 186,340 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 57,633 | ||
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] | |||
Apartment Homes | apartment | 97 | ||
Initial cost | |||
Land | $ 5,869 | ||
Buildings and improvements | 23,977 | ||
Costs capitalized subsequent to acquisition | 3,758 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,869 | ||
Buildings and improvements | 27,735 | ||
Total | 33,604 | ||
Accumulated depreciation | $ (14,318) | ||
Date of construction | 2010 | ||
Date acquired | Oct-10 | ||
Rental properties: | |||
Balance at the end of year | $ 33,604 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 14,318 | ||
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] | |||
Apartment Homes | apartment | 194 | ||
Initial cost | |||
Land | $ 11,923 | ||
Buildings and improvements | 47,690 | ||
Costs capitalized subsequent to acquisition | 4,505 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,923 | ||
Buildings and improvements | 52,195 | ||
Total | 64,118 | ||
Accumulated depreciation | $ (18,217) | ||
Date of construction | 2002 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 64,118 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 18,217 | ||
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] | |||
Apartment Homes | apartment | 301 | ||
Initial cost | |||
Land | $ 4,967 | ||
Buildings and improvements | 19,728 | ||
Costs capitalized subsequent to acquisition | 13,953 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,982 | ||
Buildings and improvements | 33,666 | ||
Total | 38,648 | ||
Accumulated depreciation | $ (22,978) | ||
Date of construction | 1971 | ||
Date acquired | Dec-02 | ||
Rental properties: | |||
Balance at the end of year | $ 38,648 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 22,978 | ||
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 | Annaliese | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 56 | ||
Initial cost | |||
Land | $ 4,727 | ||
Buildings and improvements | 14,229 | ||
Costs capitalized subsequent to acquisition | 1,196 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,726 | ||
Buildings and improvements | 15,426 | ||
Total | 20,152 | ||
Accumulated depreciation | $ (5,943) | ||
Date of construction | 2009 | ||
Date acquired | Jan-13 | ||
Rental properties: | |||
Balance at the end of year | $ 20,152 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 5,943 | ||
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] | |||
Apartment Homes | apartment | 367 | ||
Initial cost | |||
Land | $ 44,240 | ||
Buildings and improvements | 103,251 | ||
Costs capitalized subsequent to acquisition | 11,509 | ||
Gross amount carried at close of period | |||
Land and improvements | 44,240 | ||
Buildings and improvements | 114,760 | ||
Total | 159,000 | ||
Accumulated depreciation | $ (36,789) | ||
Date of construction | 2014 | ||
Date acquired | Aug-14 | ||
Rental properties: | |||
Balance at the end of year | $ 159,000 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 36,789 | ||
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 Marina Del Rey | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 500 | ||
Initial cost | |||
Land | $ 58,442 | ||
Buildings and improvements | 175,326 | ||
Costs capitalized subsequent to acquisition | 26,945 | ||
Gross amount carried at close of period | |||
Land and improvements | 58,442 | ||
Buildings and improvements | 202,271 | ||
Total | 260,713 | ||
Accumulated depreciation | $ (75,176) | ||
Date of construction | 2001 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 260,713 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 75,176 | ||
Unencumbered Apartment Communities | Aqua Marina Del Rey | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 5 years | ||
Unencumbered Apartment Communities | Aqua 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] | |||
Apartment Homes | apartment | 90 | ||
Initial cost | |||
Land | $ 3,924 | ||
Buildings and improvements | 11,862 | ||
Costs capitalized subsequent to acquisition | 3,685 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,924 | ||
Buildings and improvements | 15,547 | ||
Total | 19,471 | ||
Accumulated depreciation | $ (6,867) | ||
Date of construction | 1988 | ||
Date acquired | Oct-12 | ||
Rental properties: | |||
Balance at the end of year | $ 19,471 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 6,867 | ||
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] | |||
Apartment Homes | apartment | 264 | ||
Initial cost | |||
Land | $ 23,550 | ||
Buildings and improvements | 93,811 | ||
Costs capitalized subsequent to acquisition | 3,301 | ||
Gross amount carried at close of period | |||
Land and improvements | 23,550 | ||
Buildings and improvements | 97,112 | ||
Total | 120,662 | ||
Accumulated depreciation | $ (24,127) | ||
Date of construction | 2014 | ||
Date acquired | Dec-16 | ||
Rental properties: | |||
Balance at the end of year | $ 120,662 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 24,127 | ||
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] | |||
Apartment Homes | apartment | 440 | ||
Initial cost | |||
Land | $ 32,379 | ||
Buildings and improvements | 137,940 | ||
Costs capitalized subsequent to acquisition | 9,879 | ||
Gross amount carried at close of period | |||
Land and improvements | 32,379 | ||
Buildings and improvements | 147,819 | ||
Total | 180,198 | ||
Accumulated depreciation | $ (42,593) | ||
Date of construction | 2014 | ||
Date acquired | Jun-15 | ||
Rental properties: | |||
Balance at the end of year | $ 180,198 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 42,593 | ||
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] | |||
Apartment Homes | apartment | 224 | ||
Initial cost | |||
Land | $ 27,235 | ||
Buildings and improvements | 64,403 | ||
Costs capitalized subsequent to acquisition | 18,098 | ||
Gross amount carried at close of period | |||
Land and improvements | 27,235 | ||
Buildings and improvements | 82,501 | ||
Total | 109,736 | ||
Accumulated depreciation | $ (28,266) | ||
Date of construction | 2007 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 109,736 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 28,266 | ||
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] | |||
Apartment Homes | apartment | 166 | ||
Initial cost | |||
Land | $ 0 | ||
Buildings and improvements | 49,813 | ||
Costs capitalized subsequent to acquisition | 3,145 | ||
Gross amount carried at close of period | |||
Land and improvements | 0 | ||
Buildings and improvements | 52,958 | ||
Total | 52,958 | ||
Accumulated depreciation | $ (19,372) | ||
Date of construction | 2013 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 52,958 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 19,372 | ||
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] | |||
Apartment Homes | apartment | 446 | ||
Initial cost | |||
Land | $ 10,536 | ||
Buildings and improvements | 24,522 | ||
Costs capitalized subsequent to acquisition | 33,446 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,601 | ||
Buildings and improvements | 57,903 | ||
Total | 68,504 | ||
Accumulated depreciation | $ (44,086) | ||
Date of construction | 1970 | ||
Date acquired | Jan-99 | ||
Rental properties: | |||
Balance at the end of year | $ 68,504 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 44,086 | ||
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] | |||
Apartment Homes | apartment | 462 | ||
Initial cost | |||
Land | $ 12,105 | ||
Buildings and improvements | 18,252 | ||
Costs capitalized subsequent to acquisition | 50,318 | ||
Gross amount carried at close of period | |||
Land and improvements | 12,682 | ||
Buildings and improvements | 67,993 | ||
Total | 80,675 | ||
Accumulated depreciation | $ (53,742) | ||
Date of construction | 1988 | ||
Date acquired | Jan-95 | ||
Rental properties: | |||
Balance at the end of year | $ 80,675 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 53,742 | ||
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] | |||
Apartment Homes | apartment | 296 | ||
Initial cost | |||
Land | $ 21,725 | ||
Buildings and improvements | 92,091 | ||
Costs capitalized subsequent to acquisition | 6,974 | ||
Gross amount carried at close of period | |||
Land and improvements | 21,725 | ||
Buildings and improvements | 99,065 | ||
Total | 120,790 | ||
Accumulated depreciation | $ (34,031) | ||
Date of construction | 2009 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 120,790 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 34,031 | ||
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] | |||
Apartment Homes | apartment | 231 | ||
Initial cost | |||
Land | $ 17,247 | ||
Buildings and improvements | 40,343 | ||
Costs capitalized subsequent to acquisition | 8,891 | ||
Gross amount carried at close of period | |||
Land and improvements | 17,247 | ||
Buildings and improvements | 49,234 | ||
Total | 66,481 | ||
Accumulated depreciation | $ (22,441) | ||
Date of construction | 2004 | ||
Date acquired | Sep-10 | ||
Rental properties: | |||
Balance at the end of year | $ 66,481 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 22,441 | ||
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] | |||
Apartment Homes | apartment | 249 | ||
Initial cost | |||
Land | $ 16,197 | ||
Buildings and improvements | 67,207 | ||
Costs capitalized subsequent to acquisition | 7,536 | ||
Gross amount carried at close of period | |||
Land and improvements | 16,197 | ||
Buildings and improvements | 74,743 | ||
Total | 90,940 | ||
Accumulated depreciation | $ (27,769) | ||
Date of construction | 2001 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 90,940 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 27,769 | ||
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] | |||
Apartment Homes | apartment | 63 | ||
Initial cost | |||
Land | $ 5,401 | ||
Buildings and improvements | 21,803 | ||
Costs capitalized subsequent to acquisition | 1,940 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,401 | ||
Buildings and improvements | 23,743 | ||
Total | 29,144 | ||
Accumulated depreciation | $ (10,973) | ||
Date of construction | 2011 | ||
Date acquired | Aug-11 | ||
Rental properties: | |||
Balance at the end of year | $ 29,144 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 10,973 | ||
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] | |||
Apartment Homes | apartment | 71 | ||
Initial cost | |||
Land | $ 4,446 | ||
Buildings and improvements | 10,290 | ||
Costs capitalized subsequent to acquisition | 8,603 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,473 | ||
Buildings and improvements | 18,866 | ||
Total | 23,339 | ||
Accumulated depreciation | $ (12,941) | ||
Date of construction | 1974 | ||
Date acquired | Oct-06 | ||
Rental properties: | |||
Balance at the end of year | $ 23,339 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 12,941 | ||
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] | |||
Apartment Homes | apartment | 179 | ||
Initial cost | |||
Land | $ 21,771 | ||
Buildings and improvements | 50,800 | ||
Costs capitalized subsequent to acquisition | 35,727 | ||
Gross amount carried at close of period | |||
Land and improvements | 28,371 | ||
Buildings and improvements | 79,927 | ||
Total | 108,298 | ||
Accumulated depreciation | $ (33,192) | ||
Date of construction | 2004 | ||
Date acquired | Dec-12 | ||
Rental properties: | |||
Balance at the end of year | $ 108,298 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 33,192 | ||
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] | |||
Apartment Homes | apartment | 216 | ||
Initial cost | |||
Land | $ 10,802 | ||
Buildings and improvements | 43,209 | ||
Costs capitalized subsequent to acquisition | 8,363 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,802 | ||
Buildings and improvements | 51,572 | ||
Total | 62,374 | ||
Accumulated depreciation | $ (19,230) | ||
Date of construction | 1988 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 62,374 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 19,230 | ||
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] | |||
Apartment Homes | apartment | 120 | ||
Initial cost | |||
Land | $ 2,496 | ||
Buildings and improvements | 9,913 | ||
Costs capitalized subsequent to acquisition | 7,317 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,503 | ||
Buildings and improvements | 17,223 | ||
Total | 19,726 | ||
Accumulated depreciation | $ (12,311) | ||
Date of construction | 1983 | ||
Date acquired | Dec-02 | ||
Rental properties: | |||
Balance at the end of year | $ 19,726 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 12,311 | ||
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] | |||
Apartment Homes | apartment | 172 | ||
Initial cost | |||
Land | $ 3,520 | ||
Buildings and improvements | 8,182 | ||
Costs capitalized subsequent to acquisition | 16,885 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,580 | ||
Buildings and improvements | 25,007 | ||
Total | 28,587 | ||
Accumulated depreciation | $ (21,654) | ||
Date of construction | 1978 | ||
Date acquired | Jan-96 | ||
Rental properties: | |||
Balance at the end of year | $ 28,587 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 21,654 | ||
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] | |||
Apartment Homes | apartment | 170 | ||
Initial cost | |||
Land | $ 7,301 | ||
Buildings and improvements | 16,310 | ||
Costs capitalized subsequent to acquisition | 29,386 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,328 | ||
Buildings and improvements | 42,669 | ||
Total | 52,997 | ||
Accumulated depreciation | $ (31,628) | ||
Date of construction | 1973 | ||
Date acquired | Jun-00 | ||
Rental properties: | |||
Balance at the end of year | $ 52,997 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 31,628 | ||
Unencumbered Apartment Communities | Bridle Trails | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 108 | ||
Initial cost | |||
Land | $ 1,500 | ||
Buildings and improvements | 5,930 | ||
Costs capitalized subsequent to acquisition | 7,708 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,531 | ||
Buildings and improvements | 13,607 | ||
Total | 15,138 | ||
Accumulated depreciation | $ (10,907) | ||
Date of construction | 1986 | ||
Date acquired | Oct-97 | ||
Rental properties: | |||
Balance at the end of year | $ 15,138 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 10,907 | ||
