Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Line Items] | |||
Entity Registrant Name | EQUITY RESIDENTIAL | ||
Entity Central Index Key | 906,107 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EQR | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 23.1 | ||
Entity Common Stock, Shares Outstanding | 369,933,743 | ||
ERPOP [Member] | |||
Document And Entity Information [Line Items] | |||
Entity Registrant Name | ERP OPERATING LIMITED PARTNERSHIP | ||
Entity Central Index Key | 931,182 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Land | $ 5,875,803 | $ 5,996,024 |
Depreciable property | 20,435,901 | 19,768,362 |
Projects under development | 109,409 | 163,547 |
Land held for development | 89,909 | 98,963 |
Investment in real estate | 26,511,022 | 26,026,896 |
Accumulated depreciation | (6,696,281) | (6,040,378) |
Investment in real estate, net | 19,814,741 | 19,986,518 |
Investments in unconsolidated entities | 58,349 | 58,254 |
Cash and cash equivalents | 47,442 | 50,647 |
Restricted deposits | 68,871 | 50,115 |
Other assets | 404,806 | 425,065 |
Total assets | 20,394,209 | 20,570,599 |
Liabilities: | ||
Mortgage notes payable, net | 2,385,470 | 3,618,722 |
Notes, net | 5,933,286 | 5,038,812 |
Line of credit and commercial paper | 499,183 | 299,757 |
Accounts payable and accrued expenses | 102,471 | 114,766 |
Accrued interest payable | 62,622 | 58,035 |
Other liabilities | 358,563 | 341,852 |
Security deposits | 67,258 | 65,009 |
Distributions payable | 206,601 | 192,828 |
Total liabilities | 9,615,454 | 9,729,781 |
Commitments and contingencies | ||
Redeemable Noncontrolling Interests – Operating Partnership | 379,106 | 366,955 |
Shareholders’ equity: | ||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of December 31, 2018 and December 31, 2017 | 37,280 | 37,280 |
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 369,405,161 shares issued and outstanding as of December 31, 2018 and 368,018,082 shares issued and outstanding as of December 31, 2017 | 3,694 | 3,680 |
Paid in capital | 8,935,453 | 8,886,586 |
Retained earnings | 1,261,763 | 1,403,530 |
Accumulated other comprehensive income (loss) | (64,986) | (88,612) |
Total shareholders’ equity | 10,173,204 | 10,242,464 |
Noncontrolling Interests: | ||
Operating Partnership | 228,738 | 226,691 |
Partially Owned Properties | (2,293) | 4,708 |
Total Noncontrolling Interests | 226,445 | 231,399 |
Total equity | 10,399,649 | 10,473,863 |
Total liabilities and equity/capital | $ 20,394,209 | $ 20,570,599 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 745,600 | 745,600 |
Preferred Stock, Shares Outstanding | 745,600 | 745,600 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 369,405,161 | 368,018,082 |
Common Stock, Shares, Outstanding | 369,405,161 | 368,018,082 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES | |||
Rental income | $ 2,577,681 | $ 2,470,689 | $ 2,422,233 |
Fee and asset management | $ 753 | $ 717 | $ 3,567 |
Type of Revenue [Extensible List] | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember |
Total revenues | $ 2,578,434 | $ 2,471,406 | $ 2,425,800 |
EXPENSES | |||
Property and maintenance | 429,335 | 405,281 | 406,823 |
Real estate taxes and insurance | 357,814 | 335,495 | 317,387 |
Property management | 92,485 | 85,493 | 82,015 |
General and administrative | 53,813 | 52,224 | 57,840 |
Depreciation | 785,725 | 743,749 | 705,649 |
Impairment | 702 | 1,693 | 0 |
Total expenses | 1,719,874 | 1,623,935 | 1,569,714 |
Operating income | 858,560 | 847,471 | 856,086 |
Interest and other income | 15,317 | 6,136 | 65,773 |
Other expenses | (17,267) | (5,186) | (10,368) |
Interest: | |||
Expense incurred, net | (413,360) | (383,890) | (482,246) |
Amortization of deferred financing costs | (11,310) | (8,526) | (12,633) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations | 431,940 | 456,005 | 416,612 |
Income and other tax (expense) benefit | (878) | (478) | (1,613) |
Income (loss) from investments in unconsolidated entities | (3,667) | (3,370) | 4,801 |
Net gain (loss) on sales of real estate properties | 256,810 | 157,057 | 4,044,055 |
Net gain (loss) on sales of land parcels | 987 | 19,167 | 15,731 |
Income from continuing operations | 685,192 | 628,381 | 4,479,586 |
Discontinued operations, net | 0 | 0 | 518 |
Net income | 685,192 | 628,381 | 4,480,104 |
Net (income) loss attributable to Noncontrolling Interests: | |||
Operating Partnership | (24,939) | (22,604) | (171,511) |
Partially Owned Properties | (2,718) | (2,323) | (16,430) |
Net income attributable to controlling interests | 657,535 | 603,454 | 4,292,163 |
Preferred distributions | (3,090) | (3,091) | (3,091) |
Net income available to Common Shares | $ 654,445 | $ 600,363 | $ 4,289,072 |
Earnings per share – basic: | |||
Income from continuing operations available to Common Shares | $ 1.78 | $ 1.64 | $ 11.75 |
Net income available to Common Shares | $ 1.78 | $ 1.64 | $ 11.75 |
Weighted average Common Shares outstanding | 368,052 | 366,968 | 365,002 |
Earnings per share – diluted: | |||
Income from continuing operations available to Common Shares | $ 1.77 | $ 1.63 | $ 11.68 |
Net income available to Common Shares | $ 1.77 | $ 1.63 | $ 11.68 |
Weighted average Common Shares outstanding | 383,695 | 382,678 | 381,992 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Comprehensive income: | |||
Net income | $ 685,192 | $ 628,381 | $ 4,480,104 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | 5,174 | 6,439 | (3,915) |
Losses reclassified into earnings from other comprehensive income | 18,452 | 18,858 | 41,758 |
Other comprehensive income (loss) – foreign currency: | |||
Currency translation adjustments arising during the year | 0 | 0 | 264 |
Other comprehensive income (loss) | 23,626 | 25,297 | 38,107 |
Comprehensive income | 708,818 | 653,678 | 4,518,211 |
Comprehensive (income) attributable to Noncontrolling Interests | (28,526) | (25,845) | (189,411) |
Comprehensive income attributable to controlling interests | $ 680,292 | $ 627,833 | $ 4,328,800 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 685,192 | $ 628,381 | $ 4,480,104 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 785,725 | 743,749 | 705,649 |
Amortization of deferred financing costs | 11,310 | 8,526 | 12,633 |
Amortization of above/below market lease intangibles | 4,392 | 3,828 | 3,426 |
Amortization of discounts and premiums on debt | 22,781 | 3,536 | (17,986) |
Amortization of deferred settlements on derivative instruments | 18,440 | 18,847 | 41,680 |
Impairment | 702 | 1,693 | 0 |
Write-off of pursuit costs | 4,450 | 3,106 | 4,092 |
(Income) loss from investments in unconsolidated entities | 3,667 | 3,370 | (4,801) |
Distributions from unconsolidated entities – return on capital | 2,492 | 2,632 | 2,863 |
Net (gain) loss on sales of investment securities and other investments | (58,409) | ||
Net (gain) loss on sales of real estate properties | (256,810) | (157,057) | (4,044,055) |
Net (gain) loss on sales of land parcels | (987) | (19,167) | (15,731) |
Net (gain) loss on sales of discontinued operations | (43) | ||
Net (gain) loss on debt extinguishment | 22,110 | 12,258 | 114,666 |
Realized/unrealized (gain) loss on derivative instruments | 50 | 74 | |
Compensation paid with Company Common Shares | 27,132 | 24,997 | 30,530 |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | 4,097 | (449) | 31,147 |
Increase (decrease) in accounts payable and accrued expenses | (1,862) | 11,532 | (6,061) |
Increase (decrease) in accrued interest payable | 4,587 | (2,911) | (24,275) |
Increase (decrease) in other liabilities | 16,578 | (23,468) | (26,422) |
Increase (decrease) in security deposits | 2,249 | 2,385 | (14,958) |
Net cash provided by operating activities | 1,356,295 | 1,265,788 | 1,214,123 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (708,092) | (466,394) | (205,880) |
Investment in real estate – development/other | (154,431) | (276,382) | (566,825) |
Capital expenditures to real estate | (188,501) | (202,607) | (172,177) |
Non-real estate capital additions | (4,505) | (1,506) | (5,731) |
Interest capitalized for real estate under development | (6,260) | (26,290) | (51,451) |
Proceeds from disposition of real estate, net | 691,526 | 384,583 | 6,824,659 |
Investments in unconsolidated entities | (6,571) | (6,034) | (5,266) |
Distributions from unconsolidated entities – return of capital | 334 | 13,798 | |
Proceeds from sale of investment securities and other investments | 72,815 | ||
Net cash provided by (used for) investing activities | (376,834) | (594,296) | 5,903,942 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (8,583) | (6,289) | (13,305) |
Mortgage notes payable, net: | |||
Proceeds | 96,935 | ||
Lump sum payoffs | (1,347,939) | (493,420) | (583,122) |
Scheduled principal repayments | (6,629) | (10,704) | (8,544) |
Notes, net: | |||
Proceeds | 896,294 | 692,466 | 496,705 |
Lump sum payoffs | (497,975) | (1,500,000) | |
Line of credit and commercial paper: | |||
Line of credit proceeds | 3,805,000 | 1,845,000 | 426,000 |
Line of credit repayments | (3,805,000) | (1,845,000) | (426,000) |
Commercial paper proceeds | 14,030,926 | 5,066,509 | 1,760,194 |
Commercial paper repayments | (13,831,500) | (4,786,750) | (2,127,472) |
Proceeds from (payments on) settlement of derivative instruments | 18,118 | 1,295 | (4,662) |
Proceeds from Employee Share Purchase Plan (ESPP) | 3,879 | 3,744 | 3,686 |
Proceeds from exercise of options | 30,655 | 31,596 | 35,833 |
Payment of offering costs | (27) | (51) | (314) |
Other financing activities, net | (78) | (63) | (49) |
Acquisition of Noncontrolling Interests – Partially Owned Properties | (13) | ||
Contributions – Noncontrolling Interests – Partially Owned Properties | 125 | 125 | |
Contributions – Noncontrolling Interests – Operating Partnership | 1 | 1 | |
Distributions: | |||
Common Shares | (782,122) | (739,375) | (4,771,725) |
Preferred Shares | (3,863) | (3,091) | (2,318) |
Noncontrolling Interests – Operating Partnership | (28,226) | (27,291) | (188,115) |
Noncontrolling Interests – Partially Owned Properties | (9,753) | (8,286) | (36,219) |
Net cash provided by (used for) financing activities | (963,910) | (789,818) | (7,054,092) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 15,551 | (118,326) | 63,973 |
Cash and cash equivalents and restricted deposits, beginning of year | 100,762 | 219,088 | 155,115 |
Cash and cash equivalents and restricted deposits, end of year | 116,313 | 100,762 | 219,088 |
Cash and cash equivalents | 47,442 | 50,647 | 77,207 |
Restricted deposits | 68,871 | 50,115 | 141,881 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 358,156 | 360,273 | 482,152 |
Net cash paid for income and other taxes | 853 | 640 | 1,494 |
Real estate acquisitions/dispositions/other: | |||
Mortgage loans assumed | 43,400 | ||
Amortization of deferred financing costs: | |||
Other assets | 2,412 | 2,412 | 3,366 |
Mortgage notes payable, net | 4,792 | 2,493 | 3,978 |
Notes, net | 4,106 | 3,621 | 5,289 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 20,144 | 1,172 | (21,158) |
Notes, net | 2,637 | 2,364 | 3,172 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (11) | (78) |
Accumulated other comprehensive income | 18,452 | 18,858 | 41,758 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 4,364 | 2,965 | 3,586 |
Other assets | 53 | 17 | 402 |
Accounts payable and accrued expenses | 33 | 124 | 104 |
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | 2,304 | 1,955 | (6,327) |
Other liabilities | 1,363 | 1,415 | 1,526 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | (14,977) | (4,582) | 1,798 |
Notes, net | (680) | (3,454) | (1,798) |
Other liabilities | 10,533 | 1,597 | 3,989 |
Accumulated other comprehensive income | 5,174 | 6,439 | (3,915) |
Investments in unconsolidated entities: | |||
Investments in unconsolidated entities | (4,891) | (3,034) | (2,326) |
Other liabilities | (1,680) | (3,000) | (2,940) |
Distributions from unconsolidated entities - return of capital: | |||
Investments in unconsolidated entities | 334 | 14,014 | |
Other assets | (216) | ||
Debt financing costs: | |||
Other assets | (145) | (8,553) | |
Mortgage notes payable, net | (555) | (507) | |
Notes, net | (7,883) | (6,289) | (4,245) |
Proceeds from (payments on) settlement of derivative instruments: | |||
Other assets | 18,118 | 1,295 | |
Other liabilities | (4,662) | ||
Other: | |||
Foreign currency translation adjustments | 0 | 0 | (264) |
Notes, Net [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net gain (loss) on debt extinguishment | (82,934) | ||
Mortgage Notes Payable, Net [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net gain (loss) on debt extinguishment | $ (22,110) | $ (12,258) | $ (31,732) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | COMMON SHARES, $0.01 PAR VALUE | PAID IN CAPITAL | RETAINED EARNINGS | Preferred Stock | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | OPERATING PARTNERSHIP | PARTIALLY OWNED PROPERTIES |
Balance, beginning of year at Dec. 31, 2015 | $ 3,648 | $ 8,572,365 | $ 2,009,091 | $ 37,280 | $ (152,016) | |||
Balance, beginning of year at Dec. 31, 2015 | $ 221,379 | $ 4,608 | ||||||
COMMON SHARES, $0.01 PAR VALUE | ||||||||
Conversion of OP Units into Common Shares | 1 | 3,725 | ||||||
Exercise of share options | 8 | 35,825 | ||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,685 | ||||||
Restricted shares | 1 | 15,015 | ||||||
Share options | 3,432 | |||||||
ESPP discount | 650 | |||||||
PAID IN CAPITAL | ||||||||
Conversion of OP Units into Common Shares | 1 | 3,725 | ||||||
Exercise of share options | 8 | 35,825 | ||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,685 | ||||||
Share-based employee compensation expense: | ||||||||
Offering costs | (314) | |||||||
Supplemental Executive Retirement Plan (SERP) | 748 | |||||||
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | $ (115,093) | 115,093 | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 8,198 | (8,198) | ||||||
RETAINED EARNINGS | ||||||||
Net income attributable to controlling interests | 4,292,163 | 4,292,163 | ||||||
Common Share distributions | (4,754,537) | |||||||
Preferred Share distributions | (3,091) | |||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Unrealized holding gains (losses) arising during the year | (3,915) | (3,915) | ||||||
Losses reclassified into earnings from other comprehensive income | (41,758) | 41,758 | ||||||
Currency translation adjustments arising during the year | 264 | 264 | ||||||
Balance, beginning of year at Dec. 31, 2015 | 221,379 | 4,608 | ||||||
OPERATING PARTNERSHIP | ||||||||
Issuance of restricted units to Noncontrolling Interests | 1 | |||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (3,726) | |||||||
Equity compensation associated with Noncontrolling Interests | 18,180 | |||||||
Net income attributable to Noncontrolling Interests | 171,511 | 171,511 | 16,430 | |||||
Distributions to Noncontrolling Interests | (187,448) | (36,268) | ||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | (9,598) | 9,598 | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 8,198 | (8,198) | ||||||
PARTIALLY OWNED PROPERTIES | ||||||||
Net income attributable to Noncontrolling Interests | 171,511 | 171,511 | 16,430 | |||||
Distributions to Noncontrolling Interests | (187,448) | (36,268) | ||||||
Other | 25,839 | |||||||
Balance, end of period at Dec. 31, 2016 | 3,659 | 8,758,422 | 1,543,626 | 37,280 | (113,909) | |||
Balance, end of period at Dec. 31, 2016 | 221,297 | 10,609 | ||||||
COMMON SHARES, $0.01 PAR VALUE | ||||||||
Conversion of OP Units into Common Shares | 11 | 15,889 | ||||||
Exercise of share options | 8 | 31,588 | ||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,743 | ||||||
Restricted shares | 1 | 9,776 | ||||||
Share options | 6,835 | |||||||
ESPP discount | 747 | |||||||
PAID IN CAPITAL | ||||||||
Conversion of OP Units into Common Shares | 11 | 15,889 | ||||||
Exercise of share options | 8 | 31,588 | ||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,743 | ||||||
Share-based employee compensation expense: | ||||||||
Offering costs | (51) | |||||||
Supplemental Executive Retirement Plan (SERP) | (594) | |||||||
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | (41,916) | 41,916 | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 18,315 | (18,315) | ||||||
RETAINED EARNINGS | ||||||||
Net income attributable to controlling interests | 603,454 | 603,454 | ||||||
Common Share distributions | (740,459) | |||||||
Preferred Share distributions | (3,091) | |||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Unrealized holding gains (losses) arising during the year | 6,439 | 6,439 | ||||||
Losses reclassified into earnings from other comprehensive income | (18,858) | 18,858 | ||||||
Currency translation adjustments arising during the year | 0 | |||||||
Balance, beginning of year at Dec. 31, 2016 | 221,297 | 10,609 | ||||||
OPERATING PARTNERSHIP | ||||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (15,900) | |||||||
Equity compensation associated with Noncontrolling Interests | 10,523 | |||||||
Net income attributable to Noncontrolling Interests | 22,604 | 22,604 | 2,323 | |||||
Distributions to Noncontrolling Interests | (26,739) | (8,349) | ||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | (33,221) | 33,221 | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 18,315 | (18,315) | ||||||
PARTIALLY OWNED PROPERTIES | ||||||||
Net income attributable to Noncontrolling Interests | 22,604 | 22,604 | 2,323 | |||||
Contributions by Noncontrolling Interests | 125 | |||||||
Distributions to Noncontrolling Interests | (26,739) | (8,349) | ||||||
Balance, end of period at Dec. 31, 2017 | 10,242,464 | 3,680 | 8,886,586 | 1,403,530 | 37,280 | (88,612) | ||
Balance, end of period at Dec. 31, 2017 | 231,399 | 226,691 | 4,708 | |||||
COMMON SHARES, $0.01 PAR VALUE | ||||||||
Conversion of OP Units into Common Shares | 1 | 4,097 | ||||||
Exercise of share options | 11 | 30,644 | ||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,878 | ||||||
Restricted shares | 1 | 8,257 | ||||||
Share options | 9,734 | |||||||
ESPP discount | 767 | |||||||
PAID IN CAPITAL | ||||||||
Conversion of OP Units into Common Shares | 1 | 4,097 | ||||||
Exercise of share options | 11 | 30,644 | ||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,878 | ||||||
Share-based employee compensation expense: | ||||||||
Offering costs | (27) | |||||||
Supplemental Executive Retirement Plan (SERP) | (454) | |||||||
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | 13,922 | (13,922) | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 5,893 | (5,893) | ||||||
RETAINED EARNINGS | ||||||||
Net income attributable to controlling interests | 657,535 | 657,535 | ||||||
Common Share distributions | (796,212) | |||||||
Preferred Share distributions | (3,090) | |||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Unrealized holding gains (losses) arising during the year | 5,174 | 5,174 | ||||||
Losses reclassified into earnings from other comprehensive income | (18,452) | 18,452 | ||||||
Currency translation adjustments arising during the year | 0 | |||||||
Balance, beginning of year at Dec. 31, 2017 | 231,399 | 226,691 | 4,708 | |||||
OPERATING PARTNERSHIP | ||||||||
Issuance of restricted units to Noncontrolling Interests | 1 | |||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (4,098) | |||||||
Equity compensation associated with Noncontrolling Interests | 14,009 | |||||||
Net income attributable to Noncontrolling Interests | 24,939 | 24,939 | 2,718 | |||||
Distributions to Noncontrolling Interests | (28,682) | (9,831) | ||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | (1,771) | 1,771 | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 5,893 | (5,893) | ||||||
PARTIALLY OWNED PROPERTIES | ||||||||
Net income attributable to Noncontrolling Interests | 24,939 | 24,939 | 2,718 | |||||
Acquisition Noncontrolling Interests Partially Owned Properties | (13) | |||||||
Contributions by Noncontrolling Interests | 125 | |||||||
Distributions to Noncontrolling Interests | (28,682) | (9,831) | ||||||
Balance, end of period at Dec. 31, 2018 | 10,173,204 | $ 3,694 | $ 8,935,453 | $ 1,261,763 | $ 37,280 | $ (64,986) | ||
Balance, end of period at Dec. 31, 2018 | $ 226,445 | $ 228,738 | $ (2,293) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Stockholders Equity [Abstract] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
CONSOLIDATED BALANCE SHEETS OF
CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Land | $ 5,875,803 | $ 5,996,024 |
Depreciable property | 20,435,901 | 19,768,362 |
Projects under development | 109,409 | 163,547 |
Land held for development | 89,909 | 98,963 |
Investment in real estate | 26,511,022 | 26,026,896 |
Accumulated depreciation | (6,696,281) | (6,040,378) |
Investment in real estate, net | 19,814,741 | 19,986,518 |
Investments in unconsolidated entities | 58,349 | 58,254 |
Cash and cash equivalents | 47,442 | 50,647 |
Restricted deposits | 68,871 | 50,115 |
Other assets | 404,806 | 425,065 |
Total assets | 20,394,209 | 20,570,599 |
Liabilities: | ||
Mortgage notes payable, net | 2,385,470 | 3,618,722 |
Notes, net | 5,933,286 | 5,038,812 |
Line of credit and commercial paper | 499,183 | 299,757 |
Accounts payable and accrued expenses | 102,471 | 114,766 |
Accrued interest payable | 62,622 | 58,035 |
Other liabilities | 358,563 | 341,852 |
Security deposits | 67,258 | 65,009 |
Distributions payable | 206,601 | 192,828 |
Total liabilities | 9,615,454 | 9,729,781 |
Commitments and contingencies | ||
Partners’ Capital: | ||
Accumulated other comprehensive income (loss) | (64,986) | (88,612) |
Noncontrolling Interests – Partially Owned Properties | (2,293) | 4,708 |
Total liabilities and equity/capital | 20,394,209 | 20,570,599 |
ERPOP [Member] | ||
ASSETS | ||
Land | 5,875,803 | 5,996,024 |
Depreciable property | 20,435,901 | 19,768,362 |
Projects under development | 109,409 | 163,547 |
Land held for development | 89,909 | 98,963 |
Investment in real estate | 26,511,022 | 26,026,896 |
Accumulated depreciation | (6,696,281) | (6,040,378) |
Investment in real estate, net | 19,814,741 | 19,986,518 |
Investments in unconsolidated entities | 58,349 | 58,254 |
Cash and cash equivalents | 47,442 | 50,647 |
Restricted deposits | 68,871 | 50,115 |
Other assets | 404,806 | 425,065 |
Total assets | 20,394,209 | 20,570,599 |
Liabilities: | ||
Mortgage notes payable, net | 2,385,470 | 3,618,722 |
Notes, net | 5,933,286 | 5,038,812 |
Line of credit and commercial paper | 499,183 | 299,757 |
Accounts payable and accrued expenses | 102,471 | 114,766 |
Accrued interest payable | 62,622 | 58,035 |
Other liabilities | 358,563 | 341,852 |
Security deposits | 67,258 | 65,009 |
Distributions payable | 206,601 | 192,828 |
Total liabilities | 9,615,454 | 9,729,781 |
Commitments and contingencies | ||
Redeemable Limited Partners | 379,106 | 366,955 |
Partners’ Capital: | ||
Preference Units | 37,280 | 37,280 |
General Partner | 10,200,910 | 10,293,796 |
Limited Partners | 228,738 | 226,691 |
Accumulated other comprehensive income (loss) | (64,986) | (88,612) |
Total partners’ capital | 10,401,942 | 10,469,155 |
Noncontrolling Interests – Partially Owned Properties | (2,293) | 4,708 |
Total capital | 10,399,649 | 10,473,863 |
Total liabilities and equity/capital | $ 20,394,209 | $ 20,570,599 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES | |||
Rental income | $ 2,577,681 | $ 2,470,689 | $ 2,422,233 |
Fee and asset management | $ 753 | $ 717 | $ 3,567 |
Type of Revenue [Extensible List] | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember |
Total revenues | $ 2,578,434 | $ 2,471,406 | $ 2,425,800 |
EXPENSES | |||
Property and maintenance | 429,335 | 405,281 | 406,823 |
Real estate taxes and insurance | 357,814 | 335,495 | 317,387 |
Property management | 92,485 | 85,493 | 82,015 |
General and administrative | 53,813 | 52,224 | 57,840 |
Depreciation | 785,725 | 743,749 | 705,649 |
Impairment | 702 | 1,693 | 0 |
Total expenses | 1,719,874 | 1,623,935 | 1,569,714 |
Operating income | 858,560 | 847,471 | 856,086 |
Interest and other income | 15,317 | 6,136 | 65,773 |
Other expenses | (17,267) | (5,186) | (10,368) |
Interest: | |||
Expense incurred, net | (413,360) | (383,890) | (482,246) |
Amortization of deferred financing costs | (11,310) | (8,526) | (12,633) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations | 431,940 | 456,005 | 416,612 |
Income and other tax (expense) benefit | (878) | (478) | (1,613) |
Income (loss) from investments in unconsolidated entities | (3,667) | (3,370) | 4,801 |
Net gain (loss) on sales of real estate properties | 256,810 | 157,057 | 4,044,055 |
Net gain (loss) on sales of land parcels | 987 | 19,167 | 15,731 |
Income from continuing operations | 685,192 | 628,381 | 4,479,586 |
Discontinued operations, net | 0 | 0 | 518 |
Net income | 685,192 | 628,381 | 4,480,104 |
Partially Owned Properties | (2,718) | (2,323) | (16,430) |
Net income attributable to controlling interests | $ 657,535 | $ 603,454 | $ 4,292,163 |
Earnings per Unit – basic: | |||
Income from continuing operations available to Units | $ 1.78 | $ 1.64 | $ 11.75 |
Net income available to Units | 1.78 | 1.64 | 11.75 |
Earnings per Unit – diluted: | |||
Income from continuing operations available to Units | 1.77 | 1.63 | 11.68 |
Net income available to Units | $ 1.77 | $ 1.63 | $ 11.68 |
Weighted average Units outstanding | 383,695 | 382,678 | 381,992 |
ERPOP [Member] | |||
REVENUES | |||
Rental income | $ 2,577,681 | $ 2,470,689 | $ 2,422,233 |
Fee and asset management | $ 753 | $ 717 | $ 3,567 |
Type of Revenue [Extensible List] | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember |
Total revenues | $ 2,578,434 | $ 2,471,406 | $ 2,425,800 |
EXPENSES | |||
Property and maintenance | 429,335 | 405,281 | 406,823 |
Real estate taxes and insurance | 357,814 | 335,495 | 317,387 |
Property management | 92,485 | 85,493 | 82,015 |
General and administrative | 53,813 | 52,224 | 57,840 |
Depreciation | 785,725 | 743,749 | 705,649 |
Impairment | 702 | 1,693 | |
Total expenses | 1,719,874 | 1,623,935 | 1,569,714 |
Operating income | 858,560 | 847,471 | 856,086 |
Interest and other income | 15,317 | 6,136 | 65,773 |
Other expenses | (17,267) | (5,186) | (10,368) |
Interest: | |||
Expense incurred, net | (413,360) | (383,890) | (482,246) |
Amortization of deferred financing costs | (11,310) | (8,526) | (12,633) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations | 431,940 | 456,005 | 416,612 |
Income and other tax (expense) benefit | (878) | (478) | (1,613) |
Income (loss) from investments in unconsolidated entities | (3,667) | (3,370) | 4,801 |
Net gain (loss) on sales of real estate properties | 256,810 | 157,057 | 4,044,055 |
Net gain (loss) on sales of land parcels | 987 | 19,167 | 15,731 |
Income from continuing operations | 685,192 | 628,381 | 4,479,586 |
Discontinued operations, net | 518 | ||
Net income | 685,192 | 628,381 | 4,480,104 |
Partially Owned Properties | (2,718) | (2,323) | (16,430) |
Net income attributable to controlling interests | 682,474 | 626,058 | 4,463,674 |
ALLOCATION OF NET INCOME: | |||
Preference Units | 3,090 | 3,091 | 3,091 |
General Partner | 654,445 | 600,363 | 4,289,072 |
Limited Partners | 24,939 | 22,604 | 171,511 |
Net income available to Units | $ 679,384 | $ 622,967 | $ 4,460,583 |
Earnings per Unit – basic: | |||
Income from continuing operations available to Units | $ 1.78 | $ 1.64 | $ 11.75 |
Net income available to Units | $ 1.78 | $ 1.64 | $ 11.75 |
Weighted average Units outstanding | 380,921 | 379,869 | 378,829 |
Earnings per Unit – diluted: | |||
Income from continuing operations available to Units | $ 1.77 | $ 1.63 | $ 11.68 |
Net income available to Units | $ 1.77 | $ 1.63 | $ 11.68 |
Weighted average Units outstanding | 383,695 | 382,678 | 381,992 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Comprehensive income: | |||
Net income | $ 685,192 | $ 628,381 | $ 4,480,104 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | 5,174 | 6,439 | (3,915) |
Losses reclassified into earnings from other comprehensive income | 18,452 | 18,858 | 41,758 |
Other comprehensive income (loss) – foreign currency: | |||
Currency translation adjustments arising during the year | 0 | 0 | 264 |
Other comprehensive income (loss) | 23,626 | 25,297 | 38,107 |
Comprehensive income | 708,818 | 653,678 | 4,518,211 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (28,526) | (25,845) | (189,411) |
Comprehensive income attributable to controlling interests | 680,292 | 627,833 | 4,328,800 |
ERPOP [Member] | |||
Comprehensive income: | |||
Net income | 685,192 | 628,381 | 4,480,104 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | 5,174 | 6,439 | (3,915) |
Losses reclassified into earnings from other comprehensive income | 18,452 | 18,858 | 41,758 |
Other comprehensive income (loss) – foreign currency: | |||
Currency translation adjustments arising during the year | 264 | ||
Other comprehensive income (loss) | 23,626 | 25,297 | 38,107 |
Comprehensive income | 708,818 | 653,678 | 4,518,211 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (2,718) | (2,323) | (16,430) |
Comprehensive income attributable to controlling interests | $ 706,100 | $ 651,355 | $ 4,501,781 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 685,192 | $ 628,381 | $ 4,480,104 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 785,725 | 743,749 | 705,649 |
Amortization of deferred financing costs | 11,310 | 8,526 | 12,633 |
Amortization of above/below market lease intangibles | 4,392 | 3,828 | 3,426 |
Amortization of discounts and premiums on debt | 22,781 | 3,536 | (17,986) |
Amortization of deferred settlements on derivative instruments | 18,440 | 18,847 | 41,680 |
Impairment | 702 | 1,693 | 0 |
Write-off of pursuit costs | 4,450 | 3,106 | 4,092 |
(Income) loss from investments in unconsolidated entities | 3,667 | 3,370 | (4,801) |
Distributions from unconsolidated entities – return on capital | 2,492 | 2,632 | 2,863 |
Net (gain) loss on sales of investment securities and other investments | (58,409) | ||
Net (gain) loss on sales of real estate properties | (256,810) | (157,057) | (4,044,055) |
Net (gain) loss on sales of land parcels | (987) | (19,167) | (15,731) |
Net (gain) loss on sales of discontinued operations | (43) | ||
Net (gain) loss on debt extinguishment | 22,110 | 12,258 | 114,666 |
Realized/unrealized (gain) loss on derivative instruments | 50 | 74 | |
Compensation paid with Company Common Shares | 27,132 | 24,997 | 30,530 |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | 4,097 | (449) | 31,147 |
Increase (decrease) in accounts payable and accrued expenses | (1,862) | 11,532 | (6,061) |
Increase (decrease) in accrued interest payable | 4,587 | (2,911) | (24,275) |
Increase (decrease) in other liabilities | 16,578 | (23,468) | (26,422) |
Increase (decrease) in security deposits | 2,249 | 2,385 | (14,958) |
Net cash provided by operating activities | 1,356,295 | 1,265,788 | 1,214,123 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (708,092) | (466,394) | (205,880) |
Investment in real estate – development/other | (154,431) | (276,382) | (566,825) |
Capital expenditures to real estate | (188,501) | (202,607) | (172,177) |
Non-real estate capital additions | (4,505) | (1,506) | (5,731) |
Interest capitalized for real estate under development | (6,260) | (26,290) | (51,451) |
Proceeds from disposition of real estate, net | 691,526 | 384,583 | 6,824,659 |
Investments in unconsolidated entities | (6,571) | (6,034) | (5,266) |
Distributions from unconsolidated entities – return of capital | 334 | 13,798 | |
Proceeds from sale of investment securities and other investments | 72,815 | ||
Net cash provided by (used for) investing activities | (376,834) | (594,296) | 5,903,942 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (8,583) | (6,289) | (13,305) |
Mortgage notes payable, net: | |||
Proceeds | 96,935 | ||
Lump sum payoffs | (1,347,939) | (493,420) | (583,122) |
Scheduled principal repayments | (6,629) | (10,704) | (8,544) |
Notes, net: | |||
Proceeds | 896,294 | 692,466 | 496,705 |
Lump sum payoffs | (497,975) | (1,500,000) | |
Line of credit and commercial paper: | |||
Line of credit proceeds | 3,805,000 | 1,845,000 | 426,000 |
Line of credit repayments | (3,805,000) | (1,845,000) | (426,000) |
Commercial paper proceeds | 14,030,926 | 5,066,509 | 1,760,194 |
Commercial paper repayments | (13,831,500) | (4,786,750) | (2,127,472) |
Proceeds from (payments on) settlement of derivative instruments | 18,118 | 1,295 | (4,662) |
Proceeds from Employee Share Purchase Plan (ESPP) | 3,879 | 3,744 | 3,686 |
Proceeds from exercise of EQR options | 30,655 | 31,596 | 35,833 |
Payment of offering costs | (27) | (51) | (314) |
Other financing activities, net | (78) | (63) | (49) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 125 | 125 | |
Contributions – Limited Partners | 1 | 1 | |
Distributions: | |||
OP Units – General Partner | (782,122) | (739,375) | (4,771,725) |
Preference Units | (3,863) | (3,091) | (2,318) |
OP Units – Limited Partners | (28,226) | (27,291) | (188,115) |
Noncontrolling Interests – Partially Owned Properties | (9,753) | (8,286) | (36,219) |
Net cash provided by (used for) financing activities | (963,910) | (789,818) | (7,054,092) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 15,551 | (118,326) | 63,973 |
Cash and cash equivalents and restricted deposits, beginning of year | 100,762 | 219,088 | 155,115 |
Cash and cash equivalents and restricted deposits, end of year | 116,313 | 100,762 | 219,088 |
Cash and cash equivalents | 47,442 | 50,647 | 77,207 |
Restricted deposits | 68,871 | 50,115 | 141,881 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 358,156 | 360,273 | 482,152 |
Net cash paid for income and other taxes | 853 | 640 | 1,494 |
Real estate acquisitions/dispositions/other: | |||
Mortgage loans assumed | 43,400 | ||
Amortization of deferred financing costs: | |||
Other assets | 2,412 | 2,412 | 3,366 |
Mortgage notes payable, net | 4,792 | 2,493 | 3,978 |
Notes, net | 4,106 | 3,621 | 5,289 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 20,144 | 1,172 | (21,158) |
Notes, net | 2,637 | 2,364 | 3,172 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (11) | (78) |
Accumulated other comprehensive income | 18,452 | 18,858 | 41,758 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 4,364 | 2,965 | 3,586 |
Other assets | 53 | 17 | 402 |
Accounts payable and accrued expenses | 33 | 124 | 104 |
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | 2,304 | 1,955 | (6,327) |
Other liabilities | 1,363 | 1,415 | 1,526 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | (14,977) | (4,582) | 1,798 |
Notes, net | (680) | (3,454) | (1,798) |
Other liabilities | 10,533 | 1,597 | 3,989 |
Accumulated other comprehensive income | 5,174 | 6,439 | (3,915) |
Investments in unconsolidated entities: | |||
Investments in unconsolidated entities | (4,891) | (3,034) | (2,326) |
Other liabilities | (1,680) | (3,000) | (2,940) |
Distributions from unconsolidated entities - return of capital: | |||
Other assets | (216) | ||
Debt financing costs: | |||
Other assets | (145) | (8,553) | |
Mortgage notes payable, net | (555) | (507) | |
Notes, net | (7,883) | (6,289) | (4,245) |
Proceeds from (payments on) settlement of derivative instruments: | |||
Other assets | 18,118 | 1,295 | |
Other liabilities | (4,662) | ||
Other: | |||
Foreign currency translation adjustments | 0 | 0 | (264) |
Notes, Net [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net gain (loss) on debt extinguishment | (82,934) | ||
Mortgage Notes Payable, Net [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net gain (loss) on debt extinguishment | (22,110) | (12,258) | (31,732) |
ERPOP [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 685,192 | 628,381 | 4,480,104 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 785,725 | 743,749 | 705,649 |
Amortization of deferred financing costs | 11,310 | 8,526 | 12,633 |
Amortization of above/below market lease intangibles | 4,392 | 3,828 | 3,426 |
Amortization of discounts and premiums on debt | 22,781 | 3,536 | (17,986) |
Amortization of deferred settlements on derivative instruments | 18,440 | 18,847 | 41,680 |
Impairment | 702 | 1,693 | |
Write-off of pursuit costs | 4,450 | 3,106 | 4,092 |
(Income) loss from investments in unconsolidated entities | 3,667 | 3,370 | (4,801) |
Distributions from unconsolidated entities – return on capital | 2,492 | 2,632 | 2,863 |
Net (gain) loss on sales of investment securities and other investments | (58,409) | ||
Net (gain) loss on sales of real estate properties | (256,810) | (157,057) | (4,044,055) |
Net (gain) loss on sales of land parcels | (987) | (19,167) | (15,731) |
Net (gain) loss on sales of discontinued operations | (43) | ||
Net (gain) loss on debt extinguishment | 22,110 | 12,258 | 114,666 |
Realized/unrealized (gain) loss on derivative instruments | 50 | 74 | |
Compensation paid with Company Common Shares | 27,132 | 24,997 | 30,530 |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | 4,097 | (449) | 31,147 |
Increase (decrease) in accounts payable and accrued expenses | (1,862) | 11,532 | (6,061) |
Increase (decrease) in accrued interest payable | 4,587 | (2,911) | (24,275) |
Increase (decrease) in other liabilities | 16,578 | (23,468) | (26,422) |
Increase (decrease) in security deposits | 2,249 | 2,385 | (14,958) |
Net cash provided by operating activities | 1,356,295 | 1,265,788 | 1,214,123 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (708,092) | (466,394) | (205,880) |
Investment in real estate – development/other | (154,431) | (276,382) | (566,825) |
Capital expenditures to real estate | (188,501) | (202,607) | (172,177) |
Non-real estate capital additions | (4,505) | (1,506) | (5,731) |
Interest capitalized for real estate under development | (6,260) | (26,290) | (51,451) |
Proceeds from disposition of real estate, net | 691,526 | 384,583 | 6,824,659 |
Investments in unconsolidated entities | (6,571) | (6,034) | (5,266) |
Distributions from unconsolidated entities – return of capital | 334 | 13,798 | |
Proceeds from sale of investment securities and other investments | 72,815 | ||
Net cash provided by (used for) investing activities | (376,834) | (594,296) | 5,903,942 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (8,583) | (6,289) | (13,305) |
Mortgage notes payable, net: | |||
Proceeds | 96,935 | ||
Lump sum payoffs | (1,347,939) | (493,420) | (583,122) |
Scheduled principal repayments | (6,629) | (10,704) | (8,544) |
Notes, net: | |||
Proceeds | 896,294 | 692,466 | 496,705 |
Lump sum payoffs | (497,975) | (1,500,000) | |
Line of credit and commercial paper: | |||
Line of credit proceeds | 3,805,000 | 1,845,000 | 426,000 |
Line of credit repayments | (3,805,000) | (1,845,000) | (426,000) |
Commercial paper proceeds | 14,030,926 | 5,066,509 | 1,760,194 |
Commercial paper repayments | (13,831,500) | (4,786,750) | (2,127,472) |
Proceeds from (payments on) settlement of derivative instruments | 18,118 | 1,295 | (4,662) |
Proceeds from Employee Share Purchase Plan (ESPP) | 3,879 | 3,744 | 3,686 |
Proceeds from exercise of EQR options | 30,655 | 31,596 | 35,833 |
Payment of offering costs | (27) | (51) | (314) |
Other financing activities, net | (78) | (63) | (49) |
Acquisition of Noncontrolling Interests – Partially Owned Properties | (13) | ||
Contributions – Noncontrolling Interests – Partially Owned Properties | 125 | 125 | |
Contributions – Limited Partners | 1 | 1 | |
Distributions: | |||
OP Units – General Partner | (782,122) | (739,375) | (4,771,725) |
Preference Units | (3,863) | (3,091) | (2,318) |
OP Units – Limited Partners | (28,226) | (27,291) | (188,115) |
Noncontrolling Interests – Partially Owned Properties | (9,753) | (8,286) | (36,219) |
Net cash provided by (used for) financing activities | (963,910) | (789,818) | (7,054,092) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 15,551 | (118,326) | 63,973 |
Cash and cash equivalents and restricted deposits, beginning of year | 100,762 | 219,088 | 155,115 |
Cash and cash equivalents and restricted deposits, end of year | 116,313 | 100,762 | 219,088 |
Cash and cash equivalents | 47,442 | 50,647 | 77,207 |
Restricted deposits | 68,871 | 50,115 | 141,881 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 358,156 | 360,273 | 482,152 |
Net cash paid for income and other taxes | 853 | 640 | 1,494 |
Real estate acquisitions/dispositions/other: | |||
Mortgage loans assumed | 43,400 | ||
Amortization of deferred financing costs: | |||
Other assets | 2,412 | 2,412 | 3,366 |
Mortgage notes payable, net | 4,792 | 2,493 | 3,978 |
Notes, net | 4,106 | 3,621 | 5,289 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 20,144 | 1,172 | (21,158) |
Notes, net | 2,637 | 2,364 | 3,172 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (11) | (78) |
Accumulated other comprehensive income | 18,452 | 18,858 | 41,758 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 4,364 | 2,965 | 3,586 |
Other assets | 53 | 17 | 402 |
Accounts payable and accrued expenses | 33 | 124 | 104 |
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | 2,304 | 1,955 | (6,327) |
Other liabilities | 1,363 | 1,415 | 1,526 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | (14,977) | (4,582) | 1,798 |
Notes, net | (680) | (3,454) | (1,798) |
Other liabilities | 10,533 | 1,597 | 3,989 |
Accumulated other comprehensive income | 5,174 | 6,439 | (3,915) |
Investments in unconsolidated entities: | |||
Investments in unconsolidated entities | (4,891) | (3,034) | (2,326) |
Other liabilities | (1,680) | (3,000) | (2,940) |
Distributions from unconsolidated entities - return of capital: | |||
Investments in unconsolidated entities | 334 | 14,014 | |
Other assets | (216) | ||
Debt financing costs: | |||
Other assets | (145) | (8,553) | |
Mortgage notes payable, net | (555) | (507) | |
Notes, net | (7,883) | (6,289) | (4,245) |
Proceeds from (payments on) settlement of derivative instruments: | |||
Other assets | 18,118 | 1,295 | |
Other liabilities | (4,662) | ||
Other: | |||
Foreign currency translation adjustments | (264) | ||
ERPOP [Member] | Notes, Net [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net gain (loss) on debt extinguishment | (82,934) | ||
ERPOP [Member] | Mortgage Notes Payable, Net [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net gain (loss) on debt extinguishment | $ (22,110) | $ (12,258) | $ (31,732) |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | Total | ERPOP [Member] | PREFERRED SHARESERPOP [Member] | General Partner [Member] | General Partner [Member]ERPOP [Member] | Limited Partner [Member]ERPOP [Member] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)ERPOP [Member] | PARTIALLY OWNED PROPERTIES [Member]ERPOP [Member] |
Balance, beginning of year at Dec. 31, 2015 | $ 37,280 | $ 10,585,104 | $ 221,379 | $ (152,016) | ||||
Balance, beginning of year at Dec. 31, 2015 | $ 4,608 | |||||||
OP Unit Issuance: | ||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 3,726 | (3,726) | ||||||
Exercise of EQR share options | 35,833 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | $ 3,686 | |||||||
Share-based employee compensation expense: | ||||||||
EQR restricted shares | 15,016 | |||||||
EQR share options | 3,432 | |||||||
EQR ESPP discount | 650 | |||||||
Net income available to Units – General Partner | $ 4,289,072 | 4,289,072 | ||||||
OP Units – General Partner distributions | (4,754,537) | |||||||
Offering costs | (314) | |||||||
Supplemental Executive Retirement Plan (SERP) | 748 | |||||||
Change in market value of Redeemable Limited Partners | 115,093 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 8,198 | (8,198) | ||||||
LIMITED PARTNERS | ||||||||
Issuance of restricted units to Limited Partners | 1 | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 3,726 | (3,726) | ||||||
Equity compensation associated with Units – Limited Partners | 18,180 | |||||||
Limited Partners | 171,511 | 171,511 | ||||||
Units – Limited Partners distributions | (187,448) | |||||||
Change in carrying value of Redeemable Limited Partners | 9,598 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 8,198 | (8,198) | ||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Unrealized holding gains (losses) arising during the year | $ (3,915) | (3,915) | (3,915) | |||||
Losses reclassified into earnings from other comprehensive income | (41,758) | (41,758) | 41,758 | |||||
Currency translation adjustments arising during the year | 264 | 264 | 264 | |||||
PARTIALLY OWNED PROPERTIES | ||||||||
Net income | 4,480,104 | 4,480,104 | 16,430 | |||||
Distributions to Noncontrolling Interests | (36,268) | |||||||
Other | 25,839 | |||||||
Balance, end of year at Dec. 31, 2016 | 37,280 | 10,305,707 | 221,297 | (113,909) | ||||
Balance, end of year at Dec. 31, 2016 | 10,609 | |||||||
OP Unit Issuance: | ||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 15,900 | (15,900) | ||||||
Exercise of EQR share options | 31,596 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 3,744 | |||||||
Share-based employee compensation expense: | ||||||||
EQR restricted shares | 9,777 | |||||||
EQR share options | 6,835 | |||||||
EQR ESPP discount | 747 | |||||||
Net income available to Units – General Partner | 600,363 | 600,363 | ||||||
OP Units – General Partner distributions | (740,459) | |||||||
Offering costs | (51) | |||||||
Supplemental Executive Retirement Plan (SERP) | (594) | |||||||
Change in market value of Redeemable Limited Partners | 41,916 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 18,315 | (18,315) | ||||||
LIMITED PARTNERS | ||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 15,900 | (15,900) | ||||||
Equity compensation associated with Units – Limited Partners | 10,523 | |||||||
Limited Partners | 22,604 | 22,604 | ||||||
Units – Limited Partners distributions | (26,739) | |||||||
Change in carrying value of Redeemable Limited Partners | 33,221 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 18,315 | (18,315) | ||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Unrealized holding gains (losses) arising during the year | 6,439 | 6,439 | 6,439 | |||||
Losses reclassified into earnings from other comprehensive income | (18,858) | (18,858) | 18,858 | |||||
Currency translation adjustments arising during the year | 0 | |||||||
PARTIALLY OWNED PROPERTIES | ||||||||
Net income | 628,381 | 628,381 | 2,323 | |||||
Contributions by Noncontrolling Interests | 125 | |||||||
Distributions to Noncontrolling Interests | (8,349) | |||||||
Balance, end of year at Dec. 31, 2017 | 37,280 | 10,293,796 | 226,691 | (88,612) | ||||
Balance, end of year at Dec. 31, 2017 | 4,708 | |||||||
OP Unit Issuance: | ||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 4,098 | (4,098) | ||||||
Exercise of EQR share options | 30,655 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | $ 3,879 | |||||||
Share-based employee compensation expense: | ||||||||
EQR restricted shares | 8,258 | |||||||
EQR share options | 9,734 | |||||||
EQR ESPP discount | 767 | |||||||
Net income available to Units – General Partner | 654,445 | 654,445 | ||||||
OP Units – General Partner distributions | (796,212) | |||||||
Offering costs | (27) | |||||||
Supplemental Executive Retirement Plan (SERP) | (454) | |||||||
Change in market value of Redeemable Limited Partners | (13,922) | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 5,893 | (5,893) | ||||||
LIMITED PARTNERS | ||||||||
Issuance of restricted units to Limited Partners | 1 | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 4,098 | (4,098) | ||||||
Equity compensation associated with Units – Limited Partners | 14,009 | |||||||
Limited Partners | 24,939 | 24,939 | ||||||
Units – Limited Partners distributions | (28,682) | |||||||
Change in carrying value of Redeemable Limited Partners | 1,771 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 5,893 | (5,893) | ||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Unrealized holding gains (losses) arising during the year | 5,174 | 5,174 | 5,174 | |||||
Losses reclassified into earnings from other comprehensive income | (18,452) | (18,452) | 18,452 | |||||
Currency translation adjustments arising during the year | 0 | |||||||
PARTIALLY OWNED PROPERTIES | ||||||||
Net income | $ 685,192 | $ 685,192 | 2,718 | |||||
Contributions by Noncontrolling Interests | 125 | |||||||
Distributions to Noncontrolling Interests | (9,831) | |||||||
Acquisitions of Noncontrolling Interests - Partially Owned Properties | 13 | |||||||
Acquisition Noncontrolling Interests Partially Owned Properties | (13) | |||||||
Balance, end of year at Dec. 31, 2018 | $ 37,280 | $ 10,200,910 | $ 228,738 | $ (64,986) | ||||
Balance, end of year at Dec. 31, 2018 | $ (2,293) |
Business
Business | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business | 1. Equity Residential (“EQR”) is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets, a business that is conducted on its behalf by ERP Operating Limited Partnership (“ERPOP”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. EQR is the general partner of, and as of December 31, 2018 owned an approximate 96.4% ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues public equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. As of December 31, 2018, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 307 properties located in 11 states and the District of Columbia consisting of 79,482 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 287 74,840 Master-Leased Property – Consolidated 1 162 Partially Owned Properties – Consolidated 17 3,535 Partially Owned Properties – Unconsolidated 2 945 307 79,482 Note: Effective February 1, 2018 and April 2, 2018, the Company took over management of two of its Master-Leased properties containing 94 apartment units and 597 apartment units located in Boston and Los Angeles, respectively. The “Wholly Owned Properties” are accounted for under the consolidation method of accounting. The “Master-Leased Property – Consolidated” is wholly owned by the Company but the entire project is leased to a third party corporate housing provider. This property is consolidated and reflected as a real estate asset while the master lease is accounted for as an operating lease. The “Partially Owned Properties – Consolidated” are controlled by the Company, but have partners with noncontrolling interests and are accounted for under the consolidation method of accounting and qualify as variable interest entities. The “Partially Owned Properties – Unconsolidated” are controlled by the Company’s partners but the Company has noncontrolling interests and are accounted for under the equity method of accounting. The Company maintains long-term ground leases for 14 operating properties. The Company owns the building and improvements and leases the land underlying the improvements under long-term ground leases. The expiration dates for these leases range from 2042 through 2113. These properties are consolidated and reflected as real estate assets while the ground leases are accounted for as operating leases. See Note 2 for additional discussion regarding the new leases standard. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for our unconsolidated properties/entities. Real Estate Assets and Depreciation of Investment in Real Estate Effective January 1, 2017 with the adoption of the new standard which clarified the definition of a business (discussed below in Recently Adopted Accounting Pronouncements For asset acquisitions, the Company allocates the purchase price of the net tangible and identified intangible assets on a relative fair value basis. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets/liabilities acquired. The Company allocates the purchase price of acquired real estate to various components as follows: • Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property. • Furniture, Fixtures and Equipment – Ranges between $10,000 and $35,000 per apartment unit acquired as an estimate of the allocation of the relative fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the economic age of the apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years. • Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. In-place residential leases’ average term at acquisition approximates six months. In-place retail leases’ term at acquisition approximates the average remaining term of all acquired retail leases. See Note 4 for more information on above and below market leases. • Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset. • Building – Based on the allocation of the relative fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years. • Site Improvements – Based on replacement cost, which approximates the allocation of the relative fair value. Depreciation is calculated on the straight-line method over an estimated useful life of eight years. • Long-Term Debt – The Company calculates the allocation of the relative fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings. Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years. Renovation expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years. Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. Property sales or dispositions are recorded when control transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States. The Company classifies real estate assets as real estate held for sale when it is probable a property will be disposed of (see below for further discussion). The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained. Impairment of Long-Lived Assets The Company periodically evaluates its long-lived assets, including its investments in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company’s ability to hold and its intent with regard to each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. If impairment indicators exist, the Company performs the following: • For long-lived operating assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset. • For long-lived non-operating assets (projects under development and land held for development), management evaluates major cost overruns, market conditions that could affect lease-up projections, intent and ability to hold the asset and any other indicators of impairment. If any of the indicators were to suggest impairment was present, the carrying value of the asset would be adjusted accordingly to fair value. • For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it will sell the asset. Long-lived assets held for sale and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for sale. Cost Capitalization See the Real Estate Assets and Depreciation of Investment in Real Estate For all development projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend their time on development activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheets as construction-in-progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovations at selected properties when additional incremental employees are hired. During the years ended December 31, 2018, 2017 and 2016, the Company capitalized $13.2 million, $14.7 million and $18.7 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of development activities as well as major capital and/or renovation projects. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. Fair Value of Financial Instruments, Including Derivative Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives it currently has in place. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners’ capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes. Revenue Recognition Rental income attributable to residential leases is recorded on a straight-line basis, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Rental income attributable to retail/commercial leases is also recorded on a straight-line basis. Retail/commercial leases generally have five to ten year lease terms with market based renewal options. Fee and asset management revenue and interest income are recorded on an accrual basis. Share-Based Compensation The Company expenses share-based compensation such as restricted shares, restricted units and share options. Any common share of beneficial interest, $0.01 par value per share (the “Common Shares”) issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of partnership interest (“OP Units”) to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. See Note 12 for further discussion. The fair value of the option grants are recognized over the requisite service/vesting period of the options. The fair value for the Company’s share options was estimated at the time the share options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions: 2018 2017 2016 Expected volatility (1) 14.8 % 15.3 % 26.3 % Expected life (2) 5 years 5 years 5 years Expected dividend yield (3) 3.09 % 3.08 % 3.04 % Risk-free interest rate (4) 2.52 % 1.93 % 1.27 % Option valuation per share $ 6.15 $ 5.86 $ 13.02 (1) Expected volatility – For the 2018 and 2017 grants, estimated based on the historical five-year volatility (the period matching the expected life) of EQR’s share price measured on a monthly basis. For the 2016 grant, estimated based on the historical ten-year volatility of EQR’s share price measured on a monthly basis. This change in estimate reflects the Company’s belief that the historical five-year period provides a better estimate of the expected volatility in EQR shares over the expected life of the options. (2) Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993. (3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year. (4) Risk-free interest rate – The most current U.S. Treasury rate available prior to the grant date for a period matching the expected life of each grant. The valuation method and assumptions are the same as those the Company used in accounting for option expense in its consolidated financial statements. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. This model is only one method of valuing options. Because the Company’s share options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the actual value of the options to the recipient may be significantly different. Income and Other Taxes Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. Deferred tax assets and liabilities were recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases in the comparable periods. These assets and liabilities were measured using enacted tax rates for which the temporary differences were expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities were recognized in earnings in the period enacted. The Company’s deferred tax assets were generally the result of tax affected suspended interest deductions, net operating losses, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. The Company elected REIT status for its primary TRS upon filing the 2016 tax return in the third quarter of 2017, with the election retroactive to January 1, 2016. As a result, the Company wrote-off its deferred tax assets, which were fully reserved, in the third quarter of 2017. In December 2017, the President signed into law H.R. 1, informally titled the Tax Cuts and Jobs Act (the “Tax Act”). As of December 31, 2018, the Tax Act did not have a material impact on our REIT or subsidiary entities, our ability to continue to qualify as a REIT or on our results of operations. The Company provided for income, franchise and excise taxes allocated as follows in the consolidated statements of operations and comprehensive income for the years ended December 31, 2018, 2017 and 2016 (amounts in thousands): Year Ended December 31, 2018 2017 2016 Income and other tax expense (benefit) (1) $ 878 $ 478 $ 1,613 Discontinued operations, net (2) — — 12 Provision for income, franchise and excise taxes (3) $ 878 $ 478 $ 1,625 (1) Primarily includes state and local income, excise and franchise taxes. (2) Primarily represents state and local income, excise and franchise taxes on operating properties sold prior to January 1, 2014 and included in discontinued operations. The amounts included in discontinued operations for the year ended December 31, 2016 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the years ended December 31, 2018, 2017 and 2016 met the criteria for reporting discontinued operations. (3) All provisions for income tax amounts are current and none are deferred. During the years ended December 31, 2018, 2017 and 2016, the Company’s tax treatment of dividends and distributions were as follows (unaudited): Year Ended December 31, 2018 (1) 2017 (2) 2016 Tax treatment of dividends and distributions: Ordinary dividends $ 1.84454 $ 1.22126 $ 0.722 Long-term capital gain 0.21423 0.18959 9.176 Unrecaptured section 1250 gain 0.06498 0.10040 3.117 Dividends and distributions per Common Share/Unit outstanding $ 2.12375 $ 1.51125 $ 13.015 (1) The Company’s fourth quarter 2018 dividends and distributions of $0.54 per Common Share/Unit outstanding will be included as taxable income in calendar year 2019. (2) The Company’s fourth quarter 2017 dividends and distributions of $0.50375 per Common Share/Unit outstanding will be included as taxable income in calendar year 2018. The unaudited cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2018 and 2017 was approximately $14.0 billion and $14.8 billion, respectively. Noncontrolling Interests A noncontrolling interest in a subsidiary (minority interest) is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. See Note 3 for further discussion. Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds are treated as capital transactions. Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are generally based on ownership percentage and are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations and comprehensive income. Partners’ Capital The “Limited Partners” of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The “General Partner” of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of ERPOP. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuance of additional Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds are treated as capital transactions. Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. See Note 3 for further discussion. Use of Estimates In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity/capital. Recently Issued Accounting Pronouncements In • Lessors – Leases are accounted for using an approach that is substantially equivalent to existing guidance for operating, sales-type and financing leases, but aligned with the new revenue recognition standard. Lessors are required to allocate lease payments to separate lease and non-lease components of each lease agreement, with the non-lease components evaluated under the new revenue recognition standard. • Lessees – Leases are accounted for using a dual approach, classifying leases as either operating or finance based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification determines whether the lease expense is recognized on a straight-line basis over the term of the lease (for operating leases) or based on an effective interest method (for finance leases). A lessee is also required to record a right-of-use asset and a lease liability on its balance sheet for all leases with a term of greater than 12 months regardless of their classification as operating or finance leases. Leases with a term of 12 months or less are accounted for similar to existing guidance for operating leases. The new standard was effective for the Company effective January 1, 2019. The new standard was adopted using a modified retrospective method and the Company applied the new guidance as of the adoption date and elected certain practical expedients as described below. The Company is the lessor for its residential and retail/commercial leases and these leases will continue to be accounted for as operating leases under the new standard. Therefore, the Company did not have significant changes in the accounting for its lease revenues. The Company is the lessee under various corporate office and ground leases, which will be recognized as right of use assets and related lease liabilities on its consolidated balance sheets in the first quarter of 2019. The Company’s corporate office leases where it is the lessee will continue to be accounted for as operating leases under the new standard. Based on its election of the practical expedients, the Company was not required to reassess the classification of existing ground leases and therefore these leases will continue to be accounted for as operating leases. However, in the event we materially modify existing ground leases and/or enter into new ground leases after adoption of the new standard, such leases will likely be classified as finance leases. The Company will record right of use assets and related lease liabilities to its opening balance sheet upon adoption of the new standard on January 1, 2019 that will approximate $300.0 million. The Company has determined the approximate discount rate ranges of 3.3% to 3.9% for corporate office leases and 4.4% to 5.5% for ground leases. The discount rates were determined using the Company’s borrowing rates (actual pricing through 30 years and other long-term market rates). In July 2018, the FASB issued an amendment to the new leases standard, which includes a practical expedient that provides lessors an option not to separate lease and non-lease components when certain criteria are met and instead account for those components as a single component under the new leases standard. The amendment also provides a transition option that permits the application of the new guidance as of the adoption date rather than to all periods presented. The Company elected the practical expedient to account for both its lease and non-lease components as a single component under the leases standard and elected the new transition option as of the date of adoption effective January 1, 2019. In June 2016, the FASB In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements. The new standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements. The new standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument. The Company adopted this new standard as required effective January 1, 2019 and it did not have a material effect on its consolidated results of operations or financial position. Recently Adopted Accounting Pronouncements In FASB Revenue from Contracts with Customers any, For the remaining approximately 6% of rental income that is subject to the new revenue recognition standard, the Company’s disaggregated revenue streams are disclosed in the table below for the year ended December 31, 2018. These revenue streams have the same timing and pattern of revenue recognition across our reportable segments, with consistent allocations between the leasing and revenue recognition standards. The revenue streams and percentages are comparable with the percentage of rental income for the years ended December 31, 2017 and 2016. The following table presents the disaggregation of revenue streams of our rental income for the year ended December 31, 2018 (amounts in thousands): Year Ended December 31, 2018 Revenue Stream Applicable Standard Amount of Rental Income Percentage of Rental Income Leasing revenue Leases $ 2,418,168 93.8 % Utility recoveries (“RUBS”) Revenue Recognition 63,218 2.5 % Parking revenue Revenue Recognition 26,743 1.0 % Other revenue Revenue Recognition 69,552 2.7 % Rental income $ 2,577,681 100.0 % Additionally, as part of the new revenue recognition standard, the FASB issued amendments related to partial sales of real estate. Adoption of the new partial sales standard did not result in a change of accounting for the Company related to its disposition process. We concluded that the Company’s typical dispositions will continue to meet the criteria for sale and associated profit recognition under both new standards. In January 2016, the FASB issued a new standard which requires companies to measure all equity securities with readily determinable fair values at fair value on the balance sheet, with changes in fair value recognized in net income. The Company adopted this new standard as required effective January 1, 2018 and it did not have a material effect on its consolidated results of operations or financial position. In FASB • Cash payments related to debt prepayments or extinguishment costs are to be classified within financing • The portion of the cash payment made to settle a zero-coupon bond or a bond with an insignificant cash coupon attributable to accreted interest related to a debt discount is to be classified as a cash outflow within operating activities, and the portion attributable to the principal is to be classified within financing • Insurance settlement proceeds are to be classified based on the nature of the • Companies must elect to classify distributions received from equity method investees using either a cumulative earnings approach or a look-through approach and the election must be disclosed; • Restricted Total The While overall cash flows did not change, there were changes between cash flow classifications due primarily to the debt prepayment penalties that the Company had incurred in comparative periods. In FASB Other The Company is the controlling partner in various consolidated partnerships owning 17 properties consisting of 3,535 apartment units having a noncontrolling interest deficit balance of $2.3 million at December 31, 2018. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning four properties having a noncontrolling interest deficit balance of $9.6 million. These four partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of December 31, 2018 the Company estimates the value of Noncontrolling Interest distributions for these four properties would have been approximately $70.4 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the four Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2018 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company’s Partially Owned Properties is subject to change. To the extent that the partnerships’ underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties. |
