Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 24, 2015 | Jun. 30, 2014 | |
Entity Information [Line Items] | |||
Entity Registrant Name | ESSEX PROPERTY TRUST INC | ||
Entity Central Index Key | 920522 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $11,430,740,862 | ||
Entity Common Stock, Shares Outstanding | 65,125,801 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Essex Portfolio, L.P. [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | ESSEX PORTFOLIO LP | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Rental properties: | ||||
Land and land improvements | $2,426,496,000 | $1,083,552,000 | ||
Buildings and improvements | 8,826,015,000 | 4,360,205,000 | ||
Total Rental Properties | 11,252,511,000 | 5,443,757,000 | ||
Less: accumulated depreciation | -1,564,806,000 | -1,254,886,000 | ||
Net Real Estate | 9,687,705,000 | 4,188,871,000 | ||
Real estate under development | 434,371,000 | 50,430,000 | ||
Co-investments | 1,036,411,000 | 677,133,000 | ||
Real estate held for sale, net | 56,300,000 | 0 | ||
Total Real Estate | 11,214,787,000 | 4,916,434,000 | ||
Cash and cash equivalents-unrestricted | 25,281,000 | 18,491,000 | 18,606,000 | 12,889,000 |
Cash and cash equivalents-restricted | 70,139,000 | 35,275,000 | ||
Marketable securities and other investments | 117,240,000 | 90,084,000 | ||
Notes and other receivables | 24,923,000 | 68,255,000 | ||
Prepaid expenses and other assets | 33,318,000 | 29,268,000 | ||
Acquired in-place lease value | 47,747,000 | 4,513,000 | ||
Deferred charges, net | 29,439,000 | 24,519,000 | ||
Total assets | 11,562,874,000 | 5,186,839,000 | ||
Liabilities: | ||||
Mortgage notes payable | 2,245,944,000 | 1,404,080,000 | ||
Unsecured debt | 2,617,482,000 | 1,410,023,000 | ||
Lines of credit | 246,391,000 | 219,421,000 | ||
Accounts payable and accrued liabilities | 142,135,000 | 67,183,000 | ||
Construction payable | 30,892,000 | 8,047,000 | ||
Dividends payable | 88,221,000 | 50,627,000 | ||
Other liabilities | 32,485,000 | 24,871,000 | ||
Total liabilities | 5,403,550,000 | 3,184,252,000 | ||
Temporary Equity [Abstract] | ||||
Commitments and contingencies | ||||
Redeemable noncontrolling interest | 23,256,000 | 0 | ||
Cumulative convertible 4.875% Series G preferred stock; $.0001 par value: 5,980,000 issued, and 0 and 178,249 outstanding | 0 | 4,349,000 | ||
Equity: | ||||
Common stock; $.0001 par value, 656,020,000 shares authorized; 63,682,646 and 37,421,219 shares issued and outstanding, respectively | 6,000 | 4,000 | ||
Cumulative redeemable 7.125% Series H preferred stock at liquidation value | 73,750,000 | 73,750,000 | ||
Excess stock; $.0001 par value, 330,000,000 shares authorized and no shares issued or outstanding | 0 | 0 | ||
Additional paid-in capital | 6,651,165,000 | 2,345,763,000 | ||
Distributions in excess of accumulated earnings | -650,797,000 | -474,426,000 | ||
Accumulated other comprehensive loss, net | -51,452,000 | -60,472,000 | ||
Total stockholders' equity | 6,022,672,000 | 1,884,619,000 | ||
Noncontrolling interest | 113,396,000 | 113,619,000 | ||
Total equity | 6,136,068,000 | 1,998,238,000 | 1,880,116,000 | 1,553,728,000 |
Total liabilities and equity/capital | 11,562,874,000 | 5,186,839,000 | ||
Essex Portfolio, L.P. [Member] | ||||
Rental properties: | ||||
Land and land improvements | 2,426,496,000 | 1,083,552,000 | ||
Buildings and improvements | 8,826,015,000 | 4,360,205,000 | ||
Total Rental Properties | 11,252,511,000 | 5,443,757,000 | ||
Less: accumulated depreciation | -1,564,806,000 | -1,254,886,000 | ||
Net Real Estate | 9,687,705,000 | 4,188,871,000 | ||
Real estate under development | 434,371,000 | 50,430,000 | ||
Co-investments | 1,036,411,000 | 677,133,000 | ||
Real estate held for sale, net | 56,300,000 | 0 | ||
Total Real Estate | 11,214,787,000 | 4,916,434,000 | ||
Cash and cash equivalents-unrestricted | 25,281,000 | 18,491,000 | 18,606,000 | 12,889,000 |
Cash and cash equivalents-restricted | 70,139,000 | 35,275,000 | ||
Marketable securities and other investments | 117,240,000 | 90,084,000 | ||
Notes and other receivables | 24,923,000 | 68,255,000 | ||
Prepaid expenses and other assets | 33,318,000 | 29,268,000 | ||
Acquired in-place lease value | 47,747,000 | 4,513,000 | ||
Deferred charges, net | 29,439,000 | 24,519,000 | ||
Total assets | 11,562,874,000 | 5,186,839,000 | ||
Liabilities: | ||||
Mortgage notes payable | 2,245,944,000 | 1,404,080,000 | ||
Unsecured debt | 2,617,482,000 | 1,410,023,000 | ||
Lines of credit | 246,391,000 | 219,421,000 | ||
Accounts payable and accrued liabilities | 142,135,000 | 67,183,000 | ||
Construction payable | 30,892,000 | 8,047,000 | ||
Distributions payable | 88,221,000 | 50,627,000 | ||
Other liabilities | 32,485,000 | 24,871,000 | ||
Total liabilities | 5,403,550,000 | 3,184,252,000 | ||
Temporary Equity [Abstract] | ||||
Commitments and contingencies | ||||
Redeemable noncontrolling interest | 23,256,000 | 0 | ||
Cumulative convertible Series G 4.875% preferred interest (liquidation value of $4,456 at December 31, 2013) | 0 | 4,349,000 | ||
Equity: | ||||
Common equity (2,201,810 and 2,149,802 units issued and outstanding, respectively) | 48,665,000 | 45,957,000 | ||
Accumulated other comprehensive loss, net | -49,356,000 | -58,940,000 | ||
Partners' Capital | 6,073,433,000 | 1,932,108,000 | ||
Noncontrolling interest | 62,635,000 | 66,130,000 | ||
Total Capital | 6,136,068,000 | 1,998,238,000 | 1,880,116,000 | 1,553,728,000 |
Total liabilities and equity/capital | 11,562,874,000 | 5,186,839,000 | ||
General Partner [Member] | Essex Portfolio, L.P. [Member] | ||||
Equity: | ||||
General Partners' Capital Account | 6,074,124,000 | 1,945,091,000 | ||
General Partner [Member] | Common Equity [Member] | Essex Portfolio, L.P. [Member] | ||||
Equity: | ||||
General Partners' Capital Account | 6,002,915,000 | 1,873,882,000 | ||
Total Capital | 6,002,915,000 | 1,873,882,000 | 1,762,856,000 | 1,439,089,000 |
General Partner [Member] | Preferred Equity [Member] | Essex Portfolio, L.P. [Member] | ||||
Equity: | ||||
General Partners' Capital Account | 71,209,000 | 71,209,000 | ||
Total Capital | $71,209,000 | $71,209,000 | $71,209,000 | $71,209,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
LIABILITIES AND EQUITY | ||
Cumulative convertible preferred stock, par value (in dollars per share) | 0.0001 | 0.0001 |
Cumulative convertible preferred stock, shares issued | 5,980,000 | 5,980,000 |
Cumulative convertible preferred stock, shares outstanding | 178,249 | 178,249 |
Common stock, par value (in dollars per share) | 0.0001 | 0.0001 |
Common stock, shares authorized | 656,020,000 | 656,020,000 |
Common stock, shares issued | 63,682,646 | 37,421,219 |
Common stock, shares outstanding | 37,421,219 | 36,442,994 |
Excess stock, par value (in dollars per share) | 0.0001 | 0.0001 |
Excess stock, shares authorized | 330,000,000 | 330,000,000 |
4.875% Series G Cumulative Convertible Preferred Stock [Member] | ||
LIABILITIES AND EQUITY | ||
Cumulative dividend rate (in hundredths) | 4.88% | 4.88% |
Series H 7.125% Cumulative Redeemable Preferred Stock [Member] | ||
LIABILITIES AND EQUITY | ||
Cumulative dividend rate (in hundredths) | 7.13% | 7.13% |
Essex Portfolio, L.P. [Member] | 4.875% Series G Cumulative Convertible Preferred Stock [Member] | ||
LIABILITIES AND EQUITY | ||
Cumulative convertible preferred interest, liquidation value | 4,456 | 4,456 |
General Partner [Member] | Essex Portfolio, L.P. [Member] | ||
LIABILITIES AND EQUITY | ||
Common stock, shares issued | 63,682,646 | 37,421,219 |
Common stock, shares outstanding | 63,682,646 | 37,421,219 |
Preferred Stock, Liquidation Preference, Value | 73,750 | 73,750 |
Limited Partner [Member] | Essex Portfolio, L.P. [Member] | ||
LIABILITIES AND EQUITY | ||
Common stock, shares issued | 2,201,810 | 2,149,802 |
Common stock, shares outstanding | 2,201,810 | 2,149,802 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Rental and other property | $959,958 | $602,003 | $526,696 |
Management and other fees from affiliates | 9,347 | 7,263 | 8,457 |
Total revenues | 969,305 | 609,266 | 535,153 |
Expenses: | |||
Property operating, excluding real estate taxes | 203,040 | 138,736 | 123,813 |
Real estate taxes | 107,873 | 57,276 | 48,354 |
Depreciation and amortization | 360,592 | 192,420 | 169,173 |
General and administrative | 40,878 | 26,684 | 24,573 |
Merger and integration expenses | 53,530 | 4,284 | 0 |
Acquisition and disposition costs | 1,878 | 1,161 | 2,215 |
Total expenses | 767,791 | 420,561 | 368,128 |
Earnings from operations | 201,514 | 188,705 | 167,025 |
Interest expense | -164,551 | -116,524 | -111,888 |
Interest and other income | 11,811 | 11,633 | 13,833 |
Equity income from co-investments | 39,893 | 55,865 | 41,745 |
Loss on early retirement of debt, net | -268 | -300 | -5,009 |
Gain on sale of real estate and land | 46,039 | 1,503 | 0 |
Gain on remeasurement of co-investment | 0 | 0 | 21,947 |
Income before discontinued operations | 134,438 | 140,882 | 127,653 |
Income from discontinued operations | 0 | 31,173 | 11,937 |
Net income | 134,438 | 172,055 | 139,590 |
Net income attributable to noncontrolling interest | -12,288 | -15,772 | -14,306 |
Net income attributable to controlling interest | 122,150 | 156,283 | 125,284 |
Dividends to preferred stockholders | -5,291 | -5,472 | -5,472 |
Net income available to common stockholders | 116,859 | 150,811 | 119,812 |
Basic: | |||
Income before discontinued operations available to common stockholders (in dollars per share) | $2.07 | $3.26 | $3.10 |
Income from discontinued operations available to common stockholders (in dollars per share) | $0 | $0.79 | $0.32 |
Net income available to common stockholders (in dollars per share) | $2.07 | $4.05 | $3.42 |
Weighted average number of shares outstanding during the year | 56,546,959 | 37,248,960 | 35,032,491 |
Diluted: | |||
Income before discontinued operations available to common stockholders (in dollars per share) | $2.06 | $3.25 | $3.09 |
Income from discontinued operations available to common stockholders (in dollars per share) | $0 | $0.79 | $0.32 |
Net income available to common stockholders (in dollars per share) | $2.06 | $4.04 | $3.41 |
Weighted average number of shares outstanding during the year | 56,696,525 | 37,335,295 | 35,124,921 |
Essex Portfolio, L.P. [Member] | |||
Revenues: | |||
Rental and other property | 959,958 | 602,003 | 526,696 |
Management and other fees from affiliates | 9,347 | 7,263 | 8,457 |
Total revenues | 969,305 | 609,266 | 535,153 |
Expenses: | |||
Property operating, excluding real estate taxes | 203,040 | 138,736 | 123,813 |
Real estate taxes | 107,873 | 57,276 | 48,354 |
Depreciation and amortization | 360,592 | 192,420 | 169,173 |
General and administrative | 40,878 | 26,684 | 24,573 |
Merger and integration expenses | 53,530 | 4,284 | 0 |
Acquisition and disposition costs | 1,878 | 1,161 | 2,215 |
Total expenses | 767,791 | 420,561 | 368,128 |
Earnings from operations | 201,514 | 188,705 | 167,025 |
Interest expense | -164,551 | -116,524 | -111,888 |
Interest and other income | 11,811 | 11,633 | 13,833 |
Equity income from co-investments | 39,893 | 55,865 | 41,745 |
Loss on early retirement of debt, net | -268 | -300 | -5,009 |
Gain on sale of real estate and land | 46,039 | 1,503 | 0 |
Gain on remeasurement of co-investment | 0 | 0 | 21,947 |
Income before discontinued operations | 134,438 | 140,882 | 127,653 |
Income from discontinued operations | 0 | 31,173 | 11,937 |
Net income | 134,438 | 172,055 | 139,590 |
Net income attributable to noncontrolling interest | -7,421 | -6,834 | -6,347 |
Net income attributable to controlling interest | 127,017 | 165,221 | 133,243 |
Preferred interest distributions - Series F, G, & H | -5,291 | -5,472 | -5,472 |
Net income available to common stockholders | $121,726 | $159,749 | $127,771 |
Basic: | |||
Income before discontinued operations available to common stockholders (in dollars per share) | $2.07 | $3.27 | $3.11 |
Income from discontinued operations available to common stockholders (in dollars per share) | $0 | $0.79 | $0.32 |
Net income available to common stockholders (in dollars per share) | $2.07 | $4.06 | $3.43 |
Weighted average number of shares outstanding during the year | 58,771,666 | 39,380,385 | 37,251,537 |
Diluted: | |||
Income before discontinued operations available to common stockholders (in dollars per share) | $2.07 | $3.26 | $3.10 |
Income from discontinued operations available to common stockholders (in dollars per share) | $0 | $0.79 | $0.32 |
Net income available to common stockholders (in dollars per share) | $2.07 | $4.05 | $3.42 |
Weighted average number of shares outstanding during the year | 58,921,232 | 39,466,720 | 37,343,967 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $134,438 | $172,055 | $139,590 |
Other comprehensive income (loss): | |||
Changes in fair value of cash flow hedges and reclassification to interest expense | 4,168 | 12,614 | 3,402 |
Changes in fair value of marketable securities | 6,302 | -1,556 | 1,411 |
Reversal of unrealized gains upon the sale of marketable securities | -886 | -1,767 | -1,082 |
Total other comprehensive income | 9,584 | 9,291 | 3,731 |
Comprehensive income | 144,022 | 181,346 | 143,321 |
Comprehensive income attributable to noncontrolling interest | -12,852 | -16,274 | -14,527 |
Comprehensive income attributable to controlling interest | 131,170 | 165,072 | 128,794 |
Essex Portfolio, L.P. [Member] | |||
Net income | 134,438 | 172,055 | 139,590 |
Other comprehensive income (loss): | |||
Changes in fair value of cash flow hedges and reclassification to interest expense | 4,168 | 12,614 | 3,402 |
Changes in fair value of marketable securities | 6,302 | -1,556 | 1,411 |
Reversal of unrealized gains upon the sale of marketable securities | -886 | -1,767 | -1,082 |
Total other comprehensive income | 9,584 | 9,291 | 3,731 |
Comprehensive income | 144,022 | 181,346 | 143,321 |
Comprehensive income attributable to noncontrolling interest | -7,421 | -6,834 | -6,347 |
Comprehensive income attributable to controlling interest | $136,601 | $174,512 | $136,974 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Distributions in Excess of Accumulated Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | ||
In Thousands, except Share data, unless otherwise specified | |||||||||
Balances at Dec. 31, 2011 | $1,553,728 | $73,750 | $3 | $1,844,611 | ($408,066) | ($72,771) | $116,201 | ||
Balances (in shares) at Dec. 31, 2011 | 2,950,000 | 33,888,000 | |||||||
Net income | 139,590 | 125,284 | 14,306 | ||||||
Reversal of unrealized gains upon the sale of marketable securities | -1,082 | -1,018 | -64 | ||||||
Changes in fair value of cash flow hedges and reclassification to interest expense | 3,402 | 3,183 | 219 | ||||||
Changes in fair value of marketable securities | 1,411 | 1,345 | 66 | ||||||
Issuance of common stock under: | |||||||||
Stock option plans | 4,675 | 4,675 | |||||||
Stock option plans (in shares) | 151,000 | ||||||||
Sale of common stock | 357,720 | 357,720 | |||||||
Sale of common stock (in shares) | 2,404,000 | ||||||||
Equity based compensation costs | 1,801 | -430 | 2,231 | ||||||
Contributions from noncontrolling interest | 4,232 | 4,232 | |||||||
Redemptions of noncontrolling interest | -6,986 | -1,798 | -5,188 | ||||||
Distributions to noncontrolling interest | -16,691 | -16,691 | |||||||
Contributions from noncontrolling interest | [1] | 0 | |||||||
Retirement of noncontrolling interest | [1] | 0 | |||||||
Common and preferred stock dividends declared | -161,684 | -161,684 | |||||||
Balances at Dec. 31, 2012 | 1,880,116 | 73,750 | 3 | 2,204,778 | -444,466 | -69,261 | 115,312 | ||
Balances (in shares) at Dec. 31, 2012 | 2,950,000 | 36,443,000 | |||||||
Net income | 172,055 | 156,283 | 15,772 | ||||||
Reversal of unrealized gains upon the sale of marketable securities | -1,767 | -1,673 | -94 | ||||||
Changes in fair value of cash flow hedges and reclassification to interest expense | 12,614 | 11,934 | 680 | ||||||
Changes in fair value of marketable securities | -1,556 | -1,472 | -84 | ||||||
Issuance of common stock under: | |||||||||
Stock option plans | 7,244 | 7,244 | |||||||
Stock option plans (in shares) | 65,000 | ||||||||
Sale of common stock | 138,366 | 1 | 138,365 | ||||||
Sale of common stock (in shares) | 913,000 | ||||||||
Equity based compensation costs | 1,608 | -907 | 2,515 | ||||||
Redemptions of noncontrolling interest | -5,711 | -3,717 | -1,994 | ||||||
Distributions to noncontrolling interest | -18,488 | -18,488 | |||||||
Contributions from noncontrolling interest | [1] | 0 | |||||||
Retirement of noncontrolling interest | [1] | 0 | |||||||
Common and preferred stock dividends declared | -186,243 | -186,243 | |||||||
Balances at Dec. 31, 2013 | 1,998,238 | 73,750 | 4 | 2,345,763 | -474,426 | -60,472 | 113,619 | ||
Balances (in shares) at Dec. 31, 2013 | 2,950,000 | 37,421,000 | |||||||
Net income | 134,438 | 122,150 | 12,288 | ||||||
Reversal of unrealized gains upon the sale of marketable securities | -886 | -841 | -45 | ||||||
Changes in fair value of cash flow hedges and reclassification to interest expense | 4,168 | 3,721 | 447 | ||||||
Changes in fair value of marketable securities | 6,302 | 6,140 | 162 | ||||||
Issuance of common stock under: | |||||||||
Stock option plans | 3,774,087 | 2 | 3,774,085 | ||||||
Stock option plans (in shares) | 23,067,000 | ||||||||
Stock Option And Restricted Stock Plans | 11,024 | 11,024 | |||||||
Stock Option And Restricted Stock Plans (in shares) | 218,000 | ||||||||
Sale of common stock | 532,670 | 532,670 | |||||||
Sale of common stock (in shares) | 2,943,000 | ||||||||
Equity based compensation costs | 11,872 | 5,719 | 6,153 | ||||||
Redemptions of noncontrolling interest | 4,026 | -2,934 | -1,092 | ||||||
Distributions to noncontrolling interest | 17,069 | -17,069 | |||||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | -20,890 | -19,823 | -1,067 | ||||||
Changes in the redemption value of redeemable noncontrolling interest | 312 | 312 | |||||||
Conversion of Series G preferred stock | 4,349 | 4,349 | |||||||
Conversion of Series G preferred stock (in shares) | 34,000 | ||||||||
Contributions from noncontrolling interest | 1,419,816 | [1] | -1,419,816 | ||||||
Retirement of noncontrolling interest | -1,419,816 | [1] | 1,419,816 | ||||||
Common and preferred stock dividends declared | 298,521 | -298,521 | |||||||
Balances at Dec. 31, 2014 | $6,136,068 | $73,750 | $6 | $6,651,165 | ($650,797) | ($51,452) | $113,396 | ||
Balances (in shares) at Dec. 31, 2014 | 2,950,000 | 63,683,000 | |||||||
[1] | See note 2(r) for details of noncash investing and financing activities related to the BRE merger. |
Consolidated_Statements_of_Cap
Consolidated Statements of Capital (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net income | $44,805 | $26,406 | $36,903 | $29,702 | $134,438 | $172,055 | $139,590 | |||
Reversal of unrealized gains upon the sale of marketable securities | -886 | -1,767 | -1,082 | |||||||
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | 4,168 | 12,614 | 3,402 | |||||||
Changes in fair value of marketable securities | 6,302 | -1,556 | 1,411 | |||||||
Issuance of common stock under: | ||||||||||
Sale of common stock | 532,670 | 138,366 | 357,720 | |||||||
Reclassification Of Noncontrolling Interest To Redeemable Noncontrolling Interest | 20,890 | |||||||||
Changes in the redemption value of redeemable noncontrolling interest | 312 | |||||||||
Conversion of Series G preferred stock | 4,349 | |||||||||
Contributions from noncontrolling interest | 1,419,816 | [1] | 0 | [1] | 0 | [1] | ||||
Retirement of noncontrolling interest | -1,419,816 | [1] | 0 | [1] | 0 | [1] | ||||
Distributions to noncontrolling interests | 17,069 | -18,488 | -16,691 | |||||||
Essex Portfolio, L.P. [Member] | ||||||||||
Balances | 1,998,238 | 1,880,116 | 1,998,238 | 1,880,116 | 1,553,728 | |||||
Net income | 44,805 | 26,406 | 36,903 | 29,702 | 134,438 | 172,055 | 139,590 | |||
Reversal of unrealized gains upon the sale of marketable securities | -886 | -1,767 | -1,082 | |||||||
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | 4,168 | 12,614 | 3,402 | |||||||
Changes in fair value of marketable securities | 6,302 | -1,556 | 1,411 | |||||||
Stock Issued During Period, Value, Acquisitions | 3,774,087 | |||||||||
Issuance of common stock under: | ||||||||||
Stock and unit based compensation plans | 11,024 | 7,244 | 4,675 | |||||||
Sale of common stock | 532,670 | 138,366 | 357,720 | |||||||
Stock and unit based compensation costs | 11,872 | 1,608 | 1,801 | |||||||
Reclassification Of Noncontrolling Interest To Redeemable Noncontrolling Interest | -20,890 | |||||||||
Changes in the redemption value of redeemable noncontrolling interest | 312 | |||||||||
Conversion of Series G preferred stock | 4,349 | |||||||||
Contributions from noncontrolling interest | 1,419,816 | [1] | 0 | [1] | 0 | [1] | ||||
Retirement of noncontrolling interest | -1,419,816 | [1] | 0 | [1] | 0 | [1] | ||||
Capital contributions | 4,232 | |||||||||
Redemptions | -5,497 | -5,711 | -6,986 | |||||||
Distributions to noncontrolling interests | -4,890 | -8,016 | -6,957 | |||||||
Distributions declared | -309,229 | -196,715 | -171,418 | |||||||
Balances | 6,136,068 | 1,998,238 | 6,136,068 | 1,998,238 | 1,880,116 | |||||
Essex Portfolio, L.P. [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||||
Balances | -58,940 | -68,231 | -58,940 | -68,231 | -71,962 | |||||
Reversal of unrealized gains upon the sale of marketable securities | -886 | -1,767 | -1,082 | |||||||
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | 4,168 | 12,614 | 3,402 | |||||||
Changes in fair value of marketable securities | 6,302 | -1,556 | 1,411 | |||||||
Issuance of common stock under: | ||||||||||
Balances | -49,356 | -58,940 | -49,356 | -58,940 | -68,231 | |||||
Essex Portfolio, L.P. [Member] | Noncontrolling Interest [Member] | ||||||||||
Balances | 66,130 | 68,689 | 66,130 | 68,689 | 66,814 | |||||
Net income | 7,421 | 6,834 | 6,347 | |||||||
Issuance of common stock under: | ||||||||||
Reclassification Of Noncontrolling Interest To Redeemable Noncontrolling Interest | -5,084 | |||||||||
Capital contributions | 4,232 | |||||||||
Redemptions | -942 | -1,377 | -1,747 | |||||||
Distributions to noncontrolling interests | -4,890 | -8,016 | -6,957 | |||||||
Balances | 62,635 | 66,130 | 62,635 | 66,130 | 68,689 | |||||
Essex Portfolio, L.P. [Member] | General Partner [Member] | Common Equity [Member] | ||||||||||
Balances | 1,873,882 | 1,762,856 | 1,873,882 | 1,762,856 | 1,439,089 | |||||
Balances (in shares) | 37,421,000 | 36,443,000 | 37,421,000 | 36,443,000 | 33,888,000 | |||||
Net income | 116,859 | 150,811 | 119,812 | |||||||
Stock Issued During Period, Shares, Acquisitions | 23,067,000 | |||||||||
Stock Issued During Period, Value, Acquisitions | 3,774,087 | |||||||||
Issuance of common stock under: | ||||||||||
Stock and unit based compensation plans | 11,024 | 7,244 | 4,675 | |||||||
Stock and unit based compensation plan (in shares) | 218,000 | 65,000 | 151,000 | |||||||
Sale of common stock | 532,670 | 138,366 | 357,720 | |||||||
Sale of common stock (in shares) | 2,943,000 | 913,000 | 2,404,000 | |||||||
Stock and unit based compensation costs | 5,719 | -907 | -430 | |||||||
Reclassification Of Noncontrolling Interest To Redeemable Noncontrolling Interest | -19,823 | |||||||||
Changes in the redemption value of redeemable noncontrolling interest | 312 | |||||||||
Conversion of Series G preferred stock | 4,349 | |||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 34,000 | |||||||||
Redemptions | -3,374 | -3,717 | -1,798 | |||||||
Distributions to noncontrolling interests | 0 | |||||||||
Distributions declared | -292,790 | -180,771 | -156,212 | |||||||
Balances | 6,002,915 | 1,873,882 | 6,002,915 | 1,873,882 | 1,762,856 | |||||
Balances (in shares) | 63,683,000 | 37,421,000 | 63,683,000 | 37,421,000 | 36,443,000 | |||||
Essex Portfolio, L.P. [Member] | General Partner [Member] | Preferred Equity [Member] | ||||||||||
Balances | 71,209 | 71,209 | 71,209 | 71,209 | 71,209 | |||||
Net income | 5,291 | 5,472 | 5,472 | |||||||
Issuance of common stock under: | ||||||||||
Distributions declared | -5,291 | -5,472 | -5,472 | |||||||
Balances | 71,209 | 71,209 | 71,209 | 71,209 | 71,209 | |||||
Essex Portfolio, L.P. [Member] | Limited Partner [Member] | Common Equity [Member] | ||||||||||
Balances | 45,957 | 45,593 | 45,957 | 45,593 | 48,578 | |||||
Balances (in shares) | 2,150,000 | 2,122,000 | 2,150,000 | 2,122,000 | 2,229,000 | |||||
Net income | 4,867 | 8,938 | 7,959 | |||||||
Issuance of common stock under: | ||||||||||
Stock and unit based compensation costs | 6,153 | 2,515 | 2,231 | |||||||
Stock and unit based compensation costs (in shares) | -62,000 | 28,000 | 107,000 | |||||||
Reclassification Of Noncontrolling Interest To Redeemable Noncontrolling Interest | 4,017 | |||||||||
Reclassification Of Noncontrolling Interest To Redeemable Noncontrolling Interest In Units | -10,000 | |||||||||
Contributions from noncontrolling interest | 1,419,816 | |||||||||
Noncontrolling Interest, Increase From Non-cash Transaction, Shares | 8,561,000 | |||||||||
Retirement of noncontrolling interest | -1,419,816 | |||||||||
Treasury Stock, Shares, Retired | -8,561,000 | |||||||||
Redemptions | -1,181 | -617 | -3,441 | |||||||
Distributions to noncontrolling interests | 0 | |||||||||
Distributions declared | -11,148 | -10,472 | -9,734 | |||||||
Balances | 48,665 | 45,957 | 48,665 | 45,957 | 45,593 | |||||
Balances (in shares) | 2,202,000 | 2,150,000 | 2,202,000 | 2,150,000 | 2,122,000 | |||||
Essex Portfolio, L.P. [Member] | Limited Partner [Member] | Preferred Equity [Member] | ||||||||||
Balances | 0 | |||||||||
Net income | 0 | |||||||||
Issuance of common stock under: | ||||||||||
Distributions declared | 0 | |||||||||
Balances | $0 | $0 | $0 | $0 | $0 | |||||
[1] | See note 2(r) for details of noncash investing and financing activities related to the BRE merger. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Cash flows from operating activities: | ||||||
Net income | $134,438 | $172,055 | $139,590 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 360,592 | 193,518 | 170,686 | |||
Earnings from co-investments | -33,335 | -14,613 | -12,633 | |||
Company's share of gain on the sales of co-investments | -6,558 | -41,252 | -29,112 | |||
Operating distributions from co-investments | 49,486 | 19,636 | 14,259 | |||
Gain on the sales of real estate and land | 46,039 | 30,725 | 10,870 | |||
Loss on early retirement of debt, net | 268 | 300 | 5,009 | |||
Gain on sale of marketable securities | -886 | -1,767 | -819 | |||
Amortization of (premium) discount and financing costs, net | -14,672 | 12,216 | 11,644 | |||
Amortization of discount on notes receivables | 0 | -844 | -1,832 | |||
Amortization of discount on marketable securities | -9,325 | -6,556 | -5,127 | |||
Non cash merger and integration expenses | 9,025 | 0 | 0 | |||
Equity-based compensation | 8,740 | 4,508 | 4,141 | |||
Gain on remeasurement of co-investment | 0 | 0 | -21,947 | |||
Changes in operating assets and liabilities: | ||||||
Prepaid expenses, in-place lease value, receivables and other assets | 15,828 | -1,588 | -9,488 | |||
Accounts payable and accrued liabilities | 24,233 | 72 | 12,360 | |||
Other liabilities | 1,188 | 22 | 1,638 | |||
Net cash provided by operating activities | 492,983 | 304,982 | 267,499 | |||
Additions to real estate: | ||||||
Acquisitions of real estate | -387,547 | -348,774 | -393,771 | |||
Redevelopment | -81,429 | -47,289 | -46,647 | |||
Acquisition of and additions to real estate under development | -152,766 | -17,757 | -29,196 | |||
Capital expenditures on rental properties | -78,864 | -56,919 | -45,368 | |||
Proceeds from insurance for property losses | 35,547 | 0 | 0 | |||
BRE merger consideration paid | -555,826 | 0 | 0 | |||
Acquisition of membership interest in co-investment | 0 | 0 | -85,000 | |||
Dispositions of real estate | 141,189 | 65,496 | 27,800 | |||
Dispositions of co-investments | 13,900 | 0 | 0 | |||
Changes in restricted cash and refundable deposits | -36,582 | -9,149 | -6,069 | |||
Purchases of marketable securities | -20,516 | -16,442 | -73,735 | |||
Sales and maturities of marketable securities | 8,753 | 24,172 | 61,703 | |||
Purchases of and advances under notes and other receivables | 0 | -56,750 | -26,000 | |||
Collections of notes and other receivables | 76,585 | 53,438 | 14,525 | |||
Contributions to co-investments | -246,006 | -162,578 | -260,153 | |||
Non-operating distributions from co-investments | 136,406 | 118,856 | 49,773 | |||
Net cash used in investing activities | -1,147,156 | -453,696 | -812,138 | |||
Cash flows from financing activities: | ||||||
Borrowings under debt agreements | 2,093,406 | 969,061 | 1,745,853 | |||
Repayment of debt | -1,814,020 | -750,900 | -1,371,317 | |||
Additions to deferred charges | -17,402 | -7,402 | -6,707 | |||
Equity related issuance cost | -1,391 | -617 | -309 | |||
Net proceeds from stock options exercised | 11,039 | 4,958 | 2,643 | |||
Net proceeds from issuance of common stock | 532,770 | 138,366 | 357,720 | |||
Contributions from noncontrolling interest | 0 | 0 | 2,400 | |||
Distributions to noncontrolling interest | -17,465 | -18,488 | -16,691 | |||
Redemption of noncontrolling interest | -5,753 | -5,711 | -6,986 | |||
Common and preferred stock dividends paid | -260,574 | -180,668 | -156,250 | |||
Net cash provided by financing activities | 520,610 | 148,599 | 550,356 | |||
Cash acquired from the BRE merger | 140,353 | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | 6,790 | -115 | 5,717 | |||
Cash and cash equivalents at beginning of year | 18,491 | 18,606 | 12,889 | |||
Cash and cash equivalents at end of year | 25,281 | 18,491 | 18,606 | |||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest, net of capitalized interest | 130,691 | 103,516 | 95,597 | |||
Interest capitalized | 22,510 | 16,486 | 10,346 | |||
Supplemental disclosure of noncash investing and financing activities: | ||||||
Contributions from noncontrolling interest | 1,419,816 | [1] | 0 | [1] | 0 | [1] |
Retirement of noncontrolling interest | -1,419,816 | [1] | 0 | [1] | 0 | [1] |
Transfer from real estate under development to rental properties | 10,203 | [1] | 68 | [1] | 6,632 | [1] |
Transfer from real estate under development to co-investments | 83,574 | [1] | 27,906 | [1] | 0 | [1] |
Transfer from co-investments to rental properties | 0 | [1] | 0 | [1] | 148,053 | [1] |
Reclassification to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | 18,766 | [1] | 0 | [1] | 0 | [1] |
Mortgage notes (excluding BRE merger) assumed in connection with purchases of real estate including the loan premiums recorded | 72,568 | [1] | 0 | [1] | 82,133 | [1] |
Contribution of note receivable to co-investment | 0 | [1] | 0 | [1] | 12,325 | [1] |
Change in accrual of dividends | 37,594 | [1] | 5,575 | [1] | 5,441 | [1] |
Change in construction payable | 22,845 | [1] | 2,655 | [1] | 1,113 | [1] |
Common stock proceeds receivables | 1,258 | [1] | 0 | [1] | 0 | [1] |
Essex Portfolio, L.P. [Member] | ||||||
Cash flows from operating activities: | ||||||
Net income | 134,438 | 172,055 | 139,590 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 360,592 | 193,518 | 170,686 | |||
Earnings from co-investments | -33,335 | -14,613 | -12,633 | |||
Company's share of gain on the sales of co-investments | -6,558 | -41,252 | -29,112 | |||
Operating distributions from co-investments | 49,486 | 19,636 | 14,259 | |||
Gain on the sales of real estate and land | 46,039 | 30,725 | 10,870 | |||
Loss on early retirement of debt, net | 268 | 300 | 5,009 | |||
Gain on sale of marketable securities | -886 | -1,767 | -819 | |||
Amortization of (premium) discount and financing costs, net | -14,672 | 12,216 | 11,644 | |||
Amortization of discount on notes receivables | 0 | -844 | -1,832 | |||
Amortization of discount on marketable securities | -9,325 | -6,556 | -5,127 | |||
Non cash merger and integration expenses | 9,025 | 0 | 0 | |||
Equity-based compensation | 8,740 | 4,508 | 4,141 | |||
Gain on remeasurement of co-investment | 0 | 0 | -21,947 | |||
Changes in operating assets and liabilities: | ||||||
Prepaid expenses, in-place lease value, receivables and other assets | 15,828 | -1,588 | -9,488 | |||
Accounts payable and accrued liabilities | 24,233 | 72 | 12,360 | |||
Other liabilities | 1,188 | 22 | 1,638 | |||
Net cash provided by operating activities | 492,983 | 304,982 | 267,499 | |||
Additions to real estate: | ||||||
Acquisitions of real estate | -387,547 | -348,774 | -393,771 | |||
Redevelopment | -81,429 | -47,289 | -46,647 | |||
Acquisition of and additions to real estate under development | -152,766 | -17,757 | -29,196 | |||
Capital expenditures on rental properties | -78,864 | -56,919 | -45,368 | |||
Proceeds from insurance for property losses | 35,547 | 0 | 0 | |||
BRE merger consideration paid | -555,826 | 0 | 0 | |||
Acquisition of membership interest in co-investment | 0 | 0 | -85,000 | |||
Dispositions of real estate | 141,189 | 65,496 | 27,800 | |||
Dispositions of co-investments | 13,900 | 0 | 0 | |||
Changes in restricted cash and refundable deposits | -36,582 | -9,149 | -6,069 | |||
Purchases of marketable securities | -20,516 | -16,442 | -73,735 | |||
Sales and maturities of marketable securities | 8,753 | 24,172 | 61,703 | |||
Purchases of and advances under notes and other receivables | 0 | -56,750 | -26,000 | |||
Collections of notes and other receivables | 76,585 | 53,438 | 14,525 | |||
Contributions to co-investments | -246,006 | -162,578 | -260,153 | |||
Non-operating distributions from co-investments | 136,406 | 118,856 | 49,773 | |||
Net cash used in investing activities | -1,147,156 | -453,696 | -812,138 | |||
Cash flows from financing activities: | ||||||
Borrowings under debt agreements | 2,093,406 | 969,061 | 1,745,853 | |||
Repayment of debt | -1,814,020 | -750,900 | -1,371,317 | |||
Additions to deferred charges | -17,402 | -7,402 | -6,707 | |||
Equity related issuance cost | -1,391 | -617 | -309 | |||
Net proceeds from stock options exercised | 11,039 | 4,958 | 2,643 | |||
Net proceeds from issuance of common stock | 532,770 | 138,366 | 357,720 | |||
Contributions from noncontrolling interest | 0 | 0 | 2,400 | |||
Distributions to noncontrolling interest | -4,841 | -8,016 | -6,957 | |||
Redemption of noncontrolling interest | -802 | -5,711 | -6,986 | |||
Common and preferred stock dividends paid | -278,149 | -191,140 | -165,984 | |||
Net cash provided by financing activities | 520,610 | 148,599 | 550,356 | |||
Cash acquired from the BRE merger | 140,353 | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | 6,790 | -115 | 5,717 | |||
Cash and cash equivalents at beginning of year | 18,491 | 18,606 | 12,889 | |||
Cash and cash equivalents at end of year | 25,281 | 18,491 | 18,606 | |||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest, net of capitalized interest | 130,691 | 103,516 | 95,597 | |||
Interest capitalized | 22,510 | 16,486 | 10,346 | |||
Supplemental disclosure of noncash investing and financing activities: | ||||||
Contributions from noncontrolling interest | 1,419,816 | [1] | 0 | [1] | 0 | [1] |
Retirement of noncontrolling interest | -1,419,816 | [1] | 0 | [1] | 0 | [1] |
Transfer from real estate under development to rental properties | 10,203 | [1] | 68 | [1] | 6,632 | [1] |
Transfer from real estate under development to co-investments | 83,574 | [1] | 27,906 | [1] | 0 | [1] |
Transfer from co-investments to rental properties | 0 | [1] | 0 | [1] | 148,053 | [1] |
Reclassification to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | 18,766 | [1] | 0 | [1] | 0 | [1] |
Mortgage notes (excluding BRE merger) assumed in connection with purchases of real estate including the loan premiums recorded | 72,568 | 0 | 82,133 | |||
Contribution of note receivable to co-investment | 0 | 0 | 12,325 | |||
Change in accrual of dividends | 37,594 | 5,575 | 5,441 | |||
Change in construction payable | 22,845 | 2,655 | 1,113 | |||
Common stock proceeds receivables | $1,258 | $0 | $0 | |||
[1] | See note 2(r) for details of noncash investing and financing activities related to the BRE merger. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization |
The accompanying consolidated financial statements present the accounts of Essex Property Trust, Inc. (“Essex”, “ESS”, or the “Company”), which include the accounts of the Company and Essex Portfolio, L.P. and subsidiaries (the “Operating Partnership,” which holds the operating assets of the Company). Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. | |
ESS is the sole general partner in the Operating Partnership with a 96.7% general partner interest and the limited partners owned a 3.3% interest as of December 31, 2014. The limited partners may convert their Operating Partnership units into an equivalent number of shares of common stock. Total Operating Partnership limited partnership units outstanding were 2,201,810 and 2,149,802 as of December 31, 2014 and 2013, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $455 million and $309 million, as of December 31, 2014 and 2013, respectively. The Company has reserved shares of common stock for such conversions. | |
As of December 31, 2014, the Company owned or had ownership interests in 239 apartment communities, (aggregating 57,455 units), four commercial buildings, and twelve active development projects (collectively, the “Portfolio”). The communities are located in Southern California (Los Angeles, Orange, Riverside, Santa Barbara, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle and Phoenix metropolitan areas. | |
On April 1, 2014, Essex completed the merger with BRE Properties, Inc. (“BRE”). In connection with the closing of the merger, (1) BRE merged into a wholly owned subsidiary of Essex, and (2) each outstanding share of BRE common stock was converted into (i) 0.2971 shares (the “Stock Consideration”) of Essex common stock, and (ii) $7.18 in cash, (the “Cash Consideration”), plus cash in lieu of fractional shares for total consideration of approximately $4.3 billion. The Cash Consideration was adjusted as a result of the authorization and declaration of a special distribution to the stockholders of BRE of $5.15 per share of BRE common stock payable to BRE stockholders of record as of the close of business on March 31, 2014 (the “Special Dividend”). The Special Dividend was payable as a result of the closing of the sale of certain interests in assets of BRE to certain parties, which closed on March 31, 2014. Pursuant to the terms of the merger agreement, the amounts payable as a Special Dividend reduced the Cash Consideration of $12.33 payable by Essex in the merger to $7.18 per share of BRE common stock. | |
Essex issued approximately 23.1 million shares of Essex common stock as Stock Consideration in the merger. For purchase accounting, the value of the common stock issued by Essex upon the consummation of the merger was determined based on the closing price of BRE’s common stock on the closing date of the merger. As a result of Essex being admitted to the S&P 500 on the same date as the closing of the merger, Essex’s common stock price experienced significantly higher than usual trading volume and the closing price of $174 per share was significantly higher than its volume-weighted average trading price for the days before and after April 1, 2014. BRE’s common stock did not experience the same proportionate increase in common stock price leading up to April 1, 2014. As a result, given that a substantial component of the purchase price is an exchange of equity instruments, Essex used the closing price of BRE’s common stock on April 1, 2014 of $61 per share, less the Cash Consideration, as the fair value of the equity consideration. After deducting the Special Dividend and the Cash Consideration per share, this resulted in a value of $48.67 per share of BRE common stock which is the equivalent of approximately $164 per share of Essex common stock issued. |
Summary_of_Critical_and_Signif
Summary of Critical and Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Summary of Critical and Significant Accounting Policies | Summary of Critical and Significant Accounting Policies | |||||||||||
(a) Principles of Consolidation and Basis of Presentation | ||||||||||||
The accounts of the Company, its controlled subsidiaries and the variable interest entities (“VIEs”) in which it is the primary beneficiary are consolidated in the accompanying financial statements. All significant inter-company accounts and transactions have been eliminated. Certain reclassifications have been made to prior year amounts to conform to the current year’s presentation. Such reclassifications had no net effect on previously reported financial results. | ||||||||||||
Noncontrolling interest includes the 3.3% and 5.4% limited partner interests in the Operating Partnership not held by the Company at December 31, 2014 and 2013, respectively. These percentages include the Operating Partnership’s vested long term incentive plan units (see Note 13). | ||||||||||||
The Company consolidates 17 DownREIT limited partnerships (comprising ten communities), since the Company is the primary beneficiary of these variable interest entities (“VIEs”). The consolidated total assets and liabilities related to these VIEs, net of intercompany eliminations, were approximately $200.0 million and $196.6 million, respectively, as of December 31, 2014, and $194.9 million and $178.3 million, respectively, as of December 31, 2013. | ||||||||||||
The DownREIT VIEs collectively own ten apartment communities in which Essex Management Company (“EMC”) is the general partner, the Operating Partnership is a special limited partner, and the other limited partners were granted rights of redemption for their interests. Such limited partners can request to be redeemed and the Company can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis. Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under the above arrangements. The other limited partners receive distributions based on the Company's current dividend rate times the number of units held. Total DownREIT units outstanding were 941,138 and 1,007,879 as of December 31, 2014 and 2013 respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $194 million and $145 million, as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, the carrying value of the other limited partners' interests is presented at their historical cost and is classified within noncontrolling interest in the accompanying consolidated balance sheets. | ||||||||||||
Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. | ||||||||||||
As of December 31, 2014 and 2013, the Company did not have any VIEs of which it was not deemed to be the primary beneficiary. | ||||||||||||
(b) Recent Accounting Pronouncements | ||||||||||||
In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU No. 2014-09 may be applied using either a full retrospective or a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. We are currently evaluating the impact of this amendment on our financial position and results of operations. | ||||||||||||
In April 2014, the FASB issued ASU, No. 2014-018, Presentation of Financial Statements, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-018 changes the requirements for reporting discontinued operation under Subtopic 205-20, Presentation of Financial Statements—Discontinued Operations. The amendment updates the definition of discontinued operations and defines discontinued operations to be those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This ASU is effective for disposals of components of an entity that occur within annual periods beginning on or after December 15, 2014 with early adoption permitted, but only for disposals that have not been reported in financial statements previously issued. The Company adopted ASU 2014-018 in the first quarter of 2014. The Company determined that the disposals through the year ended December 31, 2014 were not a discontinued operation in accordance with ASU 2014-018. The gains related to these disposals are recorded in gains on sale of real estate and land in the consolidated statements of income. | ||||||||||||
(c) Real Estate Rental Properties | ||||||||||||
Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. | ||||||||||||
The depreciable life of various categories of fixed assets is as follows: | ||||||||||||
Computer software and equipment | 3 - 5 years | |||||||||||
Interior unit improvements | 5 years | |||||||||||
Furniture, fixtures and equipment | 5 years | |||||||||||
Land improvements and certain exterior components of real property | 10 years | |||||||||||
Real estate structures | 30 years | |||||||||||
The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new resident or if the development activities cease. | ||||||||||||
The Company allocates the purchase price of real estate to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired, which in the case of below market leases the Company assumes lessees will elect to renew their leases. The value of acquired in-place leases are amortized to expense over the term the Company expects to retain the acquired tenant, which is generally 20 months. The net carrying value of acquired in-place leases as of December 31, 2014 of $47.7 million is expected to be recognized in amortization expense primarily in 2015. | ||||||||||||
The Company performs the following evaluation for communities acquired: | ||||||||||||
-1 | adjust the purchase price for any fair value adjustments resulting from such things as assumed debt or contingencies; | |||||||||||
-2 | estimate the value of the real estate “as if vacant” as of the acquisition date; | |||||||||||
-3 | allocate that value among land and buildings including personal property; | |||||||||||
-4 | compute the value of the difference between the “as if vacant” value and the adjusted purchase price, which will represent the total intangible assets; | |||||||||||
-5 | compute the value of the above and below market leases and determine the associated life of the above market/ below market leases; | |||||||||||
-6 | compute the value of the in-place leases and customer relationships, if any, and the associated lives of these assets. | |||||||||||
Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment or held for sale may not be fully recoverable, the carrying amount will be evaluated for impairment. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost and fair value less estimated costs to sell. As of December 31, 2014, one community was classified as held for sale. As of December 31, 2013 no community was classified as held for sale and no impairment charges were recorded in 2014, 2013 or 2012. | ||||||||||||
In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when all criteria under the accounting standard for the disposals of long-lived assets have been met. | ||||||||||||
In April 2014, the FASB issued ASU, No. 2014-018, Presentation of Financial Statements, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-018 changes the requirements for reporting discontinued operation under Subtopic 205-20, Presentation of Financial Statements—Discontinued Operations. The amendment updates the definition of discontinued operations and defines discontinued operations to be those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This ASU is effective for disposals of components of an entity that occur within annual periods beginning on or after December 15, 2014 with early adoption permitted, but only for disposals that have not been reported in financial statements previously issued. The Company adopted ASU 2014-018 in its first quarter of 2014. The Company determined that the disposals through the year ended December 31, 2014 were not a discontinued operation in accordance with ASU 2014-018. The gains related to these disposals are recorded in gains on sale of real estate and land in the consolidated statements of income. The Company’s equity in income or loss from real estate investments accounted for under the equity method of accounting remain classified in continuing operations upon disposition. (See Note 6 for a description of the Company’s discontinued operations for 2013 and 2012). | ||||||||||||
(d) Co-investments | ||||||||||||
The Company owns investments in joint ventures (“co-investments”) in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with the accounting standards. Therefore, the Company accounts for these investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses. | ||||||||||||
A majority of the co-investments, excluding the preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote distributions if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income (loss) from co-investments. | ||||||||||||
(e) Revenues and Gains on Sale of Real Estate | ||||||||||||
Revenues from tenants renting or leasing apartment units are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis. Units are rented under short-term leases (generally, lease terms of 6 to 12 months) and may provide no rent for one or two months, depending on the market conditions and leasing practices of the Company’s competitors in each sub-market at the time the leases are executed. Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. | ||||||||||||
The Company recognizes gains on sales of real estate when a contract is in place, a closing has taken place, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property and the Company does not have a substantial continuing involvement in the property. | ||||||||||||
(f) Cash Equivalents and Restricted Cash | ||||||||||||
Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt. | ||||||||||||
(g) Marketable Securities and Other Investments | ||||||||||||
The Company reports its available for sale securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds, Level 2 for the unsecured bonds and Level 3 for the limited partnership interests, as defined by the FASB standard for fair value measurements as discussed later in Note 2), and any unrealized gain or loss is recorded as other comprehensive income (loss). There were no other than temporary impairment charges for the years ended December 31, 2014, 2013, and 2012. Realized gains and losses, interest income, and amortization of purchase discounts are included in interest and other income on the consolidated statement of income. | ||||||||||||
As of December 31, 2014 and 2013, marketable securities and other investments consisted primarily of investment-grade unsecured bonds, common stock, investments in mortgage backed securities, investment funds that invest in U.S. treasury or agency securities, and other limited partnership investments. As of December 31, 2014 and 2013, the Company classified its investments in mortgage backed securities, which mature in November 2019 and September 2020, as held to maturity, and accordingly, these securities are stated at their amortized cost. The discount on the mortgage backed securities is being amortized to interest income based on an estimated yield and the maturity date of the securities. | ||||||||||||
As of December 31, 2014 and 2013 marketable securities consist of the following ($ in thousands): | ||||||||||||
December 31, 2014 | ||||||||||||
Amortized | Gross | Carrying | ||||||||||
Cost | Unrealized | Value | ||||||||||
Gain | ||||||||||||
Available for sale: | ||||||||||||
Investment-grade unsecured bonds | $ | 9,435 | $ | 145 | $ | 9,580 | ||||||
Investment funds - US treasuries | 3,769 | 3 | 3,772 | |||||||||
Common stock and stock funds | 25,755 | 5,137 | 30,892 | |||||||||
Held to maturity: | ||||||||||||
Mortgage backed securities | 67,996 | — | 67,996 | |||||||||
Total - Marketable securities | 106,955 | 5,285 | 112,240 | |||||||||
Other investments (1) | 5,000 | — | 5,000 | |||||||||
Total - Marketable securities and other investments | $ | 111,955 | $ | 5,285 | $ | 117,240 | ||||||
(1) Limited partnership interests | ||||||||||||
December 31, 2013 | ||||||||||||
Amortized | Gross | Carrying | ||||||||||
Cost | Unrealized | Value | ||||||||||
Gain (Loss) | ||||||||||||
Available for sale: | ||||||||||||
Investment-grade unsecured bonds | $ | 15,446 | $ | 509 | $ | 15,955 | ||||||
Investment funds - US treasuries | 3,675 | 3 | 3,678 | |||||||||
Common stock | 13,104 | (1,304 | ) | 11,800 | ||||||||
Held to maturity: | ||||||||||||
Mortgage backed securities | 58,651 | — | 58,651 | |||||||||
Total - Marketable securities and other investments | $ | 90,876 | $ | (792 | ) | $ | 90,084 | |||||
The Company uses the specific identification method to determine the cost basis of a security sold and to reclassify amounts from accumulated other comprehensive income for securities sold. For the years ended December 31, 2014, 2013 and 2012, the proceeds from sales of available for sale securities totaled $8.8 million, $24.2 million and $61.7 million, respectively. These sales all resulted in gains, which totaled $0.9 million, $1.8 million and $0.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
(h) Notes Receivable | ||||||||||||
Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate. Interest is recognized over the life of the note. | ||||||||||||
Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectable. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. As of December 31, 2014 and 2013, no notes were impaired. | ||||||||||||
(i) Capitalization Policy | ||||||||||||
The Company capitalizes all direct and certain indirect costs, including interest, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various corporate and community onsite costs that clearly relate to projects under development. The Company’s capitalized internal costs related to development and redevelopment projects were comprised primarily of employee compensation and totaled $10.4 million, $7.5 million and $6.2 million for the years ended December 31, 2014, 2013 and 2012, respectively, most of which relates to development projects. The Company capitalizes leasing costs associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized are immaterial for all periods presented. | ||||||||||||
(j) Fair Value of Financial Instruments | ||||||||||||
The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities except for unsecured bonds and mortgage backed securities. The Company uses Level 2 inputs for its investments in unsecured bonds, notes receivable, notes payable, and derivative liabilities. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 9. The Company uses Level 3 inputs to estimate the fair value of its mortgage backed securities. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||||||||||||