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] | |||
Apartment Homes | apartment | 264 | ||
Initial cost | |||
Land | $ 2,623 | ||
Buildings and improvements | 10,800 | ||
Costs capitalized subsequent to acquisition | 9,940 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,656 | ||
Buildings and improvements | 20,707 | ||
Total | 23,363 | ||
Accumulated depreciation | $ (16,472) | ||
Date of construction | 1986 | ||
Date acquired | Dec-96 | ||
Rental properties: | |||
Balance at the end of year | $ 23,363 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 16,472 | ||
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] | |||
Apartment Homes | apartment | 188 | ||
Initial cost | |||
Land | $ 5,278 | ||
Buildings and improvements | 11,853 | ||
Costs capitalized subsequent to acquisition | 12,588 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,293 | ||
Buildings and improvements | 24,426 | ||
Total | 29,719 | ||
Accumulated depreciation | $ (20,375) | ||
Date of construction | 1989 | ||
Date acquired | Jan-95 | ||
Rental properties: | |||
Balance at the end of year | $ 29,719 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 20,375 | ||
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] | |||
Apartment Homes | apartment | 456 | ||
Initial cost | |||
Land | $ 11,498 | ||
Buildings and improvements | 27,871 | ||
Costs capitalized subsequent to acquisition | 105,664 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,639 | ||
Buildings and improvements | 133,394 | ||
Total | 145,033 | ||
Accumulated depreciation | $ (108,050) | ||
Date of construction | 1968 | ||
Date acquired | Mar-98 | ||
Rental properties: | |||
Balance at the end of year | $ 145,033 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 108,050 | ||
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] | |||
Apartment Homes | apartment | 564 | ||
Initial cost | |||
Land | $ 10,953 | ||
Buildings and improvements | 25,254 | ||
Costs capitalized subsequent to acquisition | 11,444 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,075 | ||
Buildings and improvements | 36,576 | ||
Total | 47,651 | ||
Accumulated depreciation | $ (31,531) | ||
Date of construction | 1985 | ||
Date acquired | Jul-96 | ||
Rental properties: | |||
Balance at the end of year | $ 47,651 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 31,531 | ||
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] | |||
Apartment Homes | apartment | 320 | ||
Initial cost | |||
Land | $ 18,185 | ||
Buildings and improvements | 72,739 | ||
Costs capitalized subsequent to acquisition | 7,558 | ||
Gross amount carried at close of period | |||
Land and improvements | 18,185 | ||
Buildings and improvements | 80,297 | ||
Total | 98,482 | ||
Accumulated depreciation | $ (28,576) | ||
Date of construction | 1998 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 98,482 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 28,576 | ||
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] | |||
Apartment Homes | apartment | 160 | ||
Initial cost | |||
Land | $ 6,871 | ||
Buildings and improvements | 26,119 | ||
Costs capitalized subsequent to acquisition | 3,686 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,931 | ||
Buildings and improvements | 29,745 | ||
Total | 36,676 | ||
Accumulated depreciation | $ (17,207) | ||
Date of construction | 1990 | ||
Date acquired | Dec-06 | ||
Rental properties: | |||
Balance at the end of year | $ 36,676 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 17,207 | ||
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 | Canvas | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 123 | ||
Initial cost | |||
Land | $ 10,489 | ||
Buildings and improvements | 36,924 | ||
Costs capitalized subsequent to acquisition | 647 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,489 | ||
Buildings and improvements | 37,571 | ||
Total | 48,060 | ||
Accumulated depreciation | $ (2,760) | ||
Date of construction | 2014 | ||
Date acquired | Dec-21 | ||
Rental properties: | |||
Balance at the end of year | $ 48,060 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 2,760 | ||
Unencumbered Apartment Communities | Canvas | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Unencumbered Apartment Communities | Canvas | 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] | |||
Apartment Homes | apartment | 250 | ||
Initial cost | |||
Land | $ 19,088 | ||
Buildings and improvements | 44,473 | ||
Costs capitalized subsequent to acquisition | 10,665 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,088 | ||
Buildings and improvements | 55,138 | ||
Total | 74,226 | ||
Accumulated depreciation | $ (30,637) | ||
Date of construction | 2005 | ||
Date acquired | May-07 | ||
Rental properties: | |||
Balance at the end of year | $ 74,226 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 30,637 | ||
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] | |||
Apartment Homes | apartment | 250 | ||
Initial cost | |||
Land | $ 4,692 | ||
Buildings and improvements | 18,288 | ||
Costs capitalized subsequent to acquisition | 12,017 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,693 | ||
Buildings and improvements | 30,304 | ||
Total | 34,997 | ||
Accumulated depreciation | $ (21,204) | ||
Date of construction | 1990 | ||
Date acquired | Oct-03 | ||
Rental properties: | |||
Balance at the end of year | $ 34,997 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 21,204 | ||
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] | |||
Apartment Homes | apartment | 102 | ||
Initial cost | |||
Land | $ 3,337 | ||
Buildings and improvements | 13,320 | ||
Costs capitalized subsequent to acquisition | 12,137 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,048 | ||
Buildings and improvements | 24,746 | ||
Total | 28,794 | ||
Accumulated depreciation | $ (18,155) | ||
Date of construction | 1961 | ||
Date acquired | Sep-01 | ||
Rental properties: | |||
Balance at the end of year | $ 28,794 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 18,155 | ||
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] | |||
Apartment Homes | apartment | 348 | ||
Initial cost | |||
Land | $ 26,842 | ||
Buildings and improvements | 107,368 | ||
Costs capitalized subsequent to acquisition | 11,508 | ||
Gross amount carried at close of period | |||
Land and improvements | 26,842 | ||
Buildings and improvements | 118,876 | ||
Total | 145,718 | ||
Accumulated depreciation | $ (43,830) | ||
Date of construction | 2000 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 145,718 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 43,830 | ||
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 | Carmel Landing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 356 | ||
Initial cost | |||
Land | $ 16,725 | ||
Buildings and improvements | 66,901 | ||
Costs capitalized subsequent to acquisition | 17,394 | ||
Gross amount carried at close of period | |||
Land and improvements | 16,725 | ||
Buildings and improvements | 84,295 | ||
Total | 101,020 | ||
Accumulated depreciation | $ (31,906) | ||
Date of construction | 1989 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 101,020 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 31,906 | ||
Unencumbered Apartment Communities | Carmel Landing | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 5 years | ||
Unencumbered Apartment Communities | Carmel Landing | Maximum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 30 years | ||
Unencumbered Apartment Communities | Carmel Summit | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 246 | ||
Initial cost | |||
Land | $ 14,968 | ||
Buildings and improvements | 59,871 | ||
Costs capitalized subsequent to acquisition | 9,529 | ||
Gross amount carried at close of period | |||
Land and improvements | 14,968 | ||
Buildings and improvements | 69,400 | ||
Total | 84,368 | ||
Accumulated depreciation | $ (24,358) | ||
Date of construction | 1989 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 84,368 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 24,358 | ||
Unencumbered Apartment Communities | Carmel Summit | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 5 years | ||
Unencumbered Apartment Communities | Carmel 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] | |||
Apartment Homes | apartment | 216 | ||
Initial cost | |||
Land | $ 4,149 | ||
Buildings and improvements | 16,028 | ||
Costs capitalized subsequent to acquisition | 8,333 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,833 | ||
Buildings and improvements | 23,677 | ||
Total | 28,510 | ||
Accumulated depreciation | $ (19,463) | ||
Date of construction | 1998 | ||
Date acquired | Dec-98 | ||
Rental properties: | |||
Balance at the end of year | $ 28,510 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 19,463 | ||
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] | |||
Apartment Homes | apartment | 128 | ||
Initial cost | |||
Land | $ 6,714 | ||
Buildings and improvements | 26,856 | ||
Costs capitalized subsequent to acquisition | 4,745 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,714 | ||
Buildings and improvements | 31,601 | ||
Total | 38,315 | ||
Accumulated depreciation | $ (11,166) | ||
Date of construction | 1987 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 38,315 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 11,166 | ||
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 | Cedar Terrace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 180 | ||
Initial cost | |||
Land | $ 5,543 | ||
Buildings and improvements | 16,442 | ||
Costs capitalized subsequent to acquisition | 11,649 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,652 | ||
Buildings and improvements | 27,982 | ||
Total | 33,634 | ||
Accumulated depreciation | $ (17,938) | ||
Date of construction | 1984 | ||
Date acquired | Jan-05 | ||
Rental properties: | |||
Balance at the end of year | $ 33,634 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 17,938 | ||
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] | |||
Apartment Homes | apartment | 224 | ||
Initial cost | |||
Land | $ 3,405 | ||
Buildings and improvements | 7,743 | ||
Costs capitalized subsequent to acquisition | 24,377 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,442 | ||
Buildings and improvements | 32,083 | ||
Total | 35,525 | ||
Accumulated depreciation | $ (26,545) | ||
Date of construction | 1974 | ||
Date acquired | Jun-97 | ||
Rental properties: | |||
Balance at the end of year | $ 35,525 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 26,545 | ||
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] | |||
Apartment Homes | apartment | 96 | ||
Initial cost | |||
Land | $ 6,582 | ||
Buildings and improvements | 15,689 | ||
Costs capitalized subsequent to acquisition | 3,055 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,582 | ||
Buildings and improvements | 18,744 | ||
Total | 25,326 | ||
Accumulated depreciation | $ (10,012) | ||
Date of construction | 2002 | ||
Date acquired | Jul-08 | ||
Rental properties: | |||
Balance at the end of year | $ 25,326 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 10,012 | ||
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] | |||
Apartment Homes | apartment | 572 | ||
Initial cost | |||
Land | $ 9,883 | ||
Buildings and improvements | 37,670 | ||
Costs capitalized subsequent to acquisition | 41,860 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,350 | ||
Buildings and improvements | 79,063 | ||
Total | 89,413 | ||
Accumulated depreciation | $ (63,724) | ||
Date of construction | 1975 | ||
Date acquired | Mar-98 | ||
Rental properties: | |||
Balance at the end of year | $ 89,413 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 63,724 | ||
Unencumbered Apartment Communities | Collins on Pine | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 76 | ||
Initial cost | |||
Land | $ 7,276 | ||
Buildings and improvements | 22,226 | ||
Costs capitalized subsequent to acquisition | 1,076 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,276 | ||
Buildings and improvements | 23,302 | ||
Total | 30,578 | ||
Accumulated depreciation | $ (7,783) | ||
Date of construction | 2013 | ||
Date acquired | May-14 | ||
Rental properties: | |||
Balance at the end of year | $ 30,578 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 7,783 | ||
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] | |||
Apartment Homes | apartment | 309 | ||
Initial cost | |||
Land | $ 19,949 | ||
Buildings and improvements | 123,428 | ||
Costs capitalized subsequent to acquisition | 5,503 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,949 | ||
Buildings and improvements | 128,931 | ||
Total | 148,880 | ||
Accumulated depreciation | $ (18,748) | ||
Date of construction | 2014 | ||
Date acquired | Jan-20 | ||
Rental properties: | |||
Balance at the end of year | $ 148,880 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 18,748 | ||
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] | |||
Apartment Homes | apartment | 169 | ||
Initial cost | |||
Land | $ 5,801 | ||
Buildings and improvements | 17,415 | ||
Costs capitalized subsequent to acquisition | 5,758 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,801 | ||
Buildings and improvements | 23,173 | ||
Total | 28,974 | ||
Accumulated depreciation | $ (11,369) | ||
Date of construction | 1978 | ||
Date acquired | Nov-10 | ||
Rental properties: | |||
Balance at the end of year | $ 28,974 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 11,369 | ||
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] | |||
Apartment Homes | apartment | 308 | ||
Initial cost | |||
Land | $ 13,912 | ||
Buildings and improvements | 55,649 | ||
Costs capitalized subsequent to acquisition | 6,220 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,912 | ||
Buildings and improvements | 61,869 | ||
Total | 75,781 | ||
Accumulated depreciation | $ (21,883) | ||
Date of construction | 1999 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 75,781 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 21,883 | ||
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] | |||
Apartment Homes | apartment | 180 | ||
Initial cost | |||
Land | $ 4,174 | ||
Buildings and improvements | 16,583 | ||
Costs capitalized subsequent to acquisition | 7,719 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,187 | ||
Buildings and improvements | 24,289 | ||
Total | 28,476 | ||
Accumulated depreciation | $ (17,013) | ||
Date of construction | 1976 | ||