Equity, Capital and Other Inter
Equity, Capital and Other Interests | 12 Months Ended |
Dec. 31, 2018 | |
Equity Capital And Other Interests [Abstract] | |
Equity, Capital and Other Interests | 3. Equity, Capital and Other Interests Equity and Redeemable Noncontrolling Interests of Equity Residential The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and restricted units) for the years ended December 31, 2018, 2017 and 2016: 2018 2017 2016 Common Shares Common Shares outstanding at January 1, 368,018,082 365,870,924 364,755,444 Common Shares Issued: Conversion of OP Units 131,477 1,149,284 88,838 Exercise of share options 1,056,388 846,137 815,044 Employee Share Purchase Plan (ESPP) 75,414 68,286 63,909 Restricted share grants, net 123,800 83,451 147,689 Common Shares outstanding at December 31, 369,405,161 368,018,082 365,870,924 Units Units outstanding at January 1, 13,768,438 14,626,075 14,427,164 Restricted unit grants, net 267,074 291,647 287,749 Conversion of OP Units to Common Shares (131,477 ) (1,149,284 ) (88,838 ) Units outstanding at December 31, 13,904,035 13,768,438 14,626,075 Total Common Shares and Units outstanding at December 31, 383,309,196 381,786,520 380,496,999 Units Ownership Interest in Operating Partnership 3.6 % 3.6 % 3.8 % The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership Units in total in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total plus the number of Common Shares. Net income is allocated to the Noncontrolling Interests – Operating Partnership based on the weighted average ownership percentage during the period. The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership Units for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership Units. The Noncontrolling Interests – Operating Partnership Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership”. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership Units that are classified in permanent equity at December 31, 2018 and 2017. The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership Units in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total. Such percentage of the total carrying value of Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership is then adjusted to the greater of carrying value or fair market value as described above. As of December 31, 2018, the Redeemable Noncontrolling Interests – Operating Partnership have a redemption value of approximately $379.1 million, which represents the value of Common Shares that would be issued in exchange for the Redeemable Noncontrolling Interests – Operating Partnership Units. The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership for the years ended December 31, 2018, 2017 and 2016, respectively (amounts in thousands): 2018 2017 2016 Balance at January 1, $ 366,955 $ 442,092 $ 566,783 Change in market value 13,922 (41,916 ) (115,093 ) Change in carrying value (1,771 ) (33,221 ) (9,598 ) Balance at December 31, $ 379,106 $ 366,955 $ 442,092 Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net offering proceeds from Common Shares and Preferred Shares are allocated between shareholders’ equity and Noncontrolling Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of ERPOP. The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares. The following table presents the Company’s issued and outstanding Preferred Shares as of December 31, 2018 and 2017: Amounts in thousands Annual Call Dividend Per December 31, December 31, Date (1) Share (2) 2018 2017 Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding as of December 31, 2018 and 2017 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares are payable quarterly. Capital and Redeemable Limited Partners of ERP Operating Limited Partnership The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the years ended December 31, 2018, 2017 and 2016: 2018 2017 2016 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 381,786,520 380,496,999 379,182,608 Issued to General Partner: Exercise of EQR share options 1,056,388 846,137 815,044 EQR’s Employee Share Purchase Plan (ESPP) 75,414 68,286 63,909 EQR’s restricted share grants, net 123,800 83,451 147,689 Issued to Limited Partners: Restricted unit grants, net 267,074 291,647 287,749 General and Limited Partner Units outstanding at December 31, 383,309,196 381,786,520 380,496,999 Limited Partner Units Limited Partner Units outstanding at January 1, 13,768,438 14,626,075 14,427,164 Limited Partner restricted unit grants, net 267,074 291,647 287,749 Conversion of Limited Partner OP Units to EQR Common Shares (131,477 ) (1,149,284 ) (88,838 ) Limited Partner Units outstanding at December 31, 13,904,035 13,768,438 14,626,075 Limited Partner Units Ownership Interest in Operating Partnership 3.6 % 3.6 % 3.8 % The Limited Partners of the Operating Partnership as of December 31, 2018 include various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units. Subject to certain exceptions (including the “book-up” requirements of restricted units), Limited Partners may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Limited Partner Units (including redeemable interests) is allocated based on the number of Limited Partner Units in total in proportion to the number of Limited Partner Units in total plus the number of General Partner Units. Net income is allocated to the Limited Partner Units based on the weighted average ownership percentage during the period. The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Limited Partner Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Limited Partner Units for cash, EQR is obligated to deliver Common Shares to the exchanging limited partner. The Limited Partner Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Limited Partner Units are differentiated and referred to as “Redeemable Limited Partner Units”. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Limited Partner Units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Limited Partner Units that are classified in permanent equity at December 31, 2018 and 2017. The carrying value of the Redeemable Limited Partner Units is allocated based on the number of Redeemable Limited Partner Units in proportion to the number of Limited Partner Units in total. Such percentage of the total carrying value of Limited Partner Units which is ascribed to the Redeemable Limited Partner Units is then adjusted to the greater of carrying value or fair market value as described above. As of December 31, 2018, the Redeemable Limited Partner Units have a redemption value of approximately $379.1 million, which represents the value of Common Shares that would be issued in exchange for the Redeemable Limited Partner Units. The following table presents the changes in the redemption value of the Redeemable Limited Partners for the years ended December 31, 2018, 2017 and 2016, respectively (amounts in thousands): 2018 2017 2016 Balance at January 1, $ 366,955 $ 442,092 $ 566,783 Change in market value 13,922 (41,916 ) (115,093 ) Change in carrying value (1,771 ) (33,221 ) (9,598 ) Balance at December 31, $ 379,106 $ 366,955 $ 442,092 EQR contributes all net proceeds from its various equity offerings (including proceeds from exercise of options for Common Shares) to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the preferred shares issued in the equity offering). The following table presents the Operating Partnership’s issued and outstanding “Preference Units” as of December 31, 2018 and 2017: Amounts in thousands Annual Call Dividend Per December 31, December 31, Date (1) Unit (2) 2018 2017 Preference Units: 8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 745,600 units issued and outstanding as of December 31, 2018 and 2017 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares. (2) Dividends on Preference Units are payable quarterly. Other EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC on June 28, 2016 and expires on June 28, 2019. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis). In September 2009, the Company announced the establishment of an At-The-Market (“ATM”) share offering program which would allow EQR to sell Common Shares from time to time into the existing trading market at current market prices as well as through negotiated transactions. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds from all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis). The program currently has a maturity of June 28, 2019. EQR has the authority to issue 13.0 million shares but has not issued any shares under this program since September 2012. The Company may repurchase up to 13.0 million Common Shares under its share repurchase program. No open market repurchases have occurred since 2008 and no repurchases of any kind have occurred since February 2014. As of December 31, 2018, EQR has remaining authorization to repurchase up to 13.0 million of its shares under the repurchase program. |
Real Estate and Lease Intangibl
Real Estate and Lease Intangibles | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate and Lease Intangibles | 4. Real Estate and Lease Intangibles The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2018 and 2017 (amounts in thousands): 2018 2017 Land $ 5,875,803 $ 5,996,024 Depreciable property: Buildings and improvements 18,232,625 17,743,042 Furniture, fixtures and equipment 1,722,231 1,548,961 In-Place lease intangibles 481,045 476,359 Projects under development: Land 25,429 43,226 Construction-in-progress 83,980 120,321 Land held for development: Land 61,038 62,538 Construction-in-progress 28,871 36,425 Investment in real estate 26,511,022 26,026,896 Accumulated depreciation (6,696,281 ) (6,040,378 ) Investment in real estate, net $ 19,814,741 $ 19,986,518 The following table summarizes the carrying amounts for the Company’s above and below market ground and retail lease intangibles as of December 31, 2018 and 2017 (amounts in thousands): Description Balance Sheet 2018 2017 Assets Ground lease intangibles – below market Other Assets $ 191,918 $ 191,918 Retail lease intangibles – above market Other Assets 1,260 1,260 Lease intangible assets 193,178 193,178 Accumulated amortization (26,947 ) (22,434 ) Lease intangible assets, net $ 166,231 $ 170,744 Liabilities Ground lease intangibles – above market Other Liabilities $ 2,400 $ 2,400 Retail lease intangibles – below market Other Liabilities 1,710 5,270 Lease intangible liabilities 4,110 7,670 Accumulated amortization (1,704 ) (5,143 ) Lease intangible liabilities, net $ 2,406 $ 2,527 The following table provides a summary of the effect of the amortization for above and below market ground and retail lease intangibles on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2018, 2017 and 2016 (amounts in thousands): Description Income Statement Location 2018 2017 2016 Ground lease intangible amortization Property and Maintenance $ (4,463 ) $ (4,369 ) $ (4,321 ) Retail lease intangible amortization Rental Income 71 541 895 Total amortization of above/below market lease intangibles $ (4,392 ) $ (3,828 ) $ (3,426 ) The following table provides a summary of the aggregate amortization for above and below market ground and retail lease intangibles for each of the next five years (amounts in thousands): 2019 2020 2021 2022 2023 Ground lease intangibles $ (4,463 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) Retail lease intangibles 71 71 71 27 19 Total $ (4,392 ) $ (4,392 ) $ (4,392 ) $ (4,436 ) $ (4,444 ) Acquisitions and Dispositions During the year ended December 31, 2018, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 5 1,478 $ 707,005 Total 5 1,478 $ 707,005 (1) Purchase price includes an allocation of approximately $113.7 million to land and $594.4 million to depreciable property (inclusive of capitalized closing costs). During the year ended December 31, 2017, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 4 947 $ 468,050 Total 4 947 $ 468,050 (1) Purchase price includes an allocation of approximately $68.3 million to land, $386.2 million to depreciable property (inclusive of capitalized closing costs) and $13.7 million to ground lease intangible (included in other assets). For one of the property acquisitions, the Company owns the building and improvements and leases the land underlying the improvements under a long-term ground lease that expires in 2113. This property is consolidated and reflected as a real estate asset while the ground lease is accounted for as an operating lease. During the year ended December 31, 2018, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 5 1,292 $ 706,120 Land Parcels (one) — — 2,700 Total 5 1,292 $ 708,820 The Company recognized a net gain on sales of real estate properties of approximately $256.8 million and a net gain on sales of land parcels of approximately $1.0 million on the above sales. During the year ended December 31, 2017, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 5 1,194 $ 354,950 Land Parcels (one) — — 33,450 Total 5 1,194 $ 388,400 The Company recognized a net gain on sales of real estate properties of approximately $157.1 million and a net gain on sales of land parcels of approximately $19.2 million on the above sales. Impairment During the year ended December 31, 2018, the Company recorded an approximate $0.7 million non-cash asset impairment charge on a property located in the San Francisco market due to physical property damage as a result of a fire at one of the buildings at the property. During the year ended December 31, 2017, the Company recorded an approximate $1.7 million non-cash asset impairment charge on a land parcel that was being marketed for sale, which is included in land held for development on the consolidated balance sheets and included in the non-same store/other segment discussed in Note 17. The charge was the result of an analysis of the parcel’s estimated fair value (determined using internally developed models based on market assumptions and potential sales data from the marketing process) compared to its current capitalized carrying value. The parcel now has a carrying value of $0.2 million. |
Commitments to Acquire_Dispose
Commitments to Acquire/Dispose of Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Commitments to Acquire/Dispose of Real Estate | 5. Commitments to Acquire/Dispose of Real Estate The Company has not entered into any separate agreements to acquire rental properties or land parcels as of the date of this filing. The Company has entered into separate agreements to dispose of the following (sales price in thousands): Properties Apartment Units Sales Price Rental Properties - Consolidated 1 266 $ 237,500 Land Parcels (one) — — 1,900 Total 1 266 $ 239,400 The closing of these pending transactions are subject to certain conditions and restrictions, therefore, there can be no assurance that these transactions will be consummated or that the final terms will not differ in material respects from those summarized above. See Note 18 for discussion of the properties acquired or disposed of, if any, subsequent to December 31, 2018. |
Investments in Partially Owned
Investments in Partially Owned Entities | 12 Months Ended |
Dec. 31, 2018 | |
Investments In Partially Owned Entities [Abstract] | |
Investments in Partially Owned Entities | 6. Investments in Partially Owned Entities The Company has co-invested in various properties with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). Consolidated Variable Interest Entities (“VIEs”) In accordance with accounting standards for consolidation of VIEs, the Company consolidates ERPOP on EQR’s financial statements. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP’s primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP’s economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP. The Company has various equity interests in certain joint ventures owning 17 properties containing 3,535 apartment units. The Company is the general partner or managing member of these joint ventures and is responsible for managing the operations and affairs of the joint ventures as well as making all decisions regarding the businesses of the joint ventures. The limited partners or non-managing members are not able to exercise substantive kick-out or participating rights. As a result, the joint ventures qualify as VIEs. The Company has a controlling financial interest in the VIEs and, thus, is the VIEs’ primary beneficiary. The Company has both the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. As a result, the joint ventures are required to be consolidated on the Company’s financial statements. The consolidated assets and liabilities related to the joint ventures were approximately $71 . million and $313. million, respectively, at December 31, 2018 and approximately $518.9 million and $307.0 million, respectively, at December 31, 2017. Investments in Unconsolidated Entities The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Ownership Percentage Investments in Unconsolidated Entities: Wisconsin Place Developer (VIE) (1) $ 42,365 $ 44,451 33.3% Operating Properties (Non-VIE) (2) 10,494 12,367 20.0% Other 5,490 1,436 Varies Investments in Unconsolidated Entities $ 58,349 $ 58,254 (1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting. (2) Includes two joint ventures under separate agreements with the same partner totaling 945 apartment units. |
Restricted Deposits
Restricted Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | 7. Restricted Deposits The following table presents the Company’s restricted deposits as of December 31, 2018 and 2017 (amounts in thousands): December 31, 2018 December 31, 2017 Mortgage escrow deposits: Real estate taxes and insurance $ 876 $ 845 Replacement reserves 8,641 8,347 Mortgage principal reserves/sinking funds 9,754 3,167 Other 852 852 Mortgage escrow deposits 20,123 13,211 Restricted cash: Earnest money on pending acquisitions 5,000 750 Restricted deposits on real estate investments 540 58 Resident security and utility deposits 35,659 35,183 Other 7,549 913 Restricted cash 48,748 36,904 Restricted deposits $ 68,871 $ 50,115 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. EQR guarantees the Operating Partnership’s revolving credit facility up to the maximum amount and for the full term of the facility. Weighted average interest rates noted below for the years ended December 31, 2018 and 2017 are net of the effect of any derivative instruments. Mortgage Notes Payable As of December 31, 2018, the Company had outstanding mortgage debt of approximately $2.4 billion. During the year ended December 31, 2018, the Company: • Repaid $550.0 million of 6.08% mortgage debt held in a Fannie Mae loan pool maturing in 2020 and incurred a prepayment penalty of approximately $22.1 million; • Repaid $500.0 million of 5.19% mortgage debt held in a Freddie Mac loan pool at par prior to the October 1, 2019 maturity date; • Repaid $43.7 million of conventional fixed-rate mortgage loans maturing in 2018; • Repaid $254.2 million of various tax-exempt mortgage bonds maturing in 2028 through 2042; • Repaid $6.6 million of scheduled principal repayments on various mortgage debt; and • Re i ssued $96.9 million of floating rate tax-exempt mortgage bonds which mature on April 1, 2042, remarket weekly and are guaranteed by ERPOP. The Company recorded $3.0 million of write-offs of unamortized deferred financing costs during the year ended December 31, 2018 as additional interest expense related to debt extinguishment of mortgages. The Company also recorded $16.3 million of write-offs of net unamortized discounts during the year ended December 31, 2018 as additional interest expense related to debt extinguishment of mortgages. As of December 31, 2018, the Company had $440.7 million of secured debt (primarily tax-exempt bonds) subject to third party credit enhancement. As of December 31, 2018, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 28, 2061. At December 31, 2018, the interest rate range on the Company’s mortgage debt was 0.10% to 6.90%. During the year ended December 31, 2018, the weighted average interest rate on the Company’s mortgage debt was 4.15%. The historical cost, net of accumulated depreciation, of encumbered properties was $3.2 billion and $4.4 billion at December 31, 2018 and 2017, respectively. As of December 31, 2017, the Company had outstanding mortgage debt of approximately $3.6 billion. During the year ended December 31, 2017, the Company: • Repaid $300.0 million of 5.987% mortgage debt held in a Fannie Mae loan pool maturing in 2019 and incurred a prepayment penalty of approximately $10.8 million; • Repaid $193.4 million of conventional fixed-rate mortgage loans maturing in 2017 through 2048 and incurred prepayment penalties of approximately $1.5 million; and • Repaid $10.7 million of scheduled principal repayments on various mortgage debt. The Company recorded $0.3 million of write-offs of unamortized deferred financing costs during the year ended December 31, 2017 as additional interest expense related to debt extinguishment of mortgages. The Company also recorded $0.7 million of write-offs of net unamortized premiums during the year ended December 31, 2017 as a reduction of interest expense related to debt extinguishment of mortgages. As of December 31, 2017, the Company had $598.6 million of secured debt (primarily tax-exempt bonds) subject to third party credit enhancement. As of December 31, 2017, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 28, 2061. At December 31, 2017, the interest rate range on the Company’s mortgage debt was 0.10% to 6.90%. During the year ended December 31, 2017, the weighted average interest rate on the Company’s mortgage debt was 4.33%. Notes The following tables summarize the Company’s unsecured note balances and certain interest rate and maturity date information as of and for the years ended December 31, 2018 and 2017, respectively: December 31, 2018 (Amounts in thousands) Net Principal Balance Interest Rate Ranges Weighted Average Interest Rate Maturity Date Ranges Fixed Rate Public Notes (1) $ 5,485,884 2.85% - 7.57% 4.37% 2020-2047 Floating Rate Public Notes (1) 447,402 (1) 2.84% 2019 Totals $ 5,933,286 4.25% December 31, 2017 (Amounts in thousands) Net Principal Balance Interest Rate Ranges Weighted Average Interest Rate Maturity Date Ranges Fixed Rate Public Notes (1) $ 4,591,373 2.85% - 7.57% 4.61% 2020-2047 Floating Rate Public Notes (1) 447,439 (1) 1.82% 2019 Totals $ 5,038,812 4.35% (1) Fair value interest rate swaps convert the $450.0 million 2.375% notes due July 1, 2019 to a floating interest rate of 90-Day LIBOR plus 0.61%. The Company’s unsecured public debt contains certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for both the years ended December 31, 2018 and 2017. EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC on June 28, 2016 and expires on June 28, 2019. During the year ended December 31, 2018, the Company: • Issued $500.0 million of ten-year 3.50% unsecured notes, receiving net proceeds of approximately $497.0 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 3.61%; and • Issued $400.0 million of ten-year 4.15% unsecured notes, receiving net proceeds of approximately $399.3 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of approximately 3.85%. During the year ended December 31, 2017, the Company: • Repaid $394.1 million of 5.75% unsecured notes at maturity; • Repaid $103.9 million of 7.125% unsecured notes at maturity; • Issued $400.0 million of ten-year 3.25% unsecured notes, receiving net proceeds of approximately $399.3 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 3.32% after termination of four forward starting swaps in conjunction with the issuance (see Note 9 for further discussion); and • Issued $300.0 million of thirty-year 4.00 unsecured notes, receiving net proceeds of approximately $293.2 million before underwriting fees and other expenses, at an all-in effective interest rate of 4.11 . Line of Credit and Commercial Paper In November 2016, the Company replaced its existing $2.5 billion facility with a $2.0 billion unsecured revolving credit facility maturing January 10, 2022. The Company has the ability to increase available borrowings by an additional $750.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.825%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating. In February 2015, the Company entered into an unsecured commercial paper note program in the United States. The Company may borrow up to a maximum of $500.0 million under this program subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company’s other unsecured senior indebtedness. As of December 31, 2018, there was a balance of $499.2 million outstanding on the commercial paper program ($500.0 million in principal outstanding net of an unamortized discount of $0.8 million). As of December 31, 2017, there was a balance of $299.8 million outstanding on the commercial paper program ($300.0 million in principal outstanding net of an unamortized discount of $0.2 million). The notes bear interest at various floating rates with a weighted average of 2.35% and 1.41% for the years ended December 31, 2018 and 2017, respectively, and a weighted average maturity of 22 days and 18 days as of December 31, 2018 and 2017, respectively. As of December 31, 2018, there were no borrowings outstanding under the revolving credit facility and $6.7 million was restricted/dedicated to support letters of credit. In addition, the Company limits its utilization of the facility in order to maintain liquidity to support its $500.0 million commercial paper program along with certain other obligations. As a result, the Company had approximately $1.40 billion available under the facility at December 31, 2018. During the year ended December 31, 2018, the weighted average interest rate on the revolving credit facility was 2.97%. As of December 31, 2017, there were no borrowings outstanding under the revolving credit facility and $6.6 million was restricted/dedicated to support letters of credit. In addition, the Company limits its utilization of the facility in order to maintain liquidity to support its $500.0 million commercial paper program. As a result, the Company had approximately $1.69 billion available under the facility at December 31, 2017. During the year ended December 31, 2017, the weighted average interest rate on the revolving credit facility was 2.00%. Other In 2017, the Company executed a letter of credit facility with a third party financial institution which is not backed or collateralized by borrowings on the Company’s unsecured revolving credit facility. As of both December 31, 2018 and 2017, there was $9.0 million in letters of credit outstanding on this facility. The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2018 (amounts in thousands): Year Total 2019 $ 974,954 2020 1,129,292 2021 928,106 2022 266,141 2023 1,331,600 Thereafter 4,282,668 Subtotal 8,912,761 Deferred Financing Costs and Unamortized (Discount) (94,822 ) Total $ 8,817,939 |
Derivative and Other Fair Value
Derivative and Other Fair Value Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Derivative and Other Fair Value Instruments | 9. Derivative and Other Fair Value Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company’s derivative positions are valued using models developed by the respective counterparty as well as models applied internally by the Company that use as their inputs readily observable market parameters (such as forward yield curves and credit default swap data). Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares. The fair values disclosed for mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable and the private unsecured debt (including its commercial paper and line of credit, if applicable) and quoted market prices for each underlying issuance in the case of the public unsecured notes. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper, line of credit and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at December 31, 2018 and 2017, respectively (amounts in thousands): December 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 2,385,470 $ 2,352,502 $ 3,618,722 $ 3,615,384 Unsecured debt, net 6,432,469 6,481,426 5,338,569 5,619,744 Total debt, net $ 8,817,939 $ 8,833,928 $ 8,957,291 $ 9,235,128 The following table summarizes the Company’s consolidated derivative instruments at December 31, 2018 (dollar amounts are in thousands): Fair Value Hedges (1) Forward Starting Swaps (2) Current Notional Balance $ 450,000 $ 500,000 Lowest Interest Rate 2.375 % 2.2665 % Highest Interest Rate 2.375 % 3.1163 % Maturity Date 2019 2029 (1) Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million 2.375% (2) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances. These swaps have mandatory counterparty terminations in 2020 and are targeted for certain 2019 debt issuances. The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at December 31, 2018 and 2017, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2018 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 2,000 $ — $ 2,000 $ — Supplemental Executive Retirement Plan Other Assets 134,088 134,088 — — Total $ 136,088 $ 134,088 $ 2,000 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Liabilities $ 2,277 $ — $ 2,277 $ — Forward Starting Swaps Other Liabilities 9,851 — 9,851 — Supplemental Executive Retirement Plan Other Liabilities 134,088 134,088 — — Total $ 146,216 $ 134,088 $ 12,128 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 379,106 $ — $ 379,106 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2017 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 5,143 $ — $ 5,143 $ — Supplemental Executive Retirement Plan Other Assets 140,159 140,159 — — Total $ 145,302 $ 140,159 $ 5,143 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Liabilities $ 1,597 $ — $ 1,597 $ — Supplemental Executive Retirement Plan Other Liabilities 140,159 140,159 — — Total $ 141,756 $ 140,159 $ 1,597 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 366,955 $ — $ 366,955 $ — The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2018, 2017 and 2016, respectively (amounts in thousands): December 31, 2018 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (680 ) Fixed rate debt Interest expense $ 680 Total $ (680 ) $ 680 December 31, 2017 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (3,454 ) Fixed rate debt Interest expense $ 3,454 Total $ (3,454 ) $ 3,454 December 31, 2016 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (1,798 ) Fixed rate debt Interest expense $ 1,798 Total $ (1,798 ) $ 1,798 The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2018, 2017 and 2016, respectively (amounts in thousands): Effective Portion Ineffective Portion December 31, 2018 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 5,124 Interest expense $ (18,452 ) Interest expense $ — Total $ 5,124 $ (18,452 ) $ — Effective Portion Ineffective Portion December 31, 2017 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 6,439 Interest expense $ (18,858 ) Interest expense $ — Total $ 6,439 $ (18,858 ) $ — Effective Portion Ineffective Portion December 31, 2016 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (3,989 ) Interest expense $ (41,758 ) Interest expense $ (74 ) Total $ (3,989 ) $ (41,758 ) $ (74 ) As of December 31, 2018 and 2017, there were approximately $65.0 million and $88.6 million in deferred losses, net, included in accumulated other comprehensive income (loss), respectively, related to derivative instruments. Based on the estimated fair values of the net derivative instruments at December 31, 2018, the Company may recognize an estimated $20.9 million of accumulated other comprehensive income (loss) as additional interest expense during the year ending December 31, 2019. In November 2018, the Company received approximately $16.4 million to settle six forward starting swaps in conjunction with the issuance of $400.0 million of ten-year unsecured public notes. The accrued interest of approximately $120,000 was recorded as an increase to interest expense. The remaining $16.5 million will be deferred as a component of accumulated other comprehensive income (loss) and will be recognized as a decrease to interest expense over the first nine years and nine months of the notes. In February 2018, the Company received approximately $1.6 million to settle two forward starting swaps in conjunction with the issuance of $500.0 million of ten-year unsecured public notes. The entire $1.6 million was initially deferred as a component of accumulated other comprehensive income (loss) and will be recognized as a decrease to interest expense over the ten-year term of the notes. In August 2017, the Company received $1.3 million to settle four forward starting swaps in conjunction with the issuance of $400.0 million of ten-year fixed rate public notes. The entire $1.3 million was initially deferred as a component of accumulated other comprehensive income (loss) and will be recognized as a decrease to interest expense over the ten-year term of the notes. In October 2016, the Company paid $4.7 million to settle a forward starting swap in conjunction with the issuance of $500.0 million of ten-year fixed rate public notes. The ineffective portion of approximately $74,000 and accrued interest of approximately $9,000 were recorded as increases to interest expense. The remaining amount of approximately $4.6 million will be deferred as a component of accumulated other comprehensive income (loss) and recognized as an increase to interest expense over the approximate term of the notes. |
Earnings Per Share and Earnings
Earnings Per Share and Earnings Per Unit | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share And Earnings Per Unit | 10. Earnings Per Share and Earnings Per Unit Equity Residential The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Year Ended December 31, 2018 2017 2016 Numerator for net income per share – basic: Income from continuing operations $ 685,192 $ 628,381 $ 4,479,586 Allocation to Noncontrolling Interests – Operating Partnership, net (24,939 ) (22,604 ) (171,491 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (2,718 ) (2,323 ) (16,430 ) Preferred distributions (3,090 ) (3,091 ) (3,091 ) Income from continuing operations available to Common Shares, net of Noncontrolling Interests 654,445 600,363 4,288,574 Discontinued operations, net of Noncontrolling Interests — — 498 Numerator for net income per share – basic $ 654,445 $ 600,363 $ 4,289,072 Numerator for net income per share – diluted: Income from continuing operations $ 685,192 $ 628,381 $ 4,479,586 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (2,718 ) (2,323 ) (16,430 ) Preferred distributions (3,090 ) (3,091 ) (3,091 ) Income from continuing operations available to Common Shares 679,384 622,967 4,460,065 Discontinued operations, net — — 518 Numerator for net income per share – diluted $ 679,384 $ 622,967 $ 4,460,583 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 368,052 366,968 365,002 Effect of dilutive securities: OP Units 12,869 12,901 13,827 Long-term compensation shares/units 2,774 2,809 3,163 Denominator for net income per share – diluted 383,695 382,678 381,992 Net income per share – basic $ 1.78 $ 1.64 $ 11.75 Net income per share – diluted $ 1.77 $ 1.63 $ 11.68 Net income per share – basic: Income from continuing operations available to Common Shares, net of Noncontrolling Interests $ 1.78 $ 1.64 $ 11.75 Discontinued operations, net of Noncontrolling Interests — — — Net income per share – basic $ 1.78 $ 1.64 $ 11.75 Net income per share – diluted: Income from continuing operations available to Common Shares $ 1.77 $ 1.63 $ 11.68 Discontinued operations, net — — — Net income per share – diluted $ 1.77 $ 1.63 $ 11.68 Distributions declared per Common Share outstanding $ 2.16 $ 2.015 $ 13.015 ERP Operating Limited Partnership The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Year Ended December 31, 2018 2017 2016 Numerator for net income per Unit – basic and diluted: Income from continuing operations $ 685,192 $ 628,381 $ 4,479,586 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (2,718 ) (2,323 ) (16,430 ) Allocation to Preference Units (3,090 ) (3,091 ) (3,091 ) Income from continuing operations available to Units 679,384 622,967 4,460,065 Discontinued operations, net — — 518 Numerator for net income per Unit – basic and diluted $ 679,384 $ 622,967 $ 4,460,583 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 380,921 379,869 378,829 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 2,774 2,809 3,163 Denominator for net income per Unit – diluted 383,695 382,678 381,992 Net income per Unit – basic $ 1.78 $ 1.64 $ 11.75 Net income per Unit – diluted $ 1.77 $ 1.63 $ 11.68 Net income per Unit – basic: Income from continuing operations available to Units $ 1.78 $ 1.64 $ 11.75 Discontinued operations, net — — — Net income per Unit – basic $ 1.78 $ 1.64 $ 11.75 Net income per Unit – diluted: Income from continuing operations available to Units $ 1.77 $ 1.63 $ 11.68 Discontinued operations, net — — — Net income per Unit – diluted $ 1.77 $ 1.63 $ 11.68 Distributions declared per Unit outstanding $ 2.16 $ 2.015 $ 13.015 |
Individually Significant Dispos
Individually Significant Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Individually Significant Dispositions | 11. Individually Significant Dispositions The Company executed an agreement with controlled affiliates of Starwood Capital Group (“Starwood”) on October 23, 2015 to sell a portfolio of 72 operating properties consisting of 23,262 apartment units located in five markets across the United States for $5.365 billion (the “Starwood Transaction” or “Starwood Portfolio”). The Starwood Portfolio included substantially all of the assets in the Company’s South Florida and Denver (primarily suburban portfolio) The Company concluded that the Starwood Transaction did not qualify for discontinued operations reporting as it did not represent a strategic shift that had a major effect on the Company’s operations and financial results. However, t (see definition in Note 17) represented approximately 1.2% of consolidated NOI (for the approximate one-month period owned in 2016) for the year ended December 31, 2016. Year Ended December 31, 2016 REVENUES Rental income $ 30,785 Total revenues 30,785 EXPENSES Property and maintenance 7,838 Real estate taxes and insurance 2,912 Property management 2 General and administrative 23 Depreciation — Total expenses 10,775 Operating income 20,010 Interest and other income 21 Other expenses — Interest: Expense incurred, net (380 ) Amortization of deferred financing costs (707 ) Income and other tax (expense) benefit (1 ) Net gain (loss) on sales of real estate properties 3,161,097 Income from operations attributable to controlling interests – Operating Partnership 3,180,040 Income from operations attributable to Noncontrolling Interests – Operating Partnership (122,152 ) Income from operations attributable to controlling interests – Company $ 3,057,888 |
Share Incentive Plans
Share Incentive Plans | 12 Months Ended |
Dec. 31, 2018 | |
Share Based Compensation [Abstract] | |
Share Incentive Plans | 12. Share Incentive Plans Any Common Shares issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing OP Units to EQR on a one-for-one basis with ERPOP receiving the net cash proceeds of such issuances. On June 16, 2011, the shareholders of EQR approved the Company’s 2011 Share Incentive Plan, as amended (the “2011 Plan”). The 2011 Plan originally reserved 12,980,741 Common Shares for issuance, which was subsequently adjusted to 14,725,321 Common Shares in accordance with the provisions of the 2011 Plan as a result of the option adjustments required for the special dividends paid in conjunction with the Starwood Transaction. In conjunction with the approval of the 2011 Plan, no further awards may be granted under the 2002 Share Incentive Plan. The 2011 Plan expires on June 16, 2021. As of December 31, 2018, 4,835,914 shares were available for future issuance. Pursuant to the 2011 Plan and the 2002 Share Incentive Plan, as restated and amended (collectively the “Share Incentive Plans”), officers, trustees and key employees of the Company may be granted share options to acquire Common Shares (“Options”) including non-qualified share options (“NQSOs”), incentive share options (“ISOs”) and share appreciation rights (“SARs”), or may be granted restricted or non-restricted shares/units (including long-term incentive plan awards), subject to conditions and restrictions as described in the Share Incentive Plans. Options, SARs, restricted shares (including long-term incentive plan awards) and restricted units (including long-term incentive plan awards) are sometimes collectively referred to herein as “Awards”. The 2002 Share Incentive Plan, as restated and amended, will terminate at such time as all outstanding Awards have expired or have been exercised/vested. The Board of Trustees may at any time amend or terminate the Share Incentive Plans, but termination will not affect Awards previously granted. Any Options which had vested prior to such a termination would remain exercisable by the holder. The Options are granted at the fair market value of the Company’s Common Shares at the date of grant and generally vest in three equal installments over a three-year period, are exercisable upon vesting and expire ten years from the date of grant (see additional valuation discussion in Note 2). The exercise price for all Options under the Share Incentive Plans is equal to the fair market value of the underlying Common Shares at the time the Option is granted. If employment is terminated prior to vesting, the Options are generally canceled. Options exercised result in new Common Shares being issued on the open market. Restricted shares are granted at the fair market value of the Company’s Common Shares at the date of grant. Restricted shares that have been awarded through December 31, 2018 generally vest three years from the award date. In addition, the Company’s unvested restricted shareholders generally have the same voting rights as any other Common Share holder. During the three-year period of restriction, the Company’s unvested restricted shareholders receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder. As a result, dividends paid on unvested restricted shares are included as a component of retained earnings (included in general partner’s capital in the Operating Partnership’s financial statements) and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. If employment is terminated prior to the lapsing of the restriction, the shares are generally canceled. Restricted units are a class of partnership interests that under certain conditions, including vesting, are convertible by the holder into an equal number of OP Units, which are exchangeable by the holder for Common Shares on a one-for-one basis or the cash value of such shares at the option of the Company. In connection with the grant of long-term incentive compensation for services provided during a year, officers of the Company are allowed to choose between restricted shares and restricted units. Restricted units are generally granted at varying discount rates to the fair market value of the Company’s Common Shares at the date of grant due to the book - The Company also allows eligible employees the ability to receive immediately vested Options and allows officers the ability to receive immediately vested restricted units (subject to the book-up provisions described above and a two-year hold restriction) in-lieu of any percentage of their annual cash bonus. In January 2015, the Company revised its executive compensation program for the Chairman, Chief Executive Officer and certain other Executive Officers. In the latest iteration of the program, the long-term portion of the plan will allow these individuals to earn from 0% to 200% of the target number of long-term incentive (“LTI”) awards, payable in the form of restricted shares and/or restricted units, as determined by the Company’s relative and absolute Total Shareholder Return (“TSR”) and Normalized Funds from Operations (“FFO”) results over a forward-looking three-year performance period. The Company’s TSR and Normalized FFO performance will be compared to pre-established quantitative performance metrics. In connection with the grant of LTI plan awards, the individuals are allowed to choose between restricted shares and restricted units. The grant date fair value of the awards is estimated using a Monte Carlo model for the TSR portion of the awards and the resulting expense is recorded regardless of whether the TSR performance measures are achieved, if the required service is delivered. The grant date fair value of the awards is estimated similarly to the restricted share and restricted unit discussion above for the Normalized FFO component and the resulting expense is adjusted based on the final achievement obtained. These awards generally vest three years from the award date. The grant date fair value is amortized into expense over the service period. If the executive is retirement-eligible, the grant date fair value is amortized into expense over the first year. All other awards are amortized into expense over the three year performance/vesting period. In addition, the LTI awards granted as restricted units will receive quarterly partial dividend payments equal to 10% of any common share dividend on the same date as any other OP Unit holder during the three-year performance period. As a result, dividends paid on restricted units are included as a component of Noncontrolling Interests – Operating Partnership/Limited Partners’ capital and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. The awards granted as restricted shares will not receive dividends during the three-year performance period. At the end of the three-year performance period, cumulative dividends will be paid for the three-year performance period for any restricted shares or restricted units actually earned, less any dividends already paid on the restricted units. If employment is terminated prior to vesting, the restricted shares and restricted units are generally canceled. Once the Company’s absolute and relative TSR and Normalized FFO performance is calculated at the end of the three-year performance period, the executive will earn a certain number of restricted shares and/or restricted units. No payout would be made for any return below 50% of the target performance metric. All Trustees, with the exception of the Company’s non-executive Chairman and employee Trustees, are granted options, restricted shares and/or restricted units that vest one-year from the grant date that corresponds to the term for which he or she has been elected to serve. Since 2016, the non-executive Chairman has only received awards under the LTI plan (see further discussion above). The Company’s Share Incentive Plans provide for certain benefits upon retirement. For employees hired prior to January 1, 2009, retirement generally means the termination of employment (other than for cause): (i) on or after age 62 upon signing a release; or (ii) prior to age 62 after meeting the requirements of the Rule of 70 (described below). For employees hired after January 1, 2009, retirement generally means the termination of employment (other than for cause) after meeting the requirements of the Rule of 70. For Trustees, retirement generally means termination of service on the Board (other than for cause) on or after age 72. The Rule of 70 is met when an employee’s years of service with the Company (which must be at least 15 years) plus his or her age (which must be at least 55 years) on the date of termination equals or exceeds 70 years. In addition, the employee must give the Company at least 6 months’ advance written notice of his or her intention to retire and sign a release upon termination of employment, releasing the Company from customary claims and agreeing to ongoing non-competition and employee non-solicitation provisions. Under the Company’s definitions of retirement, some of its executive officers and its non-executive Chairman are retirement eligible. For employees hired prior to January 1, 2009 who retire at or after age 62 (or for Trustees who retire at or after age 72), such employee’s or Trustee’s unvested restricted shares, restricted units and share options would immediately vest, and share options would continue to be exercisable for the balance of the applicable ten-year option period, as is provided under the Share Incentive Plans. For all other employees (those hired after January 1, 2009 and those hired before such date who choose to retire prior to age 62), upon such retirement under the Rule of 70 definition of retirement of employees, such employee’s unvested restricted shares, restricted units and share options would continue to vest per the original vesting schedule (subject to immediate vesting upon the occurrence of a subsequent change in control of the Company or the employee’s death), and options would continue to be exercisable for the balance of the applicable ten-year option period, subject to the employee’s compliance with the non-competition and employee non-solicitation provisions. The Rule of 70 does not apply to Trustees. For the individuals mentioned above who receive awards under the LTI plan and retire at or after age 62 (age 72 for the Chairman of the Board) or under the Rule of 70, the award would be prorated in proportion to the number of days worked in the first year of the three-year performance period. The individual would not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. If an employee violates the non-competition and employee non-solicitation provisions after such retirement, all unvested restricted shares, unvested restricted units and unvested and vested share options at the time of the violation would be void, unless otherwise determined by the Compensation Committee of the Board of Trustees. The following tables summarize compensation information regarding the restricted shares, restricted units, share options and Employee Share Purchase Plan (“ESPP”) for the three years ended December 31, 2018, 2017 and 2016 (amounts in thousands): Year Ended December 31, 2018 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 7,406 $ 852 $ — $ 8,258 $ 754 Restricted units (2) 12,310 36 1,663 14,009 963 Share options 6,683 296 2,755 9,734 — ESPP discount 733 34 — 767 — Total $ 27,132 $ 1,218 $ 4,418 $ 32,768 $ 1,717 Year Ended December 31, 2017 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 9,209 $ 568 $ — $ 9,777 $ 761 Restricted units (2) 10,214 119 190 10,523 741 Share options 4,893 323 1,619 6,835 — ESPP discount 681 66 — 747 — Total $ 24,997 $ 1,076 $ 1,809 $ 27,882 $ 1,502 Year Ended December 31, 2016 Compensation Expense Compensation Capitalized Restricted Units In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 13,539 $ 1,477 $ — $ 15,016 $ 6,494 Restricted units (2) 13,567 591 4,022 18,180 7,762 Share options 2,839 593 — 3,432 — ESPP discount 585 65 — 650 — Total $ 30,530 $ 2,726 $ 4,022 $ 37,278 $ 14,256 (1) The Company allows officers the ability to receive immediately vested restricted units (subject to the book-up provisions described above and a two-year hold restriction) in-lieu of any percentage of their annual cash bonus. Beginning in 2017, the Company allows eligible employees the ability to receive immediately vested share options in-lieu of any percentage of their annual cash bonus. (2) Includes LTI plan awards granted under the executive compensation program. Compensation expense is generally recognized for Awards as follows: • Restricted shares, restricted units and share options – Straight-line method over the vesting period of the options, shares or units regardless of cliff or ratable vesting distinctions. • LTI plan awards – Target amount is recognized under the straight-line method over the vesting period of the shares or units regardless of cliff or ratable vesting distinctions. • ESPP discount – Immediately upon the purchase of common shares each quarter. The Company accelerates the recognition of compensation expense for all Awards for those individuals approaching or meeting the retirement age criteria discussed above. The total compensation expense related to Awards not yet vested at December 31, 2018 is $7.5 million (excluding the accelerated expenses for individuals approaching or meeting the retirement age criteria discussed above), which is expected to be recognized over a weighted average term of 1.31 years. See Note 2 for additional information regarding the Company’s share-based compensation. The table below summarizes the Award activity of the Share Incentive Plans for the three years ended December 31, 2018, 2017 and 2016: Common Shares Subject to Options Weighted Average Exercise Price per Option Restricted Shares Weighted Average Fair Value per Restricted Share Restricted Units Weighted Average Fair Value per Restricted Unit Balance at December 31, 2015 5,734,365 $ 48.04 522,150 $ 63.67 888,725 $ 63.91 Awards granted (1) (5) 154,016 $ 64.99 154,296 $ 75.19 289,273 $ 81.05 Awards exercised/vested (2) (3) (4) (815,044 ) $ 38.01 (217,805 ) $ 57.75 (374,217 ) $ 52.73 Awards forfeited (10,512 ) $ 63.43 (6,607 ) $ 70.73 (1,524 ) $ 86.35 Awards expired (710 ) $ 68.40 — — — — Special dividend adjustment (6) 960,986 N/A — — — — Balance at December 31, 2016 6,023,101 $ 42.05 452,034 $ 70.35 802,257 $ 75.26 Awards granted (1) (5) 1,337,898 $ 60.88 93,867 $ 61.94 291,921 $ 68.57 Awards exercised/vested (2) (3) (4) (846,137 ) $ 37.26 (165,744 ) $ 58.04 (192,644 ) $ 54.16 Awards forfeited (27,547 ) $ 61.85 (10,416 ) $ 72.44 (274 ) $ 75.50 Awards expired (3,483 ) $ 65.91 — — — — Balance at December 31, 2017 6,483,832 $ 46.46 369,741 $ 73.67 901,260 $ 77.61 Awards granted (1) (5) 1,730,942 $ 60.40 129,303 $ 62.25 267,074 $ 61.60 Awards exercised/vested (2) (3) (4) (1,056,388 ) $ 29.05 (194,116 ) $ 77.32 (28,486 ) $ 55.50 Awards forfeited (38,133 ) $ 60.74 (5,503 ) $ 65.77 — $ — Awards expired (8,018 ) $ 59.70 — — — — Balance at December 31, 2018 7,112,235 $ 52.35 299,425 $ 66.52 1,139,848 $ 71.07 (1) The weighted average grant date fair value for Options granted during the years ended December 31, 2018, 2017 and 2016 was $6.17 per share, $5.86 per share and $11.09 per share, respectively. (2) The aggregate intrinsic value of options exercised during the years ended December 31, 2018, 2017 and 2016 was $42.9 million, $25.6 million and $26.2 million, respectively. These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised. (3) The fair value of restricted shares vested during the years ended December 31, 2018, 2017 and 2016 was $11.5 million, $10.2 million and $15.6 million, respectively. (4) The fair value of restricted units vested during the years ended December 31, 2018, 2017 and 2016 was $1.8 million, $11.7 million and $27.2 million, respectively. (5) Includes LTI plan awards granted under the executive compensation program. (6) In addition to the regular quarterly dividends, the Company paid two special dividends to its shareholders and holders of OP Units of $11.00 per share/unit in the aggregate in 2016. Option holders were not entitled to these special dividends, but pursuant to the terms of the Share Incentive Plans are due equitable adjustments of additional options. The special dividend adjustment’s weighted average exercise price per option is reflected in the activity for 2016 for the awards granted, awards exercised/vested, and awards forfeited and the balance at December 31, 2016. The following table summarizes information regarding options outstanding and exercisable at December 31, 2018 (aggregate intrinsic value is in thousands): Options Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Aggregate Intrinsic Value (1) Options Outstanding 7,112,235 5.58 $ 52.35 $ 97,633 Options Exercisable 5,328,020 4.52 $ 49.57 $ 88,031 Vested and expected to vest 7,096,243 5.57 $ 52.33 $ 97,543 (1) The aggregate intrinsic values were calculated as the excess, if any, between the Company’s closing share price of $66.01 per share on December 31, 2018 and the strike price of the underlying awards. As of December 31, 2017 and 2016, 5,336,043 Options (with a weighted average exercise price of $43.24) and 5,610,677 Options (with a weighted average exercise price of $40.91) were exercisable, respectively. |