Management believes that the carrying amounts of the outstanding balances under its notes and other receivables approximate fair value as of December 31, 2014 and 2013, because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments. Management has estimated that the fair value of the Company’s $4.4 billion and $2.3 billion of fixed rate debt at December 31, 2014 and 2013, respectively, to be $4.6 billion and $2.3 billion. Management has estimated the fair value of the Company’s $660.6 million and $737.0 million of variable rate debt at December 31, 2014 and 2013, respectively, is $656.3 million and $719.4 million based on the terms of the Company’s existing variable rate debt compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payable, other liabilities and dividends payable approximate fair value as of December 31, 2014 and 2013 due to the short-term maturity of these instruments. Marketable securities and derivative liabilities are carried at fair value as of December 31, 2014 and 2013. | ||||||||||||
At December 31, 2014 and 2013, the Company’s investments in mortgage backed securities had a carrying value of $68.0 million and $58.7 million. The Company estimated the fair value of investment in mortgage backed securities at December 31, 2014 and 2013 to be approximately $96.0 million and $86.2 million, respectively. The Company determines the fair value of the mortgage backed securities based on unobservable inputs (level 3 of the fair value hierarchy) considering the assumptions that market participants would make in valuing these securities. Assumptions such as estimated default rates and discount rates are used to determine expected, discounted cash flows to estimate the fair value. | ||||||||||||
(k) Interest Rate Protection, Swap, and Forward Contracts | ||||||||||||
The Company uses interest rate swaps, interest rate cap contracts, and forward starting swaps to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company primarily used interest rate swaps and interest rate forward-starting swaps as part of its cash flow hedging strategy. The Company was hedging its exposure to the variability in future cash flows for a portion of its forecasted transactions. | ||||||||||||
As of December 31, 2014 and 2013, there were no outstanding forward starting swaps. The Company records all derivatives on its consolidated balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. | ||||||||||||
For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. | ||||||||||||
For derivatives not designated as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps and interest rate caps are considered cash flow hedges except for the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community that was terminated in 2012 as described in detail in Note 9. The Company did not have any fair value hedges during the years end December 31, 2014, 2013 and 2012. | ||||||||||||
(l) Deferred Charges | ||||||||||||
Deferred charges are principally comprised of loan fees and related costs which are amortized over the terms of the related borrowing in a manner which approximates the effective interest method. | ||||||||||||
(m) Income Taxes | ||||||||||||
Generally in any year in which ESS qualifies as a real estate investment trust (“REIT”) under the Internal Revenue Code (the “IRC”), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2014 as ESS has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude ESS from paying federal income tax. | ||||||||||||
In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. The activities and tax related provisions, assets and liabilities are not material. | ||||||||||||
As a partnership, the Operating Partnership is not subject to federal or state income taxes except that in order to maintain ESS’s compliance with REIT tax rules that are applicable to ESS, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership. | ||||||||||||
The status of cash dividends distributed for the years ended December 31, 2014, 2013, and 2012 related to common stock, Series F, Series G, and Series H preferred stock are classified for tax purposes as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Common Stock | ||||||||||||
Ordinary income | 70.03 | % | 77.34 | % | 70.58 | % | ||||||
Capital gain | 21.95 | % | 17.64 | % | 8.75 | % | ||||||
Unrecaptured section 1250 capital gain | 8.02 | % | 5.02 | % | 7.97 | % | ||||||
Return of capital | — | % | — | % | 12.7 | % | ||||||
100 | % | 100 | % | 100 | % | |||||||
2014 | 2013 | 2012 | ||||||||||
Series F, G, and H Preferred stock | ||||||||||||
Ordinary income | 70.03 | % | 77.34 | % | 80.85 | % | ||||||
Capital gains | 21.95 | % | 17.64 | % | 10.02 | % | ||||||
Unrecaptured section 1250 capital gain | 8.02 | % | 5.02 | % | 9.13 | % | ||||||
100 | % | 100 | % | 100 | % | |||||||
(n) Preferred Stock | ||||||||||||
The Company’s Series G Cumulative Convertible Preferred Stock (“Series G Preferred Stock”) contains fundamental change provisions that allow the holder to redeem the preferred stock for cash if certain events occur. The redemption under these provisions is not solely within the Company’s control, thus the Company has classified the Series G Preferred Stock as temporary equity in the accompanying consolidated balance sheets as of December 31, 2013. During the second quarter of 2014, all of the shares of Series G Preferred Stock were converted into shares of common stock. | ||||||||||||
(o) Equity-based Compensation | ||||||||||||
The cost of share and unit based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long term incentive plan units (discussed in Note 13) are being amortized over the expected service periods. | ||||||||||||
(p) Changes in Accumulated Other Comprehensive Loss by Component | ||||||||||||
Essex Property Trust, Inc. | ||||||||||||
Change in fair value and | Unrealized | Total | ||||||||||
amortization | gains/(losses) on | |||||||||||
of derivatives | available for sale | |||||||||||
securities | ||||||||||||
Balance at December 31, 2013, net of noncontrolling interest | $ | (59,724 | ) | $ | (748 | ) | $ | (60,472 | ) | |||
Other comprehensive income before reclassification | 758 | 6,140 | 6,898 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 2,963 | (841 | ) | 2,122 | ||||||||
Net other comprehensive income | 3,721 | 5,299 | 9,020 | |||||||||
Balance at December 31, 2014, net of noncontrolling interest | $ | (56,003 | ) | $ | 4,551 | $ | (51,452 | ) | ||||
Essex Portfolio, L.P. | ||||||||||||
Change in fair | Unrealized | Total | ||||||||||
value and | gains/(losses) on | |||||||||||
amortization | available for sale | |||||||||||
of derivatives | securities | |||||||||||
Balance at December 31, 2013 | $ | (58,148 | ) | $ | (792 | ) | $ | (58,940 | ) | |||
Other comprehensive income before reclassification | 1,205 | 6,302 | 7,507 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 2,963 | (886 | ) | 2,077 | ||||||||
Net other comprehensive income | 4,168 | 5,416 | 9,584 | |||||||||
Balance at December 31, 2014 | $ | (53,980 | ) | $ | 4,624 | $ | (49,356 | ) | ||||
Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded to interest expense on the consolidated statement of income. Realized gains and losses on available for sale securities are included in interest and other income on the consolidated statement of income. | ||||||||||||
(q) Accounting Estimates | ||||||||||||
The preparation of consolidated financial statements, in accordance with U.S. generally accepted accounting principles (“GAAP”), requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivable and its qualification as a REIT. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions. | ||||||||||||
(r) BRE Merger | ||||||||||||
The merger with BRE was a two-step process. First, 14 of the BRE properties were acquired on March 31, 2014 in exchange for $1.4 billion of OP units. The preliminary fair value of these properties was substantially all attributable to rental properties which included land, buildings and improvements, and real estate under development and approximately $19 million was attributable to acquired in-place lease value. Second, the BRE merger closed on April 1, 2014 in exchange for the total consideration of approximately $4.3 billion. | ||||||||||||
The preliminary fair values of the assets and liabilities acquired on April 1, 2014 (including the 14 properties acquired on March 31, 2014 as the OP units issued were retired on April 1, 2014) recorded were based upon a preliminary valuation and the estimates and assumptions used in such valuation are subject to change, which could be significant, within the measurement period. The measurement period is the period after the acquisition date during which the acquirer may adjust the provisional amounts recognized for a business combination. The measurement period provides the acquirer with a reasonable time to obtain the information necessary to identify and measure the assets and liabilities acquired in the business combination, not to exceed one year from the acquisition date. The preliminary valuation of the assets acquired and liabilities assumed for the BRE merger is as follows (in millions): | ||||||||||||
Cash assumed | $ | 140 | ||||||||||
Rental properties and real estate under development | 5,618 | |||||||||||
Real estate held for sale, net | 108 | |||||||||||
Co-investments | 218 | |||||||||||
Acquired in-place lease value | 77 | |||||||||||
Other assets | 16 | |||||||||||
Mortgage notes payable and unsecured debt | (1,747 | ) | ||||||||||
Other liabilities | (94 | ) | ||||||||||
Redeemable noncontrolling interest | (5 | ) | ||||||||||
$ | 4,331 | |||||||||||
Cash consideration for BRE merger | $ | 556 | ||||||||||
Equity consideration for BRE merger | 3,775 | |||||||||||
Total consideration for BRE merger | $ | 4,331 | ||||||||||
During the measurement period related to the BRE merger, the Company recorded an adjustment to increase the preliminary fair value of personal property by $100.9 million with an estimated useful life of 5 years with an offsetting decrease in real property with an estimated useful life of 30 years, all of which are classified within rental properties and real estate under development. The changes in estimates were the result of additional accounting information identified by management. The Company believes that the information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the Company is waiting for additional information necessary to finalize the fair values related to insurance recoveries and legal contingencies. Thus, the provisional measurements of fair value set forth above are subject to change further. The Company expects to complete the purchase accounting process as soon as practicable but no later than one year from the acquisition date. | ||||||||||||
The unaudited pro forma financial information set forth below is based on Essex’s historical consolidated statement of income for the years ended December 31, 2014 and December 31, 2013, adjusted to give effect to the merger with BRE including the 14 BRE properties acquired on March 31, 2014, as if they occurred on January 1, 2013. The pro forma adjustments primarily relate to merger expenses, depreciation expense on acquired buildings and improvements, amortization of acquired intangibles, and estimated interest expense related to assumed debt. | ||||||||||||
Essex Property Trust, Inc. | ||||||||||||
Pro forma (unaudited) | ||||||||||||
year ended December 31 | ||||||||||||
(in thousands, except per share data) | ||||||||||||
2014 | 2013 | |||||||||||
Total Revenue | $ | 1,055,460 | $ | 944,410 | ||||||||
Net income available to common stockholders (1) (2) | $ | 263,440 | $ | 141,504 | ||||||||
Earnings per share, diluted (1) | $ | 4.08 | $ | 2.26 | ||||||||
Essex Portfolio, L.P. | ||||||||||||
Pro forma (unaudited) | ||||||||||||
year ended December 31 | ||||||||||||
(in thousands, except per unit data) | ||||||||||||
2014 | 2013 | |||||||||||
Total Revenue | $ | 1,055,460 | $ | 944,410 | ||||||||
Net income available to common unitholders (1) (2) | $ | 263,585 | $ | 141,175 | ||||||||
Earnings per unit, diluted (1) | $ | 4.08 | $ | 2.26 | ||||||||
(1) 2014 supplemental pro forma net income available to common stockholders was adjusted to exclude $53.5 million of merger and integration related costs incurred by Essex during the year ended December 31, 2014. 2013 supplemental pro forma net income available to common stockholders was adjusted to include these charges. 2014 and 2013 supplemental pro forma earnings per share, diluted, were adjusted by approximately 23.1 million shares due to the common stock issued in connection with the merger. | ||||||||||||
(2) The supplemental pro forma net income available to common shareholders for the year ended December 31, 2014 include approximately $105 million from discontinued operations related to the sale of three BRE properties during the quarter ended March 31, 2014 that are non-recurring transactions. | ||||||||||||
Revenues of approximately $283.3 million and net loss of approximately $17.2 million associated with properties acquired in 2014 in the BRE merger are included in the consolidated statements of income for the twelve months ended December 31, 2014 for both Essex and the Operating Partnership. |
Real_Estate_Investments
Real Estate Investments | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Real Estate Investments, Net [Abstract] | ||||||||||||
Real Estate Investments | Real Estate Investments | |||||||||||
(a) Acquisitions of Real Estate | ||||||||||||
For the year ended December 31, 2014, in addition to the BRE merger, the Company purchased six communities consisting of 1,480 units for $460.7 million. | ||||||||||||
For the year ended December 31, 2013, the Company purchased six communities consisting of 1,079 units for $349.1 million. | ||||||||||||
(b) Sales of Real Estate Investments | ||||||||||||
During 2014, the Company sold four communities consisting of 594 units for $120.4 million resulting in gains totaling $43.6 million. | ||||||||||||
During 2013, the Company sold three communities consisting of 363 units for $57.5 million resulting in gains totaling $29.2 million. | ||||||||||||
During the first quarter of 2013, the Company sold a land parcel held for future development located in Palo Alto, California for $9.1 million, which resulted in a gain of $1.5 million. | ||||||||||||
During 2012, the Company sold two communities consisting of 264 units for $28.3 million resulting in gains totaling $10.9 million. | ||||||||||||
(c) Co-investments | ||||||||||||
The Company has joint venture investments in co-investments which are accounted for under the equity method. The co-investments’ accounting policies are similar to the Company’s accounting policies. The joint ventures own, operate, and develop apartment communities. The Company also has preferred equity investments included in co-investments which are accounted for under the equity method. | ||||||||||||
Palm Valley Apartments | ||||||||||||
On October 31, 2014, the Company acquired a 50% interest in Palm Valley Apartments ("Palm Valley") located in San Jose, California for $180 million. The property is encumbered by a $220 million mortgage loan, bearing interest at 5.6% per annum and maturing in February 2017, of which Essex’s pro-rata share is approximately $110 million. As of December 31, 2014, Palm Valley Apartments had an aggregate undepreciated carrying value of approximately $370.8 million. | ||||||||||||
Wesco I and Wesco III | ||||||||||||
Wesco I and III are 50/50 programmatic joint ventures with an institutional partner. Under the terms of Wesco I's and III’s operating agreements, Essex is entitled to asset management, property management, development and redevelopment service fees. Essex is entitled to its 50% pro rata share of the income or loss generated by these entities and upon the achievement of certain performance measures, is entitled to promote income. The Company has contributed $270 million to Wesco I and III. As of December 31, 2014, Wesco I owned nine apartment communities with 2,713 units with an aggregate undepreciated carrying value of approximately $682.4 million and Wesco III owned six apartment communities with 993 units with an aggregate undepreciated carrying value of approximately $230.7 million. | ||||||||||||
Wesco IV and BEXAEW | ||||||||||||
On April 1, 2014, in connection with the merger, the Company acquired a 50% interest in Wesco IV and a 50% interest in BEXAEW LLC (“BEXAEW”). Wesco IV and BEXAEW’s remaining 50% interest is owned by institutional partners. Wesco IV and BEXAEW expect to utilize debt targeted at approximately 50% and 60%, respectively, of the cost to acquire and improve real estate. Under the terms of Wesco IV’s and BEXAEW’s operating agreements, Essex is entitled to asset management, property management, development and redevelopment service fees. Essex is entitled to its 50% pro rata share of the income or loss generated by these entities and, upon the achievement of certain performance measures, is entitled to promote income. As of December 31, 2014, Wesco IV owned five apartment communities with 1,116 units with an aggregate undepreciated carrying value of approximately $297.9 million. As of December 31, 2014, BEXAEW owned nine apartment communities with 2,723 units with an aggregate undepreciated carrying value of approximately $519.2 million. | ||||||||||||
Essex Apartment Value Fund II, L.P. | ||||||||||||
The Company contributed $75.0 million to Essex Apartment Value Fund II, L.P. (“Fund II”), which represents a 28.2% interest as general partner and limited partner. As of December 31, 2014, Fund II was in liquidation. | ||||||||||||
During the year ended December 31, 2014, Fund II sold the two remaining communities for gross proceeds of $47.3 million and the Company recognized promote income of $9.5 million. In connection with the 2014 sales, Fund II incurred a prepayment penalty on debt of which the Company’s pro rata share was $0.2 million. The total gain on the sales was $23.3 million, of which the Company’s pro rata share was $6.6 million, net of internal disposition costs. | ||||||||||||
During the year ended December 31, 2013, Fund II sold five communities for gross proceeds of $320.4 million. In connection with the 2013 sales, Fund II incurred a prepayment penalty on debt of which the Company’s pro rata share was $0.4 million. The total gain on the sales was $146.8 million, of which the Company’s pro rata share was $38.8 million, net of internal disposition costs. | ||||||||||||
During the year ended December 31, 2012, Fund II sold seven communities for gross proceeds of $413.0 million. In connection with the 2012 sales, Fund II incurred a prepayment penalty on debt of which the Company’s pro rata share was $2.3 million. The total gain on the sales was $106.0 million, of which the Company’s pro rata share was $29.1 million. | ||||||||||||
Expo | ||||||||||||
In December 2010, the Company entered into a 275 unit development joint venture in Seattle, Washington with a partner who contributed a land parcel during the first quarter of 2011 in return for a 50% interest in the venture and the Company contributed cash equal to the value of the land in return for a 50% interest in the joint venture. As of December 31, 2014 the aggregate undepreciated carrying value was approximately $65.3 million. | ||||||||||||
Canada Pension Plan Investment Board – Joint Venture Developments | ||||||||||||
The Company has entered into seven development joint ventures with the Canada Pension Plan Investment Board (“CPPIB”) to develop seven apartment communities. For each joint venture the Company holds a 50% to 55% non-controlling interest in the venture and will earn customary management fees and may earn development, asset property management fees and may also earn a promote interest. These co-investments are not variable interest entities since they have sufficient equity without additional subordinated support, and the Company and CPPIB jointly have the power to direct activities that most significantly impact the co-investments’ economic performance. Each of the co-investments between the Company and CPPIB has a single general partner, which is a subsidiary consolidated by the Company. However, the Company, as general partner of the co-investments, does not control the co-investments because the limited partners have substantive participating rights. Therefore, the presumption of control by the Company as general partner is overcome by the rights held by CPPIB, and the Company records the co-investments with CPPIB on the equity method of accounting. | ||||||||||||
As of December 31, 2014, the Company and CPPIB have seven active developments projects comprised of 1,424 units for total estimated costs of $650.0 million. At December 31, 2014, the total remaining estimated costs to be incurred on these projects was $205.0 million of which the Company’s portion of the remaining costs were $111.3 million. | ||||||||||||
Connolly Station, a 309 unit community in Dublin, California, a development joint venture with CPPIB, stabilized its operations in the first quarter of 2014. | ||||||||||||
Epic is a development joint venture with CPPIB in San Jose, California. Phase I, a 280 unit community, stabilized its operations in the fourth quarter of 2013 and Phase II, a 289 unit community, stabilized its operations in the second quarter of 2014. Epic – Phase III is currently under development. | ||||||||||||
The Huxley and The Dylan | ||||||||||||
In 2011, the Company entered into two development joint ventures with a regional developer for the construction of The Huxley and The Dylan, two communities with 371 units and approximately 30,950 square feet of retail located in West Hollywood, California. The regional developer contributed the land and the Company contributed approximately $14.8 million in cash for a 50% interest in the ventures. The joint ventures obtained bond financing for the project in the amount of $114.4 million with maturity dates of October 2046 and December 2046 and entered into an interest rate swap transaction with respect to the bonds that terminates in September 2016 and December 2016 and that effectively converts the interest rate to the Securities Industry and Financial Market Association Municipal Swap Index (“SIFMA Municipal Swap Index”) plus 150 basis points through December 2016. The Huxley stabilized its operations in the second quarter of 2014. As of December 31, 2014 the aggregate undepreciated carrying values of The Huxley and The Dylan were approximately $72.2 million and $74.1 million respectively. | ||||||||||||
One South Market | ||||||||||||
In May 2013, the Company entered into a development joint venture to develop a 312 unit community in San Jose, California. The Company holds a 55% non-controlling interest in the venture and will earn customary development, asset, and property management fees and may also earn a promote interest. The co-investment is not a variable interest entity since it has sufficient equity without additional subordinated support, and the Company and the partner jointly have the power to direct activities that most significantly impact the co-investment economic performance. The co-investment has a single general partner, which is a subsidiary consolidated by the Company. However, the Company, as general partner of the co-investment, does not control the co-investments because the limited partner has substantive participating rights. Therefore, the presumption of control by the Company as general partner is overcome by the rights held by the limited partner, and the Company records the co-investments on the equity method of accounting. | ||||||||||||
As of December 31, 2014, the project’s total estimated costs were $145.0 million. At December 31, 2014, the total remaining estimated costs to be incurred on this project were $25.0 million of which the Company’s portion of the remaining costs was $13.8 million. | ||||||||||||
Century Towers | ||||||||||||
In July 2014, the Company entered into a joint venture to develop Century Towers, a multifamily community containing 376 apartment homes located in San Jose, California. The Company has a 50% ownership interest in the development which has a projected total cost of $172 million. The joint venture has obtained a $90 million construction loan that floats at LIBOR plus 175 basis points for a three year term with two one-year extension options. Construction began in the third quarter of 2014 and the property is expected to open in the first quarter of 2017. The Company has also committed to a $27 million preferred equity investment in the project, which accrues an annualized preferred return of 8.1%. The Company will earn customary development, asset, and property management fees and may also earn a promote interest. The co-investment is not a variable interest entity since it has sufficient equity without additional subordinated support, and the Company and the partner jointly have the power to direct activities that most significantly impact the co-investment economic performance. The co-investment has a single general partner, which is a subsidiary consolidated by the Company. However, the Company, as general partner of the co-investment, does not control the co-investments because the limited partner has substantive participating rights. Therefore, the presumption of control by the Company as general partner is overcome by the rights held by the partner, and the Company records the co-investments on the equity method of accounting. | ||||||||||||
As of December 31, 2014, the project’s total estimated costs were $172 million. At December 31, 2014, the total remaining estimated costs to be incurred on this project were $132 million, of which the Company’s portion of the remaining costs was $66 million. | ||||||||||||
Preferred Equity Investments | ||||||||||||
During the fourth quarter of 2014, the Company received cash of $101.0 million for its share of the redemption of a preferred equity investment related to a property located in San Francisco, California. The Company recorded $5.3 million of income from penalties due to the early redemption of this preferred equity investment which is included in equity income from co-investments in the consolidated statements of income. | ||||||||||||
In 2013, the Company received the redemption of $22.8 million of preferred equity related to three properties located in Los Angeles, California. The Company recorded $0.9 million of income from redemption penalties due to the early redemption of these preferred equity investments. | ||||||||||||
In 2013, the Company restructured the terms of a preferred equity investment with a related party entity on a property located in Anaheim, California, reducing the rate from 13% to 9%, while extending the maximum term by one year. The Company recorded a $0.4 million restructuring fee related to the restructured investment. | ||||||||||||
In 2012, the Company made a $14 million preferred equity investment in an apartment community located in Cupertino, California to a related party entity. The investment has a preferred return of 9.5% and matures in May 2016. The preferred equity agreement provides for up to $4 million of additional funding for renovation costs. | ||||||||||||
The carrying values of the Company’s co-investments, all accounted for under the equity method of accounting, as of December 31, 2014 and 2013 are as follows ($ in thousands): | ||||||||||||
2014 | 2013 | |||||||||||
Membership interest/Partnership interest in: | ||||||||||||
Wesco I and III | $ | 188,404 | $ | 181,098 | ||||||||
Fund II | 696 | 4,166 | ||||||||||
Expo | 7,352 | 12,041 | ||||||||||
The Huxley | 11,471 | 11,224 | ||||||||||
Connolly Station | 46,653 | 45,242 | ||||||||||
Epic Phase I and II | 122,968 | 106,845 | ||||||||||
Wesco IV | 86,289 | — | ||||||||||
BEXAEW | 73,771 | — | ||||||||||
Palm Valley | 70,186 | — | ||||||||||
Total operating co-investments | 607,790 | 360,616 | ||||||||||
Membership interest in: | ||||||||||||
Limited liability companies with CPPIB that own and are developing Epic Phase III, Mosso I and II, Park 20, The Emme, The Owens and Hacienda | 268,016 | 149,451 | ||||||||||
One South Market | 30,919 | 17,115 | ||||||||||
The Dylan | 7,874 | 7,321 | ||||||||||
Century Towers | 13,121 | — | ||||||||||
Total development co-investments | 319,930 | 173,887 | ||||||||||
Membership interest in Wesco II that owns a preferred equity interest in Park Merced with a preferred return of 10.1% | — | 94,711 | ||||||||||
Preferred interest in related party limited liability company that owns Sage at Cupertino with a preferred return of 9.5% (matures in May 2016) | 16,571 | 15,775 | ||||||||||
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 9% (matures in September 2020) | 13,824 | 13,824 | ||||||||||
Preferred interest in related party limited liability company that owns an apartment development in Redwood City with a preferred return of 12% (matures in July 2016 with one one-year extension option) | 10,396 | 9,455 | ||||||||||
Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 12% (matures in August 2016 with one one-year extension option) | 10,011 | 8,865 | ||||||||||
Preferred interest in a limited liability company that owns 8th & Thomas with a preferred return of 10.0% (matures in June 2018 with one one-year extension option) | 13,145 | — | ||||||||||
Preferred interest in a limited liability company that owns Newbury Park with a preferred return of 12.0% (matures in January 2019) | 13,150 | — | ||||||||||
Preferred interest in a limited liability company that owns Century Towers (1) (matures in August 2019) | 12,357 | — | ||||||||||
Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 9% (matures in January 2023) | 19,237 | — | ||||||||||
Total preferred interest investments | 108,691 | 142,630 | ||||||||||
Total co-investments | $ | 1,036,411 | $ | 677,133 | ||||||||
(1) The Company has committed to a total preferred equity investment in the project of $27.0 million at an effective preferred return rate of 8.1%. As of December 31, 2014 the Company has made a preferred equity investment of $12.0 million. | ||||||||||||
The combined summarized financial information of co-investments is as follows ($ in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Balance sheets: | ||||||||||||
Rental properties and real estate under development | $ | 3,426,574 | $ | 1,953,328 | ||||||||
Other assets | 107,902 | 61,578 | ||||||||||
Total assets | $ | 3,534,476 | $ | 2,014,906 | ||||||||
Debt (1) | $ | 1,677,089 | $ | 690,132 | ||||||||
Other liabilities | 91,579 | 125,479 | ||||||||||
Equity | 1,765,808 | 1,199,295 | ||||||||||
Total liabilities and partners' equity | $ | 3,534,476 | $ | 2,014,906 | ||||||||
Company's share of equity | $ | 1,036,411 | $ | 677,133 | ||||||||
Years ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statements of operations: | ||||||||||||
Property revenues | $ | 188,548 | $ | 100,402 | $ | 130,128 | ||||||
Property operating expenses | (71,419 | ) | (37,518 | ) | (55,990 | ) | ||||||
Net operating income | 117,129 | 62,884 | 74,138 | |||||||||
Gain on sale of real estate | 23,333 | 146,758 | 106,016 | |||||||||
Interest expense | (39,990 | ) | (24,155 | ) | (34,959 | ) | ||||||
General and administrative | (6,321 | ) | (5,344 | ) | (3,697 | ) | ||||||
Equity income from co-investments (2) | 26,798 | 18,703 | 18,051 | |||||||||
Depreciation and amortization | (74,657 | ) | (36,831 | ) | (47,917 | ) | ||||||
Net income | $ | 46,292 | $ | 162,015 | $ | 111,632 | ||||||
Company's share of net income (3) | $ | 39,893 | $ | 55,865 | $ | 41,745 | ||||||
-1 | Includes preferred equity investments held by the Company. | |||||||||||
-2 | Represents income from Wesco II's preferred equity investment in Park Merced. | |||||||||||
-3 | Includes the Company's share of equity income from co-investments, income from preferred equity investments, gain on sale of co-investments, co-investment promote income, and income from early redemption of preferred equity investments. | |||||||||||
(d) Real Estate under Development | ||||||||||||
The Company defines development activities as new properties that are being constructed, or are newly constructed and are in a phase of lease-up and have not yet reached stabilized operations. As of December 31, 2014, the Company had two consolidated development projects, ten unconsolidated joint venture development projects, and various consolidated predevelopment projects, aggregating 2,920 units for an estimated total cost of $1.5 billion, of which $420.0 million remains to be expended. The Company’s portion of the remaining costs was $250.0 million. |
Notes_and_Other_Receivables
Notes and Other Receivables | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Notes and Other Receivables [Abstract] | ||||||||
Notes and Other Receivables | Notes and Other Receivables | |||||||
Notes receivables, secured by real estate, and other receivables consist of the following as December 31, 2014 and 2013 ($ in thousands): | ||||||||
2014 | 2013 | |||||||
Note receivable, secured, bearing interest at 6.0%, due December 2016 | $ | 3,212 | $ | 3,212 | ||||
Notes and other receivables from affiliates (1) | 8,105 | 60,968 | ||||||
Other receivables (2) | 13,606 | 4,075 | ||||||
$ | 24,923 | $ | 68,255 | |||||
-1 | The Company had $8.1 million of short-term loans outstanding and due from various legacy and BRE joint ventures. See Note 5, Related Party Transactions, for additional details. In 2013, the Company has provided two bridge loans totaling $56.8 million to Wesco III at a rate of LIBOR +2.50%. Wesco III repaid these two loans in 2014. | |||||||
-2 | Represents receivables for utilities, rents, and other receivables. | |||||||
During the year ended December 31, 2013, the Company received the repayment of three notes receivables totaling $30.5 million. One of the notes was repaid early, and the Company recorded $0.8 million of income related to a change in estimate on the discount to the note receivable. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
The Company has adopted written related party transaction guidelines that are intended to cover transactions in which the Company (including entities it controls) is a party and in which any “related person” has a direct or indirect interest. A “related person” means any Company director, director nominee, or executive officer, any beneficial owner of more than 5% of the Company’s outstanding common stock, and any immediate family member of any of the foregoing persons. A related person may be considered to have an indirect interest in a transaction if he or she (i) is an owner, director, officer or employee of or otherwise associated with another company that is engaging in a transaction with the Company, or (ii) otherwise, through one or more entities or arrangements, has an indirect financial interest in or personal benefit from the transaction. | |
The related person transaction review and approval process is intended to determine, among any other relevant issues, the dollar amount involved in the transaction; the nature and value of any related person’s direct or indirect interest (if any) in the transaction; and whether or not (i) a related person’s interest is material, (ii) the transaction is fair, reasonable, and serves the best interest of the Company and its shareholders, and (iii) whether the transaction or relationship should be entered into, continued or ended. | |
The Company’s Chairman and founder, Mr. George Marcus, is the Chairman of the Marcus & Millichap Company (“MMC”), which is a parent company of a diversified group of real estate service, investment, and development firms. Mr. Marcus is also the Co-Chairman of Marcus & Millichap, Inc. (“MMI”), and Mr. Marcus owns a controlling interest in MMI. MMI is a national brokerage firm listed on the NYSE that underwent its initial public offering in 2013. Fund II paid brokerage commissions totaling $0.6 million and $0.4 million, respectively, to an affiliate of MMI related to the sales of properties in 2013 and 2012, respectively. There were no brokerage commissions paid by the Company to MMI or its affiliates during 2014, 2013, and 2012. | |
The Company charges certain fees to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates total $16.5 million, $11.5 million, and $10.9 million for the years ended December 31, 2014, 2013, and 2012, respectively. All of these fees are net of intercompany amounts eliminated by the Company. | |
In July 2014, the Company acquired Paragon Apartments, a 301 unit apartment community located in Fremont, CA for $111.0 million from an entity that was partially owned by an affiliate of MMC. Independent members of the Company's Board of Directors that serve on the Nominating and Corporate Governance and Audit Committees approved the investment. | |
As described in Note 4, the Company has provided short-term bridge loans to affiliates. As of December 31, 2014, $8.1 million of short-term loans remained outstanding from various legacy and BRE joint ventures. | |
In 2012, the Company provided a $26.0 million short-term bridge loan to Wesco III at a rate of LIBOR plus 2.50% to assist with the purchase of Haver Hill in 2012. The short term bridge loan was repaid in March 2013. | |
As described in Note 3, the Company restructured the terms of a preferred equity investment in a property located in Anaheim, California, reducing the rate from 13% to 9%, while extending the maximum term by one year. The Company recorded $0.4 million of income related to the restructured investment. The entity that owns the property is an affiliate of MMC. Independent directors (other than Mr. Marcus) on the Company’s Board of Directors that serve on the Nominating and Corporate Governance and Audit Committees approved the restructuring of the investment in this entity. | |
In January 2013, the Company invested $8.6 million as a preferred equity interest investment in an entity affiliated with MMC that owns an apartment development in Redwood City, California. Independent directors (other than Mr. Marcus) on the Company’s Board of Directors that serve on the Nominating and Corporate Governance and Audit Committees approved the investment in this entity. | |
In 2012, the Company invested $14.0 million as a preferred equity interest investment in an entity affiliated with MMC that owns an apartment community in Cupertino, California. The investment has a preferred return of 9.5% and matures in May 2016. The Company expects to invest an additional $4.0 million in preferred equity to fund renovation costs. Independent directors (other than Mr. Marcus) on the Company’s Board of Directors approved the investment in this entity. | |
In 2012, the Company acquired Montebello, a 248 unit apartment community in Kirkland, Washington for $52.0 million from an entity affiliated with MMC, and Wesco I acquired Riley Square (formerly Waterstone Santa Clara), a 156 unit apartment community in Santa Clara, California for $38.3 million from an entity affiliated with MMC. Independent directors (other than Mr. Marcus) on the Company’s Board of Directors approved the acquisitions of Montebello and Riley Square. | |
An Executive Vice President of the Company invested $4.0 million for a 3% limited partnership interest in a partnership with the Company that owns Essex Skyline at MacArthur Place. The Executive Vice President’s investment is equal to a pro-rata share of the contributions to the limited partnership. The Executive Vice President’s investment also receives pro-rata distributions resulting from distributable cash generated by the property if and when distributions are made. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Discontinued Operations | Discontinued Operations | |||||||
The Company determined that the disposals through the year ended December 31, 2014 were not a discontinued operation in accordance with ASU 2014-018. The gains related to these disposals are recorded in gains on sale of real estate and land in the consolidated statements of income. | ||||||||
During 2013, the Company sold Linden Square, a 183 unit community located in Seattle, Washington for $25.3 million, resulting in a gain of $12.7 million. Also during 2013, the Company sold Cambridge, a 40 unit property located in Chula Vista, California for $4.7 million, resulting in a gain of $2.5 million, and Brentwood, a 140 unit property located in Santa Ana, California for $27.5 million, resulting in a gain of $14.0 million. | ||||||||
During 2012, the Company sold two communities for a total of $28.3 million resulting in gains totaling $10.9 million. | ||||||||
The Company has recorded the gains on sales and operations for these various assets sold described above as part of discontinued operations in the accompanying consolidated statements of income. The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets, as described above ($ in thousands): | ||||||||
2013 | 2012 | |||||||
Revenues | $ | 4,454 | $ | 5,848 | ||||
Property operating expenses | (1,406 | ) | (2,181 | ) | ||||
Depreciation and amortization | (1,098 | ) | (1,513 | ) | ||||
Expenses | (2,504 | ) | (3,694 | ) | ||||
Operating income from real estate sold | 1,950 | 2,154 | ||||||
Gain on sale of real estate | 29,223 | 10,870 | ||||||
Internal disposition costs | — | (1,087 | ) | |||||
Income from discontinued operations | $ | 31,173 | $ | 11,937 | ||||
Mortgage_Notes_Payable
Mortgage Notes Payable | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Notes Payable [Abstract] | ||||||||
Mortgage Notes Payable | Mortgage Notes Payable | |||||||
ESS does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2014 and 2013 ($ in thousands): | ||||||||
2014 | 2013 | |||||||
Fixed rate mortgage notes payable | $ | 2,056,742 | $ | 1,236,479 | ||||
Variable rate mortgage notes payable (1) | 189,202 | 167,601 | ||||||
Total mortgage notes payable (2) | $ | 2,245,944 | $ | 1,404,080 | ||||
Number of properties securing mortgage notes | 67 | 49 | ||||||
Remaining terms | 1-26 years | 1-26 years | ||||||
Weighted average interest rate | 4.6 | % | 5.6 | % | ||||
The aggregate scheduled principal payments of mortgage notes payable at December 31, 2014 are as follows ($ in thousands): | ||||||||
2015 | $ | 94,580 | ||||||
2016 | 41,481 | |||||||
2017 | 198,683 | |||||||
2018 | 320,080 | |||||||
2019 | 565,801 | |||||||
Thereafter | 941,526 | |||||||
$ | 2,162,151 | |||||||
-1 | Variable rate mortgage notes payable consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.8% at December 2014 and 1.6% at December 2013) plus credit enhancement and underwriting fees ranging from approximately 1.2% to 1.9%. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the units are subject to tenant income criteria. Principal balances are due in full at various maturity dates from February 2015 through April 2040. Of these bonds $153.2 million are subject to various interest rate cap agreements, which limit the maximum interest rate to such bonds. | |||||||
-2 | Includes total unamortized premium of $83.8 million and $11.5 million as of December 31, 2014 and December 31, 2013, respectively. | |||||||
For the Company’s mortgage notes payable as of December 31, 2014, monthly interest expense and principal amortization, excluding balloon payments, totaled approximately $9.4 million and $3.3 million, respectively. Second deeds of trust accounted for $58.2 million of the $2.2 billion in mortgage notes payable as of December 31, 2014. Repayment of debt before the scheduled maturity date could result in prepayment penalties. The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the mortgage note payable which is calculated by multiplying the principal being prepaid by the difference between the interest rate of the mortgage note and the stated yield rate on a specified U.S. treasury security as defined in the mortgage note agreement. |
Unsecured_Debt_and_Lines_of_Cr
Unsecured Debt and Lines of Credit | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Unsecured Debt and Lines of Credit | Unsecured Debt and Lines of Credit | ||||||||||||
ESS does not have any indebtedness as all debt is incurred by the Operating Partnership. ESS guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities up to the maximum amounts and for the full term of the facilities. | |||||||||||||
Unsecured debt and lines of credit consist of the following as of December 31, 2014 and 2013 ($ in thousands): | |||||||||||||
2014 | 2013 | Weighted Average | |||||||||||
Maturity | |||||||||||||
In Years | |||||||||||||
Bonds private placement - fixed rate | $ | 465,000 | $ | 465,000 | 4.2 | ||||||||
Term loan - variable rate | 225,000 | 350,000 | 1.9 | ||||||||||
Bonds public offering - fixed rate | 1,927,482 | 595,023 | 7.1 | ||||||||||
Unsecured debt (1) | 2,617,482 | 1,410,023 | |||||||||||
Lines of credit | 246,391 | 219,421 | |||||||||||
Total unsecured debt | $ | 2,863,873 | $ | 1,629,444 | |||||||||
Weighted average interest rate on fixed rate unsecured bonds | 3.6 | % | 4 | % | |||||||||
Weighted average interest rate on variable rate term loan | 2.4 | % | 2.5 | % | |||||||||
Weighted average interest rate on lines of credit | 1.8 | % | 2.2 | % | |||||||||
(1) Includes unamortized premium of $27.5 million and discount of $5.0 million as of December 31, 2014 and December 31, 2013, respectively. | |||||||||||||
As of December 31, 2014 and 2013, the Company had $465.0 million of private placement unsecured bonds outstanding at an average effective interest rate of 4.5%. | |||||||||||||
The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2014 and 2013 ($ in thousands): | |||||||||||||
Maturity | 2014 | 2013 | Coupon | ||||||||||
Rate | |||||||||||||
Senior unsecured private placement notes | Mar-16 | $ | 150,000 | $ | 150,000 | 4.36 | % | ||||||
Senior unsecured private placement notes | Sep-17 | 40,000 | 40,000 | 4.5 | % | ||||||||
Senior unsecured private placement notes | Dec-19 | 75,000 | 75,000 | 4.92 | % | ||||||||
Senior unsecured private placement notes | Apr-21 | 100,000 | 100,000 | 4.27 | % | ||||||||
Senior unsecured private placement notes | Jun-21 | 50,000 | 50,000 | 4.3 | % | ||||||||
Senior unsecured private placement notes | Aug-21 | 50,000 | 50,000 | 4.37 | % | ||||||||
$ | 465,000 | $ | 465,000 | ||||||||||
As of December 31, 2014 and 2013, the Company had unsecured term loans outstanding of $225.0 million and $350.0 million at an average interest rate of 2.4% and 2.5%, respectively. The term loans are at a variable interest rate of LIBOR plus 1.05%. The Company entered into interest rate swap contracts for a term of five years with a notional amount totaling $225.0 million, which effectively converted the interest rate on $225.0 million of the term loans to a fixed rate of 2.4%. | |||||||||||||
In April 2014, the Company, assumed $900.0 million aggregate principal amount of BRE’s 5.500% senior notes due 2017; 5.200% senior notes due 2021; and 3.375% senior notes due 2023 (together “BRE Notes”). The carrying value of the BRE Notes, plus premium was $934.7 million as of December 31, 2014. | |||||||||||||
In April 2014, the Company issued $400.0 million of senior unsecured notes due on May 1, 2024 with a coupon rate of 3.875% per annum and are payable on May 1st and November 1st of each year, beginning November 1, 2014 (the 2024 Notes). The 2024 Notes were offered to investors at a price of 99.234% of par value. The 2024 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2014, the carrying value of the 2024 Notes, net of discount was $397.2 million. | |||||||||||||
In April 2013, the Company issued $300.0 million of senior unsecured notes due on May 1, 2023 with a coupon rate of 3.25% per annum and are payable on May 1st and November 1st of each year, beginning November 1, 2013 (the 2023 Notes). The 2023 Notes were offered to investors at a price of 99.152% of par value. The 2023 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2014 and 2013, the carrying value of the 2023 Notes, net of discount was $298.0 million and $297.7 million. | |||||||||||||
During the third quarter 2012, the Company issued $300.0 million of senior unsecured notes due August 2022 with a coupon rate of 3.625% per annum and are payable on February 15th and August 15th of each year, beginning February 15, 2013 (the 2022 Notes). The 2022 Notes were offered to investors at a price of 98.99% of par value. The 2022 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. As of December 31, 2014 and 2013, the carrying value of the 2022 Notes, net of discount was $297.6 million and $297.3 million, respectively. | |||||||||||||
The following is a summary of the Company’s senior unsecured notes as of December 31, 2014 and 2013 ($ in thousands): | |||||||||||||
Maturity | 2014 | 2013 | Coupon | ||||||||||
Rate | |||||||||||||
Senior notes | Mar-17 | 300,000 | — | 5.5 | % | ||||||||
Senior notes | Mar-21 | 300,000 | — | 5.2 | % | ||||||||
Senior notes | Aug-22 | 300,000 | 300,000 | 3.625 | % | ||||||||
Senior notes | Jan-23 | 300,000 | — | 3.375 | % | ||||||||
Senior notes | May-23 | 300,000 | 300,000 | 3.25 | % | ||||||||
Senior notes | May-24 | 400,000 | — | 3.875 | % | ||||||||
1,900,000 | 600,000 | ||||||||||||
The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2014 are as follows ($ in thousands): | |||||||||||||
2015 | $ | — | |||||||||||
2016 | 350,000 | ||||||||||||
2017 | 365,000 | ||||||||||||
2018 | — | ||||||||||||
2019 | 75,000 | ||||||||||||
Thereafter | 1,800,000 | ||||||||||||
$ | 2,590,000 | ||||||||||||
The Company has two lines of credit aggregating $1.03 billion as of December 31, 2014. The Company has a $1 billion credit facility with an underlying interest rate based on a tiered rate structure tied to Fitch and S&P ratings on the credit facility and the rate was LIBOR plus 0.95% as of December 31, 2014. As of December 31, 2014 and 2013, the balance of the $1 billion credit facility was $229.8 million and $199.0 million, respectively. On January 2015, the facility maturity date was extended to December 31, 2018 with one 18-month extension, exercisable by the Company. The Company also has a working capital unsecured line of credit agreement for $25.0 million. This facility matures in January 2016, with a one year extension option. The underlying interest rate on the $25.0 million line is based on a tiered rate structure tied to Fitch and S&P ratings on the credit facility of LIBOR plus 0.95%. As of December 31, 2014 and 2013, there was a $16.6 million and $20.4 million balance, respectively, outstanding on this unsecured line. | |||||||||||||
The Company’s unsecured line of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities, and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization. The Company was in compliance with the debt covenants as of December 31, 2014 and 2013. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities |
The Company uses interest rate swaps and interest rate cap contracts to manage certain interest rate risks. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. | |
The Company has entered into interest rate swap contracts with an aggregate notional amount of $225.0 million that effectively fixed the interest rate on the $225.0 million unsecured term loan at 2.4% through July 2017. These derivatives qualify for hedge accounting. | |
During the fourth quarter 2014, the Company terminated $125.0 million of swaps with respect to the $225.0 million of the unsecured term loan. | |
As of December 31, 2014 the Company had interest rate cap contracts totaling a notional amount of $153.2 million that effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying variable interest rate for $153.2 million of the Company’s tax exempt variable rate debt. | |
As of December 31, 2014 and 2013, the aggregate carrying value of the interest rate swap contracts was a liability of $1.8 million and $2.7 million, respectively. The aggregate carrying value of the interest rate cap contracts was zero on the balance sheet as of December 31, 2014 and December 31, 2013. | |
During the third quarter 2012, the Company terminated a swap transaction with respect to the $38.0 million of tax-exempt bonds for the 101 San Fernando apartment community with Citibank because the bonds were repurchased by the Company at par. | |
Hedge ineffectiveness related to cash flow hedges, which is reported in current year income as interest expense, net was not significant for the years ended December 31, 2014, 2013 and 2012. |
Lease_Agreements
Lease Agreements | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Lease Agreements | Lease Agreements | |||
As of December 31, 2014 the Company is a lessor for four commercial buildings and the commercial portions of 32 mixed use communities. The tenants’ lease terms expire at various times through 2031. The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands): | ||||
Future | ||||
Minimum | ||||
Rent | ||||
2015 | $ | 12,348 | ||
2016 | 9,898 | |||
2017 | 9,003 | |||
2018 | 8,123 | |||
2019 | 7,350 | |||
Thereafter | 28,647 | |||
$ | 75,369 | |||
Equity_Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Equity Transactions | Equity Transactions |
Preferred Securities Offerings | |
During the third quarter of 2006, the Company sold 5,980,000 shares of 4.875% Series G Cumulative Convertible Preferred Stock (“Series G”) for gross proceeds of $149.5 million. Holders may convert Series G into shares of ESS common stock subject to certain conditions. The conversion rate was initially .1830 shares of common stock per the $25 share liquidation preference, which is equivalent to an initial conversion price of approximately $136.62 per share of common stock (the conversion rate will be subject to adjustment upon the occurrence of specified events). ESS may, under certain circumstances, cause some or all of the Series G to be converted into that number of shares of common stock at the then prevailing conversion rate. During the second quarter of 2014, each share of the Company's Series G was converted into 0.19301 shares of common stock. There were 178,249 shares of Series G converted into 34,403 shares of Common Stock. As of December 31, 2013, there were 178,249 shares outstanding of Series G with an aggregate liquidation value of $4.5 million. | |
During the second quarter of 2011, the Company issued 2,950,000 shares of 7.125% Series H Cumulative Redeemable Preferred Stock (“Series H”) at a price of $25.00 per share for net proceeds of $71.2 million, net of costs and original issuance discounts. The Series H has no maturity date and generally may not be called by the Company before April 13, 2016. Net proceeds from the Series H offering were contributed to the Operating Partnership for a 7.125% Series H Cumulative Redeemable Preferred Interest. As of December 31, 2014 and 2013, there were 8,000,000 shares authorized and 2,950,000 shares outstanding of Series H with an aggregate liquidation value of $73.8 million. | |
Common Stock Offerings | |