Date acquired | Dec-02 | ||
Rental properties: | |||
Balance at the end of year | $ 28,476 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 17,013 | ||
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] | |||
Apartment Homes | apartment | 110 | ||
Initial cost | |||
Land | $ 7,465 | ||
Buildings and improvements | 21,405 | ||
Costs capitalized subsequent to acquisition | 7,676 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,465 | ||
Buildings and improvements | 29,081 | ||
Total | 36,546 | ||
Accumulated depreciation | $ (14,010) | ||
Date of construction | 2000 | ||
Date acquired | Oct-10 | ||
Rental properties: | |||
Balance at the end of year | $ 36,546 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 14,010 | ||
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] | |||
Apartment Homes | apartment | 400 | ||
Initial cost | |||
Land | $ 37,579 | ||
Buildings and improvements | 87,685 | ||
Costs capitalized subsequent to acquisition | 19,142 | ||
Gross amount carried at close of period | |||
Land and improvements | 37,579 | ||
Buildings and improvements | 106,827 | ||
Total | 144,406 | ||
Accumulated depreciation | $ (41,200) | ||
Date of construction | 1992 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 144,406 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 41,200 | ||
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] | |||
Apartment Homes | apartment | 171 | ||
Initial cost | |||
Land | $ 21,478 | ||
Buildings and improvements | 50,116 | ||
Costs capitalized subsequent to acquisition | 6,200 | ||
Gross amount carried at close of period | |||
Land and improvements | 21,478 | ||
Buildings and improvements | 56,316 | ||
Total | 77,794 | ||
Accumulated depreciation | $ (20,508) | ||
Date of construction | 1996 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 77,794 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 20,508 | ||
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 | Domaine | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 92 | ||
Initial cost | |||
Land | $ 9,059 | ||
Buildings and improvements | 27,177 | ||
Costs capitalized subsequent to acquisition | 2,016 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,059 | ||
Buildings and improvements | 29,193 | ||
Total | 38,252 | ||
Accumulated depreciation | $ (11,604) | ||
Date of construction | 2009 | ||
Date acquired | Sep-12 | ||
Rental properties: | |||
Balance at the end of year | $ 38,252 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 11,604 | ||
Unencumbered Apartment Communities | Elevation | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 158 | ||
Initial cost | |||
Land | $ 4,758 | ||
Buildings and improvements | 14,285 | ||
Costs capitalized subsequent to acquisition | 8,926 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,757 | ||
Buildings and improvements | 23,212 | ||
Total | 27,969 | ||
Accumulated depreciation | $ (13,693) | ||
Date of construction | 1986 | ||
Date acquired | Jun-10 | ||
Rental properties: | |||
Balance at the end of year | $ 27,969 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 13,693 | ||
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] | |||
Apartment Homes | apartment | 220 | ||
Initial cost | |||
Land | $ 15,066 | ||
Buildings and improvements | 45,249 | ||
Costs capitalized subsequent to acquisition | 6,721 | ||
Gross amount carried at close of period | |||
Land and improvements | 15,066 | ||
Buildings and improvements | 51,970 | ||
Total | 67,036 | ||
Accumulated depreciation | $ (18,149) | ||
Date of construction | 1994 | ||
Date acquired | Jul-14 | ||
Rental properties: | |||
Balance at the end of year | $ 67,036 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 18,149 | ||
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] | |||
Apartment Homes | apartment | 160 | ||
Initial cost | |||
Land | $ 8,458 | ||
Buildings and improvements | 33,832 | ||
Costs capitalized subsequent to acquisition | 3,854 | ||
Gross amount carried at close of period | |||
Land and improvements | 8,458 | ||
Buildings and improvements | 37,686 | ||
Total | 46,144 | ||
Accumulated depreciation | $ (13,690) | ||
Date of construction | 1989 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 46,144 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 13,690 | ||
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] | |||
Apartment Homes | apartment | 180 | ||
Initial cost | |||
Land | $ 3,449 | ||
Buildings and improvements | 7,801 | ||
Costs capitalized subsequent to acquisition | 8,762 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,449 | ||
Buildings and improvements | 16,563 | ||
Total | 20,012 | ||
Accumulated depreciation | $ (14,422) | ||
Date of construction | 1987 | ||
Date acquired | Nov-94 | ||
Rental properties: | |||
Balance at the end of year | $ 20,012 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 14,422 | ||
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] | |||
Apartment Homes | apartment | 144 | ||
Initial cost | |||
Land | $ 13,378 | ||
Buildings and improvements | 53,240 | ||
Costs capitalized subsequent to acquisition | 2,731 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,378 | ||
Buildings and improvements | 55,971 | ||
Total | 69,349 | ||
Accumulated depreciation | $ (14,061) | ||
Date of construction | 2012 | ||
Date acquired | Dec-16 | ||
Rental properties: | |||
Balance at the end of year | $ 69,349 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 14,061 | ||
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] | |||
Apartment Homes | apartment | 190 | ||
Initial cost | |||
Land | $ 15,039 | ||
Buildings and improvements | 80,532 | ||
Costs capitalized subsequent to acquisition | 1,602 | ||
Gross amount carried at close of period | |||
Land and improvements | 15,039 | ||
Buildings and improvements | 82,134 | ||
Total | 97,173 | ||
Accumulated depreciation | $ (11,594) | ||
Date of construction | 2015 | ||
Date acquired | Jan-20 | ||
Rental properties: | |||
Balance at the end of year | $ 97,173 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 11,594 | ||
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] | |||
Apartment Homes | apartment | 183 | ||
Initial cost | |||
Land | $ 21,397 | ||
Buildings and improvements | 71,135 | ||
Costs capitalized subsequent to acquisition | 3,565 | ||
Gross amount carried at close of period | |||
Land and improvements | 21,397 | ||
Buildings and improvements | 74,700 | ||
Total | 96,097 | ||
Accumulated depreciation | $ (21,195) | ||
Date of construction | 2014 | ||
Date acquired | Dec-15 | ||
Rental properties: | |||
Balance at the end of year | $ 96,097 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 21,195 | ||
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] | |||
Apartment Homes | apartment | 769 | ||
Initial cost | |||
Land | $ 89,111 | ||
Buildings and improvements | 307,769 | ||
Costs capitalized subsequent to acquisition | 5,723 | ||
Gross amount carried at close of period | |||
Land and improvements | 89,111 | ||
Buildings and improvements | 313,492 | ||
Total | 402,603 | ||
Accumulated depreciation | $ (43,577) | ||
Date of construction | 2013 | ||
Date acquired | Jan-20 | ||
Rental properties: | |||
Balance at the end of year | $ 402,603 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 43,577 | ||
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] | |||
Apartment Homes | apartment | 278 | ||
Initial cost | |||
Land | $ 18,170 | ||
Buildings and improvements | 40,086 | ||
Costs capitalized subsequent to acquisition | 18,769 | ||
Gross amount carried at close of period | |||
Land and improvements | 18,429 | ||
Buildings and improvements | 58,596 | ||
Total | 77,025 | ||
Accumulated depreciation | $ (40,654) | ||
Date of construction | 2002 | ||
Date acquired | Apr-04 | ||
Rental properties: | |||
Balance at the end of year | $ 77,025 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 40,654 | ||
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] | |||
Apartment Homes | apartment | 350 | ||
Initial cost | |||
Land | $ 21,537 | ||
Buildings and improvements | 146,099 | ||
Costs capitalized subsequent to acquisition | 19,047 | ||
Gross amount carried at close of period | |||
Land and improvements | 21,537 | ||
Buildings and improvements | 165,146 | ||
Total | 186,683 | ||
Accumulated depreciation | $ (68,901) | ||
Date of construction | 2008 | ||
Date acquired | Apr-10 | ||
Rental properties: | |||
Balance at the end of year | $ 186,683 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 68,901 | ||
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] | |||
Apartment Homes | apartment | 200 | ||
Initial cost | |||
Land | $ 3,566 | ||
Buildings and improvements | 13,395 | ||
Costs capitalized subsequent to acquisition | 9,409 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,649 | ||
Buildings and improvements | 22,721 | ||
Total | 26,370 | ||
Accumulated depreciation | $ (18,796) | ||
Date of construction | 1990 | ||
Date acquired | Jun-97 | ||
Rental properties: | |||
Balance at the end of year | $ 26,370 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 18,796 | ||
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] | |||
Apartment Homes | apartment | 164 | ||
Initial cost | |||
Land | $ 2,626 | ||
Buildings and improvements | 10,485 | ||
Costs capitalized subsequent to acquisition | 11,748 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,957 | ||
Buildings and improvements | 21,902 | ||
Total | 24,859 | ||
Accumulated depreciation | $ (17,103) | ||
Date of construction | 1970 | ||
Date acquired | Nov-01 | ||
Rental properties: | |||
Balance at the end of year | $ 24,859 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 17,103 | ||
Unencumbered Apartment Communities | Fairway Apartments at Big Canyon | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 74 | ||
Initial cost | |||
Land | $ 0 | ||
Buildings and improvements | 7,850 | ||
Costs capitalized subsequent to acquisition | 9,654 | ||
Gross amount carried at close of period | |||
Land and improvements | 0 | ||
Buildings and improvements | 17,504 | ||
Total | 17,504 | ||
Accumulated depreciation | $ (15,324) | ||
Date of construction | 1972 | ||
Date acquired | Jun-99 | ||
Rental properties: | |||
Balance at the end of year | $ 17,504 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 15,324 | ||
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] | |||
Apartment Homes | apartment | 194 | ||
Initial cost | |||
Land | $ 5,296 | ||
Buildings and improvements | 15,564 | ||
Costs capitalized subsequent to acquisition | 6,603 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,297 | ||
Buildings and improvements | 22,166 | ||
Total | 27,463 | ||
Accumulated depreciation | $ (14,306) | ||
Date of construction | 1997 | ||
Date acquired | Oct-04 | ||
Rental properties: | |||
Balance at the end of year | $ 27,463 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 14,306 | ||
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] | |||
Apartment Homes | apartment | 394 | ||
Initial cost | |||
Land | $ 2,435 | ||
Buildings and improvements | 9,821 | ||
Costs capitalized subsequent to acquisition | 44,756 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,440 | ||
Buildings and improvements | 54,572 | ||
Total | 57,012 | ||
Accumulated depreciation | $ (51,045) | ||
Date of construction | 1978 | ||
Date acquired | Mar-90 | ||
Rental properties: | |||
Balance at the end of year | $ 57,012 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 51,045 | ||
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] | |||
Apartment Homes | apartment | 176 | ||
Initial cost | |||
Land | $ 5,875 | ||
Buildings and improvements | 13,992 | ||
Costs capitalized subsequent to acquisition | 15,512 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,964 | ||
Buildings and improvements | 29,415 | ||
Total | 35,379 | ||
Accumulated depreciation | $ (24,065) | ||
Date of construction | 1985 | ||
Date acquired | Feb-97 | ||
Rental properties: | |||
Balance at the end of year | $ 35,379 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 24,065 | ||
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] | |||
Apartment Homes | apartment | 192 | ||
Initial cost | |||
Land | $ 3,731 | ||
Buildings and improvements | 14,530 | ||
Costs capitalized subsequent to acquisition | 5,619 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,731 | ||
Buildings and improvements | 20,149 | ||
Total | 23,880 | ||
Accumulated depreciation | $ (13,213) | ||
Date of construction | 1998 | ||
Date acquired | Oct-03 | ||
Rental properties: | |||
Balance at the end of year | $ 23,880 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 13,213 | ||
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 | Form 15 | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 242 | ||
Initial cost | |||
Land | $ 24,510 | ||
Buildings and improvements | 72,221 | ||
Costs capitalized subsequent to acquisition | 14,885 | ||
Gross amount carried at close of period | |||
Land and improvements | 25,540 | ||
Buildings and improvements | 86,076 | ||
Total | 111,616 | ||
Accumulated depreciation | $ (24,271) | ||
Date of construction | 2014 | ||
Date acquired | Mar-16 | ||
Rental properties: | |||
Balance at the end of year | $ 111,616 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 24,271 | ||
Unencumbered Apartment Communities | Foster's Landing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 490 | ||
Initial cost | |||
Land | $ 61,714 | ||
Buildings and improvements | 144,000 | ||
Costs capitalized subsequent to acquisition | 18,648 | ||
Gross amount carried at close of period | |||
Land and improvements | 61,714 | ||
Buildings and improvements | 162,648 | ||
Total | 224,362 | ||
Accumulated depreciation | $ (60,005) | ||
Date of construction | 1987 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 224,362 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 60,005 | ||
Unencumbered Apartment Communities | Fountain Court | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 320 | ||
Initial cost | |||
Land | $ 6,702 | ||
Buildings and improvements | 27,306 | ||
Costs capitalized subsequent to acquisition | 16,464 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,985 | ||
Buildings and improvements | 43,487 | ||
Total | 50,472 | ||
Accumulated depreciation | $ (35,378) | ||
Date of construction | 2000 | ||
Date acquired | Mar-00 | ||
Rental properties: | |||