Employee Plans
Employee Plans | 12 Months Ended |
Dec. 31, 2018 | |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | |
Employee Plans | 13. Employee Plans The Company established an Employee Share Purchase Plan to provide each employee and trustee the ability to annually acquire up to $100,000 of Common Shares of EQR. The Company registered 7,000,000 Common Shares under the ESPP, of which 2,762,463 Common Shares remained available for purchase at December 31, 2018. The Common Shares may be purchased quarterly at a price equal to 85% of the lesser of: (a) the closing price for a share on the last day of such quarter; and (b) the greater of: (i) the closing price for a share on the first day of such quarter, and (ii) the average closing price for a share for all the business days in the quarter. The following table summarizes information regarding the Common Shares issued under the ESPP (the net proceeds noted below were contributed to ERPOP in exchange for OP Units): Year Ended December 31, 2018 2017 2016 (Amounts in thousands except share and per share amounts) Shares issued 75,414 68,286 63,909 Issuance price ranges $47.80 – $57.09 $52.79 – $58.06 $51.85 – $63.37 Issuance proceeds $3,879 $3,744 $3,686 The Company established a defined contribution plan (the “401(k) Plan”) to provide retirement benefits for employees that meet minimum employment criteria. The Company matches dollar for dollar up to the first 4% of eligible compensation that a participant contributes to the 401(k) Plan for all employees except those defined as highly compensated employees, whose match is 3%. Participants are vested in the Company’s contributions over five years. The Company recognized an expense in the amount of $4.9 million, $4.6 million and $4.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company established the SERP to provide certain officers and trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement. The SERP is restricted to investments in Common Shares, certain marketable securities that have been specifically approved and cash equivalents. The deferred compensation liability represented in the SERP and the securities issued to fund such deferred compensation liability are consolidated by the Company and carried on the Company’s balance sheets, and the Company’s Common Shares held in the SERP are accounted for as a reduction to paid in capital (included in general partner’s capital in the Operating Partnership’s financial statements). |
Distribution Reinvestment Plan
Distribution Reinvestment Plan | 12 Months Ended |
Dec. 31, 2018 | |
Distribution Reinvestment And Share Purchase Plan [Abstract] | |
Distribution Reinvestment Plan | 14. Distribution Reinvestment Plan On September 30, 2014, the Company filed with the SEC a Form S-3 Registration Statement to register 4,790,000 Common Shares pursuant to a Distribution Reinvestment Plan (the “2014 DRIP”), which included the remaining shares available for issuance under a previous registration. The registration was automatically declared effective the same day and will expire when all 4,790,000 shares have been issued. The Company has 4,676,606 Common Shares available for issuance under the 2014 DRIP at December 31, 2018. The 2014 DRIP provides holders of record and beneficial owners of Common Shares and Preferred Shares with a simple and convenient method of reinvesting cash dividends/distributions in additional Common Shares. Common Shares purchased under the 2014 DRIP may, at the option of EQR, be directly issued by EQR or purchased by EQR’s transfer agent in the open market using participants’ funds. The net proceeds from any Common Share issuances are contributed to ERPOP in exchange for OP Units. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 15. Transactions with Related Parties The Company leases its corporate headquarters from an entity controlled by EQR’s Chairman of the Board of Trustees. The lease terminates on January 31, 2022. Amounts incurred for such office space for the years ended December 31, 2018, 2017 and 2016, respectively, were approximately $2.5 million, $2.8 million and $2.7 million. The Company believes these amounts equal market rates for such rental space. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future. As of December 31, 2018, the Company does have environmental reserves totaling approximately $4.5 million related to three of its properties. The Company had established a reserve related to various litigation matters associated with its Massachusetts properties and periodically assessed the adequacy of the reserve and made adjustments as necessary. As of December 31, 2018, the matters were resolved for a total payout of $0.9 million and no reserve remains outstanding. The Company does not believe there is any litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company. As of December 31, 2018, the Company has three wholly owned projects totaling 690 apartment units in various stages of development with remaining commitments to fund of approximately $414.1 million and estimated completion dates ranging through September 30, 2021, as well as other completed development projects that are in various stages of lease-up or are stabilized. As of December 31, 2018, the Company has two unconsolidated operating properties that are owned with the same third party joint venture partner under separate agreements. The joint venture agreements with this partner are primarily deal-specific regarding profit-sharing, equity contributions, returns on investment, buy-sell agreements and other customary provisions. The buy-sell arrangements contain provisions that provide the right, but not the obligation, for the Company to acquire the partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. During the years ended December 31, 2018, 2017 and 2016, total operating lease expense for ground leases and office space, including a portion of real estate taxes, insurance, repairs and utilities, aggregated $27.8 million, $26.6 million and $26.2 million, respectively. The Company has entered into a retirement benefits agreement with its Chairman of the Board of Trustees and deferred compensation agreements with its Vice Chairman and one former chief executive officer. During the years ended December 31, 2018, 2017 and 2016, the Company recognized compensation expense of $0.3 million, $0.4 million and $0.3 million, respectively, related to these agreements. The following table summarizes the Company’s contractual obligations for minimum rent payments under operating leases and deferred compensation for the next five years and thereafter as of December 31, 2018: (Payments)/Receipts Due by Year (in thousands) 2019 2020 2021 2022 2023 Thereafter Total Operating Leases: Minimum Rent Payments (a) $ (16,718 ) $ (16,726 ) $ (16,665 ) $ (14,500 ) $ (14,339 ) $ (953,001 ) $ (1,031,949 ) Minimum Rent Receipts (b) $ 64,790 $ 61,409 $ 57,326 $ 53,193 $ 46,016 $ 172,694 $ 455,428 Other Long-Term Liabilities: Deferred Compensation (c) $ (803 ) $ (1,100 ) $ (1,100 ) $ (1,100 ) $ (975 ) $ (3,810 ) $ (8,888 ) (a) Minimum basic rent due for various office space the Company leases and fixed base rent due on ground leases for 12 properties. (b) Minimum basic rent receipts due for various retail/commercial space where the Company is the lessor. (c) Estimated payments to the Company’s Chairman, Vice Chairman and one former CEO based on actual and estimated retirement dates. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reportable Segments | 17. Reportable Segments Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly. The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company’s operating performance geographically by market and both on a same store and non-same store basis. The Company’s geographic same store operating segments located in urban and high density suburban markets represent its reportable segments (the two Denver properties acquired in the third quarter of 2018 are currently included in non–same store). The Company’s operating segments located in its other markets (Phoenix) that are not material have also been included in the tables presented below. The Company’s fee and asset management and development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the “Other” category in the tables presented below. All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the three years ended December 31, 2018, 2017 and 2016. The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties. Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods. The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the years ended December 31, 2018, 2017 and 2016, respectively (amounts in thousands): Year Ended December 31, 2018 2017 2016 Rental income $ 2,577,681 $ 2,470,689 $ 2,422,233 Property and maintenance expense (429,335 ) (405,281 ) (406,823 ) Real estate taxes and insurance expense (357,814 ) (335,495 ) (317,387 ) Total operating expenses (787,149 ) (740,776 ) (724,210 ) Net operating income $ 1,790,532 $ 1,729,913 $ 1,698,023 The following tables present NOI for each segment from our rental real estate specific to continuing operations for the years ended December 31, 2018, 2017 and 2016, respectively, as well as total assets and capital expenditures at December 31, 2018 and 2017, respectively (amounts in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 416,688 $ 119,473 $ 297,215 $ 402,192 $ 114,055 $ 288,137 $ 382,425 $ 111,055 $ 271,370 Orange County 91,650 22,071 69,579 88,527 21,544 66,983 84,590 20,600 63,990 San Diego 91,971 24,023 67,948 88,507 23,073 65,434 84,646 22,366 62,280 Subtotal - Southern California 600,309 165,567 434,742 579,226 158,672 420,554 551,661 154,021 397,640 San Francisco 442,773 105,686 337,087 430,501 108,689 321,812 371,633 90,393 281,240 Washington D.C. 434,545 134,427 300,118 430,060 129,720 300,340 424,350 126,154 298,196 New York 458,366 181,040 277,326 454,945 170,064 284,881 456,664 159,302 297,362 Boston 229,079 63,348 165,731 223,595 60,931 162,664 225,014 62,650 162,364 Seattle 196,479 55,165 141,314 191,074 52,470 138,604 168,975 46,255 122,720 Other Markets 1,940 657 1,283 1,839 652 1,187 1,797 567 1,230 Total same store 2,363,491 705,890 1,657,601 2,311,240 681,198 1,630,042 2,200,094 639,342 1,560,752 Non-same store/other (2) (3) Non-same store 190,814 63,907 126,907 95,016 30,742 64,274 117,143 41,877 75,266 Other (3) 23,376 17,352 6,024 64,433 28,836 35,597 104,996 42,991 62,005 Total non-same store/other 214,190 81,259 132,931 159,449 59,578 99,871 222,139 84,868 137,271 Totals $ 2,577,681 $ 787,149 $ 1,790,532 $ 2,470,689 $ 740,776 $ 1,729,913 $ 2,422,233 $ 724,210 $ 1,698,023 (1) For the years ended December 31, 2018 and 2017, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 71,721 apartment units. For the year ended December 31, 2016, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2016, less properties subsequently sold, which represented 70,117 apartment units. (2) For the years ended December 31, 2018 and 2017, non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1, 2017. For the year ended December 31, 2016, non-same store primarily includes properties acquired after January 1, 2016, plus any properties in lease-up and not stabilized as of January 1, 2016. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Year Ended December 31, 2018 Year Ended December 31, 2017 Total Assets Capital Expenditures Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,608,347 $ 28,306 $ 2,692,602 $ 26,921 Orange County 318,472 8,192 328,593 9,237 San Diego 405,449 4,525 421,267 4,922 Subtotal - Southern California 3,332,268 41,023 3,442,462 41,080 San Francisco 2,967,735 44,837 3,039,552 38,618 Washington D.C. 3,702,368 29,616 3,803,185 35,423 New York 4,063,568 23,472 4,160,603 30,403 Boston 1,589,000 24,623 1,636,925 28,687 Seattle 1,277,865 17,825 1,316,678 21,646 Other Markets 12,781 163 12,768 103 Total same store 16,945,585 181,559 17,412,173 195,960 Non-same store/other (2) (3) Non-same store 2,940,770 6,665 2,276,312 3,704 Other (3) 507,854 277 882,114 2,943 Total non-same store/other 3,448,624 6,942 3,158,426 6,647 Totals $ 20,394,209 $ 188,501 $ 20,570,599 $ 202,607 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 71,721 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1, 2017. (3) Other includes development, other corporate operations and capital expenditures for properties sold. |
Subsequent Events_Other
Subsequent Events/Other | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events/Other | 18. Subsequent Events/Other Subsequent Events Subsequent to December 31, 2018, the Company: • Acquired three properties consisting of 579 apartment units for approximately $258.7 million; and • Obtained $288.1 million in 3.94% fixed rate mortgage debt held in a Fannie Mae loan pool maturing on March 1, 2029. Other During the year ended December 31, 2016, the Company sold its entire interest in the management contracts and related rights associated with the military housing ventures at Joint Base Lewis McChord consisting of 5,161 apartment units for approximately $63.3 million and recognized a gain on sale of approximately $52.4 million, which is included in interest and other income in the accompanying consolidated statements of operations and comprehensive income. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | 19. Quarterly Financial Data (Unaudited) Equity Residential The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per share amounts. First Quarter Second Quarter Third Quarter Fourth Quarter 2018 3/31 6/30 9/30 12/31 Total revenues $ 633,016 $ 639,808 $ 652,867 $ 652,743 Operating income 196,869 217,654 224,731 219,306 Net income * 220,548 118,410 223,846 122,388 Net income available to Common Shares 211,036 112,830 214,164 116,415 Earnings per share – basic: Net income available to Common Shares $ 0.57 $ 0.31 $ 0.58 $ 0.32 Weighted average Common Shares outstanding 367,800 367,930 368,028 368,445 Earnings per share – diluted: Net income available to Common Shares $ 0.57 $ 0.31 $ 0.58 $ 0.31 Weighted average Common Shares outstanding 383,018 383,423 383,884 384,296 First Quarter Second Quarter Third Quarter Fourth Quarter 2017 3/31 6/30 9/30 12/31 Total revenues $ 604,100 $ 612,480 $ 624,122 $ 630,704 Operating income 204,371 210,550 217,786 214,764 Net income * 149,941 204,160 144,196 130,084 Net income available to Common Shares 142,969 195,268 137,457 124,669 Earnings per share – basic: Net income available to Common Shares $ 0.39 $ 0.53 $ 0.37 $ 0.34 Weighted average Common Shares outstanding 366,605 366,820 366,996 367,442 Earnings per share – diluted: Net income available to Common Shares $ 0.39 $ 0.53 $ 0.37 $ 0.34 Weighted average Common Shares outstanding 382,280 382,692 382,945 383,105 * The Company did not have any discontinued operations, extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2018 and 2017. Therefore, income from continuing operations and income before extraordinary items and cumulative effect of change in accounting principle are not shown as they were both equal to the net income amounts disclosed above. ERP Operating Limited Partnership The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per Unit amounts. First Quarter Second Quarter Third Quarter Fourth Quarter 2018 3/31 6/30 9/30 12/31 Total revenues $ 633,016 $ 639,808 $ 652,867 $ 652,743 Operating income 196,869 217,654 224,731 219,306 Net income * 220,548 118,410 223,846 122,388 Net income available to Units 219,095 117,129 222,323 120,837 Earnings per Unit – basic: Net income available to Units $ 0.57 $ 0.31 $ 0.58 $ 0.32 Weighted average Units outstanding 380,663 380,795 380,912 381,306 Earnings per Unit – diluted: Net income available to Units $ 0.57 $ 0.31 $ 0.58 $ 0.31 Weighted average Units outstanding 383,018 383,423 383,884 384,296 First Quarter Second Quarter Third Quarter Fourth Quarter 2017 3/31 6/30 9/30 12/31 Total revenues $ 604,100 $ 612,480 $ 624,122 $ 630,704 Operating income 204,371 210,550 217,786 214,764 Net income * 149,941 204,160 144,196 130,084 Net income available to Units 148,380 202,622 142,623 129,342 Earnings per Unit – basic: Net income available to Units $ 0.39 $ 0.53 $ 0.37 $ 0.34 Weighted average Units outstanding 379,504 379,733 379,906 380,325 Earnings per Unit – diluted: Net income available to Units $ 0.39 $ 0.53 $ 0.37 $ 0.34 Weighted average Units outstanding 382,280 382,692 382,945 383,105 * The Operating Partnership did not have any discontinued operations, extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2018 and 2017. Therefore, income from continuing operations and income before extraordinary items and cumulative effect of change in accounting principle are not shown as they were both equal to the net income amounts disclosed above. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate and Accumulated Depreciation | EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Overall Summary December 31, 2018 Properties (H) Apartment Units (H) Investment in Real Estate, Gross Accumulated Depreciation Investment in Real Estate, Net Encumbrances (1) Wholly Owned Unencumbered 240 62,862 $ 21,609,130,732 $ (5,400,484,879 ) $ 16,208,645,853 $ — Wholly Owned Encumbered 48 12,140 4,023,117,169 (1,039,436,780 ) 2,983,680,389 2,081,887,149 Wholly Owned Properties 288 75,002 25,632,247,901 (6,439,921,659 ) 19,192,326,242 2,081,887,149 Partially Owned Unencumbered 9 1,847 516,719,235 (116,736,579 ) 399,982,656 — Partially Owned Encumbered 8 1,688 362,054,538 (139,622,501 ) 222,432,037 303,583,335 Partially Owned Properties 17 3,535 878,773,773 (256,359,080 ) 622,414,693 303,583,335 Total Unencumbered Properties 249 64,709 22,125,849,967 (5,517,221,458 ) 16,608,628,509 — Total Encumbered Properties 56 13,828 4,385,171,707 (1,179,059,281 ) 3,206,112,426 2,385,470,484 Total Consolidated Investment in Real Estate 305 78,537 $ 26,511,021,674 $ (6,696,280,739 ) $ 19,814,740,935 $ 2,385,470,484 (1) See attached Encumbrances Reconciliation. EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation Encumbrances Reconciliation December 31, 2018 Portfolio/Entity Encumbrances Number of Properties Encumbered by See Properties With Note: Amount Archstone Master Property Holdings LLC 13 I $ 797,768,476 Portfolio/Entity Encumbrances 13 797,768,476 Individual Property Encumbrances 1,587,702,008 Total Encumbrances per Financial Statements $ 2,385,470,484 EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III – Real Estate and Accumulated Depreciation (Amounts in thousands) The changes in total real estate for the years ended December 31, 2018, 2017 and 2016 are as follows: 2018 2017 2016 Balance, beginning of year $ 26,026,896 $ 25,386,425 $ 28,542,697 Acquisitions and development 855,254 710,960 832,803 Improvements 192,661 204,113 174,981 Dispositions and other (563,789 ) (274,602 ) (4,164,056 ) Balance, end of year $ 26,511,022 $ 26,026,896 $ 25,386,425 The changes in accumulated depreciation for the years ended December 31, 2018, 2017 and 2016 are as follows: 2018 2017 2016 Balance, beginning of year $ 6,040,378 $ 5,360,389 $ 6,084,616 Depreciation 785,725 743,749 705,649 Dispositions and other (129,822 ) (63,760 ) (1,429,876 ) Balance, end of year $ 6,696,281 $ 6,040,378 $ 5,360,389 EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/18 Apartment Name Location Retail/ Commercial Space Date of Construction Apartment Units (H) Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/18 Encumbrances Wholly Owned Unencumbered: 100 K Apartments (fka 100K Street) Washington, D.C. — 2018 222 $ 15,600,000 $ 69,516,265 $ — $ 15,600,000 $ 69,516,265 $ 85,116,265 $ (270,039 ) $ 84,846,226 $ — 140 Riverside Boulevard New York, NY G 2003 354 103,539,100 94,082,725 9,479,410 103,539,100 103,562,135 207,101,235 (48,691,122 ) 158,410,113 — 160 Riverside Boulevard New York, NY G 2001 455 139,933,500 190,964,745 15,656,370 139,933,500 206,621,115 346,554,615 (96,815,700 ) 249,738,915 — 170 Amsterdam New York, NY G 2015 236 — 112,096,955 235,580 — 112,332,535 112,332,535 (16,016,094 ) 96,316,441 — 175 Kent Brooklyn, NY G 2011 113 22,037,831 53,962,169 1,701,936 22,037,831 55,664,105 77,701,936 (16,317,361 ) 61,384,575 — 180 Montague (fka Brooklyn Heights) Brooklyn, NY G 2000 193 32,400,000 92,675,228 3,859,381 32,400,000 96,534,609 128,934,609 (23,584,176 ) 105,350,433 — 180 Riverside Boulevard New York, NY G 1998 516 144,968,250 138,346,681 13,831,031 144,968,250 152,177,712 297,145,962 (72,790,895 ) 224,355,067 — 1111 Belle Pre (fka The Madison) Alexandria, VA G 2014 360 18,937,702 94,758,679 278,928 18,937,702 95,037,607 113,975,309 (22,340,533 ) 91,634,776 — 1210 Mass Washington, D.C. G 2004 144 9,213,512 36,559,189 2,537,398 9,213,512 39,096,587 48,310,099 (18,478,163 ) 29,831,936 — 1401 E. Madison Seattle, WA G (F) — 10,401,958 24,121,307 — 10,401,958 24,121,307 34,523,265 — 34,523,265 — 1500 Mass Ave Washington, D.C. G 1951 556 54,638,298 40,361,702 15,209,807 54,638,298 55,571,509 110,209,807 (26,934,077 ) 83,275,730 — 1800 Oak (fka Rosslyn) Arlington, VA G 2003 314 31,400,000 109,005,734 6,217,218 31,400,000 115,222,952 146,622,952 (28,057,310 ) 118,565,642 — 2201 Pershing Drive Arlington, VA G 2012 188 11,321,198 49,674,175 2,567,690 11,321,198 52,241,865 63,563,063 (13,457,087 ) 50,105,976 — 2201 Wilson Arlington, VA G 2000 219 21,900,000 78,724,663 3,697,727 21,900,000 82,422,390 104,322,390 (20,152,746 ) 84,169,644 — 2400 M St Washington, D.C. G 2006 359 30,006,593 114,013,785 4,562,289 30,006,593 118,576,074 148,582,667 (53,570,540 ) 95,012,127 — 249 Third Street (fka Kendall Square II) Cambridge, MA G (F) — 4,603,326 21,564,301 — 4,603,326 21,564,301 26,167,627 — 26,167,627 — 315 on A Boston, MA G 2013 202 14,450,070 115,824,930 766,896 14,450,070 116,591,826 131,041,896 (18,672,172 ) 112,369,724 — 340 Fremont (fka Rincon Hill) San Francisco, CA — 2016 348 42,000,000 247,811,082 92,829 42,000,000 247,903,911 289,903,911 (23,751,926 ) 266,151,985 — 3003 Van Ness (fka Van Ness) Washington, D.C. — 1970 625 56,300,000 141,191,580 6,576,256 56,300,000 147,767,836 204,067,836 (38,475,875 ) 165,591,961 — 45 Worthington (CityView II) Boston, MA — (F) — — 2,644,777 — — 2,644,777 2,644,777 — 2,644,777 — 425 Mass Washington, D.C. G 2009 559 28,150,000 138,600,000 4,379,551 28,150,000 142,979,551 171,129,551 (48,799,382 ) 122,330,169 — 455 Eye Street Washington, D.C. G 2017 174 11,941,406 61,395,797 20,856 11,941,406 61,416,653 73,358,059 (3,530,514 ) 69,827,545 — 4701 Willard Chevy Chase, MD G 1966 517 76,921,130 153,947,682 30,602,147 76,921,130 184,549,829 261,470,959 (58,855,681 ) 202,615,278 — 4885 Edgemoor Lane Bethesda, MD — (F) — — 3,766,336 — — 3,766,336 3,766,336 — 3,766,336 — 4th and Hill Los Angeles, CA — (F) — 13,131,456 14,133,106 — 13,131,456 14,133,106 27,264,562 — 27,264,562 — 600 Washington New York, NY G 2004 135 32,852,000 43,140,551 1,100,410 32,852,000 44,240,961 77,092,961 (20,829,342 ) 56,263,619 — 660 Washington (fka Boston Common) Boston, MA G 2006 420 106,100,000 166,311,679 3,523,700 106,100,000 169,835,379 275,935,379 (41,138,920 ) 234,796,459 — 70 Greene Jersey City, NJ G 2010 480 28,108,899 236,763,553 2,269,833 28,108,899 239,033,386 267,142,285 (73,802,320 ) 193,339,965 — 71 Broadway New York, NY G 1997 238 22,611,600 77,492,171 15,001,275 22,611,600 92,493,446 115,105,046 (47,229,499 ) 67,875,547 — 77 Bluxome San Francisco, CA — 2007 102 5,249,124 18,609,876 443,622 5,249,124 19,053,498 24,302,622 (5,793,095 ) 18,509,527 — 77 Park Avenue (fka Hoboken) Hoboken, NJ G 2000 301 27,900,000 168,992,440 6,604,709 27,900,000 175,597,149 203,497,149 (41,358,995 ) 162,138,154 — 777 Sixth New York, NY G 2002 294 65,352,706 65,747,294 4,014,061 65,352,706 69,761,355 135,114,061 (28,362,079 ) 106,751,982 — 88 Hillside Daly City, CA G 2011 95 7,786,800 31,587,325 3,069,561 7,786,800 34,656,886 42,443,686 (10,033,292 ) 32,410,394 — 855 Brannan San Francisco, CA G 2018 449 41,363,921 280,655,909 32,065 41,363,921 280,687,974 322,051,895 (12,233,138 ) 309,818,757 — Acappella Pasadena, CA — 2002 143 5,839,548 29,360,452 2,165,266 5,839,548 31,525,718 37,365,266 (11,163,153 ) 26,202,113 — Acton Courtyard Berkeley, CA G 2003 71 5,550,000 15,785,509 303,373 5,550,000 16,088,882 21,638,882 (7,089,343 ) 14,549,539 — Alban Towers Washington, D.C. — 1934 229 18,900,000 89,794,201 4,895,344 18,900,000 94,689,545 113,589,545 (22,245,031 ) 91,344,514 — Alborada Fremont, CA — 1999 442 24,310,000 59,214,129 9,293,818 24,310,000 68,507,947 92,817,947 (41,761,182 ) 51,056,765 — Altitude (fka Village at Howard Hughes, The (Lots 1 & 2)) Los Angeles, CA — 2016 545 43,783,485 148,378,972 123,006 43,783,485 148,501,978 192,285,463 (14,509,419 ) 177,776,044 — Alton, The (fka Millikan) Irvine, CA — 2017 344 11,049,027 95,898,795 27,038 11,049,027 95,925,833 106,974,860 (7,393,177 ) 99,581,683 — Arbor Terrace Sunnyvale, CA — 1979 175 9,057,300 18,483,642 9,866,646 9,057,300 28,350,288 37,407,588 (16,398,864 ) 21,008,724 — Arches, The Sunnyvale, CA — 1974 410 26,650,000 62,850,000 2,142,608 26,650,000 64,992,608 91,642,608 (22,783,366 ) 68,859,242 — Artech Building Berkeley, CA G 2002 27 1,642,000 9,152,518 2,118,504 1,642,000 11,271,022 12,913,022 (4,123,265 ) 8,789,757 — Artisan on Second Los Angeles, CA — 2008 118 8,000,400 36,074,600 1,046,371 8,000,400 37,120,971 45,121,371 (11,684,515 ) 33,436,856 — Artistry Emeryville (fka Emeryville) Emeryville, CA — 1994 267 12,300,000 61,466,267 6,802,555 12,300,000 68,268,822 80,568,822 (17,833,191 ) 62,735,631 — Atelier Brooklyn, NY G 2015 120 32,401,680 47,135,432 313,737 32,401,680 47,449,169 79,850,849 (6,648,014 ) 73,202,835 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/18 Apartment Name Location Retail/ Commercial Space Date of Construction Apartment Units (H) Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/18 Encumbrances Avanti Anaheim, CA — 1987 162 12,960,000 18,497,683 3,876,996 12,960,000 22,374,679 35,334,679 (10,360,476 ) 24,974,203 — Avenue Two Redwood City, CA — 1972 123 7,995,000 18,005,000 2,385,284 7,995,000 20,390,284 28,385,284 (6,758,825 ) 21,626,459 — Azure (fka Mission Bay-Block 13) San Francisco, CA — 2015 273 32,855,115 152,628,044 201,962 32,855,115 152,830,006 185,685,121 (19,304,541 ) 166,380,580 — Bay Hill Long Beach, CA — 2002 160 7,600,000 27,437,239 3,501,456 7,600,000 30,938,695 38,538,695 (15,493,308 ) 23,045,387 — Beatrice, The New York, NY — 2010 302 114,351,405 165,648,595 1,583,190 114,351,405 167,231,785 281,583,190 (46,223,187 ) 235,360,003 — Belle Arts Condominium Homes, LLC Bellevue, WA — 2000 1 63,158 236,157 2,098 63,158 238,255 301,413 (83,348 ) 218,065 — Belle Fontaine Marina Del Rey, CA — 2003 102 9,098,808 28,701,192 1,277,604 9,098,808 29,978,796 39,077,604 (8,865,592 ) 30,212,012 — Breakwater at Marina Del Rey Marina Del Rey, CA — 1964-1969 224 — 73,189,262 2,103,728 — 75,292,990 75,292,990 (19,870,053 ) 55,422,937 — Briarwood (CA) Sunnyvale, CA — 1985 192 9,991,500 22,247,278 4,121,529 9,991,500 26,368,807 36,360,307 (17,956,685 ) 18,403,622 — Bridford Lakes II Greensboro, NC — (F) — 200,000 — — 200,000 — 200,000 — 200,000 — Brooklyner, The (fka 111 Lawrence) Brooklyn, NY G 2010 490 40,099,922 221,438,631 3,760,049 40,099,922 225,198,680 265,298,602 (61,813,037 ) 203,485,565 — C on Pico Los Angeles, CA — 2014 94 17,125,766 28,074,234 192,535 17,125,766 28,266,769 45,392,535 (3,822,366 ) 41,570,169 — Carlyle Mill Alexandria, VA — 2002 317 10,000,000 51,367,913 8,584,023 10,000,000 59,951,936 69,951,936 (32,763,420 ) 37,188,516 — Carmel Terrace San Diego, CA — 1988-1989 384 2,288,300 20,596,281 12,173,035 2,288,300 32,769,316 35,057,616 (27,594,760 ) 7,462,856 — Cascade Seattle, WA G 2017 477 23,751,564 148,150,309 1,109 23,751,564 148,151,418 171,902,982 (8,307,229 ) 163,595,753 — Centennial (fka Centennial Court & Centennial Tower) Seattle, WA G 1991/2001 408 9,700,000 70,080,378 12,240,924 9,700,000 82,321,302 92,021,302 (40,391,210 ) 51,630,092 — Centre Club Combined Ontario, CA — 1994 & 2002 412 7,436,000 33,014,789 9,207,501 7,436,000 42,222,290 49,658,290 (24,948,636 ) 24,709,654 — Chloe Seattle, WA G 2010 117 14,835,571 39,359,650 628,879 14,835,571 39,988,529 54,824,100 (2,779,352 ) 52,044,748 — Church Corner Cambridge, MA G 1987 85 5,220,000 16,744,643 3,104,358 5,220,000 19,849,001 25,069,001 (10,167,185 ) 14,901,816 — City Gate at Cupertino (fka Cupertino) Cupertino, CA — 1998 311 40,400,000 95,937,046 7,410,552 40,400,000 103,347,598 143,747,598 (25,436,921 ) 118,310,677 — City Pointe Fullerton, CA G 2004 183 6,863,792 36,476,208 2,047,704 6,863,792 38,523,912 45,387,704 (14,150,420 ) 31,237,284 — City Square Bellevue (fka Bellevue) Bellevue, WA G 1998 191 15,100,000 41,876,257 3,476,525 15,100,000 45,352,782 60,452,782 (11,624,754 ) 48,828,028 — CityView at Longwood Boston, MA G 1970 295 14,704,898 79,195,102 13,594,830 14,704,898 92,789,932 107,494,830 (33,266,169 ) 74,228,661 — Clarendon, The Arlington, VA G 2005 292 30,400,340 103,824,660 2,390,107 30,400,340 106,214,767 136,615,107 (33,551,922 ) 103,063,185 — Cleo, The Los Angeles, CA — 1989 92 6,615,467 14,829,335 3,945,639 6,615,467 18,774,974 25,390,441 (9,223,334 ) 16,167,107 — Connecticut Heights Washington, D.C. — 1974 518 27,600,000 114,002,295 9,236,604 27,600,000 123,238,899 150,838,899 (29,100,080 ) 121,738,819 — Corcoran House at DuPont Circle (fka DuPont Circle) Washington, D.C. G 1961 138 13,500,000 26,913,113 1,945,268 13,500,000 28,858,381 42,358,381 (7,970,206 ) 34,388,175 — Courthouse Plaza Arlington, VA G 1990 396 — 87,386,024 5,810,948 — 93,196,972 93,196,972 (25,008,039 ) 68,188,933 — Creekside (San Mateo) San Mateo, CA — 1985 192 9,606,600 21,193,231 4,714,294 9,606,600 25,907,525 35,514,125 (17,827,109 ) 17,687,016 — Cronins Landing Waltham, MA G 1998 281 32,300,000 85,119,324 9,986,941 32,300,000 95,106,265 127,406,265 (23,112,933 ) 104,293,332 — Crystal Place Arlington, VA — 1986 181 17,200,000 47,918,975 3,799,780 17,200,000 51,718,755 68,918,755 (13,497,731 ) 55,421,024 — Deerwood (SD) San Diego, CA — 1990 316 2,082,095 18,739,815 15,328,542 2,082,095 34,068,357 36,150,452 (29,457,997 ) 6,692,455 — Del Mar Ridge San Diego, CA — 1998 181 7,801,824 36,948,176 3,997,663 7,801,824 40,945,839 48,747,663 (16,173,191 ) 32,574,472 — Eagle Canyon Chino Hills, CA — 1985 252 1,808,900 16,274,361 10,216,962 1,808,900 26,491,323 28,300,223 (19,595,575 ) 8,704,648 — Edgemont at Bethesda Metro Bethesda, MD — 1989 122 13,092,552 43,907,448 1,570,420 13,092,552 45,477,868 58,570,420 (13,558,521 ) 45,011,899 — Elevé Glendale, CA G 2013 208 14,080,560 56,419,440 741,173 14,080,560 57,160,613 71,241,173 (12,317,955 ) 58,923,218 — Emerson Place Boston, MA G 1962 444 14,855,000 57,566,636 31,456,250 14,855,000 89,022,886 103,877,886 (59,097,457 ) 44,780,429 — Encore at Sherman Oaks, The Sherman Oaks, CA — 1988 174 8,700,000 25,446,003 2,240,556 8,700,000 27,686,559 36,386,559 (9,771,700 ) 26,614,859 — Fountains at Emerald Park (fka Emerald Park) Dublin, CA — 2000 324 25,900,000 83,986,217 2,547,788 25,900,000 86,534,005 112,434,005 (22,068,994 ) 90,365,011 — Fremont Center Fremont, CA G 2002 322 25,800,000 78,753,114 4,235,681 25,800,000 82,988,795 108,788,795 (21,299,475 ) 87,489,320 — Gallery, The Hermosa Beach, CA — 1971 169 18,144,000 46,567,941 2,905,707 18,144,000 49,473,648 67,617,648 (23,145,881 ) 44,471,767 — Gateway at Malden Center Malden, MA G 1988 203 9,209,780 25,722,666 15,394,618 9,209,780 41,117,284 50,327,064 (24,990,335 ) 25,336,729 — Geary Court Yard San Francisco, CA — 1990 164 1,722,400 15,471,429 5,447,819 1,722,400 20,919,248 22,641,648 (14,374,505 ) 8,267,143 — Girard Boston, MA G 2016 160 — 102,450,328 792,675 — 103,243,003 103,243,003 (7,551,227 ) 95,691,776 — Hampshire Place Los Angeles, CA — 1989 259 10,806,000 30,335,330 6,750,493 10,806,000 37,085,823 47,891,823 (18,306,144 ) 29,585,679 — Harbor Steps Seattle, WA G 2000 758 59,403,601 158,829,432 35,187,525 59,403,601 194,016,957 253,420,558 (88,466,202 ) 164,954,356 — Heights on Capitol Hill Seattle, WA G 2006 104 5,425,000 21,138,028 1,757,739 5,425,000 22,895,767 28,320,767 (9,916,225 ) 18,404,542 — Helios (fka 2nd+Pine) Seattle, WA G 2017 398 18,061,674 206,297,144 14,831 18,061,674 206,311,975 224,373,649 (11,942,676 ) 212,430,973 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/18 Apartment Name Location Retail/ Commercial Space Date of Construction Apartment Units (H) Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/18 Encumbrances Heritage at Stone Ridge Burlington, MA — 2005 180 10,800,000 31,808,335 2,560,256 10,800,000 34,368,591 45,168,591 (16,558,111 ) 28,610,480 — Heritage Ridge Lynwood, WA — 1999 197 6,895,000 18,983,597 4,341,551 6,895,000 23,325,148 30,220,148 (10,981,639 ) 19,238,509 — Hesby North Hollywood, CA — 2013 308 23,299,892 102,700,108 1,045,443 23,299,892 103,745,551 127,045,443 (21,321,630 ) 105,723,813 — Highlands at South Plainfield South Plainfield, NJ — 2000 252 10,080,000 37,526,912 2,174,172 10,080,000 39,701,084 49,781,084 (18,721,344 ) 31,059,740 — Hikari Los Angeles, CA G 2007 128 9,435,760 32,564,240 924,031 9,435,760 33,488,271 42,924,031 (10,500,837 ) 32,423,194 — Hudson Crossing New York, NY G 2003 259 23,420,000 69,977,699 2,641,742 23,420,000 72,619,441 96,039,441 (35,972,698 ) 60,066,743 — Hudson Pointe Jersey City, NJ — 2003 182 5,350,000 41,114,074 6,559,255 5,350,000 47,673,329 53,023,329 (24,093,676 ) 28,929,653 — Hunt Club II Charlotte, NC — (F) — 100,000 — — 100,000 — 100,000 — 100,000 — Ivory Wood Bothell, WA — 2000 144 2,732,800 13,888,282 1,470,190 2,732,800 15,358,472 18,091,272 (7,954,981 ) 10,136,291 — Jia (fka Chinatown Gateway) Los Angeles, CA G 2014 280 14,791,831 77,708,868 400,967 14,791,831 78,109,835 92,901,666 (19,685,769 ) 73,215,897 — Junction 47 (fka West Seattle) Seattle, WA G 2015 206 11,726,305 56,246,557 110,852 11,726,305 56,357,409 68,083,714 (7,480,950 ) 60,602,764 — Kelvin, The (fka Modera) Irvine, CA — 2015 194 15,521,552 64,853,448 520,485 15,521,552 65,373,933 80,895,485 (10,153,159 ) 70,742,326 — Kenwood Mews Burbank, CA — 1991 141 14,100,000 24,662,883 4,006,944 14,100,000 28,669,827 42,769,827 (13,857,402 ) 28,912,425 — Laguna Clara Santa Clara, CA — 1972 264 13,642,420 28,128,260 5,050,290 13,642,420 33,178,550 46,820,970 (18,704,128 ) 28,116,842 — Landings at Port Imperial W. New York, NJ — 1999 276 27,246,045 37,741,050 12,850,243 27,246,045 50,591,293 77,837,338 (31,145,964 ) 46,691,374 — Liberty Tower Arlington, VA G 2008 235 16,382,822 83,817,078 2,105,715 16,382,822 85,922,793 102,305,615 (28,986,710 ) 73,318,905 — Lincoln Heights Quincy, MA — 1991 336 5,928,400 33,595,262 14,626,711 5,928,400 48,221,973 54,150,373 (36,031,322 ) 18,119,051 — Lindley Apartments Encino, CA — 2004 129 5,805,000 25,705,000 1,577,513 5,805,000 27,282,513 33,087,513 (9,306,827 ) 23,780,686 — Lofts 590 Arlington, VA — 2005 212 20,100,000 67,909,023 732,963 20,100,000 68,641,986 88,741,986 (16,094,383 ) 72,647,603 — Lofts at Kendall Square (fka Kendall Square) Cambridge, MA — 1998 186 18,696,674 78,445,657 6,554,452 18,696,674 85,000,109 103,696,783 (20,874,720 ) 82,822,063 — Longacre House New York, NY G 2000 293 73,170,045 53,962,510 3,845,833 73,170,045 57,808,343 130,978,388 (24,364,056 ) 106,614,332 — Longfellow Place Boston, MA G 1975 710 38,264,917 132,175,915 82,037,087 38,264,917 214,213,002 252,477,919 (143,886,095 ) 108,591,824 — Longview Place Waltham, MA — 2004 348 20,880,000 90,255,509 7,188,625 20,880,000 97,444,134 118,324,134 (45,368,039 ) 72,956,095 — Mantena New York, NY G 2012 98 22,346,513 61,501,158 942,456 22,346,513 62,443,614 84,790,127 (15,923,495 ) 68,866,632 — Marina 41 (fka Marina Del Rey) Marina Del Rey, CA — 1973 623 — 168,842,442 8,397,509 — 177,239,951 177,239,951 (47,146,998 ) 130,092,953 — Mariposa at Playa Del Rey (fka Playa Del Rey) Playa Del Rey, CA — 2004 354 60,900,000 89,311,482 5,580,206 60,900,000 94,891,688 155,791,688 (24,699,526 ) 131,092,162 — Market Street Village San Diego, CA — 2006 229 13,740,000 40,757,301 2,328,664 13,740,000 43,085,965 56,825,965 (19,556,103 ) 37,269,862 — Metro on First Seattle, WA G 2002 102 8,540,000 12,209,981 2,362,369 8,540,000 14,572,350 23,112,350 (6,573,840 ) 16,538,510 — Milano Lofts Los Angeles, CA G 1925/2006 99 8,125,216 27,378,784 2,883,991 8,125,216 30,262,775 38,387,991 (8,050,414 ) 30,337,577 — Montierra (CA) San Diego, CA — 1990 272 8,160,000 29,360,938 8,205,107 8,160,000 37,566,045 45,726,045 (25,291,041 ) 20,435,004 — Mosaic at Metro Hyattsville, MD — 2008 260 — 59,580,898 1,270,920 — 60,851,818 60,851,818 (21,513,518 ) 39,338,300 — Mountain View Redevelopment Mountain View, CA — (F) — — 160,996 — — 160,996 160,996 — 160,996 — Mozaic at Union Station Los Angeles, CA — 2007 272 8,500,000 52,529,446 2,384,578 8,500,000 54,914,024 63,414,024 (24,082,672 ) 39,331,352 — Murray Hill Tower (fka Murray Hill) New York, NY G 1974 270 75,800,000 102,705,401 9,551,107 75,800,000 112,256,508 188,056,508 (30,064,769 ) 157,991,739 — North Pier at Harborside Jersey City, NJ — 2003 297 4,000,159 94,290,590 4,743,836 4,000,159 99,034,426 103,034,585 (49,673,731 ) 53,360,854 — Northglen Valencia, CA — 1988 234 9,360,000 20,778,553 5,764,419 9,360,000 26,542,972 35,902,972 (15,274,806 ) 20,628,166 — Northpark Burlingame, CA — 1972 510 38,607,000 77,472,217 14,751,585 38,607,000 92,223,802 130,830,802 (36,348,320 ) 94,482,482 — Northridge Pleasant Hill, CA — 1974 221 5,524,000 14,691,705 11,428,402 5,524,000 26,120,107 31,644,107 (19,830,954 ) 11,813,153 — Oak Park Combined Agoura Hills, CA — 1989 & 1990 444 3,390,700 30,517,274 10,707,930 3,390,700 41,225,204 44,615,904 (31,925,485 ) 12,690,419 — Oaks Santa Clarita, CA — 2000 520 23,400,000 61,020,438 6,184,215 23,400,000 67,204,653 90,604,653 (36,500,570 ) 54,104,083 — Oakwood Crystal City Arlington, VA — 1987 162 15,400,000 35,474,336 4,071,719 15,400,000 39,546,055 54,946,055 (10,060,766 ) 44,885,289 — Ocean Crest Solana Beach, CA — 1986 146 5,111,200 11,910,438 4,523,128 5,111,200 16,433,566 21,544,766 (11,149,744 ) 10,395,022 — Odin (fka Tallman) Seattle, WA — 2015 301 16,807,519 63,651,394 43,186 16,807,519 63,694,580 80,502,099 (8,420,800 ) 72,081,299 — Old Town Lofts Redmond, WA G 2014 149 7,740,467 44,146,181 802,966 7,740,467 44,949,147 52,689,614 (6,895,004 ) 45,794,610 — One Henry Adams San Francisco, CA G 2016 241 30,224,393 138,212,568 10,366 30,224,393 138,222,934 168,447,327 (10,939,933 ) 157,507,394 — One India Street (fka Oakwood Boston) Boston, MA G 1901 94 22,200,000 28,672,979 3,346,235 22,200,000 32,019,214 54,219,214 (8,203,480 ) 46,015,734 — Pacific Place Los Angeles, CA — 2008 430 32,250,000 110,750,000 1,796,632 32,250,000 112,546,632 144,796,632 (27,949,911 ) 116,846,721 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/18 Apartment Name Location Retail/ Commercial Space Date of Construction Apartment Units (H) Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/18 Encumbrances Packard Building Seattle, WA G 2010 61 5,911,041 19,954,959 691,363 5,911,041 20,646,322 26,557,363 (3,017,526 ) 23,539,837 — Parc 77 New York, NY G 1903 137 40,504,000 18,025,679 6,345,232 40,504,000 24,370,911 64,874,911 (13,224,242 ) 51,650,669 — Parc Cameron New York, NY G 1927 166 37,600,000 9,855,597 7,488,875 37,600,000 17,344,472 54,944,472 (11,104,877 ) 43,839,595 — Parc Coliseum New York, NY G 1910 177 52,654,000 23,045,751 9,179,112 52,654,000 32,224,863 84,878,863 (18,199,716 ) 66,679,147 — Parc East Towers New York, NY G 1977 324 102,163,000 108,989,402 10,892,394 102,163,000 119,881,796 222,044,796 (52,426,236 ) 169,618,560 — Parc on Powell (fka Parkside at Emeryville) Emeryville, CA G 2015 173 16,667,059 65,073,509 212,580 16,667,059 65,286,089 81,953,148 (9,333,810 ) 72,619,338 — Park at Pentagon Row (fka Pentagon City) Arlington, VA G 1990 298 28,300,000 78,838,184 2,436,695 28,300,000 81,274,879 109,574,879 (20,074,236 ) 89,500,643 — Park Connecticut Washington, D.C. — 2000 142 13,700,000 59,087,519 1,663,394 13,700,000 60,750,913 74,450,913 (14,438,751 ) 60,012,162 — Park Hacienda (fka Hacienda) Pleasanton, CA — 2000 540 43,200,000 128,753,359 4,858,184 43,200,000 133,611,543 176,811,543 (34,884,871 ) 141,926,672 — Park West (CA) Los Angeles, CA — 1987/1990 444 3,033,500 27,302,383 11,262,203 3,033,500 38,564,586 41,598,086 (29,343,622 ) 12,254,464 — Parkside Union City, CA — 1979 208 6,246,700 11,827,453 7,163,451 6,246,700 18,990,904 25,237,604 (12,327,804 ) 12,909,800 — Pearl, The (WA) Seattle, WA G 2008 80 6,972,585 26,527,415 999,509 6,972,585 27,526,924 34,499,509 (3,981,489 ) 30,518,020 — Pearl MDR (fka Oakwood Marina Del Rey) Marina Del Rey, CA G 1969 597 — 120,795,359 4,778,318 — 125,573,677 125,573,677 (33,800,305 ) 91,773,372 — Pegasus Los Angeles, CA G 1949/2003 322 18,094,052 81,905,948 6,080,345 18,094,052 87,986,293 106,080,345 (29,282,736 ) 76,797,609 — Playa Pacifica Hermosa Beach, CA — 1972 285 35,100,000 33,473,822 23,015,281 35,100,000 56,489,103 91,589,103 (28,347,617 ) 63,241,486 — Portofino Chino Hills, CA — 1989 176 3,572,400 14,660,994 3,777,392 3,572,400 18,438,386 22,010,786 (13,473,788 ) 8,536,998 — Portofino (Val) Valencia, CA — 1989 216 8,640,000 21,487,126 5,637,028 8,640,000 27,124,154 35,764,154 (16,434,227 ) 19,329,927 — Portside Towers Jersey City, NJ G 1992-1997 527 22,487,006 96,842,913 23,175,339 22,487,006 120,018,252 142,505,258 (84,850,599 ) 57,654,659 — Potrero 1010 San Francisco, CA G 2016 453 40,830,011 179,509,834 120,105 40,830,011 179,629,939 220,459,950 (18,869,635 ) 201,590,315 — Prado (fka Glendale) Glendale, CA — 1988 264 — 67,977,313 4,453,741 — 72,431,054 72,431,054 (18,216,430 ) 54,214,624 — Prime, The Arlington, VA — 2002 273 34,625,000 77,879,740 1,499,005 34,625,000 79,378,745 114,003,745 (30,036,655 ) 83,967,090 — Prism at Park Avenue South (fka 400 Park Avenue South) New York, NY G 2015 269 76,292,169 171,558,177 127,665 76,292,169 171,685,842 247,978,011 (25,554,087 ) 222,423,924 — Promenade at Town Center I & II Valencia, CA — 2001 564 28,200,000 69,795,915 9,741,254 28,200,000 79,537,169 107,737,169 (41,393,133 ) 66,344,036 — Providence Bothell, WA — 2000 200 3,573,621 19,055,505 3,095,294 3,573,621 22,150,799 25,724,420 (11,070,038 ) 14,654,382 — Quarry Hills Quincy, MA — 2006 316 26,900,000 84,411,162 2,829,890 26,900,000 87,241,052 114,141,052 (22,257,122 ) 91,883,930 — Radius Uptown Denver, CO — 2017 372 13,644,960 121,899,032 93,774 13,644,960 121,992,806 135,637,766 (3,902,658 ) 131,735,108 — Red 160 (fka Redmond Way) Redmond, WA G 2011 250 15,546,376 65,320,010 1,306,822 15,546,376 66,626,832 82,173,208 (18,309,824 ) 63,863,384 — Redmond Court Bellevue, WA — 1977 206 10,300,000 33,488,745 1,106,972 10,300,000 34,595,717 44,895,717 (9,833,862 ) 35,061,855 — Regency Palms Huntington Beach, CA — 1969 310 1,857,400 16,713,254 6,506,417 1,857,400 23,219,671 25,077,071 (18,325,451 ) 6,751,620 — Renaissance Villas Berkeley, CA G 1998 34 2,458,000 4,542,000 200,843 2,458,000 4,742,843 7,200,843 (2,002,770 ) 5,198,073 — Reserve at Clarendon Centre, The Arlington, VA G 2003 252 10,500,000 52,812,935 4,759,258 10,500,000 57,572,193 68,072,193 (30,673,683 ) 37,398,510 — Reserve at Eisenhower, The Alexandria, VA — 2002 226 6,500,000 34,585,060 4,515,799 6,500,000 39,100,859 45,600,859 (20,712,491 ) 24,888,368 — Reserve at Empire Lakes Rancho Cucamonga, CA — 2005 467 16,345,000 73,080,670 3,320,031 16,345,000 76,400,701 92,745,701 (36,394,123 ) 56,351,578 — Reserve at Mountain View (fka Mountain View) Mountain View, CA — 1965 180 27,000,000 33,029,605 7,621,478 27,000,000 40,651,083 67,651,083 (10,869,571 ) 56,781,512 — Reserve at Potomac Yard Alexandria, VA — 2002 588 11,918,917 68,862,641 15,256,457 11,918,917 84,119,098 96,038,015 (42,003,388 ) 54,034,627 — Reserve at Town Center I-III (WA) Mill Creek, WA G 2001, 2009, 2014 584 16,768,705 77,511,523 5,623,360 16,768,705 83,134,883 99,903,588 (33,572,969 ) 66,330,619 — Residences at Westgate I (fka Westgate II) Pasadena, CA G 2014 252 17,859,785 109,259,858 353,398 17,859,785 109,613,256 127,473,041 (22,357,191 ) 105,115,850 — Residences at Westgate II (fka Westgate III) Pasadena, CA G 2015 88 12,118,248 40,449,028 60,085 12,118,248 40,509,113 52,627,361 (5,850,705 ) 46,776,656 — Rianna I & II Seattle, WA G 2000/2002 156 4,430,000 29,298,096 1,133,335 4,430,000 30,431,431 34,861,431 (11,522,763 ) 23,338,668 — Ridgewood Village I&II San Diego, CA — 1997 408 11,809,500 34,004,048 5,830,811 11,809,500 39,834,859 51,644,359 (26,215,341 ) 25,429,018 — Riva Terra I (fka Redwood Shores) Redwood City, CA — 1986 304 34,963,355 84,587,658 4,579,233 34,963,355 89,166,891 124,130,246 (23,808,487 ) 100,321,759 — Riva Terra II (fka Harborside) Redwood City, CA — 1986 149 17,136,645 40,536,531 2,273,237 17,136,645 42,809,768 59,946,413 (10,623,659 ) 49,322,754 — Riverpark Redmond, WA G 2009 321 14,355,000 80,894,049 3,905,450 14,355,000 84,799,499 99,154,499 (24,557,962 ) 74,596,537 — Rivington, The Hoboken, NJ — 1999 240 34,340,640 112,110,289 524,731 34,340,640 112,635,020 146,975,660 (6,937,992 ) 140,037,668 — Rosecliff II Quincy, MA — 2005 130 4,922,840 30,202,160 1,342,588 4,922,840 31,544,748 36,467,588 (10,069,250 ) 26,398,338 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/18 Apartment Name Location Retail/ Commercial Space Date of Construction Apartment Units (H) Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/18 Encumbrances Sakura Crossing Los Angeles, CA G 2009 230 14,641,990 42,858,010 1,440,822 14,641,990 44,298,832 58,940,822 (14,646,231 ) 44,294,591 — Seventh & James Seattle, WA G 1992 96 663,800 5,974,803 4,466,962 663,800 10,441,765 11,105,565 (7,764,932 ) 3,340,633 — Sheffield Court Arlington, VA — 1986 597 3,342,381 31,337,332 15,840,921 3,342,381 47,178,253 50,520,634 (37,713,141 ) 12,807,493 — Siena Terrace Lake Forest, CA — 1988 356 8,900,000 24,083,024 7,343,477 8,900,000 31,426,501 40,326,501 (21,400,131 ) 18,926,370 — Skycrest Valencia, CA — 1999 264 10,560,000 25,574,457 5,774,667 10,560,000 31,349,124 41,909,124 (18,371,799 ) 23,537,325 — Skyhouse Denver Denver, CO G 2017 354 13,562,331 126,360,129 98,231 13,562,331 126,458,360 140,020,691 (3,622,426 ) 136,398,265 — Skylark Union City, CA — 1986 174 1,781,600 16,731,916 5,618,577 1,781,600 22,350,493 24,132,093 (14,414,952 ) 9,717,141 — Skyline Terrace Burlingame, CA — 1967 & 1987 138 16,836,000 35,414,000 8,156,471 16,836,000 43,570,471 60,406,471 (15,013,850 ) 45,392,621 — Skyline Towers Falls Church, VA G 1971 939 78,278,200 91,485,591 45,016,303 78,278,200 136,501,894 214,780,094 (77,594,870 ) 137,185,224 — Skyview Rancho Santa Margarita, CA — 1999 260 3,380,000 21,952,863 5,500,993 3,380,000 27,453,856 30,833,856 (17,769,582 ) 13,064,274 — SoMa II San Francisco, CA — (F) — 29,406,606 5,741,605 — 29,406,606 5,741,605 35,148,211 — 35,148,211 — Sonterra at Foothill Ranch Foothill Ranch, CA — 1997 300 7,503,400 24,048,507 6,018,250 7,503,400 30,066,757 37,570,157 (19,961,454 ) 17,608,703 — South City Station (fka South San Francisco) San Francisco, CA G 2007 368 68,900,000 79,476,861 4,611,766 68,900,000 84,088,627 152,988,627 (21,524,365 ) 131,464,262 — Southwood Palo Alto, CA — 1985 100 6,936,600 14,324,069 6,760,016 6,936,600 21,084,085 28,020,685 (12,852,392 ) 15,168,293 — Springbrook Estates Riverside, CA — (F) — 18,200,000 1,145,000 — 18,200,000 1,145,000 19,345,000 — 19,345,000 — Springline Seattle, WA G 2016 136 9,163,667 47,910,981 390,699 9,163,667 48,301,680 57,465,347 (4,533,798 ) 52,931,549 — Summerset Village II Chatsworth, CA — (F) — 260,646 — — 260,646 — 260,646 — 260,646 — Summit at Sausalito (fka Sausalito) Sausalito, CA — 1978 198 26,000,000 28,435,024 9,140,862 26,000,000 37,575,886 63,575,886 (11,439,522 ) 52,136,364 — Ten23 (fka 500 West 23rd Street) New York, NY G 2011 111 — 58,881,873 337,851 — 59,219,724 59,219,724 (14,245,570 ) 44,974,154 — Terraces, The San Francisco, C |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for our unconsolidated properties/entities. |
Real Estate Assets And Depreciation Of Investment In Real Estate | Real Estate Assets and Depreciation of Investment in Real Estate Effective January 1, 2017 with the adoption of the new standard which clarified the definition of a business (discussed below in Recently Adopted Accounting Pronouncements For asset acquisitions, the Company allocates the purchase price of the net tangible and identified intangible assets on a relative fair value basis. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets/liabilities acquired. The Company allocates the purchase price of acquired real estate to various components as follows: • Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property. • Furniture, Fixtures and Equipment – Ranges between $10,000 and $35,000 per apartment unit acquired as an estimate of the allocation of the relative fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the economic age of the apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years. • Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. In-place residential leases’ average term at acquisition approximates six months. In-place retail leases’ term at acquisition approximates the average remaining term of all acquired retail leases. See Note 4 for more information on above and below market leases. • Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset. • Building – Based on the allocation of the relative fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years. • Site Improvements – Based on replacement cost, which approximates the allocation of the relative fair value. Depreciation is calculated on the straight-line method over an estimated useful life of eight years. • Long-Term Debt – The Company calculates the allocation of the relative fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings. Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years. Renovation expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years. Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. Property sales or dispositions are recorded when control transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States. The Company classifies real estate assets as real estate held for sale when it is probable a property will be disposed of (see below for further discussion). The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company periodically evaluates its long-lived assets, including its investments in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company’s ability to hold and its intent with regard to each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. If impairment indicators exist, the Company performs the following: • For long-lived operating assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset. • For long-lived non-operating assets (projects under development and land held for development), management evaluates major cost overruns, market conditions that could affect lease-up projections, intent and ability to hold the asset and any other indicators of impairment. If any of the indicators were to suggest impairment was present, the carrying value of the asset would be adjusted accordingly to fair value. • For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it will sell the asset. Long-lived assets held for sale and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for sale. |
Cost Capitalization | Cost Capitalization See the Real Estate Assets and Depreciation of Investment in Real Estate For all development projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend their time on development activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheets as construction-in-progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovations at selected properties when additional incremental employees are hired. During the years ended December 31, 2018, 2017 and 2016, the Company capitalized $13.2 million, $14.7 million and $18.7 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of development activities as well as major capital and/or renovation projects. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. |
Fair Value of Financial Instruments, Including Derivative Instruments | Fair Value of Financial Instruments, Including Derivative Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives it currently has in place. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners’ capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes. |
Revenue Recognition | Revenue Recognition Rental income attributable to residential leases is recorded on a straight-line basis, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Rental income attributable to retail/commercial leases is also recorded on a straight-line basis. Retail/commercial leases generally have five to ten year lease terms with market based renewal options. Fee and asset management revenue and interest income are recorded on an accrual basis. |
Share-Based Compensation | Share-Based Compensation The Company expenses share-based compensation such as restricted shares, restricted units and share options. Any common share of beneficial interest, $0.01 par value per share (the “Common Shares”) issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of partnership interest (“OP Units”) to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. See Note 12 for further discussion. The fair value of the option grants are recognized over the requisite service/vesting period of the options. The fair value for the Company’s share options was estimated at the time the share options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions: 2018 2017 2016 Expected volatility (1) 14.8 % 15.3 % 26.3 % Expected life (2) 5 years 5 years 5 years Expected dividend yield (3) 3.09 % 3.08 % 3.04 % Risk-free interest rate (4) 2.52 % 1.93 % 1.27 % Option valuation per share $ 6.15 $ 5.86 $ 13.02 (1) Expected volatility – For the 2018 and 2017 grants, estimated based on the historical five-year volatility (the period matching the expected life) of EQR’s share price measured on a monthly basis. For the 2016 grant, estimated based on the historical ten-year volatility of EQR’s share price measured on a monthly basis. This change in estimate reflects the Company’s belief that the historical five-year period provides a better estimate of the expected volatility in EQR shares over the expected life of the options. (2) Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993. (3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year. (4) Risk-free interest rate – The most current U.S. Treasury rate available prior to the grant date for a period matching the expected life of each grant. The valuation method and assumptions are the same as those the Company used in accounting for option expense in its consolidated financial statements. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. This model is only one method of valuing options. Because the Company’s share options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the actual value of the options to the recipient may be significantly different. |
Income and Other Taxes | Income and Other Taxes Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. Deferred tax assets and liabilities were recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases in the comparable periods. These assets and liabilities were measured using enacted tax rates for which the temporary differences were expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities were recognized in earnings in the period enacted. The Company’s deferred tax assets were generally the result of tax affected suspended interest deductions, net operating losses, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. The Company elected REIT status for its primary TRS upon filing the 2016 tax return in the third quarter of 2017, with the election retroactive to January 1, 2016. As a result, the Company wrote-off its deferred tax assets, which were fully reserved, in the third quarter of 2017. In December 2017, the President signed into law H.R. 1, informally titled the Tax Cuts and Jobs Act (the “Tax Act”). As of December 31, 2018, the Tax Act did not have a material impact on our REIT or subsidiary entities, our ability to continue to qualify as a REIT or on our results of operations. The Company provided for income, franchise and excise taxes allocated as follows in the consolidated statements of operations and comprehensive income for the years ended December 31, 2018, 2017 and 2016 (amounts in thousands): Year Ended December 31, 2018 2017 2016 Income and other tax expense (benefit) (1) $ 878 $ 478 $ 1,613 Discontinued operations, net (2) — — 12 Provision for income, franchise and excise taxes (3) $ 878 $ 478 $ 1,625 (1) Primarily includes state and local income, excise and franchise taxes. (2) Primarily represents state and local income, excise and franchise taxes on operating properties sold prior to January 1, 2014 and included in discontinued operations. The amounts included in discontinued operations for the year ended December 31, 2016 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the years ended December 31, 2018, 2017 and 2016 met the criteria for reporting discontinued operations. (3) All provisions for income tax amounts are current and none are deferred. During the years ended December 31, 2018, 2017 and 2016, the Company’s tax treatment of dividends and distributions were as follows (unaudited): Year Ended December 31, 2018 (1) 2017 (2) 2016 Tax treatment of dividends and distributions: Ordinary dividends $ 1.84454 $ 1.22126 $ 0.722 Long-term capital gain 0.21423 0.18959 9.176 Unrecaptured section 1250 gain 0.06498 0.10040 3.117 Dividends and distributions per Common Share/Unit outstanding $ 2.12375 $ 1.51125 $ 13.015 (1) The Company’s fourth quarter 2018 dividends and distributions of $0.54 per Common Share/Unit outstanding will be included as taxable income in calendar year 2019. (2) The Company’s fourth quarter 2017 dividends and distributions of $0.50375 per Common Share/Unit outstanding will be included as taxable income in calendar year 2018. The unaudited cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2018 and 2017 was approximately $14.0 billion and $14.8 billion, respectively. |
Noncontrolling Interests | Noncontrolling Interests A noncontrolling interest in a subsidiary (minority interest) is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. See Note 3 for further discussion. Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds are treated as capital transactions. Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are generally based on ownership percentage and are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations and comprehensive income. Partners’ Capital The “Limited Partners” of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The “General Partner” of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of ERPOP. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuance of additional Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds are treated as capital transactions. Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. See Note 3 for further discussion. |