In April 2014, Essex issued approximately 23,067,446 shares of Essex common stock as Stock Consideration in the BRE merger at an average price of $163.82. | |
In addition, during 2014, ESS sold 2,964,315 shares of common stock for proceeds of $534.0 million, net of fees and commissions, at an average price of $181.56. | |
During 2013 and 2012, ESS issued 913,344 and 2,404,096 shares of common stock in each period for proceeds of $138.4 million and $357.7 million, net of fees and commissions, respectively. | |
Operating Partnership Units and Long Term Incentive Plan (“LTIP”) Units | |
As of December 31, 2014 and 2013, the Operating Partnership had outstanding 2,110,462 and 2,031,612 operating partnership units and 91,348 and 118,190 vested LTIP units, respectively. The Operating Partnership’s general partner, ESS, owned 96.7% and 94.6% of the partnership interests in the Operating Partnership at December 31, 2014 and 2013, respectively, and ESS is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, ESS effectively controls the ability to issue common stock of ESS upon a limited partner’s notice of redemption. ESS has generally acquired OP units upon a limited partner’s notice of redemption in exchange for shares of its common stock. The redemption provisions of OP units owned by limited partners that permit ESS to settle in either cash or common stock at the option of ESS were further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that these OP units meet the requirements to qualify for presentation as permanent equity. | |
LTIP units represent an interest in the Operating Partnership for services rendered or to be rendered by the LTIP unit holder in its capacity as a partner, or in anticipation of becoming a partner, in the Operating Partnership. Upon the occurrence of specified events, LTIP units may over time achieve full parity with common units of the Operating Partnership for all purposes. Upon achieving full parity, LTIP units will be exchanged for an equal number of the OP Units. | |
The redemption value of the OP units owned by the limited partners, not including ESS, had such units been redeemed at December 31, 2014, was approximately $455 million based on the closing price of ESS’s common stock as of December 31, 2014. |
Net_Income_Per_Common_Share_an
Net Income Per Common Share and Net Income Per Common Unit | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Net Income Per Common Share and Net Income Per Unit [Abstract] | |||||||||||||||||||||||||||||||||
Net Income Per Common Share and Net Income Per Common Unit | Net Income Per Common Share and Net Income Per Common Unit | ||||||||||||||||||||||||||||||||
Essex Property Trust, Inc. | |||||||||||||||||||||||||||||||||
Basic and diluted income from continuing and discontinued operations per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Income | Weighted- | Per | Income | Weighted- | Per | Income | Weighted- | Per | |||||||||||||||||||||||||
average | Common | average | Common | average | Common | ||||||||||||||||||||||||||||
Common | Share | Common | Share | Common | Share | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||
Income from continuing operations available to common stockholders | $ | 116,859 | 56,546,959 | $ | 2.07 | $ | 121,324 | 37,248,960 | $ | 3.26 | $ | 108,532 | 35,032,491 | $ | 3.1 | ||||||||||||||||||
Income from discontinued operations available to common stockholders | — | 56,546,959 | — | 29,487 | 37,248,960 | 0.79 | 11,280 | 35,032,491 | 0.32 | ||||||||||||||||||||||||
$ | 116,859 | $ | 2.07 | $ | 150,811 | $ | 4.05 | $ | 119,812 | $ | 3.42 | ||||||||||||||||||||||
Effect of Dilutive Securities (1) | — | 149,566 | — | 86,335 | — | 92,430 | |||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||
Income from continuing operations available to common stockholders (1) | $ | 116,859 | 56,696,525 | $ | 2.06 | $ | 121,324 | 37,335,295 | $ | 3.25 | $ | 108,532 | 35,124,921 | $ | 3.09 | ||||||||||||||||||
Income from discontinued operations available to common stockholders | — | 56,696,525 | — | 29,487 | 37,335,295 | 0.79 | 11,280 | 35,124,921 | 0.32 | ||||||||||||||||||||||||
$ | 116,859 | $ | 2.06 | $ | 150,811 | $ | 4.04 | $ | 119,812 | $ | 3.41 | ||||||||||||||||||||||
-1 | Weighted average convertible limited partnership units of 2,224,707, 2,131,425, and 2,219,046, which include vested Series Z Incentive Units, Series Z-1 Incentive Units, 2014 Long-Term Incentive Plan Units, and 2015 Long-Term Incentive Plan Units (collectively referred to as “LTIP Units”), for the years ended December 31, 2014, 2013 and 2012, respectively, were not included in the determination of diluted earnings per share calculation because they were anti-dilutive. The Company has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities. | ||||||||||||||||||||||||||||||||
Stock options of 10,843; 168,325; and 263,613; for the years ended December 31, 2014, 2013, and 2012, respectively, were not included in the diluted earnings per share calculation because the assumed proceeds per share of these options plus the average unearned compensation were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. | |||||||||||||||||||||||||||||||||
All shares of cumulative convertible Series G preferred stock have been excluded from diluted earnings per share for the years ended 2014, 2013, and 2012 respectively, as the effect was anti-dilutive. | |||||||||||||||||||||||||||||||||
Essex Portfolio, L.P. | |||||||||||||||||||||||||||||||||
Basic and diluted income from continuing and discontinued operations per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts): | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Income | Weighted- | Per | Income | Weighted- | Per | Income | Weighted- | Per | |||||||||||||||||||||||||
average | Common | average | Common | average | Common | ||||||||||||||||||||||||||||
Common | Unit | Common | Unit | Common | Unit | ||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Units | Amount | ||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 121,726 | 58,771,666 | $ | 2.07 | $ | 128,576 | 39,380,385 | $ | 3.27 | $ | 115,834 | 37,251,537 | $ | 3.11 | ||||||||||||||||||
Income from discontinued operations | — | 58,771,666 | — | 31,173 | 39,380,385 | 0.79 | 11,937 | 37,251,537 | 0.32 | ||||||||||||||||||||||||
Income available to common unitholders | $ | 121,726 | $ | 2.07 | $ | 159,749 | $ | 4.06 | $ | 127,771 | $ | 3.43 | |||||||||||||||||||||
Effect of Dilutive Securities (1) | — | 149,566 | — | 86,335 | — | 92,430 | |||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||
Income from continuing operations available to common unitholders (1) | $ | 121,726 | 58,921,232 | $ | 2.07 | $ | 128,576 | 39,466,720 | $ | 3.26 | $ | 115,834 | 37,343,967 | $ | 3.1 | ||||||||||||||||||
Income from discontinued operations | — | 58,921,232 | — | 31,173 | 39,466,720 | 0.79 | 11,937 | 37,343,967 | 0.32 | ||||||||||||||||||||||||
Income available to common unitholders | $ | 121,726 | $ | 2.07 | $ | 159,749 | $ | 4.05 | $ | 127,771 | $ | 3.42 | |||||||||||||||||||||
-1 | The Operating Partnership has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities. | ||||||||||||||||||||||||||||||||
Stock options of 10,843; 168,325; and 263,613; for the years ended December 31, 2014, 2013, and 2012, respectively, were not included in the diluted earnings per unit calculation because the assumed proceeds per share of these options plus the average unearned compensation were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. | |||||||||||||||||||||||||||||||||
The cumulative convertible Series G preferred interest have been excluded from diluted earnings per unit for the years ended 2014, 2013, and 2012 respectively, as the effect was anti-dilutive. |
Equity_Based_Compensation_Plan
Equity Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||
Equity Based Compensation Plans | Equity Based Compensation Plans | ||||||||||||||||||||
Stock Options and Restricted Stock | |||||||||||||||||||||
In May 2013, stockholders approved the Company’s 2013 Stock Award and Incentive Compensation Plan (“2013 Plan”). The 2013 Plan became effective on June 1, 2013 and serves as the successor to the Company’s 2004 Stock Incentive Plan (the “2004 Plan”), and no additional equity awards can be granted under the 2004 Plan after the date the 2013 Plan became effective. | |||||||||||||||||||||
The Company’s 2013 Plan provides incentives to attract and retain officers, directors and key employees. The 2013 Plan provides for the grants of options to purchase shares of common stock, grants of restricted stock and other award types. Under the 2013 Plan, the maximum aggregate number of shares that may be issued is 1,000,000, plus any shares that have not been issued under the 2004 Plan, including shares subject to outstanding awards under the 2004 Plan that are not issued or delivered to a participant for any reason. The 2013 Plan is administered by the Compensation Committee of the Board of Directors and is comprised of independent directors. The Compensation Committee is authorized to establish the exercise price; however, the exercise price cannot be less than 100% of the fair market value of the common stock on the grant date. The Company’s options have a life of five to ten years. Option grants for officers and employees fully vest between one year and five years after the grant date. | |||||||||||||||||||||
Stock-based compensation expense for options and restricted stock under the fair value method totaled $6.1 million, $2.3 million, and $2.0 million for years ended December 31, 2014, 2013 and 2012 respectively. Stock-based compensation expense for options and restricted stock for the year ended December 31, 2014 includes $3.6 million related to the BRE merger, of which $1.7 million relates to merger and integration expenses, which is recorded in merger and integration expense in the consolidated statements of income. Stock-based compensation for options and restricted stock related to recipients who are direct and incremental to projects under development were capitalized and totaled $0.4 million, $0.4 million, and $0.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. The intrinsic value of the options exercised totaled $12.7 million, $3.0 million, and $2.9 million, for the years ended December 31, 2014, 2013, and 2012 respectively. The intrinsic value of the options outstanding and fully vested totaled $28.9 million, as of December 31, 2014. | |||||||||||||||||||||
Total unrecognized compensation cost related to unvested stock options totaled $3.6 million as of December 31, 2014 and the unrecognized compensation cost is expected to be recognized over a period of 1 to 5 years. | |||||||||||||||||||||
The average fair value of stock options granted for the years ended December 31, 2014, 2013 and 2012 was $20.56, $15.80 and $12.64, respectively. Certain stock options granted in 2014, 2013, and 2012 included a $75 cap or a $100 cap on the appreciation of the market price over the exercise price. The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Stock price | $ | 176.65 | $ | 153.54 | $ | 143.95 | |||||||||||||||
Risk-free interest rates | 2.37 | % | 2.68 | % | 1.16 | % | |||||||||||||||
Expected lives | 8 years | 8 years | 5 - 8 years | ||||||||||||||||||
Volatility | 18 | % | 18.03 | % | 20.05 | % | |||||||||||||||
Dividend yield | 2.9 | % | 3.15 | % | 3.26 | % | |||||||||||||||
A summary of the status of the Company’s stock option plans as of December 31, 2014, 2013, and 2012 and changes during the years ended on those dates is presented below: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||
average | average | average | |||||||||||||||||||
exercise | exercise | exercise | |||||||||||||||||||
price | price | price | |||||||||||||||||||
Outstanding at beginning of year | 695,488 | $ | 133.37 | 623,434 | $ | 125.96 | 415,020 | $ | 109.71 | ||||||||||||
Granted | 42,518 | 176.65 | 150,325 | 153.54 | 263,113 | 143.95 | |||||||||||||||
Granted - BRE options converted | 133,766 | 121.03 | — | — | — | — | |||||||||||||||
Exercised | (185,387 | ) | 113.72 | (52,970 | ) | 102.43 | (41,603 | ) | 77.21 | ||||||||||||
Forfeited and canceled | (21,600 | ) | 144.29 | (25,301 | ) | 135.25 | (13,096 | ) | 128.36 | ||||||||||||
Outstanding at end of year | 664,785 | 138.78 | 695,488 | 133.37 | 623,434 | 125.96 | |||||||||||||||
Options exercisable at year end | 395,986 | 133.99 | 300,632 | 119.09 | 250,620 | 107.12 | |||||||||||||||
The following table summarizes information about stock options outstanding as of December 31, 2014: | |||||||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||||||
Number | Weighted- | Weighted- | Number | Weighted- | |||||||||||||||||
outstanding | average | average | exercisable | average | |||||||||||||||||
as of | remaining | as of | |||||||||||||||||||
Range of | December 31, | contractual | exercise | December 31, | exercise | ||||||||||||||||
exercise prices | 2014 | life (years) | price | 2014 | price | ||||||||||||||||
$66.05 - $101.01 | 39,590 | 2.8 | $ | 79.64 | 39,590 | $ | 79.64 | ||||||||||||||
$103.82 - $161.98 | 561,626 | 6.1 | 139.05 | 303,670 | 134.22 | ||||||||||||||||
$164.76 - $179.48 | 63,569 | 8.2 | 173.22 | 52,726 | 173.49 | ||||||||||||||||
664,785 | 6.1 | 138.78 | 395,986 | 133.99 | |||||||||||||||||
The following table summarizes information about restricted stock outstanding as of December 31, 2014, 2013 and 2012 and changes during the years ended: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||
average | average | average | |||||||||||||||||||
grant | grant | grant | |||||||||||||||||||
price | price | price | |||||||||||||||||||
Unvested at beginning of year | 16,176 | $ | 108.06 | 24,922 | $ | 104.52 | 35,219 | $ | 98.57 | ||||||||||||
Granted | 22,014 | 194.03 | 1,556 | 158.75 | 1,614 | 149.68 | |||||||||||||||
Granted - BRE restricted stock converted | 119,411 | 173.82 | — | — | — | — | |||||||||||||||
Vested | (126,931 | ) | 171.56 | (7,211 | ) | 109.86 | (8,641 | ) | 106.69 | ||||||||||||
Forfeited and canceled | (4,850 | ) | 135.1 | (3,091 | ) | 100.84 | (3,270 | ) | 102 | ||||||||||||
Unvested at end of year | 25,820 | 168.22 | 16,176 | 108.06 | 24,922 | 104.52 | |||||||||||||||
The unrecognized compensation cost related to unvested restricted stock totaled $3.5 million as of December 31, 2014 and is expected to be recognized over a period of 1 to 7 years. | |||||||||||||||||||||
Long Term Incentive Plans – LTIP Units | |||||||||||||||||||||
On December 9, 2014, the Operating Partnership issued 44,750 units under the 2015 Long-Term Incentive Plan Award agreements to executives of the Company. The 2015 Long-Term Incentive Plan Units (the “2015 LTIP Units”) are subject to forfeiture based on performance-based and service based conditions. An additional 24,000 units were granted subject only to performance-based criteria and are fully vested on the date granted. The 2015 LTIP Units, that are subject to vesting, will vest at 20% per year on each of the first five anniversaries of the initial grant date. The 2015 LTIP Units performance conditions measurement ends December 9, 2015. The 2015 LTIP Units, once earned and vested, are convertible one-for-one into common units of the Operating Partnership which, in turn, are convertible into common stock of the Company subject to a ten year liquidity restriction. 2015 LTIP Units not earned based on the performance-based criteria shall be automatically forfeited by the recipient. | |||||||||||||||||||||
In December 2013, the Operating Partnership issued 50,500 units under the 2014 Long-Term Incentive Plan Award agreements to executives of the Company. The 2014 Long-Term Incentive Plan Units (the “2014 LTIP Units”) were subject to forfeiture based on performance-based conditions and are currently subject to service based vesting. The 2014 LTIP Units vest 25% per year on each of the first four anniversaries of the initial grant date. In December 2014, the Company achieved the performance criteria and all of the 2014 LTIP Units awarded were earned by the recipients, subject to satisfaction of service based vesting conditions. The 2014 LTIP Units are convertible one-for-one into common units of the Operating Partnership which, in turn, are convertible into common stock of the Company subject to a ten year liquidity restriction. | |||||||||||||||||||||
The estimated fair value of the 2015 LTIP Units and 2014 LTIP Units are determined on the grant date using Monte Carlo simulations under a risk-neutral premise and considers Essex’s current stock price, the unpaid dividends on unvested units and the discount factor for 10 years of illiquidity. | |||||||||||||||||||||
Prior to 2013, the Company issued Series Z Incentive Units and Series Z-1 Incentive Units (collectively referred to as “Z Units”) of limited partnership interest in the Operating Partnership. Vesting in the Z Units is based on performance criteria established in the plan. The criteria can be revised by the Board's Compensation Committee if the Committee deems that the plan's criterion is unachievable for any given year. The sale of Z Units is contractually prohibited. Z Units are convertible into Operating Partnership units which are exchangeable for shares of the Company’s common stock that have marketability restrictions. The estimated fair value of a Z Unit is determined on the grant date and considers the Company's current stock price, the dividends that are not paid on unvested units and a marketability discount for the 8 to 15 years of illiquidity. Compensation expense is calculated by multiplying estimated vesting increases for the period by the estimated fair value as of the grant date. | |||||||||||||||||||||
During 2011 and 2010, the Operating Partnership issued 154,500 Series Z-1 Incentive Units (the “Z-1 Units”) of limited partner interest to executives of the Company. The Z-1 Units are convertible one-for-one into common units of the Operating Partnership (which, in turn, are convertible into common stock of the Company) upon the earlier to occur of 100 percent vesting of the units or the year 2026. The conversion ratchet (accounted for as vesting) of the Z-1 Units into common units, is to increase consistent with the Company’s annual FFO growth, but is not to be less than zero or greater than 14 percent. Z-1 Unit holders are entitled to receive distributions, on vested units, that are approximately the same as dividends distributed to common stockholders. | |||||||||||||||||||||
LTIP Units are administered by the Compensation Committee which has the authority to select participants and determine the awards to be made up to a maximum of 600,000 LTIP Units. | |||||||||||||||||||||
Stock-based compensation expense for LTIP Units under the fair value method totaled approximately $6.0 million, $2.2 million and $2.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. Stock-based compensation expense for the year ended December 31, 2014 includes $1.7 million related to merger and integration expenses and is recorded in merger and integration expense in the consolidated statements of income. In the fourth quarter of 2014, stock-based compensation expense included $2.4 million related to an immediate vesting of certain of the 2015 LTIP Units. Stock-based compensation related to LTIP Units attributable to recipients who are direct and incremental to these projects was capitalized to real estate under development and totaled approximately $0.4 million, $0.5 million, and $0.5 million, for the years ended December 31, 2014, 2013, and 2012, respectively. The intrinsic value of the vested and unvested LTIP Units totaled $68.8 million as of December 31, 2014. Total unrecognized compensation cost related to the unvested LTIP Units under the LTIP Units plans totaled $11.7 million as of December 31, 2014. On a weighted average basis, the unamortized cost for the 2014 and 2015 LTIP Units and the Z Units is expected to be recognized over the next 4.2 years and 10.5 years, respectively, subject to the achievement of the stated performance criteria. | |||||||||||||||||||||
The following table summarizes information about the LTIP Units outstanding as of December 31, 2014 ($ in thousands): | |||||||||||||||||||||
Long Term Incentive Plan - LTIP Units | |||||||||||||||||||||
Total | Total | Total | Weighted- | Weighted- | |||||||||||||||||
Vested | Unvested | Outstanding | average | average | |||||||||||||||||
Units | Units | Units | Grant-date | Remaining | |||||||||||||||||
Fair Value | Contractual | ||||||||||||||||||||
Life (years) | |||||||||||||||||||||
Balance, December 31, 2011 | 179,082 | 170,019 | 349,101 | $ | 58.17 | 12.3 | |||||||||||||||
Granted | — | — | — | ||||||||||||||||||
Vested | 28,163 | (28,163 | ) | — | |||||||||||||||||
Converted | (16,541 | ) | — | (16,541 | ) | ||||||||||||||||
Cancelled | — | (1,813 | ) | (1,813 | ) | ||||||||||||||||
Balance, December 31, 2012 | 190,704 | 140,043 | 330,747 | 58.44 | 11.3 | ||||||||||||||||
Granted | — | 50,500 | 50,500 | ||||||||||||||||||
Vested | 35,919 | (35,919 | ) | — | |||||||||||||||||
Converted | (108,433 | ) | — | (108,433 | ) | ||||||||||||||||
Cancelled | — | (5,243 | ) | (5,243 | ) | ||||||||||||||||
Balance, December 31, 2013 | 118,190 | 149,381 | 267,571 | 63.53 | 9.3 | ||||||||||||||||
Granted | 24,000 | 44,750 | 68,750 | ||||||||||||||||||
Vested | 41,729 | (41,729 | ) | — | |||||||||||||||||
Converted | (2,000 | ) | — | (2,000 | ) | ||||||||||||||||
Cancelled | — | (1,335 | ) | (1,335 | ) | ||||||||||||||||
Balance, December 31, 2014 | 181,919 | 151,067 | 332,986 | $ | 71.14 | 10.5 | |||||||||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Information | Segment Information | |||||||||||
The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro. Excluded from segment revenues and net operating income are communities classified in discontinued operations, management and other fees from affiliates, and interest and other income. Non-segment revenues and net operating income included in the following schedule also consist of revenue generated from commercial properties. Other non-segment assets include real estate under development, co-investments, cash and cash equivalents, marketable securities, notes and other receivables, prepaid expenses and other assets and deferred charges. | ||||||||||||
The revenues and net operating income for each of the reportable operating segments are summarized as follows for the years ended December 31, 2014, 2013, and 2012 ($ in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
Southern California | $ | 422,899 | $ | 263,064 | $ | 248,150 | ||||||
Northern California | 338,006 | 212,167 | 173,264 | |||||||||
Seattle Metro | 168,053 | 107,553 | 92,489 | |||||||||
Other real estate assets | 31,000 | 19,219 | 12,793 | |||||||||
Total property revenues | $ | 959,958 | $ | 602,003 | $ | 526,696 | ||||||
Net operating income: | ||||||||||||
Southern California | $ | 279,178 | $ | 175,557 | $ | 164,841 | ||||||
Northern California | 236,927 | 146,699 | 119,154 | |||||||||
Seattle Metro | 112,384 | 71,407 | 60,853 | |||||||||
Other real estate assets | 20,556 | 12,328 | 9,681 | |||||||||
Total net operating income | 649,045 | 405,991 | 354,529 | |||||||||
Depreciation and amortization | (360,592 | ) | (192,420 | ) | (169,173 | ) | ||||||
Interest expense | (164,551 | ) | (116,524 | ) | (111,888 | ) | ||||||
Management and other fees from affiliates | 9,347 | 7,263 | 8,457 | |||||||||
General and administrative | (40,878 | ) | (26,684 | ) | (24,573 | ) | ||||||
Merger and integration expenses | (53,530 | ) | (4,284 | ) | — | |||||||
Acquisition and disposition costs | (1,878 | ) | (1,161 | ) | (2,215 | ) | ||||||
Interest and other income | 11,811 | 11,633 | 13,833 | |||||||||
Loss on early retirement of debt, net | (268 | ) | (300 | ) | (5,009 | ) | ||||||
Gain on sale of real estate and land | 46,039 | 1,503 | — | |||||||||
Equity income from co-investments | 39,893 | 55,865 | 41,745 | |||||||||
Gain on remeasurement of co-investment | — | — | 21,947 | |||||||||
Income before discontinued operations | $ | 134,438 | $ | 140,882 | $ | 127,653 | ||||||
Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2014 and 2013 ($ in thousands): | ||||||||||||
As of December 31, | ||||||||||||
Assets: | 2014 | 2013 | ||||||||||
Southern California | $ | 4,249,107 | $ | 1,732,791 | ||||||||
Northern California | 3,641,720 | 1,605,303 | ||||||||||
Seattle Metro | 1,647,058 | 741,533 | ||||||||||
Other real estate assets | 149,820 | 109,244 | ||||||||||
Net reportable operating segments - real estate assets | 9,687,705 | 4,188,871 | ||||||||||
Real estate under development | 434,371 | 50,430 | ||||||||||
Co-investments | 1,036,411 | 677,133 | ||||||||||
Real estate held for sale, net | 56,300 | — | ||||||||||
Cash and cash equivalents, including restricted cash | 95,420 | 53,766 | ||||||||||
Marketable securities and other investments | 117,240 | 90,084 | ||||||||||
Notes and other receivables | 24,923 | 68,255 | ||||||||||
Other non-segment assets | 110,504 | 58,300 | ||||||||||
Total assets | $ | 11,562,874 | $ | 5,186,839 | ||||||||
401k_Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2014 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
401(k) Plan | 401(k) Plan |
The Company has a 401(k) benefit plan (the “Plan”) for all eligible employees. Employee contributions are limited by the maximum allowed under Section 401(k) of the Internal Revenue Code. The Company matches 50% of the employee contributions up to a specified maximum. Company contributions to the Plan were approximately $0.9 million, $0.7 million, and $0.6 million for the years ended December 31, 2014, 2013, and 2012, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
As of December 31, 2014, the Company had six non-cancelable ground leases for certain apartment communities and buildings that expire between 2027 and 2082. Ground lease payments are typically the greater of a stated minimum or a percentage of gross rents generated by these apartment communities. Total minimum lease commitments, under ground leases and operating leases, are approximately $2.5 million per year for the next five years. | |
To the extent that an environmental matter arises or is identified in the future that has other than a remote risk of having a material impact on the financial statements, the Company will disclose the estimated range of possible outcomes, and, if an outcome is probable, accrue an appropriate liability for remediation and other potential liability. The Company will consider whether such occurrence results in an impairment of value on the affected property and, if so, impairment will be recognized. | |
The Company has no way of determining at this time the magnitude of any potential liability to which it may be subject arising out of unknown environmental conditions or violations with respect to the communities formerly owned by the Company. No assurance can be given that existing environmental studies with respect to any of the communities reveal all environmental liabilities, that any prior owner or operator of a property did not create any material environmental condition not known to the Company, or that a material environmental condition does not otherwise exist as to any one or more of the communities. The Company has limited insurance coverage for some of the types of environmental liabilities described above. | |
The Company has entered into transactions that may require the Company to pay the tax liabilities of the partners in the Operating Partnership or in the DownREIT entities. These transactions are within the Company’s control. Although the Company plans to hold the contributed assets or defer recognition of gain on their sale pursuant to like-kind exchange rules under Section 1031 of the Internal Revenue Code, the Company can provide no assurance that it will be able to do so and if such tax liabilities were incurred they may to have a material impact on the Company’s financial position. | |
There have been an increasing number of lawsuits against owners and managers of apartment communities alleging personal injury and property damage caused by the presence of mold in residential real estate. Some of these lawsuits have resulted in substantial monetary judgments or settlements. The Company has been sued for mold related matters and has settled some, but not all, of such matters. Insurance carriers have reacted to mold related liability awards by excluding mold related claims from standard policies and pricing mold endorsements at prohibitively high rates. The Company has, however, purchased pollution liability insurance, which includes some coverage for mold. The Company has adopted policies to promptly address and resolve reports of mold when it is detected, and to minimize any impact mold might have on residents of the property. The Company believes its mold policies and proactive response to address any known existence, reduces its risk of loss from these cases. There can be no assurances that the Company has identified and responded to all mold occurrences, but the company promptly addresses all known reports of mold. Liabilities resulting from such mold related matters are not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As of December 31, 2014, potential liabilities for mold and other environmental liabilities are not quantifiable and an estimate of possible loss cannot be made. | |
The Company carries comprehensive liability, fire, extended coverage and rental loss insurance for each of the communities. There are, however, certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes, for which the Company does not have insurance coverage. Substantially all of the communities are located in areas that are subject to earthquake activity. The Company has established a wholly owned insurance subsidiary, Pacific Western Insurance LLC (“PWI”). Through PWI, the Company is self-insured as it relates to earthquake related losses. Additionally, since January 2008, PWI has provided property and casualty insurance coverage for the first $5.0 million of the Company’s property level insurance claims per incident. As of December 31, 2014, PWI has cash and marketable securities of approximately $57.6 million. These assets are consolidated in the Company’s financial statements. Beginning in 2013, the Company has obtained limited third party seismic insurance on selected assets in which it holds an ownership interest in. | |
The Company provided a payment guarantee to the counterparties in relation to the total return swaps entered into by the joint venture responsible for the development of The Huxley and The Dylan communities. Further the Company has guaranteed completion of development and made certain debt service guarantees for The Huxley and The Dylan. The outstanding balance for the loans was $114.4 million as of December 31, 2014. The payment guarantee is for the payment of the amounts due to the counterparty related total return swaps which are scheduled to mature in September and December 2016. The maximum exposure of the guarantee as of December 31, 2014 was $114.4 million based on the aggregate outstanding debt amount. | |
Three putative class action and shareholder derivative actions were filed on behalf of alleged BRE stockholders and/or BRE itself in the Circuit Court for Baltimore City, Maryland, under the following captions: Sutton v. BRE Properties, Inc., et al., No. 24-C-13-8425, filed December 23, 2013; Applegate v. BRE Properties, Inc., et al., No. 24-C-14-2, filed December 30, 2013; and Lee v. BRE Properties, Inc., et al., No. 24-C-14-46, filed January 3, 2014. On March 18, 2014, the parties reached an agreement in principle that provided for the settlement of action on the terms and conditions set forth in a memorandum of understanding. On October 28, 2014, the Court entered an Order and Final Judgment Settlement granting final approval of the Settlement. The Order and Final Judgment Settlement included a judgment of the dismissal of all claims against BRE, Essex and the other defendants with prejudice as well as a full release of any and all claims related to the Merger. The $500,000 to be paid by BRE or its successor(s) has been paid in full by Essex. | |
On December 19, 2014, a punitive class action was filed against the Company in the U.S. District Court for the Northern District of California, entitled Foster v. Essex Property Trust, Inc. alleging that the Company failed to properly secure the personally-identifying information of its residents. The lawsuit seeks the recovery of unspecified damages and certain injunctive relief. This lawsuit was filed in connection with a cyber-intrusion that the Company discovered in the third quarter of 2014. At this point, the Company is unable to predict the developments in, outcome of, and/or economic and/or other consequences of this litigation or predict the developments in, outcome of, and/or other consequences arising out of any potential future litigation or government inquiries related to this matter. | |
The Company is subject to various other legal and/or regulatory proceedings arising in the course of its business operations. We believe that, with respect to such matters that we are currently a party to, the ultimate disposition of any such matter will not result in a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
In January 2015, the Company sold Pinnacle South Mountain, a 552 unit apartment community, located in Phoenix, AZ for $63.8 million. | |
During the first quarter of 2015 through February 24, 2015, ESS sold 636,021 shares of common stock for $142.0 million, net of fees and commissions at an average price of $224.76. | |
In February 2015, the Company purchased a parcel of land located in San Francisco, CA for a contract price of $43.6 million. The Company plans to develop a forty-two story apartment community comprising 545 homes and 5,900 square feet of ground floor retail space. | |
In February 2015, the Company acquired 8th and Hope, a 290 unit community in Los Angeles, CA for $200 million. The property was completed in 2014 and has roughly 4,000 square feet of ground floor retail space. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) | |||||||||||||||
Essex Property Trust, Inc. | ||||||||||||||||
The following is a summary of quarterly results of operations for 2014 and 2013 ($ in thousands, except per share and dividend amounts): | ||||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
2014 (1): | ||||||||||||||||
Total property revenues | $ | 276,209 | $ | 268,118 | $ | 256,614 | $ | 159,017 | ||||||||
Income before discontinued operations | $ | 44,805 | $ | 58,582 | $ | 4,645 | $ | 26,406 | ||||||||
Net income | $ | 44,805 | $ | 58,582 | $ | 4,645 | $ | 26,406 | ||||||||
Net income available to common stockholders | $ | 40,175 | $ | 53,565 | $ | 1,207 | $ | 21,912 | ||||||||
Per share data: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic (2) | $ | 0.63 | $ | 0.85 | $ | 0.02 | $ | 0.58 | ||||||||
Diluted (2) | $ | 0.63 | $ | 0.85 | $ | 0.02 | $ | 0.58 | ||||||||
Market price: | ||||||||||||||||
High | $ | 211.91 | $ | 180.65 | $ | 185.66 | $ | 171.7 | ||||||||
Low | $ | 206.35 | $ | 178.27 | $ | 183.36 | $ | 166.95 | ||||||||
Close | $ | 206.6 | $ | 178.75 | $ | 184.91 | $ | 170.05 | ||||||||
Dividends declared | $ | 1.3 | $ | 1.3 | $ | 1.3 | $ | 1.21 | ||||||||
2013:00:00 | ||||||||||||||||
Total property revenues | $ | 155,986 | $ | 152,177 | $ | 148,783 | $ | 145,057 | ||||||||
Income before discontinued operations | $ | 20,020 | $ | 62,718 | $ | 28,983 | $ | 29,161 | ||||||||
Net income | $ | 36,903 | $ | 75,875 | $ | 29,575 | $ | 29,702 | ||||||||
Net income available to common stockholders | $ | 31,874 | $ | 68,788 | $ | 24,946 | $ | 25,203 | ||||||||
Per share data: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic (2) | $ | 0.85 | $ | 1.84 | $ | 0.67 | $ | 0.68 | ||||||||
Diluted (2) | $ | 0.85 | $ | 1.84 | $ | 0.67 | $ | 0.68 | ||||||||
Market price: | ||||||||||||||||
High | $ | 165.44 | $ | 172.16 | $ | 171.11 | $ | 156.36 | ||||||||
Low | $ | 137.53 | $ | 139.64 | $ | 147.56 | $ | 147.06 | ||||||||
Close | $ | 143.51 | $ | 147.7 | $ | 158.92 | $ | 150.58 | ||||||||
Dividends declared | $ | 1.21 | $ | 1.21 | $ | 1.21 | $ | 1.21 | ||||||||
-1 | Includes BRE results of operations after the merger date, April 1, 2014. | |||||||||||||||
-2 | Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. | |||||||||||||||
. | ||||||||||||||||
Essex Portfolio, L.P. | ||||||||||||||||
The following is a summary of quarterly results of operations for 2014 and 2013 ($ in thousands, except per unit and distribution amounts): | ||||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
2014 (1): | ||||||||||||||||
Total property revenues | $ | 276,209 | $ | 268,118 | $ | 256,614 | $ | 159,017 | ||||||||
Income before discontinued operations | $ | 44,805 | $ | 58,582 | $ | 4,645 | $ | 26,406 | ||||||||
Net income | $ | 44,805 | $ | 58,582 | $ | 4,645 | $ | 26,406 | ||||||||
Net income available to common unitholders | $ | 41,599 | $ | 55,382 | $ | 1,416 | $ | 23,329 | ||||||||
Per unit data: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic (2) | $ | 0.63 | $ | 0.85 | $ | 0.02 | $ | 0.58 | ||||||||
Diluted (2) | $ | 0.63 | $ | 0.85 | $ | 0.02 | $ | 0.58 | ||||||||
Distributions declared | $ | 1.3 | $ | 1.3 | $ | 1.3 | $ | 1.21 | ||||||||
2013:00:00 | ||||||||||||||||
Total property revenues | $ | 155,986 | $ | 152,177 | $ | 148,783 | $ | 145,057 | ||||||||
Income before discontinued operations | $ | 20,020 | $ | 62,718 | $ | 28,983 | $ | 29,161 | ||||||||
Net income | $ | 36,903 | $ | 75,875 | $ | 29,575 | $ | 29,702 | ||||||||
Net income available to common unitholders | $ | 33,776 | $ | 72,777 | $ | 26,493 | $ | 26,703 | ||||||||
Per unit data: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic (2) | $ | 0.87 | $ | 1.84 | $ | 0.67 | $ | 0.68 | ||||||||
Diluted (2) | $ | 0.86 | $ | 1.84 | $ | 0.67 | $ | 0.68 | ||||||||
Distributions declared | $ | 1.21 | $ | 1.21 | $ | 1.21 | $ | 1.21 | ||||||||
-1 | Includes BRE results of operations after the merger date, April 1, 2014. | |||||||||||||||
-2 | Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. |
SCHEDULE_III_REAL_ESTATE_AND_A
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | |||||||||||
Encumbered communities | ||||||||||||||||||||||||
The Elliot at Mukilteo | 301 | Mukilteo, WA | 10,750 | 2,498 | 10,595 | 14,371 | 2,824 | 24,640 | 27,464 | (12,928 | ) | 1981 | Jan-97 | 3-30 | ||||||||||
Avondale at Warner Center | 446 | Woodland Hills, CA | 45,349 | 10,536 | 24,522 | 15,722 | 10,601 | 40,179 | 50,780 | (23,899 | ) | 1970 | Jan-97 | 3-30 | ||||||||||
Bridgeport | 184 | Newark, CA | 21,003 | 1,608 | 7,582 | 7,465 | 1,525 | 15,130 | 16,655 | (11,592 | ) | 1987 | Jul-87 | 3-30 | ||||||||||
Barkley, The (2) | 161 | Anaheim, CA | 16,269 | — | 8,520 | 5,195 | 2,353 | 11,362 | 13,715 | (5,536 | ) | 1984 | Apr-00 | 3-30 | ||||||||||
Bel Air | 462 | San Ramon, CA | 53,835 | 12,105 | 18,252 | 28,826 | 12,682 | 46,501 | 59,183 | (23,898 | ) | 1988 | Jan-97 | 3-30 | ||||||||||
Belmont Station | 275 | Los Angeles, CA | 30,045 | 8,100 | 66,666 | 3,968 | 8,267 | 70,467 | 78,734 | (18,446 | ) | 2008 | 8-Dec | 3-30 | ||||||||||
Bella Villagio | 231 | San Jose, CA | 35,870 | 17,247 | 40,343 | 1,983 | 17,247 | 42,326 | 59,573 | (6,432 | ) | 2004 | 10-Sep | 3-30 | ||||||||||
Brookside Oaks | 170 | Sunnyvale, CA | 19,312 | 7,301 | 16,310 | 22,116 | 10,328 | 35,399 | 45,727 | (14,425 | ) | 1973 | Jun-00 | 3-30 | ||||||||||
Camino Ruiz Square | 160 | Camarillo, CA | 21,110 | 6,871 | 26,119 | 1,317 | 6,931 | 27,376 | 34,307 | (7,498 | ) | 1990 | 6-Dec | 3-30 | ||||||||||
Canyon Oaks | 250 | San Ramon, CA | 28,101 | 19,088 | 44,473 | 2,244 | 19,088 | 46,717 | 65,805 | (12,259 | ) | 2005 | 7-May | 3-30 | ||||||||||
Carlyle, The | 132 | San Jose, CA | 22,419 | 3,954 | 15,277 | 10,147 | 5,801 | 23,577 | 29,378 | (11,057 | ) | 2000 | Apr-00 | 3-30 | ||||||||||
City View | 572 | Hayward, CA | 74,903 | 9,883 | 37,670 | 21,926 | 10,350 | 59,129 | 69,479 | (35,386 | ) | 1975 | Mar-98 | 3-30 | ||||||||||
Courtyard off Main | 109 | Bellevue, WA | 15,757 | 7,465 | 21,405 | 2,766 | 7,465 | 24,171 | 31,636 | (3,701 | ) | 2000 | 10-Oct | 3-30 | ||||||||||
Domaine | 92 | Seattle, WA | 15,793 | 9,059 | 27,177 | 473 | 9,059 | 27,650 | 36,709 | (2,151 | ) | 2009 | 12-Sep | 3-30 | ||||||||||
Elevation | 157 | Redmond, WA | 11,308 | 4,758 | 14,285 | 5,667 | 4,757 | 19,953 | 24,710 | (4,178 | ) | 1986 | 10-Jun | 3-30 | ||||||||||
Esplanade | 278 | San Jose, CA | 42,950 | 18,170 | 40,086 | 8,307 | 18,429 | 48,134 | 66,563 | (17,173 | ) | 2002 | 11-Apr | 3-30 | ||||||||||
Fairhaven | 164 | Santa Ana, CA | 20,721 | 2,626 | 10,485 | 5,761 | 2,957 | 15,915 | 18,872 | (6,850 | ) | 1970 | 1-Nov | 3-30 | ||||||||||
Fairwood Pond | 194 | Renton, WA | 12,725 | 5,296 | 15,564 | 2,232 | 5,297 | 17,795 | 23,092 | (6,688 | ) | 1997 | 4-Oct | 3-30 | ||||||||||
Fountain Park | 705 | Playa Vista, CA | 83,179 | 25,073 | 94,980 | 25,540 | 25,203 | 120,390 | 145,593 | (48,601 | ) | 2002 | 4-Feb | 3-30 | ||||||||||
Harvest Park | 104 | Santa Rosa, CA | 10,241 | 6,700 | 15,479 | 1,099 | 6,690 | 16,588 | 23,278 | (4,693 | ) | 2004 | 7-Mar | 3-30 | ||||||||||
Hampton Place /Hampton Court | 215 | Glendale, CA | 20,616 | 6,695 | 16,753 | 8,310 | 6,733 | 25,025 | 31,758 | (11,951 | ) | 1970 | Jun-99 | 3-30 | ||||||||||
Hidden Valley | 324 | Simi Valley, CA | 30,053 | 14,174 | 34,065 | 2,063 | 9,674 | 40,628 | 50,302 | (14,322 | ) | 2004 | 4-Dec | 3-30 | ||||||||||
Highridge | 255 | Rancho Palos Verdes, CA | 44,807 | 5,419 | 18,347 | 28,623 | 6,073 | 46,316 | 52,389 | (23,162 | ) | 1972 | May-97 | 3-30 | ||||||||||
Highlands at Wynhaven | 333 | Issaquah, WA | 32,212 | 16,271 | 48,932 | 6,609 | 16,271 | 55,541 | 71,812 | (12,981 | ) | 2000 | 8-Aug | 3-30 | ||||||||||
Hillcrest Park | 608 | Newbury Park, CA | 67,064 | 15,318 | 40,601 | 16,690 | 15,755 | 56,854 | 72,609 | (29,850 | ) | 1973 | Mar-98 | 3-30 | ||||||||||
Huntington Breakers | 342 | Huntington Beach, CA | 37,446 | 9,306 | 22,720 | 13,803 | 9,315 | 36,514 | 45,829 | (16,859 | ) | 1984 | Oct-97 | 3-30 | ||||||||||
Inglenook Court | 224 | Bothell, WA | 8,300 | 3,467 | 7,881 | 6,418 | 3,474 | 14,292 | 17,766 | (9,683 | ) | 1985 | Oct-94 | 3-30 | ||||||||||
Magnolia Square/Magnolia Lane (3) | 188 | Sunnyvale, CA | 17,701 | 8,190 | 24,736 | 14,056 | 8,191 | 38,791 | 46,982 | (10,633 | ) | 1969 | 7-Sep | 3-30 | ||||||||||
Mirabella | 188 | Marina Del Rey, CA | 44,556 | 6,180 | 26,673 | 13,877 | 6,270 | 40,460 | 46,730 | (17,813 | ) | 2000 | May-00 | 3-30 | ||||||||||
Mill Creek at Windermere | 400 | San Ramon, CA | 48,348 | 29,551 | 69,032 | 2,974 | 29,551 | 72,006 | 101,557 | (17,916 | ) | 2005 | 7-Sep | 3-30 | ||||||||||
Costs | ||||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | |||||||||||
Montclaire, The | 390 | Sunnyvale, CA | 45,833 | 4,842 | 19,776 | 20,330 | 4,997 | 39,951 | 44,948 | (31,729 | ) | 1973 | Dec-88 | 3-30 | ||||||||||
Montebello | 248 | Kirkland, WA | 28,423 | 13,857 | 41,575 | 3,500 | 13,858 | 45,074 | 58,932 | (4,057 | ) | 1996 | 12-Jul | 3-30 | ||||||||||
Montejo | 124 | Garden Grove, CA | 15,728 | 1,925 | 7,685 | 2,509 | 2,194 | 9,925 | 12,119 | (4,566 | ) | 1974 | 1-Nov | 3-30 | ||||||||||
Park Hill at Issaquah | 245 | Issaquah, WA | 28,426 | 7,284 | 21,937 | 3,733 | 7,284 | 25,670 | 32,954 | (9,049 | ) | 1999 | Feb-99 | 3-30 | ||||||||||
Palisades, The | 192 | Bellevue, WA | 20,573 | 1,560 | 6,242 | 11,006 | 1,565 | 17,243 | 18,808 | (12,559 | ) | 1977 | May-90 | 3-30 | ||||||||||
Pathways | 296 | Long Beach, CA | 37,046 | 4,083 | 16,757 | 18,993 | 6,239 | 33,594 | 39,833 | (24,284 | ) | 1975 | Feb-91 | 3-30 | ||||||||||
Stevenson Place | 200 | Fremont, CA | 21,394 | 996 | 5,582 | 7,314 | 1,001 | 12,891 | 13,892 | (9,713 | ) | 1971 | Apr-83 | 3-30 | ||||||||||
Stonehedge Village | 196 | Bothell, WA | 12,109 | 3,167 | 12,603 | 5,064 | 3,201 | 17,633 | 20,834 | (10,210 | ) | 1986 | Oct-97 | 3-30 | ||||||||||
Summerhill Park | 100 | Sunnyvale, CA | 13,326 | 2,654 | 4,918 | 2,326 | 2,656 | 7,242 | 9,898 | (5,133 | ) | 1988 | Sep-88 | 3-30 | ||||||||||
The Bernard | 63 | Seattle, WA | 9,479 | 3,699 | 11,345 | 171 | 3,689 | 11,526 | 15,215 | (1,291 | ) | 2008 | 11-Sep | 3-30 | ||||||||||
The Huntington | 276 | Huntington Beach, CA | 32,096 | 10,374 | 41,495 | 2,594 | 10,374 | 44,089 | 54,463 | (3,980 | ) | 1975 | 12-Jun | 3-30 | ||||||||||
Tierra Vista | 404 | Oxnard, CA | 55,212 | 13,652 | 53,336 | 3,863 | 13,661 | 57,190 | 70,851 | (20,787 | ) | 2001 | 1-Jan | 3-30 | ||||||||||
Valley Park | 160 | Fountain Valley, CA | 26,479 | 3,361 | 13,420 | 3,516 | 3,761 | 16,536 | 20,297 | (7,460 | ) | 1969 | 1-Nov | 3-30 | ||||||||||
Villa Angelina | 256 | Placentia, CA | 32,674 | 4,498 | 17,962 | 5,988 | 4,962 | 23,486 | 28,448 | (9,902 | ) | 1970 | 1-Nov | 3-30 | ||||||||||
Wandering Creek | 156 | Kent, WA | 5,300 | 1,285 | 4,980 | 3,695 | 1,296 | 8,664 | 9,960 | (5,853 | ) | 1986 | Nov-95 | 3-30 | ||||||||||
Waterford, The | 238 | San Jose, CA | 31,275 | 11,808 | 24,500 | 12,916 | 15,165 | 34,059 | 49,224 | (16,320 | ) | 2000 | Jun-00 | 3-30 | ||||||||||
Wilshire Promenade | 149 | Fullerton, CA | 17,657 | 3,118 | 7,385 | 7,493 | 3,797 | 14,199 | 17,996 | (7,518 | ) | 1992 | Jan-97 | 3-30 | ||||||||||
Ellington at Bellevue | 220 | Bellevue, WA | 23,279 | 15,066 | 45,249 | 98 | 15,066 | 45,347 | 60,413 | (556 | ) | 1994 | 14-Jul | 3-30 | ||||||||||
Piedmont | 396 | Bellevue, WA | 48,180 | 19,848 | 59,606 | 1,557 | 19,848 | 61,163 | 81,011 | (1,288 | ) | 1969 | 14-May | 3-30 | ||||||||||
The Avery | 121 | Los Angeles, CA | 10,000 | 6,964 | 29,922 | — | 6,964 | 29,922 | 36,886 | (787 | ) | 2014 | 14-Mar | 3-30 | ||||||||||
BRE acquired properties | 2,899 | Southern California | 424,041 | 163,608 | 659,448 | 3,344 | 163,608 | 662,792 | 826,400 | (18,178 | ) | 1987 - 2008 | 14-Apr | 3-30 | ||||||||||
BRE acquired properties | 1,074 | Northern California | 219,244 | 170,747 | 363,720 | 1,383 | 170,747 | 365,103 | 535,850 | (10,149 | ) | 1970 - 2010 | 14-Apr | 3-30 | ||||||||||
BRE acquired properties | 1,111 | Seattle Metro | 145,427 | 64,301 | 265,474 | 1,703 | 64,301 | 267,177 | 331,478 | (7,304 | ) | 1992 - 2009 | 14-Apr | 3-30 | ||||||||||
2,245,944 | 825,606 | 2,600,447 | 423,644 | 839,395 | 3,010,302 | 3,849,697 | (665,234 | ) | ||||||||||||||||
Unencumbered Communities | ||||||||||||||||||||||||
Apex | 366 | Milpitas, CA | 44,240 | 103,251 | 89 | 44,240 | 103,340 | 147,580 | (1,249 | ) | 2014 | 14-Aug | 3-30 | |||||||||||
Collins on Pine | 76 | Seattle, WA | 7,276 | 22,226 | 7 | 7,276 | 22,233 | 29,509 | (464 | ) | 2013 | 14-May | 3-30 | |||||||||||
Paragon | 301 | Fremont, CA | 32,230 | 77,320 | 40 | 32,230 | 77,360 | 109,590 | (1,183 | ) | 2013 | 14-Jul | 3-30 | |||||||||||
Allegro | 97 | Valley Village, CA | 5,869 | 23,977 | 1,385 | 5,869 | 25,362 | 31,231 | (5,293 | ) | 2010 | 10-Oct | 3-30 | |||||||||||
Alpine Village | 301 | Alpine, CA | 4,967 | 19,728 | 5,362 | 4,982 | 25,075 | 30,057 | (10,302 | ) | 1971 | 2-Dec | 3-30 | |||||||||||
Anavia | 250 | Anaheim, CA | 15,925 | 63,712 | 5,968 | 15,925 | 69,680 | 85,605 | (9,491 | ) | 2009 | 10-Dec | 3-30 | |||||||||||
Costs | ||||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | |||||||||||
Annaliese | 56 | Seattle, WA | 4,727 | 14,229 | 153 | 4,726 | 14,383 | 19,109 | (949 | ) | 2009 | 13-Jan | 3-30 | |||||||||||
Ascent | 90 | Kirkland, WA | 3,924 | 11,862 | 1,538 | 3,924 | 13,400 | 17,324 | (1,143 | ) | 1988 | 12-Oct | 3-30 | |||||||||||
Axis 2300 | 115 | Irvine, CA | 5,405 | 33,585 | 965 | 5,405 | 34,550 | 39,955 | (7,071 | ) | 2010 | 10-Aug | 3-30 | |||||||||||
Bellerive | 63 | Los Angeles, CA | 5,401 | 21,803 | 629 | 5,401 | 22,432 | 27,833 | (3,412 | ) | 2011 | 11-Aug | 3-30 | |||||||||||
Belmont Terrace | 71 | Belmont, CA | 4,446 | 10,290 | 3,100 | 4,473 | 13,363 | 17,836 | (4,706 | ) | 1974 | 6-Oct | 3-30 | |||||||||||
Bennett Lofts | 165 | San Francisco, CA | 21,771 | 50,800 | 24,463 | 28,371 | 68,663 | 97,034 | (4,919 | ) | 2004 | 12-Dec | 3-30 | |||||||||||
Bonita Cedars | 120 | Bonita, CA | 2,496 | 9,913 | 1,985 | 2,503 | 11,891 | 14,394 | (5,084 | ) | 1983 | 2-Dec | 3-30 | |||||||||||
Boulevard | 172 | Fremont, CA | 3,520 | 8,182 | 10,690 | 3,580 | 18,812 | 22,392 | (12,518 | ) | 1978 | Jan-96 | 3-30 | |||||||||||
Bridle Trails | 108 | Kirkland, WA | 1,500 | 5,930 | 5,474 | 1,531 | 11,373 | 12,904 | (6,483 | ) | 1986 | Oct-97 | 3-30 | |||||||||||
Brighton Ridge | 264 | Renton, WA | 2,623 | 10,800 | 4,070 | 2,656 | 14,837 | 17,493 | (8,809 | ) | 1986 | Dec-96 | 3-30 | |||||||||||
Bristol Commons | 188 | Sunnyvale, CA | 5,278 | 11,853 | 4,993 | 5,293 | 16,831 | 22,124 | (8,832 | ) | 1989 | Jan-97 | 3-30 | |||||||||||
416 on Broadway | 115 | Glendale, CA | 8,557 | 34,235 | 1,543 | 8,557 | 35,778 | 44,335 | (5,115 | ) | 2009 | 10-Dec | 3-30 | |||||||||||
Bunker Hill | 456 | Los Angeles, CA | 11,498 | 27,871 | 21,173 | 11,639 | 48,903 | 60,542 | (19,993 | ) | 1968 | Mar-98 | 3-30 | |||||||||||
Cairns, The | 100 | Seattle, WA | 6,937 | 20,679 | 967 | 6,939 | 21,644 | 28,583 | (5,498 | ) | 2006 | 7-Jun | 3-30 | |||||||||||
Camarillo Oaks | 564 | Camarillo, CA | 10,953 | 25,254 | 3,984 | 11,075 | 29,116 | 40,191 | (17,860 | ) | 1985 | Jul-96 | 3-30 | |||||||||||
Canyon Pointe | 250 | Bothell, WA | 4,692 | 18,288 | 5,099 | 4,693 | 23,386 | 28,079 | (9,143 | ) | 1990 | 3-Oct | 3-30 | |||||||||||
Capri at Sunny Hills | 100 | Fullerton, CA | 3,337 | 13,320 | 8,060 | 4,048 | 20,669 | 24,717 | (9,439 | ) | 1961 | 1-Sep | 3-30 | |||||||||||
Castle Creek | 216 | Newcastle, WA | 4,149 | 16,028 | 2,412 | 4,833 | 17,756 | 22,589 | (10,781 | ) | 1997 | Dec-97 | 3-30 | |||||||||||
CBC Apartments & The Sweeps | 239 | Goleta, CA | 11,841 | 45,320 | 4,882 | 11,906 | 50,137 | 62,043 | (17,174 | ) | 1962 | 6-Jan | 3-30 | |||||||||||
CentrePointe | 224 | San Diego, CA | 3,405 | 7,743 | 18,330 | 3,442 | 26,036 | 29,478 | (9,454 | ) | 1974 | Jun-97 | 3-30 | |||||||||||
Cedar Terrace | 180 | Bellevue, WA | 5,543 | 16,442 | 4,297 | 5,652 | 20,630 | 26,282 | (7,810 | ) | 1984 | 5-Jan | 3-30 | |||||||||||
Chestnut Street | 96 | Santa Cruz, CA | 6,582 | 15,689 | 1,083 | 6,582 | 16,772 | 23,354 | (3,894 | ) | 2002 | 8-Jul | 3-30 | |||||||||||
Commons, The | 264 | Campbell, CA | 12,555 | 29,307 | 4,484 | 12,556 | 33,790 | 46,346 | (5,920 | ) | 1973 | 10-Jul | 3-30 | |||||||||||
Corbella at Juanita Bay | 169 | Kirkland, WA | 5,801 | 17,415 | 2,008 | 5,801 | 19,423 | 25,224 | (2,819 | ) | 1978 | 10-Nov | 3-30 | |||||||||||
Country Villas | 180 | Oceanside, CA | 4,174 | 16,583 | 2,954 | 4,187 | 19,524 | 23,711 | (8,457 | ) | 1976 | 2-Dec | 3-30 | |||||||||||
Delano/Bon Terra | 126 | Redmond, WA | 7,470 | 22,511 | 911 | 7,470 | 23,422 | 30,892 | (2,419 | ) | 2005 | 11-Dec | 3-30 | |||||||||||
Devonshire | 276 | Hemet, CA | 3,470 | 13,786 | 2,748 | 3,482 | 16,522 | 20,004 | (7,166 | ) | 1988 | 2-Dec | 3-30 | |||||||||||
Domain | 379 | San Diego, CA | 23,848 | 95,394 | 390 | 23,848 | 95,784 | 119,632 | (3,616 | ) | 2013 | 13-Nov | 3-30 | |||||||||||
Emerald Ridge | 180 | Bellevue, WA | 3,449 | 7,801 | 3,220 | 3,449 | 11,021 | 14,470 | (7,768 | ) | 1987 | Nov-94 | 3-30 | |||||||||||
Essex Skyline at MacArthur Place | 349 | Santa Ana, CA | 21,537 | 146,099 | 1,846 | 21,537 | 147,945 | 169,482 | (13,566 | ) | 2008 | 12-Apr | 3-30 | |||||||||||
Evergreen Heights | 200 | Kirkland, WA | 3,566 | 13,395 | 4,426 | 3,649 | 17,738 | 21,387 | (10,019 | ) | 1990 | Jun-97 | 3-30 | |||||||||||
Costs | ||||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | |||||||||||
Fairways (4) | 74 | Newport Beach, CA | — | 7,850 | 6,107 | 9 | 13,948 | 13,957 | (6,203 | ) | 1972 | Jun-99 | 3-30 | |||||||||||
Foothill Commons | 388 | Bellevue, WA | 2,435 | 9,821 | 35,126 | 2,440 | 44,942 | 47,382 | (26,268 | ) | 1978 | Mar-90 | 3-30 | |||||||||||
Foothill Gardens/Twin Creeks | 176 | San Ramon, CA | 5,875 | 13,992 | 6,870 | 5,964 | 20,773 | 26,737 | (11,064 | ) | 1985 | Feb-97 | 3-30 | |||||||||||
Forest View | 192 | Renton, WA | 3,731 | 14,530 | 1,530 | 3,731 | 16,060 | 19,791 | (6,358 | ) | 1998 | 3-Oct | 3-30 | |||||||||||
Fountain Court | 320 | Seattle, WA | 6,702 | 27,306 | 9,252 | 6,585 | 36,675 | 43,260 | (16,960 | ) | 2000 | Mar-00 | 3-30 | |||||||||||
Fourth & U | 171 | Berkeley, CA | 8,879 | 52,351 | 2,336 | 8,879 | 54,687 | 63,566 | (9,859 | ) | 2010 | 10-Apr | 3-30 | |||||||||||
Fox Plaza | 443 | San Francisco, CA | 39,731 | 92,706 | 5,046 | 39,731 | 97,752 | 137,483 | (6,255 | ) | 1968 | 13-Feb | 3-30 | |||||||||||
Hillsborough Park | 235 | La Habra, CA | 6,291 | 15,455 | 1,785 | 6,272 | 17,259 | 23,531 | (8,882 | ) | 1999 | Sep-99 | 3-30 | |||||||||||
Hillsdale Garden | 697 | San Mateo, CA | 22,000 | 94,681 | 19,608 | 22,000 | 114,289 | 136,289 | (33,598 | ) | 1948 | 6-Sep | 3-30 | |||||||||||
Hope Ranch Collection | 108 | Santa Barbara, CA | 4,078 | 16,877 | 2,461 | 4,208 | 19,208 | 23,416 | (4,854 | ) | 1965 | 7-Mar | 3-30 | |||||||||||
Joule | 295 | Seattle, WA | 14,558 | 69,417 | 3,366 | 14,558 | 72,783 | 87,341 | (13,492 | ) | 2010 | 10-Mar | 3-30 | |||||||||||
1000 Kiely | 121 | Santa Clara, CA | 9,359 | 21,845 | 5,773 | 9,359 | 27,618 | 36,977 | (4,107 | ) | 1971 | 11-Mar | 3-30 | |||||||||||
Kings Road | 196 | Los Angeles, CA | 4,023 | 9,527 | 9,926 | 4,031 | 19,445 | 23,476 | (9,944 | ) | 1979 | Jun-97 | 3-30 | |||||||||||
Laurels at Mill Creek | 164 | Mill Creek, WA | 1,559 | 6,430 | 5,237 | 1,595 | 11,631 | 13,226 | (7,021 | ) | 1981 | Dec-96 | 3-30 | |||||||||||
Le Parc Luxury Apartments | 140 | Santa Clara, CA | 3,090 | 7,421 | 10,906 | 3,092 | 18,325 | 21,417 | (11,312 | ) | 1975 | Feb-94 | 3-30 | |||||||||||
Lofts at Pinehurst, The | 118 | Ventura, CA | 1,570 | 3,912 | 4,463 | 1,618 | 8,327 | 9,945 | (4,195 | ) | 1971 | Jun-97 | 3-30 | |||||||||||
Marbrisa | 202 | Long Beach, CA | 4,700 | 18,605 | 5,099 | 4,760 | 23,644 | 28,404 | (9,508 | ) | 1987 | 2-Sep | 3-30 | |||||||||||
Marina City Club (5) | 101 | Marina Del Rey, CA | — | 28,167 | 22,885 | — | 51,052 | 51,052 | (14,347 | ) | 1971 | 4-Jan | 3-30 | |||||||||||
Marina Cove (6) | 292 | Santa Clara, CA | 5,320 | 16,431 | 11,125 | 5,324 | 27,552 | 32,876 | (16,710 | ) | 1974 | Jun-94 | 3-30 | |||||||||||
Mariners Place | 105 | Oxnard, CA | 1,555 | 6,103 | 2,079 | 1,562 | 8,175 | 9,737 | (4,213 | ) | 1987 | May-00 | 3-30 | |||||||||||
Meadowood | 320 | Simi Valley, CA | 7,852 | 18,592 | 6,654 | 7,898 | 25,200 | 33,098 | (14,710 | ) | 1986 | Nov-96 | 3-30 | |||||||||||
Mesa Village | 133 | Clairemont, CA | 1,888 | 7,498 | 1,177 | 1,894 | 8,669 | 10,563 | (3,613 | ) | 1963 | 2-Dec | 3-30 | |||||||||||
Mira Monte | 355 | Mira Mesa, CA | 7,165 | 28,459 | 8,766 | 7,186 | 37,204 | 44,390 | (17,380 | ) | 1982 | 2-Dec | 3-30 | |||||||||||
Miracle Mile/Marbella | 236 | Los Angeles, CA | 7,791 | 23,075 | 13,028 | 7,886 | 36,008 | 43,894 | (19,131 | ) | 1988 | Aug-97 | 3-30 | |||||||||||