Balance at the end of year | $ 50,472 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 35,378 | ||
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 | Fountains at River Oaks | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 226 | ||
Initial cost | |||
Land | $ 26,046 | ||
Buildings and improvements | 60,773 | ||
Costs capitalized subsequent to acquisition | 9,144 | ||
Gross amount carried at close of period | |||
Land and improvements | 26,046 | ||
Buildings and improvements | 69,917 | ||
Total | 95,963 | ||
Accumulated depreciation | $ (26,176) | ||
Date of construction | 1990 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 95,963 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 26,176 | ||
Unencumbered Apartment Communities | Fountains at River Oaks | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Unencumbered Apartment Communities | Fountains at River Oaks | 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] | |||
Apartment Homes | apartment | 171 | ||
Initial cost | |||
Land | $ 8,879 | ||
Buildings and improvements | 52,351 | ||
Costs capitalized subsequent to acquisition | 5,944 | ||
Gross amount carried at close of period | |||
Land and improvements | 8,879 | ||
Buildings and improvements | 58,295 | ||
Total | 67,174 | ||
Accumulated depreciation | $ (27,867) | ||
Date of construction | 2010 | ||
Date acquired | Apr-10 | ||
Rental properties: | |||
Balance at the end of year | $ 67,174 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 27,867 | ||
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] | |||
Apartment Homes | apartment | 445 | ||
Initial cost | |||
Land | $ 39,731 | ||
Buildings and improvements | 92,706 | ||
Costs capitalized subsequent to acquisition | 43,656 | ||
Gross amount carried at close of period | |||
Land and improvements | 39,731 | ||
Buildings and improvements | 136,362 | ||
Total | 176,093 | ||
Accumulated depreciation | $ (63,688) | ||
Date of construction | 1968 | ||
Date acquired | Feb-13 | ||
Rental properties: | |||
Balance at the end of year | $ 176,093 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 63,688 | ||
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 | Hacienda at Camarillo Oaks | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 73 | ||
Initial cost | |||
Land | $ 5,497 | ||
Buildings and improvements | 17,572 | ||
Costs capitalized subsequent to acquisition | 2,464 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,497 | ||
Buildings and improvements | 20,036 | ||
Total | 25,533 | ||
Accumulated depreciation | $ (522) | ||
Date of construction | 1984 | ||
Date acquired | Apr-23 | ||
Rental properties: | |||
Balance at the end of year | $ 25,533 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 522 | ||
Unencumbered Apartment Communities | Hacienda at Camarillo Oaks | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Unencumbered Apartment Communities | Hacienda at Camarillo Oaks | 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] | |||
Apartment Homes | apartment | 215 | ||
Initial cost | |||
Land | $ 6,695 | ||
Buildings and improvements | 16,753 | ||
Costs capitalized subsequent to acquisition | 31,710 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,733 | ||
Buildings and improvements | 48,425 | ||
Total | 55,158 | ||
Accumulated depreciation | $ (39,183) | ||
Date of construction | 1970 | ||
Date acquired | Jun-99 | ||
Rental properties: | |||
Balance at the end of year | $ 55,158 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 39,183 | ||
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] | |||
Apartment Homes | apartment | 333 | ||
Initial cost | |||
Land | $ 16,271 | ||
Buildings and improvements | 48,932 | ||
Costs capitalized subsequent to acquisition | 17,578 | ||
Gross amount carried at close of period | |||
Land and improvements | 16,271 | ||
Buildings and improvements | 66,510 | ||
Total | 82,781 | ||
Accumulated depreciation | $ (39,218) | ||
Date of construction | 2000 | ||
Date acquired | Aug-08 | ||
Rental properties: | |||
Balance at the end of year | $ 82,781 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 39,218 | ||
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] | |||
Apartment Homes | apartment | 608 | ||
Initial cost | |||
Land | $ 15,318 | ||
Buildings and improvements | 40,601 | ||
Costs capitalized subsequent to acquisition | 29,837 | ||
Gross amount carried at close of period | |||
Land and improvements | 15,755 | ||
Buildings and improvements | 70,001 | ||
Total | 85,756 | ||
Accumulated depreciation | $ (53,986) | ||
Date of construction | 1973 | ||
Date acquired | Mar-98 | ||
Rental properties: | |||
Balance at the end of year | $ 85,756 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 53,986 | ||
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] | |||
Apartment Homes | apartment | 697 | ||
Initial cost | |||
Land | $ 22,000 | ||
Buildings and improvements | 94,681 | ||
Costs capitalized subsequent to acquisition | 42,417 | ||
Gross amount carried at close of period | |||
Land and improvements | 22,000 | ||
Buildings and improvements | 137,098 | ||
Total | 159,098 | ||
Accumulated depreciation | $ (81,397) | ||
Date of construction | 1948 | ||
Date acquired | Sep-06 | ||
Rental properties: | |||
Balance at the end of year | $ 159,098 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 81,397 | ||
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] | |||
Apartment Homes | apartment | 108 | ||
Initial cost | |||
Land | $ 4,078 | ||
Buildings and improvements | 16,877 | ||
Costs capitalized subsequent to acquisition | 3,986 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,208 | ||
Buildings and improvements | 20,733 | ||
Total | 24,941 | ||
Accumulated depreciation | $ (11,834) | ||
Date of construction | 1965 | ||
Date acquired | Mar-07 | ||
Rental properties: | |||
Balance at the end of year | $ 24,941 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 11,834 | ||
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] | |||
Apartment Homes | apartment | 342 | ||
Initial cost | |||
Land | $ 9,306 | ||
Buildings and improvements | 22,720 | ||
Costs capitalized subsequent to acquisition | 26,749 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,315 | ||
Buildings and improvements | 49,460 | ||
Total | 58,775 | ||
Accumulated depreciation | $ (41,562) | ||
Date of construction | 1984 | ||
Date acquired | Oct-97 | ||
Rental properties: | |||
Balance at the end of year | $ 58,775 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 41,562 | ||
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] | |||
Apartment Homes | apartment | 224 | ||
Initial cost | |||
Land | $ 3,467 | ||
Buildings and improvements | 7,881 | ||
Costs capitalized subsequent to acquisition | 10,148 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,474 | ||
Buildings and improvements | 18,022 | ||
Total | 21,496 | ||
Accumulated depreciation | $ (15,994) | ||
Date of construction | 1985 | ||
Date acquired | Oct-94 | ||
Rental properties: | |||
Balance at the end of year | $ 21,496 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 15,994 | ||
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] | |||
Apartment Homes | apartment | 150 | ||
Initial cost | |||
Land | $ 17,774 | ||
Buildings and improvements | 41,473 | ||
Costs capitalized subsequent to acquisition | 9,261 | ||
Gross amount carried at close of period | |||
Land and improvements | 17,774 | ||
Buildings and improvements | 50,734 | ||
Total | 68,508 | ||
Accumulated depreciation | $ (18,567) | ||
Date of construction | 1973 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 68,508 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 18,567 | ||
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] | |||
Apartment Homes | apartment | 308 | ||
Initial cost | |||
Land | $ 38,155 | ||
Buildings and improvements | 89,028 | ||
Costs capitalized subsequent to acquisition | 15,358 | ||
Gross amount carried at close of period | |||
Land and improvements | 38,155 | ||
Buildings and improvements | 104,386 | ||
Total | 142,541 | ||
Accumulated depreciation | $ (38,936) | ||
Date of construction | 1988 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 142,541 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 38,936 | ||
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] | |||
Apartment Homes | apartment | 164 | ||
Initial cost | |||
Land | $ 1,559 | ||
Buildings and improvements | 6,430 | ||
Costs capitalized subsequent to acquisition | 9,494 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,595 | ||
Buildings and improvements | 15,888 | ||
Total | 17,483 | ||
Accumulated depreciation | $ (13,520) | ||
Date of construction | 1981 | ||
Date acquired | Dec-96 | ||
Rental properties: | |||
Balance at the end of year | $ 17,483 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 13,520 | ||
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 | Le Parc | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 140 | ||
Initial cost | |||
Land | $ 3,090 | ||
Buildings and improvements | 7,421 | ||
Costs capitalized subsequent to acquisition | 16,203 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,092 | ||
Buildings and improvements | 23,622 | ||
Total | 26,714 | ||
Accumulated depreciation | $ (20,121) | ||
Date of construction | 1975 | ||
Date acquired | Feb-94 | ||
Rental properties: | |||
Balance at the end of year | $ 26,714 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 20,121 | ||
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] | |||
Apartment Homes | apartment | 202 | ||
Initial cost | |||
Land | $ 4,700 | ||
Buildings and improvements | 18,605 | ||
Costs capitalized subsequent to acquisition | 12,518 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,760 | ||
Buildings and improvements | 31,063 | ||
Total | 35,823 | ||
Accumulated depreciation | $ (22,713) | ||
Date of construction | 1987 | ||
Date acquired | Sep-02 | ||
Rental properties: | |||
Balance at the end of year | $ 35,823 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 22,713 | ||
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] | |||
Apartment Homes | apartment | 101 | ||
Initial cost | |||
Land | $ 0 | ||
Buildings and improvements | 28,167 | ||
Costs capitalized subsequent to acquisition | 35,482 | ||
Gross amount carried at close of period | |||
Land and improvements | 0 | ||
Buildings and improvements | 63,649 | ||
Total | 63,649 | ||
Accumulated depreciation | $ (41,034) | ||
Date of construction | 1971 | ||
Date acquired | Jan-04 | ||
Rental properties: | |||
Balance at the end of year | $ 63,649 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 41,034 | ||
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] | |||
Apartment Homes | apartment | 292 | ||
Initial cost | |||
Land | $ 5,320 | ||
Buildings and improvements | 16,431 | ||
Costs capitalized subsequent to acquisition | 19,363 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,324 | ||
Buildings and improvements | 35,790 | ||
Total | 41,114 | ||
Accumulated depreciation | $ (32,469) | ||
Date of construction | 1974 | ||
Date acquired | Jun-94 | ||
Rental properties: | |||
Balance at the end of year | $ 41,114 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 32,469 | ||
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] | |||
Apartment Homes | apartment | 105 | ||
Initial cost | |||
Land | $ 1,555 | ||
Buildings and improvements | 6,103 | ||
Costs capitalized subsequent to acquisition | 3,639 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,562 | ||
Buildings and improvements | 9,735 | ||
Total | 11,297 | ||
Accumulated depreciation | $ (7,468) | ||
Date of construction | 1987 | ||
Date acquired | May-00 | ||
Rental properties: | |||
Balance at the end of year | $ 11,297 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 7,468 | ||
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] | |||
Apartment Homes | apartment | 360 | ||
Initial cost | |||
Land | $ 42,001 | ||
Buildings and improvements | 212,648 | ||
Costs capitalized subsequent to acquisition | 16,253 | ||
Gross amount carried at close of period | |||
Land and improvements | 42,001 | ||
Buildings and improvements | 228,901 | ||
Total | 270,902 | ||
Accumulated depreciation | $ (73,498) | ||
Date of construction | 2014 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 270,902 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 73,498 | ||
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] | |||
Apartment Homes | apartment | 133 | ||
Initial cost | |||
Land | $ 1,888 | ||
Buildings and improvements | 7,498 | ||
Costs capitalized subsequent to acquisition | 3,507 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,894 | ||
Buildings and improvements | 10,999 | ||
Total | 12,893 | ||
Accumulated depreciation | $ (7,755) | ||
Date of construction | 1963 | ||
Date acquired | Dec-02 | ||
Rental properties: | |||
Balance at the end of year | $ 12,893 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 7,755 | ||
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] | |||
Apartment Homes | apartment | 400 | ||
Initial cost | |||
Land | $ 29,551 | ||
Buildings and improvements | 69,032 | ||
Costs capitalized subsequent to acquisition | 14,805 | ||
Gross amount carried at close of period | |||
Land and improvements | 29,551 | ||
Buildings and improvements | 83,837 | ||
Total | 113,388 | ||
Accumulated depreciation | $ (45,026) | ||
Date of construction | 2005 | ||
Date acquired | Sep-07 | ||
Rental properties: | |||
Balance at the end of year | $ 113,388 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 45,026 | ||
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] | |||
Apartment Homes | apartment | 103 | ||
Initial cost | |||
Land | $ 11,012 | ||
Buildings and improvements | 39,982 | ||
Costs capitalized subsequent to acquisition | 2,153 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,012 | ||
Buildings and improvements | 42,135 | ||
Total | 53,147 | ||
Accumulated depreciation | $ (11,663) | ||
Date of construction | 2015 | ||
Date acquired | Jan-16 | ||
Rental properties: | |||
Balance at the end of year | $ 53,147 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 11,663 | ||
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] | |||
Apartment Homes | apartment | 188 | ||
Initial cost | |||
Land | $ 6,180 | ||
Buildings and improvements | 26,673 | ||
Costs capitalized subsequent to acquisition | 20,139 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,270 | ||