Use of Estimates | Use of Estimates In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Reclassifications | Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity/capital. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In • Lessors – Leases are accounted for using an approach that is substantially equivalent to existing guidance for operating, sales-type and financing leases, but aligned with the new revenue recognition standard. Lessors are required to allocate lease payments to separate lease and non-lease components of each lease agreement, with the non-lease components evaluated under the new revenue recognition standard. • Lessees – Leases are accounted for using a dual approach, classifying leases as either operating or finance based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification determines whether the lease expense is recognized on a straight-line basis over the term of the lease (for operating leases) or based on an effective interest method (for finance leases). A lessee is also required to record a right-of-use asset and a lease liability on its balance sheet for all leases with a term of greater than 12 months regardless of their classification as operating or finance leases. Leases with a term of 12 months or less are accounted for similar to existing guidance for operating leases. The new standard was effective for the Company effective January 1, 2019. The new standard was adopted using a modified retrospective method and the Company applied the new guidance as of the adoption date and elected certain practical expedients as described below. The Company is the lessor for its residential and retail/commercial leases and these leases will continue to be accounted for as operating leases under the new standard. Therefore, the Company did not have significant changes in the accounting for its lease revenues. The Company is the lessee under various corporate office and ground leases, which will be recognized as right of use assets and related lease liabilities on its consolidated balance sheets in the first quarter of 2019. The Company’s corporate office leases where it is the lessee will continue to be accounted for as operating leases under the new standard. Based on its election of the practical expedients, the Company was not required to reassess the classification of existing ground leases and therefore these leases will continue to be accounted for as operating leases. However, in the event we materially modify existing ground leases and/or enter into new ground leases after adoption of the new standard, such leases will likely be classified as finance leases. The Company will record right of use assets and related lease liabilities to its opening balance sheet upon adoption of the new standard on January 1, 2019 that will approximate $300.0 million. The Company has determined the approximate discount rate ranges of 3.3% to 3.9% for corporate office leases and 4.4% to 5.5% for ground leases. The discount rates were determined using the Company’s borrowing rates (actual pricing through 30 years and other long-term market rates). In July 2018, the FASB issued an amendment to the new leases standard, which includes a practical expedient that provides lessors an option not to separate lease and non-lease components when certain criteria are met and instead account for those components as a single component under the new leases standard. The amendment also provides a transition option that permits the application of the new guidance as of the adoption date rather than to all periods presented. The Company elected the practical expedient to account for both its lease and non-lease components as a single component under the leases standard and elected the new transition option as of the date of adoption effective January 1, 2019. In June 2016, the FASB In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements. The new standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements. The new standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument. The Company adopted this new standard as required effective January 1, 2019 and it did not have a material effect on its consolidated results of operations or financial position. Recently Adopted Accounting Pronouncements In FASB Revenue from Contracts with Customers any, For the remaining approximately 6% of rental income that is subject to the new revenue recognition standard, the Company’s disaggregated revenue streams are disclosed in the table below for the year ended December 31, 2018. These revenue streams have the same timing and pattern of revenue recognition across our reportable segments, with consistent allocations between the leasing and revenue recognition standards. The revenue streams and percentages are comparable with the percentage of rental income for the years ended December 31, 2017 and 2016. The following table presents the disaggregation of revenue streams of our rental income for the year ended December 31, 2018 (amounts in thousands): Year Ended December 31, 2018 Revenue Stream Applicable Standard Amount of Rental Income Percentage of Rental Income Leasing revenue Leases $ 2,418,168 93.8 % Utility recoveries (“RUBS”) Revenue Recognition 63,218 2.5 % Parking revenue Revenue Recognition 26,743 1.0 % Other revenue Revenue Recognition 69,552 2.7 % Rental income $ 2,577,681 100.0 % Additionally, as part of the new revenue recognition standard, the FASB issued amendments related to partial sales of real estate. Adoption of the new partial sales standard did not result in a change of accounting for the Company related to its disposition process. We concluded that the Company’s typical dispositions will continue to meet the criteria for sale and associated profit recognition under both new standards. In January 2016, the FASB issued a new standard which requires companies to measure all equity securities with readily determinable fair values at fair value on the balance sheet, with changes in fair value recognized in net income. The Company adopted this new standard as required effective January 1, 2018 and it did not have a material effect on its consolidated results of operations or financial position. In FASB • Cash payments related to debt prepayments or extinguishment costs are to be classified within financing • The portion of the cash payment made to settle a zero-coupon bond or a bond with an insignificant cash coupon attributable to accreted interest related to a debt discount is to be classified as a cash outflow within operating activities, and the portion attributable to the principal is to be classified within financing • Insurance settlement proceeds are to be classified based on the nature of the • Companies must elect to classify distributions received from equity method investees using either a cumulative earnings approach or a look-through approach and the election must be disclosed; • Restricted Total The While overall cash flows did not change, there were changes between cash flow classifications due primarily to the debt prepayment penalties that the Company had incurred in comparative periods. In FASB |
Other | Other The Company is the controlling partner in various consolidated partnerships owning 17 properties consisting of 3,535 apartment units having a noncontrolling interest deficit balance of $2.3 million at December 31, 2018. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning four properties having a noncontrolling interest deficit balance of $9.6 million. These four partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of December 31, 2018 the Company estimates the value of Noncontrolling Interest distributions for these four properties would have been approximately $70.4 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the four Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2018 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company’s Partially Owned Properties is subject to change. To the extent that the partnerships’ underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties. |
Business (Tables)
Business (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Ownership Breakdown | The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 287 74,840 Master-Leased Property – Consolidated 1 162 Partially Owned Properties – Consolidated 17 3,535 Partially Owned Properties – Unconsolidated 2 945 307 79,482 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology | The fair value of the option grants are recognized over the requisite service/vesting period of the options. The fair value for the Company’s share options was estimated at the time the share options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions: 2018 2017 2016 Expected volatility (1) 14.8 % 15.3 % 26.3 % Expected life (2) 5 years 5 years 5 years Expected dividend yield (3) 3.09 % 3.08 % 3.04 % Risk-free interest rate (4) 2.52 % 1.93 % 1.27 % Option valuation per share $ 6.15 $ 5.86 $ 13.02 (1) Expected volatility – For the 2018 and 2017 grants, estimated based on the historical five-year volatility (the period matching the expected life) of EQR’s share price measured on a monthly basis. For the 2016 grant, estimated based on the historical ten-year volatility of EQR’s share price measured on a monthly basis. This change in estimate reflects the Company’s belief that the historical five-year period provides a better estimate of the expected volatility in EQR shares over the expected life of the options. (2) Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993. (3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year. (4) Risk-free interest rate – The most current U.S. Treasury rate available prior to the grant date for a period matching the expected life of each grant. |
Allocation Of Income Franchise And Excise Taxes In Consolidated Statements Of Operations | The Company provided for income, franchise and excise taxes allocated as follows in the consolidated statements of operations and comprehensive income for the years ended December 31, 2018, 2017 and 2016 (amounts in thousands): Year Ended December 31, 2018 2017 2016 Income and other tax expense (benefit) (1) $ 878 $ 478 $ 1,613 Discontinued operations, net (2) — — 12 Provision for income, franchise and excise taxes (3) $ 878 $ 478 $ 1,625 (1) Primarily includes state and local income, excise and franchise taxes. (2) Primarily represents state and local income, excise and franchise taxes on operating properties sold prior to January 1, 2014 and included in discontinued operations. The amounts included in discontinued operations for the year ended December 31, 2016 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the years ended December 31, 2018, 2017 and 2016 met the criteria for reporting discontinued operations. (3) All provisions for income tax amounts are current and none are deferred. |
Tax Treatment Of Dividends And Distributions | During the years ended December 31, 2018, 2017 and 2016, the Company’s tax treatment of dividends and distributions were as follows (unaudited): Year Ended December 31, 2018 (1) 2017 (2) 2016 Tax treatment of dividends and distributions: Ordinary dividends $ 1.84454 $ 1.22126 $ 0.722 Long-term capital gain 0.21423 0.18959 9.176 Unrecaptured section 1250 gain 0.06498 0.10040 3.117 Dividends and distributions per Common Share/Unit outstanding $ 2.12375 $ 1.51125 $ 13.015 (1) The Company’s fourth quarter 2018 dividends and distributions of $0.54 per Common Share/Unit outstanding will be included as taxable income in calendar year 2019. (2) The Company’s fourth quarter 2017 dividends and distributions of $0.50375 per Common Share/Unit outstanding will be included as taxable income in calendar year 2018. |
Schedule of Disaggregation of Revenue Streams of Rental Income and Percentage of Rental Income | The following table presents the disaggregation of revenue streams of our rental income for the year ended December 31, 2018 (amounts in thousands): Year Ended December 31, 2018 Revenue Stream Applicable Standard Amount of Rental Income Percentage of Rental Income Leasing revenue Leases $ 2,418,168 93.8 % Utility recoveries (“RUBS”) Revenue Recognition 63,218 2.5 % Parking revenue Revenue Recognition 26,743 1.0 % Other revenue Revenue Recognition 69,552 2.7 % Rental income $ 2,577,681 100.0 % |
Equity, Capital and Other Int_2
Equity, Capital and Other Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Changes in Issued and Outstanding Common Shares and Units | The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and restricted units) for the years ended December 31, 2018, 2017 and 2016: 2018 2017 2016 Common Shares Common Shares outstanding at January 1, 368,018,082 365,870,924 364,755,444 Common Shares Issued: Conversion of OP Units 131,477 1,149,284 88,838 Exercise of share options 1,056,388 846,137 815,044 Employee Share Purchase Plan (ESPP) 75,414 68,286 63,909 Restricted share grants, net 123,800 83,451 147,689 Common Shares outstanding at December 31, 369,405,161 368,018,082 365,870,924 Units Units outstanding at January 1, 13,768,438 14,626,075 14,427,164 Restricted unit grants, net 267,074 291,647 287,749 Conversion of OP Units to Common Shares (131,477 ) (1,149,284 ) (88,838 ) Units outstanding at December 31, 13,904,035 13,768,438 14,626,075 Total Common Shares and Units outstanding at December 31, 383,309,196 381,786,520 380,496,999 Units Ownership Interest in Operating Partnership 3.6 % 3.6 % 3.8 % |
Changes in Redemption Value of Redeemable Noncontrolling Interests and Limited Partners Interest | The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership for the years ended December 31, 2018, 2017 and 2016, respectively (amounts in thousands): 2018 2017 2016 Balance at January 1, $ 366,955 $ 442,092 $ 566,783 Change in market value 13,922 (41,916 ) (115,093 ) Change in carrying value (1,771 ) (33,221 ) (9,598 ) Balance at December 31, $ 379,106 $ 366,955 $ 442,092 |
Issued and Outstanding Preferred Shares and Preference Units | The following table presents the Company’s issued and outstanding Preferred Shares as of December 31, 2018 and 2017: Amounts in thousands Annual Call Dividend Per December 31, December 31, Date (1) Share (2) 2018 2017 Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding as of December 31, 2018 and 2017 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares are payable quarterly. |
ERPOP [Member] | |
Changes in Issued and Outstanding Common Shares and Units | The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the years ended December 31, 2018, 2017 and 2016: 2018 2017 2016 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 381,786,520 380,496,999 379,182,608 Issued to General Partner: Exercise of EQR share options 1,056,388 846,137 815,044 EQR’s Employee Share Purchase Plan (ESPP) 75,414 68,286 63,909 EQR’s restricted share grants, net 123,800 83,451 147,689 Issued to Limited Partners: Restricted unit grants, net 267,074 291,647 287,749 General and Limited Partner Units outstanding at December 31, 383,309,196 381,786,520 380,496,999 Limited Partner Units Limited Partner Units outstanding at January 1, 13,768,438 14,626,075 14,427,164 Limited Partner restricted unit grants, net 267,074 291,647 287,749 Conversion of Limited Partner OP Units to EQR Common Shares (131,477 ) (1,149,284 ) (88,838 ) Limited Partner Units outstanding at December 31, 13,904,035 13,768,438 14,626,075 Limited Partner Units Ownership Interest in Operating Partnership 3.6 % 3.6 % 3.8 % |
Changes in Redemption Value of Redeemable Noncontrolling Interests and Limited Partners Interest | The following table presents the changes in the redemption value of the Redeemable Limited Partners for the years ended December 31, 2018, 2017 and 2016, respectively (amounts in thousands): 2018 2017 2016 Balance at January 1, $ 366,955 $ 442,092 $ 566,783 Change in market value 13,922 (41,916 ) (115,093 ) Change in carrying value (1,771 ) (33,221 ) (9,598 ) Balance at December 31, $ 379,106 $ 366,955 $ 442,092 |
Issued and Outstanding Preferred Shares and Preference Units | The following table presents the Operating Partnership’s issued and outstanding “Preference Units” as of December 31, 2018 and 2017: Amounts in thousands Annual Call Dividend Per December 31, December 31, Date (1) Unit (2) 2018 2017 Preference Units: 8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 745,600 units issued and outstanding as of December 31, 2018 and 2017 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares. (2) Dividends on Preference Units are payable quarterly. |
Real Estate and Lease Intangi_2
Real Estate and Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Summary of Carrying Amounts of Investment in Real Estate | The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2018 and 2017 (amounts in thousands): 2018 2017 Land $ 5,875,803 $ 5,996,024 Depreciable property: Buildings and improvements 18,232,625 17,743,042 Furniture, fixtures and equipment 1,722,231 1,548,961 In-Place lease intangibles 481,045 476,359 Projects under development: Land 25,429 43,226 Construction-in-progress 83,980 120,321 Land held for development: Land 61,038 62,538 Construction-in-progress 28,871 36,425 Investment in real estate 26,511,022 26,026,896 Accumulated depreciation (6,696,281 ) (6,040,378 ) Investment in real estate, net $ 19,814,741 $ 19,986,518 |
Summary of Carrying Amounts of Above and Below Market Ground And Retail Lease Intangibles | The following table summarizes the carrying amounts for the Company’s above and below market ground and retail lease intangibles as of December 31, 2018 and 2017 (amounts in thousands): Description Balance Sheet 2018 2017 Assets Ground lease intangibles – below market Other Assets $ 191,918 $ 191,918 Retail lease intangibles – above market Other Assets 1,260 1,260 Lease intangible assets 193,178 193,178 Accumulated amortization (26,947 ) (22,434 ) Lease intangible assets, net $ 166,231 $ 170,744 Liabilities Ground lease intangibles – above market Other Liabilities $ 2,400 $ 2,400 Retail lease intangibles – below market Other Liabilities 1,710 5,270 Lease intangible liabilities 4,110 7,670 Accumulated amortization (1,704 ) (5,143 ) Lease intangible liabilities, net $ 2,406 $ 2,527 |
Summary of the Effect of the Amortization for Above and Below Market Ground and Retail Lease Intangibles | The following table provides a summary of the effect of the amortization for above and below market ground and retail lease intangibles on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2018, 2017 and 2016 (amounts in thousands): Description Income Statement Location 2018 2017 2016 Ground lease intangible amortization Property and Maintenance $ (4,463 ) $ (4,369 ) $ (4,321 ) Retail lease intangible amortization Rental Income 71 541 895 Total amortization of above/below market lease intangibles $ (4,392 ) $ (3,828 ) $ (3,426 ) |
Summary of Aggregate Amortization for Above and Below Market Ground And Retail Lease Intangibles | The following table provides a summary of the aggregate amortization for above and below market ground and retail lease intangibles for each of the next five years (amounts in thousands): 2019 2020 2021 2022 2023 Ground lease intangibles $ (4,463 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) Retail lease intangibles 71 71 71 27 19 Total $ (4,392 ) $ (4,392 ) $ (4,392 ) $ (4,436 ) $ (4,444 ) |
Acquired Properties From Unaffiliated Parties | During the year ended December 31, 2018, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 5 1,478 $ 707,005 Total 5 1,478 $ 707,005 (1) Purchase price includes an allocation of approximately $113.7 million to land and $594.4 million to depreciable property (inclusive of capitalized closing costs). During the year ended December 31, 2017, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 4 947 $ 468,050 Total 4 947 $ 468,050 (1) Purchase price includes an allocation of approximately $68.3 million to land, $386.2 million to depreciable property (inclusive of capitalized closing costs) and $13.7 million to ground lease intangible (included in other assets). For one of the property acquisitions, the Company owns the building and improvements and leases the land underlying the improvements under a long-term ground lease that expires in 2113. This property is consolidated and reflected as a real estate asset while the ground lease is accounted for as an operating lease. |
Disposed Properties to Unaffiliated Parties | During the year ended December 31, 2018, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 5 1,292 $ 706,120 Land Parcels (one) — — 2,700 Total 5 1,292 $ 708,820 During the year ended December 31, 2017, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 5 1,194 $ 354,950 Land Parcels (one) — — 33,450 Total 5 1,194 $ 388,400 |
Commitments To Acquire_Dispos_2
Commitments To Acquire/Dispose of Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Separate Agreements to Dispose of | The Company has entered into separate agreements to dispose of the following (sales price in thousands): Properties Apartment Units Sales Price Rental Properties - Consolidated 1 266 $ 237,500 Land Parcels (one) — — 1,900 Total 1 266 $ 239,400 |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments In Partially Owned Entities [Abstract] | |
Summary of Companys Investment in Unconsolidated Entities | The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Ownership Percentage Investments in Unconsolidated Entities: Wisconsin Place Developer (VIE) (1) $ 42,365 $ 44,451 33.3% Operating Properties (Non-VIE) (2) 10,494 12,367 20.0% Other 5,490 1,436 Varies Investments in Unconsolidated Entities $ 58,349 $ 58,254 (1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting. (2) Includes two joint ventures under separate agreements with the same partner totaling 945 apartment units. |
Restricted Deposits (Tables)
Restricted Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | The following table presents the Company’s restricted deposits as of December 31, 2018 and 2017 (amounts in thousands): December 31, 2018 December 31, 2017 Mortgage escrow deposits: Real estate taxes and insurance $ 876 $ 845 Replacement reserves 8,641 8,347 Mortgage principal reserves/sinking funds 9,754 3,167 Other 852 852 Mortgage escrow deposits 20,123 13,211 Restricted cash: Earnest money on pending acquisitions 5,000 750 Restricted deposits on real estate investments 540 58 Resident security and utility deposits 35,659 35,183 Other 7,549 913 Restricted cash 48,748 36,904 Restricted deposits $ 68,871 $ 50,115 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Unsecured Note Balances, Interest Rate and Maturity Date Information | The following tables summarize the Company’s unsecured note balances and certain interest rate and maturity date information as of and for the years ended December 31, 2018 and 2017, respectively: December 31, 2018 (Amounts in thousands) Net Principal Balance Interest Rate Ranges Weighted Average Interest Rate Maturity Date Ranges Fixed Rate Public Notes (1) $ 5,485,884 2.85% - 7.57% 4.37% 2020-2047 Floating Rate Public Notes (1) 447,402 (1) 2.84% 2019 Totals $ 5,933,286 4.25% December 31, 2017 (Amounts in thousands) Net Principal Balance Interest Rate Ranges Weighted Average Interest Rate Maturity Date Ranges Fixed Rate Public Notes (1) $ 4,591,373 2.85% - 7.57% 4.61% 2020-2047 Floating Rate Public Notes (1) 447,439 (1) 1.82% 2019 Totals $ 5,038,812 4.35% (1) Fair value interest rate swaps convert the $450.0 million 2.375% notes due July 1, 2019 to a floating interest rate of 90-Day LIBOR plus 0.61%. |
Summary of Aggregate Payments of Principal on All Debt | The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2018 (amounts in thousands): Year Total 2019 $ 974,954 2020 1,129,292 2021 928,106 2022 266,141 2023 1,331,600 Thereafter 4,282,668 Subtotal 8,912,761 Deferred Financing Costs and Unamortized (Discount) (94,822 ) Total $ 8,817,939 |
Derivative and Other Fair Val_2
Derivative and Other Fair Value Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Carrying and Fair Values of Financial Instruments | The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at December 31, 2018 and 2017, respectively (amounts in thousands): December 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 2,385,470 $ 2,352,502 $ 3,618,722 $ 3,615,384 Unsecured debt, net 6,432,469 6,481,426 5,338,569 5,619,744 Total debt, net $ 8,817,939 $ 8,833,928 $ 8,957,291 $ 9,235,128 |
Summary of Consolidated Derivative Instruments | The following table summarizes the Company’s consolidated derivative instruments at December 31, 2018 (dollar amounts are in thousands): Fair Value Hedges (1) Forward Starting Swaps (2) Current Notional Balance $ 450,000 $ 500,000 Lowest Interest Rate 2.375 % 2.2665 % Highest Interest Rate 2.375 % 3.1163 % Maturity Date 2019 2029 (1) Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million 2.375% (2) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances. These swaps have mandatory counterparty terminations in 2020 and are targeted for certain 2019 debt issuances. |
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at December 31, 2018 and 2017, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2018 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 2,000 $ — $ 2,000 $ — Supplemental Executive Retirement Plan Other Assets 134,088 134,088 — — Total $ 136,088 $ 134,088 $ 2,000 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Liabilities $ 2,277 $ — $ 2,277 $ — Forward Starting Swaps Other Liabilities 9,851 — 9,851 — Supplemental Executive Retirement Plan Other Liabilities 134,088 134,088 — — Total $ 146,216 $ 134,088 $ 12,128 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 379,106 $ — $ 379,106 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2017 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 5,143 $ — $ 5,143 $ — Supplemental Executive Retirement Plan Other Assets 140,159 140,159 — — Total $ 145,302 $ 140,159 $ 5,143 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Liabilities $ 1,597 $ — $ 1,597 $ — Supplemental Executive Retirement Plan Other Liabilities 140,159 140,159 — — Total $ 141,756 $ 140,159 $ 1,597 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 366,955 $ — $ 366,955 $ — |
Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2018, 2017 and 2016, respectively (amounts in thousands): December 31, 2018 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (680 ) Fixed rate debt Interest expense $ 680 Total $ (680 ) $ 680 December 31, 2017 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (3,454 ) Fixed rate debt Interest expense $ 3,454 Total $ (3,454 ) $ 3,454 December 31, 2016 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (1,798 ) Fixed rate debt Interest expense $ 1,798 Total $ (1,798 ) $ 1,798 |
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2018, 2017 and 2016, respectively (amounts in thousands): Effective Portion Ineffective Portion December 31, 2018 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 5,124 Interest expense $ (18,452 ) Interest expense $ — Total $ 5,124 $ (18,452 ) $ — Effective Portion Ineffective Portion December 31, 2017 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 6,439 Interest expense $ (18,858 ) Interest expense $ — Total $ 6,439 $ (18,858 ) $ — Effective Portion Ineffective Portion December 31, 2016 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (3,989 ) Interest expense $ (41,758 ) Interest expense $ (74 ) Total $ (3,989 ) $ (41,758 ) $ (74 ) |
Earnings Per Share and Earnin_2
Earnings Per Share and Earnings Per Unit (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Year Ended December 31, 2018 2017 2016 Numerator for net income per share – basic: Income from continuing operations $ 685,192 $ 628,381 $ 4,479,586 Allocation to Noncontrolling Interests – Operating Partnership, net (24,939 ) (22,604 ) (171,491 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (2,718 ) (2,323 ) (16,430 ) Preferred distributions (3,090 ) (3,091 ) (3,091 ) Income from continuing operations available to Common Shares, net of Noncontrolling Interests 654,445 600,363 4,288,574 Discontinued operations, net of Noncontrolling Interests — — 498 Numerator for net income per share – basic $ 654,445 $ 600,363 $ 4,289,072 Numerator for net income per share – diluted: Income from continuing operations $ 685,192 $ 628,381 $ 4,479,586 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (2,718 ) (2,323 ) (16,430 ) Preferred distributions (3,090 ) (3,091 ) (3,091 ) Income from continuing operations available to Common Shares 679,384 622,967 4,460,065 Discontinued operations, net — — 518 Numerator for net income per share – diluted $ 679,384 $ 622,967 $ 4,460,583 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 368,052 366,968 365,002 Effect of dilutive securities: OP Units 12,869 12,901 13,827 Long-term compensation shares/units 2,774 2,809 3,163 Denominator for net income per share – diluted 383,695 382,678 381,992 Net income per share – basic $ 1.78 $ 1.64 $ 11.75 Net income per share – diluted $ 1.77 $ 1.63 $ 11.68 Net income per share – basic: Income from continuing operations available to Common Shares, net of Noncontrolling Interests $ 1.78 $ 1.64 $ 11.75 Discontinued operations, net of Noncontrolling Interests — — — Net income per share – basic $ 1.78 $ 1.64 $ 11.75 Net income per share – diluted: Income from continuing operations available to Common Shares $ 1.77 $ 1.63 $ 11.68 Discontinued operations, net — — — Net income per share – diluted $ 1.77 $ 1.63 $ 11.68 Distributions declared per Common Share outstanding $ 2.16 $ 2.015 $ 13.015 |
ERPOP [Member] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Year Ended December 31, 2018 2017 2016 Numerator for net income per Unit – basic and diluted: Income from continuing operations $ 685,192 $ 628,381 $ 4,479,586 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (2,718 ) (2,323 ) (16,430 ) Allocation to Preference Units (3,090 ) (3,091 ) (3,091 ) Income from continuing operations available to Units 679,384 622,967 4,460,065 Discontinued operations, net — — 518 Numerator for net income per Unit – basic and diluted $ 679,384 $ 622,967 $ 4,460,583 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 380,921 379,869 378,829 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 2,774 2,809 3,163 Denominator for net income per Unit – diluted 383,695 382,678 381,992 Net income per Unit – basic $ 1.78 $ 1.64 $ 11.75 Net income per Unit – diluted $ 1.77 $ 1.63 $ 11.68 Net income per Unit – basic: Income from continuing operations available to Units $ 1.78 $ 1.64 $ 11.75 Discontinued operations, net — — — Net income per Unit – basic $ 1.78 $ 1.64 $ 11.75 Net income per Unit – diluted: Income from continuing operations available to Units $ 1.77 $ 1.63 $ 11.68 Discontinued operations, net — — — Net income per Unit – diluted $ 1.77 $ 1.63 $ 11.68 Distributions declared per Unit outstanding $ 2.16 $ 2.015 $ 13.015 |
Individually Significant Disp_2
Individually Significant Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Starwood Portfolio [Member] | Disposal Group, Not Discontinued Operations [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Schedule of Results of Operations Attributable to Starwood Transaction | As a result, the following table summarizes the results of operations attributable to the Starwood Transaction for the year ended December 31, 2016 (amounts in thousands): Year Ended December 31, 2016 REVENUES Rental income $ 30,785 Total revenues 30,785 EXPENSES Property and maintenance 7,838 Real estate taxes and insurance 2,912 Property management 2 General and administrative 23 Depreciation — Total expenses 10,775 Operating income 20,010 Interest and other income 21 Other expenses — Interest: Expense incurred, net (380 ) Amortization of deferred financing costs (707 ) Income and other tax (expense) benefit (1 ) Net gain (loss) on sales of real estate properties 3,161,097 Income from operations attributable to controlling interests – Operating Partnership 3,180,040 Income from operations attributable to Noncontrolling Interests – Operating Partnership (122,152 ) Income from operations attributable to controlling interests – Company $ 3,057,888 |
Share Incentive Plans (Tables)
Share Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share Based Compensation [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following tables summarize compensation information regarding the restricted shares, restricted units, share options and Employee Share Purchase Plan (“ESPP”) for the three years ended December 31, 2018, 2017 and 2016 (amounts in thousands): Year Ended December 31, 2018 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 7,406 $ 852 $ — $ 8,258 $ 754 Restricted units (2) 12,310 36 1,663 14,009 963 Share options 6,683 296 2,755 9,734 — ESPP discount 733 34 — 767 — Total $ 27,132 $ 1,218 $ 4,418 $ 32,768 $ 1,717 Year Ended December 31, 2017 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 9,209 $ 568 $ — $ 9,777 $ 761 Restricted units (2) 10,214 119 190 10,523 741 Share options 4,893 323 1,619 6,835 — ESPP discount 681 66 — 747 — Total $ 24,997 $ 1,076 $ 1,809 $ 27,882 $ 1,502 Year Ended December 31, 2016 Compensation Expense Compensation Capitalized Restricted Units In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 13,539 $ 1,477 $ — $ 15,016 $ 6,494 Restricted units (2) 13,567 591 4,022 18,180 7,762 Share options 2,839 593 — 3,432 — ESPP discount 585 65 — 650 — Total $ 30,530 $ 2,726 $ 4,022 $ 37,278 $ 14,256 (1) The Company allows officers the ability to receive immediately vested restricted units (subject to the book-up provisions described above and a two-year hold restriction) in-lieu of any percentage of their annual cash bonus. Beginning in 2017, the Company allows eligible employees the ability to receive immediately vested share options in-lieu of any percentage of their annual cash bonus. (2) Includes LTI plan awards granted under the executive compensation program. |
Award Activity of the Share Incentive Plans | The table below summarizes the Award activity of the Share Incentive Plans for the three years ended December 31, 2018, 2017 and 2016: Common Shares Subject to Options Weighted Average Exercise Price per Option Restricted Shares Weighted Average Fair Value per Restricted Share Restricted Units Weighted Average Fair Value per Restricted Unit Balance at December 31, 2015 5,734,365 $ 48.04 522,150 $ 63.67 888,725 $ 63.91 Awards granted (1) (5) 154,016 $ 64.99 154,296 $ 75.19 289,273 $ 81.05 Awards exercised/vested (2) (3) (4) (815,044 ) $ 38.01 (217,805 ) $ 57.75 (374,217 ) $ 52.73 Awards forfeited (10,512 ) $ 63.43 (6,607 ) $ 70.73 (1,524 ) $ 86.35 Awards expired (710 ) $ 68.40 — — — — Special dividend adjustment (6) 960,986 N/A — — — — Balance at December 31, 2016 6,023,101 $ 42.05 452,034 $ 70.35 802,257 $ 75.26 Awards granted (1) (5) 1,337,898 $ 60.88 93,867 $ 61.94 291,921 $ 68.57 Awards exercised/vested (2) (3) (4) (846,137 ) $ 37.26 (165,744 ) $ 58.04 (192,644 ) $ 54.16 Awards forfeited (27,547 ) $ 61.85 (10,416 ) $ 72.44 (274 ) $ 75.50 Awards expired (3,483 ) $ 65.91 — — — — Balance at December 31, 2017 6,483,832 $ 46.46 369,741 $ 73.67 901,260 $ 77.61 Awards granted (1) (5) 1,730,942 $ 60.40 129,303 $ 62.25 267,074 $ 61.60 Awards exercised/vested (2) (3) (4) (1,056,388 ) $ 29.05 (194,116 ) $ 77.32 (28,486 ) $ 55.50 Awards forfeited (38,133 ) $ 60.74 (5,503 ) $ 65.77 — $ — Awards expired (8,018 ) $ 59.70 — — — — Balance at December 31, 2018 7,112,235 $ 52.35 299,425 $ 66.52 1,139,848 $ 71.07 (1) The weighted average grant date fair value for Options granted during the years ended December 31, 2018, 2017 and 2016 was $6.17 per share, $5.86 per share and $11.09 per share, respectively. (2) The aggregate intrinsic value of options exercised during the years ended December 31, 2018, 2017 and 2016 was $42.9 million, $25.6 million and $26.2 million, respectively. These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised. (3) The fair value of restricted shares vested during the years ended December 31, 2018, 2017 and 2016 was $11.5 million, $10.2 million and $15.6 million, respectively. (4) The fair value of restricted units vested during the years ended December 31, 2018, 2017 and 2016 was $1.8 million, $11.7 million and $27.2 million, respectively. (5) Includes LTI plan awards granted under the executive compensation program. (6) In addition to the regular quarterly dividends, the Company paid two special dividends to its shareholders and holders of OP Units of $11.00 per share/unit in the aggregate in 2016. Option holders were not entitled to these special dividends, but pursuant to the terms of the Share Incentive Plans are due equitable adjustments of additional options. The special dividend adjustment’s weighted average exercise price per option is reflected in the activity for 2016 for the awards granted, awards exercised/vested, and awards forfeited and the balance at December 31, 2016. |
Information Regarding Options Outstanding and Exercisable | The following table summarizes information regarding options outstanding and exercisable at December 31, 2018 (aggregate intrinsic value is in thousands): Options Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Aggregate Intrinsic Value (1) Options Outstanding 7,112,235 5.58 $ 52.35 $ 97,633 Options Exercisable 5,328,020 4.52 $ 49.57 $ 88,031 Vested and expected to vest 7,096,243 5.57 $ 52.33 $ 97,543 (1) The aggregate intrinsic values were calculated as the excess, if any, between the Company’s closing share price of $66.01 per share on December 31, 2018 and the strike price of the underlying awards. |
Employee Plans (Tables)
Employee Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | |
Summary of Information Regarding the Common Shares Issued Under the ESPP | The following table summarizes information regarding the Common Shares issued under the ESPP (the net proceeds noted below were contributed to ERPOP in exchange for OP Units): Year Ended December 31, 2018 2017 2016 (Amounts in thousands except share and per share amounts) Shares issued 75,414 68,286 63,909 Issuance price ranges $47.80 – $57.09 $52.79 – $58.06 $51.85 – $63.37 Issuance proceeds $3,879 $3,744 $3,686 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Contractual Obligations | The following table summarizes the Company’s contractual obligations for minimum rent payments under operating leases and deferred compensation for the next five years and thereafter as of December 31, 2018: (Payments)/Receipts Due by Year (in thousands) 2019 2020 2021 2022 2023 Thereafter Total Operating Leases: Minimum Rent Payments (a) $ (16,718 ) $ (16,726 ) $ (16,665 ) $ (14,500 ) $ (14,339 ) $ (953,001 ) $ (1,031,949 ) Minimum Rent Receipts (b) $ 64,790 $ 61,409 $ 57,326 $ 53,193 $ 46,016 $ 172,694 $ 455,428 Other Long-Term Liabilities: Deferred Compensation (c) $ (803 ) $ (1,100 ) $ (1,100 ) $ (1,100 ) $ (975 ) $ (3,810 ) $ (8,888 ) (a) Minimum basic rent due for various office space the Company leases and fixed base rent due on ground leases for 12 properties. (b) Minimum basic rent receipts due for various retail/commercial space where the Company is the lessor. (c) Estimated payments to the Company’s Chairman, Vice Chairman and one former CEO based on actual and estimated retirement dates. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations | The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the years ended December 31, 2018, 2017 and 2016, respectively (amounts in thousands): Year Ended December 31, 2018 2017 2016 Rental income $ 2,577,681 $ 2,470,689 $ 2,422,233 Property and maintenance expense (429,335 ) (405,281 ) (406,823 ) Real estate taxes and insurance expense (357,814 ) (335,495 ) (317,387 ) Total operating expenses (787,149 ) (740,776 ) (724,210 ) Net operating income $ 1,790,532 $ 1,729,913 $ 1,698,023 |
Schedule of NOI for Each Segment from Rental Real Estate Specific to Continuing Operations | The following tables present NOI for each segment from our rental real estate specific to continuing operations for the years ended December 31, 2018, 2017 and 2016, respectively, as well as total assets and capital expenditures at December 31, 2018 and 2017, respectively (amounts in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 416,688 $ 119,473 $ 297,215 $ 402,192 $ 114,055 $ 288,137 $ 382,425 $ 111,055 $ 271,370 Orange County 91,650 22,071 69,579 88,527 21,544 66,983 84,590 20,600 63,990 San Diego 91,971 24,023 67,948 88,507 23,073 65,434 84,646 22,366 62,280 Subtotal - Southern California 600,309 165,567 434,742 579,226 158,672 420,554 551,661 154,021 397,640 San Francisco 442,773 105,686 337,087 430,501 108,689 321,812 371,633 90,393 281,240 Washington D.C. 434,545 134,427 300,118 430,060 129,720 300,340 424,350 126,154 298,196 New York 458,366 181,040 277,326 454,945 170,064 284,881 456,664 159,302 297,362 Boston 229,079 63,348 165,731 223,595 60,931 162,664 225,014 62,650 162,364 Seattle 196,479 55,165 141,314 191,074 52,470 138,604 168,975 46,255 122,720 Other Markets 1,940 657 1,283 1,839 652 1,187 1,797 567 1,230 Total same store 2,363,491 705,890 1,657,601 2,311,240 681,198 1,630,042 2,200,094 639,342 1,560,752 Non-same store/other (2) (3) Non-same store 190,814 63,907 126,907 95,016 30,742 64,274 117,143 41,877 75,266 Other (3) 23,376 17,352 6,024 64,433 28,836 35,597 104,996 42,991 62,005 Total non-same store/other 214,190 81,259 132,931 159,449 59,578 99,871 222,139 84,868 137,271 Totals $ 2,577,681 $ 787,149 $ 1,790,532 $ 2,470,689 $ 740,776 $ 1,729,913 $ 2,422,233 $ 724,210 $ 1,698,023 (1) For the years ended December 31, 2018 and 2017, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 71,721 apartment units. For the year ended December 31, 2016, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2016, less properties subsequently sold, which represented 70,117 apartment units. (2) For the years ended December 31, 2018 and 2017, non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1, 2017. For the year ended December 31, 2016, non-same store primarily includes properties acquired after January 1, 2016, plus any properties in lease-up and not stabilized as of January 1, 2016. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Year Ended December 31, 2018 Year Ended December 31, 2017 Total Assets Capital Expenditures Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,608,347 $ 28,306 $ 2,692,602 $ 26,921 Orange County 318,472 8,192 328,593 9,237 San Diego 405,449 4,525 421,267 4,922 Subtotal - Southern California 3,332,268 41,023 3,442,462 41,080 San Francisco 2,967,735 44,837 3,039,552 38,618 Washington D.C. 3,702,368 29,616 3,803,185 35,423 New York 4,063,568 23,472 4,160,603 30,403 Boston 1,589,000 24,623 1,636,925 28,687 Seattle 1,277,865 17,825 1,316,678 21,646 Other Markets 12,781 163 12,768 103 Total same store 16,945,585 181,559 17,412,173 195,960 Non-same store/other (2) (3) Non-same store 2,940,770 6,665 2,276,312 3,704 Other (3) 507,854 277 882,114 2,943 Total non-same store/other 3,448,624 6,942 3,158,426 6,647 Totals $ 20,394,209 $ 188,501 $ 20,570,599 $ 202,607 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 71,721 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1, 2017. (3) Other includes development, other corporate operations and capital expenditures for properties sold. |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Line Items] | |
Schedule of Quarterly Financial Information | The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per share amounts. First Quarter Second Quarter Third Quarter Fourth Quarter 2018 3/31 6/30 9/30 12/31 Total revenues $ 633,016 $ 639,808 $ 652,867 $ 652,743 Operating income 196,869 217,654 224,731 219,306 Net income * 220,548 118,410 223,846 122,388 Net income available to Common Shares 211,036 112,830 214,164 116,415 Earnings per share – basic: Net income available to Common Shares $ 0.57 $ 0.31 $ 0.58 $ 0.32 Weighted average Common Shares outstanding 367,800 367,930 368,028 368,445 Earnings per share – diluted: Net income available to Common Shares $ 0.57 $ 0.31 $ 0.58 $ 0.31 Weighted average Common Shares outstanding 383,018 383,423 383,884 384,296 First Quarter Second Quarter Third Quarter Fourth Quarter 2017 3/31 6/30 9/30 12/31 Total revenues $ 604,100 $ 612,480 $ 624,122 $ 630,704 Operating income 204,371 210,550 217,786 214,764 Net income * 149,941 204,160 144,196 130,084 Net income available to Common Shares 142,969 195,268 137,457 124,669 Earnings per share – basic: Net income available to Common Shares $ 0.39 $ 0.53 $ 0.37 $ 0.34 Weighted average Common Shares outstanding 366,605 366,820 366,996 367,442 Earnings per share – diluted: Net income available to Common Shares $ 0.39 $ 0.53 $ 0.37 $ 0.34 Weighted average Common Shares outstanding 382,280 382,692 382,945 383,105 * The Company did not have any discontinued operations, extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2018 and 2017. Therefore, income from continuing operations and income before extraordinary items and cumulative effect of change in accounting principle are not shown as they were both equal to the net income amounts disclosed above. |
ERPOP [Member] | |
Quarterly Financial Data [Line Items] | |
Schedule of Quarterly Financial Information | The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per Unit amounts. First Quarter Second Quarter Third Quarter Fourth Quarter 2018 3/31 6/30 9/30 12/31 Total revenues $ 633,016 $ 639,808 $ 652,867 $ 652,743 Operating income 196,869 217,654 224,731 219,306 Net income * 220,548 118,410 223,846 122,388 Net income available to Units 219,095 117,129 222,323 120,837 Earnings per Unit – basic: Net income available to Units $ 0.57 $ 0.31 $ 0.58 $ 0.32 Weighted average Units outstanding 380,663 380,795 380,912 381,306 Earnings per Unit – diluted: Net income available to Units $ 0.57 $ 0.31 $ 0.58 $ 0.31 Weighted average Units outstanding 383,018 383,423 383,884 384,296 First Quarter Second Quarter Third Quarter Fourth Quarter 2017 3/31 6/30 9/30 12/31 Total revenues $ 604,100 $ 612,480 $ 624,122 $ 630,704 Operating income 204,371 210,550 217,786 214,764 Net income * 149,941 204,160 144,196 130,084 Net income available to Units 148,380 202,622 142,623 129,342 Earnings per Unit – basic: Net income available to Units $ 0.39 $ 0.53 $ 0.37 $ 0.34 Weighted average Units outstanding 379,504 379,733 379,906 380,325 Earnings per Unit – diluted: Net income available to Units $ 0.39 $ 0.53 $ 0.37 $ 0.34 Weighted average Units outstanding 382,280 382,692 382,945 383,105 * The Operating Partnership did not have any discontinued operations, extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2018 and 2017. Therefore, income from continuing operations and income before extraordinary items and cumulative effect of change in accounting principle are not shown as they were both equal to the net income amounts disclosed above. |
Business - Additional Informati
Business - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018StatePropertyApartmentUnit | Apr. 02, 2018ApartmentUnit | Feb. 01, 2018ApartmentUnit | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Number of states in which entity operates | State | 11 | ||
Properties | Property | 307 | ||
Apartment units | 79,482 | ||
Number of operating properties under long-term ground leases | Property | 14 | ||
Minimum [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Long term ground lease expiration period | 2,042 | ||
Maximum [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Long term ground lease expiration period | 2,113 | ||
Master-Leased Properties – Consolidated | Boston | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Number of self managed apartments | 94 | ||
Master-Leased Properties – Consolidated | Los Angeles | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Number of self managed apartments | 597 | ||
ERPOP [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 96.40% |
Business - Ownership Breakdown
Business - Ownership Breakdown (Details) | Dec. 31, 2018PropertyApartmentUnit |
Property/Unit schedule | |
Properties | Property | 307 |
Apartment Units | ApartmentUnit | 79,482 |
Wholly Owned Properties | |
Property/Unit schedule | |
Properties | Property | 287 |
Apartment Units | ApartmentUnit | 74,840 |
Master-Leased Property – Consolidated | |
Property/Unit schedule | |
Properties | Property | 1 |
Apartment Units | ApartmentUnit | 162 |
Partially Owned Properties – Consolidated | |
Property/Unit schedule | |
Properties | Property | 17 |
Apartment Units | ApartmentUnit | 3,535 |
Partially Owned Properties – Unconsolidated | |
Property/Unit schedule | |
Properties | Property | 2 |
Apartment Units | ApartmentUnit | 945 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)PropertyApartmentUnit$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | |
Value of furniture and fixtures minimum range | $ 10,000 | ||
Value of furniture and fixtures maximum range | $ 35,000 | ||
Lease intangibles, average term | 6 months | ||
Capitalized costs development and renovation | $ 13,200,000 | $ 14,700,000 | $ 18,700,000 |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Land and depreciable property net | $ 14,000,000,000 | $ 14,800,000,000 | |
Discount rate description | The discount rates were determined using the Company’s borrowing rates (actual pricing through 30 years and other long-term market rates). | ||
Percentage of rental income excluded from accounting standard adoption | 94.00% | ||
Percentage of total revenue subject to revenue recognition standard | 6.00% | ||
Properties | Property | 307 | ||
Noncontrolling Interests – Partially Owned Properties | $ (2,293,000) | $ 4,708,000 | |
Apartment units | ApartmentUnit | 79,482 | ||
Partially Owned Properties – Consolidated | |||
Properties | Property | 17 | ||
Noncontrolling Interests – Partially Owned Properties | $ 2,300,000 | ||
Apartment units | ApartmentUnit | 3,535 | ||
Limited Life Partnership Properties [Member] | |||
Properties | Property | 4 | ||
Noncontrolling Interests – Partially Owned Properties | $ 9,600,000 | ||
Noncontrolling interests settlement value | 70,400,000 | ||
Accounting Standards Update 2016-02 [Member] | |||
Expected right of use assets and related lease liabilities to opening balance sheet adoption of new accounting standard on leases | $ 300,000,000 | ||
Minimum [Member] | Retail Commercial Leases [Member] | |||
Retail/commercial leases term | 5 years | ||
Minimum [Member] | Corporate Office Leases [Member] | |||
Discount rate | 3.30% | ||
Minimum [Member] | Ground Leases [Member] | |||
Discount rate | 4.40% | ||
Maximum [Member] | Retail Commercial Leases [Member] | |||
Retail/commercial leases term | 10 years | ||
Maximum [Member] | Corporate Office Leases [Member] | |||
Discount rate | 3.90% | ||
Maximum [Member] | Ground Leases [Member] | |||
Discount rate | 5.50% | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, plant and equipment, estimated useful lives | 5 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, plant and equipment, estimated useful lives | 10 years | ||
Building [Member] | |||
Property, plant and equipment, estimated useful lives | 30 years | ||
Building Improvements [Member] | |||
Property, plant and equipment, estimated useful lives | 8 years | ||
Replacements [Member] | Minimum [Member] | |||
Property, plant and equipment, estimated useful lives | 5 years | ||
Replacements [Member] | Maximum [Member] | |||
Property, plant and equipment, estimated useful lives | 10 years | ||
Renovations and Improvements Minimum [Member] | Minimum [Member] | |||
Property, plant and equipment, estimated useful lives | 5 years | ||
Renovations and Improvements Minimum [Member] | Maximum [Member] | |||
Property, plant and equipment, estimated useful lives | 15 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Compensation (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 14.80% | 15.30% | 26.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.09% | 3.08% | 3.04% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.52% | 1.93% | 1.27% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.15 | $ 5.86 | $ 13.02 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Compensation (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Historical period to estimate volatility | 5 years |
Historical volatility period basis | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Tax (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income and other tax expense (benefit) | $ 878 | $ 478 | $ 1,613 |
Tax Treatment Of Dividends And Distributions Ordinary Dividends | $ 1.84454 | $ 1.22126 | $ 0.722 |
Tax Treatment Of Dividends And Distributions Long Term Capital Gain | 0.21423 | 0.18959 | 9.176 |
Tax Treatment Of Dividends And Distributions Unrecaptured Section Twelve Hundred And Fifty Gain | 0.06498 | 0.10040 | 3.117 |
Dividends and distributions declared per Common Share outstanding | $ 2.12375 | $ 1.51125 | $ 13.015 |
Income, Franchise, and Exise Taxes [Member] | |||
Income and other tax expense (benefit) | $ 878 | $ 478 | $ 1,613 |
Discontinued operations, net | 12 | ||
Provision for income, franchise and excise taxes | $ 878 | $ 478 | $ 1,625 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Tax (Parenthetical) (Details) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Summary Of Significant Accounting Policies Tax Parenthetical Details [Abstract] | ||
Dividend payable common share/unit, per share | $ 0.54 | $ 0.50375 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue Streams of Rental Income and Percentage of Rental Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amount of rental income | $ 2,577,681 | $ 2,470,689 | $ 2,422,233 |
Percentage of Rental Income | 100.00% | ||
Amount of rental income | $ 2,418,168 | ||
Leasing Revenue [Member] | |||
Percentage of Rental Income | 93.80% | ||
Utility Recoveries [Member] | |||
Amount of Rental Income | $ 63,218 | ||
Percentage of Rental Income | 2.50% | ||
Parking Revenue [Member] | |||
Amount of Rental Income | $ 26,743 | ||
Percentage of Rental Income | 1.00% | ||
Other Revenue [Member] | |||
Amount of Rental Income | $ 69,552 | ||
Percentage of Rental Income | 2.70% |
Equity, Capital and Other Int_3
Equity, Capital and Other Interests - Changes in Issued and Outstanding Common Shares and Units (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Capital And Other Interests [Abstract] | |||
Common Stock, Shares, Outstanding | 368,018,082 | 365,870,924 | 364,755,444 |
Common Shares Issued: | |||
Conversion of OP Units | 131,477 | 1,149,284 | 88,838 |
Exercise of share options | 1,056,388 | 846,137 | 815,044 |
Employee Share Purchase Plan (ESPP) | 75,414 | 68,286 | 63,909 |
Restricted share grants, net | 123,800 | 83,451 | 147,689 |
Common Stock, Shares, Outstanding | 369,405,161 | 368,018,082 | 365,870,924 |
Units | |||
Total Units Outstanding | 13,768,438 | 14,626,075 | 14,427,164 |
Restricted unit grants, net | 267,074 | 291,647 | 287,749 |
Conversion of OP Units to Common Shares | (131,477) | (1,149,284) | (88,838) |
Total Units Outstanding | 13,904,035 | 13,768,438 | 14,626,075 |
Common Shares And Units Outstanding | 383,309,196 | 381,786,520 | 380,496,999 |
Units Ownership Interest in Operating Partnership | 3.60% | 3.60% | 3.80% |
Equity, Capital and Other Int_4
Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Class Of Stock [Line Items] | ||||
Redeemable noncontrolling interests - operating partnership | $ 379,106 | $ 366,955 | $ 442,092 | $ 566,783 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred stock, par or stated value per share | $ 0.01 | $ 0.01 | ||
ERPOP [Member] | ||||
Class Of Stock [Line Items] | ||||
Redeemable Limited Partners | $ 379,106 | $ 366,955 | $ 442,092 | $ 566,783 |
Equity, Capital and Other Int_5
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Capital And Other Interests [Abstract] | |||
Redeemable Noncontrolling Interests - Operating Partnership | $ 366,955 | $ 442,092 | $ 566,783 |
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | 13,922 | (41,916) | (115,093) |
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (1,771) | (33,221) | (9,598) |
Redeemable Noncontrolling Interests - Operating Partnership | $ 379,106 | $ 366,955 | $ 442,092 |
Equity, Capital and Other Int_6
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Class Of Stock [Line Items] | ||
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding as of December 31, 2018 and 2017 | $ 37,280 | $ 37,280 |
ERPOP [Member] | ||
Class Of Stock [Line Items] | ||
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding as of December 31, 2018 and 2017 | $ 37,280 | 37,280 |
Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred Stocks Preference Units Call Date | Dec. 10, 2026 | |
Annual Dividend Per Preferred Share Preference Unit | $ 4.145 | |
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding as of December 31, 2018 and 2017 | $ 37,280 | 37,280 |
Preferred Stock | ERPOP [Member] | ||
Class Of Stock [Line Items] | ||
Preferred Stocks Preference Units Call Date | Dec. 10, 2026 | |
Annual Dividend Per Preferred Share Preference Unit | $ 4,145 | |
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding as of December 31, 2018 and 2017 | $ 37,280 | $ 37,280 |
Equity, Capital and Other Int_7
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Class Of Stock [Line Items] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred Stock Preference Units Issued | 745,600 | 745,600 |
Preferred Stock Preference Units Outstanding | 745,600 | 745,600 |
Preferred Stock Preference Units Redemption Price Per Share | $ 50 | $ 50 |
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% |
Preferred Stock | ERPOP [Member] | ||
Class Of Stock [Line Items] | ||
Preferred Stock Preference Units Issued | 745,600 | 745,600 |
Preferred Stock Preference Units Outstanding | 745,600 | 745,600 |
Preferred Stock Preference Units Redemption Price Per Share | $ 50 | $ 50 |
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% |
Equity, Capital and Other Int_8
Equity, Capital and Other Interests - Changes in Operating Partnership's Issued and Outstanding Units (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
General and Limited Partner Units | |||
Common Shares And Units Outstanding | 381,786,520 | 380,496,999 | |
Exercise of share options | 1,056,388 | 846,137 | 815,044 |
Employee Share Purchase Plan (ESPP) | 75,414 | 68,286 | 63,909 |
Restricted share grants, net | 123,800 | 83,451 | 147,689 |
Restricted unit grants, net | 267,074 | 291,647 | 287,749 |
Common Shares And Units Outstanding | 383,309,196 | 381,786,520 | 380,496,999 |
LIMITED PARTNERS | |||
Total Units Outstanding | 13,768,438 | 14,626,075 | 14,427,164 |
Restricted unit grants, net | 267,074 | 291,647 | 287,749 |
Conversion of Limited Partner OP Units to EQR Common Shares | (131,477) | (1,149,284) | (88,838) |
Total Units Outstanding | 13,904,035 | 13,768,438 | 14,626,075 |
Units Ownership Interest in Operating Partnership | 3.60% | 3.60% | 3.80% |
ERPOP [Member] | |||
General and Limited Partner Units | |||
Common Shares And Units Outstanding | 381,786,520 | 380,496,999 | 379,182,608 |
Exercise of share options | 1,056,388 | 846,137 | 815,044 |
Employee Share Purchase Plan (ESPP) | 75,414 | 68,286 | 63,909 |
Restricted share grants, net | 123,800 | 83,451 | 147,689 |
Restricted unit grants, net | 267,074 | 291,647 | 287,749 |
Common Shares And Units Outstanding | 383,309,196 | 381,786,520 | 380,496,999 |
LIMITED PARTNERS | |||
Total Units Outstanding | 13,768,438 | 14,626,075 | 14,427,164 |
Restricted unit grants, net | 267,074 | 291,647 | 287,749 |
Conversion of Limited Partner OP Units to EQR Common Shares | (131,477) | (1,149,284) | (88,838) |
Total Units Outstanding | 13,904,035 | 13,768,438 | 14,626,075 |
Units Ownership Interest in Operating Partnership | 3.60% | 3.60% | 3.80% |
Equity, Capital and Other Int_9
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - ERPOP [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Redeemable Limited Partners | $ 366,955 | $ 442,092 | $ 566,783 |
Limited Partners Change In Redemption Value | 13,922 | (41,916) | (115,093) |
Limited Partners Change In Carrying Value | (1,771) | (33,221) | (9,598) |
Redeemable Limited Partners | $ 379,106 | $ 366,955 | $ 442,092 |
Equity, Capital and Other In_10
Equity, Capital and Other Interests - Other - Additional Information (Details) | 59 Months Ended | 132 Months Ended |
Dec. 31, 2018shares | Dec. 31, 2018shares | |
Equity Capital And Other Interests [Abstract] | ||
Additional common shares authorized | 13,000,000 | 13,000,000 |
Stock repurchase program, number of shares authorized to be repurchased | 13,000,000 | 13,000,000 |
Stock open market repurchased and retired during period, shares | 0 | 0 |
Stock repurchase program, remaining number of shares authorized to be repurchased | 13,000,000 | 13,000,000 |
Real Estate and Lease Intangi_3
Real Estate and Lease Intangibles - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Land | $ 5,875,803 | $ 5,996,024 |
Depreciable property: | ||
Buildings and improvements | 18,232,625 | 17,743,042 |
Furniture, fixtures and equipment | 1,722,231 | 1,548,961 |
In-Place lease intangibles | 481,045 | 476,359 |
Projects under development: | ||
Construction-in-progress | 109,409 | 163,547 |
Land held for development: | ||
Land | 89,909 | 98,963 |
Construction-in-progress | 109,409 | 163,547 |
Investment in real estate | 26,511,022 | 26,026,896 |
Accumulated depreciation | (6,696,281) | (6,040,378) |