Mission Hills | 282 | Oceanside, CA | 10,099 | 38,778 | 4,446 | 10,167 | 43,156 | 53,323 | (15,073 | ) | 1984 | 5-Jul | 3-30 | |||||||||||
Monterra del Mar/Rey/Sol | 292 | Pasadena, CA | 2,202 | 4,794 | 37,612 | 8,385 | 36,223 | 44,608 | (14,718 | ) | 1972 | Apr-99 | 3-30 | |||||||||||
Monterey Villas | 122 | Oxnard, CA | 2,349 | 5,579 | 5,669 | 2,424 | 11,173 | 13,597 | (5,739 | ) | 1974 | Jul-97 | 3-30 | |||||||||||
Muse | 152 | North Hollywood, CA | 7,822 | 33,436 | 1,748 | 7,823 | 35,183 | 43,006 | (6,717 | ) | 2011 | 11-Feb | 3-30 | |||||||||||
Park Catalina | 90 | Los Angeles, CA | 4,710 | 18,839 | 1,781 | 4,710 | 20,620 | 25,330 | (1,823 | ) | 2002 | 12-Jun | 3-30 | |||||||||||
Park West | 126 | San Francisco, CA | 9,424 | 21,988 | 4,701 | 9,424 | 26,689 | 36,113 | (2,120 | ) | 1958 | 12-Sep | 3-30 | |||||||||||
Pinehurst (7) | 28 | Ventura, CA | 355 | 1,356 | 481 | 6 | 2,186 | 2,192 | (943 | ) | 1973 | 4-Dec | 3-30 | |||||||||||
Pointe at Cupertino, The | 116 | Cupertino, CA | 4,505 | 17,605 | 11,290 | 4,505 | 28,895 | 33,400 | (10,003 | ) | 1963 | Aug-98 | 3-30 | |||||||||||
Costs | ||||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | |||||||||||
Reed Square | 100 | Sunnyvale, CA | 6,873 | 16,037 | 7,708 | 6,873 | 23,745 | 30,618 | (2,853 | ) | 1970 | 12-Jan | 3-30 | |||||||||||
Regency at Encino | 75 | Encino, CA | 3,184 | 12,737 | 2,202 | 3,184 | 14,939 | 18,123 | (3,151 | ) | 1989 | 9-Dec | 3-30 | |||||||||||
Salmon Run at Perry Creek | 132 | Bothell, WA | 3,717 | 11,483 | 1,430 | 3,801 | 12,829 | 16,630 | (6,057 | ) | 2000 | Oct-00 | 3-30 | |||||||||||
101 San Fernando | 323 | San Jose, CA | 4,173 | 58,961 | 6,876 | 4,173 | 65,837 | 70,010 | (10,762 | ) | 2001 | 10-Jul | 3-30 | |||||||||||
Sammamish View | 153 | Bellevue, WA | 3,324 | 7,501 | 6,035 | 3,331 | 13,529 | 16,860 | (9,553 | ) | 1986 | Nov-94 | 3-30 | |||||||||||
San Marcos | 432 | Richmond, CA | 15,563 | 36,204 | 26,908 | 22,866 | 55,809 | 78,675 | (21,628 | ) | 2003 | 3-Nov | 3-30 | |||||||||||
Santee Court/Santee Village | 238 | Los Angeles, CA | 9,581 | 40,317 | 2,726 | 9,582 | 43,042 | 52,624 | (6,655 | ) | 2004 | 10-Oct | 3-30 | |||||||||||
Shadow Point | 172 | Spring Valley, CA | 2,812 | 11,170 | 1,950 | 2,820 | 13,112 | 15,932 | (5,659 | ) | 1983 | 2-Dec | 3-30 | |||||||||||
Slater 116 | 108 | Kirkland, WA | 7,379 | 22,138 | 322 | 7,379 | 22,460 | 29,839 | (994 | ) | 2013 | 13-Sep | 3-30 | |||||||||||
Summit Park | 300 | San Diego, CA | 5,959 | 23,670 | 4,392 | 5,977 | 28,044 | 34,021 | (11,974 | ) | 1972 | 2-Dec | 3-30 | |||||||||||
The Grand | 243 | Oakland, CA | 4,531 | 89,208 | 4,426 | 4,531 | 93,634 | 98,165 | (21,286 | ) | 2009 | 9-Jan | 3-30 | |||||||||||
Trabucco Villas | 132 | Lake Forest, CA | 3,638 | 8,640 | 2,451 | 3,890 | 10,839 | 14,729 | (6,013 | ) | 1985 | Oct-97 | 3-30 | |||||||||||
Tuscana | 30 | Tracy, CA | 2,828 | 6,599 | 165 | 2,870 | 6,722 | 9,592 | (1,708 | ) | 2007 | 7-Feb | 3-30 | |||||||||||
Via | 284 | Sunnyvale, CA | 22,000 | 82,270 | 540 | 22,016 | 82,794 | 104,810 | (11,895 | ) | 2011 | 11-Jul | 3-30 | |||||||||||
Vista Belvedere | 76 | Tiburon, CA | 5,573 | 11,901 | 5,861 | 5,573 | 17,762 | 23,335 | (6,804 | ) | 1963 | 4-Aug | 3-30 | |||||||||||
Vox | 58 | Seattle, WA | 5,545 | 16,635 | 67 | 5,545 | 16,702 | 22,247 | (674 | ) | 2013 | 13-Oct | 3-30 | |||||||||||
Walnut Heights | 163 | Walnut, CA | 4,858 | 19,168 | 3,645 | 4,887 | 22,784 | 27,671 | (8,553 | ) | 1964 | 3-Oct | 3-30 | |||||||||||
Wharfside Pointe | 142 | Seattle, WA | 2,245 | 7,020 | 9,697 | 2,258 | 16,704 | 18,962 | (8,780 | ) | 1990 | Jun-94 | 3-30 | |||||||||||
Willow Lake | 508 | San Jose, CA | 43,194 | 101,030 | 5,312 | 43,194 | 106,342 | 149,536 | (8,351 | ) | 1989 | 12-Oct | 3-30 | |||||||||||
Windsor Ridge | 216 | Sunnyvale, CA | 4,017 | 10,315 | 14,104 | 4,021 | 24,415 | 28,436 | (13,679 | ) | 1989 | Mar-89 | 3-30 | |||||||||||
Woodland Commons | 302 | Bellevue, WA | 2,040 | 8,727 | 19,311 | 2,044 | 28,034 | 30,078 | (12,937 | ) | 1978 | Mar-90 | 3-30 | |||||||||||
Woodside Village | 145 | Ventura, CA | 5,331 | 21,036 | 3,384 | 5,341 | 24,410 | 29,751 | (8,669 | ) | 1987 | 4-Dec | 3-30 | |||||||||||
BRE acquired properties | 5,438 | Southern California | 368,894 | 1,394,794 | 12,180 | 368,894 | 1,406,974 | 1,775,868 | (39,591 | ) | 1964 - 2014 | 14-Apr | 5-30 | |||||||||||
BRE acquired properties | 3,265 | Northern California | 375,703 | 944,881 | 8,147 | 375,703 | 953,028 | 1,328,731 | (27,762 | ) | 1992 - 2014 | 14-Apr | 5-30 | |||||||||||
BRE acquired properties | 1,710 | Seattle Metro | 80,464 | 373,710 | 1,958 | 80,464 | 375,668 | 456,132 | (10,461 | ) | 1989 - 2013 | 14-Apr | 5-30 | |||||||||||
46,739 | — | 1,540,006 | 5,192,199 | 585,858 | 1,562,973 | 5,755,090 | 7,318,063 | (873,388 | ) | |||||||||||||||
Costs | ||||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||||
Square | Buildings and | subsequent | Land and | Buildings and | Accumulated | Date of | Date | Lives | ||||||||||||||||
Property | Footage | Location | Encumbrance | Land | improvements | to acquisition | improvements | improvements | Total(1) | depreciation | construction | acquired | (years) | |||||||||||
Other real estate assets | ||||||||||||||||||||||||
Hollywood | 34,000 | Los Angeles, CA | 10,200 | 13,800 | 2,402 | 10,200 | 16,202 | 26,402 | (5,262 | ) | 1938 | 6-Jul | 3-30 | |||||||||||
Santa Clara Retail | 138,915 | Santa Clara, CA | 6,472 | 11,704 | 4,586 | 6,472 | 16,290 | 22,762 | (3,665 | ) | 1970 | 11-Sep | 3-30 | |||||||||||
925/935 East Meadow Drive | 39,600 | Palo Alto, CA | 1,401 | 3,172 | 8,758 | 3,547 | 9,784 | 13,331 | (3,481 | ) | 1988 | Nov-97 | 3-30 | |||||||||||
17461 Derian Ave | 107,720 | Irvine, CA | 3,079 | 12,315 | 6,862 | 3,909 | 18,347 | 22,256 | (11,322 | ) | 1983 | Jul-00 | 3-30 | |||||||||||
— | 21,152 | 40,991 | 22,608 | 24,128 | 60,623 | 84,751 | (23,730 | ) | ||||||||||||||||
ESS Consolidated real estate under development | 17,948 | — | 416,423 | 59,598 | 374,773 | 434,371 | (2,454 | ) | ||||||||||||||||
Total | 2,245,944 | 2,404,712 | 7,833,637 | 1,448,533 | 2,486,094 | 9,200,788 | 11,686,882 | (1,564,806 | ) | |||||||||||||||
(1) The aggregate cost for federal income tax purposes is approximately $8.2 billion (unaudited). | ||||||||||||||||||||||||
(2) The land is leased pursuant to a ground lease expiring 2082. | ||||||||||||||||||||||||
(3) The land is leased pursuant to a ground lease expiring 2070. | ||||||||||||||||||||||||
(4) The land is leased pursuant to a ground lease expiring 2027. | ||||||||||||||||||||||||
(5) The land is leased pursuant to a ground lease expiring 2067. | ||||||||||||||||||||||||
(6) A portion of land is leased pursuant to a ground lease expiring in 2028. | ||||||||||||||||||||||||
(7) The land is leased pursuant to a ground lease expiring in 2028. | ||||||||||||||||||||||||
A summary of activity for rental properties and accumulated depreciation is as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Rental properties: | Accumulated depreciation: | |||||||||||||||||||||||
Balance at beginning of year | $ | 5,443,757 | $ | 5,033,672 | $ | 4,313,064 | Balance at beginning of year | $ | 1,254,886 | $ | 1,081,517 | $ | 920,026 | |||||||||||
Improvements | 135,812 | 92,016 | 97,947 | Depreciation expense - Acquisitions | 121,426 | 6,203 | 3,744 | |||||||||||||||||
Acquisition of real estate (1) | 5,685,884 | 344,476 | 619,743 | Depreciation expense - Discontinued operations | — | 12,290 | 2,108 | |||||||||||||||||
Development of real estate | 19,751 | 14,111 | 25,545 | Depreciation expense - Rental properties | 199,495 | 168,092 | 161,492 | |||||||||||||||||
Disposition of real estate | (32,693 | ) | (40,518 | ) | (22,627 | ) | Dispositions | (11,001 | ) | (13,216 | ) | (5,853 | ) | |||||||||||
Balance at the end of year | $ | 11,252,511 | $ | 5,443,757 | $ | 5,033,672 | Balance at the end of year | $ | 1,564,806 | $ | 1,254,886 | $ | 1,081,517 | |||||||||||
(1) Amount for 2014 includes $5.2 billion related to BRE merger. |
Summary_of_Critical_and_Signif1
Summary of Critical and Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Principles of Consolidation and Basis of Presentation | The accounts of the Company, its controlled subsidiaries and the variable interest entities (“VIEs”) in which it is the primary beneficiary are consolidated in the accompanying financial statements. All significant inter-company accounts and transactions have been eliminated. Certain reclassifications have been made to prior year amounts to conform to the current year’s presentation. Such reclassifications had no net effect on previously reported financial results. | |||||||||||
Noncontrolling interest includes the 3.3% and 5.4% limited partner interests in the Operating Partnership not held by the Company at December 31, 2014 and 2013, respectively. These percentages include the Operating Partnership’s vested long term incentive plan units (see Note 13). | ||||||||||||
The Company consolidates 17 DownREIT limited partnerships (comprising ten communities), since the Company is the primary beneficiary of these variable interest entities (“VIEs”). The consolidated total assets and liabilities related to these VIEs, net of intercompany eliminations, were approximately $200.0 million and $196.6 million, respectively, as of December 31, 2014, and $194.9 million and $178.3 million, respectively, as of December 31, 2013. | ||||||||||||
The DownREIT VIEs collectively own ten apartment communities in which Essex Management Company (“EMC”) is the general partner, the Operating Partnership is a special limited partner, and the other limited partners were granted rights of redemption for their interests. Such limited partners can request to be redeemed and the Company can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis. Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under the above arrangements. The other limited partners receive distributions based on the Company's current dividend rate times the number of units held. Total DownREIT units outstanding were 941,138 and 1,007,879 as of December 31, 2014 and 2013 respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $194 million and $145 million, as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, the carrying value of the other limited partners' interests is presented at their historical cost and is classified within noncontrolling interest in the accompanying consolidated balance sheets. | ||||||||||||
Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. | ||||||||||||
Real Estate Rental Properties | Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. | |||||||||||
The depreciable life of various categories of fixed assets is as follows: | ||||||||||||
Computer software and equipment | 3 - 5 years | |||||||||||
Interior unit improvements | 5 years | |||||||||||
Furniture, fixtures and equipment | 5 years | |||||||||||
Land improvements and certain exterior components of real property | 10 years | |||||||||||
Real estate structures | 30 years | |||||||||||
The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new resident or if the development activities cease. | ||||||||||||
The Company allocates the purchase price of real estate to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired, which in the case of below market leases the Company assumes lessees will elect to renew their leases. The value of acquired in-place leases are amortized to expense over the term the Company expects to retain the acquired tenant, which is generally 20 months. The net carrying value of acquired in-place leases as of December 31, 2014 of $47.7 million is expected to be recognized in amortization expense primarily in 2015. | ||||||||||||
The Company performs the following evaluation for communities acquired: | ||||||||||||
-1 | adjust the purchase price for any fair value adjustments resulting from such things as assumed debt or contingencies; | |||||||||||
-2 | estimate the value of the real estate “as if vacant” as of the acquisition date; | |||||||||||
-3 | allocate that value among land and buildings including personal property; | |||||||||||
-4 | compute the value of the difference between the “as if vacant” value and the adjusted purchase price, which will represent the total intangible assets; | |||||||||||
-5 | compute the value of the above and below market leases and determine the associated life of the above market/ below market leases; | |||||||||||
-6 | compute the value of the in-place leases and customer relationships, if any, and the associated lives of these assets. | |||||||||||
Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment or held for sale may not be fully recoverable, the carrying amount will be evaluated for impairment. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost and fair value less estimated costs to sell. As of December 31, 2014, one community was classified as held for sale. As of December 31, 2013 no community was classified as held for sale and no impairment charges were recorded in 2014, 2013 or 2012. | ||||||||||||
In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when all criteria under the accounting standard for the disposals of long-lived assets have been met. | ||||||||||||
In April 2014, the FASB issued ASU, No. 2014-018, Presentation of Financial Statements, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-018 changes the requirements for reporting discontinued operation under Subtopic 205-20, Presentation of Financial Statements—Discontinued Operations. The amendment updates the definition of discontinued operations and defines discontinued operations to be those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This ASU is effective for disposals of components of an entity that occur within annual periods beginning on or after December 15, 2014 with early adoption permitted, but only for disposals that have not been reported in financial statements previously issued. The Company adopted ASU 2014-018 in its first quarter of 2014. The Company determined that the disposals through the year ended December 31, 2014 were not a discontinued operation in accordance with ASU 2014-018. The gains related to these disposals are recorded in gains on sale of real estate and land in the consolidated statements of income. The Company’s equity in income or loss from real estate investments accounted for under the equity method of accounting remain classified in continuing operations upon disposition. | ||||||||||||
Co-investments | The Company owns investments in joint ventures (“co-investments”) in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with the accounting standards. Therefore, the Company accounts for these investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses. | |||||||||||
A majority of the co-investments, excluding the preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote distributions if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income (loss) from co-investments. | ||||||||||||
Revenues and Gains on Sale of Real Estate | Revenues from tenants renting or leasing apartment units are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis. Units are rented under short-term leases (generally, lease terms of 6 to 12 months) and may provide no rent for one or two months, depending on the market conditions and leasing practices of the Company’s competitors in each sub-market at the time the leases are executed. Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. | |||||||||||
The Company recognizes gains on sales of real estate when a contract is in place, a closing has taken place, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property and the Company does not have a substantial continuing involvement in the property. | ||||||||||||
Cash Equivalents and Restricted Cash | Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt. | |||||||||||
Marketable Securities | The Company reports its available for sale securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds, Level 2 for the unsecured bonds and Level 3 for the limited partnership interests, as defined by the FASB standard for fair value measurements as discussed later in Note 2), and any unrealized gain or loss is recorded as other comprehensive income (loss). There were no other than temporary impairment charges for the years ended December 31, 2014, 2013, and 2012. Realized gains and losses, interest income, and amortization of purchase discounts are included in interest and other income on the consolidated statement of income. | |||||||||||
As of December 31, 2014 and 2013, marketable securities and other investments consisted primarily of investment-grade unsecured bonds, common stock, investments in mortgage backed securities, investment funds that invest in U.S. treasury or agency securities, and other limited partnership investments. As of December 31, 2014 and 2013, the Company classified its investments in mortgage backed securities, which mature in November 2019 and September 2020, as held to maturity, and accordingly, these securities are stated at their amortized cost. The discount on the mortgage backed securities is being amortized to interest income based on an estimated yield and the maturity date of the securities. | ||||||||||||
As of December 31, 2014 and 2013 marketable securities consist of the following ($ in thousands): | ||||||||||||
December 31, 2014 | ||||||||||||
Amortized | Gross | Carrying | ||||||||||
Cost | Unrealized | Value | ||||||||||
Gain | ||||||||||||
Available for sale: | ||||||||||||
Investment-grade unsecured bonds | $ | 9,435 | $ | 145 | $ | 9,580 | ||||||
Investment funds - US treasuries | 3,769 | 3 | 3,772 | |||||||||
Common stock and stock funds | 25,755 | 5,137 | 30,892 | |||||||||
Held to maturity: | ||||||||||||
Mortgage backed securities | 67,996 | — | 67,996 | |||||||||
Total - Marketable securities | 106,955 | 5,285 | 112,240 | |||||||||
Other investments (1) | 5,000 | — | 5,000 | |||||||||
Total - Marketable securities and other investments | $ | 111,955 | $ | 5,285 | $ | 117,240 | ||||||
(1) Limited partnership interests | ||||||||||||
December 31, 2013 | ||||||||||||
Amortized | Gross | Carrying | ||||||||||
Cost | Unrealized | Value | ||||||||||
Gain (Loss) | ||||||||||||
Available for sale: | ||||||||||||
Investment-grade unsecured bonds | $ | 15,446 | $ | 509 | $ | 15,955 | ||||||
Investment funds - US treasuries | 3,675 | 3 | 3,678 | |||||||||
Common stock | 13,104 | (1,304 | ) | 11,800 | ||||||||
Held to maturity: | ||||||||||||
Mortgage backed securities | 58,651 | — | 58,651 | |||||||||
Total - Marketable securities and other investments | $ | 90,876 | $ | (792 | ) | $ | 90,084 | |||||
The Company uses the specific identification method to determine the cost basis of a security sold and to reclassify amounts from accumulated other comprehensive income for securities sold. | ||||||||||||
Notes Receivable | Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate. Interest is recognized over the life of the note. | |||||||||||
Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectable. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. | ||||||||||||
Capitalization Policy | The Company capitalizes all direct and certain indirect costs, including interest, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various corporate and community onsite costs that clearly relate to projects under development. The Company’s capitalized internal costs related to development and redevelopment projects were comprised primarily of employee compensation and totaled $10.4 million, $7.5 million and $6.2 million for the years ended December 31, 2014, 2013 and 2012, respectively, most of which relates to development projects. The Company capitalizes leasing costs associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized are immaterial for all periods presented. | |||||||||||
Fair Value of Financial Instruments | The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities except for unsecured bonds and mortgage backed securities. The Company uses Level 2 inputs for its investments in unsecured bonds, notes receivable, notes payable, and derivative liabilities. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 9. The Company uses Level 3 inputs to estimate the fair value of its mortgage backed securities. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||
Management believes that the carrying amounts of the outstanding balances under its notes and other receivables approximate fair value as of December 31, 2014 and 2013, because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments. Management has estimated that the fair value of the Company’s $4.4 billion and $2.3 billion of fixed rate debt at December 31, 2014 and 2013, respectively, to be $4.6 billion and $2.3 billion. Management has estimated the fair value of the Company’s $660.6 million and $737.0 million of variable rate debt at December 31, 2014 and 2013, respectively, is $656.3 million and $719.4 million based on the terms of the Company’s existing variable rate debt compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payable, other liabilities and dividends payable approximate fair value as of December 31, 2014 and 2013 due to the short-term maturity of these instruments. Marketable securities and derivative liabilities are carried at fair value as of December 31, 2014 and 2013. | ||||||||||||
At December 31, 2014 and 2013, the Company’s investments in mortgage backed securities had a carrying value of $68.0 million and $58.7 million. The Company estimated the fair value of investment in mortgage backed securities at December 31, 2014 and 2013 to be approximately $96.0 million and $86.2 million, respectively. The Company determines the fair value of the mortgage backed securities based on unobservable inputs (level 3 of the fair value hierarchy) considering the assumptions that market participants would make in valuing these securities. Assumptions such as estimated default rates and discount rates are used to determine expected, discounted cash flows to estimate the fair value. | ||||||||||||
Interest Rate Protection, Swap, and Forward Contracts | The Company uses interest rate swaps, interest rate cap contracts, and forward starting swaps to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company primarily used interest rate swaps and interest rate forward-starting swaps as part of its cash flow hedging strategy. The Company was hedging its exposure to the variability in future cash flows for a portion of its forecasted transactions. | |||||||||||
As of December 31, 2014 and 2013, there were no outstanding forward starting swaps. The Company records all derivatives on its consolidated balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. | ||||||||||||
For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. | ||||||||||||
For derivatives not designated as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps and interest rate caps are considered cash flow hedges except for the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community that was terminated in 2012 as described in detail in Note 9. | ||||||||||||
Deferred Charges | Deferred charges are principally comprised of loan fees and related costs which are amortized over the terms of the related borrowing in a manner which approximates the effective interest method. | |||||||||||
Income Taxes | Generally in any year in which ESS qualifies as a real estate investment trust (“REIT”) under the Internal Revenue Code (the “IRC”), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2014 as ESS has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude ESS from paying federal income tax. | |||||||||||
In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. The activities and tax related provisions, assets and liabilities are not material. | ||||||||||||
As a partnership, the Operating Partnership is not subject to federal or state income taxes except that in order to maintain ESS’s compliance with REIT tax rules that are applicable to ESS, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership. | ||||||||||||
Preferred Stock | The Company’s Series G Cumulative Convertible Preferred Stock (“Series G Preferred Stock”) contains fundamental change provisions that allow the holder to redeem the preferred stock for cash if certain events occur. The redemption under these provisions is not solely within the Company’s control, thus the Company has classified the Series G Preferred Stock as temporary equity in the accompanying consolidated balance sheets as of December 31, 2013. | |||||||||||
Equity-based Compensation | The cost of share and unit based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long term incentive plan units (discussed in Note 13) are being amortized over the expected service periods. | |||||||||||
Changes in Accumulated Other Comprehensive Loss by Component | Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded to interest expense on the consolidated statement of income. Realized gains and losses on available for sale securities are included in interest and other income on the consolidated statement of income. | |||||||||||
Accounting Estimates | The preparation of consolidated financial statements, in accordance with U.S. generally accepted accounting principles (“GAAP”), requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivable and its qualification as a REIT. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions. |
Summary_of_Critical_and_Signif2
Summary of Critical and Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Summary of Critical and Significant Accounting Policies [Abstract] | ||||||||||||
Depreciable life of various categories of fixed assets | The depreciable life of various categories of fixed assets is as follows: | |||||||||||
Computer software and equipment | 3 - 5 years | |||||||||||
Interior unit improvements | 5 years | |||||||||||
Furniture, fixtures and equipment | 5 years | |||||||||||
Land improvements and certain exterior components of real property | 10 years | |||||||||||
Real estate structures | 30 years | |||||||||||
Components of Marketable Securities | As of December 31, 2014 and 2013 marketable securities consist of the following ($ in thousands): | |||||||||||
December 31, 2014 | ||||||||||||
Amortized | Gross | Carrying | ||||||||||
Cost | Unrealized | Value | ||||||||||
Gain | ||||||||||||
Available for sale: | ||||||||||||
Investment-grade unsecured bonds | $ | 9,435 | $ | 145 | $ | 9,580 | ||||||
Investment funds - US treasuries | 3,769 | 3 | 3,772 | |||||||||
Common stock and stock funds | 25,755 | 5,137 | 30,892 | |||||||||
Held to maturity: | ||||||||||||
Mortgage backed securities | 67,996 | — | 67,996 | |||||||||
Total - Marketable securities | 106,955 | 5,285 | 112,240 | |||||||||
Other investments (1) | 5,000 | — | 5,000 | |||||||||
Total - Marketable securities and other investments | $ | 111,955 | $ | 5,285 | $ | 117,240 | ||||||
(1) Limited partnership interests | ||||||||||||
December 31, 2013 | ||||||||||||
Amortized | Gross | Carrying | ||||||||||
Cost | Unrealized | Value | ||||||||||
Gain (Loss) | ||||||||||||
Available for sale: | ||||||||||||
Investment-grade unsecured bonds | $ | 15,446 | $ | 509 | $ | 15,955 | ||||||
Investment funds - US treasuries | 3,675 | 3 | 3,678 | |||||||||
Common stock | 13,104 | (1,304 | ) | 11,800 | ||||||||
Held to maturity: | ||||||||||||
Mortgage backed securities | 58,651 | — | 58,651 | |||||||||
Total - Marketable securities and other investments | $ | 90,876 | $ | (792 | ) | $ | 90,084 | |||||
Status of cash dividends distributed | The status of cash dividends distributed for the years ended December 31, 2014, 2013, and 2012 related to common stock, Series F, Series G, and Series H preferred stock are classified for tax purposes as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Common Stock | ||||||||||||
Ordinary income | 70.03 | % | 77.34 | % | 70.58 | % | ||||||
Capital gain | 21.95 | % | 17.64 | % | 8.75 | % | ||||||
Unrecaptured section 1250 capital gain | 8.02 | % | 5.02 | % | 7.97 | % | ||||||
Return of capital | — | % | — | % | 12.7 | % | ||||||
100 | % | 100 | % | 100 | % | |||||||
2014 | 2013 | 2012 | ||||||||||
Series F, G, and H Preferred stock | ||||||||||||
Ordinary income | 70.03 | % | 77.34 | % | 80.85 | % | ||||||
Capital gains | 21.95 | % | 17.64 | % | 10.02 | % | ||||||
Unrecaptured section 1250 capital gain | 8.02 | % | 5.02 | % | 9.13 | % | ||||||
100 | % | 100 | % | 100 | % | |||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | Essex Property Trust, Inc. | |||||||||||
Change in fair value and | Unrealized | Total | ||||||||||
amortization | gains/(losses) on | |||||||||||
of derivatives | available for sale | |||||||||||
securities | ||||||||||||
Balance at December 31, 2013, net of noncontrolling interest | $ | (59,724 | ) | $ | (748 | ) | $ | (60,472 | ) | |||
Other comprehensive income before reclassification | 758 | 6,140 | 6,898 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 2,963 | (841 | ) | 2,122 | ||||||||
Net other comprehensive income | 3,721 | 5,299 | 9,020 | |||||||||
Balance at December 31, 2014, net of noncontrolling interest | $ | (56,003 | ) | $ | 4,551 | $ | (51,452 | ) | ||||
Schedule of business acquisitions | The preliminary valuation of the assets acquired and liabilities assumed for the BRE merger is as follows (in millions): | |||||||||||
Cash assumed | $ | 140 | ||||||||||
Rental properties and real estate under development | 5,618 | |||||||||||
Real estate held for sale, net | 108 | |||||||||||
Co-investments | 218 | |||||||||||
Acquired in-place lease value | 77 | |||||||||||
Other assets | 16 | |||||||||||
Mortgage notes payable and unsecured debt | (1,747 | ) | ||||||||||
Other liabilities | (94 | ) | ||||||||||
Redeemable noncontrolling interest | (5 | ) | ||||||||||
$ | 4,331 | |||||||||||
Cash consideration for BRE merger | $ | 556 | ||||||||||
Equity consideration for BRE merger | 3,775 | |||||||||||
Total consideration for BRE merger | $ | 4,331 | ||||||||||
Essex Portfolio, L.P. [Member] | ||||||||||||
Summary of Critical and Significant Accounting Policies [Abstract] | ||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | Essex Portfolio, L.P. | |||||||||||
Change in fair | Unrealized | Total | ||||||||||
value and | gains/(losses) on | |||||||||||
amortization | available for sale | |||||||||||
of derivatives | securities | |||||||||||
Balance at December 31, 2013 | $ | (58,148 | ) | $ | (792 | ) | $ | (58,940 | ) | |||
Other comprehensive income before reclassification | 1,205 | 6,302 | 7,507 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 2,963 | (886 | ) | 2,077 | ||||||||
Net other comprehensive income | 4,168 | 5,416 | 9,584 | |||||||||
Balance at December 31, 2014 | $ | (53,980 | ) | $ | 4,624 | $ | (49,356 | ) | ||||
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Real Estate Investments, Net [Abstract] | ||||||||||||
Summary of Co Investment | The carrying values of the Company’s co-investments, all accounted for under the equity method of accounting, as of December 31, 2014 and 2013 are as follows ($ in thousands): | |||||||||||
2014 | 2013 | |||||||||||
Membership interest/Partnership interest in: | ||||||||||||
Wesco I and III | $ | 188,404 | $ | 181,098 | ||||||||
Fund II | 696 | 4,166 | ||||||||||
Expo | 7,352 | 12,041 | ||||||||||
The Huxley | 11,471 | 11,224 | ||||||||||
Connolly Station | 46,653 | 45,242 | ||||||||||
Epic Phase I and II | 122,968 | 106,845 | ||||||||||
Wesco IV | 86,289 | — | ||||||||||
BEXAEW | 73,771 | — | ||||||||||
Palm Valley | 70,186 | — | ||||||||||
Total operating co-investments | 607,790 | 360,616 | ||||||||||
Membership interest in: | ||||||||||||
Limited liability companies with CPPIB that own and are developing Epic Phase III, Mosso I and II, Park 20, The Emme, The Owens and Hacienda | 268,016 | 149,451 | ||||||||||
One South Market | 30,919 | 17,115 | ||||||||||
The Dylan | 7,874 | 7,321 | ||||||||||
Century Towers | 13,121 | — | ||||||||||
Total development co-investments | 319,930 | 173,887 | ||||||||||
Membership interest in Wesco II that owns a preferred equity interest in Park Merced with a preferred return of 10.1% | — | 94,711 | ||||||||||
Preferred interest in related party limited liability company that owns Sage at Cupertino with a preferred return of 9.5% (matures in May 2016) | 16,571 | 15,775 | ||||||||||
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 9% (matures in September 2020) | 13,824 | 13,824 | ||||||||||
Preferred interest in related party limited liability company that owns an apartment development in Redwood City with a preferred return of 12% (matures in July 2016 with one one-year extension option) | 10,396 | 9,455 | ||||||||||
Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 12% (matures in August 2016 with one one-year extension option) | 10,011 | 8,865 | ||||||||||
Preferred interest in a limited liability company that owns 8th & Thomas with a preferred return of 10.0% (matures in June 2018 with one one-year extension option) | 13,145 | — | ||||||||||
Preferred interest in a limited liability company that owns Newbury Park with a preferred return of 12.0% (matures in January 2019) | 13,150 | — | ||||||||||
Preferred interest in a limited liability company that owns Century Towers (1) (matures in August 2019) | 12,357 | — | ||||||||||
Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 9% (matures in January 2023) | 19,237 | — | ||||||||||
Total preferred interest investments | 108,691 | 142,630 | ||||||||||
Total co-investments | $ | 1,036,411 | $ | 677,133 | ||||||||
Summarized Financial Statement for Co Investment Accounted for Under the Equity Method | The combined summarized financial information of co-investments is as follows ($ in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Balance sheets: | ||||||||||||
Rental properties and real estate under development | $ | 3,426,574 | $ | 1,953,328 | ||||||||
Other assets | 107,902 | 61,578 | ||||||||||
Total assets | $ | 3,534,476 | $ | 2,014,906 | ||||||||
Debt (1) | $ | 1,677,089 | $ | 690,132 | ||||||||
Other liabilities | 91,579 | 125,479 | ||||||||||
Equity | 1,765,808 | 1,199,295 | ||||||||||
Total liabilities and partners' equity | $ | 3,534,476 | $ | 2,014,906 | ||||||||
Company's share of equity | $ | 1,036,411 | $ | 677,133 | ||||||||
Years ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statements of operations: | ||||||||||||
Property revenues | $ | 188,548 | $ | 100,402 | $ | 130,128 | ||||||
Property operating expenses | (71,419 | ) | (37,518 | ) | (55,990 | ) | ||||||
Net operating income | 117,129 | 62,884 | 74,138 | |||||||||
Gain on sale of real estate | 23,333 | 146,758 | 106,016 | |||||||||
Interest expense | (39,990 | ) | (24,155 | ) | (34,959 | ) | ||||||
General and administrative | (6,321 | ) | (5,344 | ) | (3,697 | ) | ||||||
Equity income from co-investments (2) | 26,798 | 18,703 | 18,051 | |||||||||
Depreciation and amortization | (74,657 | ) | (36,831 | ) | (47,917 | ) | ||||||
Net income | $ | 46,292 | $ | 162,015 | $ | 111,632 | ||||||
Company's share of net income (3) | $ | 39,893 | $ | 55,865 | $ | 41,745 | ||||||
Notes_and_Other_Receivables_Ta
Notes and Other Receivables (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Notes and Other Receivables [Abstract] | ||||||||
Notes and Other Receivables | Notes receivables, secured by real estate, and other receivables consist of the following as December 31, 2014 and 2013 ($ in thousands): | |||||||
2014 | 2013 | |||||||
Note receivable, secured, bearing interest at 6.0%, due December 2016 | $ | 3,212 | $ | 3,212 | ||||
Notes and other receivables from affiliates (1) | 8,105 | 60,968 | ||||||
Other receivables (2) | 13,606 | 4,075 | ||||||
$ | 24,923 | $ | 68,255 | |||||
-1 | The Company had $8.1 million of short-term loans outstanding and due from various legacy and BRE joint ventures. See Note 5, Related Party Transactions, for additional details. In 2013, the Company has provided two bridge loans totaling $56.8 million to Wesco III at a rate of LIBOR +2.50%. Wesco III repaid these two loans in 2014. | |||||||
-2 | Represents receivables for utilities, rents, and other receivables. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Schedule of Components from Discontinued Operations | The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets, as described above ($ in thousands): | |||||||
2013 | 2012 | |||||||
Revenues | $ | 4,454 | $ | 5,848 | ||||
Property operating expenses | (1,406 | ) | (2,181 | ) | ||||
Depreciation and amortization | (1,098 | ) | (1,513 | ) | ||||
Expenses | (2,504 | ) | (3,694 | ) | ||||
Operating income from real estate sold | 1,950 | 2,154 | ||||||
Gain on sale of real estate | 29,223 | 10,870 | ||||||
Internal disposition costs | — | (1,087 | ) | |||||
Income from discontinued operations | $ | 31,173 | $ | 11,937 | ||||
Mortgage_Notes_Payable_Tables
Mortgage Notes Payable (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Notes Payable [Abstract] | |||||||||||
Mortgages notes payable | ESS does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2014 and 2013 ($ in thousands): | ||||||||||
2014 | 2013 | ||||||||||
Fixed rate mortgage notes payable | $ | 2,056,742 | $ | 1,236,479 | |||||||
Variable rate mortgage notes payable (1) | 189,202 | 167,601 | |||||||||
Total mortgage notes payable (2) | $ | 2,245,944 | $ | 1,404,080 | |||||||
Number of properties securing mortgage notes | 67 | 49 | |||||||||
Remaining terms | 1-26 years | 1-26 years | |||||||||
Weighted average interest rate | 4.6 | % | 5.6 | % | |||||||
The following is a summary of the Company’s senior unsecured notes as of December 31, 2014 and 2013 ($ in thousands): | |||||||||||
Maturity | 2014 | 2013 | Coupon | ||||||||
Rate | |||||||||||
Senior notes | Mar-17 | 300,000 | — | 5.5 | % | ||||||
Senior notes | Mar-21 | 300,000 | — | 5.2 | % | ||||||
Senior notes | Aug-22 | 300,000 | 300,000 | 3.625 | % | ||||||
Senior notes | Jan-23 | 300,000 | — | 3.375 | % | ||||||
Senior notes | May-23 | 300,000 | 300,000 | 3.25 | % | ||||||
Senior notes | May-24 | 400,000 | — | 3.875 | % | ||||||
1,900,000 | 600,000 | ||||||||||
Aggregate scheduled principal payments of mortgage notes payable | The aggregate scheduled principal payments of mortgage notes payable at December 31, 2014 are as follows ($ in thousands): | ||||||||||
2015 | $ | 94,580 | |||||||||
2016 | 41,481 | ||||||||||
2017 | 198,683 | ||||||||||
2018 | 320,080 | ||||||||||
2019 | 565,801 | ||||||||||
Thereafter | 941,526 | ||||||||||
$ | 2,162,151 | ||||||||||
-1 | Variable rate mortgage notes payable consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.8% at December 2014 and 1.6% at December 2013) plus credit enhancement and underwriting fees ranging from approximately 1.2% to 1.9%. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the units are subject to tenant income criteria. Principal balances are due in full at various maturity dates from February 2015 through April 2040. Of these bonds $153.2 million are subject to various interest rate cap agreements, which limit the maximum interest rate to such bonds. | ||||||||||
The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2014 are as follows ($ in thousands): | |||||||||||
2015 | $ | — | |||||||||
2016 | 350,000 | ||||||||||
2017 | 365,000 | ||||||||||
2018 | — | ||||||||||
2019 | 75,000 | ||||||||||
Thereafter | 1,800,000 | ||||||||||
$ | 2,590,000 | ||||||||||
Unsecured_Debt_and_Lines_of_Cr1
Unsecured Debt and Lines of Credit (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of unsecured debt and lines of credit | Unsecured debt and lines of credit consist of the following as of December 31, 2014 and 2013 ($ in thousands): | ||||||||||||
2014 | 2013 | Weighted Average | |||||||||||
Maturity | |||||||||||||
In Years | |||||||||||||
Bonds private placement - fixed rate | $ | 465,000 | $ | 465,000 | 4.2 | ||||||||
Term loan - variable rate | 225,000 | 350,000 | 1.9 | ||||||||||
Bonds public offering - fixed rate | 1,927,482 | 595,023 | 7.1 | ||||||||||
Unsecured debt (1) | 2,617,482 | 1,410,023 | |||||||||||
Lines of credit | 246,391 | 219,421 | |||||||||||
Total unsecured debt | $ | 2,863,873 | $ | 1,629,444 | |||||||||
Weighted average interest rate on fixed rate unsecured bonds | 3.6 | % | 4 | % | |||||||||
Weighted average interest rate on variable rate term loan | 2.4 | % | 2.5 | % | |||||||||
Weighted average interest rate on lines of credit | 1.8 | % | 2.2 | % | |||||||||
Summary of unsecured private placement bonds | The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2014 and 2013 ($ in thousands): | ||||||||||||
Maturity | 2014 | 2013 | Coupon | ||||||||||
Rate | |||||||||||||
Senior unsecured private placement notes | Mar-16 | $ | 150,000 | $ | 150,000 | 4.36 | % | ||||||
Senior unsecured private placement notes | Sep-17 | 40,000 | 40,000 | 4.5 | % | ||||||||
Senior unsecured private placement notes | Dec-19 | 75,000 | 75,000 | 4.92 | % | ||||||||
Senior unsecured private placement notes | Apr-21 | 100,000 | 100,000 | 4.27 | % | ||||||||
Senior unsecured private placement notes | Jun-21 | 50,000 | 50,000 | 4.3 | % | ||||||||
Senior unsecured private placement notes | Aug-21 | 50,000 | 50,000 | 4.37 | % | ||||||||
$ | 465,000 | $ | 465,000 | ||||||||||
Schedule of Long-term Debt Instruments | ESS does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2014 and 2013 ($ in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Fixed rate mortgage notes payable | $ | 2,056,742 | $ | 1,236,479 | |||||||||
Variable rate mortgage notes payable (1) | 189,202 | 167,601 | |||||||||||
Total mortgage notes payable (2) | $ | 2,245,944 | $ | 1,404,080 | |||||||||
Number of properties securing mortgage notes | 67 | 49 | |||||||||||
Remaining terms | 1-26 years | 1-26 years | |||||||||||
Weighted average interest rate | 4.6 | % | 5.6 | % | |||||||||
The following is a summary of the Company’s senior unsecured notes as of December 31, 2014 and 2013 ($ in thousands): | |||||||||||||
Maturity | 2014 | 2013 | Coupon | ||||||||||
Rate | |||||||||||||
Senior notes | Mar-17 | 300,000 | — | 5.5 | % | ||||||||
Senior notes | Mar-21 | 300,000 | — | 5.2 | % | ||||||||
Senior notes | Aug-22 | 300,000 | 300,000 | 3.625 | % | ||||||||
Senior notes | Jan-23 | 300,000 | — | 3.375 | % | ||||||||
Senior notes | May-23 | 300,000 | 300,000 | 3.25 | % | ||||||||
Senior notes | May-24 | 400,000 | — | 3.875 | % | ||||||||
1,900,000 | 600,000 | ||||||||||||
Schedule of Maturities of Long-term Debt | The aggregate scheduled principal payments of mortgage notes payable at December 31, 2014 are as follows ($ in thousands): | ||||||||||||
2015 | $ | 94,580 | |||||||||||
2016 | 41,481 | ||||||||||||
2017 | 198,683 | ||||||||||||
2018 | 320,080 | ||||||||||||
2019 | 565,801 | ||||||||||||
Thereafter | 941,526 | ||||||||||||
$ | 2,162,151 | ||||||||||||
-1 | Variable rate mortgage notes payable consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.8% at December 2014 and 1.6% at December 2013) plus credit enhancement and underwriting fees ranging from approximately 1.2% to 1.9%. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the units are subject to tenant income criteria. Principal balances are due in full at various maturity dates from February 2015 through April 2040. Of these bonds $153.2 million are subject to various interest rate cap agreements, which limit the maximum interest rate to such bonds. | ||||||||||||
The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2014 are as follows ($ in thousands): | |||||||||||||
2015 | $ | — | |||||||||||
2016 | 350,000 | ||||||||||||
2017 | 365,000 | ||||||||||||
2018 | — | ||||||||||||
2019 | 75,000 | ||||||||||||
Thereafter | 1,800,000 | ||||||||||||
$ | 2,590,000 | ||||||||||||
Lease_Agreements_Tables
Lease Agreements (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Future minimum non-cancelable base rent under operating leases | The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands): | |||
Future | ||||
Minimum | ||||
Rent | ||||
2015 | $ | 12,348 | ||
2016 | 9,898 | |||
2017 | 9,003 | |||
2018 | 8,123 | |||
2019 | 7,350 | |||
Thereafter | 28,647 | |||
$ | 75,369 | |||
Net_Income_Per_Common_Share_an1
Net Income Per Common Share and Net Income Per Common Unit (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Net Income Per Share and Net Income Per Unit [Line Items] | |||||||||||||||||||||||||||||||||
Net Income Per Common Share and Net Income Per Unit | Essex Property Trust, Inc. | ||||||||||||||||||||||||||||||||
Basic and diluted income from continuing and discontinued operations per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Income | Weighted- | Per | Income | Weighted- | Per | Income | Weighted- | Per | |||||||||||||||||||||||||
average | Common | average | Common | average | Common | ||||||||||||||||||||||||||||
Common | Share | Common | Share | Common | Share | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||
Income from continuing operations available to common stockholders | $ | 116,859 | 56,546,959 | $ | 2.07 | $ | 121,324 | 37,248,960 | $ | 3.26 | $ | 108,532 | 35,032,491 | $ | 3.1 | ||||||||||||||||||
Income from discontinued operations available to common stockholders | — | 56,546,959 | — | 29,487 | 37,248,960 | 0.79 | 11,280 | 35,032,491 | 0.32 | ||||||||||||||||||||||||
$ | 116,859 | $ | 2.07 | $ | 150,811 | $ | 4.05 | $ | 119,812 | $ | 3.42 | ||||||||||||||||||||||
Effect of Dilutive Securities (1) | — | 149,566 | — | 86,335 | — | 92,430 | |||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||
Income from continuing operations available to common stockholders (1) | $ | 116,859 | 56,696,525 | $ | 2.06 | $ | 121,324 | 37,335,295 | $ | 3.25 | $ | 108,532 | 35,124,921 | $ | 3.09 | ||||||||||||||||||
Income from discontinued operations available to common stockholders | — | 56,696,525 | — | 29,487 | 37,335,295 | 0.79 | 11,280 | 35,124,921 | 0.32 | ||||||||||||||||||||||||
$ | 116,859 | $ | 2.06 | $ | 150,811 | $ | 4.04 | $ | 119,812 | $ | 3.41 | ||||||||||||||||||||||
-1 | Weighted average convertible limited partnership units of 2,224,707, 2,131,425, and 2,219,046, which include vested Series Z Incentive Units, Series Z-1 Incentive Units, 2014 Long-Term Incentive Plan Units, and 2015 Long-Term Incentive Plan Units (collectively referred to as “LTIP Units”), for the years ended December 31, 2014, 2013 and 2012, respectively, were not included in the determination of diluted earnings per share calculation because they were anti-dilutive. The Company has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities. | ||||||||||||||||||||||||||||||||
Stock options of 10,843; 168,325; and 263,613; for the years ended December 31, 2014, 2013, and 2012, respectively, were not included in the diluted earnings per share calculation because the assumed proceeds per share of these options plus the average unearned compensation were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. | |||||||||||||||||||||||||||||||||
All shares of cumulative convertible Series G preferred stock have been excluded from diluted earnings per share for the years ended 2014, 2013, and 2012 respectively, as the effect was anti-dilutive. | |||||||||||||||||||||||||||||||||
Essex Portfolio, L.P. [Member] | |||||||||||||||||||||||||||||||||
Net Income Per Share and Net Income Per Unit [Line Items] | |||||||||||||||||||||||||||||||||
Net Income Per Common Share and Net Income Per Unit | Essex Portfolio, L.P. | ||||||||||||||||||||||||||||||||
Basic and diluted income from continuing and discontinued operations per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts): | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Income | Weighted- | Per | Income | Weighted- | Per | Income | Weighted- | Per | |||||||||||||||||||||||||
average | Common | average | Common | average | Common | ||||||||||||||||||||||||||||
Common | Unit | Common | Unit | Common | Unit | ||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Units | Amount | ||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 121,726 | 58,771,666 | $ | 2.07 | $ | 128,576 | 39,380,385 | $ | 3.27 | $ | 115,834 | 37,251,537 | $ | 3.11 | ||||||||||||||||||
Income from discontinued operations | — | 58,771,666 | — | 31,173 | 39,380,385 | 0.79 | 11,937 | 37,251,537 | 0.32 | ||||||||||||||||||||||||
Income available to common unitholders | $ | 121,726 | $ | 2.07 | $ | 159,749 | $ | 4.06 | $ | 127,771 | $ | 3.43 | |||||||||||||||||||||
Effect of Dilutive Securities (1) | — | 149,566 | — | 86,335 | — | 92,430 | |||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||
Income from continuing operations available to common unitholders (1) | $ | 121,726 | 58,921,232 | $ | 2.07 | $ | 128,576 | 39,466,720 | $ | 3.26 | $ | 115,834 | 37,343,967 | $ | 3.1 | ||||||||||||||||||
Income from discontinued operations | — | 58,921,232 | — | 31,173 | 39,466,720 | 0.79 | 11,937 | 37,343,967 | 0.32 | ||||||||||||||||||||||||
Income available to common unitholders | $ | 121,726 | $ | 2.07 | $ | 159,749 | $ | 4.05 | $ | 127,771 | $ | 3.42 | |||||||||||||||||||||
-1 | The Operating Partnership has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities. | ||||||||||||||||||||||||||||||||
Stock options of 10,843; 168,325; and 263,613; for the years ended December 31, 2014, 2013, and 2012, respectively, were not included in the diluted earnings per unit calculation because the assumed proceeds per share of these options plus the average unearned compensation were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. | |||||||||||||||||||||||||||||||||
The cumulative convertible Series G preferred interest have been excluded from diluted earnings per unit for the years ended 2014, 2013, and 2012 respectively, as the effect was anti-dilutive. |
Equity_Based_Compensation_Plan1
Equity Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||
Weighted average assumptions used to estimate fair value of stock options | The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Stock price | $ | 176.65 | $ | 153.54 | $ | 143.95 | |||||||||||||||
Risk-free interest rates | 2.37 | % | 2.68 | % | 1.16 | % | |||||||||||||||
Expected lives | 8 years | 8 years | 5 - 8 years | ||||||||||||||||||
Volatility | 18 | % | 18.03 | % | 20.05 | % | |||||||||||||||
Dividend yield | 2.9 | % | 3.15 | % | 3.26 | % | |||||||||||||||
Summary of stock options activity | A summary of the status of the Company’s stock option plans as of December 31, 2014, 2013, and 2012 and changes during the years ended on those dates is presented below: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||
average | average | average | |||||||||||||||||||
exercise | exercise | exercise | |||||||||||||||||||
price | price | price | |||||||||||||||||||
Outstanding at beginning of year | 695,488 | $ | 133.37 | 623,434 | $ | 125.96 | 415,020 | $ | 109.71 | ||||||||||||
Granted | 42,518 | 176.65 | 150,325 | 153.54 | 263,113 | 143.95 | |||||||||||||||
Granted - BRE options converted | 133,766 | 121.03 | — | — | — | — | |||||||||||||||
Exercised | (185,387 | ) | 113.72 | (52,970 | ) | 102.43 | (41,603 | ) | 77.21 | ||||||||||||
Forfeited and canceled | (21,600 | ) | 144.29 | (25,301 | ) | 135.25 | (13,096 | ) | 128.36 | ||||||||||||
Outstanding at end of year | 664,785 | 138.78 | 695,488 | 133.37 | 623,434 | 125.96 | |||||||||||||||
Options exercisable at year end | 395,986 | 133.99 | 300,632 | 119.09 | 250,620 | 107.12 | |||||||||||||||
Summary information of stock options outstanding | The following table summarizes information about stock options outstanding as of December 31, 2014: | ||||||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||||||
Number | Weighted- | Weighted- | Number | Weighted- | |||||||||||||||||
outstanding | average | average | exercisable | average | |||||||||||||||||
as of | remaining | as of | |||||||||||||||||||
Range of | December 31, | contractual | exercise | December 31, | exercise | ||||||||||||||||
exercise prices | 2014 | life (years) | price | 2014 | price | ||||||||||||||||
$66.05 - $101.01 | 39,590 | 2.8 | $ | 79.64 | 39,590 | $ | 79.64 | ||||||||||||||
$103.82 - $161.98 | 561,626 | 6.1 | 139.05 | 303,670 | 134.22 | ||||||||||||||||
$164.76 - $179.48 | 63,569 | 8.2 | 173.22 | 52,726 | 173.49 | ||||||||||||||||
664,785 | 6.1 | 138.78 | 395,986 | 133.99 | |||||||||||||||||
Restricted stock activity | |||||||||||||||||||||
The following table summarizes information about restricted stock outstanding as of December 31, 2014, 2013 and 2012 and changes during the years ended: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||
average | average | average | |||||||||||||||||||
grant | grant | grant | |||||||||||||||||||
price | price | price | |||||||||||||||||||
Unvested at beginning of year | 16,176 | $ | 108.06 | 24,922 | $ | 104.52 | 35,219 | $ | 98.57 | ||||||||||||
Granted | 22,014 | 194.03 | 1,556 | 158.75 | 1,614 | 149.68 | |||||||||||||||
Granted - BRE restricted stock converted | 119,411 | 173.82 | — | — | — | — | |||||||||||||||
Vested | (126,931 | ) | 171.56 | (7,211 | ) | 109.86 | (8,641 | ) | 106.69 | ||||||||||||
Forfeited and canceled | (4,850 | ) | 135.1 | (3,091 | ) | 100.84 | (3,270 | ) | 102 | ||||||||||||
Unvested at end of year | 25,820 | 168.22 | 16,176 | 108.06 | 24,922 | 104.52 | |||||||||||||||
The unrecognized compensation cost related to unvested restricted stock totaled $3.5 million as of December 31, 2014 and is expected to be recognized over a period of 1 to 7 years. | |||||||||||||||||||||
Summary of long term incentive plan - Z Units | The following table summarizes information about the LTIP Units outstanding as of December 31, 2014 ($ in thousands): | ||||||||||||||||||||
Long Term Incentive Plan - LTIP Units | |||||||||||||||||||||
Total | Total | Total | Weighted- | Weighted- | |||||||||||||||||
Vested | Unvested | Outstanding | average | average | |||||||||||||||||
Units | Units | Units | Grant-date | Remaining | |||||||||||||||||
Fair Value | Contractual | ||||||||||||||||||||
Life (years) | |||||||||||||||||||||
Balance, December 31, 2011 | 179,082 | 170,019 | 349,101 | $ | 58.17 | 12.3 | |||||||||||||||
Granted | — | — | — | ||||||||||||||||||
Vested | 28,163 | (28,163 | ) | — | |||||||||||||||||
Converted | (16,541 | ) | — | (16,541 | ) | ||||||||||||||||
Cancelled | — | (1,813 | ) | (1,813 | ) | ||||||||||||||||
Balance, December 31, 2012 | 190,704 | 140,043 | 330,747 | 58.44 | 11.3 | ||||||||||||||||
Granted | — | 50,500 | 50,500 | ||||||||||||||||||
Vested | 35,919 | (35,919 | ) | — | |||||||||||||||||
Converted | (108,433 | ) | — | (108,433 | ) | ||||||||||||||||
Cancelled | — | (5,243 | ) | (5,243 | ) | ||||||||||||||||
Balance, December 31, 2013 | 118,190 | 149,381 | 267,571 | 63.53 | 9.3 | ||||||||||||||||
Granted | 24,000 | 44,750 | 68,750 | ||||||||||||||||||
Vested | 41,729 | (41,729 | ) | — | |||||||||||||||||
Converted | (2,000 | ) | — | (2,000 | ) | ||||||||||||||||
Cancelled | — | (1,335 | ) | (1,335 | ) | ||||||||||||||||