Buildings and improvements | 46,722 | ||
Total | 52,992 | ||
Accumulated depreciation | $ (33,524) | ||
Date of construction | 2000 | ||
Date acquired | May-00 | ||
Rental properties: | |||
Balance at the end of year | $ 52,992 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 33,524 | ||
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] | |||
Apartment Homes | apartment | 354 | ||
Initial cost | |||
Land | $ 7,165 | ||
Buildings and improvements | 28,459 | ||
Costs capitalized subsequent to acquisition | 16,734 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,186 | ||
Buildings and improvements | 45,172 | ||
Total | 52,358 | ||
Accumulated depreciation | $ (32,198) | ||
Date of construction | 1982 | ||
Date acquired | Dec-02 | ||
Rental properties: | |||
Balance at the end of year | $ 52,358 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 32,198 | ||
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] | |||
Apartment Homes | apartment | 236 | ||
Initial cost | |||
Land | $ 7,791 | ||
Buildings and improvements | 23,075 | ||
Costs capitalized subsequent to acquisition | 20,649 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,886 | ||
Buildings and improvements | 43,629 | ||
Total | 51,515 | ||
Accumulated depreciation | $ (34,078) | ||
Date of construction | 1988 | ||
Date acquired | Aug-97 | ||
Rental properties: | |||
Balance at the end of year | $ 51,515 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 34,078 | ||
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] | |||
Apartment Homes | apartment | 282 | ||
Initial cost | |||
Land | $ 10,099 | ||
Buildings and improvements | 38,778 | ||
Costs capitalized subsequent to acquisition | 15,512 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,167 | ||
Buildings and improvements | 54,222 | ||
Total | 64,389 | ||
Accumulated depreciation | $ (35,135) | ||
Date of construction | 1984 | ||
Date acquired | Jul-05 | ||
Rental properties: | |||
Balance at the end of year | $ 64,389 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 35,135 | ||
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] | |||
Apartment Homes | apartment | 453 | ||
Initial cost | |||
Land | $ 46,499 | ||
Buildings and improvements | 108,498 | ||
Costs capitalized subsequent to acquisition | 13,839 | ||
Gross amount carried at close of period | |||
Land and improvements | 46,499 | ||
Buildings and improvements | 122,337 | ||
Total | 168,836 | ||
Accumulated depreciation | $ (44,778) | ||
Date of construction | 1995 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 168,836 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 44,778 | ||
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] | |||
Apartment Homes | apartment | 336 | ||
Initial cost | |||
Land | $ 31,429 | ||
Buildings and improvements | 73,334 | ||
Costs capitalized subsequent to acquisition | 12,394 | ||
Gross amount carried at close of period | |||
Land and improvements | 31,429 | ||
Buildings and improvements | 85,728 | ||
Total | 117,157 | ||
Accumulated depreciation | $ (32,318) | ||
Date of construction | 1989 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 117,157 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 32,318 | ||
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 | Montanosa | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 472 | ||
Initial cost | |||
Land | $ 26,697 | ||
Buildings and improvements | 106,787 | ||
Costs capitalized subsequent to acquisition | 15,499 | ||
Gross amount carried at close of period | |||
Land and improvements | 26,697 | ||
Buildings and improvements | 122,286 | ||
Total | 148,983 | ||
Accumulated depreciation | $ (43,193) | ||
Date of construction | 1990 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 148,983 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 43,193 | ||
Unencumbered Apartment Communities | Montclaire | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 390 | ||
Initial cost | |||
Land | $ 4,842 | ||
Buildings and improvements | 19,776 | ||
Costs capitalized subsequent to acquisition | 32,229 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,997 | ||
Buildings and improvements | 51,850 | ||
Total | 56,847 | ||
Accumulated depreciation | $ (47,688) | ||
Date of construction | 1973 | ||
Date acquired | Dec-88 | ||
Rental properties: | |||
Balance at the end of year | $ 56,847 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 47,688 | ||
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] | |||
Apartment Homes | apartment | 248 | ||
Initial cost | |||
Land | $ 13,857 | ||
Buildings and improvements | 41,575 | ||
Costs capitalized subsequent to acquisition | 15,803 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,858 | ||
Buildings and improvements | 57,377 | ||
Total | 71,235 | ||
Accumulated depreciation | $ (23,364) | ||
Date of construction | 1996 | ||
Date acquired | Jul-12 | ||
Rental properties: | |||
Balance at the end of year | $ 71,235 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 23,364 | ||
Unencumbered Apartment Communities | Montejo Apartments | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 124 | ||
Initial cost | |||
Land | $ 1,925 | ||
Buildings and improvements | 7,685 | ||
Costs capitalized subsequent to acquisition | 6,287 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,194 | ||
Buildings and improvements | 13,703 | ||
Total | 15,897 | ||
Accumulated depreciation | $ (9,460) | ||
Date of construction | 1974 | ||
Date acquired | Nov-01 | ||
Rental properties: | |||
Balance at the end of year | $ 15,897 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 9,460 | ||
Unencumbered Apartment Communities | Monterey Villas | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 122 | ||
Initial cost | |||
Land | $ 2,349 | ||
Buildings and improvements | 5,579 | ||
Costs capitalized subsequent to acquisition | 8,980 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,424 | ||
Buildings and improvements | 14,484 | ||
Total | 16,908 | ||
Accumulated depreciation | $ (11,089) | ||
Date of construction | 1974 | ||
Date acquired | Jul-97 | ||
Rental properties: | |||
Balance at the end of year | $ 16,908 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 11,089 | ||
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] | |||
Apartment Homes | apartment | 152 | ||
Initial cost | |||
Land | $ 7,822 | ||
Buildings and improvements | 33,436 | ||
Costs capitalized subsequent to acquisition | 7,109 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,823 | ||
Buildings and improvements | 40,544 | ||
Total | 48,367 | ||
Accumulated depreciation | $ (19,798) | ||
Date of construction | 2011 | ||
Date acquired | Feb-11 | ||
Rental properties: | |||
Balance at the end of year | $ 48,367 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 19,798 | ||
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 | Mylo | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 476 | ||
Initial cost | |||
Land | $ 6,472 | ||
Buildings and improvements | 206,098 | ||
Costs capitalized subsequent to acquisition | 867 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,472 | ||
Buildings and improvements | 206,965 | ||
Total | 213,437 | ||
Accumulated depreciation | $ (35,556) | ||
Date of construction | 2021 | ||
Date acquired | Jun-21 | ||
Rental properties: | |||
Balance at the end of year | $ 213,437 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 35,556 | ||
Unencumbered Apartment Communities | Mylo | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Unencumbered Apartment Communities | Mylo | 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] | |||
Apartment Homes | apartment | 121 | ||
Initial cost | |||
Land | $ 9,359 | ||
Buildings and improvements | 21,845 | ||
Costs capitalized subsequent to acquisition | 11,284 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,359 | ||
Buildings and improvements | 33,129 | ||
Total | 42,488 | ||
Accumulated depreciation | $ (17,925) | ||
Date of construction | 1971 | ||
Date acquired | Mar-11 | ||
Rental properties: | |||
Balance at the end of year | $ 42,488 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 17,925 | ||
Unencumbered Apartment Communities | Palm Valley | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 1,100 | ||
Initial cost | |||
Land | $ 133,802 | ||
Buildings and improvements | 312,205 | ||
Costs capitalized subsequent to acquisition | 33,448 | ||
Gross amount carried at close of period | |||
Land and improvements | 133,802 | ||
Buildings and improvements | 345,653 | ||
Total | 479,455 | ||
Accumulated depreciation | $ (91,453) | ||
Date of construction | 2008 | ||
Date acquired | Jan-17 | ||
Rental properties: | |||
Balance at the end of year | $ 479,455 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 91,453 | ||
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 | Park Catalina | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 90 | ||
Initial cost | |||
Land | $ 4,710 | ||
Buildings and improvements | 18,839 | ||
Costs capitalized subsequent to acquisition | 4,825 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,710 | ||
Buildings and improvements | 23,664 | ||
Total | 28,374 | ||
Accumulated depreciation | $ (10,795) | ||
Date of construction | 2002 | ||
Date acquired | Jun-12 | ||
Rental properties: | |||
Balance at the end of year | $ 28,374 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 10,795 | ||
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] | |||
Apartment Homes | apartment | 250 | ||
Initial cost | |||
Land | $ 9,391 | ||
Buildings and improvements | 38,224 | ||
Costs capitalized subsequent to acquisition | 15,944 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,391 | ||
Buildings and improvements | 54,168 | ||
Total | 63,559 | ||
Accumulated depreciation | $ (25,009) | ||
Date of construction | 1993 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 63,559 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 25,009 | ||
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] | |||
Apartment Homes | apartment | 245 | ||
Initial cost | |||
Land | $ 7,284 | ||
Buildings and improvements | 21,937 | ||
Costs capitalized subsequent to acquisition | 15,309 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,284 | ||
Buildings and improvements | 37,246 | ||
Total | 44,530 | ||
Accumulated depreciation | $ (24,420) | ||
Date of construction | 1999 | ||
Date acquired | Feb-99 | ||
Rental properties: | |||
Balance at the end of year | $ 44,530 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 24,420 | ||
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] | |||
Apartment Homes | apartment | 320 | ||
Initial cost | |||
Land | $ 15,894 | ||
Buildings and improvements | 63,574 | ||
Costs capitalized subsequent to acquisition | 7,165 | ||
Gross amount carried at close of period | |||
Land and improvements | 15,894 | ||
Buildings and improvements | 70,739 | ||
Total | 86,633 | ||
Accumulated depreciation | $ (25,521) | ||
Date of construction | 2008 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 86,633 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 25,521 | ||
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] | |||
Apartment Homes | apartment | 126 | ||
Initial cost | |||
Land | $ 9,424 | ||
Buildings and improvements | 21,988 | ||
Costs capitalized subsequent to acquisition | 14,824 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,424 | ||
Buildings and improvements | 36,812 | ||
Total | 46,236 | ||
Accumulated depreciation | $ (19,991) | ||
Date of construction | 1958 | ||
Date acquired | Sep-12 | ||
Rental properties: | |||
Balance at the end of year | $ 46,236 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 19,991 | ||
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] | |||
Apartment Homes | apartment | 240 | ||
Initial cost | |||
Land | $ 10,680 | ||
Buildings and improvements | 42,722 | ||
Costs capitalized subsequent to acquisition | 4,885 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,680 | ||
Buildings and improvements | 47,607 | ||
Total | 58,287 | ||
Accumulated depreciation | $ (17,576) | ||
Date of construction | 1989 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 58,287 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 17,576 | ||
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] | |||
Apartment Homes | apartment | 295 | ||
Initial cost | |||
Land | $ 14,558 | ||
Buildings and improvements | 69,417 | ||
Costs capitalized subsequent to acquisition | 8,927 | ||
Gross amount carried at close of period | |||
Land and improvements | 14,558 | ||
Buildings and improvements | 78,344 | ||
Total | 92,902 | ||
Accumulated depreciation | $ (38,284) | ||
Date of construction | 2010 | ||
Date acquired | Mar-10 | ||
Rental properties: | |||
Balance at the end of year | $ 92,902 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 38,284 | ||
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] | |||
Apartment Homes | apartment | 296 | ||
Initial cost | |||
Land | $ 4,083 | ||
Buildings and improvements | 16,757 | ||
Costs capitalized subsequent to acquisition | 24,405 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,239 | ||
Buildings and improvements | 39,006 | ||
Total | 45,245 | ||
Accumulated depreciation | $ (35,534) | ||
Date of construction | 1975 | ||
Date acquired | Feb-91 | ||
Rental properties: | |||
Balance at the end of year | $ 45,245 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 35,534 | ||
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] | |||
Apartment Homes | apartment | 396 | ||
Initial cost | |||
Land | $ 19,848 | ||
Buildings and improvements | 59,606 | ||
Costs capitalized subsequent to acquisition | 20,462 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,848 | ||
Buildings and improvements | 80,068 | ||
Total | 99,916 | ||
Accumulated depreciation | $ (32,025) | ||
Date of construction | 1969 | ||
Date acquired | May-14 | ||
Rental properties: | |||
Balance at the end of year | $ 99,916 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 32,025 | ||
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] | |||
Apartment Homes | apartment | 28 | ||
Initial cost | |||
Land | $ 0 | ||
Buildings and improvements | 1,711 | ||
Costs capitalized subsequent to acquisition | 943 | ||
Gross amount carried at close of period | |||
Land and improvements | 0 | ||
Buildings and improvements | 2,654 | ||
Total | 2,654 | ||
Accumulated depreciation | $ (2,051) | ||