Investment in real estate, net | 19,814,741 | 19,986,518 |
Projects under development [Member] | ||
Projects under development: | ||
Land | 25,429 | 43,226 |
Construction-in-progress | 83,980 | 120,321 |
Land held for development: | ||
Construction-in-progress | 83,980 | 120,321 |
Land held for development [Member] | ||
Projects under development: | ||
Construction-in-progress | 28,871 | 36,425 |
Land held for development: | ||
Land | 61,038 | 62,538 |
Construction-in-progress | $ 28,871 | $ 36,425 |
Real Estate and Lease Intangi_4
Real Estate and Lease Intangibles - Summary of Carrying Amounts of Above and Below Market Ground And Retail Lease Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets [Member] | ||
Lease intangible assets | $ 193,178 | $ 193,178 |
Finite-Lived Intangible Assets, Accumulated Amortization | (26,947) | (22,434) |
Lease intangible assets, net | 166,231 | 170,744 |
Other Assets [Member] | Ground Leases [Member] | ||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 191,918 | 191,918 |
Other Assets [Member] | Retail Lease [Member] | ||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 1,260 | 1,260 |
Other Liabilities [Member] | ||
Lease Intangible Liabilities | 4,110 | 7,670 |
Finite Lived Intangible Liabilities Accumulated Amortization | (1,704) | (5,143) |
Lease intangible liabilities, net | 2,406 | 2,527 |
Other Liabilities [Member] | Ground Leases [Member] | ||
Finite-Lived Intangible Liabilities, Off-market Lease, Unfavorable, Gross | 2,400 | 2,400 |
Other Liabilities [Member] | Retail Lease [Member] | ||
Finite-Lived Intangible Liabilities, Off-market Lease, Unfavorable, Gross | $ 1,710 | $ 5,270 |
Real Estate and Lease Intangi_5
Real Estate and Lease Intangibles - Summary of the Effect of the Amortization for Above and Below Market Ground and Retail Lease Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total amortization of above/below market lease intangibles | $ (4,392) | $ (3,828) | $ (3,426) |
Ground Leases [Member] | Property and Maintenance [Member] | |||
Total amortization of above/below market lease intangibles | (4,463) | (4,369) | (4,321) |
Retail Lease [Member] | Rental Income [Member] | |||
Total amortization of above/below market lease intangibles | $ 71 | $ 541 | $ 895 |
Real Estate and Lease Intangi_6
Real Estate and Lease Intangibles - Summary of Aggregate Amortization for Above and Below Market Ground And Retail Lease Intangibles (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Finite-lived intangible assets, amortization expense, year 2019 | $ (4,392) |
Finite-lived intangible assets, amortization expense, year 2020 | (4,392) |
Finite-lived intangible assets, amortization expense, year 2021 | (4,392) |
Finite-lived intangible assets, amortization expense, year 2022 | (4,436) |
Finite-lived intangible assets, amortization expense, year 2023 | (4,444) |
Ground Leases [Member] | |
Finite-lived intangible assets, amortization expense, year 2019 | (4,463) |
Finite-lived intangible assets, amortization expense, year 2020 | (4,463) |
Finite-lived intangible assets, amortization expense, year 2021 | (4,463) |
Finite-lived intangible assets, amortization expense, year 2022 | (4,463) |
Finite-lived intangible assets, amortization expense, year 2023 | (4,463) |
Retail Lease [Member] | |
Finite-lived intangible assets; amortization income, year 2019 | 71 |
Finite-lived intangible assets; amortization income, year 2020 | 71 |
Finite-lived intangible assets; amortization income, year 2021 | 71 |
Finite-lived intangible assets; amortization income, year 2022 | 27 |
Finite-lived intangible assets; amortization income, year 2023 | $ 19 |
Real Estate and Lease Intangi_7
Real Estate and Lease Intangibles - Real Estate Acquisitions and Dispositions (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)PropertyApartmentUnit | Dec. 31, 2017USD ($)PropertyApartmentUnit | |
Properties acquired | Property | 5 | 4 |
Property Units acquired | ApartmentUnit | 1,478 | 947 |
Purchase Price | $ 707,005 | $ 468,050 |
Properties disposed | Property | 5 | 5 |
Property Units disposed | ApartmentUnit | 1,292 | 1,194 |
Sales Price | $ 708,820 | $ 388,400 |
Rental Properties – Consolidated [Member] | ||
Properties acquired | Property | 5 | 4 |
Property Units acquired | ApartmentUnit | 1,478 | 947 |
Purchase Price | $ 707,005 | $ 468,050 |
Properties disposed | Property | 5 | 5 |
Property Units disposed | ApartmentUnit | 1,292 | 1,194 |
Sales Price | $ 706,120 | $ 354,950 |
Land [Member] | ||
Purchase Price | $ 113,700 | $ 68,300 |
Properties disposed | Property | 0 | 0 |
Property Units disposed | ApartmentUnit | 0 | 0 |
Sales Price | $ 2,700 | $ 33,450 |
Real Estate and Lease Intangi_8
Real Estate and Lease Intangibles - Real Estate Acquisitions and Dispositions (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | |
Purchase Price | $ 468,050 | $ 707,005 |
Ground Leases [Member] | Other Assets [Member] | ||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 191,918 | 191,918 |
Land [Member] | ||
Purchase Price | 68,300 | 113,700 |
Depreciable Property [Member] | ||
Purchase Price | 386,200 | 594,400 |
Rental Properties – Consolidated [Member] | ||
Purchase Price | 468,050 | $ 707,005 |
Rental Properties – Consolidated [Member] | Ground Leases [Member] | Other Assets [Member] | ||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | $ 13,700 | |
Lease expiration year | 2,113 |
Real Estate and Lease Intangi_9
Real Estate and Lease Intangibles - Acquisitions and Dispositions - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)Building | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Net gain on sales of real estate properties | $ 256,810 | $ 157,057 | $ 4,044,055 |
Net gain on sales of land parcels | 987 | 19,167 | 15,731 |
Non-cash asset impairment charge | $ 702 | 1,693 | $ 0 |
Non-cash asset impairment charge | 1,700 | ||
Real estate held-for-sale, value | $ 200 | ||
San Francisco | |||
Number of buildings damaged due to fire | Building | 1 |
Commitments to Acquire_Dispos_3
Commitments to Acquire/Dispose of Real Estate - Separate Agreements to Dispose of (Parenthetical) (Details) | Feb. 21, 2019Land |
Subsequent Event [Member] | Land [Member] | |
Property/Unit schedule | |
Land Parcels | 1 |
Commitments to Acquire_Dispos_4
Commitments to Acquire/Dispose of Real Estate - Separate Agreements to Dispose of (Details) - Subsequent Event [Member] $ in Thousands | Feb. 21, 2019USD ($)PropertyApartmentUnit |
Property/Unit schedule | |
Properties | Property | 1 |
Apartment Units | ApartmentUnit | 266 |
Sales Price | $ | $ 239,400 |
Rental Properties Disposed [Member] | |
Property/Unit schedule | |
Properties | Property | 1 |
Apartment Units | ApartmentUnit | 266 |
Sales Price | $ | $ 237,500 |
Land [Member] | |
Property/Unit schedule | |
Properties | Property | 0 |
Apartment Units | ApartmentUnit | 0 |
Sales Price | $ | $ 1,900 |
Investments in Partially Owne_3
Investments in Partially Owned Entities - Consolidated Variable Interest Entities ("VIEs") - Additional Information (Details) $ in Thousands | Dec. 31, 2018USD ($)PropertyApartmentUnit | Dec. 31, 2017USD ($) |
Variable Interest Entity [Line Items] | ||
Properties | Property | 307 | |
Apartment units | ApartmentUnit | 79,482 | |
Total assets | $ 20,394,209 | $ 20,570,599 |
Total liabilities | $ 9,615,454 | 9,729,781 |
Consolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Properties | Property | 17 | |
Apartment units | ApartmentUnit | 3,535 | |
Total assets | $ 713,600 | 518,900 |
Total liabilities | $ 313,900 | $ 307,000 |
Investments in Partially Owne_4
Investments in Partially Owned Entities - Summary of Companys Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 58,349 | $ 58,254 |
Operating Property [Member] | Unconsolidated Non-VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 10,494 | 12,367 |
Ownership Percentage | 20.00% | |
Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 5,490 | 1,436 |
Consolidated VIE [Member] | Wisconsin Place Developer [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 42,365 | $ 44,451 |
Ownership Percentage | 33.30% |
Investments in Partially Owne_5
Investments in Partially Owned Entities - Summary of Companys Investment in Unconsolidated Entities (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2018ApartmentUnitJointVenture | |
Variable Interest Entity [Line Items] | |
Apartment units | 79,482 |
Operating Property [Member] | Unconsolidated Non-VIE [Member] | |
Variable Interest Entity [Line Items] | |
Apartment units | 945 |
Number of joint ventures under agreements | JointVenture | 2 |
Restricted Deposits - Restricte
Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage escrow deposits: | |||
Real estate taxes and insurance | $ 876 | $ 845 | |
Replacement reserves | 8,641 | 8,347 | |
Mortgage principal reserves/sinking funds | 9,754 | 3,167 | |
Other | 852 | 852 | |
Mortgage escrow deposits | 20,123 | 13,211 | |
Restricted cash: | |||
Earnest money on pending acquisitions | 5,000 | 750 | |
Restricted deposits on real estate investments | 540 | 58 | |
Resident security and utility deposits | 35,659 | 35,183 | |
Other | 7,549 | 913 | |
Restricted cash | 48,748 | 36,904 | |
Restricted deposits | $ 68,871 | $ 50,115 | $ 141,881 |
Debt - Mortgage Notes Payable -
Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 2,385,470 | $ 3,618,722 |
Debt instrument, maturity date | Jan. 10, 2022 | |
Weighted average interest rate | 4.25% | 4.35% |
Historical cost, net of accumulated depreciation, of encumbered properties | $ 3,200,000 | $ 4,400,000 |
ERPOP [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | 2,385,470 | 3,618,722 |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 6,600 | |
Repayments of long-term debt | $ 10,700 | |
Debt instrument, maturity date | May 28, 2061 | May 28, 2061 |
Write off of deferred debt issuance cost | $ 3,000 | $ 300 |
Write off unamortized (premium) discount | $ 16,300 | $ (700) |
Weighted average interest rate | 4.15% | 4.33% |
Mortgages [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 0.10% | 0.10% |
Mortgages [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 6.90% | 6.90% |
Conventional Mortgage Loan [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 43,700 | $ 193,400 |
Debt instrument, maturity year | 2,018 | |
Prepayment penalty charges | $ 1,500 | |
Debt instrument maturity year, start | 2,017 | |
Debt instrument maturity year, end | 2,048 | |
Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 254,200 | |
Debt instrument maturity year, start | 2,028 | |
Debt instrument maturity year, end | 2,042 | |
New Floating Rate Tax Exempt Mortgage Bond [Member] | ERPOP [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Apr. 1, 2042 | |
Proceeds from issuance of long-term debt | $ 96,900 | |
Credit enhanced debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | 440,700 | $ 598,600 |
Fannie Mae Pool 3 [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 550,000 | $ 300,000 |
Debt instrument, interest rate, stated percentage | 6.08% | 5.987% |
Debt instrument, maturity year | 2,020 | 2,019 |
Prepayment penalty charges | $ 22,100 | $ 10,800 |
Freddie Mac Loan Pool [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 500,000 | |
Debt instrument, interest rate, stated percentage | 5.19% | |
Debt instrument, maturity date | Oct. 1, 2019 |
Debt - Summary of Unsecured Not
Debt - Summary of Unsecured Note Balances, Interest Rate and Maturity Date Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Net Principal Balance | $ 5,933,286 | $ 5,038,812 |
Weighted average interest rate | 4.25% | 4.35% |
Fixed Rate Public Notes [Member] | ||
Debt Instrument [Line Items] | ||
Net Principal Balance | $ 5,485,884 | $ 4,591,373 |
Weighted average interest rate | 4.37% | 4.61% |
Debt instrument maturity year, start | 2,020 | 2,020 |
Debt instrument maturity year, end | 2,047 | 2,047 |
Fixed Rate Public Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 2.85% | 2.85% |
Fixed Rate Public Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 7.57% | 7.57% |
Floating Rate Public Notes [Member] | ||
Debt Instrument [Line Items] | ||
Net Principal Balance | $ 447,402 | $ 447,439 |
Weighted average interest rate | 2.84% | 1.82% |
Debt instrument, maturity year | 2,019 | 2,019 |
Debt - Summary of Unsecured N_2
Debt - Summary of Unsecured Note Balances, Interest Rate and Maturity Date Information (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Jan. 10, 2022 |
2.375% Notes [Member] | |
Debt Instrument [Line Items] | |
Proceeds from issuance of unsecured debt | $ 450 |
Debt instrument, interest rate, stated percentage | 2.375% |
Debt instrument, maturity date | Jul. 1, 2019 |
Debt instrument, basis spread on variable rate | 0.61% |
2.375% Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, description of variable rate basis | 90-Day LIBOR plus 0.61%. |
Debt - Notes - Additional Infor
Debt - Notes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Shelf registration statement effective date | Jun. 28, 2016 | ||
Shelf registration statement expiry date | Jun. 28, 2019 | ||
Repayments of notes payable | $ 497,975 | $ 1,500,000 | |
3.50% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of unsecured debt | $ 500,000 | ||
Debt instrument, interest rate, stated percentage | 3.50% | ||
Proceeds from debt, net of issuance costs | $ 497,000 | ||
Debt instrument, interest rate, effective percentage | 3.61% | ||
4.15% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of unsecured debt | $ 400,000 | ||
Debt instrument, interest rate, stated percentage | 4.15% | ||
Proceeds from debt, net of issuance costs | $ 399,300 | ||
Debt instrument, interest rate, effective percentage | 3.85% | ||
5.75 % Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 5.75% | ||
Repayments of notes payable | $ 394,100 | ||
7.125% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 7.125% | ||
Repayments of notes payable | $ 103,900 | ||
3.25% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of unsecured debt | $ 400,000 | ||
Debt instrument, interest rate, stated percentage | 3.25% | ||
Proceeds from debt, net of issuance costs | $ 399,300 | ||
Debt instrument, interest rate, effective percentage | 3.32% | ||
4.00% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of unsecured debt | $ 300,000 | ||
Debt instrument, interest rate, stated percentage | 4.00% | ||
Proceeds from debt, net of issuance costs | $ 293,200 | ||
Debt instrument, interest rate, effective percentage | 4.11% |
Debt - Line of Credit and Comme
Debt - Line of Credit and Commercial Paper - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2016 | Feb. 28, 2015 | |
Line of Credit Facility [Line Items] | |||||
Debt instrument, maturity date | Jan. 10, 2022 | ||||
Weighted average interest rate | 4.25% | 4.35% | |||
Commercial Paper [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unsecured revolving credit facility | $ 500,000,000 | ||||
Commercial paper, net | $ 499,200,000 | $ 299,800,000 | |||
Commercial paper principal outstanding | 500,000,000 | 300,000,000 | |||
Unamortized discount | $ 800,000 | $ 200,000 | |||
Weighted average interest rate | 2.35% | 1.41% | |||
Commercial paper weighted average days outstanding | 22 days | 18 days | |||
Commercial paper principal outstanding | $ 500,000,000 | $ 500,000,000 | |||
Unsecured Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Unsecured revolving credit facility | $ 2,000,000,000 | $ 2,500,000,000 | |||
Ability to increase LOC facility | $ 750,000,000 | ||||
Debt instrument, basis spread on variable rate | 0.825% | ||||
Percentage points of line of credit facility commitment fee | 0.125% | ||||
Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Commercial paper principal outstanding | $ 0 | $ 0 | |||
Weighted average interest rate | 2.97% | 2.00% | |||
Amount restricted/dedicated to support letters of credit | $ 6,700,000 | $ 6,600,000 | |||
Line of credit facility current borrowing capacity | $ 1,400,000 | $ 1,690,000 |
Debt - Other - Additional Infor
Debt - Other - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Letters of credit outstanding | $ 9 | $ 9 |
Debt - Summary of Aggregate Pay
Debt - Summary of Aggregate Payments of Principal on All Debt (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 974,954 |
2,020 | 1,129,292 |
2,021 | 928,106 |
2,022 | 266,141 |
2,023 | 1,331,600 |
Thereafter | 4,282,668 |
Subtotal | 8,912,761 |
Deferred Financing Costs and Unamortized (Discount) | (94,822) |
Total | $ 8,817,939 |
Derivative and Other Fair Val_3
Derivative and Other Fair Value Instruments - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 8,817,939 | $ 8,957,291 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 8,833,928 | 9,235,128 |
Mortgage Notes Payable, Net [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 2,385,470 | 3,618,722 |
Mortgage Notes Payable, Net [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 2,352,502 | 3,615,384 |
Unsecured Debt [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 6,432,469 | 5,338,569 |
Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 6,481,426 | $ 5,619,744 |
Derivative and Other Fair Val_4
Derivative and Other Fair Value Instruments - Summary of Consolidated Derivative Instruments (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value Hedges [Member] | |
Derivative [Line Items] | |
Current Notional Balance | $ 450,000,000 |
Maturity Date | 2,019 |
Fair Value Hedges [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Interest Rate | 2.375% |
Fair Value Hedges [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Interest Rate | 2.375% |
Forward Starting Swaps [Member] | |
Derivative [Line Items] | |
Current Notional Balance | $ 500,000,000 |
Maturity Date | 2,029 |
Forward Starting Swaps [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Interest Rate | 2.2665% |
Forward Starting Swaps [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Interest Rate | 3.1163% |
Derivative and Other Fair Val_5
Derivative and Other Fair Value Instruments - Summary of Consolidated Derivative Instruments (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Derivative [Line Items] | |
Debt instrument, maturity date | Jan. 10, 2022 |
2.375% Notes [Member] | |
Derivative [Line Items] | |
Proceeds from issuance of unsecured debt | $ 450 |
Interest Rate Ranges | 2.375% |
Debt instrument, maturity date | Jul. 1, 2019 |
2.375% Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative [Line Items] | |
Debt instrument, basis spread on variable rate | 0.61% |
Debt instrument, description of variable rate basis | 90-Day LIBOR |
Derivative and Other Fair Val_6
Derivative and Other Fair Value Instruments - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | $ 134,088 | $ 140,159 | ||
Assets, Fair Value Disclosure | 136,088 | 145,302 | ||
Other Liabilities, Fair Value Disclosure | 134,088 | 140,159 | ||
Liabilities, Fair Value Disclosure | 146,216 | 141,756 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 379,106 | 366,955 | $ 442,092 | $ 566,783 |
Fair Value Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, fair value | 2,277 | 1,597 | ||
Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 2,000 | 5,143 | ||
Other Liabilities, Forward Starting Swaps | 9,851 | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 134,088 | 140,159 | ||
Assets, Fair Value Disclosure | 134,088 | 140,159 | ||
Other Liabilities, Fair Value Disclosure | 134,088 | 140,159 | ||
Liabilities, Fair Value Disclosure | 134,088 | 140,159 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 0 | 0 | ||
Other Liabilities, Forward Starting Swaps | 0 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 0 | 0 | ||
Assets, Fair Value Disclosure | 2,000 | 5,143 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Liabilities, Fair Value Disclosure | 12,128 | 1,597 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 379,106 | 366,955 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, fair value | 2,277 | 1,597 | ||
Fair Value, Inputs, Level 2 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 2,000 | 5,143 | ||
Other Liabilities, Forward Starting Swaps | 9,851 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 0 | 0 | ||
Assets, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Liabilities, Fair Value Disclosure | 0 | 0 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, fair value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 0 | $ 0 | ||
Other Liabilities, Forward Starting Swaps | $ 0 |
Derivative and Other Fair Val_7
Derivative and Other Fair Value Instruments - Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain/(Loss) Recognized in Income on Derivative | $ (680) | $ (3,454) | $ (1,798) |
Amount of Gain/(Loss) Recognized in Income on Hedged Item | 680 | 3,454 | 1,798 |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain/(Loss) Recognized in Income on Derivative | (680) | (3,454) | (1,798) |
Amount of Gain/(Loss) Recognized in Income on Hedged Item | $ 680 | $ 3,454 | $ 1,798 |
Derivative and Other Fair Val_8
Derivative and Other Fair Value Instruments - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative | $ 5,124 | $ 6,439 | $ (3,989) |
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | (18,452) | (18,858) | (41,758) |
Ineffective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income | (74) | ||
Forward Starting Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative | 5,124 | 6,439 | (3,989) |
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ (18,452) | $ (18,858) | (41,758) |
Ineffective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income | $ (74) |
Derivative and Other Fair Val_9
Derivative and Other Fair Value Instruments - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2018USD ($)DerivativeInstrument | Feb. 28, 2018USD ($)DerivativeInstrument | Aug. 31, 2017USD ($)DerivativeInstrument | Oct. 31, 2016USD ($)DerivativeInstrument | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||||||
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss) | $ 65,000,000 | $ 88,600,000 | |||||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | $ 20,900,000 | ||||||
Derivative instruments, gain (loss) recognized in income, ineffective portion and amount excluded from effectiveness testing, net | $ (74,000) | ||||||
2.85% Notes [Member] | |||||||
Derivative [Line Items] | |||||||
Forward starting swaps settled | DerivativeInstrument | 1 | ||||||
Interest expense | $ 9,000 | ||||||
Increase (decrease) in charges hedge termination activities | $ 4,600,000 | ||||||
Debt instrument, term | 10 years | ||||||
Payments for (proceeds from) hedge, investing activities | $ 4,700,000 | ||||||
Proceeds from issuance of unsecured debt | 500,000,000 | ||||||
Derivative instruments, gain (loss) recognized in income, ineffective portion and amount excluded from effectiveness testing, net | $ (74,000) | ||||||
Forward Starting Swaps [Member] | |||||||
Derivative [Line Items] | |||||||
Proceeds from settlement of derivative instruments | $ 16,400,000 | $ 1,600,000 | $ 1,300,000 | ||||
Forward starting swaps settled | DerivativeInstrument | 6 | 2 | 4 | ||||
Interest expense | $ 120,000 | ||||||
Increase (decrease) in charges hedge termination activities | (16,500,000) | $ (1,600,000) | $ (1,300,000) | ||||
Public notes, face value | $ 400,000,000 | $ 500,000,000 | $ 400,000,000 | ||||
Debt instrument, term | 10 years | 10 years | 10 years | ||||
Derivative instruments, gain (loss) recognized in income, ineffective portion and amount excluded from effectiveness testing, net | $ (74,000) |
Earnings Per Share and Earnin_3
Earnings Per Share and Earnings Per Unit - Computation of Net Income per Share Basic and Net Income per Share Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Income from continuing operations | $ 685,192 | $ 628,381 | $ 4,479,586 |
Allocation to Noncontrolling Interests – Operating Partnership, net | (24,939) | (22,604) | (171,491) |
Partially Owned Properties | (2,718) | (2,323) | (16,430) |
Preferred distributions | (3,090) | (3,091) | (3,091) |
Income from continuing operations available to Common Shares, net of Noncontrolling Interests | 654,445 | 600,363 | 4,288,574 |
Discontinued operations, net of Noncontrolling Interests | 498 | ||
Net income available to Common Shares | 654,445 | 600,363 | 4,289,072 |
Income from continuing operations available to Common Shares | 679,384 | 622,967 | 4,460,065 |
Discontinued operations, net | 0 | 0 | 518 |
Numerator for net income per share – diluted | $ 679,384 | $ 622,967 | $ 4,460,583 |
Weighted average Common Shares outstanding | 368,052 | 366,968 | 365,002 |
OP Units | 12,869 | 12,901 | 13,827 |
Dilutive Securities Options | 2,774 | 2,809 | 3,163 |
Denominator for net income per share – diluted | 383,695 | 382,678 | 381,992 |
Net income available to Common Shares | $ 1.78 | $ 1.64 | $ 11.75 |
Net income available to Common Shares | 1.77 | 1.63 | 11.68 |
Income from continuing operations available to Common Shares | 1.78 | 1.64 | 11.75 |
Net income available to Units | 1.78 | 1.64 | 11.75 |
Income from continuing operations available to Common Shares | 1.77 | 1.63 | 11.68 |
Net income available to Units | 1.77 | 1.63 | 11.68 |
Distributions declared per Common Share outstanding | $ 2.16 | $ 2.015 | $ 13.015 |
Earnings Per Share and Earnin_4
Earnings Per Share and Earnings Per Unit - Computation of Net Income per Unit Basic and Net Income per Unit Diluted for Operating Partnership (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income from continuing operations | $ 685,192 | $ 628,381 | $ 4,479,586 |
Partially Owned Properties | (2,718) | (2,323) | (16,430) |
Discontinued operations, net | $ 0 | $ 0 | $ 518 |
Dilutive Securities Options | 2,774 | 2,809 | 3,163 |
Denominator for net income per share – diluted | 383,695 | 382,678 | 381,992 |
Net income available to Common Shares | $ 1.78 | $ 1.64 | $ 11.75 |
Net income available to Common Shares | 1.77 | 1.63 | 11.68 |
Income from continuing operations available to Common Shares | 1.78 | 1.64 | 11.75 |
Income from continuing operations available to Common Shares | $ 1.77 | $ 1.63 | $ 11.68 |
ERPOP [Member] | |||
Income from continuing operations | $ 685,192 | $ 628,381 | $ 4,479,586 |
Partially Owned Properties | (2,718) | (2,323) | (16,430) |
Allocation to Preference Units | (3,090) | (3,091) | (3,091) |
Income from continuing operations available to Units | 679,384 | 622,967 | 4,460,065 |
Discontinued operations, net | 518 | ||
Numerator for net income per Unit – basic and diluted | $ 679,384 | $ 622,967 | $ 4,460,583 |
Denominator for net income per Unit – basic | 380,921 | 379,869 | 378,829 |
Dilutive Securities Options | 2,774 | 2,809 | 3,163 |
Denominator for net income per share – diluted | 383,695 | 382,678 | 381,992 |
Net income available to Common Shares | $ 1.78 | $ 1.64 | $ 11.75 |
Net income available to Common Shares | 1.77 | 1.63 | 11.68 |
Income from continuing operations available to Common Shares | 1.78 | 1.64 | 11.75 |
Income from continuing operations available to Common Shares | 1.77 | 1.63 | 11.68 |
Distributions declared per Unit outstanding | $ 2.16 | $ 2.015 | $ 13.015 |
Individually Significant Disp_3
Individually Significant Dispositions - Additional Information (Details) - Starwood Portfolio [Member] $ in Millions | Oct. 23, 2015USD ($)PropertyMarket | Dec. 31, 2016 |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Number of operating properties | Property | 72 | |
Number of markets | Market | 23,262 | |
Proceeds from sale of operating properties | $ | $ 5,365 | |
Disposal Group, Not Discontinued Operations [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Percentage of consolidated NOI | 1.20% |
Individually Significant Disp_4
Individually Significant Dispositions - Results of Operations Attributable to Starwood Transaction (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES | |||
Rental income | $ 2,577,681 | $ 2,470,689 | $ 2,422,233 |
Total revenues | 2,578,434 | 2,471,406 | 2,425,800 |
EXPENSES | |||
Property and maintenance | 429,335 | 405,281 | 406,823 |
Real estate taxes and insurance | 357,814 | 335,495 | 317,387 |
Property management | 92,485 | 85,493 | 82,015 |
General and administrative | 53,813 | 52,224 | 57,840 |
Depreciation | 785,725 | 743,749 | 705,649 |
Total expenses | 1,719,874 | 1,623,935 | 1,569,714 |
Operating income | 858,560 | 847,471 | 856,086 |
Interest and other income | 15,317 | 6,136 | 65,773 |
Other expenses | (17,267) | (5,186) | (10,368) |
Interest: | |||
Expense incurred, net | (413,360) | (383,890) | (482,246) |
Amortization of deferred financing costs | (11,310) | (8,526) | (12,633) |
Income and other tax (expense) benefit | (878) | (478) | (1,613) |
Net gain (loss) on sales of real estate properties | 256,810 | 157,057 | 4,044,055 |
Net Income (Loss) Attributable to Noncontrolling Interest | (24,939) | (22,604) | (171,511) |
Net income attributable to controlling interests | $ 657,535 | $ 603,454 | 4,292,163 |
Starwood Portfolio [Member] | Disposal Group, Not Discontinued Operations [Member] | |||
REVENUES | |||
Rental income | 30,785 | ||
Total revenues | 30,785 | ||
EXPENSES | |||
Property and maintenance | 7,838 | ||
Real estate taxes and insurance | 2,912 | ||
Property management | 2 | ||
General and administrative | 23 | ||
Depreciation | 0 | ||
Total expenses | 10,775 | ||
Operating income | 20,010 | ||
Interest and other income | 21 | ||
Other expenses | 0 | ||
Interest: | |||
Expense incurred, net | (380) | ||
Amortization of deferred financing costs | (707) | ||
Income and other tax (expense) benefit | (1) | ||
Net gain (loss) on sales of real estate properties | 3,161,097 | ||
Income from operations attributable to controlling interests – Operating Partnership | 3,180,040 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | (122,152) | ||
Net income attributable to controlling interests | $ 3,057,888 |
Share Incentive Plans - Additio
Share Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2015 | Dec. 31, 2018USD ($)Installmentshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 12,980,741 | |||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 4,835,914 | |||
Vesting period | 3 years | |||
Expiration period | 10 years | |||
Number of installments vesting | Installment | 3 | |||
Individual potential target award minimum | 0.00% | |||
Individual potential target award maximum | 200.00% | |||
Percentage of dividend payments | 10.00% | |||
Percent of award target performance metric | 50.00% | |||
Compensation information | ||||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | $ | $ 7.5 | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 3 months 21 days | |||
Share-based compensation arrangement by share-based payment award, options, exercisable, number | 5,336,043 | 5,610,677 | ||
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average exercise price | $ / shares | $ 43.24 | $ 40.91 | ||
Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 14,725,321 |
Share Incentive Plans - Schedul
Share Incentive Plans - Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Compensation information | |||
Compensation Expense | $ 27,132 | $ 24,997 | $ 30,530 |
Compensation Capitalized | 1,218 | 1,076 | 2,726 |
Restricted Units In-Lieu of Bonus | 4,418 | 1,809 | 4,022 |
Compensation Equity | 32,768 | 27,882 | 37,278 |
Dividends Incurred | 1,717 | 1,502 | 14,256 |
Restricted Shares [Member] | |||
Compensation information | |||
Compensation Expense | 7,406 | 9,209 | 13,539 |
Compensation Capitalized | 852 | 568 | 1,477 |
Restricted Units In-Lieu of Bonus | 0 | 0 | 0 |
Compensation Equity | 8,258 | 9,777 | 15,016 |
Dividends Incurred | 754 | 761 | 6,494 |
Restricted Stock Units (RSUs) [Member] | |||
Compensation information | |||
Compensation Expense | 12,310 | 10,214 | 13,567 |
Compensation Capitalized | 36 | 119 | 591 |
Restricted Units In-Lieu of Bonus | 1,663 | 190 | 4,022 |
Compensation Equity | 14,009 | 10,523 | 18,180 |
Dividends Incurred | 963 | 741 | 7,762 |
Employee Stock Option [Member] | |||
Compensation information | |||
Compensation Expense | 6,683 | 4,893 | 2,839 |
Compensation Capitalized | 296 | 323 | 593 |
Restricted Units In-Lieu of Bonus | 2,755 | 1,619 | 0 |
Compensation Equity | 9,734 | 6,835 | 3,432 |
Dividends Incurred | 0 | 0 | 0 |
Employee Share Purchase Plan Discount [Member] | |||
Compensation information | |||
Compensation Expense | 733 | 681 | 585 |
Compensation Capitalized | 34 | 66 | 65 |
Restricted Units In-Lieu of Bonus | 0 | 0 | 0 |
Compensation Equity | 767 | 747 | 650 |
Dividends Incurred | $ 0 | $ 0 | $ 0 |
Share Incentive Plans - Award A
Share Incentive Plans - Award Activity of the Share Incentive Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Common Shares Subject to Options, Awards exercised/vested | (1,056,388) | (846,137) | (815,044) |
Common Shares Subject to Options, Special Dividend Adjustment | 960,986 | ||
Employee Stock Option [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Common Shares Subject to Options, Beginning Balance | 6,483,832 | 6,023,101 | 5,734,365 |
Common Shares Subject to Options, Awards granted | 1,730,942 | 1,337,898 | 154,016 |
Common Shares Subject to Options, Awards exercised/vested | (1,056,388) | (846,137) | (815,044) |
Common Shares Subject to Options, Awards forfeited | (38,133) | (27,547) | (10,512) |
Common Shares Subject to Options, Awards expired | (8,018) | (3,483) | (710) |
Common Shares Subject to Options, Ending Balance | 7,112,235 | 6,483,832 | 6,023,101 |
Weighted Average Exercise Price per Option, Beginning Balance | $ 46.46 | $ 42.05 | $ 48.04 |
Weighted Average Exercise Price per Option, Awards granted | 60.40 | 60.88 | 64.99 |
Weighted Average Exercise Price per Option, Awards exercised/vested | 29.05 | 37.26 | 38.01 |
Weighted Average Exercise Price per Option, Awards forfeited | 60.74 | 61.85 | 63.43 |
Weighted Average Exercise Price per Option, Awards expired | 59.70 | 65.91 | 68.40 |
Weighted Average Exercise Price per Option, Ending Balance | $ 52.35 | $ 46.46 | $ 42.05 |
Restricted Shares [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restricted Shares, Beginning Balance | 369,741 | 452,034 | 522,150 |
Restricted Shares, Awards granted | 129,303 | 93,867 | 154,296 |
Restricted Shares, Awards exercised/vested | (194,116) | (165,744) | (217,805) |
Restricted Shares, Awards forfeited | (5,503) | (10,416) | (6,607) |
Restricted Shares, Awards Expired | 0 | 0 | 0 |
Restricted Shares, Ending Balance | 299,425 | 369,741 | 452,034 |
Weighted Average Fair Value per Restricted Share, Beginning Balance | $ 73.67 | $ 70.35 | $ 63.67 |
Weighted Average Fair Value per Restricted Share, Awards granted | 62.25 | 61.94 | 75.19 |
Weighted Average Fair Value per Restricted Share, Awards exercised/vested | 77.32 | 58.04 | 57.75 |
Weighted Average Fair Value per Restricted Share, Awards forfeited | 65.77 | 72.44 | 70.73 |
Weighted Average Fair Value per Restricted Share, Awards Expired | 0 | 0 | 0 |
Weighted Average Fair Value per Restricted Share, Ending Balance | $ 66.52 | $ 73.67 | $ 70.35 |
Restricted Units [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restricted Units, Beginning Balance | 901,260 | 802,257 | 888,725 |
Restricted Units, Awards Granted | 267,074 | 291,921 | 289,273 |
Restricted Units, Awards exercised/vested | (28,486) | (192,644) | (374,217) |
Restricted Units, Awards forfeited | 0 | (274) | (1,524) |
Restricted Units, Awards Expired | 0 | 0 | 0 |
Restricted Units, Ending Balance | 1,139,848 | 901,260 | 802,257 |
Weighted Average Fair Value per Restricted Unit, Beginning Balance | $ 77.61 | $ 75.26 | $ 63.91 |
Weighted Average Fair Value per Restricted Unit, Awards granted | 61.60 | 68.57 | 81.05 |
Weighted Average Fair Value per Restricted Unit, Awards exercised/vested | 55.50 | 54.16 | 52.73 |
Weighted Average Fair Value per Restricted Unit, Awards forfeited | 0 | 75.50 | 86.35 |
Weighted Average Fair Value per Restricted Unit, Awards Expired | 0 | 0 | 0 |
Weighted Average Fair Value per Restricted Unit, Ending Balance | $ 71.07 | $ 77.61 | $ 75.26 |
Share Incentive Plans - Award_2
Share Incentive Plans - Award Activity of the Share Incentive Plans (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Weighted average grant date fair value for Options | $ 6.15 | $ 5.86 | $ 13.02 |
Distributions declared per Common Share outstanding | 2.16 | 2.015 | 13.015 |
Starwood Portfolio [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Distributions declared per Common Share outstanding | 11 | ||
Employee Stock Option [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Weighted average grant date fair value for Options | $ 6.17 | $ 5.86 | $ 11.09 |
Intrinsic value of options exercised | $ 42.9 | $ 25.6 | $ 26.2 |
Restricted Shares [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 11.5 | 10.2 | 15.6 |
Restricted Units [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 1.8 | $ 11.7 | $ 27.2 |
Share Incentive Plans - Informa
Share Incentive Plans - Information Regarding Options Outstanding and Exercisable (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Share Based Compensation [Abstract] | |
Options Outstanding, Options | shares | 7,112,235 |
Options Exercisable, Options | shares | 5,328,020 |
Options, Vested and expected to vest | shares | 7,096,243 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 5 years 6 months 29 days |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 4 years 6 months 7 days |
Options Vested and expected to vest, Weighted Average Remaining Contractual Life in Years | 5 years 6 months 25 days |
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 52.35 |
Options Exercisable, Weighted Average Exercise Price | $ / shares | 49.57 |
Vested and expected to vest, Weighted Average Exercise Price | $ / shares | $ 52.33 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 97,633 |
Options Exercisable, Aggregate Intrinsic Value | $ | 88,031 |
Vested and expected to vest, Aggregate Intrinsic Value | $ | $ 97,543 |
Share Incentive Plans - Infor_2
Share Incentive Plans - Information Regarding Options Outstanding and Exercisable (Parenthetical) (Details) | Dec. 31, 2018$ / shares |
Share Based Compensation [Abstract] | |
Market value of common shares | $ 66.01 |
Employee Plans - Additional Inf
Employee Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Value of common shares that can be acquired by the employee and trustees under employees share purchase plan | $ 100,000 | ||
Number of common shares authorized after amendment | 7,000,000 | ||
Common Shares available for purchase under the ESPP | 2,762,463 | ||
Purchase price of common stock | 85.00% | ||
Maximum eligible compensation percentage for the defined contribution plan (the 401(k) Plan) | 4.00% | ||
Defined contribution plan vesting period | 5 years | ||
Defined contribution plan, compensation expense | $ 4,900,000 | $ 4,600,000 | $ 4,900,000 |
Highly Compensated Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum eligible compensation percentage for the defined contribution plan (the 401(k) Plan) | 3.00% |
Employee Plans - Summary of Inf
Employee Plans - Summary of Information Regarding the Common Shares Issued Under the ESPP (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | |||
Shares issued | 75,414 | 68,286 | 63,909 |
Issuance price ranges, Minimum | $ 47.80 | $ 52.79 | $ 51.85 |
Issuance price ranges, Maximum | $ 57.09 | $ 58.06 | $ 63.37 |
Issuance proceeds | $ 3,879 | $ 3,744 | $ 3,686 |
Distribution Reinvestment Plan
Distribution Reinvestment Plan - Additional Information (Details) - shares | Dec. 31, 2018 | Sep. 30, 2014 |
Distribution Reinvestment And Share Purchase Plan [Abstract] | ||
Common shares registered with distribution reinvestment and share purchase Plan (2011 DRIP) | 4,790,000 | |
Number of shares available for issuance | 4,676,606 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |||
Lease termination date | Jan. 31, 2022 | ||
Amount incurred for leased office space | $ 2.5 | $ 2.8 | $ 2.7 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)PropertyApartmentUnit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accrual for environmental loss contingencies | $ 4,500,000 | ||
Number of properties with environmental reserves | Property | 3 | ||
Littigation amount total payout | $ 900,000 | ||
Litigation reserve oustanding amount | $ 0 | ||
Projects in various stages of development | Property | 3 | ||
Units in various stages of development | ApartmentUnit | 690 | ||
Consolidated project under development commitment fund | $ 414,100,000 | ||
Various stages of development with estimated completion dates ranging through September 30, 2021 | Sep. 30, 2021 | ||
Total operating lease payments | $ 27,800,000 | $ 26,600,000 | $ 26,200,000 |
Compensation expense, recognized | $ 300,000 | $ 400,000 | $ 300,000 |
Partially Owned Properties – Unconsolidated | |||
Number of unconsolidated projects | Property | 2 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Contractual Obligations (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases: | |
Minimum Rent Payments Due, Year 1 | $ (16,718) |
Minimum Rent Payments Due, Year 2 | (16,726) |
Minimum Rent Payments Due, Year 3 | (16,665) |
Minimum Rent Payments Due, Year 4 | (14,500) |
Minimum Rent Payments Due, Year 5 | (14,339) |
Minimum Rent Payments Due, Thereafter | (953,001) |
Minimum Rent Payments Due, Total | (1,031,949) |
Operating Leases, Future Minimum Payments Receivable, Current | 64,790 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 61,409 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 57,326 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 53,193 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 46,016 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 172,694 |
Operating Leases, Future Minimum Payments Receivable | 455,428 |
Other Long-Term Liabilities: | |
Deferred Compensation Due, Year 1 | (803) |
Deferred Compensation Due, Year 2 | (1,100) |
Deferred Compensation Due, Year 3 | (1,100) |
Deferred Compensation Due, Year 4 | (1,100) |
Deferred Compensation Due, Year 5 | (975) |
Deferred Compensation Due, Thereafter | (3,810) |
Deferred Compensation Due, Total | $ (8,888) |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Contractual Obligations (Parenthetical) (Details) | Dec. 31, 2018Property |
Commitments And Contingencies Disclosure [Abstract] | |
Number of properties | 12 |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Details) | Dec. 31, 2018PropertyCustomer | Dec. 31, 2017Customer | Dec. 31, 2016Customer |
Segment Reporting Information [Line Items] | |||
Number of customer contributed 10% or more of total revenue | Customer | 0 | 0 | 0 |
Denver | Non-same store | |||
Segment Reporting Information [Line Items] | |||
Number of properties acquired | Property | 2 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Rental income | $ 2,577,681 | $ 2,470,689 | $ 2,422,233 |
Property and maintenance expense | (429,335) | (405,281) | (406,823) |
Real estate taxes and insurance expense | (357,814) | (335,495) | (317,387) |
Operating income | 858,560 | 847,471 | 856,086 |
Same Store, Non-same Store and Other | |||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Rental income | 2,577,681 | 2,470,689 | 2,422,233 |
Property and maintenance expense | (429,335) | (405,281) | (406,823) |
Real estate taxes and insurance expense | (357,814) | (335,495) | (317,387) |
Total operating expenses | (787,149) | (740,776) | (724,210) |
Operating income | $ 1,790,532 | $ 1,729,913 | $ 1,698,023 |
Reportable Segments - NOI for E
Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Rental income | $ 2,577,681 | $ 2,470,689 | $ 2,422,233 |
Operating income | 858,560 | 847,471 | 856,086 |
Total Assets | 20,394,209 | 20,570,599 | |
Capital Expenditures | 188,501 | 202,607 | |
Same store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 2,363,491 | 2,311,240 | 2,200,094 |
Operating expenses | 705,890 | 681,198 | 639,342 |
Operating income | 1,657,601 | 1,630,042 | 1,560,752 |
Total Assets | 16,945,585 | 17,412,173 | |
Capital Expenditures | 181,559 | 195,960 | |
Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 214,190 | 159,449 | 222,139 |
Operating expenses | 81,259 | 59,578 | 84,868 |
Operating income | 132,931 | 99,871 | 137,271 |
Total Assets | 3,448,624 | 3,158,426 | |
Capital Expenditures | 6,942 | 6,647 | |
Same Store, Non-same Store and Other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 2,577,681 | 2,470,689 | 2,422,233 |
Operating expenses | 787,149 | 740,776 | 724,210 |
Operating income | 1,790,532 | 1,729,913 | 1,698,023 |
Other markets | Same store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 1,940 | 1,839 | 1,797 |
Operating expenses | 657 | 652 | 567 |
Operating income | 1,283 | 1,187 | 1,230 |
Total Assets | 12,781 | 12,768 | |
Capital Expenditures | 163 | 103 | |
Los Angeles | Same store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 416,688 | 402,192 | 382,425 |
Operating expenses | 119,473 | 114,055 | 111,055 |
Operating income | 297,215 | 288,137 | 271,370 |
Total Assets | 2,608,347 | 2,692,602 | |
Capital Expenditures | 28,306 | 26,921 | |
Orange County | Same store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 91,650 | 88,527 | 84,590 |
Operating expenses | 22,071 | 21,544 | 20,600 |
Operating income | 69,579 | 66,983 | 63,990 |
Total Assets | 318,472 | 328,593 | |
Capital Expenditures | 8,192 | 9,237 | |
San Diego | Same store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 91,971 | 88,507 | 84,646 |
Operating expenses | 24,023 | 23,073 | 22,366 |
Operating income | 67,948 | 65,434 | 62,280 |
Total Assets | 405,449 | 421,267 | |
Capital Expenditures | 4,525 | 4,922 | |
Subtotal - Southern California | Same store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 600,309 | 579,226 | 551,661 |
Operating expenses | 165,567 | 158,672 | 154,021 |
Operating income | 434,742 | 420,554 | 397,640 |
Total Assets | 3,332,268 | 3,442,462 | |
Capital Expenditures | 41,023 | 41,080 | |
San Francisco | Same store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 442,773 | 430,501 | 371,633 |
Operating expenses | 105,686 | 108,689 | 90,393 |
Operating income | 337,087 | 321,812 | 281,240 |
Total Assets | 2,967,735 | 3,039,552 | |
Capital Expenditures | 44,837 | 38,618 | |
Washington DC | Same store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 434,545 | 430,060 | 424,350 |
Operating expenses | 134,427 | 129,720 | 126,154 |
Operating income | 300,118 | 300,340 | 298,196 |
Total Assets | 3,702,368 | 3,803,185 | |
Capital Expenditures | 29,616 | 35,423 | |
New York | Same store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 458,366 | 454,945 | 456,664 |
Operating expenses | 181,040 | 170,064 | 159,302 |
Operating income | 277,326 | 284,881 | 297,362 |
Total Assets | 4,063,568 | 4,160,603 | |
Capital Expenditures | 23,472 | 30,403 | |
Boston | Same store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 229,079 | 223,595 | 225,014 |
Operating expenses | 63,348 | 60,931 | 62,650 |
Operating income | 165,731 | 162,664 | 162,364 |
Total Assets | 1,589,000 | 1,636,925 | |
Capital Expenditures | 24,623 | 28,687 | |
Seattle | Same store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 196,479 | 191,074 | 168,975 |
Operating expenses | 55,165 | 52,470 | 46,255 |
Operating income | 141,314 | 138,604 | 122,720 |
Total Assets | 1,277,865 | 1,316,678 | |
Capital Expenditures | 17,825 | 21,646 | |
Non-same store | Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 190,814 | 95,016 | 117,143 |
Operating expenses | 63,907 | 30,742 | 41,877 |
Operating income | 126,907 | 64,274 | 75,266 |
Total Assets | 2,940,770 | 2,276,312 | |
Capital Expenditures | 6,665 | 3,704 | |
Other [Member] | Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 23,376 | 64,433 | 104,996 |
Operating expenses | 17,352 | 28,836 | 42,991 |
Operating income | 6,024 | 35,597 | $ 62,005 |
Total Assets | 507,854 | 882,114 | |
Capital Expenditures | $ 277 | $ 2,943 |
Reportable Segments - NOI for_2
Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Parenthetical) (Details) - Property | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract] | |||
Units in same store properties | 71,721 | 71,721 | 70,117 |
Subsequent Events_Other - Addit
Subsequent Events/Other - Additional Information (Details) $ in Thousands | Jan. 01, 2019USD ($) | Feb. 21, 2019USD ($)PropertyApartmentUnit | Dec. 31, 2018USD ($)PropertyApartmentUnit | Dec. 31, 2017USD ($)PropertyApartmentUnit | Dec. 31, 2016USD ($)ApartmentUnit |
Subsequent Event [Line Items] | |||||
Properties acquired | Property | 5 | 4 | |||
Property Units acquired | ApartmentUnit | 1,478 | 947 | |||
Purchase Price | $ 707,005 | $ 468,050 | |||
Debt instrument, maturity date | Jan. 10, 2022 | ||||
Disposed units | ApartmentUnit | 1,292 | 1,194 | |||
Proceeds from sale of property | $ 708,820 | $ 388,400 | |||
Interest and other income | $ 15,317 | $ 6,136 | $ 65,773 | ||
Military Housing [Member] | |||||
Subsequent Event [Line Items] | |||||
Disposed units | ApartmentUnit | 5,161 | ||||
Proceeds from sale of property | $ 63,300 | ||||
Interest and other income | $ 52,400 | ||||
Mortgages [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt instrument, maturity date | May 28, 2061 | May 28, 2061 | |||
Fannie Mae Pool 3 [Member] | Mortgages [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 6.08% | 5.987% | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Properties acquired | Property | 3 | ||||
Property Units acquired | ApartmentUnit | 579 | ||||
Purchase Price | $ 258,700 | ||||
Subsequent Event [Member] | Fannie Mae Pool 3 [Member] | Mortgages [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from issuance of long-term debt | $ 288,100 | ||||
Debt instrument, maturity date | Mar. 1, 2029 | ||||
Debt instrument, interest rate, stated percentage | 3.94% |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unaudited Quarterly Financial Data [Line Items] | |||||||||||
Total revenues | $ 2,578,434 | $ 2,471,406 | $ 2,425,800 | ||||||||
Operating income | 858,560 | 847,471 | 856,086 | ||||||||
Net income | 685,192 | 628,381 | 4,480,104 | ||||||||
Net income available to Common Shares | $ 654,445 | $ 600,363 | $ 4,289,072 | ||||||||
Earnings per share – basic: | |||||||||||
Net income available to Common Shares | $ 1.78 | $ 1.64 | $ 11.75 | ||||||||
Weighted average Common Shares outstanding | 368,052 | 366,968 | 365,002 | ||||||||
Earnings per share – diluted: | |||||||||||
Net income available to Common Shares | $ 1.77 | $ 1.63 | $ 11.68 | ||||||||
Weighted average Common Shares outstanding | 383,695 | 382,678 | 381,992 | ||||||||
ERPOP [Member] | |||||||||||
Unaudited Quarterly Financial Data [Line Items] | |||||||||||
Total revenues | $ 2,578,434 | $ 2,471,406 | $ 2,425,800 | ||||||||
Operating income | 858,560 | 847,471 | 856,086 | ||||||||
Net income | 685,192 | 628,381 | 4,480,104 | ||||||||
Net income available to Units | $ 679,384 | $ 622,967 | $ 4,460,583 | ||||||||
Earnings per share – basic: | |||||||||||
Net income available to Common Shares | $ 1.78 | $ 1.64 | $ 11.75 | ||||||||
Weighted average Units outstanding | 380,921 | 379,869 | 378,829 | ||||||||
Earnings per share – diluted: | |||||||||||
Net income available to Common Shares | $ 1.77 | $ 1.63 | $ 11.68 | ||||||||
Weighted average Common Shares outstanding | 383,695 | 382,678 | 381,992 | ||||||||
Scenario, Previously Reported [Member] | |||||||||||
Unaudited Quarterly Financial Data [Line Items] | |||||||||||
Total revenues | $ 652,743 | $ 652,867 | $ 639,808 | $ 633,016 | $ 630,704 | $ 624,122 | $ 612,480 | $ 604,100 | |||
Operating income | 219,306 | 224,731 | 217,654 | 196,869 | 214,764 | 217,786 | 210,550 | 204,371 | |||
Net income | 122,388 | 223,846 | 118,410 | 220,548 | 130,084 | 144,196 | 204,160 | 149,941 | |||
Net income available to Common Shares | $ 116,415 | $ 214,164 | $ 112,830 | $ 211,036 | $ 124,669 | $ 137,457 | $ 195,268 | $ 142,969 | |||
Earnings per share – basic: | |||||||||||
Net income available to Common Shares | $ 0.32 | $ 0.58 | $ 0.31 | $ 0.57 | $ 0.34 | $ 0.37 | $ 0.53 | $ 0.39 | |||
Weighted average Common Shares outstanding | 368,445 | 368,028 | 367,930 | 367,800 | 367,442 | 366,996 | 366,820 | 366,605 | |||
Earnings per share – diluted: | |||||||||||
Net income available to Common Shares | $ 0.31 | $ 0.58 | $ 0.31 | $ 0.57 | $ 0.34 | $ 0.37 | $ 0.53 | $ 0.39 | |||
Weighted average Common Shares outstanding | 384,296 | 383,884 | 383,423 | 383,018 | 383,105 | 382,945 | 382,692 | 382,280 | |||
Scenario, Previously Reported [Member] | ERPOP [Member] | |||||||||||
Unaudited Quarterly Financial Data [Line Items] | |||||||||||
Total revenues | $ 652,743 | $ 652,867 | $ 639,808 | $ 633,016 | $ 630,704 | $ 624,122 | $ 612,480 | $ 604,100 | |||
Operating income | 219,306 | 224,731 | 217,654 | 196,869 | 214,764 | 217,786 | 210,550 | 204,371 | |||
Net income | 122,388 | 223,846 | 118,410 | 220,548 | 130,084 | 144,196 | 204,160 | 149,941 | |||
Net income available to Units | $ 120,837 | $ 222,323 | $ 117,129 | $ 219,095 | $ 129,342 | $ 142,623 | $ 202,622 | $ 148,380 | |||
Earnings per share – basic: | |||||||||||
Net income available to Common Shares | $ 0.32 | $ 0.58 | $ 0.31 | $ 0.57 | $ 0.34 | $ 0.37 | $ 0.53 | $ 0.39 | |||
Weighted average Units outstanding | 381,306 | 380,912 | 380,795 | 380,663 | 380,325 | 379,906 | 379,733 | 379,504 | |||
Earnings per share – diluted: | |||||||||||
Net income available to Common Shares | $ 0.31 | $ 0.58 | $ 0.31 | $ 0.57 | $ 0.34 | $ 0.37 | $ 0.53 | $ 0.39 | |||
Weighted average Units outstanding | 384,296 | 383,884 | 383,423 | 383,018 | 383,105 | 382,945 | 382,692 | 382,280 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation-Overall Summary (Details) | Dec. 31, 2018USD ($)PropertyApartmentUnit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Overall summary of real estate and accumulated depreciation | ||||
Investment in Real Estate, Gross | $ 26,511,022,000 | $ 26,026,896,000 | $ 25,386,425,000 | $ 28,542,697,000 |
Accumulated Depreciation | $ (6,696,281,000) | $ (6,040,378,000) | $ (5,360,389,000) | $ (6,084,616,000) |
Investment in Real Estate - Wholly Owned Unencumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 240 | |||
Units | ApartmentUnit | 62,862 | |||
Investment in Real Estate, Gross | $ 21,609,130,732 | |||
Accumulated Depreciation | (5,400,484,879) | |||
Investment in Real Estate, Net | 16,208,645,853 | |||
Encumbrances | $ 0 | |||
Investment in Real Estate - Wholly Owned Encumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 48 | |||
Units | ApartmentUnit | 12,140 | |||
Investment in Real Estate, Gross | $ 4,023,117,169 | |||
Accumulated Depreciation | (1,039,436,780) | |||
Investment in Real Estate, Net | 2,983,680,389 | |||
Encumbrances | $ 2,081,887,149 | |||
Wholly Owned Properties | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 288 | |||
Units | ApartmentUnit | 75,002 | |||
Investment in Real Estate, Gross | $ 25,632,247,901 | |||
Accumulated Depreciation | (6,439,921,659) | |||
Investment in Real Estate, Net | 19,192,326,242 | |||
Encumbrances | $ 2,081,887,149 | |||
Investment in Real Estate - Partially Owned Unencumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 9 | |||
Units | ApartmentUnit | 1,847 | |||
Investment in Real Estate, Gross | $ 516,719,235 | |||
Accumulated Depreciation | (116,736,579) | |||
Investment in Real Estate, Net | 399,982,656 | |||
Encumbrances | $ 0 | |||
Investment in Real Estate - Partially Owned Encumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 8 | |||
Units | ApartmentUnit | 1,688 | |||
Investment in Real Estate, Gross | $ 362,054,538 | |||
Accumulated Depreciation | (139,622,501) | |||
Investment in Real Estate, Net | 222,432,037 | |||
Encumbrances | $ 303,583,335 | |||
NONCONTROLLING INTERESTS - PARTIALLY OWNED PROPERTIES | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 17 | |||
Units | ApartmentUnit | 3,535 | |||
Investment in Real Estate, Gross | $ 878,773,773 | |||
Accumulated Depreciation | (256,359,080) | |||
Investment in Real Estate, Net | 622,414,693 | |||
Encumbrances | $ 303,583,335 | |||
Unencumbered Properties [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 249 | |||
Units | ApartmentUnit | 64,709 | |||
Investment in Real Estate, Gross | $ 22,125,849,967 | |||
Accumulated Depreciation | (5,517,221,458) | |||
Investment in Real Estate, Net | 16,608,628,509 | |||
Encumbrances | $ 0 | |||
Encumbered Properties [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 56 | |||
Units | ApartmentUnit | 13,828 | |||
Investment in Real Estate, Gross | $ 4,385,171,707 | |||
Accumulated Depreciation | (1,179,059,281) | |||
Investment in Real Estate, Net | 3,206,112,426 | |||
Encumbrances | $ 2,385,470,484 | |||
Total Consolidated Investment in Real Estate [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 305 | |||
Units | ApartmentUnit | 78,537 | |||
Investment in Real Estate, Gross | $ 26,511,021,674 | |||
Accumulated Depreciation | (6,696,280,739) | |||
Investment in Real Estate, Net | 19,814,740,935 | |||
Encumbrances | $ 2,385,470,484 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation-Encumbrances Reconciliation (Details) | Dec. 31, 2018USD ($)Property |
Total Consolidated Investment in Real Estate [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 2,385,470,484 |
Archstone Master Property [Member] | |
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract] | |
Number of Properties Encumbered | Property | 13 |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 797,768,476 |
Portfolio Entity Encumbrances [Member] | |
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract] | |
Number of Properties Encumbered | Property | 13 |
Portfolio Entity Encumbrances [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 797,768,476 |
Individual Property Encumbrances [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 1,587,702,008 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in total real estate | |||
Balance, beginning of year | $ 26,026,896 | $ 25,386,425 | $ 28,542,697 |
Acquisitions and development | 855,254 | 710,960 | 832,803 |
Improvements | 192,661 | 204,113 | 174,981 |
Dispositions and other | (563,789) | (274,602) | (4,164,056) |
Balance, end of year | $ 26,511,022 | $ 26,026,896 | $ 25,386,425 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in accumulated depreciation | |||
Balance, beginning of year | $ 6,040,378 | $ 5,360,389 | $ 6,084,616 |
Depreciation | 785,725 | 743,749 | 705,649 |
Dispositions and other | (129,822) | (63,760) | (1,429,876) |
Balance, end of year | $ 6,696,281 | $ 6,040,378 | $ 5,360,389 |
Schedule III - Real Estate an_6
Schedule III - Real Estate and Accumulated Depreciation (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)ApartmentUnit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Real Estate And Accumulated Depreciation Abstract | ||||
Accumulated Depreciation | $ (6,696,281,000) | $ (6,040,378,000) | $ (5,360,389,000) | $ (6,084,616,000) |
100 K Apartments (fka 100K Street) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 222 | |||
Initial Cost to Company, Land | $ 15,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,516,265 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 15,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,516,265 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,116,265 | |||
Accumulated Depreciation | (270,039) | |||
Investment in Real Estate, Net | 84,846,226 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
140 Riverside Boulevard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 354 | |||
Initial Cost to Company, Land | $ 103,539,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94,082,725 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,479,410 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 103,539,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,562,135 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 207,101,235 | |||
Accumulated Depreciation | (48,691,122) | |||
Investment in Real Estate, Net | 158,410,113 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
160 Riverside Boulevard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 455 | |||
Initial Cost to Company, Land | $ 139,933,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 190,964,745 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,656,370 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 139,933,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 206,621,115 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 346,554,615 | |||
Accumulated Depreciation | (96,815,700) | |||
Investment in Real Estate, Net | 249,738,915 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
170 Amsterdam [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 236 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 112,096,955 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 235,580 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 112,332,535 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,332,535 | |||
Accumulated Depreciation | (16,016,094) | |||
Investment in Real Estate, Net | 96,316,441 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
175 Kent [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 113 | |||
Initial Cost to Company, Land | $ 22,037,831 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,962,169 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,701,936 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 22,037,831 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 55,664,105 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 77,701,936 | |||
Accumulated Depreciation | (16,317,361) | |||
Investment in Real Estate, Net | 61,384,575 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
180 Montague (fka Brooklyn Heights) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 193 | |||