Balance, December 31, 2014 | 181,919 | 151,067 | 332,986 | $ | 71.14 | 10.5 | |||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Reconciliation Of Revenues And Operating Profit Loss From Segments To Consolidated | The revenues and net operating income for each of the reportable operating segments are summarized as follows for the years ended December 31, 2014, 2013, and 2012 ($ in thousands): | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
Southern California | $ | 422,899 | $ | 263,064 | $ | 248,150 | ||||||
Northern California | 338,006 | 212,167 | 173,264 | |||||||||
Seattle Metro | 168,053 | 107,553 | 92,489 | |||||||||
Other real estate assets | 31,000 | 19,219 | 12,793 | |||||||||
Total property revenues | $ | 959,958 | $ | 602,003 | $ | 526,696 | ||||||
Net operating income: | ||||||||||||
Southern California | $ | 279,178 | $ | 175,557 | $ | 164,841 | ||||||
Northern California | 236,927 | 146,699 | 119,154 | |||||||||
Seattle Metro | 112,384 | 71,407 | 60,853 | |||||||||
Other real estate assets | 20,556 | 12,328 | 9,681 | |||||||||
Total net operating income | 649,045 | 405,991 | 354,529 | |||||||||
Depreciation and amortization | (360,592 | ) | (192,420 | ) | (169,173 | ) | ||||||
Interest expense | (164,551 | ) | (116,524 | ) | (111,888 | ) | ||||||
Management and other fees from affiliates | 9,347 | 7,263 | 8,457 | |||||||||
General and administrative | (40,878 | ) | (26,684 | ) | (24,573 | ) | ||||||
Merger and integration expenses | (53,530 | ) | (4,284 | ) | — | |||||||
Acquisition and disposition costs | (1,878 | ) | (1,161 | ) | (2,215 | ) | ||||||
Interest and other income | 11,811 | 11,633 | 13,833 | |||||||||
Loss on early retirement of debt, net | (268 | ) | (300 | ) | (5,009 | ) | ||||||
Gain on sale of real estate and land | 46,039 | 1,503 | — | |||||||||
Equity income from co-investments | 39,893 | 55,865 | 41,745 | |||||||||
Gain on remeasurement of co-investment | — | — | 21,947 | |||||||||
Income before discontinued operations | $ | 134,438 | $ | 140,882 | $ | 127,653 | ||||||
Reconciliation of Assets from Segment to Consolidated | Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2014 and 2013 ($ in thousands): | |||||||||||
As of December 31, | ||||||||||||
Assets: | 2014 | 2013 | ||||||||||
Southern California | $ | 4,249,107 | $ | 1,732,791 | ||||||||
Northern California | 3,641,720 | 1,605,303 | ||||||||||
Seattle Metro | 1,647,058 | 741,533 | ||||||||||
Other real estate assets | 149,820 | 109,244 | ||||||||||
Net reportable operating segments - real estate assets | 9,687,705 | 4,188,871 | ||||||||||
Real estate under development | 434,371 | 50,430 | ||||||||||
Co-investments | 1,036,411 | 677,133 | ||||||||||
Real estate held for sale, net | 56,300 | — | ||||||||||
Cash and cash equivalents, including restricted cash | 95,420 | 53,766 | ||||||||||
Marketable securities and other investments | 117,240 | 90,084 | ||||||||||
Notes and other receivables | 24,923 | 68,255 | ||||||||||
Other non-segment assets | 110,504 | 58,300 | ||||||||||
Total assets | $ | 11,562,874 | $ | 5,186,839 | ||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | ||||||||||||||||
Summary of quarterly results of operations | Essex Property Trust, Inc. | |||||||||||||||
The following is a summary of quarterly results of operations for 2014 and 2013 ($ in thousands, except per share and dividend amounts): | ||||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
2014 (1): | ||||||||||||||||
Total property revenues | $ | 276,209 | $ | 268,118 | $ | 256,614 | $ | 159,017 | ||||||||
Income before discontinued operations | $ | 44,805 | $ | 58,582 | $ | 4,645 | $ | 26,406 | ||||||||
Net income | $ | 44,805 | $ | 58,582 | $ | 4,645 | $ | 26,406 | ||||||||
Net income available to common stockholders | $ | 40,175 | $ | 53,565 | $ | 1,207 | $ | 21,912 | ||||||||
Per share data: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic (2) | $ | 0.63 | $ | 0.85 | $ | 0.02 | $ | 0.58 | ||||||||
Diluted (2) | $ | 0.63 | $ | 0.85 | $ | 0.02 | $ | 0.58 | ||||||||
Market price: | ||||||||||||||||
High | $ | 211.91 | $ | 180.65 | $ | 185.66 | $ | 171.7 | ||||||||
Low | $ | 206.35 | $ | 178.27 | $ | 183.36 | $ | 166.95 | ||||||||
Close | $ | 206.6 | $ | 178.75 | $ | 184.91 | $ | 170.05 | ||||||||
Dividends declared | $ | 1.3 | $ | 1.3 | $ | 1.3 | $ | 1.21 | ||||||||
2013:00:00 | ||||||||||||||||
Total property revenues | $ | 155,986 | $ | 152,177 | $ | 148,783 | $ | 145,057 | ||||||||
Income before discontinued operations | $ | 20,020 | $ | 62,718 | $ | 28,983 | $ | 29,161 | ||||||||
Net income | $ | 36,903 | $ | 75,875 | $ | 29,575 | $ | 29,702 | ||||||||
Net income available to common stockholders | $ | 31,874 | $ | 68,788 | $ | 24,946 | $ | 25,203 | ||||||||
Per share data: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic (2) | $ | 0.85 | $ | 1.84 | $ | 0.67 | $ | 0.68 | ||||||||
Diluted (2) | $ | 0.85 | $ | 1.84 | $ | 0.67 | $ | 0.68 | ||||||||
Market price: | ||||||||||||||||
High | $ | 165.44 | $ | 172.16 | $ | 171.11 | $ | 156.36 | ||||||||
Low | $ | 137.53 | $ | 139.64 | $ | 147.56 | $ | 147.06 | ||||||||
Close | $ | 143.51 | $ | 147.7 | $ | 158.92 | $ | 150.58 | ||||||||
Dividends declared | $ | 1.21 | $ | 1.21 | $ | 1.21 | $ | 1.21 | ||||||||
Essex Portfolio, L.P. [Member] | ||||||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | ||||||||||||||||
Summary of quarterly results of operations | Essex Portfolio, L.P. | |||||||||||||||
The following is a summary of quarterly results of operations for 2014 and 2013 ($ in thousands, except per unit and distribution amounts): | ||||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
2014 (1): | ||||||||||||||||
Total property revenues | $ | 276,209 | $ | 268,118 | $ | 256,614 | $ | 159,017 | ||||||||
Income before discontinued operations | $ | 44,805 | $ | 58,582 | $ | 4,645 | $ | 26,406 | ||||||||
Net income | $ | 44,805 | $ | 58,582 | $ | 4,645 | $ | 26,406 | ||||||||
Net income available to common unitholders | $ | 41,599 | $ | 55,382 | $ | 1,416 | $ | 23,329 | ||||||||
Per unit data: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic (2) | $ | 0.63 | $ | 0.85 | $ | 0.02 | $ | 0.58 | ||||||||
Diluted (2) | $ | 0.63 | $ | 0.85 | $ | 0.02 | $ | 0.58 | ||||||||
Distributions declared | $ | 1.3 | $ | 1.3 | $ | 1.3 | $ | 1.21 | ||||||||
2013:00:00 | ||||||||||||||||
Total property revenues | $ | 155,986 | $ | 152,177 | $ | 148,783 | $ | 145,057 | ||||||||
Income before discontinued operations | $ | 20,020 | $ | 62,718 | $ | 28,983 | $ | 29,161 | ||||||||
Net income | $ | 36,903 | $ | 75,875 | $ | 29,575 | $ | 29,702 | ||||||||
Net income available to common unitholders | $ | 33,776 | $ | 72,777 | $ | 26,493 | $ | 26,703 | ||||||||
Per unit data: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic (2) | $ | 0.87 | $ | 1.84 | $ | 0.67 | $ | 0.68 | ||||||||
Diluted (2) | $ | 0.86 | $ | 1.84 | $ | 0.67 | $ | 0.68 | ||||||||
Distributions declared | $ | 1.21 | $ | 1.21 | $ | 1.21 | $ | 1.21 | ||||||||
-1 | Includes BRE results of operations after the merger date, April 1, 2014. | |||||||||||||||
-2 | Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. |
Organization_Details
Organization (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 01, 2014 | |
apartment | ||||
building | ||||
project | ||||
community | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
General partner ownership interest (in hundredths) | 96.70% | 94.60% | ||
Noncontrolling interest Operating Partnership | 3.30% | 5.40% | ||
Operating Partnership units outstanding (in shares) | 2,201,810 | 2,149,802 | ||
Redemption value of Operating Partnership units outstanding | $455,000,000 | $309,000,000 | ||
Number of apartment communities owned | 239 | |||
Apartment units owned | 57,455 | |||
Ownership interests, number of commercial buildings | 4 | |||
Ownership interests, number of active development projects | 12 | |||
Business Acquisition [Line Items] | ||||
Merger and integration expenses | 53,530,000 | 4,284,000 | 0 | |
Share Price | $174 | |||
Share Price After Deducting Special Dividend And Cash Consideration | $164 | |||
BRE Properties, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Common shares conversion ratio in connection with merger | 0.2971 | |||
Share price (in dollars per share) | $7.18 | |||
Merger and integration expenses | $53,500,000 | $4,300,000,000 | ||
Special Dividend Declared Per Share | $5.15 | |||
Cash Consideration Per Share Before Special Dividend | $12.33 | |||
Stock Issued During Period, Shares, Acquisitions | 23,100,000 | |||
Share Price | $61 | |||
Share Price After Deducting Special Dividend And Cash Consideration | $48.67 |
Summary_of_Critical_and_Signif3
Summary of Critical and Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
community | |||
partnership | |||
Principles of Consolidation [Abstract] | |||
Noncontrolling interest in Operating Partnership (in hundredths) | 3.30% | 5.40% | |
Number of DownREIT limited partnerships the company consolidates | 17 | ||
Number of communities within the DownREIT partnership | 10 | ||
Assets related to variable interest entities, net intercompany eliminations | $200,000,000 | $194,900,000 | |
Liabilities related to variable interest entities, net of intercompany eliminations | 196,600,000 | 178,300,000 | |
Redemption rights of limited partners issuance of common stock for partnership unit, conversion basis | one share per unit basis | ||
Common Stock, Redemption Of Limited Partnership Interest, Shares Issuable Per Unit | 1 | ||
Total DownREIT units outstanding (in shares) | 941,138 | 1,007,879 | |
Redemption value of the variable interest entities | 194,000,000 | 145,000,000 | |
Real Estate Rental Properties [Abstract] | |||
Threshold useful life of assets for capitalization | 1 year | ||
Depreciable life of various categories of fixed assets [Abstract] | |||
Expected lease term of acquired tenant | 20 months | ||
Proceeds from Sale of Available-for-sale Securities | 8,753,000 | 24,172,000 | 61,703,000 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 886,000 | 1,767,000 | 819,000 |
Acquired in-place lease value | 47,747,000 | 4,513,000 | |
Revenues and Gains on Sale of Real Estate [Abstract] | |||
Lease terms, minimum | 6 months | ||
Lease terms, maximum | 12 months | ||
No rent time period, minimum | 1 month | ||
No rent time period, maximum | 2 months | ||
Cash Equivalents and Restricted Cash [Abstract] | |||
Original maturities of highly liquid investments to be classified as cash equivalents, maximum | 3 months | ||
Marketable Securities [Abstract] | |||
Maturity date of investments in mortgage backed securities, first | Nov-19 | Nov-19 | |
Maturity date of investments in mortgage backed securities, final | Sep-20 | Sep-20 | |
Proceeds from Sale of Available-for-sale Securities | 8,753,000 | 24,172,000 | 61,703,000 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 886,000 | 1,767,000 | 819,000 |
Capitalization Policy [Abstract] | |||
Capitalized internal costs related to development and redevelopment projects | 10,400,000 | 7,500,000 | 6,200,000 |
Fair Value of Financial Instruments [Abstract] | |||
Fixed rate debt carrying amount | 4,400,000,000 | 2,300,000,000 | |
Fixed rate debt fair value | 4,600,000,000 | 2,300,000,000 | |
Variable rate debt, carrying amount | 660,600,000 | 737,000,000 | |
Variable rate debt fair value | 656,300,000 | 719,400,000 | |
Mortgage backed securities fair value | 96,000,000 | 86,200,000 | |
Available-for-sale Securities [Abstract] | |||
Available for Sale - Carrying Value | 117,240,000 | 90,084,000 | |
Held-to-maturity Securities [Abstract] | |||
Total Amortized Cost | 106,955,000 | 90,876,000 | |
Total Gross Unrealized Gain (Loss) | 5,285,000 | -792,000 | |
Total Fair Value | 112,240,000 | 90,084,000 | |
Available-for-sale Securities and Held-to-maturity Securities | 111,955,000 | ||
Available-For-Sale Securities And Held-To-Maturity Securities, Unrealized Holding Gain (Loss) | 5,285,000 | ||
Change in fair value and amortization of derivatives | |||
Balance at beginning | -59,724,000 | ||
Balance at the end | -56,003,000 | -59,724,000 | |
Unrealized gains/(losses) on available for sale securities [Abstract] | |||
Balance at beginning | -748,000 | ||
Changes in fair value of marketable securities | 6,302,000 | -1,556,000 | 1,411,000 |
Balance at the end | 4,551,000 | -748,000 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other comprehensive income (loss) before reclassification | 6,898,000 | ||
Amounts reclassified from accumulated other comprehensive loss | 2,122,000 | ||
Net other comprehensive income (loss) | 9,020,000 | ||
Balance at the end | -51,452,000 | -60,472,000 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Change in fair value and amortization of derivatives | |||
Other comprehensive income before reclassification | 758,000 | ||
Amounts reclassified from accumulated other comprehensive loss | 2,963,000 | ||
Net other comprehensive income | 3,721,000 | ||
Unrealized gains/(losses) on available for sale securities [Abstract] | |||
Changes in fair value of marketable securities | 6,140,000 | -1,472,000 | 1,345,000 |
Amounts reclassified from accumulated other comprehensive loss | -841,000 | ||
Net other comprehensive income (loss) | 5,299,000 | ||
Investment-grade unsecured bonds [Member] | |||
Available-for-sale Securities [Abstract] | |||
Available for Sale - Amortized Cost | 9,435,000 | 15,446,000 | |
Available for Sale - Gross Unrealized Gain (Loss) | 145,000 | 509,000 | |
Available for Sale - Carrying Value | 9,580,000 | 15,955,000 | |
Investment funds-US treasuries [Member] | |||
Available-for-sale Securities [Abstract] | |||
Available for Sale - Amortized Cost | 3,769,000 | 3,675,000 | |
Available for Sale - Gross Unrealized Gain (Loss) | 3,000 | 3,000 | |
Available for Sale - Carrying Value | 3,772,000 | 3,678,000 | |
Common Stock [Member] | |||
Available-for-sale Securities [Abstract] | |||
Available for Sale - Amortized Cost | 25,755,000 | 13,104,000 | |
Available for Sale - Gross Unrealized Gain (Loss) | 5,137,000 | -1,304,000 | |
Available for Sale - Carrying Value | 30,892,000 | 11,800,000 | |
Mortgage backed securities [Member] | |||
Held-to-maturity Securities [Abstract] | |||
Held to Maturity - Amortized Cost | 67,996,000 | 58,651,000 | |
Held to Maturity - Gross Unrealized Gain (Loss) | 0 | 0 | |
Held-to-maturity Securities | 67,996,000 | 58,651,000 | |
Other Investments [Member] | |||
Held-to-maturity Securities [Abstract] | |||
Held to Maturity - Amortized Cost | 5,000,000 | ||
Held to Maturity - Gross Unrealized Gain (Loss) | 0 | ||
Held-to-maturity Securities | 5,000,000 | ||
Common Stock [Member] | |||
Status of cash dividends distributed [Abstract] | |||
Ordinary income (in hundredths) | 70.03% | 77.34% | 70.58% |
Capital gains (in hundredths) | 21.95% | 17.64% | 8.75% |
Unrecaptured section 1250 capital gain (in hundredths) | 8.02% | 5.02% | 7.97% |
Return of capital (in hundredths) | 0.00% | 0.00% | 12.70% |
Total cash dividends distributed (in hundredths) | 100.00% | 100.00% | 100.00% |
Series F, G and H Preferred Stock [Member] | |||
Status of cash dividends distributed [Abstract] | |||
Ordinary income (in hundredths) | 70.03% | 77.34% | 80.85% |
Capital gains (in hundredths) | 21.95% | 17.64% | 10.02% |
Unrecaptured section 1250 capital gain (in hundredths) | 8.02% | 5.02% | 9.13% |
Total cash dividends distributed (in hundredths) | 100.00% | 100.00% | 100.00% |
Essex Portfolio, L.P. [Member] | |||
Depreciable life of various categories of fixed assets [Abstract] | |||
Proceeds from Sale of Available-for-sale Securities | 8,753,000 | 24,172,000 | 61,703,000 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 886,000 | 1,767,000 | 819,000 |
Acquired in-place lease value | 47,747,000 | 4,513,000 | |
Marketable Securities [Abstract] | |||
Proceeds from Sale of Available-for-sale Securities | 8,753,000 | 24,172,000 | 61,703,000 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 886,000 | 1,767,000 | 819,000 |
Available-for-sale Securities [Abstract] | |||
Available for Sale - Carrying Value | 117,240,000 | 90,084,000 | |
Change in fair value and amortization of derivatives | |||
Balance at beginning | -58,148,000 | ||
Balance at the end | -53,980,000 | -58,148,000 | |
Unrealized gains/(losses) on available for sale securities [Abstract] | |||
Balance at beginning | -792,000 | ||
Changes in fair value of marketable securities | 6,302,000 | -1,556,000 | 1,411,000 |
Balance at the end | 4,624,000 | -792,000 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other comprehensive income (loss) before reclassification | 7,507,000 | ||
Amounts reclassified from accumulated other comprehensive loss | 2,077,000 | ||
Net other comprehensive income (loss) | 9,584,000 | ||
Balance at the end | -49,356,000 | -58,940,000 | |
Essex Portfolio, L.P. [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Change in fair value and amortization of derivatives | |||
Other comprehensive income before reclassification | 1,205,000 | ||
Amounts reclassified from accumulated other comprehensive loss | 2,963,000 | ||
Net other comprehensive income | 4,168,000 | ||
Unrealized gains/(losses) on available for sale securities [Abstract] | |||
Changes in fair value of marketable securities | 6,302,000 | ||
Amounts reclassified from accumulated other comprehensive loss | -886,000 | ||
Net other comprehensive income (loss) | $5,416,000 | ||
Computer Software and Equipment [Member] | Minimum [Member] | |||
Depreciable life of various categories of fixed assets [Abstract] | |||
Depreciable life, average | 3 years | ||
Computer Software and Equipment [Member] | Maximum [Member] | |||
Depreciable life of various categories of fixed assets [Abstract] | |||
Depreciable life, average | 5 years | ||
Interior Unit Improvements [Member] | |||
Depreciable life of various categories of fixed assets [Abstract] | |||
Depreciable life, average | 5 years | ||
Furniture, Fixtures And Equipment [Member] | |||
Depreciable life of various categories of fixed assets [Abstract] | |||
Depreciable life, average | 5 years | ||
Land Improvements and Certain Exterior Components of Real Property [Member] | |||
Depreciable life of various categories of fixed assets [Abstract] | |||
Depreciable life, average | 10 years | ||
Real Estate Structures [Member] | |||
Depreciable life of various categories of fixed assets [Abstract] | |||
Depreciable life, average | 30 years |
Summary_of_Critical_and_Signif4
Summary of Critical and Significant Accounting Policies - Summary of Merger (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 01, 2014 | Dec. 31, 2014 | |
property | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash consideration for BRE merger | $555,826,000 | $0 | $0 | ||||||||||
Business Acquisition, Pro Forma Information [Abstract] | |||||||||||||
Merger and integration expenses | 53,530,000 | 4,284,000 | 0 | ||||||||||
Discontinued Operations, Number Of Properties Sold | 3 | ||||||||||||
Revenue, Net | 969,305,000 | 609,266,000 | 535,153,000 | ||||||||||
Net income | 44,805,000 | 58,582,000 | 4,645,000 | 26,406,000 | 36,903,000 | 75,875,000 | 29,575,000 | 29,702,000 | 134,438,000 | 172,055,000 | 139,590,000 | ||
BRE Properties, Inc. [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash assumed | 140,000 | 140,000 | 140,000 | ||||||||||
Rental properties and real estate under development | 5,618,000 | 5,618,000 | 5,618,000 | ||||||||||
Real estate held for sale, net | 108,000 | 108,000 | 108,000 | ||||||||||
Co-investments | 218,000 | 218,000 | 218,000 | ||||||||||
Acquired in-place lease value | 77,000 | 77,000 | 77,000 | ||||||||||
Other assets | 16,000 | 16,000 | 16,000 | ||||||||||
Other liabilities | -1,747,000 | -1,747,000 | -1,747,000 | ||||||||||
Redeemable noncontrolling interest | -94,000 | -94,000 | -94,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Redeemable Noncontrolling Interest | 5,000 | 5,000 | 5,000 | ||||||||||
Total consideration for BRE merger | 4,331,000 | 4,331,000 | 4,300,000,000 | 4,331,000 | |||||||||
Increase in fair value of personal property | 100,900,000 | ||||||||||||
Cash consideration for BRE merger | 556,000 | ||||||||||||
Equity consideration for BRE merger | 3,775,000 | 3,775,000 | 3,775,000 | ||||||||||
Number Of Property Units Contributed | 14 | ||||||||||||
Value Of Properties Contributed | 1,400,000,000 | ||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Acquired In-place Lease Value | 19,000,000 | 19,000,000 | 19,000,000 | ||||||||||
Business Acquisition, Pro Forma Information [Abstract] | |||||||||||||
Business Acquisition, Pro Forma Revenue | 1,055,460,000 | 944,410,000 | |||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 263,440,000 | 141,504,000 | |||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $4.08 | $2.26 | |||||||||||
Merger and integration expenses | 53,500,000 | 4,300,000,000 | |||||||||||
Anti-dilutive securities (in shares) | 23,100,000 | 23,100,000 | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 105,000,000 | ||||||||||||
Revenue, Net | 283,300,000 | ||||||||||||
Net income | 17,200,000 | ||||||||||||
Essex Portfolio, L.P. [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash consideration for BRE merger | 555,826,000 | 0 | 0 | ||||||||||
Business Acquisition, Pro Forma Information [Abstract] | |||||||||||||
Merger and integration expenses | 53,530,000 | 4,284,000 | 0 | ||||||||||
Revenue, Net | 969,305,000 | 609,266,000 | 535,153,000 | ||||||||||
Net income | 44,805,000 | 58,582,000 | 4,645,000 | 26,406,000 | 36,903,000 | 75,875,000 | 29,575,000 | 29,702,000 | 134,438,000 | 172,055,000 | 139,590,000 | ||
Essex Portfolio, L.P. [Member] | BRE Properties, Inc. [Member] | |||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | |||||||||||||
Business Acquisition, Pro Forma Revenue | 1,055,460,000 | 944,410,000 | |||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $263,585,000 | $141,175,000 | |||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $4.08 | $2.26 | |||||||||||
Personal Property [Member] | BRE Properties, Inc. [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Estimated useful life | 5 years | ||||||||||||
Real Estate [Member] | BRE Properties, Inc. [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Estimated useful life | 30 years |
Real_Estate_Investments_Acquis
Real Estate Investments Acquisitions And Sales Of Real Estate (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
unit | community | unit | ||
community | unit | community | ||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Businesses Acquired | 6 | 6 | ||
Number Of Units Acquired | 1,480 | 1,079 | ||
Payments to Acquire Real Estate | $387,547,000 | $348,774,000 | $393,771,000 | |
Number of communities sold | 4 | 3 | 2 | |
Number of units sold | 594 | 363 | 264 | |
Sales of Real Estate | 120,400,000 | 57,500,000 | 28,300,000 | |
Gain on sale of real estate | 43,600,000 | 29,200,000 | 10,900,000 | |
Palo Alto, California [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain on sale of real estate | 1,500,000 | |||
Proceeds from Sale of Property Held-for-sale | 9,100,000 | |||
Apartment Building [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Payments to Acquire Real Estate | $460,700,000 | $349,100,000 |
Real_Estate_Investments_CoInve
Real Estate Investments Co-Investments (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Apr. 01, 2014 | Dec. 31, 2010 | Dec. 31, 2011 | Mar. 31, 2011 | ||||
community | unit | community | unit | ||||||||
unit | community | ||||||||||
project | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number Of Development Projects | 2 | ||||||||||
Payments to Acquire Equity Method Investments | $246,006,000 | $162,578,000 | $260,153,000 | ||||||||
Loans Assumed | 72,568,000 | [1] | 0 | [1] | 82,133,000 | [1] | |||||
Number Of Apartment Communities Owned | 239 | ||||||||||
Number Of Units Acquired | 1,480 | 1,079 | |||||||||
Number of communities sold | 4 | 3 | 2 | ||||||||
Sales of Real Estate | 120,400,000 | 57,500,000 | 28,300,000 | ||||||||
Gain on sale of real estate | 43,600,000 | 29,200,000 | 10,900,000 | ||||||||
Ownership interests, number of active development projects | 12 | ||||||||||
Palm Valley Apartments [Member] | Equity Method Investments [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||
Payments to Acquire Equity Method Investments | 180,000,000 | ||||||||||
Mortgage Loan Including Amount Attributable To Non-controlling Interest | 220,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | ||||||||||
Loans Assumed | 110,000,000 | ||||||||||
Rental Property, Including Amount Attributable To Non-controlling Interests | 370,800,000 | ||||||||||
Wesco I LLC And Wesco III [Member] | Equity Method Investments [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||
Pro rata share in earnings | 50.00% | ||||||||||
Equity Method Investment Each Partners Equity Commitment | 270,000,000 | ||||||||||
Wesco I LLC [Member] | Equity Method Investments [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number Of Apartment Communities Owned | 9 | ||||||||||
Rental Properties | 682,400,000 | ||||||||||
Wesco III [Member] | Equity Method Investments [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number Of Apartment Communities Owned | 6 | ||||||||||
Number Of Units Acquired | 993 | ||||||||||
Rental Properties | 230,700,000 | ||||||||||
Wesco IV LLC [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Units in the community | 1,116 | ||||||||||
Wesco IV LLC [Member] | Equity Method Investments [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Percentage of voting interests acquired | 50.00% | ||||||||||
Percent debt in merger | 50.00% | ||||||||||
Number of apartment communities | 5 | ||||||||||
BEXAEW [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Units in the community | 2,723 | ||||||||||
BEXAEW [Member] | Equity Method Investments [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Pro rata share in earnings | 50.00% | ||||||||||
Percentage of voting interests acquired | 50.00% | ||||||||||
Percentage of voting interests retained by institutional partner | 50.00% | ||||||||||
Percent debt in merger | 60.00% | ||||||||||
Number of apartment communities | 9 | ||||||||||
Santa Monica at La Brea [Member] | Equity Method Investments [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | ||||||||||
Membership interest in Wesco IV [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Company's share of equity | 297,900,000 | ||||||||||
Membership interest in BEXAEW [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Company's share of equity | 519,200,000 | ||||||||||
Essex Apartment Value Fund II LP Fund II [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 28.20% | ||||||||||
Equity Method Investment, Aggregate Cost | 75,000,000 | ||||||||||
Number of communities sold | 2 | 5 | 7 | ||||||||
Sales of Real Estate | 47,300,000 | 320,400,000 | 413,000,000 | ||||||||
Sales Of Real Estate, Promote Income | 9,500,000 | ||||||||||
Payments of Debt Extinguishment Costs | 200,000 | 400,000 | 2,300,000 | ||||||||
Gains (Losses) on Sales of Investment Real Estate | 23,300,000 | ||||||||||
Pro rata gain on sale of property of joint venture | 6,600,000 | 38,800,000 | 29,100,000 | ||||||||
Gain on sale of real estate | 146,800,000 | 106,000,000 | |||||||||
Expo formerly Queen Anne [Member] | Equity Method Investments [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||
Number Of Units Acquired | 275 | ||||||||||
Company's share of equity | 65,300,000 | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | ||||||||||
Real Estate Under Development Activities [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Ownership interests, number of active development projects | 10 | ||||||||||
Wesco I LLC [Member] | Equity Method Investments [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number Of Units Acquired | 2,713 | ||||||||||
Real Estate predevelopment projects [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number Of Units To Be Developed | 2,920 | ||||||||||
Estimated cost active development projects | 1,500,000,000 | ||||||||||
Active development projects Estimated costs to be expended | 420,000,000 | ||||||||||
Remaining Estimated cost to be contributed by Company | $250,000,000 | ||||||||||
[1] | See note 2(r) for details of noncash investing and financing activities related to the BRE merger. |
Real_Estate_Investments_Joint_
Real Estate Investments Joint Venture Developments (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2011 | 31-May-13 | ||||
unit | unit | apartment | joint_venture | unit | ||||||
project | community | |||||||||
community | unit | |||||||||
sqft | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Loans Assumed | $72,568,000 | [1] | $0 | [1] | $82,133,000 | [1] | ||||
Number Of Apartment Communities Owned | 239 | 239 | ||||||||
Number Of Development Projects | 2 | |||||||||
Ownership interests, number of active development projects | 12 | 12 | ||||||||
Number Of Units Acquired | 1,480 | 1,079 | ||||||||
Co-investment | 1,036,411,000 | 677,133,000 | 1,036,411,000 | |||||||
Payments to Acquire Equity Method Investments | 246,006,000 | 162,578,000 | 260,153,000 | |||||||
Basis spread on rate (in hundredths) | 2.50% | |||||||||
One South Market [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 55.00% | |||||||||
Estimated cost active development projects | 145,000,000 | 145,000,000 | ||||||||
Active development projects Estimated costs to be expended | 25,000,000 | 25,000,000 | ||||||||
Remaining Estimated cost to be contributed by Company | 13,800,000 | 13,800,000 | ||||||||
Number Of Units To Be Developed | 312 | |||||||||
Century Towers [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||
Estimated cost active development projects | 172,000,000 | 172,000,000 | 172,000,000 | |||||||
Active development projects Estimated costs to be expended | 132,000,000 | 132,000,000 | ||||||||
Remaining Estimated cost to be contributed by Company | 66,000,000 | 66,000,000 | ||||||||
Number Of Units To Be Developed | 376 | |||||||||
Co-investment | 12,000,000 | 27,000,000 | 12,000,000 | |||||||
Preferred Stock Dividend Rate Percentage In First Five Years | 8.10% | |||||||||
Canada Pension Plan Investment Board (CPPIB) I [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number Of Development Projects | 7 | |||||||||
Number Of Units Acquired | 1,424 | |||||||||
Estimated cost active development projects | 650,000,000 | 650,000,000 | ||||||||
Active development projects Estimated costs to be expended | 205,000,000 | 205,000,000 | ||||||||
Remaining Estimated cost to be contributed by Company | 111,300,000 | 111,300,000 | ||||||||
CPPIB Epic Phase I and II [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number Of Units Acquired | 309 | |||||||||
CPPIB Epic Phase I [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number Of Units Acquired | 280 | |||||||||
CPPIB Epic Phase II [Member] [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number Of Units Acquired | 289 | |||||||||
Real Estate Under Development Activities [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership interests, number of active development projects | 10 | 10 | ||||||||
Real Estate predevelopment projects [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Estimated cost active development projects | 1,500,000,000 | 1,500,000,000 | ||||||||
Active development projects Estimated costs to be expended | 420,000,000 | 420,000,000 | ||||||||
Remaining Estimated cost to be contributed by Company | 250,000,000 | 250,000,000 | ||||||||
Number Of Units To Be Developed | 2,920 | 2,920 | ||||||||
Minimum [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||
Maximum [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 55.00% | 55.00% | ||||||||
Mortgages [Member] | Century Towers [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Mortgage Loans on Real Estate | 90,000,000 | |||||||||
Debt Instrument, Term Of Interest Rate | 3 years | |||||||||
Debt Instrument, Interest Rate, Number Of Extensions | 2 | |||||||||
Debt Instrument, Term Of Interest Rate Per Extension | 1 year | |||||||||
SIFMA [Member] | The Huxley And The Dylan [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Derivative, Basis Spread on Variable Rate | 1.50% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member] | Century Towers [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Basis spread on rate (in hundredths) | 1.75% | |||||||||
Equity Method Investments [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Redemption of preferred equity investments | 101,000,000 | 101,000,000 | ||||||||
Gain from redemption penalties due to early redemption of preferred equity investments | 5,300,000 | |||||||||
Equity Method Investments [Member] | The Huxley And The Dylan [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number Of Apartment Communities Owned | 2 | |||||||||
Number Of Development Projects | 2 | |||||||||
Number Of Units To Be Developed | 371 | |||||||||
Area of Real Estate Property | 30,950 | |||||||||
Equity Method Investment, Aggregate Cost | 14,800,000 | |||||||||
Equity Method Investment Ownership Percentage By Partners | 50.00% | |||||||||
Mortgage Loans on Real Estate | 114,400,000 | |||||||||
Mortgage loan on property acquired, maturity date | 31-Oct-46 | |||||||||
Derivative, Maturity Date | 30-Sep-16 | |||||||||
Equity Method Investments [Member] | The Huxley [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Rental Properties | 72,200,000 | 72,200,000 | ||||||||
Equity Method Investments [Member] | The Dylan [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Rental Properties | 74,100,000 | 74,100,000 | ||||||||
Equity Method Investments [Member] | Los Angeles II [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number Of Apartment Communities Owned | 3 | |||||||||
Co-investment | 22,800,000 | |||||||||
Gain from redemption penalties due to early redemption of preferred equity investments | 900,000 | |||||||||
Equity Method Investments [Member] | Anaheim, CA [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Maximum Term Extended (in years) | 1 year | |||||||||
Income related to the restructured investment | 400,000 | |||||||||
Equity Method Investments [Member] | Cupertino California [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Payments to Acquire Equity Method Investments | 14,000,000 | |||||||||
Cumulative dividend rate (in hundredths) | 9.50% | |||||||||
Preferred Equity Investment Additional funding, Maximum | $4,000,000 | |||||||||
Equity Method Investments [Member] | Canada Pension Plan Investment Board (CPPIB) I [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number Of Development Projects | 7 | |||||||||
Number Of Communities To Be Developed | 7 | |||||||||
Equity Method Investments [Member] | Minimum [Member] | Anaheim, CA [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Preferred Stock Dividend Rate Percentage Thereafter | 9.00% | |||||||||
Equity Method Investments [Member] | Maximum [Member] | Anaheim, CA [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Preferred Stock Dividend Rate Percentage Thereafter | 13.00% | |||||||||
[1] | See note 2(r) for details of noncash investing and financing activities related to the BRE merger. |
Real_Estate_Investments_Summar
Real Estate Investments Summary of Co-Investments (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | $1,036,411 | $677,133 | |
Century Towers [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 27,000 | 12,000 | |
Preferred Stock Dividend Rate Percentage In First Five Years | 8.10% | ||
Total operating co investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 607,790 | 360,616 | |
Membership interest in Wesco I and III [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 188,404 | 181,098 | |
Partnership interest in Fund II [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 696 | 4,166 | |
Membership interest in a limited liability company that owns and is developing Expo [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 7,352 | 12,041 | |
Membership interest in a limited liability company that owns The Huxley [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 11,471 | 11,224 | |
Membership Interest In Limited Liability Company That Owns Connolly Station [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 46,653 | 45,242 | |
Membership Interest In Epic [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 122,968 | 106,845 | |
Membership interest in Wesco IV [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 86,289 | 0 | |
Membership interest in BEXAEW [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 73,771 | 0 | |
Membership Interest In Palm Valley [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 70,186 | 0 | |
Total development co investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 319,930 | 173,887 | |
Membership interests in limited liability companies that own and are developing Epic, Lync, Elkhorn, and Folsom and Fifth [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 268,016 | 149,451 | |
Membership interests in limited liability companies that owns and is developing One South Market [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 30,919 | 17,115 | |
Membership interests in limited liability companies that own and are developing The Huxley and The Dylan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 7,874 | 7,321 | |
Membership Interest In Limited Liability Company That Owns And Is Developing Century Towers [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 13,121 | 0 | |
Total preferred interest investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 108,691 | 142,630 | |
Membership interest in Wesco II that owns a preferred equity interest in Park Merced with a preferred return of 10.1 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 0 | 94,711 | |
Cumulative dividend rate (in hundredths) | 10.10% | ||
Preferred interests in related party limited liability companies that owns Sage at Cupertino with a preferred return of 9.5% [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 16,571 | 15,775 | |
Cumulative dividend rate (in hundredths) | 9.50% | ||
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 9% [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 13,824 | 13,824 | |
Cumulative dividend rate (in hundredths) | 9.00% | ||
Preferred interest in related party limited liability company that owns an apartment development in Redwood City with a preferred return of 12% [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 10,396 | 9,455 | |
Cumulative dividend rate (in hundredths) | 12.00% | ||
Preferred Interest, Extension Term | 1 year | ||
Preferred Interest, Number Of Extension Options | 1 | ||
Preferred interest in related party limited liability company that owns an apartment development in San Jose with a preferred return of 12% [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 10,011 | 8,865 | |
Cumulative dividend rate (in hundredths) | 12.00% | ||
Preferred interest in a limited liability company that owns 8th & Thomas with a preferred return of 10 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 13,145 | 0 | |
Cumulative dividend rate (in hundredths) | 10.00% | ||
Preferred Interest, Extension Term | 1 year | ||
Preferred Interest, Number Of Extension Options | 1 | ||
Preferred interest in a limited liability company that owns Newbury Park with preferred return of 12 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 13,150 | 0 | |
Cumulative dividend rate (in hundredths) | 12.00% | ||
Preferred interest in a limited liability company that owns Century Towers with preferred return of 10 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | 12,357 | 0 | |
Preferred interests in limited liability companies that own apartment communities in San Jose with preferred returns of 9% and 10% [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Co-investment | $19,237 | $0 | |
Cumulative dividend rate (in hundredths) | 9.00% |
Real_Estate_Investments_Summar1
Real Estate Investments Summarized Financial Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Balance sheets: | |||
Real estate under development | $434,371 | $50,430 | |
Other liabilities | 32,485 | 24,871 | |
Statements of operations: | |||
Gain on sale of real estate | 43,600 | 29,200 | 10,900 |
Interest expense | -164,551 | -116,524 | -111,888 |
General and administrative | -40,878 | -26,684 | -24,573 |
Equity income from co-investments | 39,893 | 55,865 | 41,745 |
Total co investment [Member] | |||
Balance sheets: | |||
Real estate under development | 3,426,574 | 1,953,328 | |
Other assets | 107,902 | 61,578 | |
Total assets | 3,534,476 | 2,014,906 | |
Debt | 1,677,089 | 690,132 | |
Other liabilities | 91,579 | 125,479 | |
Equity | 1,765,808 | 1,199,295 | |
Total liabilities and partners' equity | 3,534,476 | 2,014,906 | |
Company's share of equity | 1,036,411 | 677,133 | |
Statements of operations: | |||
Property revenues | 188,548 | 100,402 | 130,128 |
Property operating expenses | -71,419 | -37,518 | -55,990 |
Net operating income | 117,129 | 62,884 | 74,138 |
Gain on sale of real estate | 23,333 | 146,758 | 106,016 |
Interest expense | -39,990 | -24,155 | -34,959 |
General and administrative | -6,321 | -5,344 | -3,697 |
Equity income from co-investments | 26,798 | 18,703 | 18,051 |
Depreciation and amortization | -74,657 | -36,831 | -47,917 |
Net income | 46,292 | 162,015 | 111,632 |
Company's share of net income | $39,893 | $55,865 | $41,745 |
Notes_and_Other_Receivables_De
Notes and Other Receivables (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | |
note | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $24,923,000 | $68,255,000 | |
Short term Bridge Loan | 8,100,000 | ||
Basis spread on rate (in hundredths) | 2.50% | ||
Number of notes for which payment was received | 3 | ||
Proceeds from notes receivable | 30,500,000 | ||
Income related to acceleration | 800,000 | ||
Secured Due December 2014 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | 3,212,000 | 3,212,000 | |
Stated interest rate (in hundredths) | 6.00% | ||
Wesco III [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Short term Bridge Loan | 56,800,000 | ||
Variable rate basis | LIBOR | ||
Basis spread on rate (in hundredths) | 2.50% | ||
Number of bridge loan | 2 | ||
Note and Other Receivables From Affiliates [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | 8,105,000 | 60,968,000 | |
Other Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $13,606,000 | $4,075,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Jan. 31, 2013 | Sep. 30, 2012 | |
unit | unit | unit | ||||
Related Party Transaction [Line Items] | ||||||
Management and other fees from affiliates | $16,500,000 | $11,511,000 | $10,865,000 | |||
Cash consideration for BRE merger | 555,826,000 | 0 | 0 | |||
Short term bridge loan | 8,100,000 | |||||
Debt instrument, basis spread on variable rate (in hundredths) | 2.50% | |||||
Number of units acquired | 1,480 | 1,079 | ||||
Cost of acquired entity | 555,826,000 | 0 | 0 | |||
Executive Vice President of the Company invested | 4,000,000 | |||||
Limited partnership interest in partnership investments (in hundredths) | 3.00% | |||||
Paragon Apartments [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of properties contributed | 301 | |||||
Cash consideration for BRE merger | 111,000,000 | |||||
Cost of acquired entity | 111,000,000 | |||||
Wesco III [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Short term bridge loan | 26,000,000 | |||||
Marcus and Millichamp Company TMMC Affiliate [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Preferred equity interest investment in a related party entity | 8,600,000 | |||||
MMI [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payments for Brokerage Fees | 600,000 | 400,000 | ||||
MMC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Preferred return on preferred equity investment, thereafter, maximum (in hundredths) | 13.00% | |||||
Preferred return on preferred equity investment, thereafter, minimum (in hundredths) | 9.00% | |||||
Maximum Term Extended (in years) | 1 year | |||||
Income related to the restructured investment | 400,000 | |||||
Pacific Urban Residential [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Preferred equity interest investment in a related party entity | 14,000,000 | |||||
Preferred return on investment in related party investee (in hundredths) | 9.50% | |||||
Maturity date | 31-May-16 | |||||
Additional preferred equity interest investment related party entity | 4,000,000 | |||||
Montebello [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Cash consideration for BRE merger | 52,000,000 | |||||
Number of units acquired | 248 | |||||
Cost of acquired entity | 52,000,000 | |||||
TMCC and Wesco I [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Cash consideration for BRE merger | 38,300,000 | |||||
Cost of acquired entity | $38,300,000 | |||||
Units in the community | 156 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
community | community | community | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of communities sold | 4 | 3 | 2 |
Schedule of components from discontinued operations [Abstract] | |||
Revenues | $4,454,000 | $5,848,000 | |
Property operating expenses | -1,406,000 | -2,181,000 | |
Depreciation and amortization | -1,098,000 | -1,513,000 | |
Expenses | -2,504,000 | -3,694,000 | |
Operating income from real estate sold | 1,950,000 | 2,154,000 | |
Gain on sale of real estate | 29,223,000 | 10,870,000 | |
Internal disposition costs | 0 | -1,087,000 | |
Income from discontinued operations | 0 | 31,173,000 | 11,937,000 |
Linden Square [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Units in the community | 183 | ||
Sales price of communities sold | 25,300,000 | ||
Gain on sale of real estate | 12,700,000 | ||
Cambridge [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Units in the community | 40 | ||
Sales price of communities sold | 4,700,000 | ||
Gain on sale of real estate | 2,500,000 | ||
Brentwood [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Units in the community | 140 | ||
Sales price of communities sold | 27,500,000 | ||
Gain on sale of real estate | 14,000,000 | ||
Tierra Del Sol/Norte and Alpine Country [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales price of communities sold | 28,300,000 | ||
Gain on sale of real estate | $10,900,000 | ||
Number of communities sold | 2 |
Mortgage_Notes_Payable_Details
Mortgage Notes Payable (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Mortgage notes payable | $2,245,944,000 | $1,404,080,000 | |
Number of properties securing mortgage notes | 67 | 49 | |
Weighted average interest rate (in hundredths) | 4.60% | 5.60% | |
Monthly interest expense | 9,400,000 | ||
Monthly principal amortization | 3,300,000 | ||
Mortgages notes payable | 2,245,944,000 | 1,404,080,000 | |
Repayment of debt before the scheduled maturity date, prepayment penalties | The prepayment penalty on the majority of the Companybs mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the mortgage note payable which is calculated by multiplying the principal being prepaid by the difference between the interest rate of the mortgage note and the stated yield rate on a specified U.S. treasury security as defined in the mortgage note agreement. | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Remaining terms | 1 year | 1 year | |
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Remaining terms | 26 years | 26 years | |
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable | 2,162,151,000 | ||
Debt Instrument, Unamortized Premium | 83,800,000 | 11,500,000 | |
Mortgage Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable | 2,056,742,000 | 1,236,479,000 | |
Prepayment Penalty, Percent Of Principal Prepaid | 1.00% | ||
Multifamily Housing Mortgage Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable | 189,202,000 | 167,601,000 | |
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths) | 1.80% | 1.60% | |
Multifamily housing mortgage revenue bonds credit enhancement and underwriting fees, minimum (in hundredths) | 1.20% | 1.20% | |
Multifamily housing mortgage revenue bonds credit enhancement and underwriting fees, maximum (in hundredths) | 1.90% | 1.90% | |
Percentage of units subject to tenant income criteria (in hundredths) | 20.00% | ||
Bond subject to interest rate caps | 153,200,000 | ||
Secured Deeds of Trust [Member] | |||
Debt Instrument [Line Items] | |||
Mortgages notes payable | $58,200,000 |
Mortgage_Notes_Payable_Mortgag
Mortgage Notes Payable Mortgage Notes Payable - Future Maturities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $2,245,944 | $1,404,080 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 94,580 | |
2016 | 41,481 | |
2017 | 198,683 | |
2018 | 320,080 | |
2019 | 565,801 | |
Thereafter | 941,526 | |
Long-term Debt | $2,162,151 |
Unsecured_Debt_and_Lines_of_Cr2
Unsecured Debt and Lines of Credit Debt and Lines Of Credit Summary (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Unsecured debt | $2,617,482,000 | $1,410,023,000 |
Debt Instrument, Face Amount | 1,900,000,000 | 600,000,000 |
Lines of credit | 246,391,000 | 219,421,000 |
Unsecured Debt And Line Of Credit | 2,863,873,000 | 1,629,444,000 |
Line Of Credit Facility Maturity Date 1 | ||
Fixed Rate Bond One [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 465,000,000 | 465,000,000 |
Debt Instruments Maturity Date | 4 years 2 months 24 days | |
Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 350,000,000 | |
Debt Instrument, Face Amount | 225,000,000 | 350,000,000 |
Long-term Debt, Weighted Average Interest Rate | 2.40% | 2.50% |
Debt Instruments Maturity Date | 1 year 10 months 24 days | |
Fixed Rate Bond Two [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | $1,927,482,000 | $595,023,000 |
Debt Instruments Maturity Date | 7 years 1 month 24 days | |
Unsecured Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate | 3.60% | 4.00% |
Unsecured Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate | 1.80% | 2.20% |
Unsecured_Debt_and_Lines_of_Cr3
Unsecured Debt and Lines of Credit (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Senior Notes | $465,000 | $465,000 |
Unsecured Bonds 4.36% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 31-Mar-16 | |
Senior Notes | 150,000 | 150,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.36% | 4.36% |
Unsecured Bonds 4.5% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 30-Sep-17 | |
Senior Notes | 40,000 | 40,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% |
Debt Instrument, Interest Rate, Effective Percentage | 4.50% | 4.50% |
Unsecured Bonds 4.92 % [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 31-Dec-19 | |
Senior Notes | 75,000 | 75,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.92% | 4.92% |
Unsecured Bonds 4.27% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 30-Apr-21 | |
Senior Notes | 100,000 | 100,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.27% | 4.27% |
Unsecured Bonds 4.30% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 30-Jun-21 | |
Senior Notes | 50,000 | 50,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | 4.30% |
Unsecured Bonds 4.37% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 31-Aug-21 | |
Senior Notes | $50,000 | $50,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.37% | 4.37% |
Unsecured_Debt_and_Lines_of_Cr4
Unsecured Debt and Lines of Credit Secured Note Summary (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 01, 2014 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $1,900,000 | $600,000 | |
Unsecured Bonds 5.500% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 300,000 | ||
Unsecured Bonds 5.200% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 300,000 | ||
Unsecured Bonds 3.625% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 300,000 | 300,000 | |
Unsecured Bonds 3.375% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 300,000 | ||
Unsecured Bonds 3.25% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 300,000 | 300,000 | |
Unsecured Bonds 3.875% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 400,000 | ||
Senior Notes [Member] | Unsecured Bonds 5.500% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||
Senior Notes [Member] | Unsecured Bonds 5.200% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | ||
Senior Notes [Member] | Unsecured Bonds 3.625% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.63% | ||
Senior Notes [Member] | Unsecured Bonds 3.375% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.38% | ||
Senior Notes [Member] | Unsecured Bonds 3.25% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||
Senior Notes [Member] | Unsecured Bonds 3.875% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.88% | 3.88% |
Unsecured_Debt_and_Lines_of_Cr5
Unsecured Debt and Lines of Credit Future Obligations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total Debt | $2,245,944 | $1,404,080 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 0 | |
2016 | 350,000 | |
2017 | 365,000 | |
2018 | 0 | |
2019 | 75,000 | |
Thereafter | 1,800,000 | |
Total Debt | $2,590,000 |
Unsecured_Debt_and_Lines_of_Cr6
Unsecured Debt and Lines of Credit Debt Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | Sep. 30, 2012 | Apr. 01, 2014 | Sep. 30, 2013 | |
Debt Instrument [Line Items] | |||||||
Unsecured debt | 2,617,482,000 | 1,410,023,000 | |||||
Debt Instrument, Face Amount | 1,900,000,000 | 600,000,000 | |||||
Basis spread on rate (in hundredths) | 2.50% | ||||||
BRE Properties, Inc. [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 1,747,000 | ||||||
Unsecured Bonds 5.500% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 300,000,000 | ||||||
Unsecured Bonds 5.200% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 300,000,000 | ||||||
Unsecured Bonds 3.375% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 300,000,000 | ||||||
Unsecured Bonds 3.875% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 400,000,000 | ||||||
Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Unamortized Premium | 27,500,000 | 5,000,000 | |||||
Fixed Rate Bond One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured debt | 465,000,000 | 465,000,000 | |||||
Unsecured Bonds 4.5% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||||
Maturity date | 30-Sep-17 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.50% | 4.50% | |||||
Loans Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured debt | 350,000,000 | ||||||
Debt Instrument, Face Amount | 225,000,000 | 350,000,000 | |||||
Long-term Debt, Weighted Average Interest Rate | 2.40% | 2.50% | |||||
Basis spread on rate (in hundredths) | 1.05% | ||||||
Term of loan | 5 years | ||||||
Senior Notes [Member] | BRE Properties, Inc. [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured debt | 934,700,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 900,000,000 | ||||||
Senior Notes [Member] | Unsecured Bonds 5.500% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||||
Senior Notes [Member] | Unsecured Bonds 5.200% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | ||||||