Date of construction | 1973 | ||
Date acquired | Dec-04 | ||
Rental properties: | |||
Balance at the end of year | $ 2,654 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 2,051 | ||
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] | |||
Apartment Homes | apartment | 192 | ||
Initial cost | |||
Land | $ 11,019 | ||
Buildings and improvements | 45,932 | ||
Costs capitalized subsequent to acquisition | 7,172 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,019 | ||
Buildings and improvements | 53,104 | ||
Total | 64,123 | ||
Accumulated depreciation | $ (19,644) | ||
Date of construction | 2004 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 64,123 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 19,644 | ||
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] | |||
Apartment Homes | apartment | 180 | ||
Initial cost | |||
Land | $ 7,760 | ||
Buildings and improvements | 31,041 | ||
Costs capitalized subsequent to acquisition | 5,950 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,760 | ||
Buildings and improvements | 36,991 | ||
Total | 44,751 | ||
Accumulated depreciation | $ (14,124) | ||
Date of construction | 2001 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 44,751 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 14,124 | ||
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] | |||
Apartment Homes | apartment | 253 | ||
Initial cost | |||
Land | $ 15,810 | ||
Buildings and improvements | 66,401 | ||
Costs capitalized subsequent to acquisition | 10,646 | ||
Gross amount carried at close of period | |||
Land and improvements | 15,810 | ||
Buildings and improvements | 77,047 | ||
Total | 92,857 | ||
Accumulated depreciation | $ (27,583) | ||
Date of construction | 2002 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 92,857 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 27,583 | ||
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] | |||
Apartment Homes | apartment | 364 | ||
Initial cost | |||
Land | $ 17,023 | ||
Buildings and improvements | 68,093 | ||
Costs capitalized subsequent to acquisition | 8,560 | ||
Gross amount carried at close of period | |||
Land and improvements | 17,023 | ||
Buildings and improvements | 76,653 | ||
Total | 93,676 | ||
Accumulated depreciation | $ (27,583) | ||
Date of construction | 2001 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 93,676 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 27,583 | ||
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] | |||
Apartment Homes | apartment | 362 | ||
Initial cost | |||
Land | $ 19,292 | ||
Buildings and improvements | 77,168 | ||
Costs capitalized subsequent to acquisition | 9,934 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,292 | ||
Buildings and improvements | 87,102 | ||
Total | 106,394 | ||
Accumulated depreciation | $ (30,087) | ||
Date of construction | 2002 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 106,394 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 30,087 | ||
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] | |||
Apartment Homes | apartment | 268 | ||
Initial cost | |||
Land | $ 14,647 | ||
Buildings and improvements | 58,586 | ||
Costs capitalized subsequent to acquisition | 9,882 | ||
Gross amount carried at close of period | |||
Land and improvements | 14,647 | ||
Buildings and improvements | 68,468 | ||
Total | 83,115 | ||
Accumulated depreciation | $ (25,042) | ||
Date of construction | 2000 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 83,115 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 25,042 | ||
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] | |||
Apartment Homes | apartment | 116 | ||
Initial cost | |||
Land | $ 4,505 | ||
Buildings and improvements | 17,605 | ||
Costs capitalized subsequent to acquisition | 14,682 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,505 | ||
Buildings and improvements | 32,287 | ||
Total | 36,792 | ||
Accumulated depreciation | $ (24,253) | ||
Date of construction | 1963 | ||
Date acquired | Aug-98 | ||
Rental properties: | |||
Balance at the end of year | $ 36,792 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 24,253 | ||
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] | |||
Apartment Homes | apartment | 105 | ||
Initial cost | |||
Land | $ 7,461 | ||
Buildings and improvements | 31,363 | ||
Costs capitalized subsequent to acquisition | 2,360 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,461 | ||
Buildings and improvements | 33,723 | ||
Total | 41,184 | ||
Accumulated depreciation | $ (5,042) | ||
Date of construction | 2016 | ||
Date acquired | Dec-19 | ||
Rental properties: | |||
Balance at the end of year | $ 41,184 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 5,042 | ||
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] | |||
Apartment Homes | apartment | 264 | ||
Initial cost | |||
Land | $ 11,702 | ||
Buildings and improvements | 152,336 | ||
Costs capitalized subsequent to acquisition | 5,077 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,702 | ||
Buildings and improvements | 157,413 | ||
Total | 169,115 | ||
Accumulated depreciation | $ (54,824) | ||
Date of construction | 2015 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 169,115 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 54,824 | ||
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] | |||
Apartment Homes | apartment | 100 | ||
Initial cost | |||
Land | $ 6,873 | ||
Buildings and improvements | 16,037 | ||
Costs capitalized subsequent to acquisition | 9,418 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,873 | ||
Buildings and improvements | 25,455 | ||
Total | 32,328 | ||
Accumulated depreciation | $ (14,905) | ||
Date of construction | 1970 | ||
Date acquired | Jan-12 | ||
Rental properties: | |||
Balance at the end of year | $ 32,328 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 14,905 | ||
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] | |||
Apartment Homes | apartment | 75 | ||
Initial cost | |||
Land | $ 3,184 | ||
Buildings and improvements | 12,737 | ||
Costs capitalized subsequent to acquisition | 5,428 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,184 | ||
Buildings and improvements | 18,165 | ||
Total | 21,349 | ||
Accumulated depreciation | $ (9,945) | ||
Date of construction | 1989 | ||
Date acquired | Dec-09 | ||
Rental properties: | |||
Balance at the end of year | $ 21,349 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 9,945 | ||
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 | Regency Palm Court | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 116 | ||
Initial cost | |||
Land | $ 7,763 | ||
Buildings and improvements | 28,019 | ||
Costs capitalized subsequent to acquisition | 1,637 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,763 | ||
Buildings and improvements | 29,656 | ||
Total | 37,419 | ||
Accumulated depreciation | $ (1,586) | ||
Date of construction | 1987 | ||
Date acquired | Jul-22 | ||
Rental properties: | |||
Balance at the end of year | $ 37,419 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 1,586 | ||
Unencumbered Apartment Communities | Renaissance at Uptown Orange | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 460 | ||
Initial cost | |||
Land | $ 27,870 | ||
Buildings and improvements | 111,482 | ||
Costs capitalized subsequent to acquisition | 11,968 | ||
Gross amount carried at close of period | |||
Land and improvements | 27,870 | ||
Buildings and improvements | 123,450 | ||
Total | 151,320 | ||
Accumulated depreciation | $ (43,931) | ||
Date of construction | 2007 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 151,320 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 43,931 | ||
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 | Reveal | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 438 | ||
Initial cost | |||
Land | $ 25,073 | ||
Buildings and improvements | 121,314 | ||
Costs capitalized subsequent to acquisition | 7,805 | ||
Gross amount carried at close of period | |||
Land and improvements | 25,073 | ||
Buildings and improvements | 129,119 | ||
Total | 154,192 | ||
Accumulated depreciation | $ (42,223) | ||
Date of construction | 2010 | ||
Date acquired | Apr-15 | ||
Rental properties: | |||
Balance at the end of year | $ 154,192 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 42,223 | ||
Unencumbered Apartment Communities | Reveal | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Unencumbered Apartment Communities | 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] | |||
Apartment Homes | apartment | 132 | ||
Initial cost | |||
Land | $ 3,717 | ||
Buildings and improvements | 11,483 | ||
Costs capitalized subsequent to acquisition | 4,828 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,801 | ||
Buildings and improvements | 16,227 | ||
Total | 20,028 | ||
Accumulated depreciation | $ (11,529) | ||
Date of construction | 2000 | ||
Date acquired | Oct-00 | ||
Rental properties: | |||
Balance at the end of year | $ 20,028 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 11,529 | ||
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] | |||
Apartment Homes | apartment | 153 | ||
Initial cost | |||
Land | $ 3,324 | ||
Buildings and improvements | 7,501 | ||
Costs capitalized subsequent to acquisition | 9,177 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,331 | ||
Buildings and improvements | 16,671 | ||
Total | 20,002 | ||
Accumulated depreciation | $ (14,681) | ||
Date of construction | 1986 | ||
Date acquired | Nov-94 | ||
Rental properties: | |||
Balance at the end of year | $ 20,002 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 14,681 | ||
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] | |||
Apartment Homes | apartment | 323 | ||
Initial cost | |||
Land | $ 4,173 | ||
Buildings and improvements | 58,961 | ||
Costs capitalized subsequent to acquisition | 19,870 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,173 | ||
Buildings and improvements | 78,831 | ||
Total | 83,004 | ||
Accumulated depreciation | $ (40,019) | ||
Date of construction | 2001 | ||
Date acquired | Jul-10 | ||
Rental properties: | |||
Balance at the end of year | $ 83,004 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 40,019 | ||
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] | |||
Apartment Homes | apartment | 432 | ||
Initial cost | |||
Land | $ 15,563 | ||
Buildings and improvements | 36,204 | ||
Costs capitalized subsequent to acquisition | 40,073 | ||
Gross amount carried at close of period | |||
Land and improvements | 22,866 | ||
Buildings and improvements | 68,974 | ||
Total | 91,840 | ||
Accumulated depreciation | $ (45,615) | ||
Date of construction | 2003 | ||
Date acquired | Nov-03 | ||
Rental properties: | |||
Balance at the end of year | $ 91,840 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 45,615 | ||
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] | |||
Apartment Homes | apartment | 238 | ||
Initial cost | |||
Land | $ 9,581 | ||
Buildings and improvements | 40,317 | ||
Costs capitalized subsequent to acquisition | 19,087 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,582 | ||
Buildings and improvements | 59,403 | ||
Total | 68,985 | ||
Accumulated depreciation | $ (28,730) | ||
Date of construction | 2004 | ||
Date acquired | Oct-10 | ||
Rental properties: | |||
Balance at the end of year | $ 68,985 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 28,730 | ||
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] | |||
Apartment Homes | apartment | 172 | ||
Initial cost | |||
Land | $ 2,812 | ||
Buildings and improvements | 11,170 | ||
Costs capitalized subsequent to acquisition | 7,859 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,820 | ||
Buildings and improvements | 19,021 | ||
Total | 21,841 | ||
Accumulated depreciation | $ (12,353) | ||
Date of construction | 1983 | ||
Date acquired | Dec-02 | ||
Rental properties: | |||
Balance at the end of year | $ 21,841 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 12,353 | ||
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] | |||
Apartment Homes | apartment | 418 | ||
Initial cost | |||
Land | $ 19,292 | ||
Buildings and improvements | 77,168 | ||
Costs capitalized subsequent to acquisition | 11,517 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,292 | ||
Buildings and improvements | 88,685 | ||
Total | 107,977 | ||
Accumulated depreciation | $ (31,940) | ||
Date of construction | 1986 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 107,977 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 31,940 | ||
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] | |||
Apartment Homes | apartment | 108 | ||
Initial cost | |||
Land | $ 7,379 | ||
Buildings and improvements | 22,138 | ||
Costs capitalized subsequent to acquisition | 2,243 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,379 | ||
Buildings and improvements | 24,381 | ||
Total | 31,760 | ||
Accumulated depreciation | $ (8,886) | ||
Date of construction | 2013 | ||
Date acquired | Sep-13 | ||
Rental properties: | |||
Balance at the end of year | $ 31,760 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 8,886 | ||
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] | |||
Apartment Homes | apartment | 280 | ||
Initial cost | |||
Land | $ 34,444 | ||
Buildings and improvements | 147,262 | ||
Costs capitalized subsequent to acquisition | 9,114 | ||
Gross amount carried at close of period | |||
Land and improvements | 34,444 | ||
Buildings and improvements | 156,376 | ||
Total | 190,820 | ||
Accumulated depreciation | $ (57,770) | ||
Date of construction | 2014 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 190,820 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 57,770 | ||
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 | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 599 | ||
Initial cost | |||
Land | $ 54,782 | ||
Buildings and improvements | 314,694 | ||
Costs capitalized subsequent to acquisition | 111,597 | ||
Gross amount carried at close of period | |||
Land and improvements | 67,204 | ||
Buildings and improvements | 413,869 | ||
Total | 481,073 | ||
Accumulated depreciation | $ (79,930) | ||
Date of construction | 2018 | ||
Date acquired | Mar-18 | ||
Rental properties: | |||
Balance at the end of year | $ 481,073 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 79,930 | ||