Initial Cost to Company, Land | $ 32,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 92,675,228 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,859,381 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 32,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 96,534,609 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 128,934,609 | |||
Accumulated Depreciation | (23,584,176) | |||
Investment in Real Estate, Net | 105,350,433 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
180 Riverside Boulevard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 516 | |||
Initial Cost to Company, Land | $ 144,968,250 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 138,346,681 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,831,031 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 144,968,250 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 152,177,712 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 297,145,962 | |||
Accumulated Depreciation | (72,790,895) | |||
Investment in Real Estate, Net | 224,355,067 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1111 Belle Pre (fka The Madison) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 360 | |||
Initial Cost to Company, Land | $ 18,937,702 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94,758,679 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 278,928 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 18,937,702 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,037,607 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,975,309 | |||
Accumulated Depreciation | (22,340,533) | |||
Investment in Real Estate, Net | 91,634,776 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1210 Mass [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 144 | |||
Initial Cost to Company, Land | $ 9,213,512 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,559,189 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,537,398 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,213,512 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,096,587 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,310,099 | |||
Accumulated Depreciation | (18,478,163) | |||
Investment in Real Estate, Net | 29,831,936 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1401 E. Madison [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 10,401,958 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,121,307 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,401,958 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 24,121,307 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,523,265 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 34,523,265 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1500 Mass Ave [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 556 | |||
Initial Cost to Company, Land | $ 54,638,298 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,361,702 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,209,807 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 54,638,298 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 55,571,509 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 110,209,807 | |||
Accumulated Depreciation | (26,934,077) | |||
Investment in Real Estate, Net | 83,275,730 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1800 Oak (fka Rosslyn) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 314 | |||
Initial Cost to Company, Land | $ 31,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 109,005,734 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,217,218 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 31,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 115,222,952 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 146,622,952 | |||
Accumulated Depreciation | (28,057,310) | |||
Investment in Real Estate, Net | 118,565,642 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2201 Pershing Drive [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 188 | |||
Initial Cost to Company, Land | $ 11,321,198 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 49,674,175 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,567,690 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 11,321,198 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,241,865 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 63,563,063 | |||
Accumulated Depreciation | (13,457,087) | |||
Investment in Real Estate, Net | 50,105,976 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2201 Wilson [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 219 | |||
Initial Cost to Company, Land | $ 21,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,724,663 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,697,727 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 21,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 82,422,390 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 104,322,390 | |||
Accumulated Depreciation | (20,152,746) | |||
Investment in Real Estate, Net | 84,169,644 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2400 M St [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 359 | |||
Initial Cost to Company, Land | $ 30,006,593 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,013,785 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,562,289 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 30,006,593 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 118,576,074 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 148,582,667 | |||
Accumulated Depreciation | (53,570,540) | |||
Investment in Real Estate, Net | 95,012,127 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
249 Third Street (fka Kendall Square II) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 4,603,326 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,564,301 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 4,603,326 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,564,301 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 26,167,627 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 26,167,627 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
315 on A [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 202 | |||
Initial Cost to Company, Land | $ 14,450,070 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 115,824,930 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 766,896 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 14,450,070 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 116,591,826 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 131,041,896 | |||
Accumulated Depreciation | (18,672,172) | |||
Investment in Real Estate, Net | 112,369,724 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
340 Fremont (fka Rincon Hill) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 348 | |||
Initial Cost to Company, Land | $ 42,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 247,811,082 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 92,829 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 42,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 247,903,911 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 289,903,911 | |||
Accumulated Depreciation | (23,751,926) | |||
Investment in Real Estate, Net | 266,151,985 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
3003 Van Ness (fka Van Ness) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 625 | |||
Initial Cost to Company, Land | $ 56,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 141,191,580 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,576,256 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 56,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 147,767,836 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 204,067,836 | |||
Accumulated Depreciation | (38,475,875) | |||
Investment in Real Estate, Net | 165,591,961 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
45 Worthington (City View II) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,644,777 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 2,644,777 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 2,644,777 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 2,644,777 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
425 Mass [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 559 | |||
Initial Cost to Company, Land | $ 28,150,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 138,600,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,379,551 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 28,150,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 142,979,551 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 171,129,551 | |||
Accumulated Depreciation | (48,799,382) | |||
Investment in Real Estate, Net | 122,330,169 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
455 Eye Street [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 11,941,406 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,395,797 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 20,856 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 11,941,406 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,416,653 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 73,358,059 | |||
Accumulated Depreciation | (3,530,514) | |||
Investment in Real Estate, Net | 69,827,545 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
4701 Willard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chevy Chase, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 517 | |||
Initial Cost to Company, Land | $ 76,921,130 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 153,947,682 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 30,602,147 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 76,921,130 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 184,549,829 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 261,470,959 | |||
Accumulated Depreciation | (58,855,681) | |||
Investment in Real Estate, Net | 202,615,278 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
4885 Edgemoor Lane [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bethesda, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,766,336 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 3,766,336 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 3,766,336 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 3,766,336 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
4th and Hill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 13,131,456 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,133,106 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 13,131,456 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 14,133,106 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,264,562 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 27,264,562 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
600 Washington [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 135 | |||
Initial Cost to Company, Land | $ 32,852,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,140,551 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,100,410 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 32,852,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,240,961 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 77,092,961 | |||
Accumulated Depreciation | (20,829,342) | |||
Investment in Real Estate, Net | 56,263,619 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
660 Washington (fka Boston Common) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 420 | |||
Initial Cost to Company, Land | $ 106,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 166,311,679 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,523,700 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 106,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 169,835,379 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 275,935,379 | |||
Accumulated Depreciation | (41,138,920) | |||
Investment in Real Estate, Net | 234,796,459 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
70 Greene [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 480 | |||
Initial Cost to Company, Land | $ 28,108,899 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 236,763,553 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,269,833 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 28,108,899 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 239,033,386 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 267,142,285 | |||
Accumulated Depreciation | (73,802,320) | |||
Investment in Real Estate, Net | 193,339,965 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
71 Broadway [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 238 | |||
Initial Cost to Company, Land | $ 22,611,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,492,171 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,001,275 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 22,611,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,493,446 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 115,105,046 | |||
Accumulated Depreciation | (47,229,499) | |||
Investment in Real Estate, Net | 67,875,547 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
77 Bluxome [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 102 | |||
Initial Cost to Company, Land | $ 5,249,124 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,609,876 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 443,622 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,249,124 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,053,498 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,302,622 | |||
Accumulated Depreciation | (5,793,095) | |||
Investment in Real Estate, Net | 18,509,527 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
77 Park Avenue (fka Hoboken) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hoboken, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 301 | |||
Initial Cost to Company, Land | $ 27,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 168,992,440 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,604,709 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 27,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 175,597,149 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 203,497,149 | |||
Accumulated Depreciation | (41,358,995) | |||
Investment in Real Estate, Net | 162,138,154 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
777 Sixth [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 294 | |||
Initial Cost to Company, Land | $ 65,352,706 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,747,294 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,014,061 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 65,352,706 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,761,355 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 135,114,061 | |||
Accumulated Depreciation | (28,362,079) | |||
Investment in Real Estate, Net | 106,751,982 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
88 Hillside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Daly City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 95 | |||
Initial Cost to Company, Land | $ 7,786,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,587,325 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,069,561 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,786,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,656,886 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,443,686 | |||
Accumulated Depreciation | (10,033,292) | |||
Investment in Real Estate, Net | 32,410,394 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
855 Brannan [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 449 | |||
Initial Cost to Company, Land | $ 41,363,921 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 280,655,909 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 32,065 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 41,363,921 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 280,687,974 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 322,051,895 | |||
Accumulated Depreciation | (12,233,138) | |||
Investment in Real Estate, Net | 309,818,757 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Acappella [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pasadena, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 143 | |||
Initial Cost to Company, Land | $ 5,839,548 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,360,452 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,165,266 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,839,548 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,525,718 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,365,266 | |||
Accumulated Depreciation | (11,163,153) | |||
Investment in Real Estate, Net | 26,202,113 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Acton Courtyard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Berkeley, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 71 | |||
Initial Cost to Company, Land | $ 5,550,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,785,509 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 303,373 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,550,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,088,882 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 21,638,882 | |||
Accumulated Depreciation | (7,089,343) | |||
Investment in Real Estate, Net | 14,549,539 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alban Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 229 | |||
Initial Cost to Company, Land | $ 18,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,794,201 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,895,344 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 18,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 94,689,545 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,589,545 | |||
Accumulated Depreciation | (22,245,031) | |||
Investment in Real Estate, Net | 91,344,514 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alborada [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fremont, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 442 | |||
Initial Cost to Company, Land | $ 24,310,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,214,129 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,293,818 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 24,310,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 68,507,947 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,817,947 | |||
Accumulated Depreciation | (41,761,182) | |||
Investment in Real Estate, Net | 51,056,765 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Altitude (fka Village at Howard Hughes, The (Lots 1 & 2)) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 545 | |||
Initial Cost to Company, Land | $ 43,783,485 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 148,378,972 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 123,006 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 43,783,485 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 148,501,978 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 192,285,463 | |||
Accumulated Depreciation | (14,509,419) | |||
Investment in Real Estate, Net | 177,776,044 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alton, The (fka Millikan) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 344 | |||
Initial Cost to Company, Land | $ 11,049,027 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 95,898,795 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 27,038 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 11,049,027 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,925,833 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 106,974,860 | |||
Accumulated Depreciation | (7,393,177) | |||
Investment in Real Estate, Net | 99,581,683 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Arbor Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sunnyvale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 175 | |||
Initial Cost to Company, Land | $ 9,057,300 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,483,642 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,866,646 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,057,300 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,350,288 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,407,588 | |||
Accumulated Depreciation | (16,398,864) | |||
Investment in Real Estate, Net | 21,008,724 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Arches,The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sunnyvale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 410 | |||
Initial Cost to Company, Land | $ 26,650,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 62,850,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,142,608 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 26,650,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 64,992,608 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 91,642,608 | |||
Accumulated Depreciation | (22,783,366) | |||
Investment in Real Estate, Net | 68,859,242 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Artech Building [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Berkeley, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 27 | |||
Initial Cost to Company, Land | $ 1,642,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,152,518 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,118,504 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 1,642,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 11,271,022 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 12,913,022 | |||
Accumulated Depreciation | (4,123,265) | |||
Investment in Real Estate, Net | 8,789,757 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Artisan on Second [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 118 | |||
Initial Cost to Company, Land | $ 8,000,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,074,600 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,046,371 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 8,000,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,120,971 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,121,371 | |||
Accumulated Depreciation | (11,684,515) | |||
Investment in Real Estate, Net | 33,436,856 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Artistry Emeryville (fka Emeryville) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Emeryville, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 267 | |||
Initial Cost to Company, Land | $ 12,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,466,267 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,802,555 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 12,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 68,268,822 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 80,568,822 | |||
Accumulated Depreciation | (17,833,191) | |||
Investment in Real Estate, Net | 62,735,631 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Atelier [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 120 | |||
Initial Cost to Company, Land | $ 32,401,680 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,135,432 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 313,737 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 32,401,680 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,449,169 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 79,850,849 | |||
Accumulated Depreciation | (6,648,014) | |||
Investment in Real Estate, Net | 73,202,835 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Avanti [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Anaheim, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 12,960,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,497,683 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,876,996 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 12,960,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,374,679 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,334,679 | |||
Accumulated Depreciation | (10,360,476) | |||
Investment in Real Estate, Net | 24,974,203 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Avenue Two [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 123 | |||
Initial Cost to Company, Land | $ 7,995,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,005,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,385,284 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,995,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,390,284 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,385,284 | |||
Accumulated Depreciation | (6,758,825) | |||
Investment in Real Estate, Net | 21,626,459 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Azure (fka Mission Bay-Block 13) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 273 | |||
Initial Cost to Company, Land | $ 32,855,115 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 152,628,044 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 201,962 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 32,855,115 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 152,830,006 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 185,685,121 | |||
Accumulated Depreciation | (19,304,541) | |||
Investment in Real Estate, Net | 166,380,580 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bay Hill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Long Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 160 | |||
Initial Cost to Company, Land | $ 7,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,437,239 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,501,456 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,938,695 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,538,695 | |||
Accumulated Depreciation | (15,493,308) | |||
Investment in Real Estate, Net | 23,045,387 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Beatrice, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 302 | |||
Initial Cost to Company, Land | $ 114,351,405 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 165,648,595 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,583,190 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 114,351,405 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 167,231,785 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 281,583,190 | |||
Accumulated Depreciation | (46,223,187) | |||
Investment in Real Estate, Net | 235,360,003 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Belle Arts Condominium Homes, LLC [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 1 | |||
Initial Cost to Company, Land | $ 63,158 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 236,157 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,098 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 63,158 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 238,255 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 301,413 | |||
Accumulated Depreciation | (83,348) | |||
Investment in Real Estate, Net | 218,065 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bella Fontaine [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 102 | |||
Initial Cost to Company, Land | $ 9,098,808 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,701,192 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,277,604 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,098,808 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,978,796 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,077,604 | |||
Accumulated Depreciation | (8,865,592) | |||
Investment in Real Estate, Net | 30,212,012 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Breakwater at Marina Del Rey [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 224 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,189,262 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,103,728 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,292,990 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 75,292,990 | |||
Accumulated Depreciation | (19,870,053) | |||
Investment in Real Estate, Net | 55,422,937 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Briarwood (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sunnyvale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 192 | |||
Initial Cost to Company, Land | $ 9,991,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,247,278 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,121,529 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,991,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,368,807 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,360,307 | |||
Accumulated Depreciation | (17,956,685) | |||
Investment in Real Estate, Net | 18,403,622 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bridford Lakes II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Greensboro, NC | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 200,000 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 200,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Brooklyner (fka 111 Lawrence) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 490 | |||
Initial Cost to Company, Land | $ 40,099,922 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 221,438,631 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,760,049 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 40,099,922 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 225,198,680 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 265,298,602 | |||
Accumulated Depreciation | (61,813,037) | |||
Investment in Real Estate, Net | 203,485,565 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
C on Pico [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 94 | |||
Initial Cost to Company, Land | $ 17,125,766 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,074,234 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 192,535 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 17,125,766 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,266,769 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,392,535 | |||
Accumulated Depreciation | (3,822,366) | |||
Investment in Real Estate, Net | 41,570,169 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Carlyle Mill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 317 | |||
Initial Cost to Company, Land | $ 10,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,367,913 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,584,023 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 59,951,936 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 69,951,936 | |||
Accumulated Depreciation | (32,763,420) | |||
Investment in Real Estate, Net | 37,188,516 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Carmel Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 384 | |||
Initial Cost to Company, Land | $ 2,288,300 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,596,281 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,173,035 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 2,288,300 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,769,316 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,057,616 | |||
Accumulated Depreciation | (27,594,760) | |||
Investment in Real Estate, Net | 7,462,856 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cascade [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 477 | |||
Initial Cost to Company, Land | $ 23,751,564 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 148,150,309 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,109 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 23,751,564 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 148,151,418 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 171,902,982 | |||
Accumulated Depreciation | (8,307,229) | |||
Investment in Real Estate, Net | 163,595,753 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Centennial (fka Centennial Court & Centennial Tower) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 408 | |||
Initial Cost to Company, Land | $ 9,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 70,080,378 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,240,924 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 82,321,302 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,021,302 | |||
Accumulated Depreciation | (40,391,210) | |||
Investment in Real Estate, Net | 51,630,092 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Centre Club Combined [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Ontario, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 412 | |||
Initial Cost to Company, Land | $ 7,436,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,014,789 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,207,501 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,436,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,222,290 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,658,290 | |||
Accumulated Depreciation | (24,948,636) | |||
Investment in Real Estate, Net | 24,709,654 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Chloe [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 117 | |||
Initial Cost to Company, Land | $ 14,835,571 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,359,650 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 628,879 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 14,835,571 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,988,529 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 54,824,100 | |||
Accumulated Depreciation | (2,779,352) | |||
Investment in Real Estate, Net | 52,044,748 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Church Corner [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 85 | |||
Initial Cost to Company, Land | $ 5,220,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,744,643 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,104,358 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,220,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,849,001 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,069,001 | |||
Accumulated Depreciation | (10,167,185) | |||
Investment in Real Estate, Net | 14,901,816 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
City Gate at Cupertino (fka Cupertino) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cupertino, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 311 | |||
Initial Cost to Company, Land | $ 40,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 95,937,046 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,410,552 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 40,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,347,598 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 143,747,598 | |||
Accumulated Depreciation | (25,436,921) | |||
Investment in Real Estate, Net | 118,310,677 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
City Pointe [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fullerton, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 183 | |||
Initial Cost to Company, Land | $ 6,863,792 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,476,208 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,047,704 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 6,863,792 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,523,912 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,387,704 | |||
Accumulated Depreciation | (14,150,420) | |||
Investment in Real Estate, Net | 31,237,284 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
City Square Bellevue (fka Bellevue) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 191 | |||
Initial Cost to Company, Land | $ 15,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,876,257 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,476,525 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 15,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,352,782 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,452,782 | |||
Accumulated Depreciation | (11,624,754) | |||
Investment in Real Estate, Net | 48,828,028 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
CityView at Longwood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 295 | |||
Initial Cost to Company, Land | $ 14,704,898 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,195,102 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,594,830 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 14,704,898 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,789,932 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 107,494,830 | |||
Accumulated Depreciation | (33,266,169) | |||
Investment in Real Estate, Net | 74,228,661 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Clarendon, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 292 | |||
Initial Cost to Company, Land | $ 30,400,340 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 103,824,660 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,390,107 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 30,400,340 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 106,214,767 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 136,615,107 | |||
Accumulated Depreciation | (33,551,922) | |||
Investment in Real Estate, Net | 103,063,185 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cleo, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 92 | |||
Initial Cost to Company, Land | $ 6,615,467 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,829,335 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,945,639 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 6,615,467 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,774,974 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,390,441 | |||
Accumulated Depreciation | (9,223,334) | |||
Investment in Real Estate, Net | 16,167,107 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Connecticut Heights [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 518 | |||
Initial Cost to Company, Land | $ 27,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,002,295 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,236,604 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 27,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 123,238,899 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 150,838,899 | |||
Accumulated Depreciation | (29,100,080) | |||
Investment in Real Estate, Net | 121,738,819 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Corcoran House at DuPont Circle (fka DuPont Circle) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 138 | |||
Initial Cost to Company, Land | $ 13,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,913,113 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,945,268 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 13,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,858,381 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,358,381 | |||
Accumulated Depreciation | (7,970,206) | |||
Investment in Real Estate, Net | 34,388,175 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Courthouse Plaza [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 396 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 87,386,024 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,810,948 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 93,196,972 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,196,972 | |||
Accumulated Depreciation | (25,008,039) | |||
Investment in Real Estate, Net | 68,188,933 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Creekside (San Mateo) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Mateo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 192 | |||
Initial Cost to Company, Land | $ 9,606,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,193,231 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,714,294 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,606,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 25,907,525 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,514,125 | |||
Accumulated Depreciation | (17,827,109) | |||
Investment in Real Estate, Net | 17,687,016 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cronins Landing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Waltham, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 281 | |||
Initial Cost to Company, Land | $ 32,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 85,119,324 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,986,941 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 32,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,106,265 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 127,406,265 | |||
Accumulated Depreciation | (23,112,933) | |||
Investment in Real Estate, Net | 104,293,332 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Crystal Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 181 | |||
Initial Cost to Company, Land | $ 17,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,918,975 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,799,780 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 17,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 51,718,755 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,918,755 | |||
Accumulated Depreciation | (13,497,731) | |||
Investment in Real Estate, Net | 55,421,024 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Deerwood (SD) | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 316 | |||
Initial Cost to Company, Land | $ 2,082,095 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,739,815 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,328,542 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 2,082,095 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,068,357 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,150,452 | |||
Accumulated Depreciation | (29,457,997) | |||
Investment in Real Estate, Net | 6,692,455 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Del Mar Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 181 | |||
Initial Cost to Company, Land | $ 7,801,824 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,948,176 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,997,663 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,801,824 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,945,839 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,747,663 | |||
Accumulated Depreciation | (16,173,191) | |||
Investment in Real Estate, Net | 32,574,472 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Eagle Canyon [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chino Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 1,808,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,274,361 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,216,962 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 1,808,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,491,323 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,300,223 | |||
Accumulated Depreciation | (19,595,575) | |||
Investment in Real Estate, Net | 8,704,648 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Edgemont at Bethesda Metro [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bethesda, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 122 | |||
Initial Cost to Company, Land | $ 13,092,552 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,907,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,570,420 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 13,092,552 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,477,868 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 58,570,420 | |||
Accumulated Depreciation | (13,558,521) | |||
Investment in Real Estate, Net | 45,011,899 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Elevé [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Glendale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 208 | |||
Initial Cost to Company, Land | $ 14,080,560 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,419,440 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 741,173 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 14,080,560 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,160,613 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 71,241,173 | |||
Accumulated Depreciation | (12,317,955) | |||
Investment in Real Estate, Net | 58,923,218 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Emerson Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 444 | |||
Initial Cost to Company, Land | $ 14,855,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,566,636 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 31,456,250 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 14,855,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,022,886 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 103,877,886 | |||
Accumulated Depreciation | (59,097,457) | |||
Investment in Real Estate, Net | 44,780,429 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Encore at Sherman Oaks, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sherman Oaks, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 8,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,446,003 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,240,556 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 8,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,686,559 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,386,559 | |||
Accumulated Depreciation | (9,771,700) | |||
Investment in Real Estate, Net | 26,614,859 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Fountains at Emerald Park (fka Emerald Park) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Dublin, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 324 | |||
Initial Cost to Company, Land | $ 25,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 83,986,217 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,547,788 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 25,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,534,005 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,434,005 | |||
Accumulated Depreciation | (22,068,994) | |||
Investment in Real Estate, Net | 90,365,011 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Fremont Center [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fremont, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 322 | |||
Initial Cost to Company, Land | $ 25,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,753,114 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,235,681 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 25,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 82,988,795 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,788,795 | |||
Accumulated Depreciation | (21,299,475) | |||
Investment in Real Estate, Net | 87,489,320 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Gallery, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hermosa Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 169 | |||
Initial Cost to Company, Land | $ 18,144,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 46,567,941 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,905,707 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 18,144,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 49,473,648 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 67,617,648 | |||
Accumulated Depreciation | (23,145,881) | |||
Investment in Real Estate, Net | 44,471,767 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Gateway at Malden Center [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Malden, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 203 | |||
Initial Cost to Company, Land | $ 9,209,780 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,722,666 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,394,618 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,209,780 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,117,284 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,327,064 | |||
Accumulated Depreciation | (24,990,335) | |||
Investment in Real Estate, Net | 25,336,729 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Geary Court Yard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 164 | |||
Initial Cost to Company, Land | $ 1,722,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,471,429 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,447,819 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 1,722,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,919,248 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 22,641,648 | |||
Accumulated Depreciation | (14,374,505) | |||
Investment in Real Estate, Net | 8,267,143 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Girard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 160 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,450,328 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 792,675 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,243,003 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 103,243,003 | |||
Accumulated Depreciation | (7,551,227) | |||
Investment in Real Estate, Net | 95,691,776 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hampshire Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 259 | |||
Initial Cost to Company, Land | $ 10,806,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,335,330 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,750,493 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,806,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,085,823 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 47,891,823 | |||
Accumulated Depreciation | (18,306,144) | |||
Investment in Real Estate, Net | 29,585,679 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Harbor Steps [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 758 | |||
Initial Cost to Company, Land | $ 59,403,601 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 158,829,432 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 35,187,525 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 59,403,601 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 194,016,957 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 253,420,558 | |||
Accumulated Depreciation | (88,466,202) | |||
Investment in Real Estate, Net | 164,954,356 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Heights on Capitol Hill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 104 | |||
Initial Cost to Company, Land | $ 5,425,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,138,028 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,757,739 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,425,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,895,767 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,320,767 | |||
Accumulated Depreciation | (9,916,225) | |||
Investment in Real Estate, Net | 18,404,542 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Helios (fka 2nd+Pine) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 398 | |||
Initial Cost to Company, Land | $ 18,061,674 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 206,297,144 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,831 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 18,061,674 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 206,311,975 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 224,373,649 | |||
Accumulated Depreciation | (11,942,676) | |||
Investment in Real Estate, Net | 212,430,973 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Heritage at Stone Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burlington, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 180 | |||
Initial Cost to Company, Land | $ 10,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,808,335 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,560,256 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,368,591 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,168,591 | |||
Accumulated Depreciation | (16,558,111) | |||
Investment in Real Estate, Net | 28,610,480 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Heritage Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Lynwood, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 197 | |||
Initial Cost to Company, Land | $ 6,895,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,983,597 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,341,551 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 6,895,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,325,148 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,220,148 | |||
Accumulated Depreciation | (10,981,639) | |||
Investment in Real Estate, Net | 19,238,509 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hesby [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | North Hollywood, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 308 | |||
Initial Cost to Company, Land | $ 23,299,892 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,700,108 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,045,443 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 23,299,892 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,745,551 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 127,045,443 | |||
Accumulated Depreciation | (21,321,630) | |||
Investment in Real Estate, Net | 105,723,813 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Highlands at South Plainfield [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | South Plainfield, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 10,080,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 37,526,912 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,174,172 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,080,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,701,084 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,781,084 | |||
Accumulated Depreciation | (18,721,344) | |||
Investment in Real Estate, Net | 31,059,740 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hikari [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 128 | |||
Initial Cost to Company, Land | $ 9,435,760 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 32,564,240 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 924,031 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,435,760 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,488,271 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,924,031 | |||
Accumulated Depreciation | (10,500,837) | |||
Investment in Real Estate, Net | 32,423,194 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hudson Crossing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 259 | |||
Initial Cost to Company, Land | $ 23,420,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,977,699 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,641,742 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 23,420,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 72,619,441 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 96,039,441 | |||
Accumulated Depreciation | (35,972,698) | |||
Investment in Real Estate, Net | 60,066,743 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hudson Pointe [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 182 | |||
Initial Cost to Company, Land | $ 5,350,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,114,074 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,559,255 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,350,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,673,329 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,023,329 | |||
Accumulated Depreciation | (24,093,676) | |||
Investment in Real Estate, Net | 28,929,653 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hunt Club II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Charlotte, NC | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 100,000 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 100,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ivory Wood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bothell, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 144 | |||
Initial Cost to Company, Land | $ 2,732,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,888,282 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,470,190 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 2,732,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,358,472 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 18,091,272 | |||
Accumulated Depreciation | (7,954,981) | |||
Investment in Real Estate, Net | 10,136,291 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Jia [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 280 | |||
Initial Cost to Company, Land | $ 14,791,831 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,708,868 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 400,967 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 14,791,831 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 78,109,835 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,901,666 | |||
Accumulated Depreciation | (19,685,769) | |||
Investment in Real Estate, Net | 73,215,897 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Junction 47 (fka West Seattle) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 206 | |||
Initial Cost to Company, Land | $ 11,726,305 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,246,557 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 110,852 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 11,726,305 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 56,357,409 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,083,714 | |||
Accumulated Depreciation | (7,480,950) | |||
Investment in Real Estate, Net | 60,602,764 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Kelvin, The (fka Modera) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 194 | |||
Initial Cost to Company, Land | $ 15,521,552 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,853,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 520,485 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 15,521,552 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,373,933 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 80,895,485 | |||
Accumulated Depreciation | (10,153,159) | |||
Investment in Real Estate, Net | 70,742,326 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Kenwood Mews [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burbank, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 141 | |||
Initial Cost to Company, Land | $ 14,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,662,883 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,006,944 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 14,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,669,827 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,769,827 | |||
Accumulated Depreciation | (13,857,402) | |||
Investment in Real Estate, Net | 28,912,425 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Laguna Clara [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clara, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 264 | |||
Initial Cost to Company, Land | $ 13,642,420 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,128,260 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,050,290 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 13,642,420 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,178,550 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,820,970 | |||
Accumulated Depreciation | (18,704,128) | |||
Investment in Real Estate, Net | 28,116,842 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Landings at Port Imperial [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | W. New York, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 276 | |||
Initial Cost to Company, Land | $ 27,246,045 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 37,741,050 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,850,243 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 27,246,045 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 50,591,293 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 77,837,338 | |||
Accumulated Depreciation | (31,145,964) | |||
Investment in Real Estate, Net | 46,691,374 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Liberty Tower [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 235 | |||
Initial Cost to Company, Land | $ 16,382,822 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 83,817,078 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,105,715 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 16,382,822 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 85,922,793 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 102,305,615 | |||
Accumulated Depreciation | (28,986,710) | |||
Investment in Real Estate, Net | 73,318,905 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lincoln Heights [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 336 | |||
Initial Cost to Company, Land | $ 5,928,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,595,262 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,626,711 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,928,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,221,973 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 54,150,373 | |||
Accumulated Depreciation | (36,031,322) | |||
Investment in Real Estate, Net | 18,119,051 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lindley Apartments [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Encino, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 129 | |||