Senior Notes [Member] | Unsecured Bonds 3.375% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.38% | ||||||
Senior Notes [Member] | Unsecured Bonds 3.875% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured debt | 397,200,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.88% | 3.88% | |||||
Debt Instrument, Face Amount | 400,000,000 | ||||||
Debt offering price | 99.23% | ||||||
Unsecured Bonds 3.25% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||||||
Proceeds from Issuance of Unsecured Debt | 300,000,000 | ||||||
Maturity date | 1-May-23 | ||||||
Debt offering price | 99.15% | ||||||
Long-term Debt, Gross | 298,000,000 | 297,700,000 | |||||
Unsecured Bonds 3.625% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.63% | ||||||
Proceeds from Issuance of Unsecured Debt | 300,000,000 | ||||||
Maturity date | 15-Aug-22 | ||||||
Debt offering price | 98.99% | ||||||
Long-term Debt, Gross | 297,600,000 | 297,300,000 |
Unsecured_Debt_and_Lines_of_Cr7
Unsecured Debt and Lines of Credit Line of Credit (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
line_of_credit | ||
Line of Credit Facility [Line Items] | ||
Line Of Credit Facility Number of outstanding lines | 2 | |
Line of Credit Facility, Maximum Borrowing Capacity | $1,030,000,000 | |
Lines of credit | 246,391,000 | 219,421,000 |
Unsecured Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility Number of one year extensions available | 1 | |
Debt Instrument Basis spread on variable rate, initial | 0.95% | |
Line Of Credit Facility Maximum Borrowing Capacity Accordion Option | 1,000,000,000 | |
Variable rate basis | LIBOR | |
Lines of credit | 229,800,000 | 199,000,000 |
Line Of Credit Facility, Period For Extension Option | 18 months | |
Line of Credit Working Capital [Member] | ||
Line of Credit Facility [Line Items] | ||
Line Of Credit Facility Maximum Borrowing Capacity Accordion Option | 25,000,000 | |
Variable rate basis | LIBOR | |
Lines of credit | $16,600,000 | $20,421,000 |
Line Of Credit Facility, Period For Extension Option | 1 year |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
Derivative [Line Items] | ||||
Hedge ineffectiveness on cash flow hedges incurred | $0 | $0 | $0 | |
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||
Derivative [Line Items] | ||||
Aggregate carrying value of the interest rate cap contracts | 0 | 0 | ||
Designated as Hedging Instrument [Member] | Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative swap transaction terminated | 38,000,000 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 225,000,000 | |||
Amount of unsecured loan that is effectively fixed with the interest rate swap | 225,000,000 | |||
Interest rate (in hundredths) | 2.40% | |||
Derivative, Termination Of Notional Contract, Amount | 125,000,000 | |||
Aggregate carrying value of the interest rate swap contracts | 1,800,000 | 2,700,000 | ||
Multifamily Housing Mortgage Revenue Bonds [Member] | ||||
Derivative [Line Items] | ||||
Bond subject to interest rate caps | $153,200,000 |
Lease_Agreements_Details
Lease Agreements (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | community |
building | |
Leases [Abstract] | |
Number of commercial buildings leased | 4 |
Number of commercial portions of mixed use communities leased | 32 |
Future minimum non-cancelable base rent under operating leases [Abstract] | |
2015 | $12,348 |
2016 | 9,898 |
2017 | 9,003 |
2018 | 8,123 |
2019 | 7,350 |
Thereafter | 28,647 |
Total future minimum rent | $75,369 |
Equity_Transactions_Details
Equity Transactions (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Apr. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2011 | Sep. 30, 2006 | Jun. 30, 2014 | |
Class of Stock [Line Items] | |||||||
Stock-based compensation expense | $8,740,000 | $4,508,000 | $4,141,000 | ||||
Shares issued (in shares) | 23,067,446 | ||||||
Issue price (in dollars per share) | $163.82 | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 96.70% | 94.60% | |||||
Redemption value of operating partnership units outstanding | 455,000,000 | 309,000,000 | |||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Proceeds from Issuance of Common Stock | 532,770,000 | 138,366,000 | 357,720,000 | ||||
Series H 7.125% Cumulative Redeemable Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares Authorized (in shares) | 8,000,000 | 8,000,000 | |||||
Shares Outstanding (in shares) | 2,950,000 | 2,950,000 | |||||
Liquidation Preference | 73,800,000 | 73,750,000 | |||||
Cumulative dividend rate (in hundredths) | 7.13% | 7.13% | |||||
Shares issued (in shares) | 2,950,000 | ||||||
Issue price (in dollars per share) | $25 | ||||||
Net proceeds | 71,200,000 | ||||||
Beginning date of called period | 13-Apr-16 | ||||||
4.875% Series G Cumulative Convertible Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares Outstanding (in shares) | 178,249 | 178,249 | |||||
Liquidation Preference | 4,500,000 | 4,456,000 | |||||
Number of shares sold (in shares) | 5,980,000 | ||||||
Cumulative dividend rate (in hundredths) | 4.88% | 4.88% | |||||
Gross proceeds from sale of shares | 149,500,000 | ||||||
Conversion rate into shares of common stock (in shares) | 0.183 | 0.19301 | |||||
Liquidation preference per share (in dollars per share) | $25 | ||||||
Initial conversion price per share of common stock (in dollars per share) | $136.62 | ||||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares Outstanding (in shares) | 34,403 | ||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Common Stock, Number of shares sold | 2,964,315 | ||||||
Proceeds from Issuance of Common Stock | 534,000,000 | 138,400,000 | 357,700,000 | ||||
Average Share Price | $181.56 | ||||||
Stock Issued During Period, Shares, New Issues | 913,344 | 2,404,096 | |||||
Operating Partnership Units [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares Outstanding (in shares) | 2,110,462 | 2,031,612 | |||||
Long Term Incentive Plan "LTIP" Units [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares Outstanding (in shares) | 91,348 | 118,190 | |||||
BRE Properties, Inc. [Member] | |||||||
Class of Stock [Line Items] | |||||||
Allocated Share-based Compensation Expense | 3,600,000 | ||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Merger and integration expenses | $1,700,000 |
Net_Income_Per_Common_Share_an2
Net Income Per Common Share and Net Income Per Common Unit (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Basic: | |||||||||||
Income from continuing operations available to common stockholders | $116,859 | $121,324 | $108,532 | ||||||||
Income from continuing operations available to common stockholders (in shares) | 56,546,959 | 37,248,960 | 35,032,491 | ||||||||
Income from continuing operations available to common stockholders (in dollars per share) | $2.07 | $3.26 | $3.10 | ||||||||
Income from discontinued operations available to common stockholders | 0 | 29,487 | 11,280 | ||||||||
Income from discontinued operations available to common stockholders (in shares) | 56,546,959 | 37,248,960 | 35,032,491 | ||||||||
Income from discontinued operations available to common stockholders (in dollars per share) | $0 | $0.79 | $0.32 | ||||||||
Net income available to common stockholders | 40,175 | 53,565 | 1,207 | 21,912 | 31,874 | 68,788 | 24,946 | 25,203 | 116,859 | 150,811 | 119,812 |
Income available to common stockholders (in dollars per share) | $0.63 | $0.85 | $0.02 | $0.58 | $0.85 | $1.84 | $0.67 | $0.68 | $2.07 | $4.05 | $3.42 |
Effect of Dilutive Securities | 0 | 0 | 0 | ||||||||
Effect of Dilutive Securities (in shares) | 149,566 | 86,335 | 92,430 | ||||||||
Diluted: | |||||||||||
Income from continuing operations available to common stockholders | 116,859 | 121,324 | 108,532 | ||||||||
Income from continuing operations available to common stockholders (in shares) | 56,696,525 | 37,335,295 | 35,124,921 | ||||||||
Income from continuing operations available to common stockholders (in dollars per share) | $2.06 | $3.25 | $3.09 | ||||||||
Income from discontinued operations available to common stockholders | 0 | 29,487 | 11,280 | ||||||||
Income from discontinued operations available to common stockholders (in shares) | 56,696,525 | 37,335,295 | 35,124,921 | ||||||||
Income from discontinued operations available to common stockholders (in dollars per share) | $0 | $0.79 | $0.32 | ||||||||
Total income (Diluted) | 116,859 | 150,811 | 119,812 | ||||||||
Total income per common share amount (in dollars per share) | $0.63 | $0.85 | $0.02 | $0.58 | $0.85 | $1.84 | $0.67 | $0.68 | $2.06 | $4.04 | $3.41 |
Convertible Limited Partnership Units [Member] | |||||||||||
Diluted: | |||||||||||
Anti-dilutive securities (in shares) | 2,224,707 | 2,131,425 | 2,219,046 | ||||||||
Stock Options [Member] | |||||||||||
Diluted: | |||||||||||
Anti-dilutive securities (in shares) | 10,843 | 168,325 | 263,613 | ||||||||
Essex Portfolio, L.P. [Member] | |||||||||||
Basic: | |||||||||||
Income from continuing operations available to common stockholders | 121,726 | 128,576 | 115,834 | ||||||||
Income from continuing operations available to common stockholders (in shares) | 58,771,666 | 39,380,385 | 37,251,537 | ||||||||
Income from continuing operations available to common stockholders (in dollars per share) | $2.07 | $3.27 | $3.11 | ||||||||
Income from discontinued operations available to common stockholders | 0 | 31,173 | 11,937 | ||||||||
Income from discontinued operations available to common stockholders (in shares) | 58,771,666 | 39,380,385 | 37,251,537 | ||||||||
Income from discontinued operations available to common stockholders (in dollars per share) | $0 | $0.79 | $0.32 | ||||||||
Net income available to common stockholders | 41,599 | 55,382 | 1,416 | 23,329 | 33,776 | 72,777 | 26,493 | 26,703 | 121,726 | 159,749 | 127,771 |
Income available to common stockholders (in dollars per share) | $0.63 | $0.85 | $0.02 | $0.58 | $0.87 | $1.84 | $0.67 | $0.68 | $2.07 | $4.06 | $3.43 |
Effect of Dilutive Securities | 0 | 0 | 0 | ||||||||
Effect of Dilutive Securities (in shares) | 149,566 | 86,335 | 92,430 | ||||||||
Diluted: | |||||||||||
Income from continuing operations available to common stockholders | 121,726 | 128,576 | 115,834 | ||||||||
Income from continuing operations available to common stockholders (in shares) | 58,921,232 | 39,466,720 | 37,343,967 | ||||||||
Income from continuing operations available to common stockholders (in dollars per share) | $2.07 | $3.26 | $3.10 | ||||||||
Income from discontinued operations available to common stockholders | 0 | 31,173 | 11,937 | ||||||||
Income from discontinued operations available to common stockholders (in shares) | 58,921,232 | 39,466,720 | 37,343,967 | ||||||||
Income from discontinued operations available to common stockholders (in dollars per share) | $0 | $0.79 | $0.32 | ||||||||
Total income (Diluted) | $121,726 | $159,749 | $127,771 | ||||||||
Total income per common share amount (in dollars per share) | $0.63 | $0.85 | $0.02 | $0.58 | $0.86 | $1.84 | $0.67 | $0.68 | $2.07 | $4.05 | $3.42 |
Equity_Based_Compensation_Plan2
Equity Based Compensation Plans (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available (in shares) | 1,000,000 | |||
Exercise price as a percentage of fair market value of common stock on grant date, minimum (in hundredths) | 100.00% | |||
Life of options, minimum | 5 years | |||
Life of options, maximum | 10 years | |||
Stock-based compensation expense | $8,740,000 | $4,508,000 | $4,141,000 | |
Intrinsic value of the options outstanding and fully vested | 28,900,000 | |||
Average fair value of stock options granted (in dollars per share) | $20.56 | $15.80 | $12.64 | |
Cap on the appreciation of the market price over the exercise price | 75 | 100 | 75 | |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option grants to officers and employees vesting period | 1 year | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option grants to officers and employees vesting period | 5 years | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 6,100,000 | 2,300,000 | 2,000,000 | |
Stock-based compensation capitalized | 400,000 | 400,000 | 300,000 | |
Intrinsic value of options exercised | 12,700,000 | 3,000,000 | 2,900,000 | |
Unrecognized compensation cost | 3,600,000 | |||
Unrecognized compensation cost, weighted average recognition period, minimum | 1 year | |||
Unrecognized compensation cost, weighted average recognition period, maximum | 5 years | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | 3,500,000 | |||
Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 6,000,000 | 2,200,000 | 2,100,000 | |
Stock-based compensation capitalized | 400,000 | 500,000 | 500,000 | |
Unrecognized compensation cost | 11,700,000 | |||
Series Z Incentive Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option grants to officers and employees vesting period | 4 years | |||
Series Z Incentive Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option grants to officers and employees vesting period | 8 years | |||
Series Z Incentive Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option grants to officers and employees vesting period | 15 years | |||
Series H 7.125% Cumulative Redeemable Preferred Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred Stock, Shares Outstanding | 2,950,000 | 2,950,000 | 2,950,000 | |
Preferred Securities Liquidation Preference | $73,800,000 | $73,750,000 | 73,750,000 |
Equity_Based_Compensation_Plan3
Equity Based Compensation Plans Weighted average assumptions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted average assumptions used to estimate fair value of stock options [Abstract] | |||
Stock price (in dollars per share) | $176.65 | $153.54 | $143.95 |
Risk-free interest rates (in hundredths) | 2.37% | 2.68% | 1.16% |
Expected lives | 8 years | 8 years | |
Volatility (in hundredths) | 18.00% | 18.03% | 20.05% |
Dividend yield (in hundredths) | 2.90% | 3.15% | 3.26% |
Minimum [Member] | |||
Weighted average assumptions used to estimate fair value of stock options [Abstract] | |||
Expected lives | 5 years | ||
Maximum [Member] | |||
Weighted average assumptions used to estimate fair value of stock options [Abstract] | |||
Expected lives | 8 years |
Equity_Based_Compensation_Plan4
Equity Based Compensation Plans Summary of stock options activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Shares [Roll Forward] | |||
Beginning balance, outstanding | 695,488 | 623,434 | 415,020 |
Granted | 42,518 | 150,325 | 263,113 |
Assumed - Merger | 133,766 | 0 | 0 |
Exercised | -185,387 | -52,970 | -41,603 |
Forfeited and canceled | -21,600 | -25,301 | -13,096 |
Ending balance, outstanding | 664,785 | 695,488 | 623,434 |
Options exercisable at year end | 395,986 | 300,632 | 250,620 |
Weighted-average exercise price [Abstract] | |||
Outstanding at beginning of year (in dollars per share) | $133.37 | $125.96 | $109.71 |
Granted (in dollars per share) | $176.65 | $153.54 | $143.95 |
Assumed - Merger (in dollars per share) | $121.03 | $0 | $0 |
Exercised (in dollars per share) | $113.72 | $102.43 | $77.21 |
Forfeited and canceled (in dollars per share) | $144.29 | $135.25 | $128.36 |
Outstanding at end of year (in dollars per share) | $138.78 | $133.37 | $125.96 |
Options exercisable at year end (in dollars per share) | $133.99 | $119.09 | $107.12 |
Equity_Based_Compensation_Plan5
Equity Based Compensation Plans, Summary information of stock options outstanding (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of options outstanding (in shares) | 664,785 | ||
Options outstanding, Weighted-average remaining contractual life (years) | 6 years 1 month 24 days | ||
Options outstanding, Weighted-average exercise price (in dollars per share) | $138.78 | ||
Number of options exercisable (in shares) | 395,986 | ||
Options exercisable, Weighted-average exercise price (in dollars per share) | $133.99 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 22,014 | 1,556 | 1,614 |
Unrecognized compensation cost | $3.50 | ||
Unrecognized compensation cost, weighted average recognition period, minimum | 1 year | ||
Unrecognized compensation cost, weighted average recognition period, maximum | 7 years | ||
$62.34 - $101.01 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, lower range limit (in dollars per share) | $66.05 | ||
Exercise price range, upper range limit (in dollars per share) | $101.01 | ||
Number of options outstanding (in shares) | 39,590 | ||
Options outstanding, Weighted-average remaining contractual life (years) | 2 years 9 months 24 days | ||
Options outstanding, Weighted-average exercise price (in dollars per share) | $79.64 | ||
Number of options exercisable (in shares) | 39,590 | ||
Options exercisable, Weighted-average exercise price (in dollars per share) | $79.64 | ||
105.64 - 161.98 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, lower range limit (in dollars per share) | $103.82 | ||
Exercise price range, upper range limit (in dollars per share) | $161.98 | ||
Number of options outstanding (in shares) | 561,626 | ||
Options outstanding, Weighted-average remaining contractual life (years) | 6 years 1 month 24 days | ||
Options outstanding, Weighted-average exercise price (in dollars per share) | $139.05 | ||
Number of options exercisable (in shares) | 303,670 | ||
Options exercisable, Weighted-average exercise price (in dollars per share) | $134.22 | ||
164.76 - 164.76 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, lower range limit (in dollars per share) | $164.76 | ||
Exercise price range, upper range limit (in dollars per share) | $179.48 | ||
Number of options outstanding (in shares) | 63,569 | ||
Options outstanding, Weighted-average remaining contractual life (years) | 8 years 2 months 24 days | ||
Options outstanding, Weighted-average exercise price (in dollars per share) | $173.22 | ||
Number of options exercisable (in shares) | 52,726 | ||
Options exercisable, Weighted-average exercise price (in dollars per share) | $173.49 |
Equity_Based_Compensation_Plan6
Equity Based Compensation Plans, Restricted stock activity (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | |
Shares [Roll forward] | |||||
Unvested at beginning of year (in shares) | 16,176 | 24,922 | 35,219 | ||
Assumed - Merger (in shares) | 119,411 | 0 | 0 | ||
Vested (in shares) | -126,931 | -7,211 | -8,641 | ||
Forfeited and canceled (in shares) | -4,850 | -3,091 | -3,270 | ||
Unvested at end of year (in shares) | 25,820 | 16,176 | 24,922 | 16,176 | |
Weighted-average grant price [Abstract] | |||||
Unvested at beginning of year (in dollars per share) | $108.06 | $104.52 | $98.57 | ||
Granted (in dollars per share) | $194.03 | $158.75 | $149.68 | ||
Assumed - Merger (in dollars per share) | $173.82 | $0 | $0 | ||
Vested (in dollars per share) | $171.56 | $109.86 | $106.69 | ||
Forfeited and canceled (in dollars per share) | $135.10 | $100.84 | $102 | ||
Unvested at end of year (in dollars per share) | $168.22 | $108.06 | $104.52 | 108.06 | |
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 22,014 | 1,556 | 1,614 | ||
Series Z Incentive Units [Member] | |||||
Shares [Roll forward] | |||||
Granted (in shares) | 50,500 | 154,500 | |||
Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | |||||
Shares [Roll forward] | |||||
Unvested at beginning of year (in shares) | 149,381 | 140,043 | 170,019 | ||
Granted (in shares) | 44,750 | 50,500 | 0 | ||
Vested (in shares) | -41,729 | -35,919 | -28,163 | ||
Converted (in shares) | 0 | 0 | 0 | ||
Forfeited and canceled (in shares) | -1,335 | -5,243 | -1,813 | ||
Unvested at end of year (in shares) | 151,067 | 149,381 | 140,043 | 149,381 | 170,019 |
Weighted-average grant price [Abstract] | |||||
Unvested at beginning of year (in dollars per share) | $63.53 | $58.44 | $58.17 | ||
Unvested at end of year (in dollars per share) | $71.14 | $63.53 | $58.44 | 63.53 | 58.17 |
Incentive units vested [Roll Forward] | |||||
Vested, beginning balance (in shares) | 118,190 | 190,704 | 179,082 | ||
Vested, units granted (in shares) | 24,000 | 0 | 0 | ||
Vested, units vested (in shares) | 41,729 | 35,919 | 28,163 | ||
Converted (in shares) | -2,000 | -108,433 | -16,541 | ||
Cancelled (in shares) | 0 | 0 | 0 | ||
Vested, ending balance (in shares) | 181,919 | 118,190 | 190,704 | 118,190 | 179,082 |
Total outstanding incentive units [Abstract] | |||||
Total outstanding units, beginning balance (in shares) | 267,571 | 330,747 | 349,101 | ||
Total outstanding units, granted (in shares) | 68,750 | 50,500 | 0 | ||
Total outstanding units, vested (in shares) | 0 | 0 | 0 | ||
Total outstanding units, converted (in shares) | -2,000 | -108,433 | -16,541 | ||
Total outstanding units, cancelled (in shares) | -1,335 | -5,243 | -1,813 | ||
Total outstanding units, ending balance (in shares) | 332,986 | 267,571 | 330,747 | 267,571 | 349,101 |
Weighted-average remaining contractual life, beginning balance | 10 years 6 months | 9 years 3 months 24 days | 11 years 3 months 24 days | 12 years 3 months 24 days | |
Weighted-average remaining contractual life, ending balance | 10 years 6 months | 9 years 3 months 24 days | 11 years 3 months 24 days | 12 years 3 months 24 days |
Equity_Based_Compensation_Plan7
Equity Based Compensation Plans, Long term incentive plans (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 09, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 10, 2013 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation expense | $8,740,000 | $4,508,000 | $4,141,000 | ||||||
Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 1 year | ||||||||
Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 5 years | ||||||||
2015 LTIP Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted (in shares) | 44,750 | ||||||||
Units issued subject only to performance measurement | 24,000 | ||||||||
Stock-based compensation expense | 2,400,000 | ||||||||
Vesting percentage of units per year | 20.00% | ||||||||
Conversion Ratio, Incentive Units | 1 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Liquidity Measurement Period | 10 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Measurement Period | 10 years | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 10 years 6 months | ||||||||
Series Z Incentive Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted (in shares) | 50,500 | 154,500 | |||||||
Award vesting period | 4 years | ||||||||
Incentive units conversion ratio | one-for-one | ||||||||
Basis for estimating fair value of a unit | The estimated fair value of a Z Unit is determined on the grant date and considers the Company's current stock price, the dividends that are not paid on unvested units and a marketability discount for the 8to 15 years of illiquidity. | ||||||||
Basis for calculating compensation expense | Compensation expense is calculated by multiplying estimated vesting increases for the period by the estimated fair value as of the grant date less its $1.00 per unit purchase price. | ||||||||
Conversion ratchet increase for shares issued prior to 2010 | Effective January 1 of each year for each participating executive who remains employed by the Company if the Company has met a specified bfunds from operationsb per share target, or such other target as the Compensation Committee deems appropriate, for the prior year, up to a maximum conversion ratchet of 100%. | ||||||||
Incentive units conversion threshold | Convertible into common stock of the Company) upon the earlier to occur of 100 percent vesting of the units or the year 2026. | ||||||||
Conversion ratchet increase for shares issued in 2010 | The conversion ratchet (accounted for as vesting) of the 2011 Z-1 Units into common units, increased to 10 percent effective January 1, 2012 because the Company achieved the FFO minimum target of $5.65 per diluted share in 2011.B Each year thereafter, vesting of the 2011 Z-1 Units will be consistent with the Companybs annual FFO growth, but is not to be less than zero or greater than 14 percent. | ||||||||
Decrease amount in estimated fair value (in dollars per share) | $1 | ||||||||
Conversion Ratio, Incentive Units | 1 | ||||||||
Series Z Incentive Units [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 8 years | ||||||||
Vesting percentage of units per year | 0.00% | ||||||||
Series Z Incentive Units [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 15 years | ||||||||
Vesting percentage of units per year | 14.00% | ||||||||
2014 LTIP Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting percentage for 2011 Z 1 Units to be convertible | 100.00% | ||||||||
Vesting percentage of units per year | 25.00% | ||||||||
Percentage of performance based vesting of 2014 Ltip Units eligible to be earned on absolute total stockholders return | 0.33% | ||||||||
Percentage of performance based vesting of 2014 Ltip Units eligible to be earned on relative total stockholders return | 0.66% | ||||||||
Conversion Ratio, Incentive Units | 1 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Liquidity Measurement Period | 10 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Measurement Period | 10 years | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 2 months 12 days | ||||||||
Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted (in shares) | 44,750 | 50,500 | 0 | ||||||
Maximum number of shares (units) authorized for issuance (in shares) | 600,000 | 600,000 | |||||||
Stock-based compensation expense | 6,000,000 | 2,200,000 | 2,100,000 | ||||||
Stock-based compensation capitalized | 400,000 | 500,000 | 500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 68,800,000 | 68,800,000 | |||||||
Unrecognized compensation cost | 11,700,000 | 11,700,000 | |||||||
2010 Series Z-1 Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Conversion ratchet increase for shares issued in 2010 | The conversion ratchet (accounted for as vesting) of the 2010 Z-1 Units into common units, increased to 20 percent effective January 1, 2011 because the Company achieved the FFO minimum target of $4.75 per diluted share in 2010.B Once the units are vested, Z-1 Unit holders receive quarterly distributions of approximately the dividend rate paid on common shares.B Each year thereafter, vesting of the 2010 Z-1 Units will be consistent with the Companybs annual FFO growth, but is not to be less than zero or greater than 14 percent. | ||||||||
BRE Properties, Inc. [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated Share-based Compensation Expense | 3,600,000 | ||||||||
Merger and integration expenses | $1,700,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Number of reportable operating segments defined by geographical regions | 3 | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total property revenues | $276,209 | $268,118 | $256,614 | $159,017 | $155,986 | $152,177 | $148,783 | $145,057 | $959,958 | $602,003 | $526,696 |
Net operating income | 649,045 | 405,991 | 354,529 | ||||||||
Depreciation and amortization | -360,592 | -192,420 | -169,173 | ||||||||
Interest expense | -164,551 | -116,524 | -111,888 | ||||||||
Management and other fees from affiliates | 9,347 | 7,263 | 8,457 | ||||||||
General and administrative | -40,878 | -26,684 | -24,573 | ||||||||
BRE merger consideration paid | -53,530 | -4,284 | 0 | ||||||||
Cost of management and other fees | -1,878 | -1,161 | -2,215 | ||||||||
Interest and other income | 11,811 | 11,633 | 13,833 | ||||||||
Loss on early retirement of debt | -268 | -300 | -5,009 | ||||||||
Gain on sale of real estate and land | 46,039 | 1,503 | 0 | ||||||||
Equity income from co-investments | 39,893 | 55,865 | 41,745 | ||||||||
Gain on remeasurement of co-investment | 0 | 0 | 21,947 | ||||||||
Income before discontinued operations | 134,438 | 140,882 | 127,653 | ||||||||
Net reportable operating segment - real estate assets | 9,687,705 | 4,188,871 | 9,687,705 | 4,188,871 | |||||||
Real estate under development | 434,371 | 50,430 | 434,371 | 50,430 | |||||||
Co-investments | 1,036,411 | 677,133 | 1,036,411 | 677,133 | |||||||
Real estate held for sale, net | 56,300 | 0 | 56,300 | 0 | |||||||
Cash and cash equivalents, including restricted cash | 95,420 | 53,766 | 95,420 | 53,766 | |||||||
Marketable securities and other investments | 117,240 | 90,084 | 117,240 | 90,084 | |||||||
Notes and other receivables | 24,923 | 68,255 | 24,923 | 68,255 | |||||||
Other non-segment assets | 110,504 | 58,300 | 110,504 | 58,300 | |||||||
Total assets | 11,562,874 | 5,186,839 | 11,562,874 | 5,186,839 | |||||||
Southern California [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total property revenues | 422,899 | 263,064 | 248,150 | ||||||||
Net operating income | 279,178 | 175,557 | 164,841 | ||||||||
Net reportable operating segment - real estate assets | 4,249,107 | 1,732,791 | 4,249,107 | 1,732,791 | |||||||
Northern California [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total property revenues | 338,006 | 212,167 | 173,264 | ||||||||
Net operating income | 236,927 | 146,699 | 119,154 | ||||||||
Net reportable operating segment - real estate assets | 3,641,720 | 1,605,303 | 3,641,720 | 1,605,303 | |||||||
Seattle Metro [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total property revenues | 168,053 | 107,553 | 92,489 | ||||||||
Net operating income | 112,384 | 71,407 | 60,853 | ||||||||
Net reportable operating segment - real estate assets | 1,647,058 | 741,533 | 1,647,058 | 741,533 | |||||||
Other Real Estate Assets [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total property revenues | 31,000 | 19,219 | 12,793 | ||||||||
Net operating income | 20,556 | 12,328 | 9,681 | ||||||||
Net reportable operating segment - real estate assets | $149,820 | $109,244 | $149,820 | $109,244 |
401k_Plan_Details
401(k) Plan (Details) (401(k) Benefit Plan [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
401(k) Benefit Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Company contributions to benefit plan | $0.90 | $0.70 | $0.60 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 12 Months Ended |
Jan. 03, 2014 | Dec. 31, 2014 | |
claim | ||
Operating Leases, Future Minimum Payments Due [Abstract] | ||
Due by December 31, 2015 | $2,500,000 | |
31-Dec-16 | 1,700,000 | |
31-Dec-17 | 1,700,000 | |
31-Dec-18 | 1,700,000 | |
31-Dec-19 | 1,700,000 | |
Number of non cancelable ground leases | 6 | |
Property casualty insurance, deductible per incident, maximum | 5,000,000 | |
Guarantor Obligations [Line Items] | ||
Loss Contingency, New Claims Filed, Number | 3 | |
Payment Guarantee [Member] | Construction Contracts [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, current carrying value | 114,400,000 | |
Maximum exposure of the guarantee | 114,400,000 | |
Pacific Western Insurance LLC [Member] | ||
Guarantor Obligations [Line Items] | ||
Investments and Cash | 57,600,000 | |
BRE Properties, Inc. [Member] | ||
Guarantor Obligations [Line Items] | ||
Litigation Settlement, Expense | $500,000 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 1 Months Ended | 2 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | Feb. 27, 2015 | Feb. 24, 2015 | |
unit | unit | unit | unit | unit | ||
sqft | ||||||
Subsequent Event [Line Items] | ||||||
Number of units sold | 594 | 363 | 264 | |||
Sale of apartment community | $120,400,000 | $57,500,000 | $28,300,000 | |||
Sale of shares of common stock | 63,682,646 | 37,421,219 | ||||
Net proceeds from issuance of common stock | 532,770,000 | 138,366,000 | 357,720,000 | |||
Purchase of parcel of land | 387,547,000 | 348,774,000 | 393,771,000 | |||
Number Of Units Acquired | 1,480 | 1,079 | ||||
Subsequent Event [Member] | Pinnacle South Mountain [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of units sold | 552 | |||||
Sale of apartment community | 63,800,000 | |||||
Subsequent Event [Member] | Eighth And Hope [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Purchase of parcel of land | 200,000,000 | |||||
Square feet of ground floor retail space | 4,000 | |||||
Number Of Units Acquired | 290 | |||||
Subsequent Event [Member] | Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Sale of shares of common stock | 636,021 | |||||
Net proceeds from issuance of common stock | 142,000,000 | |||||
Average price of stock sold (in dollars per share) | $224.76 | |||||
San Francisco, CA [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Purchase of parcel of land | $43,600,000 | |||||
Number of floors of apartment community to be developed | 42 | |||||
Number of units of apartment community to be developed | 545 | |||||
Square feet of ground floor retail space | 5,900 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total property revenues | $276,209 | $268,118 | $256,614 | $159,017 | $155,986 | $152,177 | $148,783 | $145,057 | $959,958 | $602,003 | $526,696 |
Income before discontinued operations | 44,805 | 58,582 | 4,645 | 26,406 | 20,020 | 62,718 | 28,983 | 29,161 | 134,438 | 140,882 | 127,653 |
Net income | 44,805 | 58,582 | 4,645 | 26,406 | 36,903 | 75,875 | 29,575 | 29,702 | 134,438 | 172,055 | 139,590 |
Net income available to common stockholders | 40,175 | 53,565 | 1,207 | 21,912 | 31,874 | 68,788 | 24,946 | 25,203 | 116,859 | 150,811 | 119,812 |
Net income: | |||||||||||
Basic (in dollars per share) | $0.63 | $0.85 | $0.02 | $0.58 | $0.85 | $1.84 | $0.67 | $0.68 | $2.07 | $4.05 | $3.42 |
Diluted (in dollars per share) | $0.63 | $0.85 | $0.02 | $0.58 | $0.85 | $1.84 | $0.67 | $0.68 | $2.06 | $4.04 | $3.41 |
Market price: | |||||||||||
High (in dollars per share) | $211.91 | $180.65 | $185.66 | $171.70 | $165.44 | $172.16 | $171.11 | $156.36 | |||
Low (in dollars per share) | $206.35 | $178.27 | $183.36 | $166.95 | $137.53 | $139.64 | $147.56 | $147.06 | |||
Close (in dollars per share) | $206.60 | $178.75 | $184.91 | $170.05 | $143.51 | $147.70 | $158.92 | $150.58 | |||
Dividends declared (in dollars per share) | $1.30 | $1.30 | $1.30 | $1.21 | $1.21 | $1.21 | $1.21 | $1.21 | |||
Essex Portfolio, L.P. [Member] | |||||||||||
Total property revenues | 276,209 | 268,118 | 256,614 | 159,017 | 155,986 | 152,177 | 148,783 | 145,057 | 959,958 | 602,003 | 526,696 |
Income before discontinued operations | 44,805 | 58,582 | 4,645 | 26,406 | 20,020 | 62,718 | 28,983 | 29,161 | 134,438 | 140,882 | 127,653 |
Net income | 44,805 | 58,582 | 4,645 | 26,406 | 36,903 | 75,875 | 29,575 | 29,702 | 134,438 | 172,055 | 139,590 |
Net income available to common stockholders | $41,599 | $55,382 | $1,416 | $23,329 | $33,776 | $72,777 | $26,493 | $26,703 | $121,726 | $159,749 | $127,771 |
Net income: | |||||||||||
Basic (in dollars per share) | $0.63 | $0.85 | $0.02 | $0.58 | $0.87 | $1.84 | $0.67 | $0.68 | $2.07 | $4.06 | $3.43 |
Diluted (in dollars per share) | $0.63 | $0.85 | $0.02 | $0.58 | $0.86 | $1.84 | $0.67 | $0.68 | $2.07 | $4.05 | $3.42 |
Market price: | |||||||||||
Dividends declared (in dollars per share) | $1.30 | $1.30 | $1.30 | $1.21 | $1.21 | $1.21 | $1.21 | $1.21 |
Recovered_Sheet1
Schedule III Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $2,245,944,000 | |||
Initial cost [Abstract] | ||||
Land | 2,404,712,000 | |||
Buildings and improvements | 7,833,637,000 | |||
Costs capitalized subsequent to acquisition | 1,448,533,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,486,094,000 | |||
Buildings and improvements | 9,200,788,000 | |||
Total | 11,686,882,000 | |||
Accumulated depreciation | -1,564,806,000 | -1,254,886,000 | -1,081,517,000 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Improvements | 135,812,000 | 92,016,000 | 97,947,000 | |
Acquisition of real estate | 5,685,884,000 | 344,476,000 | 619,743,000 | |
Development of real estate | 19,751,000 | 14,111,000 | 25,545,000 | |
Disposition of real estate | -32,693,000 | -40,518,000 | -22,627,000 | |
Balance at the end of year | 11,686,882,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at beginning of year | 1,254,886,000 | 1,081,517,000 | 920,026,000 | |
Depreciation expense - Acquisitions | 121,426,000 | 6,203,000 | 3,744,000 | |
Depreciation expense - Discontinued operations | 0 | 12,290,000 | 2,108,000 | |
Depreciation expense - Rental properties | 199,495,000 | 168,092,000 | 161,492,000 | |
Dispositions | -11,001,000 | -13,216,000 | -5,853,000 | |
Balance at the end of year | 1,564,806,000 | 1,254,886,000 | 1,081,517,000 | |
Aggregate cost for federal income tax purpose | 8,200,000,000 | |||
Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 2,245,944,000 | |||
Initial cost [Abstract] | ||||
Land | 825,606,000 | |||
Buildings and improvements | 2,600,447,000 | |||
Costs capitalized subsequent to acquisition | 423,644,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 839,395,000 | |||
Buildings and improvements | 3,010,302,000 | |||
Total | 3,849,697,000 | |||
Accumulated depreciation | -665,234,000 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 3,849,697,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 665,234,000 | |||
Unencumbered Apartment Communities [Member] | ||||
Initial cost [Abstract] | ||||
Land | 1,540,006,000 | |||
Buildings and improvements | 5,192,199,000 | |||
Costs capitalized subsequent to acquisition | 585,858,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,562,973,000 | |||
Buildings and improvements | 5,755,090,000 | |||
Total | 7,318,063,000 | |||
Accumulated depreciation | -873,388,000 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 7,318,063,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 873,388,000 | |||
Other Property [Member] | ||||
Initial cost [Abstract] | ||||
Land | 21,152,000 | |||
Buildings and improvements | 40,991,000 | |||
Costs capitalized subsequent to acquisition | 22,608,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 24,128,000 | |||
Buildings and improvements | 60,623,000 | |||
Total | 84,751,000 | |||
Accumulated depreciation | -23,730,000 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 84,751,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 23,730,000 | |||
Real Estate, Rental Property [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Total | 11,252,511,000 | 5,443,757,000 | 5,033,672,000 | 4,313,064,000 |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at beginning of year | 4,313,064,000 | |||
Balance at the end of year | 11,252,511,000 | 5,443,757,000 | 5,033,672,000 | 4,313,064,000 |
Consolidated Development Pipeline [Member] | Other Property [Member] | ||||
Initial cost [Abstract] | ||||
Land | 17,948,000 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 416,423,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 59,598,000 | |||
Buildings and improvements | 374,773,000 | |||
Total | 434,371,000 | |||
Accumulated depreciation | -2,454,000 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 434,371,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 2,454,000 | |||
Mukilteo, WA [Member] | Elliot, The [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 301 | |||
Encumbrance | 10,750,000 | |||
Initial cost [Abstract] | ||||
Land | 2,498,000 | |||
Buildings and improvements | 10,595,000 | |||
Costs capitalized subsequent to acquisition | 14,371,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,824,000 | |||
Buildings and improvements | 24,640,000 | |||
Total | 27,464,000 | |||
Accumulated depreciation | -12,928,000 | |||
Date of construction | 1981 | |||
Date acquired | Jan-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 27,464,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 12,928,000 | |||
Woodland Hills, CA [Member] | Avondale at Warner Center [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 446 | |||
Encumbrance | 45,349,000 | |||
Initial cost [Abstract] | ||||
Land | 10,536,000 | |||
Buildings and improvements | 24,522,000 | |||
Costs capitalized subsequent to acquisition | 15,722,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,601,000 | |||
Buildings and improvements | 40,179,000 | |||
Total | 50,780,000 | |||
Accumulated depreciation | -23,899,000 | |||
Date of construction | 1970 | |||
Date acquired | Jan-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 50,780,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 23,899,000 | |||
Newark, CA [Member] | Bridgeport [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 184 | |||
Encumbrance | 21,003,000 | |||
Initial cost [Abstract] | ||||
Land | 1,608,000 | |||
Buildings and improvements | 7,582,000 | |||
Costs capitalized subsequent to acquisition | 7,465,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,525,000 | |||
Buildings and improvements | 15,130,000 | |||
Total | 16,655,000 | |||
Accumulated depreciation | -11,592,000 | |||
Date of construction | 1987 | |||
Date acquired | Jul-87 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 16,655,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 11,592,000 | |||
Anaheim, CA [Member] | Barkley, The [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 161 | |||
Encumbrance | 16,269,000 | |||
Initial cost [Abstract] | ||||
Land | 0 | |||
Buildings and improvements | 8,520,000 | |||
Costs capitalized subsequent to acquisition | 5,195,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,353,000 | |||
Buildings and improvements | 11,362,000 | |||
Total | 13,715,000 | |||
Accumulated depreciation | -5,536,000 | |||
Date of construction | 1984 | |||
Date acquired | Apr-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 13,715,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 5,536,000 | |||
Anaheim, CA [Member] | Anavia [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 250 | |||
Initial cost [Abstract] | ||||
Land | 15,925,000 | |||
Buildings and improvements | 63,712,000 | |||
Costs capitalized subsequent to acquisition | 5,968,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 15,925,000 | |||
Buildings and improvements | 69,680,000 | |||
Total | 85,605,000 | |||
Accumulated depreciation | -9,491,000 | |||
Date of construction | 2009 | |||
Date acquired | 10-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 85,605,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 9,491,000 | |||
San Ramon, CA [Member] | Bel Air [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 462 | |||
Encumbrance | 53,835,000 | |||
Initial cost [Abstract] | ||||
Land | 12,105,000 | |||
Buildings and improvements | 18,252,000 | |||
Costs capitalized subsequent to acquisition | 28,826,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 12,682,000 | |||
Buildings and improvements | 46,501,000 | |||
Total | 59,183,000 | |||
Accumulated depreciation | -23,898,000 | |||
Date of construction | 1988 | |||
Date acquired | Jan-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 59,183,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 23,898,000 | |||
San Ramon, CA [Member] | Canyon Oaks [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 250 | |||
Encumbrance | 28,101,000 | |||
Initial cost [Abstract] | ||||
Land | 19,088,000 | |||
Buildings and improvements | 44,473,000 | |||
Costs capitalized subsequent to acquisition | 2,244,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 19,088,000 | |||
Buildings and improvements | 46,717,000 | |||
Total | 65,805,000 | |||
Accumulated depreciation | -12,259,000 | |||
Date of construction | 2005 | |||
Date acquired | 7-May | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 65,805,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 12,259,000 | |||
San Ramon, CA [Member] | Mill Creek at Windermere [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 400 | |||
Encumbrance | 48,348,000 | |||
Initial cost [Abstract] | ||||
Land | 29,551,000 | |||
Buildings and improvements | 69,032,000 | |||
Costs capitalized subsequent to acquisition | 2,974,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 29,551,000 | |||
Buildings and improvements | 72,006,000 | |||
Total | 101,557,000 | |||
Accumulated depreciation | -17,916,000 | |||
Date of construction | 2005 | |||
Date acquired | 7-Sep | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 101,557,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 17,916,000 | |||
San Ramon, CA [Member] | Foothill Gardens/Twin Creeks [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 176 | |||
Initial cost [Abstract] | ||||
Land | 5,875,000 | |||
Buildings and improvements | 13,992,000 | |||
Costs capitalized subsequent to acquisition | 6,870,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,964,000 | |||
Buildings and improvements | 20,773,000 | |||
Total | 26,737,000 | |||
Accumulated depreciation | -11,064,000 | |||
Date of construction | 1985 | |||
Date acquired | Feb-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 26,737,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 11,064,000 | |||
Los Angeles, CA [Member] | Belmont Station [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 275 | |||
Encumbrance | 30,045,000 | |||
Initial cost [Abstract] | ||||
Land | 8,100,000 | |||
Buildings and improvements | 66,666,000 | |||
Costs capitalized subsequent to acquisition | 3,968,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 8,267,000 | |||
Buildings and improvements | 70,467,000 | |||
Total | 78,734,000 | |||
Accumulated depreciation | -18,446,000 | |||
Date of construction | 2008 | |||
Date acquired | 8-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 78,734,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 18,446,000 | |||
Los Angeles, CA [Member] | Avery, The [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 121 | |||
Encumbrance | 10,000,000 | |||
Initial cost [Abstract] | ||||
Land | 6,964,000 | |||
Buildings and improvements | 29,922,000 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,964,000 | |||
Buildings and improvements | 29,922,000 | |||
Total | 36,886,000 | |||
Accumulated depreciation | -787,000 | |||
Date of construction | 2014 | |||
Date acquired | 14-Mar | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 36,886,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 787,000 | |||
Los Angeles, CA [Member] | Bellerive [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 63 | |||
Initial cost [Abstract] | ||||
Land | 5,401,000 | |||
Buildings and improvements | 21,803,000 | |||
Costs capitalized subsequent to acquisition | 629,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,401,000 | |||
Buildings and improvements | 22,432,000 | |||
Total | 27,833,000 | |||
Accumulated depreciation | -3,412,000 | |||
Date of construction | 2011 | |||
Date acquired | 11-Aug | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 27,833,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 3,412,000 | |||
Los Angeles, CA [Member] | Bunker Hill [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 456 | |||
Initial cost [Abstract] | ||||
Land | 11,498,000 | |||
Buildings and improvements | 27,871,000 | |||
Costs capitalized subsequent to acquisition | 21,173,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 11,639,000 | |||
Buildings and improvements | 48,903,000 | |||
Total | 60,542,000 | |||
Accumulated depreciation | -19,993,000 | |||
Date of construction | 1968 | |||
Date acquired | Mar-98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 60,542,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 19,993,000 | |||
Los Angeles, CA [Member] | Kings Road [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 196 | |||
Initial cost [Abstract] | ||||
Land | 4,023,000 | |||
Buildings and improvements | 9,527,000 | |||
Costs capitalized subsequent to acquisition | 9,926,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,031,000 | |||
Buildings and improvements | 19,445,000 | |||
Total | 23,476,000 | |||
Accumulated depreciation | -9,944,000 | |||
Date of construction | 1979 | |||
Date acquired | Jun-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 23,476,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 9,944,000 | |||
Los Angeles, CA [Member] | Miracle Mile Marbella [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 236 | |||
Initial cost [Abstract] | ||||
Land | 7,791,000 | |||
Buildings and improvements | 23,075,000 | |||
Costs capitalized subsequent to acquisition | 13,028,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,886,000 | |||
Buildings and improvements | 36,008,000 | |||
Total | 43,894,000 | |||
Accumulated depreciation | -19,131,000 | |||
Date of construction | 1988 | |||
Date acquired | Aug-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 43,894,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 19,131,000 | |||
Los Angeles, CA [Member] | Park Catalina [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 90 | |||
Initial cost [Abstract] | ||||
Land | 4,710,000 | |||
Buildings and improvements | 18,839,000 | |||
Costs capitalized subsequent to acquisition | 1,781,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,710,000 | |||
Buildings and improvements | 20,620,000 | |||
Total | 25,330,000 | |||
Accumulated depreciation | -1,823,000 | |||
Date of construction | 2002 | |||
Date acquired | 12-Jun | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 25,330,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 1,823,000 | |||
Los Angeles, CA [Member] | Santee Court [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 238 | |||
Initial cost [Abstract] | ||||
Land | 9,581,000 | |||
Buildings and improvements | 40,317,000 | |||
Costs capitalized subsequent to acquisition | 2,726,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,582,000 | |||
Buildings and improvements | 43,042,000 | |||
Total | 52,624,000 | |||
Accumulated depreciation | -6,655,000 | |||
Date of construction | 2004 | |||
Date acquired | 10-Oct | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 52,624,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 6,655,000 | |||
Los Angeles, CA [Member] | Essex Hollywood [Member] | Other Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Area of Real Estate Property | 34,000 | |||
Initial cost [Abstract] | ||||
Land | 10,200,000 | |||
Buildings and improvements | 13,800,000 | |||
Costs capitalized subsequent to acquisition | 2,402,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,200,000 | |||
Buildings and improvements | 16,202,000 | |||
Total | 26,402,000 | |||
Accumulated depreciation | -5,262,000 | |||
Date of construction | 1938 | |||
Date acquired | 6-Jul | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 26,402,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 5,262,000 | |||
San Jose, CA [Member] | Bella Villagio [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 231 | |||
Encumbrance | 35,870,000 | |||
Initial cost [Abstract] | ||||
Land | 17,247,000 | |||
Buildings and improvements | 40,343,000 | |||
Costs capitalized subsequent to acquisition | 1,983,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 17,247,000 | |||
Buildings and improvements | 42,326,000 | |||
Total | 59,573,000 | |||
Accumulated depreciation | -6,432,000 | |||
Date of construction | 2004 | |||
Date acquired | 10-Sep | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 59,573,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 6,432,000 | |||
San Jose, CA [Member] | Carlyle, The [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 132 | |||
Encumbrance | 22,419,000 | |||
Initial cost [Abstract] | ||||
Land | 3,954,000 | |||
Buildings and improvements | 15,277,000 | |||
Costs capitalized subsequent to acquisition | 10,147,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,801,000 | |||
Buildings and improvements | 23,577,000 | |||
Total | 29,378,000 | |||
Accumulated depreciation | -11,057,000 | |||
Date of construction | 2000 | |||
Date acquired | Apr-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 29,378,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 11,057,000 | |||
San Jose, CA [Member] | Esplanade [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 278 | |||
Encumbrance | 42,950,000 | |||
Initial cost [Abstract] | ||||
Land | 18,170,000 | |||
Buildings and improvements | 40,086,000 | |||
Costs capitalized subsequent to acquisition | 8,307,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 18,429,000 | |||
Buildings and improvements | 48,134,000 | |||
Total | 66,563,000 | |||
Accumulated depreciation | -17,173,000 | |||
Date of construction | 2002 | |||
Date acquired | 11-Apr | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 66,563,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 17,173,000 | |||
San Jose, CA [Member] | Waterford, The [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 238 | |||
Encumbrance | 31,275,000 | |||
Initial cost [Abstract] | ||||
Land | 11,808,000 | |||
Buildings and improvements | 24,500,000 | |||
Costs capitalized subsequent to acquisition | 12,916,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 15,165,000 | |||
Buildings and improvements | 34,059,000 | |||
Total | 49,224,000 | |||
Accumulated depreciation | -16,320,000 | |||
Date of construction | 2000 | |||
Date acquired | Jun-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 49,224,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 16,320,000 | |||
San Jose, CA [Member] | 101 San Fernando [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 323 | |||
Initial cost [Abstract] | ||||
Land | 4,173,000 | |||
Buildings and improvements | 58,961,000 | |||
Costs capitalized subsequent to acquisition | 6,876,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,173,000 | |||
Buildings and improvements | 65,837,000 | |||
Total | 70,010,000 | |||
Accumulated depreciation | -10,762,000 | |||
Date of construction | 2001 | |||
Date acquired | 10-Jul | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 70,010,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 10,762,000 | |||
San Jose, CA [Member] | Willow Lake [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 508 | |||
Initial cost [Abstract] | ||||
Land | 43,194,000 | |||
Buildings and improvements | 101,030,000 | |||
Costs capitalized subsequent to acquisition | 5,312,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 43,194,000 | |||
Buildings and improvements | 106,342,000 | |||
Total | 149,536,000 | |||
Accumulated depreciation | -8,351,000 | |||
Date of construction | 1989 | |||
Date acquired | 12-Oct | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 149,536,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 8,351,000 | |||
Sunnyvale, CA [Member] | Brookside Oaks [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 170 | |||
Encumbrance | 19,312,000 | |||
Initial cost [Abstract] | ||||
Land | 7,301,000 | |||
Buildings and improvements | 16,310,000 | |||
Costs capitalized subsequent to acquisition | 22,116,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,328,000 | |||
Buildings and improvements | 35,399,000 | |||
Total | 45,727,000 | |||
Accumulated depreciation | -14,425,000 | |||
Date of construction | 1973 | |||
Date acquired | Jun-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 45,727,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 14,425,000 | |||
Sunnyvale, CA [Member] | Magnolia Square [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 188 | |||
Encumbrance | 17,701,000 | |||