Unencumbered Apartment Communities | Station Park Green | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Unencumbered Apartment Communities | Station Park Green | 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] | |||
Apartment Homes | apartment | 200 | ||
Initial cost | |||
Land | $ 996 | ||
Buildings and improvements | 5,582 | ||
Costs capitalized subsequent to acquisition | 16,131 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,001 | ||
Buildings and improvements | 21,708 | ||
Total | 22,709 | ||
Accumulated depreciation | $ (18,665) | ||
Date of construction | 1975 | ||
Date acquired | Apr-00 | ||
Rental properties: | |||
Balance at the end of year | $ 22,709 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 18,665 | ||
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] | |||
Apartment Homes | apartment | 196 | ||
Initial cost | |||
Land | $ 3,167 | ||
Buildings and improvements | 12,603 | ||
Costs capitalized subsequent to acquisition | 12,242 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,201 | ||
Buildings and improvements | 24,811 | ||
Total | 28,012 | ||
Accumulated depreciation | $ (19,835) | ||
Date of construction | 1986 | ||
Date acquired | Oct-97 | ||
Rental properties: | |||
Balance at the end of year | $ 28,012 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 19,835 | ||
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] | |||
Apartment Homes | apartment | 100 | ||
Initial cost | |||
Land | $ 2,654 | ||
Buildings and improvements | 4,918 | ||
Costs capitalized subsequent to acquisition | 11,843 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,656 | ||
Buildings and improvements | 16,759 | ||
Total | 19,415 | ||
Accumulated depreciation | $ (15,161) | ||
Date of construction | 1988 | ||
Date acquired | Sep-88 | ||
Rental properties: | |||
Balance at the end of year | $ 19,415 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 15,161 | ||
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] | |||
Apartment Homes | apartment | 300 | ||
Initial cost | |||
Land | $ 5,959 | ||
Buildings and improvements | 23,670 | ||
Costs capitalized subsequent to acquisition | 11,159 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,977 | ||
Buildings and improvements | 34,811 | ||
Total | 40,788 | ||
Accumulated depreciation | $ (24,448) | ||
Date of construction | 1972 | ||
Date acquired | Dec-02 | ||
Rental properties: | |||
Balance at the end of year | $ 40,788 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 24,448 | ||
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] | |||
Apartment Homes | apartment | 197 | ||
Initial cost | |||
Land | $ 13,915 | ||
Buildings and improvements | 57,700 | ||
Costs capitalized subsequent to acquisition | 6,041 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,915 | ||
Buildings and improvements | 63,741 | ||
Total | 77,656 | ||
Accumulated depreciation | $ (22,896) | ||
Date of construction | 2008 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 77,656 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 22,896 | ||
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] | |||
Apartment Homes | apartment | 137 | ||
Initial cost | |||
Land | $ 9,228 | ||
Buildings and improvements | 36,911 | ||
Costs capitalized subsequent to acquisition | 3,193 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,228 | ||
Buildings and improvements | 40,104 | ||
Total | 49,332 | ||
Accumulated depreciation | $ (14,169) | ||
Date of construction | 1992 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 49,332 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 14,169 | ||
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] | |||
Apartment Homes | apartment | 121 | ||
Initial cost | |||
Land | $ 6,964 | ||
Buildings and improvements | 29,922 | ||
Costs capitalized subsequent to acquisition | 1,787 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,964 | ||
Buildings and improvements | 31,709 | ||
Total | 38,673 | ||
Accumulated depreciation | $ (10,597) | ||
Date of construction | 2014 | ||
Date acquired | Mar-14 | ||
Rental properties: | |||
Balance at the end of year | $ 38,673 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 10,597 | ||
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] | |||
Apartment Homes | apartment | 63 | ||
Initial cost | |||
Land | $ 3,699 | ||
Buildings and improvements | 11,345 | ||
Costs capitalized subsequent to acquisition | 1,138 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,689 | ||
Buildings and improvements | 12,493 | ||
Total | 16,182 | ||
Accumulated depreciation | $ (5,535) | ||
Date of construction | 2008 | ||
Date acquired | Sep-11 | ||
Rental properties: | |||
Balance at the end of year | $ 16,182 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 5,535 | ||
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] | |||
Apartment Homes | apartment | 196 | ||
Initial cost | |||
Land | $ 4,023 | ||
Buildings and improvements | 9,527 | ||
Costs capitalized subsequent to acquisition | 25,998 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,031 | ||
Buildings and improvements | 35,517 | ||
Total | 39,548 | ||
Accumulated depreciation | $ (27,565) | ||
Date of construction | 1979 | ||
Date acquired | Jun-97 | ||
Rental properties: | |||
Balance at the end of year | $ 39,548 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 27,565 | ||
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] | |||
Apartment Homes | apartment | 99 | ||
Initial cost | |||
Land | $ 6,937 | ||
Buildings and improvements | 20,679 | ||
Costs capitalized subsequent to acquisition | 3,628 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,939 | ||
Buildings and improvements | 24,305 | ||
Total | 31,244 | ||
Accumulated depreciation | $ (13,858) | ||
Date of construction | 2006 | ||
Date acquired | Jun-07 | ||
Rental properties: | |||
Balance at the end of year | $ 31,244 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 13,858 | ||
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 Elliot at Mukilteo | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 301 | ||
Initial cost | |||
Land | $ 2,498 | ||
Buildings and improvements | 10,595 | ||
Costs capitalized subsequent to acquisition | 20,508 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,824 | ||
Buildings and improvements | 30,777 | ||
Total | 33,601 | ||
Accumulated depreciation | $ (26,499) | ||
Date of construction | 1981 | ||
Date acquired | Jan-97 | ||
Rental properties: | |||
Balance at the end of year | $ 33,601 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 26,499 | ||
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 Grand | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 243 | ||
Initial cost | |||
Land | $ 4,531 | ||
Buildings and improvements | 89,208 | ||
Costs capitalized subsequent to acquisition | 9,358 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,531 | ||
Buildings and improvements | 98,566 | ||
Total | 103,097 | ||
Accumulated depreciation | $ (51,214) | ||
Date of construction | 2009 | ||
Date acquired | Jan-09 | ||
Rental properties: | |||
Balance at the end of year | $ 103,097 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 51,214 | ||
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] | |||
Apartment Homes | apartment | 292 | ||
Initial cost | |||
Land | $ 2,202 | ||
Buildings and improvements | 4,794 | ||
Costs capitalized subsequent to acquisition | 57,980 | ||
Gross amount carried at close of period | |||
Land and improvements | 8,385 | ||
Buildings and improvements | 56,591 | ||
Total | 64,976 | ||
Accumulated depreciation | $ (48,352) | ||
Date of construction | 1972 | ||
Date acquired | Apr-97 | ||
Rental properties: | |||
Balance at the end of year | $ 64,976 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 48,352 | ||
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] | |||
Apartment Homes | apartment | 276 | ||
Initial cost | |||
Land | $ 10,374 | ||
Buildings and improvements | 41,495 | ||
Costs capitalized subsequent to acquisition | 9,525 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,374 | ||
Buildings and improvements | 51,020 | ||
Total | 61,394 | ||
Accumulated depreciation | $ (22,312) | ||
Date of construction | 1975 | ||
Date acquired | Jun-12 | ||
Rental properties: | |||
Balance at the end of year | $ 61,394 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 22,312 | ||
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] | |||
Apartment Homes | apartment | 282 | ||
Initial cost | |||
Land | $ 33,554 | ||
Buildings and improvements | 78,292 | ||
Costs capitalized subsequent to acquisition | 10,330 | ||
Gross amount carried at close of period | |||
Land and improvements | 33,554 | ||
Buildings and improvements | 88,622 | ||
Total | 122,176 | ||
Accumulated depreciation | $ (33,472) | ||
Date of construction | 2001 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 122,176 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 33,472 | ||
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] | |||
Apartment Homes | apartment | 118 | ||
Initial cost | |||
Land | $ 1,570 | ||
Buildings and improvements | 3,912 | ||
Costs capitalized subsequent to acquisition | 6,701 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,618 | ||
Buildings and improvements | 10,565 | ||
Total | 12,183 | ||
Accumulated depreciation | $ (8,009) | ||
Date of construction | 1971 | ||
Date acquired | Jun-97 | ||
Rental properties: | |||
Balance at the end of year | $ 12,183 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 8,009 | ||
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] | |||
Apartment Homes | apartment | 192 | ||
Initial cost | |||
Land | $ 1,560 | ||
Buildings and improvements | 6,242 | ||
Costs capitalized subsequent to acquisition | 16,768 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,565 | ||
Buildings and improvements | 23,005 | ||
Total | 24,570 | ||
Accumulated depreciation | $ (19,918) | ||
Date of construction | 1977 | ||
Date acquired | May-90 | ||
Rental properties: | |||
Balance at the end of year | $ 24,570 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 19,918 | ||
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] | |||
Apartment Homes | apartment | 460 | ||
Initial cost | |||
Land | $ 23,584 | ||
Buildings and improvements | 94,334 | ||
Costs capitalized subsequent to acquisition | 17,847 | ||
Gross amount carried at close of period | |||
Land and improvements | 23,584 | ||
Buildings and improvements | 112,181 | ||
Total | 135,765 | ||
Accumulated depreciation | $ (42,182) | ||
Date of construction | 1988 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 135,765 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 42,182 | ||
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] | |||
Apartment Homes | apartment | 188 | ||
Initial cost | |||
Land | $ 13,574 | ||
Buildings and improvements | 54,298 | ||
Costs capitalized subsequent to acquisition | 5,546 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,574 | ||
Buildings and improvements | 59,844 | ||
Total | 73,418 | ||
Accumulated depreciation | $ (21,356) | ||
Date of construction | 2007 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 73,418 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 21,356 | ||
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] | |||
Apartment Homes | apartment | 423 | ||
Initial cost | |||
Land | $ 21,930 | ||
Buildings and improvements | 87,720 | ||
Costs capitalized subsequent to acquisition | 9,868 | ||
Gross amount carried at close of period | |||
Land and improvements | 21,930 | ||
Buildings and improvements | 97,588 | ||
Total | 119,518 | ||
Accumulated depreciation | $ (35,480) | ||
Date of construction | 1985 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 119,518 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 35,480 | ||
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 Village at Toluca Lake | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 145 | ||
Initial cost | |||
Land | $ 14,634 | ||
Buildings and improvements | 48,297 | ||
Costs capitalized subsequent to acquisition | 2,024 | ||
Gross amount carried at close of period | |||
Land and improvements | 14,634 | ||
Buildings and improvements | 50,321 | ||
Total | 64,955 | ||
Accumulated depreciation | $ (4,652) | ||
Date of construction | 1974 | ||
Date acquired | Jun-21 | ||
Rental properties: | |||
Balance at the end of year | $ 64,955 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 4,652 | ||
Unencumbered Apartment Communities | The Village at Toluca Lake | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Unencumbered Apartment Communities | The Village at Toluca Lake | 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] | |||
Apartment Homes | apartment | 238 | ||
Initial cost | |||
Land | $ 11,808 | ||
Buildings and improvements | 24,500 | ||
Costs capitalized subsequent to acquisition | 19,752 | ||
Gross amount carried at close of period | |||
Land and improvements | 15,165 | ||
Buildings and improvements | 40,895 | ||
Total | 56,060 | ||
Accumulated depreciation | $ (31,327) | ||
Date of construction | 2000 | ||
Date acquired | Jun-00 | ||
Rental properties: | |||
Balance at the end of year | $ 56,060 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 31,327 | ||
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] | |||
Apartment Homes | apartment | 404 | ||
Initial cost | |||
Land | $ 13,652 | ||
Buildings and improvements | 53,336 | ||
Costs capitalized subsequent to acquisition | 11,904 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,661 | ||
Buildings and improvements | 65,231 | ||
Total | 78,892 | ||
Accumulated depreciation | $ (42,191) | ||
Date of construction | 2001 | ||
Date acquired | Jan-01 | ||
Rental properties: | |||
Balance at the end of year | $ 78,892 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 42,191 | ||
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] | |||
Apartment Homes | apartment | 101 | ||
Initial cost | |||
Land | $ 6,949 | ||
Buildings and improvements | 27,796 | ||
Costs capitalized subsequent to acquisition | 3,556 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,949 | ||
Buildings and improvements | 31,352 | ||
Total | 38,301 | ||
Accumulated depreciation | $ (11,191) | ||
Date of construction | 1987 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 38,301 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 11,191 | ||
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 | Trabuco Villas | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 132 | ||