Initial Cost to Company, Land | $ 5,805,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,705,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,577,513 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,805,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,282,513 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,087,513 | |||
Accumulated Depreciation | (9,306,827) | |||
Investment in Real Estate, Net | 23,780,686 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Loft 590 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 212 | |||
Initial Cost to Company, Land | $ 20,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,909,023 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 732,963 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 20,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 68,641,986 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 88,741,986 | |||
Accumulated Depreciation | (16,094,383) | |||
Investment in Real Estate, Net | 72,647,603 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lofts at Kendall Square (fka Kendall Square) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 186 | |||
Initial Cost to Company, Land | $ 18,696,674 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,445,657 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,554,452 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 18,696,674 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 85,000,109 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 103,696,783 | |||
Accumulated Depreciation | (20,874,720) | |||
Investment in Real Estate, Net | 82,822,063 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Longacre House [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 293 | |||
Initial Cost to Company, Land | $ 73,170,045 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,962,510 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,845,833 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 73,170,045 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,808,343 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 130,978,388 | |||
Accumulated Depreciation | (24,364,056) | |||
Investment in Real Estate, Net | 106,614,332 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Longfellow Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 710 | |||
Initial Cost to Company, Land | $ 38,264,917 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 132,175,915 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 82,037,087 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 38,264,917 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 214,213,002 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 252,477,919 | |||
Accumulated Depreciation | (143,886,095) | |||
Investment in Real Estate, Net | 108,591,824 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Longview Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Waltham, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 348 | |||
Initial Cost to Company, Land | $ 20,880,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 90,255,509 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,188,625 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 20,880,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 97,444,134 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 118,324,134 | |||
Accumulated Depreciation | (45,368,039) | |||
Investment in Real Estate, Net | 72,956,095 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mantena [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 98 | |||
Initial Cost to Company, Land | $ 22,346,513 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,501,158 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 942,456 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 22,346,513 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 62,443,614 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 84,790,127 | |||
Accumulated Depreciation | (15,923,495) | |||
Investment in Real Estate, Net | 68,866,632 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Marina 41 (fka Marina Del Rey) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 623 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 168,842,442 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,397,509 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 177,239,951 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 177,239,951 | |||
Accumulated Depreciation | (47,146,998) | |||
Investment in Real Estate, Net | 130,092,953 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mariposa at Playa Del Rey (fka Playa Del Rey) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Playa Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 354 | |||
Initial Cost to Company, Land | $ 60,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,311,482 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,580,206 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 60,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 94,891,688 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 155,791,688 | |||
Accumulated Depreciation | (24,699,526) | |||
Investment in Real Estate, Net | 131,092,162 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Market Street Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 229 | |||
Initial Cost to Company, Land | $ 13,740,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,757,301 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,328,664 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 13,740,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,085,965 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,825,965 | |||
Accumulated Depreciation | (19,556,103) | |||
Investment in Real Estate, Net | 37,269,862 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Metro on First [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 102 | |||
Initial Cost to Company, Land | $ 8,540,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,209,981 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,362,369 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 8,540,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 14,572,350 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,112,350 | |||
Accumulated Depreciation | (6,573,840) | |||
Investment in Real Estate, Net | 16,538,510 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Milano Lofts [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 99 | |||
Initial Cost to Company, Land | $ 8,125,216 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,378,784 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,883,991 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 8,125,216 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,262,775 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,387,991 | |||
Accumulated Depreciation | (8,050,414) | |||
Investment in Real Estate, Net | 30,337,577 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Montierra (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 8,160,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,360,938 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,205,107 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 8,160,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,566,045 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,726,045 | |||
Accumulated Depreciation | (25,291,041) | |||
Investment in Real Estate, Net | 20,435,004 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mosaic at Metro [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hyattsville, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 260 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,580,898 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,270,920 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,851,818 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,851,818 | |||
Accumulated Depreciation | (21,513,518) | |||
Investment in Real Estate, Net | 39,338,300 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mountain View Redevelopment [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mountain View, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 160,996 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 160,996 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 160,996 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 160,996 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mozaic at Union Station [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 8,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,529,446 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,384,578 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 8,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 54,914,024 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 63,414,024 | |||
Accumulated Depreciation | (24,082,672) | |||
Investment in Real Estate, Net | 39,331,352 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Murray Hill Tower (fka Murray Hill) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 270 | |||
Initial Cost to Company, Land | $ 75,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,705,401 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,551,107 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 75,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 112,256,508 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 188,056,508 | |||
Accumulated Depreciation | (30,064,769) | |||
Investment in Real Estate, Net | 157,991,739 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
North Pier at Harborside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 297 | |||
Initial Cost to Company, Land | $ 4,000,159 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94,290,590 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,743,836 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 4,000,159 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 99,034,426 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 103,034,585 | |||
Accumulated Depreciation | (49,673,731) | |||
Investment in Real Estate, Net | 53,360,854 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Northglen [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 234 | |||
Initial Cost to Company, Land | $ 9,360,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,778,553 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,764,419 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,360,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,542,972 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,902,972 | |||
Accumulated Depreciation | (15,274,806) | |||
Investment in Real Estate, Net | 20,628,166 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Northpark [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burlingame, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 510 | |||
Initial Cost to Company, Land | $ 38,607,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,472,217 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,751,585 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 38,607,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,223,802 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 130,830,802 | |||
Accumulated Depreciation | (36,348,320) | |||
Investment in Real Estate, Net | 94,482,482 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Northridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pleasant Hill, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 221 | |||
Initial Cost to Company, Land | $ 5,524,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,691,705 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,428,402 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,524,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,120,107 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 31,644,107 | |||
Accumulated Depreciation | (19,830,954) | |||
Investment in Real Estate, Net | 11,813,153 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Oak Park Combined [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Agoura Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 444 | |||
Initial Cost to Company, Land | $ 3,390,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,517,274 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,707,930 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 3,390,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,225,204 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 44,615,904 | |||
Accumulated Depreciation | (31,925,485) | |||
Investment in Real Estate, Net | 12,690,419 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Oaks [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clarita, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 520 | |||
Initial Cost to Company, Land | $ 23,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,020,438 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,184,215 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 23,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 67,204,653 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 90,604,653 | |||
Accumulated Depreciation | (36,500,570) | |||
Investment in Real Estate, Net | 54,104,083 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Oakwood Crystal City [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 15,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,474,336 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,071,719 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 15,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,546,055 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 54,946,055 | |||
Accumulated Depreciation | (10,060,766) | |||
Investment in Real Estate, Net | 44,885,289 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ocean Crest [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Solana Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 146 | |||
Initial Cost to Company, Land | $ 5,111,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,910,438 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,523,128 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,111,200 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,433,566 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 21,544,766 | |||
Accumulated Depreciation | (11,149,744) | |||
Investment in Real Estate, Net | 10,395,022 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Odin (fka Tallman) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 301 | |||
Initial Cost to Company, Land | $ 16,807,519 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,651,394 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 43,186 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 16,807,519 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 63,694,580 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 80,502,099 | |||
Accumulated Depreciation | (8,420,800) | |||
Investment in Real Estate, Net | 72,081,299 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Old Town Lofts [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 149 | |||
Initial Cost to Company, Land | $ 7,740,467 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,146,181 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 802,966 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,740,467 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,949,147 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,689,614 | |||
Accumulated Depreciation | (6,895,004) | |||
Investment in Real Estate, Net | 45,794,610 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
One Henry Adams [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 241 | |||
Initial Cost to Company, Land | $ 30,224,393 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 138,212,568 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,366 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 30,224,393 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 138,222,934 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 168,447,327 | |||
Accumulated Depreciation | (10,939,933) | |||
Investment in Real Estate, Net | 157,507,394 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
One India Street (fka Oakwood Boston) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 94 | |||
Initial Cost to Company, Land | $ 22,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,672,979 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,346,235 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 22,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,019,214 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 54,219,214 | |||
Accumulated Depreciation | (8,203,480) | |||
Investment in Real Estate, Net | 46,015,734 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pacific Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 430 | |||
Initial Cost to Company, Land | $ 32,250,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 110,750,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,796,632 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 32,250,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 112,546,632 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 144,796,632 | |||
Accumulated Depreciation | (27,949,911) | |||
Investment in Real Estate, Net | 116,846,721 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Packard Building [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 61 | |||
Initial Cost to Company, Land | $ 5,911,041 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,954,959 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 691,363 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,911,041 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,646,322 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 26,557,363 | |||
Accumulated Depreciation | (3,017,526) | |||
Investment in Real Estate, Net | 23,539,837 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc 77 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 137 | |||
Initial Cost to Company, Land | $ 40,504,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,025,679 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,345,232 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 40,504,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 24,370,911 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 64,874,911 | |||
Accumulated Depreciation | (13,224,242) | |||
Investment in Real Estate, Net | 51,650,669 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc Cameron [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 166 | |||
Initial Cost to Company, Land | $ 37,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,855,597 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,488,875 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 37,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 17,344,472 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 54,944,472 | |||
Accumulated Depreciation | (11,104,877) | |||
Investment in Real Estate, Net | 43,839,595 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc Coliseum [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 177 | |||
Initial Cost to Company, Land | $ 52,654,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,045,751 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,179,112 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 52,654,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,224,863 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 84,878,863 | |||
Accumulated Depreciation | (18,199,716) | |||
Investment in Real Estate, Net | 66,679,147 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc East Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 324 | |||
Initial Cost to Company, Land | $ 102,163,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,989,402 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,892,394 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 102,163,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 119,881,796 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 222,044,796 | |||
Accumulated Depreciation | (52,426,236) | |||
Investment in Real Estate, Net | 169,618,560 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc on Powell (fka Parkside at Emeryville) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Emeryville, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 173 | |||
Initial Cost to Company, Land | $ 16,667,059 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,073,509 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 212,580 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 16,667,059 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,286,089 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 81,953,148 | |||
Accumulated Depreciation | (9,333,810) | |||
Investment in Real Estate, Net | 72,619,338 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Park at Pentagon Row (fka Pentagon City) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 298 | |||
Initial Cost to Company, Land | $ 28,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,838,184 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,436,695 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 28,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 81,274,879 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 109,574,879 | |||
Accumulated Depreciation | (20,074,236) | |||
Investment in Real Estate, Net | 89,500,643 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Park Connecticut [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 142 | |||
Initial Cost to Company, Land | $ 13,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,087,519 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,663,394 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 13,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,750,913 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 74,450,913 | |||
Accumulated Depreciation | (14,438,751) | |||
Investment in Real Estate, Net | 60,012,162 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Park Hacienda (fka Hacienda) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pleasanton, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 540 | |||
Initial Cost to Company, Land | $ 43,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 128,753,359 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,858,184 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 43,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 133,611,543 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 176,811,543 | |||
Accumulated Depreciation | (34,884,871) | |||
Investment in Real Estate, Net | 141,926,672 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Park West (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 444 | |||
Initial Cost to Company, Land | $ 3,033,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,302,383 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,262,203 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 3,033,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,564,586 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 41,598,086 | |||
Accumulated Depreciation | (29,343,622) | |||
Investment in Real Estate, Net | 12,254,464 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parkside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Union City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 208 | |||
Initial Cost to Company, Land | $ 6,246,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,827,453 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,163,451 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 6,246,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,990,904 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,237,604 | |||
Accumulated Depreciation | (12,327,804) | |||
Investment in Real Estate, Net | 12,909,800 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pearl, The (WA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 80 | |||
Initial Cost to Company, Land | $ 6,972,585 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,527,415 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 999,509 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 6,972,585 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,526,924 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,499,509 | |||
Accumulated Depreciation | (3,981,489) | |||
Investment in Real Estate, Net | 30,518,020 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pearl MDR (fka Oakwood Marina Del Rey) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 597 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 120,795,359 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,778,318 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 125,573,677 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 125,573,677 | |||
Accumulated Depreciation | (33,800,305) | |||
Investment in Real Estate, Net | 91,773,372 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pegasus [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 322 | |||
Initial Cost to Company, Land | $ 18,094,052 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 81,905,948 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,080,345 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 18,094,052 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 87,986,293 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 106,080,345 | |||
Accumulated Depreciation | (29,282,736) | |||
Investment in Real Estate, Net | 76,797,609 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Playa Pacifica [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hermosa Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 285 | |||
Initial Cost to Company, Land | $ 35,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,473,822 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 23,015,281 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 35,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 56,489,103 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 91,589,103 | |||
Accumulated Depreciation | (28,347,617) | |||
Investment in Real Estate, Net | 63,241,486 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Portofino [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chino Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 176 | |||
Initial Cost to Company, Land | $ 3,572,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,660,994 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,777,392 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 3,572,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,438,386 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 22,010,786 | |||
Accumulated Depreciation | (13,473,788) | |||
Investment in Real Estate, Net | 8,536,998 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Portofino (Val) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 216 | |||
Initial Cost to Company, Land | $ 8,640,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,487,126 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,637,028 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 8,640,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,124,154 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,764,154 | |||
Accumulated Depreciation | (16,434,227) | |||
Investment in Real Estate, Net | 19,329,927 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Portside Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 527 | |||
Initial Cost to Company, Land | $ 22,487,006 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,842,913 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 23,175,339 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 22,487,006 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 120,018,252 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 142,505,258 | |||
Accumulated Depreciation | (84,850,599) | |||
Investment in Real Estate, Net | 57,654,659 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Potrero 1010 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 453 | |||
Initial Cost to Company, Land | $ 40,830,011 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 179,509,834 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 120,105 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 40,830,011 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 179,629,939 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 220,459,950 | |||
Accumulated Depreciation | (18,869,635) | |||
Investment in Real Estate, Net | 201,590,315 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Prado (fka Glendale) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Glendale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 264 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,977,313 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,453,741 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 72,431,054 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 72,431,054 | |||
Accumulated Depreciation | (18,216,430) | |||
Investment in Real Estate, Net | 54,214,624 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Prime, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 273 | |||
Initial Cost to Company, Land | $ 34,625,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,879,740 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,499,005 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 34,625,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,378,745 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 114,003,745 | |||
Accumulated Depreciation | (30,036,655) | |||
Investment in Real Estate, Net | 83,967,090 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Prism at Park Avenue South (fka 400 Park Aveue South (EQR)) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 269 | |||
Initial Cost to Company, Land | $ 76,292,169 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 171,558,177 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 127,665 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 76,292,169 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 171,685,842 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 247,978,011 | |||
Accumulated Depreciation | (25,554,087) | |||
Investment in Real Estate, Net | 222,423,924 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Promenade at Town Center I & II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 564 | |||
Initial Cost to Company, Land | $ 28,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,795,915 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,741,254 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 28,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,537,169 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 107,737,169 | |||
Accumulated Depreciation | (41,393,133) | |||
Investment in Real Estate, Net | 66,344,036 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Providence [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bothell, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 200 | |||
Initial Cost to Company, Land | $ 3,573,621 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,055,505 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,095,294 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 3,573,621 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,150,799 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,724,420 | |||
Accumulated Depreciation | (11,070,038) | |||
Investment in Real Estate, Net | 14,654,382 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Quarry Hills [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 316 | |||
Initial Cost to Company, Land | $ 26,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,411,162 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,829,890 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 26,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 87,241,052 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 114,141,052 | |||
Accumulated Depreciation | (22,257,122) | |||
Investment in Real Estate, Net | 91,883,930 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Radius Uptown [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 372 | |||
Initial Cost to Company, Land | $ 13,644,960 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 121,899,032 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 93,774 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 13,644,960 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 121,992,806 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 135,637,766 | |||
Accumulated Depreciation | (3,902,658) | |||
Investment in Real Estate, Net | 131,735,108 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Red 160 (fka Redmond Way) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 250 | |||
Initial Cost to Company, Land | $ 15,546,376 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,320,010 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,306,822 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 15,546,376 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 66,626,832 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 82,173,208 | |||
Accumulated Depreciation | (18,309,824) | |||
Investment in Real Estate, Net | 63,863,384 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Redmond Court [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 206 | |||
Initial Cost to Company, Land | $ 10,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,488,745 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,106,972 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,595,717 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 44,895,717 | |||
Accumulated Depreciation | (9,833,862) | |||
Investment in Real Estate, Net | 35,061,855 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Regency Palms [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Huntington Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 310 | |||
Initial Cost to Company, Land | $ 1,857,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,713,254 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,506,417 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 1,857,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,219,671 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,077,071 | |||
Accumulated Depreciation | (18,325,451) | |||
Investment in Real Estate, Net | 6,751,620 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Renaissance Villas [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Berkeley, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 34 | |||
Initial Cost to Company, Land | $ 2,458,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 4,542,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 200,843 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 2,458,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 4,742,843 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 7,200,843 | |||
Accumulated Depreciation | (2,002,770) | |||
Investment in Real Estate, Net | 5,198,073 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Clarendon Centre, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 10,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,812,935 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,759,258 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,572,193 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,072,193 | |||
Accumulated Depreciation | (30,673,683) | |||
Investment in Real Estate, Net | 37,398,510 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Eisenhower, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 226 | |||
Initial Cost to Company, Land | $ 6,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,585,060 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,515,799 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 6,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,100,859 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,600,859 | |||
Accumulated Depreciation | (20,712,491) | |||
Investment in Real Estate, Net | 24,888,368 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Empire Lakes [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rancho Cucamonga, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 467 | |||
Initial Cost to Company, Land | $ 16,345,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,080,670 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,320,031 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 16,345,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 76,400,701 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,745,701 | |||
Accumulated Depreciation | (36,394,123) | |||
Investment in Real Estate, Net | 56,351,578 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Mountain View (fka Mountain View) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mountain View, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 180 | |||
Initial Cost to Company, Land | $ 27,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,029,605 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,621,478 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 27,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,651,083 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 67,651,083 | |||
Accumulated Depreciation | (10,869,571) | |||
Investment in Real Estate, Net | 56,781,512 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Potomac Yard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 588 | |||
Initial Cost to Company, Land | $ 11,918,917 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 68,862,641 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,256,457 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 11,918,917 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 84,119,098 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 96,038,015 | |||
Accumulated Depreciation | (42,003,388) | |||
Investment in Real Estate, Net | 54,034,627 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Town Center I-III (WA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mill Creek, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 584 | |||
Initial Cost to Company, Land | $ 16,768,705 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,511,523 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,623,360 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 16,768,705 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 83,134,883 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 99,903,588 | |||
Accumulated Depreciation | (33,572,969) | |||
Investment in Real Estate, Net | 66,330,619 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Residences at Westgate I (fka Westage II) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pasadena, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 17,859,785 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 109,259,858 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 353,398 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 17,859,785 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 109,613,256 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 127,473,041 | |||
Accumulated Depreciation | (22,357,191) | |||
Investment in Real Estate, Net | 105,115,850 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Residences at Westgate II (fka Westgage III) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pasadena, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 88 | |||
Initial Cost to Company, Land | $ 12,118,248 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,449,028 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 60,085 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 12,118,248 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,509,113 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,627,361 | |||
Accumulated Depreciation | (5,850,705) | |||
Investment in Real Estate, Net | 46,776,656 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rianna I & II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 156 | |||
Initial Cost to Company, Land | $ 4,430,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,298,096 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,133,335 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 4,430,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,431,431 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,861,431 | |||
Accumulated Depreciation | (11,522,763) | |||
Investment in Real Estate, Net | 23,338,668 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ridgewood Village I&II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 408 | |||
Initial Cost to Company, Land | $ 11,809,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,004,048 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,830,811 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 11,809,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,834,859 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,644,359 | |||
Accumulated Depreciation | (26,215,341) | |||
Investment in Real Estate, Net | 25,429,018 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Riva Terra I (fka Redwood Shores) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 304 | |||
Initial Cost to Company, Land | $ 34,963,355 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,587,658 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,579,233 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 34,963,355 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,166,891 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 124,130,246 | |||
Accumulated Depreciation | (23,808,487) | |||
Investment in Real Estate, Net | 100,321,759 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Riva Terra II (fka Harborside) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 149 | |||
Initial Cost to Company, Land | $ 17,136,645 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,536,531 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,273,237 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 17,136,645 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,809,768 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 59,946,413 | |||
Accumulated Depreciation | (10,623,659) | |||
Investment in Real Estate, Net | 49,322,754 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Riverpark [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 321 | |||
Initial Cost to Company, Land | $ 14,355,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 80,894,049 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,905,450 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 14,355,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 84,799,499 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 99,154,499 | |||
Accumulated Depreciation | (24,557,962) | |||
Investment in Real Estate, Net | 74,596,537 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rivington, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hoboken, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 240 | |||
Initial Cost to Company, Land | $ 34,340,640 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 112,110,289 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 524,731 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 34,340,640 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 112,635,020 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 146,975,660 | |||
Accumulated Depreciation | (6,937,992) | |||
Investment in Real Estate, Net | 140,037,668 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rosecliff II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 130 | |||
Initial Cost to Company, Land | $ 4,922,840 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,202,160 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,342,588 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 4,922,840 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,544,748 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,467,588 | |||
Accumulated Depreciation | (10,069,250) | |||
Investment in Real Estate, Net | 26,398,338 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Sakura Crossing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 230 | |||
Initial Cost to Company, Land | $ 14,641,990 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,858,010 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,440,822 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 14,641,990 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,298,832 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 58,940,822 | |||
Accumulated Depreciation | (14,646,231) | |||
Investment in Real Estate, Net | 44,294,591 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Seventh & James [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 96 | |||
Initial Cost to Company, Land | $ 663,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,974,803 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,466,962 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 663,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 10,441,765 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 11,105,565 | |||
Accumulated Depreciation | (7,764,932) | |||
Investment in Real Estate, Net | 3,340,633 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Sheffield Court [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 597 | |||
Initial Cost to Company, Land | $ 3,342,381 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,337,332 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,840,921 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 3,342,381 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,178,253 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,520,634 | |||
Accumulated Depreciation | (37,713,141) | |||
Investment in Real Estate, Net | 12,807,493 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Siena Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Lake Forest, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 356 | |||
Initial Cost to Company, Land | $ 8,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,083,024 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,343,477 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 8,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,426,501 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,326,501 | |||
Accumulated Depreciation | (21,400,131) | |||
Investment in Real Estate, Net | 18,926,370 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skycrest [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 264 | |||
Initial Cost to Company, Land | $ 10,560,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,574,457 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,774,667 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,560,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,349,124 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 41,909,124 | |||
Accumulated Depreciation | (18,371,799) | |||
Investment in Real Estate, Net | 23,537,325 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skyhouse Denver [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 354 | |||
Initial Cost to Company, Land | $ 13,562,331 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 126,360,129 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 98,231 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 13,562,331 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 126,458,360 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 140,020,691 | |||
Accumulated Depreciation | (3,622,426) | |||
Investment in Real Estate, Net | 136,398,265 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skylark [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Union City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 1,781,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,731,916 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,618,577 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 1,781,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,350,493 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,132,093 | |||
Accumulated Depreciation | (14,414,952) | |||
Investment in Real Estate, Net | 9,717,141 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skyline Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burlingame, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 138 | |||
Initial Cost to Company, Land | $ 16,836,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,414,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,156,471 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 16,836,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,570,471 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,406,471 | |||
Accumulated Depreciation | (15,013,850) | |||
Investment in Real Estate, Net | 45,392,621 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skyline Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Falls Church, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 939 | |||
Initial Cost to Company, Land | $ 78,278,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 91,485,591 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 45,016,303 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 78,278,200 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 136,501,894 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 214,780,094 | |||
Accumulated Depreciation | (77,594,870) | |||
Investment in Real Estate, Net | 137,185,224 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skyview [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rancho Santa Margarita, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 260 | |||
Initial Cost to Company, Land | $ 3,380,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,952,863 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,500,993 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 3,380,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,453,856 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,833,856 | |||
Accumulated Depreciation | (17,769,582) | |||
Investment in Real Estate, Net | 13,064,274 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
SoMa II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 29,406,606 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,741,605 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 29,406,606 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 5,741,605 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,148,211 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 35,148,211 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Sonterra at Foothill Ranch [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foothill Ranch, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 300 | |||
Initial Cost to Company, Land | $ 7,503,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,048,507 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,018,250 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,503,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,066,757 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,570,157 | |||
Accumulated Depreciation | (19,961,454) | |||
Investment in Real Estate, Net | 17,608,703 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
South City Station (fka South San Francisco) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 368 | |||
Initial Cost to Company, Land | $ 68,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,476,861 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,611,766 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 68,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 84,088,627 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 152,988,627 | |||
Accumulated Depreciation | (21,524,365) | |||
Investment in Real Estate, Net | 131,464,262 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Southwood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Palo Alto, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 100 | |||
Initial Cost to Company, Land | $ 6,936,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,324,069 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,760,016 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 6,936,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,084,085 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,020,685 | |||
Accumulated Depreciation | (12,852,392) | |||
Investment in Real Estate, Net | 15,168,293 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Springbrook Estates [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Riverside, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 18,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,145,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 18,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 1,145,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 19,345,000 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 19,345,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Springline [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 136 | |||
Initial Cost to Company, Land | $ 9,163,667 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,910,981 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 390,699 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,163,667 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,301,680 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,465,347 | |||
Accumulated Depreciation | (4,533,798) | |||
Investment in Real Estate, Net | 52,931,549 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Summerset Village II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chatsworth, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 260,646 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 260,646 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 260,646 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 260,646 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Summit at Sausalito (fka Sausalito) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sausalito, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 198 | |||
Initial Cost to Company, Land | $ 26,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,435,024 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,140,862 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 26,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,575,886 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 63,575,886 | |||
Accumulated Depreciation | (11,439,522) | |||
Investment in Real Estate, Net | 52,136,364 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ten23 (fka 500 West 23rd Street) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 111 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 58,881,873 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 337,851 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 59,219,724 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 59,219,724 | |||
Accumulated Depreciation | (14,245,570) | |||
Investment in Real Estate, Net | 44,974,154 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Terraces, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 117 | |||
Initial Cost to Company, Land | $ 14,087,610 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,314,151 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,758,321 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 14,087,610 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,072,472 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,160,082 | |||
Accumulated Depreciation | (6,415,798) | |||
Investment in Real Estate, Net | 25,744,284 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Third Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 471 | |||
Initial Cost to Company, Land | $ 26,767,171 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 218,822,728 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,870,443 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 26,767,171 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 226,693,171 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 253,460,342 | |||
Accumulated Depreciation | (78,218,773) | |||
Investment in Real Estate, Net | 175,241,569 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Three20 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 134 | |||
Initial Cost to Company, Land | $ 7,030,766 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,005,762 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 756,472 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,030,766 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,762,234 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,793,000 | |||
Accumulated Depreciation | (6,893,992) | |||
Investment in Real Estate, Net | 29,899,008 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Toscana [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 563 | |||
Initial Cost to Company, Land | $ 39,410,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,806,072 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 20,588,732 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 39,410,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 71,394,804 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 110,804,804 | |||
Accumulated Depreciation | (40,974,164) | |||
Investment in Real Estate, Net | 69,830,640 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Town Square at Mark Center I (fka Millbrook I) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 406 | |||
Initial Cost to Company, Land | $ 24,360,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 86,178,714 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,490,378 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 24,360,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 94,669,092 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 119,029,092 | |||
Accumulated Depreciation | (44,377,201) | |||
Investment in Real Estate, Net | 74,651,891 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Town Square at Mark Center II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 15,568,464 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 55,029,607 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,433,417 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 15,568,464 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 59,463,024 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 75,031,488 | |||
Accumulated Depreciation | (21,151,199) | |||
Investment in Real Estate, Net | 53,880,289 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Troy Boston [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 378 | |||
Initial Cost to Company, Land | $ 34,641,051 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 181,602,575 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 101,573 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 34,641,051 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 181,704,148 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 216,345,199 | |||
Accumulated Depreciation | (6,623,226) | |||
Investment in Real Estate, Net | 209,721,973 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Urbana (fka Market Street Landing) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 287 | |||
Initial Cost to Company, Land | $ 12,542,418 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 75,800,090 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,262,298 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 12,542,418 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 77,062,388 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 89,604,806 | |||
Accumulated Depreciation | (17,836,404) | |||
Investment in Real Estate, Net | 71,768,402 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Uwajimaya Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 176 | |||
Initial Cost to Company, Land | $ 8,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,188,288 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,039,013 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 8,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 24,227,301 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,027,301 | |||
Accumulated Depreciation | (11,748,837) | |||
Investment in Real Estate, Net | 21,278,464 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vantage Pointe [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 679 | |||
Initial Cost to Company, Land | $ 9,403,960 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 190,596,040 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,163,129 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,403,960 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 200,759,169 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 210,163,129 | |||
Accumulated Depreciation | (66,454,004) | |||
Investment in Real Estate, Net | 143,709,125 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Veloce [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 322 | |||
Initial Cost to Company, Land | $ 15,322,724 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 76,176,594 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,429,925 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 15,322,724 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 77,606,519 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,929,243 | |||
Accumulated Depreciation | (20,521,554) | |||
Investment in Real Estate, Net | 72,407,689 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Verde Condominium Homes (fka Mission Verde, LLC) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Jose, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 108 | |||