Initial cost [Abstract] | ||||
Land | 8,190,000 | |||
Buildings and improvements | 24,736,000 | |||
Costs capitalized subsequent to acquisition | 14,056,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 8,191,000 | |||
Buildings and improvements | 38,791,000 | |||
Total | 46,982,000 | |||
Accumulated depreciation | -10,633,000 | |||
Date of construction | 1969 | |||
Date acquired | 7-Sep | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 46,982,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 10,633,000 | |||
Sunnyvale, CA [Member] | Montclaire, The [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 390 | |||
Encumbrance | 45,833,000 | |||
Initial cost [Abstract] | ||||
Land | 4,842,000 | |||
Buildings and improvements | 19,776,000 | |||
Costs capitalized subsequent to acquisition | 20,330,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,997,000 | |||
Buildings and improvements | 39,951,000 | |||
Total | 44,948,000 | |||
Accumulated depreciation | -31,729,000 | |||
Date of construction | 1973 | |||
Date acquired | Dec-88 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 44,948,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 31,729,000 | |||
Sunnyvale, CA [Member] | Summerhill Park [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 100 | |||
Encumbrance | 13,326,000 | |||
Initial cost [Abstract] | ||||
Land | 2,654,000 | |||
Buildings and improvements | 4,918,000 | |||
Costs capitalized subsequent to acquisition | 2,326,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,656,000 | |||
Buildings and improvements | 7,242,000 | |||
Total | 9,898,000 | |||
Accumulated depreciation | -5,133,000 | |||
Date of construction | 1988 | |||
Date acquired | Sep-88 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 9,898,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 5,133,000 | |||
Sunnyvale, CA [Member] | Bristol Commons [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 188 | |||
Initial cost [Abstract] | ||||
Land | 5,278,000 | |||
Buildings and improvements | 11,853,000 | |||
Costs capitalized subsequent to acquisition | 4,993,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,293,000 | |||
Buildings and improvements | 16,831,000 | |||
Total | 22,124,000 | |||
Accumulated depreciation | -8,832,000 | |||
Date of construction | 1989 | |||
Date acquired | Jan-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 22,124,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 8,832,000 | |||
Sunnyvale, CA [Member] | Reed Square [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 100 | |||
Initial cost [Abstract] | ||||
Land | 6,873,000 | |||
Buildings and improvements | 16,037,000 | |||
Costs capitalized subsequent to acquisition | 7,708,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,873,000 | |||
Buildings and improvements | 23,745,000 | |||
Total | 30,618,000 | |||
Accumulated depreciation | -2,853,000 | |||
Date of construction | 1970 | |||
Date acquired | 12-Jan | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 30,618,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 2,853,000 | |||
Sunnyvale, CA [Member] | Via [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 284 | |||
Initial cost [Abstract] | ||||
Land | 22,000,000 | |||
Buildings and improvements | 82,270,000 | |||
Costs capitalized subsequent to acquisition | 540,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 22,016,000 | |||
Buildings and improvements | 82,794,000 | |||
Total | 104,810,000 | |||
Accumulated depreciation | -11,895,000 | |||
Date of construction | 2011 | |||
Date acquired | 11-Jul | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 104,810,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 11,895,000 | |||
Sunnyvale, CA [Member] | Windsor Ridge [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 216 | |||
Initial cost [Abstract] | ||||
Land | 4,017,000 | |||
Buildings and improvements | 10,315,000 | |||
Costs capitalized subsequent to acquisition | 14,104,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,021,000 | |||
Buildings and improvements | 24,415,000 | |||
Total | 28,436,000 | |||
Accumulated depreciation | -13,679,000 | |||
Date of construction | 1989 | |||
Date acquired | Mar-89 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 28,436,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 13,679,000 | |||
Camarillo, CA [Member] | Camino Ruiz Square [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 160 | |||
Encumbrance | 21,110,000 | |||
Initial cost [Abstract] | ||||
Land | 6,871,000 | |||
Buildings and improvements | 26,119,000 | |||
Costs capitalized subsequent to acquisition | 1,317,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,931,000 | |||
Buildings and improvements | 27,376,000 | |||
Total | 34,307,000 | |||
Accumulated depreciation | -7,498,000 | |||
Date of construction | 1990 | |||
Date acquired | 6-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 34,307,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 7,498,000 | |||
Camarillo, CA [Member] | Camarillo Oaks [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 564 | |||
Initial cost [Abstract] | ||||
Land | 10,953,000 | |||
Buildings and improvements | 25,254,000 | |||
Costs capitalized subsequent to acquisition | 3,984,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 11,075,000 | |||
Buildings and improvements | 29,116,000 | |||
Total | 40,191,000 | |||
Accumulated depreciation | -17,860,000 | |||
Date of construction | 1985 | |||
Date acquired | Jul-96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 40,191,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 17,860,000 | |||
Hayward, CA [Member] | City View [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 572 | |||
Encumbrance | 74,903,000 | |||
Initial cost [Abstract] | ||||
Land | 9,883,000 | |||
Buildings and improvements | 37,670,000 | |||
Costs capitalized subsequent to acquisition | 21,926,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,350,000 | |||
Buildings and improvements | 59,129,000 | |||
Total | 69,479,000 | |||
Accumulated depreciation | -35,386,000 | |||
Date of construction | 1975 | |||
Date acquired | Mar-98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 69,479,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 35,386,000 | |||
Bellevue, WA [Member] | Courtyard off Main [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 109 | |||
Encumbrance | 15,757,000 | |||
Initial cost [Abstract] | ||||
Land | 7,465,000 | |||
Buildings and improvements | 21,405,000 | |||
Costs capitalized subsequent to acquisition | 2,766,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,465,000 | |||
Buildings and improvements | 24,171,000 | |||
Total | 31,636,000 | |||
Accumulated depreciation | -3,701,000 | |||
Date of construction | 2000 | |||
Date acquired | 10-Oct | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 31,636,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 3,701,000 | |||
Bellevue, WA [Member] | Palisades, The [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 192 | |||
Encumbrance | 20,573,000 | |||
Initial cost [Abstract] | ||||
Land | 1,560,000 | |||
Buildings and improvements | 6,242,000 | |||
Costs capitalized subsequent to acquisition | 11,006,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,565,000 | |||
Buildings and improvements | 17,243,000 | |||
Total | 18,808,000 | |||
Accumulated depreciation | -12,559,000 | |||
Date of construction | 1977 | |||
Date acquired | May-90 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 18,808,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 12,559,000 | |||
Bellevue, WA [Member] | Ellington [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 220 | |||
Encumbrance | 23,279,000 | |||
Initial cost [Abstract] | ||||
Land | 15,066,000 | |||
Buildings and improvements | 45,249,000 | |||
Costs capitalized subsequent to acquisition | 98,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 15,066,000 | |||
Buildings and improvements | 45,347,000 | |||
Total | 60,413,000 | |||
Accumulated depreciation | -556,000 | |||
Date of construction | 1994 | |||
Date acquired | 14-Jul | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 60,413,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 556,000 | |||
Bellevue, WA [Member] | Piedmont [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 396 | |||
Encumbrance | 48,180,000 | |||
Initial cost [Abstract] | ||||
Land | 19,848,000 | |||
Buildings and improvements | 59,606,000 | |||
Costs capitalized subsequent to acquisition | 1,557,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 19,848,000 | |||
Buildings and improvements | 61,163,000 | |||
Total | 81,011,000 | |||
Accumulated depreciation | -1,288,000 | |||
Date of construction | 1969 | |||
Date acquired | 14-May | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 81,011,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 1,288,000 | |||
Bellevue, WA [Member] | Cedar Terrace [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 180 | |||
Initial cost [Abstract] | ||||
Land | 5,543,000 | |||
Buildings and improvements | 16,442,000 | |||
Costs capitalized subsequent to acquisition | 4,297,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,652,000 | |||
Buildings and improvements | 20,630,000 | |||
Total | 26,282,000 | |||
Accumulated depreciation | -7,810,000 | |||
Date of construction | 1984 | |||
Date acquired | 5-Jan | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 26,282,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 7,810,000 | |||
Bellevue, WA [Member] | Emerald Ridge [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 180 | |||
Initial cost [Abstract] | ||||
Land | 3,449,000 | |||
Buildings and improvements | 7,801,000 | |||
Costs capitalized subsequent to acquisition | 3,220,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,449,000 | |||
Buildings and improvements | 11,021,000 | |||
Total | 14,470,000 | |||
Accumulated depreciation | -7,768,000 | |||
Date of construction | 1987 | |||
Date acquired | Nov-94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 14,470,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 7,768,000 | |||
Bellevue, WA [Member] | Foothill Commons [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 388 | |||
Initial cost [Abstract] | ||||
Land | 2,435,000 | |||
Buildings and improvements | 9,821,000 | |||
Costs capitalized subsequent to acquisition | 35,126,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,440,000 | |||
Buildings and improvements | 44,942,000 | |||
Total | 47,382,000 | |||
Accumulated depreciation | -26,268,000 | |||
Date of construction | 1978 | |||
Date acquired | Mar-90 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 47,382,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 26,268,000 | |||
Bellevue, WA [Member] | Sammamish View [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 153 | |||
Initial cost [Abstract] | ||||
Land | 3,324,000 | |||
Buildings and improvements | 7,501,000 | |||
Costs capitalized subsequent to acquisition | 6,035,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,331,000 | |||
Buildings and improvements | 13,529,000 | |||
Total | 16,860,000 | |||
Accumulated depreciation | -9,553,000 | |||
Date of construction | 1986 | |||
Date acquired | Nov-94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 16,860,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 9,553,000 | |||
Bellevue, WA [Member] | Woodland Commons [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 302 | |||
Initial cost [Abstract] | ||||
Land | 2,040,000 | |||
Buildings and improvements | 8,727,000 | |||
Costs capitalized subsequent to acquisition | 19,311,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,044,000 | |||
Buildings and improvements | 28,034,000 | |||
Total | 30,078,000 | |||
Accumulated depreciation | -12,937,000 | |||
Date of construction | 1978 | |||
Date acquired | Mar-90 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 30,078,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 12,937,000 | |||
Seattle, WA [Member] | Domaine [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 92 | |||
Encumbrance | 15,793,000 | |||
Initial cost [Abstract] | ||||
Land | 9,059,000 | |||
Buildings and improvements | 27,177,000 | |||
Costs capitalized subsequent to acquisition | 473,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,059,000 | |||
Buildings and improvements | 27,650,000 | |||
Total | 36,709,000 | |||
Accumulated depreciation | -2,151,000 | |||
Date of construction | 2009 | |||
Date acquired | 12-Sep | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 36,709,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 2,151,000 | |||
Seattle, WA [Member] | The Bernard [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 63 | |||
Encumbrance | 9,479,000 | |||
Initial cost [Abstract] | ||||
Land | 3,699,000 | |||
Buildings and improvements | 11,345,000 | |||
Costs capitalized subsequent to acquisition | 171,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,689,000 | |||
Buildings and improvements | 11,526,000 | |||
Total | 15,215,000 | |||
Accumulated depreciation | -1,291,000 | |||
Date of construction | 2008 | |||
Date acquired | 11-Sep | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 15,215,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 1,291,000 | |||
Seattle, WA [Member] | Collins On Pine [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 76 | |||
Initial cost [Abstract] | ||||
Land | 7,276,000 | |||
Buildings and improvements | 22,226,000 | |||
Costs capitalized subsequent to acquisition | 7,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,276,000 | |||
Buildings and improvements | 22,233,000 | |||
Total | 29,509,000 | |||
Accumulated depreciation | -464,000 | |||
Date of construction | 2013 | |||
Date acquired | 14-May | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 29,509,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 464,000 | |||
Seattle, WA [Member] | Annaliese [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 56 | |||
Initial cost [Abstract] | ||||
Land | 4,727,000 | |||
Buildings and improvements | 14,229,000 | |||
Costs capitalized subsequent to acquisition | 153,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,726,000 | |||
Buildings and improvements | 14,383,000 | |||
Total | 19,109,000 | |||
Accumulated depreciation | -949,000 | |||
Date of construction | 2009 | |||
Date acquired | 13-Jan | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 19,109,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 949,000 | |||
Seattle, WA [Member] | Cairns, The [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 100 | |||
Initial cost [Abstract] | ||||
Land | 6,937,000 | |||
Buildings and improvements | 20,679,000 | |||
Costs capitalized subsequent to acquisition | 967,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,939,000 | |||
Buildings and improvements | 21,644,000 | |||
Total | 28,583,000 | |||
Accumulated depreciation | -5,498,000 | |||
Date of construction | 2006 | |||
Date acquired | 7-Jun | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 28,583,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 5,498,000 | |||
Seattle, WA [Member] | Fountain Court [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 320 | |||
Initial cost [Abstract] | ||||
Land | 6,702,000 | |||
Buildings and improvements | 27,306,000 | |||
Costs capitalized subsequent to acquisition | 9,252,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,585,000 | |||
Buildings and improvements | 36,675,000 | |||
Total | 43,260,000 | |||
Accumulated depreciation | -16,960,000 | |||
Date of construction | 2000 | |||
Date acquired | Mar-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 43,260,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 16,960,000 | |||
Seattle, WA [Member] | Joule [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 295 | |||
Initial cost [Abstract] | ||||
Land | 14,558,000 | |||
Buildings and improvements | 69,417,000 | |||
Costs capitalized subsequent to acquisition | 3,366,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 14,558,000 | |||
Buildings and improvements | 72,783,000 | |||
Total | 87,341,000 | |||
Accumulated depreciation | -13,492,000 | |||
Date of construction | 2010 | |||
Date acquired | 10-Mar | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 87,341,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 13,492,000 | |||
Seattle, WA [Member] | Vox Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 58 | |||
Initial cost [Abstract] | ||||
Land | 5,545,000 | |||
Buildings and improvements | 16,635,000 | |||
Costs capitalized subsequent to acquisition | 67,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,545,000 | |||
Buildings and improvements | 16,702,000 | |||
Total | 22,247,000 | |||
Accumulated depreciation | -674,000 | |||
Date of construction | 2013 | |||
Date acquired | 13-Oct | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 22,247,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 674,000 | |||
Seattle, WA [Member] | Wharfside Pointe [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 142 | |||
Initial cost [Abstract] | ||||
Land | 2,245,000 | |||
Buildings and improvements | 7,020,000 | |||
Costs capitalized subsequent to acquisition | 9,697,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,258,000 | |||
Buildings and improvements | 16,704,000 | |||
Total | 18,962,000 | |||
Accumulated depreciation | -8,780,000 | |||
Date of construction | 1990 | |||
Date acquired | Jun-94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 18,962,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 8,780,000 | |||
Redmond, WA [Member] | Elevation [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 157 | |||
Encumbrance | 11,308,000 | |||
Initial cost [Abstract] | ||||
Land | 4,758,000 | |||
Buildings and improvements | 14,285,000 | |||
Costs capitalized subsequent to acquisition | 5,667,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,757,000 | |||
Buildings and improvements | 19,953,000 | |||
Total | 24,710,000 | |||
Accumulated depreciation | -4,178,000 | |||
Date of construction | 1986 | |||
Date acquired | 10-Jun | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 24,710,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 4,178,000 | |||
Redmond, WA [Member] | Delano/Bon Terra [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 126 | |||
Initial cost [Abstract] | ||||
Land | 7,470,000 | |||
Buildings and improvements | 22,511,000 | |||
Costs capitalized subsequent to acquisition | 911,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,470,000 | |||
Buildings and improvements | 23,422,000 | |||
Total | 30,892,000 | |||
Accumulated depreciation | -2,419,000 | |||
Date of construction | 2005 | |||
Date acquired | 11-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 30,892,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 2,419,000 | |||
Santa Ana, CA [Member] | Fairhaven Treehouse [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 164 | |||
Encumbrance | 20,721,000 | |||
Initial cost [Abstract] | ||||
Land | 2,626,000 | |||
Buildings and improvements | 10,485,000 | |||
Costs capitalized subsequent to acquisition | 5,761,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,957,000 | |||
Buildings and improvements | 15,915,000 | |||
Total | 18,872,000 | |||
Accumulated depreciation | -6,850,000 | |||
Date of construction | 1970 | |||
Date acquired | 1-Nov | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 18,872,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 6,850,000 | |||
Santa Ana, CA [Member] | Essex Skyline at MacAuthur Place [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 349 | |||
Initial cost [Abstract] | ||||
Land | 21,537,000 | |||
Buildings and improvements | 146,099,000 | |||
Costs capitalized subsequent to acquisition | 1,846,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 21,537,000 | |||
Buildings and improvements | 147,945,000 | |||
Total | 169,482,000 | |||
Accumulated depreciation | -13,566,000 | |||
Date of construction | 2008 | |||
Date acquired | 12-Apr | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 169,482,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 13,566,000 | |||
Renton, WA [Member] | Fairwood Pond [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 194 | |||
Encumbrance | 12,725,000 | |||
Initial cost [Abstract] | ||||
Land | 5,296,000 | |||
Buildings and improvements | 15,564,000 | |||
Costs capitalized subsequent to acquisition | 2,232,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,297,000 | |||
Buildings and improvements | 17,795,000 | |||
Total | 23,092,000 | |||
Accumulated depreciation | -6,688,000 | |||
Date of construction | 1997 | |||
Date acquired | 4-Oct | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 23,092,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 6,688,000 | |||
Renton, WA [Member] | Brighton Ridge [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 264 | |||
Initial cost [Abstract] | ||||
Land | 2,623,000 | |||
Buildings and improvements | 10,800,000 | |||
Costs capitalized subsequent to acquisition | 4,070,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,656,000 | |||
Buildings and improvements | 14,837,000 | |||
Total | 17,493,000 | |||
Accumulated depreciation | -8,809,000 | |||
Date of construction | 1986 | |||
Date acquired | Dec-96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 17,493,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 8,809,000 | |||
Renton, WA [Member] | Forest View [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 192 | |||
Initial cost [Abstract] | ||||
Land | 3,731,000 | |||
Buildings and improvements | 14,530,000 | |||
Costs capitalized subsequent to acquisition | 1,530,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,731,000 | |||
Buildings and improvements | 16,060,000 | |||
Total | 19,791,000 | |||
Accumulated depreciation | -6,358,000 | |||
Date of construction | 1998 | |||
Date acquired | 3-Oct | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 19,791,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 6,358,000 | |||
Playa Vista, CA [Member] | Fountain Park [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 705 | |||
Encumbrance | 83,179,000 | |||
Initial cost [Abstract] | ||||
Land | 25,073,000 | |||
Buildings and improvements | 94,980,000 | |||
Costs capitalized subsequent to acquisition | 25,540,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 25,203,000 | |||
Buildings and improvements | 120,390,000 | |||
Total | 145,593,000 | |||
Accumulated depreciation | -48,601,000 | |||
Date of construction | 2002 | |||
Date acquired | 4-Feb | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 145,593,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 48,601,000 | |||
Santa Rosa, CA [Member] | Harvest Park [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 104 | |||
Encumbrance | 10,241,000 | |||
Initial cost [Abstract] | ||||
Land | 6,700,000 | |||
Buildings and improvements | 15,479,000 | |||
Costs capitalized subsequent to acquisition | 1,099,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,690,000 | |||
Buildings and improvements | 16,588,000 | |||
Total | 23,278,000 | |||
Accumulated depreciation | -4,693,000 | |||
Date of construction | 2004 | |||
Date acquired | 7-Mar | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 23,278,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 4,693,000 | |||
Glendale, CA [Member] | Hampton Place Hampton Court [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 215 | |||
Encumbrance | 20,616,000 | |||
Initial cost [Abstract] | ||||
Land | 6,695,000 | |||
Buildings and improvements | 16,753,000 | |||
Costs capitalized subsequent to acquisition | 8,310,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,733,000 | |||
Buildings and improvements | 25,025,000 | |||
Total | 31,758,000 | |||
Accumulated depreciation | -11,951,000 | |||
Date of construction | 1970 | |||
Date acquired | Jun-99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 31,758,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 11,951,000 | |||
Glendale, CA [Member] | 416 on Broadway [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 115 | |||
Initial cost [Abstract] | ||||
Land | 8,557,000 | |||
Buildings and improvements | 34,235,000 | |||
Costs capitalized subsequent to acquisition | 1,543,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 8,557,000 | |||
Buildings and improvements | 35,778,000 | |||
Total | 44,335,000 | |||
Accumulated depreciation | -5,115,000 | |||
Date of construction | 2009 | |||
Date acquired | 10-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 44,335,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 5,115,000 | |||
Simi Valley, CA [Member] | Hidden Valley [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 324 | |||
Encumbrance | 30,053,000 | |||
Initial cost [Abstract] | ||||
Land | 14,174,000 | |||
Buildings and improvements | 34,065,000 | |||
Costs capitalized subsequent to acquisition | 2,063,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,674,000 | |||
Buildings and improvements | 40,628,000 | |||
Total | 50,302,000 | |||
Accumulated depreciation | -14,322,000 | |||
Date of construction | 2004 | |||
Date acquired | 4-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 50,302,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 14,322,000 | |||
Simi Valley, CA [Member] | Meadowood [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 320 | |||
Initial cost [Abstract] | ||||
Land | 7,852,000 | |||
Buildings and improvements | 18,592,000 | |||
Costs capitalized subsequent to acquisition | 6,654,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,898,000 | |||
Buildings and improvements | 25,200,000 | |||
Total | 33,098,000 | |||
Accumulated depreciation | -14,710,000 | |||
Date of construction | 1986 | |||
Date acquired | Nov-96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 33,098,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 14,710,000 | |||
Rancho Palos Verdes, CA [Member] | Highridge [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 255 | |||
Encumbrance | 44,807,000 | |||
Initial cost [Abstract] | ||||
Land | 5,419,000 | |||
Buildings and improvements | 18,347,000 | |||
Costs capitalized subsequent to acquisition | 28,623,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,073,000 | |||
Buildings and improvements | 46,316,000 | |||
Total | 52,389,000 | |||
Accumulated depreciation | -23,162,000 | |||
Date of construction | 1972 | |||
Date acquired | May-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 52,389,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 23,162,000 | |||
Issaquah, WA [Member] | Highlands at Wynhaven [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 333 | |||
Encumbrance | 32,212,000 | |||
Initial cost [Abstract] | ||||
Land | 16,271,000 | |||
Buildings and improvements | 48,932,000 | |||
Costs capitalized subsequent to acquisition | 6,609,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 16,271,000 | |||
Buildings and improvements | 55,541,000 | |||
Total | 71,812,000 | |||
Accumulated depreciation | -12,981,000 | |||
Date of construction | 2000 | |||
Date acquired | 8-Aug | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 71,812,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 12,981,000 | |||
Issaquah, WA [Member] | Park Hill at Issaquah [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 245 | |||
Encumbrance | 28,426,000 | |||
Initial cost [Abstract] | ||||
Land | 7,284,000 | |||
Buildings and improvements | 21,937,000 | |||
Costs capitalized subsequent to acquisition | 3,733,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,284,000 | |||
Buildings and improvements | 25,670,000 | |||
Total | 32,954,000 | |||
Accumulated depreciation | -9,049,000 | |||
Date of construction | 1999 | |||
Date acquired | Feb-99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 32,954,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 9,049,000 | |||
Newbury Park, CA [Member] | Hillcrest Park [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 608 | |||
Encumbrance | 67,064,000 | |||
Initial cost [Abstract] | ||||
Land | 15,318,000 | |||
Buildings and improvements | 40,601,000 | |||
Costs capitalized subsequent to acquisition | 16,690,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 15,755,000 | |||
Buildings and improvements | 56,854,000 | |||
Total | 72,609,000 | |||
Accumulated depreciation | -29,850,000 | |||
Date of construction | 1973 | |||
Date acquired | Mar-98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 72,609,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 29,850,000 | |||
Huntington Beach, CA [Member] | Huntington Breakers [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 342 | |||
Encumbrance | 37,446,000 | |||
Initial cost [Abstract] | ||||
Land | 9,306,000 | |||
Buildings and improvements | 22,720,000 | |||
Costs capitalized subsequent to acquisition | 13,803,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,315,000 | |||
Buildings and improvements | 36,514,000 | |||
Total | 45,829,000 | |||
Accumulated depreciation | -16,859,000 | |||
Date of construction | 1984 | |||
Date acquired | Oct-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 45,829,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 16,859,000 | |||
Huntington Beach, CA [Member] | The Huntington [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 276 | |||
Encumbrance | 32,096,000 | |||
Initial cost [Abstract] | ||||
Land | 10,374,000 | |||
Buildings and improvements | 41,495,000 | |||
Costs capitalized subsequent to acquisition | 2,594,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,374,000 | |||
Buildings and improvements | 44,089,000 | |||
Total | 54,463,000 | |||
Accumulated depreciation | -3,980,000 | |||
Date of construction | 1975 | |||
Date acquired | 12-Jun | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 54,463,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 3,980,000 | |||
Bothell, WA [Member] | Inglenook Court [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 224 | |||
Encumbrance | 8,300,000 | |||
Initial cost [Abstract] | ||||
Land | 3,467,000 | |||
Buildings and improvements | 7,881,000 | |||
Costs capitalized subsequent to acquisition | 6,418,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,474,000 | |||
Buildings and improvements | 14,292,000 | |||
Total | 17,766,000 | |||
Accumulated depreciation | -9,683,000 | |||
Date of construction | 1985 | |||
Date acquired | Oct-94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 17,766,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 9,683,000 | |||
Bothell, WA [Member] | Stonehedge Village [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 196 | |||
Encumbrance | 12,109,000 | |||
Initial cost [Abstract] | ||||
Land | 3,167,000 | |||
Buildings and improvements | 12,603,000 | |||
Costs capitalized subsequent to acquisition | 5,064,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,201,000 | |||
Buildings and improvements | 17,633,000 | |||
Total | 20,834,000 | |||
Accumulated depreciation | -10,210,000 | |||
Date of construction | 1986 | |||
Date acquired | Oct-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 20,834,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 10,210,000 | |||
Bothell, WA [Member] | Canyon Pointe [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 250 | |||
Initial cost [Abstract] | ||||
Land | 4,692,000 | |||
Buildings and improvements | 18,288,000 | |||
Costs capitalized subsequent to acquisition | 5,099,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,693,000 | |||
Buildings and improvements | 23,386,000 | |||
Total | 28,079,000 | |||
Accumulated depreciation | -9,143,000 | |||
Date of construction | 1990 | |||
Date acquired | 3-Oct | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 28,079,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 9,143,000 | |||
Bothell, WA [Member] | Salmon Run at Perry Creek [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 132 | |||
Initial cost [Abstract] | ||||
Land | 3,717,000 | |||
Buildings and improvements | 11,483,000 | |||
Costs capitalized subsequent to acquisition | 1,430,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,801,000 | |||
Buildings and improvements | 12,829,000 | |||
Total | 16,630,000 | |||
Accumulated depreciation | -6,057,000 | |||
Date of construction | 2000 | |||
Date acquired | Oct-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 16,630,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 6,057,000 | |||
Kirkland, WA [Member] | Montebello [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 248 | |||
Encumbrance | 28,423,000 | |||
Initial cost [Abstract] | ||||
Land | 13,857,000 | |||
Buildings and improvements | 41,575,000 | |||
Costs capitalized subsequent to acquisition | 3,500,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 13,858,000 | |||
Buildings and improvements | 45,074,000 | |||
Total | 58,932,000 | |||
Accumulated depreciation | -4,057,000 | |||
Date of construction | 1996 | |||
Date acquired | 12-Jul | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 58,932,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 4,057,000 | |||
Kirkland, WA [Member] | Ascent [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 90 | |||
Initial cost [Abstract] | ||||
Land | 3,924,000 | |||
Buildings and improvements | 11,862,000 | |||
Costs capitalized subsequent to acquisition | 1,538,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,924,000 | |||
Buildings and improvements | 13,400,000 | |||
Total | 17,324,000 | |||
Accumulated depreciation | -1,143,000 | |||
Date of construction | 1988 | |||
Date acquired | 12-Oct | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 17,324,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 1,143,000 | |||
Kirkland, WA [Member] | Bridle Trails [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 108 | |||
Initial cost [Abstract] | ||||
Land | 1,500,000 | |||
Buildings and improvements | 5,930,000 | |||
Costs capitalized subsequent to acquisition | 5,474,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,531,000 | |||
Buildings and improvements | 11,373,000 | |||
Total | 12,904,000 | |||
Accumulated depreciation | -6,483,000 | |||
Date of construction | 1986 | |||
Date acquired | Oct-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 12,904,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 6,483,000 | |||
Kirkland, WA [Member] | Corbella at Juanita Bay [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 169 | |||
Initial cost [Abstract] | ||||
Land | 5,801,000 | |||
Buildings and improvements | 17,415,000 | |||
Costs capitalized subsequent to acquisition | 2,008,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,801,000 | |||
Buildings and improvements | 19,423,000 | |||
Total | 25,224,000 | |||
Accumulated depreciation | -2,819,000 | |||
Date of construction | 1978 | |||
Date acquired | 10-Nov | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 25,224,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 2,819,000 | |||
Kirkland, WA [Member] | Evergreen Heights [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 200 | |||
Initial cost [Abstract] | ||||
Land | 3,566,000 | |||
Buildings and improvements | 13,395,000 | |||
Costs capitalized subsequent to acquisition | 4,426,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,649,000 | |||
Buildings and improvements | 17,738,000 | |||
Total | 21,387,000 | |||
Accumulated depreciation | -10,019,000 | |||
Date of construction | 1990 | |||
Date acquired | Jun-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 21,387,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 10,019,000 | |||
Kirkland, WA [Member] | Slater 116 [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 108 | |||
Initial cost [Abstract] | ||||
Land | 7,379,000 | |||
Buildings and improvements | 22,138,000 | |||
Costs capitalized subsequent to acquisition | 322,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,379,000 | |||
Buildings and improvements | 22,460,000 | |||
Total | 29,839,000 | |||
Accumulated depreciation | -994,000 | |||
Date of construction | 2013 | |||
Date acquired | 13-Sep | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 29,839,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 994,000 | |||
Garden Grove, CA [Member] | Montejo [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 124 | |||
Encumbrance | 15,728,000 | |||
Initial cost [Abstract] | ||||
Land | 1,925,000 | |||
Buildings and improvements | 7,685,000 | |||
Costs capitalized subsequent to acquisition | 2,509,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,194,000 | |||
Buildings and improvements | 9,925,000 | |||
Total | 12,119,000 | |||
Accumulated depreciation | -4,566,000 | |||
Date of construction | 1974 | |||
Date acquired | 1-Nov | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 12,119,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 4,566,000 | |||
Long Beach, CA [Member] | Pathways [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 296 | |||
Encumbrance | 37,046,000 | |||
Initial cost [Abstract] | ||||
Land | 4,083,000 | |||
Buildings and improvements | 16,757,000 | |||
Costs capitalized subsequent to acquisition | 18,993,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,239,000 | |||
Buildings and improvements | 33,594,000 | |||
Total | 39,833,000 | |||
Accumulated depreciation | -24,284,000 | |||
Date of construction | 1975 | |||
Date acquired | Feb-91 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 39,833,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 24,284,000 | |||
Long Beach, CA [Member] | Marbrisa [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 202 | |||
Initial cost [Abstract] | ||||
Land | 4,700,000 | |||
Buildings and improvements | 18,605,000 | |||
Costs capitalized subsequent to acquisition | 5,099,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,760,000 | |||
Buildings and improvements | 23,644,000 | |||
Total | 28,404,000 | |||
Accumulated depreciation | -9,508,000 | |||
Date of construction | 1987 | |||
Date acquired | 2-Sep | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 28,404,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 9,508,000 | |||
Fremont, CA [Member] | Stevenson Place [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 200 | |||
Encumbrance | 21,394,000 | |||
Initial cost [Abstract] | ||||
Land | 996,000 | |||
Buildings and improvements | 5,582,000 | |||
Costs capitalized subsequent to acquisition | 7,314,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,001,000 | |||
Buildings and improvements | 12,891,000 | |||
Total | 13,892,000 | |||
Accumulated depreciation | -9,713,000 | |||
Date of construction | 1971 | |||
Date acquired | Apr-83 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 13,892,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 9,713,000 | |||
Fremont, CA [Member] | Paragon Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 301 | |||
Initial cost [Abstract] | ||||
Land | 32,230,000 | |||
Buildings and improvements | 77,320,000 | |||
Costs capitalized subsequent to acquisition | 40,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 32,230,000 | |||
Buildings and improvements | 77,360,000 | |||
Total | 109,590,000 | |||
Accumulated depreciation | -1,183,000 | |||
Date of construction | 2013 | |||
Date acquired | 14-Jul | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 109,590,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 1,183,000 | |||
Fremont, CA [Member] | Boulevard [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 172 | |||
Initial cost [Abstract] | ||||
Land | 3,520,000 | |||
Buildings and improvements | 8,182,000 | |||
Costs capitalized subsequent to acquisition | 10,690,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,580,000 | |||
Buildings and improvements | 18,812,000 | |||
Total | 22,392,000 | |||
Accumulated depreciation | -12,518,000 | |||
Date of construction | 1978 | |||
Date acquired | Jan-96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 22,392,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 12,518,000 | |||
Oxnard, CA [Member] | Tierra Vista [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 404 | |||
Encumbrance | 55,212,000 | |||
Initial cost [Abstract] | ||||
Land | 13,652,000 | |||
Buildings and improvements | 53,336,000 | |||
Costs capitalized subsequent to acquisition | 3,863,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 13,661,000 | |||
Buildings and improvements | 57,190,000 | |||
Total | 70,851,000 | |||
Accumulated depreciation | -20,787,000 | |||
Date of construction | 2001 | |||
Date acquired | 1-Jan | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 70,851,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 20,787,000 | |||
Oxnard, CA [Member] | Mariners Place [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 105 | |||
Initial cost [Abstract] | ||||
Land | 1,555,000 | |||
Buildings and improvements | 6,103,000 | |||
Costs capitalized subsequent to acquisition | 2,079,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,562,000 | |||
Buildings and improvements | 8,175,000 | |||
Total | 9,737,000 | |||
Accumulated depreciation | -4,213,000 | |||
Date of construction | 1987 | |||
Date acquired | May-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 9,737,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 4,213,000 | |||
Oxnard, CA [Member] | Monterey Villas [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 122 | |||
Initial cost [Abstract] | ||||
Land | 2,349,000 | |||
Buildings and improvements | 5,579,000 | |||
Costs capitalized subsequent to acquisition | 5,669,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,424,000 | |||
Buildings and improvements | 11,173,000 | |||
Total | 13,597,000 | |||
Accumulated depreciation | -5,739,000 | |||
Date of construction | 1974 | |||
Date acquired | Jul-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 13,597,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 5,739,000 | |||
Fountain Valley, CA [Member] | Valley Park [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 160 | |||
Encumbrance | 26,479,000 | |||
Initial cost [Abstract] | ||||
Land | 3,361,000 | |||
Buildings and improvements | 13,420,000 | |||
Costs capitalized subsequent to acquisition | 3,516,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,761,000 | |||
Buildings and improvements | 16,536,000 | |||
Total | 20,297,000 | |||
Accumulated depreciation | -7,460,000 | |||
Date of construction | 1969 | |||
Date acquired | 1-Nov | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 20,297,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 7,460,000 | |||
Placentia, CA [Member] | Villa Angelina [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 256 | |||
Encumbrance | 32,674,000 | |||
Initial cost [Abstract] | ||||
Land | 4,498,000 | |||
Buildings and improvements | 17,962,000 | |||
Costs capitalized subsequent to acquisition | 5,988,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,962,000 | |||
Buildings and improvements | 23,486,000 | |||
Total | 28,448,000 | |||
Accumulated depreciation | -9,902,000 | |||
Date of construction | 1970 | |||
Date acquired | 1-Nov | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 28,448,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 9,902,000 | |||
Kent, WA [Member] | Wandering Creek [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 156 | |||
Encumbrance | 5,300,000 | |||
Initial cost [Abstract] | ||||
Land | 1,285,000 | |||
Buildings and improvements | 4,980,000 | |||
Costs capitalized subsequent to acquisition | 3,695,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,296,000 | |||
Buildings and improvements | 8,664,000 | |||
Total | 9,960,000 | |||
Accumulated depreciation | -5,853,000 | |||
Date of construction | 1986 | |||
Date acquired | Nov-95 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 9,960,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 5,853,000 | |||
Southern California [Member] | BRE Properties, Inc. [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 2,899 | |||
Encumbrance | 424,041,000 | |||
Initial cost [Abstract] | ||||
Land | 163,608,000 | |||
Buildings and improvements | 659,448,000 | |||
Costs capitalized subsequent to acquisition | 3,344,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 163,608,000 | |||
Buildings and improvements | 662,792,000 | |||
Total | 826,400,000 | |||
Accumulated depreciation | -18,178,000 | |||
Date acquired | 14-Apr | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 826,400,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 18,178,000 | |||
Southern California [Member] | BRE Properties, Inc. [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 5,438 | |||
Initial cost [Abstract] | ||||
Land | 368,894,000 | |||
Buildings and improvements | 1,394,794,000 | |||
Costs capitalized subsequent to acquisition | 12,180,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 368,894,000 | |||
Buildings and improvements | 1,406,974,000 | |||
Total | 1,775,868,000 | |||
Accumulated depreciation | -39,591,000 | |||
Date acquired | 14-Apr | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 1,775,868,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 39,591,000 | |||
Northern California [Member] | BRE Properties, Inc. [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 1,074 | |||
Encumbrance | 219,244,000 | |||
Initial cost [Abstract] | ||||
Land | 170,747,000 | |||
Buildings and improvements | 363,720,000 | |||
Costs capitalized subsequent to acquisition | 1,383,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 170,747,000 | |||
Buildings and improvements | 365,103,000 | |||
Total | 535,850,000 | |||
Accumulated depreciation | -10,149,000 | |||
Date acquired | 14-Apr | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 535,850,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 10,149,000 | |||
Northern California [Member] | BRE Properties, Inc. [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 3,265 | |||
Initial cost [Abstract] | ||||
Land | 375,703,000 | |||
Buildings and improvements | 944,881,000 | |||
Costs capitalized subsequent to acquisition | 8,147,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 375,703,000 | |||
Buildings and improvements | 953,028,000 | |||
Total | 1,328,731,000 | |||
Accumulated depreciation | -27,762,000 | |||
Date acquired | 14-Apr | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 1,328,731,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 27,762,000 | |||
Seattle Metro [Member] | BRE Properties, Inc. [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 1,111 | |||
Encumbrance | 145,427,000 | |||
Initial cost [Abstract] | ||||
Land | 64,301,000 | |||
Buildings and improvements | 265,474,000 | |||
Costs capitalized subsequent to acquisition | 1,703,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 64,301,000 | |||
Buildings and improvements | 267,177,000 | |||
Total | 331,478,000 | |||
Accumulated depreciation | -7,304,000 | |||
Date acquired | 14-Apr | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 331,478,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 7,304,000 | |||
Seattle Metro [Member] | BRE Properties, Inc. [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 1,710 | |||
Initial cost [Abstract] | ||||
Land | 80,464,000 | |||
Buildings and improvements | 373,710,000 | |||
Costs capitalized subsequent to acquisition | 1,958,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 80,464,000 | |||
Buildings and improvements | 375,668,000 | |||
Total | 456,132,000 | |||
Accumulated depreciation | -10,461,000 | |||
Date acquired | 14-Apr | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 456,132,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 10,461,000 | |||
Milpitas, CA [Member] | Apex [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 366 | |||
Initial cost [Abstract] | ||||
Land | 44,240,000 | |||
Buildings and improvements | 103,251,000 | |||
Costs capitalized subsequent to acquisition | 89,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 44,240,000 | |||
Buildings and improvements | 103,340,000 | |||
Total | 147,580,000 | |||
Accumulated depreciation | -1,249,000 | |||
Date of construction | 2014 | |||
Date acquired | 14-Aug | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 147,580,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 1,249,000 | |||
Valley Village, CA [Member] | Allegro [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 97 | |||
Initial cost [Abstract] | ||||
Land | 5,869,000 | |||
Buildings and improvements | 23,977,000 | |||
Costs capitalized subsequent to acquisition | 1,385,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,869,000 | |||
Buildings and improvements | 25,362,000 | |||
Total | 31,231,000 | |||
Accumulated depreciation | -5,293,000 | |||
Date of construction | 2010 | |||
Date acquired | 10-Oct | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 31,231,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 5,293,000 | |||
Alpine, CA [Member] | Alpine Village [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 301 | |||
Initial cost [Abstract] | ||||
Land | 4,967,000 | |||
Buildings and improvements | 19,728,000 | |||
Costs capitalized subsequent to acquisition | 5,362,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,982,000 | |||
Buildings and improvements | 25,075,000 | |||
Total | 30,057,000 | |||
Accumulated depreciation | -10,302,000 | |||
Date of construction | 1971 | |||
Date acquired | 2-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 30,057,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 10,302,000 | |||
Irvine, CA [Member] | Axis 2300 [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 115 | |||
Initial cost [Abstract] | ||||
Land | 5,405,000 | |||
Buildings and improvements | 33,585,000 | |||
Costs capitalized subsequent to acquisition | 965,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,405,000 | |||
Buildings and improvements | 34,550,000 | |||
Total | 39,955,000 | |||
Accumulated depreciation | -7,071,000 | |||
Date of construction | 2010 | |||
Date acquired | 10-Aug | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 39,955,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 7,071,000 | |||
Irvine, CA [Member] | 17461 Derian [Member] | Other Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Area of Real Estate Property | 107,720 | |||
Initial cost [Abstract] | ||||
Land | 3,079,000 | |||
Buildings and improvements | 12,315,000 | |||
Costs capitalized subsequent to acquisition | 6,862,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,909,000 | |||
Buildings and improvements | 18,347,000 | |||
Total | 22,256,000 | |||
Accumulated depreciation | -11,322,000 | |||
Date of construction | 1983 | |||
Date acquired | Jul-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 22,256,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 11,322,000 | |||
Belmont, CA [Member] | Belmont Terrace [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 71 | |||
Initial cost [Abstract] | ||||
Land | 4,446,000 | |||
Buildings and improvements | 10,290,000 | |||
Costs capitalized subsequent to acquisition | 3,100,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,473,000 | |||
Buildings and improvements | 13,363,000 | |||
Total | 17,836,000 | |||
Accumulated depreciation | -4,706,000 | |||
Date of construction | 1974 | |||
Date acquired | 6-Oct | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 17,836,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 4,706,000 | |||
San Francisco, CA [Member] | Bennett Lofts [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 165 | |||
Initial cost [Abstract] | ||||
Land | 21,771,000 | |||
Buildings and improvements | 50,800,000 | |||
Costs capitalized subsequent to acquisition | 24,463,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 28,371,000 | |||
Buildings and improvements | 68,663,000 | |||
Total | 97,034,000 | |||
Accumulated depreciation | -4,919,000 | |||
Date of construction | 2004 | |||
Date acquired | 12-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 97,034,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 4,919,000 | |||
San Francisco, CA [Member] | Fox Plaza [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 443 | |||
Initial cost [Abstract] | ||||
Land | 39,731,000 | |||
Buildings and improvements | 92,706,000 | |||
Costs capitalized subsequent to acquisition | 5,046,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 39,731,000 | |||
Buildings and improvements | 97,752,000 | |||
Total | 137,483,000 | |||
Accumulated depreciation | -6,255,000 | |||
Date of construction | 1968 | |||
Date acquired | 13-Feb | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 137,483,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 6,255,000 | |||
San Francisco, CA [Member] | Park West [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 126 | |||
Initial cost [Abstract] | ||||
Land | 9,424,000 | |||
Buildings and improvements | 21,988,000 | |||
Costs capitalized subsequent to acquisition | 4,701,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,424,000 | |||
Buildings and improvements | 26,689,000 | |||
Total | 36,113,000 | |||
Accumulated depreciation | -2,120,000 | |||
Date of construction | 1958 | |||
Date acquired | 12-Sep | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 36,113,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 2,120,000 | |||
Bonita, CA [Member] | Bonita Cedars [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 120 | |||
Initial cost [Abstract] | ||||
Land | 2,496,000 | |||
Buildings and improvements | 9,913,000 | |||
Costs capitalized subsequent to acquisition | 1,985,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,503,000 | |||
Buildings and improvements | 11,891,000 | |||
Total | 14,394,000 | |||
Accumulated depreciation | -5,084,000 | |||
Date of construction | 1983 | |||
Date acquired | 2-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 14,394,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 5,084,000 | |||
Fullerton, CA [Member] | Wilshire Promenade [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 149 | |||
Encumbrance | 17,657,000 | |||
Initial cost [Abstract] | ||||
Land | 3,118,000 | |||
Buildings and improvements | 7,385,000 | |||
Costs capitalized subsequent to acquisition | 7,493,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,797,000 | |||
Buildings and improvements | 14,199,000 | |||
Total | 17,996,000 | |||
Accumulated depreciation | -7,518,000 | |||
Date of construction | 1992 | |||
Date acquired | Jan-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 17,996,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 7,518,000 | |||
Fullerton, CA [Member] | Capri at Sunny Hills [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 100 | |||
Initial cost [Abstract] | ||||
Land | 3,337,000 | |||
Buildings and improvements | 13,320,000 | |||
Costs capitalized subsequent to acquisition | 8,060,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,048,000 | |||