Initial cost | |||
Land | $ 3,638 | ||
Buildings and improvements | 8,640 | ||
Costs capitalized subsequent to acquisition | 6,266 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,890 | ||
Buildings and improvements | 14,654 | ||
Total | 18,544 | ||
Accumulated depreciation | $ (11,310) | ||
Date of construction | 1985 | ||
Date acquired | Oct-97 | ||
Rental properties: | |||
Balance at the end of year | $ 18,544 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 11,310 | ||
Unencumbered Apartment Communities | Trabuco Villas | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Unencumbered Apartment Communities | Trabuco 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] | |||
Apartment Homes | apartment | 160 | ||
Initial cost | |||
Land | $ 3,361 | ||
Buildings and improvements | 13,420 | ||
Costs capitalized subsequent to acquisition | 8,373 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,761 | ||
Buildings and improvements | 21,393 | ||
Total | 25,154 | ||
Accumulated depreciation | $ (15,146) | ||
Date of construction | 1969 | ||
Date acquired | Nov-01 | ||
Rental properties: | |||
Balance at the end of year | $ 25,154 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 15,146 | ||
Unencumbered Apartment Communities | Via | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 284 | ||
Initial cost | |||
Land | $ 22,000 | ||
Buildings and improvements | 82,270 | ||
Costs capitalized subsequent to acquisition | 7,647 | ||
Gross amount carried at close of period | |||
Land and improvements | 22,016 | ||
Buildings and improvements | 89,901 | ||
Total | 111,917 | ||
Accumulated depreciation | $ (40,456) | ||
Date of construction | 2011 | ||
Date acquired | Jul-11 | ||
Rental properties: | |||
Balance at the end of year | $ 111,917 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 40,456 | ||
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] | |||
Apartment Homes | apartment | 256 | ||
Initial cost | |||
Land | $ 4,498 | ||
Buildings and improvements | 17,962 | ||
Costs capitalized subsequent to acquisition | 10,155 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,962 | ||
Buildings and improvements | 27,653 | ||
Total | 32,615 | ||
Accumulated depreciation | $ (20,376) | ||
Date of construction | 1970 | ||
Date acquired | Nov-01 | ||
Rental properties: | |||
Balance at the end of year | $ 32,615 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 20,376 | ||
Unencumbered Apartment Communities | Villa Granada | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 270 | ||
Initial cost | |||
Land | $ 38,299 | ||
Buildings and improvements | 89,365 | ||
Costs capitalized subsequent to acquisition | 4,688 | ||
Gross amount carried at close of period | |||
Land and improvements | 38,299 | ||
Buildings and improvements | 94,053 | ||
Total | 132,352 | ||
Accumulated depreciation | $ (32,619) | ||
Date of construction | 2010 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 132,352 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 32,619 | ||
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] | |||
Apartment Homes | apartment | 272 | ||
Initial cost | |||
Land | $ 13,842 | ||
Buildings and improvements | 55,367 | ||
Costs capitalized subsequent to acquisition | 15,491 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,842 | ||
Buildings and improvements | 70,858 | ||
Total | 84,700 | ||
Accumulated depreciation | $ (27,347) | ||
Date of construction | 1974 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 84,700 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 27,347 | ||
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] | |||
Apartment Homes | apartment | 272 | ||
Initial cost | |||
Land | $ 6,488 | ||
Buildings and improvements | 36,768 | ||
Costs capitalized subsequent to acquisition | 6,463 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,488 | ||
Buildings and improvements | 43,231 | ||
Total | 49,719 | ||
Accumulated depreciation | $ (16,403) | ||
Date of construction | 1971 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 49,719 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 16,403 | ||
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] | |||
Apartment Homes | apartment | 76 | ||
Initial cost | |||
Land | $ 5,573 | ||
Buildings and improvements | 11,901 | ||
Costs capitalized subsequent to acquisition | 10,717 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,573 | ||
Buildings and improvements | 22,618 | ||
Total | 28,191 | ||
Accumulated depreciation | $ (15,957) | ||
Date of construction | 1963 | ||
Date acquired | Aug-04 | ||
Rental properties: | |||
Balance at the end of year | $ 28,191 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 15,957 | ||
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] | |||
Apartment Homes | apartment | 58 | ||
Initial cost | |||
Land | $ 5,545 | ||
Buildings and improvements | 16,635 | ||
Costs capitalized subsequent to acquisition | 642 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,545 | ||
Buildings and improvements | 17,277 | ||
Total | 22,822 | ||
Accumulated depreciation | $ (6,032) | ||
Date of construction | 2013 | ||
Date acquired | Oct-13 | ||
Rental properties: | |||
Balance at the end of year | $ 22,822 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 6,032 | ||
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 | Wallace on Sunset | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 200 | ||
Initial cost | |||
Land | $ 24,005 | ||
Buildings and improvements | 80,466 | ||
Costs capitalized subsequent to acquisition | 4,522 | ||
Gross amount carried at close of period | |||
Land and improvements | 24,005 | ||
Buildings and improvements | 84,988 | ||
Total | 108,993 | ||
Accumulated depreciation | $ (18,731) | ||
Date of construction | 2021 | ||
Date acquired | Dec-21 | ||
Rental properties: | |||
Balance at the end of year | $ 108,993 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 18,731 | ||
Unencumbered Apartment Communities | Wallace on Sunset | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Unencumbered Apartment Communities | Wallace on Sunset | 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] | |||
Apartment Homes | apartment | 163 | ||
Initial cost | |||
Land | $ 4,858 | ||
Buildings and improvements | 19,168 | ||
Costs capitalized subsequent to acquisition | 7,315 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,887 | ||
Buildings and improvements | 26,454 | ||
Total | 31,341 | ||
Accumulated depreciation | $ (18,197) | ||
Date of construction | 1964 | ||
Date acquired | Oct-03 | ||
Rental properties: | |||
Balance at the end of year | $ 31,341 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 18,197 | ||
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] | |||
Apartment Homes | apartment | 156 | ||
Initial cost | |||
Land | $ 1,285 | ||
Buildings and improvements | 4,980 | ||
Costs capitalized subsequent to acquisition | 6,672 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,296 | ||
Buildings and improvements | 11,641 | ||
Total | 12,937 | ||
Accumulated depreciation | $ (9,850) | ||
Date of construction | 1986 | ||
Date acquired | Nov-95 | ||
Rental properties: | |||
Balance at the end of year | $ 12,937 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 9,850 | ||
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] | |||
Apartment Homes | apartment | 155 | ||
Initial cost | |||
Land | $ 2,245 | ||
Buildings and improvements | 7,020 | ||
Costs capitalized subsequent to acquisition | 14,339 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,258 | ||
Buildings and improvements | 21,346 | ||
Total | 23,604 | ||
Accumulated depreciation | $ (18,915) | ||
Date of construction | 1990 | ||
Date acquired | Jun-94 | ||
Rental properties: | |||
Balance at the end of year | $ 23,604 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 18,915 | ||
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] | |||
Apartment Homes | apartment | 508 | ||
Initial cost | |||
Land | $ 43,194 | ||
Buildings and improvements | 101,030 | ||
Costs capitalized subsequent to acquisition | 21,997 | ||
Gross amount carried at close of period | |||
Land and improvements | 43,194 | ||
Buildings and improvements | 123,027 | ||
Total | 166,221 | ||
Accumulated depreciation | $ (53,675) | ||
Date of construction | 1989 | ||
Date acquired | Oct-12 | ||
Rental properties: | |||
Balance at the end of year | $ 166,221 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 53,675 | ||
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] | |||
Apartment Homes | apartment | 284 | ||
Initial cost | |||
Land | $ 30,535 | ||
Buildings and improvements | 91,604 | ||
Costs capitalized subsequent to acquisition | 10,000 | ||
Gross amount carried at close of period | |||
Land and improvements | 30,535 | ||
Buildings and improvements | 101,604 | ||
Total | 132,139 | ||
Accumulated depreciation | $ (35,335) | ||
Date of construction | 2008 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 132,139 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 35,335 | ||
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] | |||
Apartment Homes | apartment | 478 | ||
Initial cost | |||
Land | $ 56,932 | ||
Buildings and improvements | 211,998 | ||
Costs capitalized subsequent to acquisition | 22,204 | ||
Gross amount carried at close of period | |||
Land and improvements | 56,932 | ||
Buildings and improvements | 234,202 | ||
Total | 291,134 | ||
Accumulated depreciation | $ (84,340) | ||
Date of construction | 2014 | ||
Date acquired | Apr-14 | ||
Rental properties: | |||
Balance at the end of year | $ 291,134 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 84,340 | ||
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] | |||
Apartment Homes | apartment | 149 | ||
Initial cost | |||
Land | $ 3,118 | ||
Buildings and improvements | 7,385 | ||
Costs capitalized subsequent to acquisition | 14,938 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,797 | ||
Buildings and improvements | 21,644 | ||
Total | 25,441 | ||
Accumulated depreciation | $ (16,895) | ||
Date of construction | 1992 | ||
Date acquired | Jan-97 | ||
Rental properties: | |||
Balance at the end of year | $ 25,441 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 16,895 | ||
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 Court | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 95 | ||
Initial cost | |||
Land | $ 6,383 | ||
Buildings and improvements | 23,420 | ||
Costs capitalized subsequent to acquisition | 1,077 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,383 | ||
Buildings and improvements | 24,497 | ||
Total | 30,880 | ||
Accumulated depreciation | $ (1,303) | ||
Date of construction | 1987 | ||
Date acquired | Jul-22 | ||
Rental properties: | |||
Balance at the end of year | $ 30,880 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 1,303 | ||
Unencumbered Apartment Communities | Windsor Ridge | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 216 | ||
Initial cost | |||
Land | $ 4,017 | ||
Buildings and improvements | 10,315 | ||
Costs capitalized subsequent to acquisition | 18,009 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,021 | ||
Buildings and improvements | 28,320 | ||
Total | 32,341 | ||
Accumulated depreciation | $ (27,125) | ||
Date of construction | 1989 | ||
Date acquired | Mar-89 | ||
Rental properties: | |||
Balance at the end of year | $ 32,341 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 27,125 | ||
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] | |||
Apartment Homes | apartment | 302 | ||
Initial cost | |||
Land | $ 2,040 | ||
Buildings and improvements | 8,727 | ||
Costs capitalized subsequent to acquisition | 27,519 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,044 | ||
Buildings and improvements | 36,242 | ||
Total | 38,286 | ||
Accumulated depreciation | $ (28,182) | ||
Date of construction | 1978 | ||
Date acquired | Mar-90 | ||
Rental properties: | |||
Balance at the end of year | $ 38,286 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 28,182 | ||
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] | |||
Apartment Homes | apartment | 145 | ||
Initial cost | |||
Land | $ 5,331 | ||
Buildings and improvements | 21,036 | ||
Costs capitalized subsequent to acquisition | 7,107 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,341 | ||
Buildings and improvements | 28,133 | ||
Total | 33,474 | ||
Accumulated depreciation | $ (18,428) | ||
Date of construction | 1987 | ||
Date acquired | Dec-04 | ||
Rental properties: | |||
Balance at the end of year | $ 33,474 | ||
Accumulated depreciation: | |||
Balance at the end of year | $ 18,428 | ||
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 | ||
Unencumbered Apartment Communities | CBC and The Sweeps | Minimum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 3 years | ||
Unencumbered Apartment Communities | CBC and The Sweeps | Maximum | |||
Gross amount carried at close of period | |||
Life used for depreciation | 30 years | ||
Other Property | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrance | $ 0 | ||
Initial cost | |||
Land | 80,706 | ||
Buildings and improvements | 16,587 | ||
Costs capitalized subsequent to acquisition | 15,769 | ||
Gross amount carried at close of period | |||
Land and improvements | 82,067 | ||
Buildings and improvements | 30,995 | ||
Total | 113,062 | ||
Accumulated depreciation | (20,791) | ||
Rental properties: | |||
Balance at the end of year | 113,062 | ||
Accumulated depreciation: | |||
Balance at the end of year | 20,791 | ||
Other Property | Other real estate assets | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrance | 0 | ||
Initial cost | |||
Land | 80,706 | ||
Buildings and improvements | 16,587 | ||
Costs capitalized subsequent to acquisition | 15,769 | ||
Gross amount carried at close of period | |||
Land and improvements | 82,067 | ||
Buildings and improvements | 30,995 | ||
Total | 113,062 | ||
Accumulated depreciation | (20,791) | ||
Rental properties: | |||
Balance at the end of year | 113,062 | ||
Accumulated depreciation: | |||
Balance at the end of year | 20,791 | ||
Real Estate Rental Property | |||
Gross amount carried at close of period | |||
Total | 16,135,223 | 15,966,227 | 15,629,927 |
Rental properties: | |||
Balance at beginning of year | 15,966,227 | 15,629,927 | 15,061,745 |
Balance at the end of year | $ 16,135,223 | $ 15,966,227 | $ 15,629,927 |