Initial Cost to Company, Land | $ 5,190,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,679,109 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,455,624 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,190,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 14,134,733 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 19,325,433 | |||
Accumulated Depreciation | (10,358,163) | |||
Investment in Real Estate, Net | 8,967,270 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Veridian (fka Silver Spring) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Silver Spring, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 457 | |||
Initial Cost to Company, Land | $ 18,539,817 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 130,407,365 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,510,354 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 18,539,817 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 133,917,719 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 152,457,536 | |||
Accumulated Depreciation | (43,822,971) | |||
Investment in Real Estate, Net | 108,634,565 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Versailles (K-Town) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 225 | |||
Initial Cost to Company, Land | $ 10,590,975 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,409,025 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,665,109 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,590,975 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 46,074,134 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,665,109 | |||
Accumulated Depreciation | (17,179,349) | |||
Investment in Real Estate, Net | 39,485,760 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Victor on Venice [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 115 | |||
Initial Cost to Company, Land | $ 10,350,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,433,437 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,003,076 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,350,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,436,513 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,786,513 | |||
Accumulated Depreciation | (15,908,114) | |||
Investment in Real Estate, Net | 30,878,399 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Villa Solana [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Laguna Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 1,665,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,985,678 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,741,608 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 1,665,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 25,727,286 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,392,386 | |||
Accumulated Depreciation | (20,635,508) | |||
Investment in Real Estate, Net | 6,756,878 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Village at Del Mar Heights, The (fka Del Mar Heights) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 168 | |||
Initial Cost to Company, Land | $ 15,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,859,396 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,925,886 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 15,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,785,282 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,885,282 | |||
Accumulated Depreciation | (11,360,058) | |||
Investment in Real Estate, Net | 46,525,224 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vintage [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Ontario, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 300 | |||
Initial Cost to Company, Land | $ 7,059,230 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,677,762 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,539,555 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,059,230 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 49,217,317 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,276,547 | |||
Accumulated Depreciation | (21,895,611) | |||
Investment in Real Estate, Net | 34,380,936 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Virginia Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 231 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 85,940,003 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,670,439 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 91,610,442 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 91,610,442 | |||
Accumulated Depreciation | (22,371,237) | |||
Investment in Real Estate, Net | 69,239,205 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vista 99 (fka Tasman) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Jose, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 554 | |||
Initial Cost to Company, Land | $ 27,709,329 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 176,040,861 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 230,941 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 27,709,329 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 176,271,802 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 203,981,131 | |||
Accumulated Depreciation | (19,667,441) | |||
Investment in Real Estate, Net | 184,313,690 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vista Del Lago [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mission Viejo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 608 | |||
Initial Cost to Company, Land | $ 4,525,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,736,293 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 17,318,936 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 4,525,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 58,055,229 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 62,581,029 | |||
Accumulated Depreciation | (48,290,527) | |||
Investment in Real Estate, Net | 14,290,502 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vista on Courthouse [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 220 | |||
Initial Cost to Company, Land | $ 15,550,260 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,449,740 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,389,563 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 15,550,260 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 71,839,303 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 87,389,563 | |||
Accumulated Depreciation | (25,840,645) | |||
Investment in Real Estate, Net | 61,548,918 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Walden Park [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 232 | |||
Initial Cost to Company, Land | $ 12,448,888 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,044,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,411,295 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 12,448,888 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 56,455,743 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,904,631 | |||
Accumulated Depreciation | (19,527,545) | |||
Investment in Real Estate, Net | 49,377,086 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Water Park Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 362 | |||
Initial Cost to Company, Land | $ 34,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,485,859 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,053,790 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 34,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 118,539,649 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 152,939,649 | |||
Accumulated Depreciation | (30,280,723) | |||
Investment in Real Estate, Net | 122,658,926 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Watertown Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Watertown, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 134 | |||
Initial Cost to Company, Land | $ 16,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,074,056 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,559,270 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 16,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,633,326 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,433,326 | |||
Accumulated Depreciation | (8,944,170) | |||
Investment in Real Estate, Net | 43,489,156 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
West 96th [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 207 | |||
Initial Cost to Company, Land | $ 84,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,055,502 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,705,814 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 84,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 72,761,316 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 157,561,316 | |||
Accumulated Depreciation | (20,616,675) | |||
Investment in Real Estate, Net | 136,944,641 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
West End Apartments (fka Emerson Place/ CRP II) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 310 | |||
Initial Cost to Company, Land | $ 469,546 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 163,123,022 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,668,190 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 469,546 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 166,791,212 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 167,260,758 | |||
Accumulated Depreciation | (61,427,741) | |||
Investment in Real Estate, Net | 105,833,017 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
West End Tower (fka Garden Garage) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 10,424,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 38,294,331 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,424,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,294,331 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,718,331 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 48,718,331 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westchester at Rockville [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rockville, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 192 | |||
Initial Cost to Company, Land | $ 10,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,135,207 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 884,695 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,019,902 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,619,902 | |||
Accumulated Depreciation | (11,209,736) | |||
Investment in Real Estate, Net | 44,410,166 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westmont [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 163 | |||
Initial Cost to Company, Land | $ 64,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,143,259 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,398,852 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 64,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,542,111 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 130,442,111 | |||
Accumulated Depreciation | (16,741,081) | |||
Investment in Real Estate, Net | 113,701,030 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 204 | |||
Initial Cost to Company, Land | $ 34,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,962,630 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,066,088 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 34,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,028,718 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 94,228,718 | |||
Accumulated Depreciation | (14,822,757) | |||
Investment in Real Estate, Net | 79,405,961 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Barrington (fka Westside Villas III) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 36 | |||
Initial Cost to Company, Land | $ 3,060,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,538,871 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,111,261 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 3,060,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 6,650,132 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 9,710,132 | |||
Accumulated Depreciation | (3,887,667) | |||
Investment in Real Estate, Net | 5,822,465 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Barry (Westside Villas VI) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 18 | |||
Initial Cost to Company, Land | $ 1,530,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,023,523 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 648,119 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 1,530,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 3,671,642 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 5,201,642 | |||
Accumulated Depreciation | (2,196,161) | |||
Investment in Real Estate, Net | 3,005,481 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Beloit (fka Westside Villas I) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 21 | |||
Initial Cost to Company, Land | $ 1,785,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,233,254 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 736,265 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 1,785,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 3,969,519 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 5,754,519 | |||
Accumulated Depreciation | (2,392,392) | |||
Investment in Real Estate, Net | 3,362,127 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Bundy (fka Westside Villas II) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 23 | |||
Initial Cost to Company, Land | $ 1,955,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,541,435 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 660,089 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 1,955,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 4,201,524 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 6,156,524 | |||
Accumulated Depreciation | (2,501,347) | |||
Investment in Real Estate, Net | 3,655,177 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Butler (fka Westside Villas IV) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 36 | |||
Initial Cost to Company, Land | $ 3,060,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,539,390 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,003,468 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 3,060,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 6,542,858 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 9,602,858 | |||
Accumulated Depreciation | (3,890,635) | |||
Investment in Real Estate, Net | 5,712,223 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Villas (fka Westside Villas V &VII) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 113 | |||
Initial Cost to Company, Land | $ 9,605,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,983,385 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,720,073 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,605,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,703,458 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,308,458 | |||
Accumulated Depreciation | (13,177,962) | |||
Investment in Real Estate, Net | 19,130,496 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Windridge (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Laguna Niguel, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 344 | |||
Initial Cost to Company, Land | $ 2,662,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,985,497 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,358,198 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 2,662,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,343,695 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,006,595 | |||
Accumulated Depreciation | (27,568,039) | |||
Investment in Real Estate, Net | 11,438,556 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Wood Creek I [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pleasant Hill, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 256 | |||
Initial Cost to Company, Land | $ 9,729,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,009,768 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,340,814 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,729,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,350,582 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,080,482 | |||
Accumulated Depreciation | (23,075,720) | |||
Investment in Real Estate, Net | 19,004,762 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Management Business [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chicago, IL | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 117,010,784 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 117,010,784 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 117,010,784 | |||
Accumulated Depreciation | (96,891,265) | |||
Investment in Real Estate, Net | 20,119,519 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Operating Partnership [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chicago, IL | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 10,278,996 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 10,278,996 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 10,278,996 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 10,278,996 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Other [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | N/A | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 74,341 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 74,341 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 74,341 | |||
Accumulated Depreciation | (29,979) | |||
Investment in Real Estate, Net | 44,362 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Wholly Owned Unencumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 62,862 | |||
Initial Cost to Company, Land | $ 4,900,861,387 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,320,429,009 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,387,840,336 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 4,900,861,387 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,708,269,345 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 21,609,130,732 | |||
Accumulated Depreciation | (5,400,484,879) | |||
Investment in Real Estate, Net | 16,208,645,853 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1401 Joyce on Pentagon Row [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 326 | |||
Initial Cost to Company, Land | $ 9,780,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,668,165 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,209,262 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,780,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 94,877,427 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 104,657,427 | |||
Accumulated Depreciation | (34,814,020) | |||
Investment in Real Estate, Net | 69,843,407 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 57,384,106 | |||
2501 Porter [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 202 | |||
Initial Cost to Company, Land | $ 13,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 75,271,179 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,617,637 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 13,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 81,888,816 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 94,888,816 | |||
Accumulated Depreciation | (20,177,043) | |||
Investment in Real Estate, Net | $ 74,711,773 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
300 East 39th (fka East 39th) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 254 | |||
Initial Cost to Company, Land | $ 48,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,174,639 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,927,499 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 48,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 101,102,138 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 150,002,138 | |||
Accumulated Depreciation | (25,417,391) | |||
Investment in Real Estate, Net | 124,584,747 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 61,139,469 | |||
303 East 83rd (fka Camargue) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 261 | |||
Initial Cost to Company, Land | $ 79,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,122,624 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,389,689 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 79,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 85,512,313 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 164,912,313 | |||
Accumulated Depreciation | (22,235,813) | |||
Investment in Real Estate, Net | $ 142,676,500 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
425 Broadway [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Monica, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 101 | |||
Initial Cost to Company, Land | $ 12,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,394,772 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,606,786 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 12,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,001,558 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,601,558 | |||
Accumulated Depreciation | (9,639,353) | |||
Investment in Real Estate, Net | $ 40,962,205 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
55 West Fifth I & II (fka Townhouse Plaza and Gardens) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Mateo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 241 | |||
Initial Cost to Company, Land | $ 21,041,710 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 71,931,323 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,082,237 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 21,041,710 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 85,013,560 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 106,055,270 | |||
Accumulated Depreciation | (25,342,170) | |||
Investment in Real Estate, Net | 80,713,100 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 25,456,082 | |||
800 Sixth Ave (fka Chelsea) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 266 | |||
Initial Cost to Company, Land | $ 59,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 155,861,605 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,551,093 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 59,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 158,412,698 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 218,312,698 | |||
Accumulated Depreciation | (38,237,590) | |||
Investment in Real Estate, Net | 180,075,108 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 78,599,339 | |||
929 Mass (fka 929 House) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 127 | |||
Initial Cost to Company, Land | $ 3,252,993 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,745,595 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,292,188 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 3,252,993 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,037,783 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,290,776 | |||
Accumulated Depreciation | (18,665,226) | |||
Investment in Real Estate, Net | 13,625,550 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 119,684 | |||
Academy Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | North Hollywood, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 248 | |||
Initial Cost to Company, Land | $ 25,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,593,194 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,913,532 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 25,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,506,726 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,506,726 | |||
Accumulated Depreciation | (19,215,717) | |||
Investment in Real Estate, Net | 38,291,009 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 19,985,389 | |||
Alcyone [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 11,379,497 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 49,360,503 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,103,680 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 11,379,497 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 50,464,183 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 61,843,680 | |||
Accumulated Depreciation | (9,767,220) | |||
Investment in Real Estate, Net | 52,076,460 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 27,756,919 | |||
Artisan Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Northridge, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 140 | |||
Initial Cost to Company, Land | $ 7,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,537,359 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,670,956 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,208,315 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 29,208,315 | |||
Accumulated Depreciation | (12,312,121) | |||
Investment in Real Estate, Net | 16,896,194 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 22,766,586 | |||
Avenir Apartments [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 241 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,321,619 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,484,463 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 117,806,082 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 117,806,082 | |||
Accumulated Depreciation | (28,125,723) | |||
Investment in Real Estate, Net | 89,680,359 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 87,221,511 | |||
Bella Vista I, II, III Combined [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Woodland Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 579 | |||
Initial Cost to Company, Land | $ 31,682,754 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 121,095,786 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,186,190 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 31,682,754 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 129,281,976 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 160,964,730 | |||
Accumulated Depreciation | (58,472,749) | |||
Investment in Real Estate, Net | 102,491,981 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 57,966,537 | |||
Berkeleyan [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Berkeley, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 56 | |||
Initial Cost to Company, Land | $ 4,377,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,022,110 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 673,901 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 4,377,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,696,011 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 21,073,011 | |||
Accumulated Depreciation | (7,235,667) | |||
Investment in Real Estate, Net | 13,837,344 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 8,100,556 | |||
Calvert Woodley [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 136 | |||
Initial Cost to Company, Land | $ 12,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,527,379 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,208,011 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 12,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,735,390 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 58,335,390 | |||
Accumulated Depreciation | (11,663,122) | |||
Investment in Real Estate, Net | $ 46,672,268 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Chelsea Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 113 | |||
Initial Cost to Company, Land | $ 3,397,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,289,074 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,730,568 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 3,397,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 12,019,642 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 15,416,742 | |||
Accumulated Depreciation | (8,256,357) | |||
Investment in Real Estate, Net | 7,160,385 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 9,234,049 | |||
Citrus Suites [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Monica, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 70 | |||
Initial Cost to Company, Land | $ 9,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,950,326 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,094,969 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,045,295 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,045,295 | |||
Accumulated Depreciation | (4,826,188) | |||
Investment in Real Estate, Net | $ 23,219,107 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Cleveland House [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 214 | |||
Initial Cost to Company, Land | $ 18,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 66,392,414 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,858,254 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 18,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 71,250,668 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 89,550,668 | |||
Accumulated Depreciation | (17,799,363) | |||
Investment in Real Estate, Net | $ 71,751,305 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Columbia Crossing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 247 | |||
Initial Cost to Company, Land | $ 23,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,045,073 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,877,507 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 23,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 55,922,580 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 79,422,580 | |||
Accumulated Depreciation | (14,794,273) | |||
Investment in Real Estate, Net | $ 64,628,307 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Estancia at Santa Clara (fka Santa Clara) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clara, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 450 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 123,759,804 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,657,294 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 125,417,098 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 125,417,098 | |||
Accumulated Depreciation | (32,083,921) | |||
Investment in Real Estate, Net | $ 93,333,177 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Fairchase [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fairfax, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 392 | |||
Initial Cost to Company, Land | $ 23,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 87,722,321 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,210,925 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 23,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,933,246 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,433,246 | |||
Accumulated Depreciation | (21,595,734) | |||
Investment in Real Estate, Net | $ 90,837,512 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Fairfield [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Stamford, CT | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 263 | |||
Initial Cost to Company, Land | $ 6,510,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,690,120 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,602,359 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 6,510,200 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,292,479 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 54,802,679 | |||
Accumulated Depreciation | (34,338,783) | |||
Investment in Real Estate, Net | 20,463,896 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 31,348,151 | |||
Fine Arts Building [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Berkeley, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 100 | |||
Initial Cost to Company, Land | $ 7,817,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,462,772 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 880,966 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,817,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,343,738 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,160,738 | |||
Accumulated Depreciation | (11,703,908) | |||
Investment in Real Estate, Net | 23,456,830 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 15,772,690 | |||
Flats at DuPont Circle [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 306 | |||
Initial Cost to Company, Land | $ 35,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,768,198 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,179,209 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 35,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 111,947,407 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 147,147,407 | |||
Accumulated Depreciation | (25,978,612) | |||
Investment in Real Estate, Net | $ 121,168,795 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Gaia Building [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Berkeley, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 91 | |||
Initial Cost to Company, Land | $ 7,113,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,623,826 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 400,152 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,113,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,023,978 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,136,978 | |||
Accumulated Depreciation | (11,264,581) | |||
Investment in Real Estate, Net | 21,872,397 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 14,310,309 | |||
Gaithersburg Station [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Gaithersburg, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 389 | |||
Initial Cost to Company, Land | $ 17,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 74,678,917 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,136,625 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 17,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,815,542 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,315,542 | |||
Accumulated Depreciation | (17,882,838) | |||
Investment in Real Estate, Net | 75,432,704 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 94,150,066 | |||
Glo [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 201 | |||
Initial Cost to Company, Land | $ 16,047,022 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,650,963 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,425,049 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 16,047,022 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,076,012 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,123,034 | |||
Accumulated Depreciation | (15,990,887) | |||
Investment in Real Estate, Net | 52,132,147 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 32,199,417 | |||
Hathaway [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Long Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 385 | |||
Initial Cost to Company, Land | $ 2,512,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,611,912 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,753,054 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 2,512,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,364,966 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,877,466 | |||
Accumulated Depreciation | (25,621,271) | |||
Investment in Real Estate, Net | 10,256,195 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 46,495,108 | |||
Kelvin Court (fka Alta Pacific) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 132 | |||
Initial Cost to Company, Land | $ 10,752,145 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,628,115 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 656,460 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 10,752,145 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,284,575 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,036,720 | |||
Accumulated Depreciation | (13,177,993) | |||
Investment in Real Estate, Net | 32,858,727 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 26,234,062 | |||
La Terrazza at Colma Station [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Colma, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 155 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,251,044 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,304,807 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,555,851 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,555,851 | |||
Accumulated Depreciation | (18,264,493) | |||
Investment in Real Estate, Net | 25,291,358 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 24,997,955 | |||
Liberty Park [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Braintree, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 202 | |||
Initial Cost to Company, Land | $ 5,977,504 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,749,111 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,765,782 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,977,504 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,514,893 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,492,397 | |||
Accumulated Depreciation | (18,532,044) | |||
Investment in Real Estate, Net | 20,960,353 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 24,966,238 | |||
Mill Creek [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Milpitas, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 516 | |||
Initial Cost to Company, Land | $ 12,858,693 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,168,503 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,775,239 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 12,858,693 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 71,943,742 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 84,802,435 | |||
Accumulated Depreciation | (36,507,386) | |||
Investment in Real Estate, Net | 48,295,049 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 69,282,256 | |||
Moda [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 251 | |||
Initial Cost to Company, Land | $ 12,649,228 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,842,012 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,379,251 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 12,649,228 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,221,263 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,870,491 | |||
Accumulated Depreciation | (13,657,076) | |||
Investment in Real Estate, Net | $ 37,213,415 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Olympus Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 328 | |||
Initial Cost to Company, Land | $ 14,752,034 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,335,425 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,447,968 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 14,752,034 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 82,783,393 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 97,535,427 | |||
Accumulated Depreciation | (43,130,107) | |||
Investment in Real Estate, Net | 54,405,320 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 49,823,673 | |||
Park Place at San Mateo (fka San Mateo) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Mateo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 575 | |||
Initial Cost to Company, Land | $ 71,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 211,907,141 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,040,037 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 71,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 224,947,178 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 296,847,178 | |||
Accumulated Depreciation | (56,244,011) | |||
Investment in Real Estate, Net | $ 240,603,167 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Reserve at Fairfax Corner [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fairfax, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 652 | |||
Initial Cost to Company, Land | $ 15,804,057 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,129,051 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,739,962 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 15,804,057 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 74,869,013 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 90,673,070 | |||
Accumulated Depreciation | (41,689,916) | |||
Investment in Real Estate, Net | 48,983,154 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 84,717,832 | |||
SoMa Square Apartments (fka South Market) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 410 | |||
Initial Cost to Company, Land | $ 79,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 177,316,977 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,766,992 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 79,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 190,083,969 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 269,983,969 | |||
Accumulated Depreciation | (45,375,257) | |||
Investment in Real Estate, Net | $ 224,608,712 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Square One [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 112 | |||
Initial Cost to Company, Land | $ 7,222,544 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,277,456 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 74,562 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,222,544 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,352,018 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,574,562 | |||
Accumulated Depreciation | (5,408,769) | |||
Investment in Real Estate, Net | $ 28,165,793 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Summerset Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chatsworth, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 280 | |||
Initial Cost to Company, Land | $ 2,629,804 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,670,889 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,181,014 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 2,629,804 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,851,903 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,481,707 | |||
Accumulated Depreciation | (23,765,883) | |||
Investment in Real Estate, Net | 10,715,824 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 38,020,343 | |||
Teresina [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chula Vista, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 440 | |||
Initial Cost to Company, Land | $ 28,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,916,670 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,795,448 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 28,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 68,712,118 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 97,312,118 | |||
Accumulated Depreciation | (31,806,076) | |||
Investment in Real Estate, Net | 65,506,042 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 37,940,000 | |||
Touriel Building [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Berkeley, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 35 | |||
Initial Cost to Company, Land | $ 2,736,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,810,027 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 199,965 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 2,736,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 8,009,992 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 10,745,992 | |||
Accumulated Depreciation | (3,570,951) | |||
Investment in Real Estate, Net | 7,175,041 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 4,874,236 | |||
Vantage Hollywood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 298 | |||
Initial Cost to Company, Land | $ 42,580,326 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,014,674 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,203,271 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 42,580,326 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,217,945 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 99,798,271 | |||
Accumulated Depreciation | (10,415,693) | |||
Investment in Real Estate, Net | 89,382,578 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 40,501,067 | |||
Versailles [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Woodland Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 253 | |||
Initial Cost to Company, Land | $ 12,650,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,656,292 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,510,844 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 12,650,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,167,136 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,817,136 | |||
Accumulated Depreciation | (22,859,119) | |||
Investment in Real Estate, Net | 30,958,017 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 30,357,682 | |||
Vintage at 425 Broadway (fka Promenade) [Memebr] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Monica, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 60 | |||
Initial Cost to Company, Land | $ 9,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,961,523 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,763,696 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 9,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,725,219 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,725,219 | |||
Accumulated Depreciation | (4,182,605) | |||
Investment in Real Estate, Net | $ 20,542,614 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
West 54th [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 222 | |||
Initial Cost to Company, Land | $ 60,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,193,837 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,801,228 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 60,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 51,995,065 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,895,065 | |||
Accumulated Depreciation | (14,869,327) | |||
Investment in Real Estate, Net | 98,025,738 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 48,175,896 | |||
Westgate (fka Westgate I) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pasadena, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 480 | |||
Initial Cost to Company, Land | $ 22,898,848 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 133,467,158 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,575,071 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 22,898,848 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 136,042,229 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 158,941,077 | |||
Accumulated Depreciation | (37,281,584) | |||
Investment in Real Estate, Net | 121,659,493 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 96,386,296 | |||
Woodleaf [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Campbell, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 178 | |||
Initial Cost to Company, Land | $ 8,550,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,988,183 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,181,298 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 8,550,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,169,481 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,720,081 | |||
Accumulated Depreciation | (15,240,849) | |||
Investment in Real Estate, Net | 15,479,232 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 17,835,169 | |||
Portfolio/Entity Encumbrances [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 0 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 797,768,476 | |||
Investment in Real Estate - Wholly Owned Encumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 12,140 | |||
Initial Cost to Company, Land | $ 932,672,559 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,860,557,660 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 229,886,950 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 932,672,559 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 3,090,444,610 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 4,023,117,169 | |||
Accumulated Depreciation | (1,039,436,780) | |||
Investment in Real Estate, Net | 2,983,680,389 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 2,081,887,149 | |||
2300 Elliott [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 92 | |||
Initial Cost to Company, Land | $ 796,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,173,725 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,928,668 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 796,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 14,102,393 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 14,899,193 | |||
Accumulated Depreciation | (11,358,634) | |||
Investment in Real Estate, Net | 3,540,559 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Canyon Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 4,869,448 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,955,064 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,016,206 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 4,869,448 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,971,270 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 20,840,718 | |||
Accumulated Depreciation | (11,185,103) | |||
Investment in Real Estate, Net | 9,655,615 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Country Oaks [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Agoura Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 256 | |||
Initial Cost to Company, Land | $ 6,105,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,561,865 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,941,477 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 6,105,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,503,342 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,608,342 | |||
Accumulated Depreciation | (21,079,355) | |||
Investment in Real Estate, Net | 21,528,987 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Harrison Square (fka Elliot Bay) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 166 | |||
Initial Cost to Company, Land | $ 7,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,844,345 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,487,099 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 7,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,331,444 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,931,444 | |||
Accumulated Depreciation | (11,150,395) | |||
Investment in Real Estate, Net | 37,781,049 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Radius Koreatown [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 301 | |||
Initial Cost to Company, Land | $ 32,494,154 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,645,202 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 224,059 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 32,494,154 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 84,869,261 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 117,363,415 | |||
Accumulated Depreciation | (8,194,532) | |||
Investment in Real Estate, Net | 109,168,883 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rosecliff [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 156 | |||
Initial Cost to Company, Land | $ 5,460,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,721,570 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,822,519 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,460,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,544,089 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,004,089 | |||
Accumulated Depreciation | (13,068,617) | |||
Investment in Real Estate, Net | 11,935,472 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Strayhorse at Arrowhead Ranch [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Glendale, AZ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 136 | |||
Initial Cost to Company, Land | $ 4,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,968,002 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 966,107 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 4,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 13,934,109 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 18,334,109 | |||
Accumulated Depreciation | (6,624,197) | |||
Investment in Real Estate, Net | 11,709,912 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Venn at Main [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 350 | |||
Initial Cost to Company, Land | $ 26,626,498 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 151,652,048 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 160,761 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 26,626,498 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 151,812,809 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 178,439,307 | |||
Accumulated Depreciation | (10,307,620) | |||
Investment in Real Estate, Net | 168,131,687 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Wood Creek II (fka Willow Brook (CA)) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pleasant Hill, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 228 | |||
Initial Cost to Company, Land | $ 5,055,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 38,388,672 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,854,946 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,055,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,243,618 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,298,618 | |||
Accumulated Depreciation | (23,768,126) | |||
Investment in Real Estate, Net | 26,530,492 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Partially Owned Unencumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 1,847 | |||
Initial Cost to Company, Land | $ 93,406,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 387,910,493 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 35,401,842 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 93,406,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 423,312,335 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 516,719,235 | |||
Accumulated Depreciation | (116,736,579) | |||
Investment in Real Estate, Net | 399,982,656 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bellevue Meadows [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 180 | |||
Initial Cost to Company, Land | $ 4,507,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,574,814 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,634,209 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 4,507,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,209,023 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 22,716,123 | |||
Accumulated Depreciation | (13,322,710) | |||
Investment in Real Estate, Net | 9,393,413 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 16,515,951 | |||
Canyon Creek (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Ramon, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 268 | |||
Initial Cost to Company, Land | $ 5,425,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,812,121 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,726,619 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,425,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,538,740 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 31,963,740 | |||
Accumulated Depreciation | (17,263,363) | |||
Investment in Real Estate, Net | 14,700,377 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,150,731 | |||
Lantern Cove [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foster City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 232 | |||
Initial Cost to Company, Land | $ 6,945,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,064,976 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,896,605 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 6,945,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,961,581 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,906,581 | |||
Accumulated Depreciation | (18,556,525) | |||
Investment in Real Estate, Net | 18,350,056 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 36,425,025 | |||
Schooner Bay I [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foster City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 168 | |||
Initial Cost to Company, Land | $ 5,345,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,390,618 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,636,468 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,345,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,027,086 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 31,372,086 | |||
Accumulated Depreciation | (16,017,984) | |||
Investment in Real Estate, Net | 15,354,102 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,839,869 | |||
Schooner Bay II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foster City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 144 | |||
Initial Cost to Company, Land | $ 4,550,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,064,764 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,074,751 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 4,550,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,139,515 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,689,515 | |||
Accumulated Depreciation | (14,268,541) | |||
Investment in Real Estate, Net | 13,420,974 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 26,144,881 | |||
Surrey Downs [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 122 | |||
Initial Cost to Company, Land | $ 3,057,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,848,618 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,347,614 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 3,057,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 11,196,232 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 14,253,332 | |||
Accumulated Depreciation | (7,873,885) | |||
Investment in Real Estate, Net | 6,379,447 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 9,819,750 | |||
Virgil Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 142 | |||
Initial Cost to Company, Land | $ 5,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,216,613 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,070,140 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,286,753 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,786,753 | |||
Accumulated Depreciation | (9,309,905) | |||
Investment in Real Estate, Net | 14,476,848 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 9,885,805 | |||
Wisconsin Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chevy Chase, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 432 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 172,089,355 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,277,053 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 173,366,408 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 173,366,408 | |||
Accumulated Depreciation | (43,009,588) | |||
Investment in Real Estate, Net | 130,356,820 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 147,801,323 | |||
Partially Owned Encumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 1,688 | |||
Initial Cost to Company, Land | $ 35,329,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 288,061,879 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 38,663,459 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 35,329,200 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 326,725,338 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 362,054,538 | |||
Accumulated Depreciation | (139,622,501) | |||
Investment in Real Estate, Net | 222,432,037 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 303,583,335 | |||
Total Consolidated Investment in Real Estate [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 78,537 | |||
Initial Cost to Company, Land | $ 5,962,270,046 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,856,959,041 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,691,792,587 | |||
Gross Amount Carried at close of period 12/31/2018, Land | 5,962,270,046 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,548,751,628 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 26,511,021,674 | |||
Accumulated Depreciation | (6,696,280,739) | |||
Investment in Real Estate, Net | 19,814,740,935 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 2,385,470,484 |
Schedule III - Real Estate an_7
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)PropertyApartmentUnit | Dec. 31, 2017USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | ||
Furniture, fixtures and equipment | $ 1,722,231,000 | $ 1,548,961,000 |
Land and depreciable property net | $ 14,000,000,000 | $ 14,800,000,000 |
Real Estate And Accumulated Depreciation Abstract | ||
Total properties | Property | 307 | |
Apartment units | ApartmentUnit | 79,482 | |
Partially Owned Properties – Unconsolidated | ||
Real Estate And Accumulated Depreciation Abstract | ||
Total properties | Property | 2 | |
Apartment units | ApartmentUnit | 945 | |
Depreciable Property [Member] | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Furniture, fixtures and equipment | $ 1,722,231,029 | |
Building [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 30 years | |
Renovations and Improvements Minimum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Renovations and Improvements Maximum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 15 years | |
Replacements Minimum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Replacements Maximum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 10 years | |
Management Business Renovations and Improvements Minimum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | |
Management Business Renovations and Improvements Maximum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 7 years |