Buildings and improvements | 20,669,000 | |||
Total | 24,717,000 | |||
Accumulated depreciation | -9,439,000 | |||
Date of construction | 1961 | |||
Date acquired | 1-Sep | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 24,717,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 9,439,000 | |||
Newcastle, WA [Member] | Castle Creek [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 216 | |||
Initial cost [Abstract] | ||||
Land | 4,149,000 | |||
Buildings and improvements | 16,028,000 | |||
Costs capitalized subsequent to acquisition | 2,412,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,833,000 | |||
Buildings and improvements | 17,756,000 | |||
Total | 22,589,000 | |||
Accumulated depreciation | -10,781,000 | |||
Date of construction | 1997 | |||
Date acquired | Dec-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 22,589,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 10,781,000 | |||
Goleta, CA [Member] | CBC Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 239 | |||
Initial cost [Abstract] | ||||
Land | 11,841,000 | |||
Buildings and improvements | 45,320,000 | |||
Costs capitalized subsequent to acquisition | 4,882,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 11,906,000 | |||
Buildings and improvements | 50,137,000 | |||
Total | 62,043,000 | |||
Accumulated depreciation | -17,174,000 | |||
Date of construction | 1962 | |||
Date acquired | 6-Jan | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 62,043,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 17,174,000 | |||
San Diego, CA [Member] | CentrePointe [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 224 | |||
Initial cost [Abstract] | ||||
Land | 3,405,000 | |||
Buildings and improvements | 7,743,000 | |||
Costs capitalized subsequent to acquisition | 18,330,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,442,000 | |||
Buildings and improvements | 26,036,000 | |||
Total | 29,478,000 | |||
Accumulated depreciation | -9,454,000 | |||
Date of construction | 1974 | |||
Date acquired | Jun-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 29,478,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 9,454,000 | |||
San Diego, CA [Member] | Domain [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 379 | |||
Initial cost [Abstract] | ||||
Land | 23,848,000 | |||
Buildings and improvements | 95,394,000 | |||
Costs capitalized subsequent to acquisition | 390,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 23,848,000 | |||
Buildings and improvements | 95,784,000 | |||
Total | 119,632,000 | |||
Accumulated depreciation | -3,616,000 | |||
Date of construction | 2013 | |||
Date acquired | 13-Nov | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 119,632,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 3,616,000 | |||
San Diego, CA [Member] | Summit Park [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 300 | |||
Initial cost [Abstract] | ||||
Land | 5,959,000 | |||
Buildings and improvements | 23,670,000 | |||
Costs capitalized subsequent to acquisition | 4,392,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,977,000 | |||
Buildings and improvements | 28,044,000 | |||
Total | 34,021,000 | |||
Accumulated depreciation | -11,974,000 | |||
Date of construction | 1972 | |||
Date acquired | 2-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 34,021,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 11,974,000 | |||
Santa Cruz, CA [Member] | Chestnut Street [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 96 | |||
Initial cost [Abstract] | ||||
Land | 6,582,000 | |||
Buildings and improvements | 15,689,000 | |||
Costs capitalized subsequent to acquisition | 1,083,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,582,000 | |||
Buildings and improvements | 16,772,000 | |||
Total | 23,354,000 | |||
Accumulated depreciation | -3,894,000 | |||
Date of construction | 2002 | |||
Date acquired | 8-Jul | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 23,354,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 3,894,000 | |||
Campbell, CA [Member] | The Commons [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 264 | |||
Initial cost [Abstract] | ||||
Land | 12,555,000 | |||
Buildings and improvements | 29,307,000 | |||
Costs capitalized subsequent to acquisition | 4,484,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 12,556,000 | |||
Buildings and improvements | 33,790,000 | |||
Total | 46,346,000 | |||
Accumulated depreciation | -5,920,000 | |||
Date of construction | 1973 | |||
Date acquired | 10-Jul | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 46,346,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 5,920,000 | |||
Oceanside, CA [Member] | Country Villas [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 180 | |||
Initial cost [Abstract] | ||||
Land | 4,174,000 | |||
Buildings and improvements | 16,583,000 | |||
Costs capitalized subsequent to acquisition | 2,954,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,187,000 | |||
Buildings and improvements | 19,524,000 | |||
Total | 23,711,000 | |||
Accumulated depreciation | -8,457,000 | |||
Date of construction | 1976 | |||
Date acquired | 2-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 23,711,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 8,457,000 | |||
Oceanside, CA [Member] | Mission Hills [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 282 | |||
Initial cost [Abstract] | ||||
Land | 10,099,000 | |||
Buildings and improvements | 38,778,000 | |||
Costs capitalized subsequent to acquisition | 4,446,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 10,167,000 | |||
Buildings and improvements | 43,156,000 | |||
Total | 53,323,000 | |||
Accumulated depreciation | -15,073,000 | |||
Date of construction | 1984 | |||
Date acquired | 5-Jul | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 53,323,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 15,073,000 | |||
Hemet, CA [Member] | Devonshire [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 276 | |||
Initial cost [Abstract] | ||||
Land | 3,470,000 | |||
Buildings and improvements | 13,786,000 | |||
Costs capitalized subsequent to acquisition | 2,748,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,482,000 | |||
Buildings and improvements | 16,522,000 | |||
Total | 20,004,000 | |||
Accumulated depreciation | -7,166,000 | |||
Date of construction | 1988 | |||
Date acquired | 2-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 20,004,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 7,166,000 | |||
Newport Beach, CA [Member] | Fairways [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 74 | |||
Initial cost [Abstract] | ||||
Land | 0 | |||
Buildings and improvements | 7,850,000 | |||
Costs capitalized subsequent to acquisition | 6,107,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,000 | |||
Buildings and improvements | 13,948,000 | |||
Total | 13,957,000 | |||
Accumulated depreciation | -6,203,000 | |||
Date of construction | 1972 | |||
Date acquired | Jun-99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 13,957,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 6,203,000 | |||
Berkeley, CA [Member] | Fourth & U [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 171 | |||
Initial cost [Abstract] | ||||
Land | 8,879,000 | |||
Buildings and improvements | 52,351,000 | |||
Costs capitalized subsequent to acquisition | 2,336,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 8,879,000 | |||
Buildings and improvements | 54,687,000 | |||
Total | 63,566,000 | |||
Accumulated depreciation | -9,859,000 | |||
Date of construction | 2010 | |||
Date acquired | 10-Apr | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 63,566,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 9,859,000 | |||
La Habra, CA [Member] | Hillsborough Park [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 235 | |||
Initial cost [Abstract] | ||||
Land | 6,291,000 | |||
Buildings and improvements | 15,455,000 | |||
Costs capitalized subsequent to acquisition | 1,785,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,272,000 | |||
Buildings and improvements | 17,259,000 | |||
Total | 23,531,000 | |||
Accumulated depreciation | -8,882,000 | |||
Date of construction | 1999 | |||
Date acquired | Sep-99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 23,531,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 8,882,000 | |||
San Mateo, CA [Member] | Hillsdale Garden Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 697 | |||
Initial cost [Abstract] | ||||
Land | 22,000,000 | |||
Buildings and improvements | 94,681,000 | |||
Costs capitalized subsequent to acquisition | 19,608,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 22,000,000 | |||
Buildings and improvements | 114,289,000 | |||
Total | 136,289,000 | |||
Accumulated depreciation | -33,598,000 | |||
Date of construction | 1948 | |||
Date acquired | 6-Sep | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 136,289,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 33,598,000 | |||
Santa Barbara, CA [Member] | Hope Ranch Collection [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 108 | |||
Initial cost [Abstract] | ||||
Land | 4,078,000 | |||
Buildings and improvements | 16,877,000 | |||
Costs capitalized subsequent to acquisition | 2,461,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,208,000 | |||
Buildings and improvements | 19,208,000 | |||
Total | 23,416,000 | |||
Accumulated depreciation | -4,854,000 | |||
Date of construction | 1965 | |||
Date acquired | 7-Mar | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 23,416,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 4,854,000 | |||
Santa Clara, CA [Member] | 1000 Kiely [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 121 | |||
Initial cost [Abstract] | ||||
Land | 9,359,000 | |||
Buildings and improvements | 21,845,000 | |||
Costs capitalized subsequent to acquisition | 5,773,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 9,359,000 | |||
Buildings and improvements | 27,618,000 | |||
Total | 36,977,000 | |||
Accumulated depreciation | -4,107,000 | |||
Date of construction | 1971 | |||
Date acquired | 11-Mar | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 36,977,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 4,107,000 | |||
Santa Clara, CA [Member] | Le Parc Luxury Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 140 | |||
Initial cost [Abstract] | ||||
Land | 3,090,000 | |||
Buildings and improvements | 7,421,000 | |||
Costs capitalized subsequent to acquisition | 10,906,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,092,000 | |||
Buildings and improvements | 18,325,000 | |||
Total | 21,417,000 | |||
Accumulated depreciation | -11,312,000 | |||
Date of construction | 1975 | |||
Date acquired | Feb-94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 21,417,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 11,312,000 | |||
Santa Clara, CA [Member] | Marina Cove [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 292 | |||
Initial cost [Abstract] | ||||
Land | 5,320,000 | |||
Buildings and improvements | 16,431,000 | |||
Costs capitalized subsequent to acquisition | 11,125,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,324,000 | |||
Buildings and improvements | 27,552,000 | |||
Total | 32,876,000 | |||
Accumulated depreciation | -16,710,000 | |||
Date of construction | 1974 | |||
Date acquired | Jun-94 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 32,876,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 16,710,000 | |||
Santa Clara, CA [Member] | Santa Clara Square retail [Member] | Other Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Area of Real Estate Property | 138,915 | |||
Initial cost [Abstract] | ||||
Land | 6,472,000 | |||
Buildings and improvements | 11,704,000 | |||
Costs capitalized subsequent to acquisition | 4,586,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,472,000 | |||
Buildings and improvements | 16,290,000 | |||
Total | 22,762,000 | |||
Accumulated depreciation | -3,665,000 | |||
Date of construction | 1970 | |||
Date acquired | 11-Sep | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 22,762,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 3,665,000 | |||
Mill Creek,WA [Member] | The Laurels at Mill Creek [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 164 | |||
Initial cost [Abstract] | ||||
Land | 1,559,000 | |||
Buildings and improvements | 6,430,000 | |||
Costs capitalized subsequent to acquisition | 5,237,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,595,000 | |||
Buildings and improvements | 11,631,000 | |||
Total | 13,226,000 | |||
Accumulated depreciation | -7,021,000 | |||
Date of construction | 1981 | |||
Date acquired | Dec-96 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 13,226,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 7,021,000 | |||
Ventura, CA [Member] | Lofts at Pinehurst, The [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 118 | |||
Initial cost [Abstract] | ||||
Land | 1,570,000 | |||
Buildings and improvements | 3,912,000 | |||
Costs capitalized subsequent to acquisition | 4,463,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,618,000 | |||
Buildings and improvements | 8,327,000 | |||
Total | 9,945,000 | |||
Accumulated depreciation | -4,195,000 | |||
Date of construction | 1971 | |||
Date acquired | Jun-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 9,945,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 4,195,000 | |||
Ventura, CA [Member] | Pinehurst [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 28 | |||
Initial cost [Abstract] | ||||
Land | 355,000 | |||
Buildings and improvements | 1,356,000 | |||
Costs capitalized subsequent to acquisition | 481,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,000 | |||
Buildings and improvements | 2,186,000 | |||
Total | 2,192,000 | |||
Accumulated depreciation | -943,000 | |||
Date of construction | 1973 | |||
Date acquired | 4-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 2,192,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 943,000 | |||
Ventura, CA [Member] | Woodside Village [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 145 | |||
Initial cost [Abstract] | ||||
Land | 5,331,000 | |||
Buildings and improvements | 21,036,000 | |||
Costs capitalized subsequent to acquisition | 3,384,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,341,000 | |||
Buildings and improvements | 24,410,000 | |||
Total | 29,751,000 | |||
Accumulated depreciation | -8,669,000 | |||
Date of construction | 1987 | |||
Date acquired | 4-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 29,751,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 8,669,000 | |||
Marina Del Rey, CA [Member] | Mirabella [Member] | Encumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 188 | |||
Encumbrance | 44,556,000 | |||
Initial cost [Abstract] | ||||
Land | 6,180,000 | |||
Buildings and improvements | 26,673,000 | |||
Costs capitalized subsequent to acquisition | 13,877,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 6,270,000 | |||
Buildings and improvements | 40,460,000 | |||
Total | 46,730,000 | |||
Accumulated depreciation | -17,813,000 | |||
Date of construction | 2000 | |||
Date acquired | May-00 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 46,730,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 17,813,000 | |||
Marina Del Rey, CA [Member] | Marina City Club [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 101 | |||
Initial cost [Abstract] | ||||
Land | 0 | |||
Buildings and improvements | 28,167,000 | |||
Costs capitalized subsequent to acquisition | 22,885,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 0 | |||
Buildings and improvements | 51,052,000 | |||
Total | 51,052,000 | |||
Accumulated depreciation | -14,347,000 | |||
Date of construction | 1971 | |||
Date acquired | 4-Jan | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 51,052,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 14,347,000 | |||
Clairemont, CA [Member] | Mesa Village [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 133 | |||
Initial cost [Abstract] | ||||
Land | 1,888,000 | |||
Buildings and improvements | 7,498,000 | |||
Costs capitalized subsequent to acquisition | 1,177,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 1,894,000 | |||
Buildings and improvements | 8,669,000 | |||
Total | 10,563,000 | |||
Accumulated depreciation | -3,613,000 | |||
Date of construction | 1963 | |||
Date acquired | 2-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 10,563,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 3,613,000 | |||
Mira Mesa, CA [Member] | Mira Monte [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 355 | |||
Initial cost [Abstract] | ||||
Land | 7,165,000 | |||
Buildings and improvements | 28,459,000 | |||
Costs capitalized subsequent to acquisition | 8,766,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,186,000 | |||
Buildings and improvements | 37,204,000 | |||
Total | 44,390,000 | |||
Accumulated depreciation | -17,380,000 | |||
Date of construction | 1982 | |||
Date acquired | 2-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 44,390,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 17,380,000 | |||
Pasadena, CA [Member] | Monterra del Mar/Rey/Sol [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 292 | |||
Initial cost [Abstract] | ||||
Land | 2,202,000 | |||
Buildings and improvements | 4,794,000 | |||
Costs capitalized subsequent to acquisition | 37,612,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 8,385,000 | |||
Buildings and improvements | 36,223,000 | |||
Total | 44,608,000 | |||
Accumulated depreciation | -14,718,000 | |||
Date of construction | 1972 | |||
Date acquired | Apr-99 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 44,608,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 14,718,000 | |||
Hollywood, CA [Member] | Muse [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 152 | |||
Initial cost [Abstract] | ||||
Land | 7,822,000 | |||
Buildings and improvements | 33,436,000 | |||
Costs capitalized subsequent to acquisition | 1,748,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 7,823,000 | |||
Buildings and improvements | 35,183,000 | |||
Total | 43,006,000 | |||
Accumulated depreciation | -6,717,000 | |||
Date of construction | 2011 | |||
Date acquired | 11-Feb | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 43,006,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 6,717,000 | |||
Cupertino, CA [Member] | Pointe at Cupertino, The [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 116 | |||
Initial cost [Abstract] | ||||
Land | 4,505,000 | |||
Buildings and improvements | 17,605,000 | |||
Costs capitalized subsequent to acquisition | 11,290,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,505,000 | |||
Buildings and improvements | 28,895,000 | |||
Total | 33,400,000 | |||
Accumulated depreciation | -10,003,000 | |||
Date of construction | 1963 | |||
Date acquired | Aug-98 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 33,400,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 10,003,000 | |||
Encino, CA [Member] | Regency at Encino [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 75 | |||
Initial cost [Abstract] | ||||
Land | 3,184,000 | |||
Buildings and improvements | 12,737,000 | |||
Costs capitalized subsequent to acquisition | 2,202,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,184,000 | |||
Buildings and improvements | 14,939,000 | |||
Total | 18,123,000 | |||
Accumulated depreciation | -3,151,000 | |||
Date of construction | 1989 | |||
Date acquired | 9-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 18,123,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 3,151,000 | |||
Richmond, CA [Member] | San Marcos [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 432 | |||
Initial cost [Abstract] | ||||
Land | 15,563,000 | |||
Buildings and improvements | 36,204,000 | |||
Costs capitalized subsequent to acquisition | 26,908,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 22,866,000 | |||
Buildings and improvements | 55,809,000 | |||
Total | 78,675,000 | |||
Accumulated depreciation | -21,628,000 | |||
Date of construction | 2003 | |||
Date acquired | 3-Nov | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 78,675,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 21,628,000 | |||
Spring Valley, CA [Member] | Shadow Point [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 172 | |||
Initial cost [Abstract] | ||||
Land | 2,812,000 | |||
Buildings and improvements | 11,170,000 | |||
Costs capitalized subsequent to acquisition | 1,950,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,820,000 | |||
Buildings and improvements | 13,112,000 | |||
Total | 15,932,000 | |||
Accumulated depreciation | -5,659,000 | |||
Date of construction | 1983 | |||
Date acquired | 2-Dec | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 15,932,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 5,659,000 | |||
Oakland, CA [Member] | The Grand [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 243 | |||
Initial cost [Abstract] | ||||
Land | 4,531,000 | |||
Buildings and improvements | 89,208,000 | |||
Costs capitalized subsequent to acquisition | 4,426,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,531,000 | |||
Buildings and improvements | 93,634,000 | |||
Total | 98,165,000 | |||
Accumulated depreciation | -21,286,000 | |||
Date of construction | 2009 | |||
Date acquired | 9-Jan | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 98,165,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 21,286,000 | |||
Lake Forest, CA [Member] | Trabucco Villas [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 132 | |||
Initial cost [Abstract] | ||||
Land | 3,638,000 | |||
Buildings and improvements | 8,640,000 | |||
Costs capitalized subsequent to acquisition | 2,451,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,890,000 | |||
Buildings and improvements | 10,839,000 | |||
Total | 14,729,000 | |||
Accumulated depreciation | -6,013,000 | |||
Date of construction | 1985 | |||
Date acquired | Oct-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 14,729,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 6,013,000 | |||
Tracy, CA [Member] | Tuscana [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 30 | |||
Initial cost [Abstract] | ||||
Land | 2,828,000 | |||
Buildings and improvements | 6,599,000 | |||
Costs capitalized subsequent to acquisition | 165,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 2,870,000 | |||
Buildings and improvements | 6,722,000 | |||
Total | 9,592,000 | |||
Accumulated depreciation | -1,708,000 | |||
Date of construction | 2007 | |||
Date acquired | 7-Feb | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 9,592,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 1,708,000 | |||
Tiburon, CA [Member] | Vista Belvedere [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 76 | |||
Initial cost [Abstract] | ||||
Land | 5,573,000 | |||
Buildings and improvements | 11,901,000 | |||
Costs capitalized subsequent to acquisition | 5,861,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 5,573,000 | |||
Buildings and improvements | 17,762,000 | |||
Total | 23,335,000 | |||
Accumulated depreciation | -6,804,000 | |||
Date of construction | 1963 | |||
Date acquired | 4-Aug | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 23,335,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 6,804,000 | |||
Walnut, CA [Member] | Walnut Heights [Member] | Unencumbered Apartment Communities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | 163 | |||
Initial cost [Abstract] | ||||
Land | 4,858,000 | |||
Buildings and improvements | 19,168,000 | |||
Costs capitalized subsequent to acquisition | 3,645,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 4,887,000 | |||
Buildings and improvements | 22,784,000 | |||
Total | 27,671,000 | |||
Accumulated depreciation | -8,553,000 | |||
Date of construction | 1964 | |||
Date acquired | 3-Oct | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 27,671,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 8,553,000 | |||
Palo Alto, CA [Member] | 925/935 East Meadow [Member] | Other Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Area of Real Estate Property | 39,600 | |||
Initial cost [Abstract] | ||||
Land | 1,401,000 | |||
Buildings and improvements | 3,172,000 | |||
Costs capitalized subsequent to acquisition | 8,758,000 | |||
Gross amount carried at close of period [Abstract] | ||||
Land and improvements | 3,547,000 | |||
Buildings and improvements | 9,784,000 | |||
Total | 13,331,000 | |||
Accumulated depreciation | -3,481,000 | |||
Date of construction | 1988 | |||
Date acquired | Nov-97 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of year | 13,331,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of year | 3,481,000 | |||
Minimum [Member] | Mukilteo, WA [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Woodland Hills, CA [Member] | Avondale at Warner Center [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Newark, CA [Member] | Bridgeport [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Anaheim, CA [Member] | Barkley, The [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Anaheim, CA [Member] | Anavia [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Ramon, CA [Member] | Bel Air [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Ramon, CA [Member] | Canyon Oaks [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Ramon, CA [Member] | Mill Creek at Windermere [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Ramon, CA [Member] | Foothill Gardens/Twin Creeks [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Los Angeles, CA [Member] | Belmont Station [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Los Angeles, CA [Member] | Avery, The [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Los Angeles, CA [Member] | Bellerive [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Los Angeles, CA [Member] | Bunker Hill [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Los Angeles, CA [Member] | Kings Road [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Los Angeles, CA [Member] | Miracle Mile Marbella [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Los Angeles, CA [Member] | Park Catalina [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Los Angeles, CA [Member] | Santee Court [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Los Angeles, CA [Member] | Essex Hollywood [Member] | Commercial Buildings [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Jose, CA [Member] | Bella Villagio [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Jose, CA [Member] | Carlyle, The [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Jose, CA [Member] | Esplanade [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Jose, CA [Member] | Waterford, The [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Jose, CA [Member] | 101 San Fernando [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Jose, CA [Member] | Willow Lake [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Sunnyvale, CA [Member] | Brookside Oaks [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Sunnyvale, CA [Member] | Magnolia Square [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Sunnyvale, CA [Member] | Montclaire, The [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Sunnyvale, CA [Member] | Summerhill Park [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Sunnyvale, CA [Member] | Bristol Commons [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Sunnyvale, CA [Member] | Reed Square [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Sunnyvale, CA [Member] | Via [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Sunnyvale, CA [Member] | Windsor Ridge [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Camarillo, CA [Member] | Camino Ruiz Square [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Camarillo, CA [Member] | Camarillo Oaks [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Hayward, CA [Member] | City View [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bellevue, WA [Member] | Courtyard off Main [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bellevue, WA [Member] | Palisades, The [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bellevue, WA [Member] | Ellington [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bellevue, WA [Member] | Piedmont [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bellevue, WA [Member] | Cedar Terrace [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bellevue, WA [Member] | Emerald Ridge [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bellevue, WA [Member] | Foothill Commons [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bellevue, WA [Member] | Sammamish View [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bellevue, WA [Member] | Woodland Commons [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Seattle, WA [Member] | Domaine [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Seattle, WA [Member] | The Bernard [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Seattle, WA [Member] | Collins On Pine [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Seattle, WA [Member] | Annaliese [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Seattle, WA [Member] | Cairns, The [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Seattle, WA [Member] | Fountain Court [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Seattle, WA [Member] | Joule [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Seattle, WA [Member] | Vox Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Seattle, WA [Member] | Wharfside Pointe [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Redmond, WA [Member] | Elevation [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Redmond, WA [Member] | Delano/Bon Terra [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Santa Ana, CA [Member] | Fairhaven Treehouse [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Santa Ana, CA [Member] | Essex Skyline at MacAuthur Place [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Renton, WA [Member] | Fairwood Pond [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Renton, WA [Member] | Brighton Ridge [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Renton, WA [Member] | Forest View [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Playa Vista, CA [Member] | Fountain Park [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Santa Rosa, CA [Member] | Harvest Park [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Glendale, CA [Member] | Hampton Place Hampton Court [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Glendale, CA [Member] | 416 on Broadway [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Simi Valley, CA [Member] | Hidden Valley [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Simi Valley, CA [Member] | Meadowood [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Rancho Palos Verdes, CA [Member] | Highridge [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Issaquah, WA [Member] | Highlands at Wynhaven [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Issaquah, WA [Member] | Park Hill at Issaquah [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Newbury Park, CA [Member] | Hillcrest Park [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Huntington Beach, CA [Member] | Huntington Breakers [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Huntington Beach, CA [Member] | The Huntington [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bothell, WA [Member] | Inglenook Court [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bothell, WA [Member] | Stonehedge Village [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bothell, WA [Member] | Canyon Pointe [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bothell, WA [Member] | Salmon Run at Perry Creek [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Kirkland, WA [Member] | Montebello [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Kirkland, WA [Member] | Ascent [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Kirkland, WA [Member] | Bridle Trails [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Kirkland, WA [Member] | Corbella at Juanita Bay [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Kirkland, WA [Member] | Evergreen Heights [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Kirkland, WA [Member] | Slater 116 [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Garden Grove, CA [Member] | Montejo [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Long Beach, CA [Member] | Pathways [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Long Beach, CA [Member] | Marbrisa [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Fremont, CA [Member] | Stevenson Place [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Fremont, CA [Member] | Paragon Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Fremont, CA [Member] | Boulevard [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Oxnard, CA [Member] | Tierra Vista [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Oxnard, CA [Member] | Mariners Place [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Oxnard, CA [Member] | Monterey Villas [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Fountain Valley, CA [Member] | Valley Park [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Placentia, CA [Member] | Villa Angelina [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Kent, WA [Member] | Wandering Creek [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Southern California [Member] | BRE Properties, Inc. [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Date of construction | 1987 | |||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Southern California [Member] | BRE Properties, Inc. [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Date of construction | 1964 | |||
Life Used for Depreciation | 5 years | |||
Minimum [Member] | Northern California [Member] | BRE Properties, Inc. [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Date of construction | 1970 | |||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Northern California [Member] | BRE Properties, Inc. [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Date of construction | 1992 | |||
Life Used for Depreciation | 5 years | |||
Minimum [Member] | Seattle Metro [Member] | BRE Properties, Inc. [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Date of construction | 1992 | |||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Seattle Metro [Member] | BRE Properties, Inc. [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Date of construction | 1989 | |||
Life Used for Depreciation | 5 years | |||
Minimum [Member] | Milpitas, CA [Member] | Apex [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Valley Village, CA [Member] | Allegro [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Alpine, CA [Member] | Alpine Village [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Irvine, CA [Member] | Axis 2300 [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Irvine, CA [Member] | 17461 Derian [Member] | Commercial Buildings [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Belmont, CA [Member] | Belmont Terrace [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Francisco, CA [Member] | Bennett Lofts [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Francisco, CA [Member] | Fox Plaza [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Francisco, CA [Member] | Park West [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Bonita, CA [Member] | Bonita Cedars [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Fullerton, CA [Member] | Wilshire Promenade [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Fullerton, CA [Member] | Capri at Sunny Hills [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Newcastle, WA [Member] | Castle Creek [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Goleta, CA [Member] | CBC Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Diego, CA [Member] | CentrePointe [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Diego, CA [Member] | Domain [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Diego, CA [Member] | Summit Park [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Santa Cruz, CA [Member] | Chestnut Street [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Campbell, CA [Member] | The Commons [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Oceanside, CA [Member] | Country Villas [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Oceanside, CA [Member] | Mission Hills [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Hemet, CA [Member] | Devonshire [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Newport Beach, CA [Member] | Fairways [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Berkeley, CA [Member] | Fourth & U [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | La Habra, CA [Member] | Hillsborough Park [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | La Habra, CA [Member] | Hillsborough Park [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | San Mateo, CA [Member] | Hillsdale Garden Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Santa Barbara, CA [Member] | Hope Ranch Collection [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Santa Clara, CA [Member] | 1000 Kiely [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Santa Clara, CA [Member] | Le Parc Luxury Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Santa Clara, CA [Member] | Marina Cove [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Santa Clara, CA [Member] | Santa Clara Square retail [Member] | Commercial Buildings [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Mill Creek,WA [Member] | The Laurels at Mill Creek [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Ventura, CA [Member] | Lofts at Pinehurst, The [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Ventura, CA [Member] | Pinehurst [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Ventura, CA [Member] | Woodside Village [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Marina Del Rey, CA [Member] | Mirabella [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Marina Del Rey, CA [Member] | Marina City Club [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Clairemont, CA [Member] | Mesa Village [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Mira Mesa, CA [Member] | Mira Monte [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Pasadena, CA [Member] | Monterra del Mar/Rey/Sol [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Hollywood, CA [Member] | Muse [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Cupertino, CA [Member] | Pointe at Cupertino, The [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Encino, CA [Member] | Regency at Encino [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Richmond, CA [Member] | San Marcos [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Spring Valley, CA [Member] | Shadow Point [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Oakland, CA [Member] | The Grand [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Lake Forest, CA [Member] | Trabucco Villas [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Tracy, CA [Member] | Tuscana [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Tiburon, CA [Member] | Vista Belvedere [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Walnut, CA [Member] | Walnut Heights [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Palo Alto, CA [Member] | 925/935 East Meadow [Member] | Commercial Buildings [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Minimum [Member] | Studio City, CA [Member] | Coldwater Canyon [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 3 years | |||
Maximum [Member] | Mukilteo, WA [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Woodland Hills, CA [Member] | Avondale at Warner Center [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Newark, CA [Member] | Bridgeport [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Anaheim, CA [Member] | Barkley, The [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Anaheim, CA [Member] | Anavia [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Ramon, CA [Member] | Bel Air [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Ramon, CA [Member] | Canyon Oaks [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Ramon, CA [Member] | Mill Creek at Windermere [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Ramon, CA [Member] | Foothill Gardens/Twin Creeks [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Los Angeles, CA [Member] | Belmont Station [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Los Angeles, CA [Member] | Avery, The [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Los Angeles, CA [Member] | Bellerive [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Los Angeles, CA [Member] | Bunker Hill [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Los Angeles, CA [Member] | Kings Road [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Los Angeles, CA [Member] | Miracle Mile Marbella [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Los Angeles, CA [Member] | Park Catalina [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Los Angeles, CA [Member] | Santee Court [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Los Angeles, CA [Member] | Essex Hollywood [Member] | Commercial Buildings [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Jose, CA [Member] | Bella Villagio [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Jose, CA [Member] | Carlyle, The [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Jose, CA [Member] | Esplanade [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Jose, CA [Member] | Waterford, The [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Jose, CA [Member] | 101 San Fernando [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Jose, CA [Member] | Willow Lake [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Sunnyvale, CA [Member] | Brookside Oaks [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Sunnyvale, CA [Member] | Magnolia Square [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Sunnyvale, CA [Member] | Montclaire, The [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Sunnyvale, CA [Member] | Summerhill Park [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Sunnyvale, CA [Member] | Bristol Commons [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Sunnyvale, CA [Member] | Reed Square [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Sunnyvale, CA [Member] | Via [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Sunnyvale, CA [Member] | Windsor Ridge [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Camarillo, CA [Member] | Camino Ruiz Square [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Camarillo, CA [Member] | Camarillo Oaks [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Hayward, CA [Member] | City View [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bellevue, WA [Member] | Courtyard off Main [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bellevue, WA [Member] | Palisades, The [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bellevue, WA [Member] | Ellington [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bellevue, WA [Member] | Piedmont [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bellevue, WA [Member] | Cedar Terrace [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bellevue, WA [Member] | Emerald Ridge [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bellevue, WA [Member] | Foothill Commons [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bellevue, WA [Member] | Sammamish View [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bellevue, WA [Member] | Woodland Commons [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Seattle, WA [Member] | Domaine [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Seattle, WA [Member] | The Bernard [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Seattle, WA [Member] | Collins On Pine [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Seattle, WA [Member] | Annaliese [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Seattle, WA [Member] | Cairns, The [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Seattle, WA [Member] | Fountain Court [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Seattle, WA [Member] | Joule [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Seattle, WA [Member] | Vox Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Seattle, WA [Member] | Wharfside Pointe [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Redmond, WA [Member] | Elevation [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Redmond, WA [Member] | Delano/Bon Terra [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Santa Ana, CA [Member] | Fairhaven Treehouse [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Santa Ana, CA [Member] | Essex Skyline at MacAuthur Place [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Renton, WA [Member] | Fairwood Pond [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Renton, WA [Member] | Brighton Ridge [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Renton, WA [Member] | Forest View [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Playa Vista, CA [Member] | Fountain Park [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Santa Rosa, CA [Member] | Harvest Park [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Glendale, CA [Member] | Hampton Place Hampton Court [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Glendale, CA [Member] | 416 on Broadway [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Simi Valley, CA [Member] | Hidden Valley [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Simi Valley, CA [Member] | Meadowood [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Rancho Palos Verdes, CA [Member] | Highridge [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Issaquah, WA [Member] | Highlands at Wynhaven [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Issaquah, WA [Member] | Park Hill at Issaquah [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Newbury Park, CA [Member] | Hillcrest Park [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Huntington Beach, CA [Member] | Huntington Breakers [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Huntington Beach, CA [Member] | The Huntington [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bothell, WA [Member] | Inglenook Court [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bothell, WA [Member] | Stonehedge Village [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bothell, WA [Member] | Canyon Pointe [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bothell, WA [Member] | Salmon Run at Perry Creek [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Kirkland, WA [Member] | Montebello [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Kirkland, WA [Member] | Ascent [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Kirkland, WA [Member] | Bridle Trails [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Kirkland, WA [Member] | Corbella at Juanita Bay [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Kirkland, WA [Member] | Evergreen Heights [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Kirkland, WA [Member] | Slater 116 [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Garden Grove, CA [Member] | Montejo [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Long Beach, CA [Member] | Pathways [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Long Beach, CA [Member] | Marbrisa [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Fremont, CA [Member] | Stevenson Place [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Fremont, CA [Member] | Paragon Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Fremont, CA [Member] | Boulevard [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Oxnard, CA [Member] | Tierra Vista [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Oxnard, CA [Member] | Mariners Place [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Oxnard, CA [Member] | Monterey Villas [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Fountain Valley, CA [Member] | Valley Park [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Placentia, CA [Member] | Villa Angelina [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Kent, WA [Member] | Wandering Creek [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Southern California [Member] | BRE Properties, Inc. [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Date of construction | 2008 | |||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Southern California [Member] | BRE Properties, Inc. [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Date of construction | 2010 | |||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Northern California [Member] | BRE Properties, Inc. [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Date of construction | 2010 | |||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Northern California [Member] | BRE Properties, Inc. [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Date of construction | 2014 | |||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Seattle Metro [Member] | BRE Properties, Inc. [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Date of construction | 2009 | |||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Seattle Metro [Member] | BRE Properties, Inc. [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Date of construction | 2013 | |||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Milpitas, CA [Member] | Apex [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Valley Village, CA [Member] | Allegro [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Alpine, CA [Member] | Alpine Village [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Irvine, CA [Member] | Axis 2300 [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Irvine, CA [Member] | 17461 Derian [Member] | Commercial Buildings [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Belmont, CA [Member] | Belmont Terrace [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Francisco, CA [Member] | Bennett Lofts [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Francisco, CA [Member] | Fox Plaza [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Francisco, CA [Member] | Park West [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Bonita, CA [Member] | Bonita Cedars [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Fullerton, CA [Member] | Wilshire Promenade [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Fullerton, CA [Member] | Capri at Sunny Hills [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Newcastle, WA [Member] | Castle Creek [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Goleta, CA [Member] | CBC Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Diego, CA [Member] | CentrePointe [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Diego, CA [Member] | Domain [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Diego, CA [Member] | Summit Park [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Santa Cruz, CA [Member] | Chestnut Street [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Campbell, CA [Member] | The Commons [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Oceanside, CA [Member] | Country Villas [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Oceanside, CA [Member] | Mission Hills [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Hemet, CA [Member] | Devonshire [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Newport Beach, CA [Member] | Fairways [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Berkeley, CA [Member] | Fourth & U [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | La Habra, CA [Member] | Hillsborough Park [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | La Habra, CA [Member] | Hillsborough Park [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | San Mateo, CA [Member] | Hillsdale Garden Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Santa Barbara, CA [Member] | Hope Ranch Collection [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Santa Clara, CA [Member] | 1000 Kiely [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Santa Clara, CA [Member] | Le Parc Luxury Apartments [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Santa Clara, CA [Member] | Marina Cove [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Santa Clara, CA [Member] | Santa Clara Square retail [Member] | Commercial Buildings [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Mill Creek,WA [Member] | The Laurels at Mill Creek [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Ventura, CA [Member] | Lofts at Pinehurst, The [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Ventura, CA [Member] | Pinehurst [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Ventura, CA [Member] | Woodside Village [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Marina Del Rey, CA [Member] | Mirabella [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Marina Del Rey, CA [Member] | Marina City Club [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Clairemont, CA [Member] | Mesa Village [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Mira Mesa, CA [Member] | Mira Monte [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Pasadena, CA [Member] | Monterra del Mar/Rey/Sol [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Hollywood, CA [Member] | Muse [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Cupertino, CA [Member] | Pointe at Cupertino, The [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Encino, CA [Member] | Regency at Encino [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Richmond, CA [Member] | San Marcos [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Spring Valley, CA [Member] | Shadow Point [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Oakland, CA [Member] | The Grand [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Lake Forest, CA [Member] | Trabucco Villas [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Tracy, CA [Member] | Tuscana [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Tiburon, CA [Member] | Vista Belvedere [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Walnut, CA [Member] | Walnut Heights [Member] | Unencumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Palo Alto, CA [Member] | 925/935 East Meadow [Member] | Commercial Buildings [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | Studio City, CA [Member] | Coldwater Canyon [Member] | Encumbered Apartment Communities [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Life Used for Depreciation | 30 years | |||
BRE Properties, Inc. [Member] | ||||
Gross amount carried at close of period [Abstract] | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Rental Properties | $5,200,000,000 |